According to the recent resolutions of the Board of Directors relating to the improvement of corporate governance practices, five principal Board Committees will operate in 2004. The terms of reference of each committee have been drafted following consultation with the international consulting firm McKinsey & Company. The specific responsibilities of the committees are as follows:

Audit Committee
The Audit Committee reviews, inter alia, the Group?s financial statements, reports prepared by Group Internal Audit and reports on the Group's internal controls and the effectiveness thereof. In addition, the Audit Committee reviews the Group's compliance with the obligations arising from the legal and supervisory regime. The Committee is also responsible for recommending the appointment or retirement of the Company's external auditors and oversees their relationship with the Group, including the carrying-out of non-audit work by the external auditors.

The Committee comprises entirely of non-executive directors, with the majority being held by independent non-executive directors:
George M. Georgiades, Chairman
Andronikos Agathocleous
Christakis G. Christofides
Anna Diogenous

Remuneration Committee
The Remuneration Committee considers and makes recommendations to the Board on matters relating to the remuneration of executive Directors and the executive management team. The Committee also reviews matters relating to the remuneration of non-executive Directors and makes recommendations to the Board, which in turn makes recommendations at the Annual General Meeting. Finally, the Remuneration Committee reviews the Group's human resource remuneration policy.

The Committee comprises entirely non-executive directors, with the majority being held by independent non-executive directors:
Andreas Pittas, Chairman
Theodoros Aristodemou
George A. David
Anna Diogenous
Andreas J. Jacovides
Christos Mouskis
Vassilis G. Rologis

Nominations Committee
The Committee makes recommendations to the Board for the appointment of new Directors in order to fill vacant positions on the Board. The Board in turn makes recommendations at the Annual General Meeting. In addition, the Nominations Committee reviews the Group?s corporate governance policy and practices.

The Committee comprises both executive and non-executive directors, with the majority being held by non-executive directors:
Costas Z. Severis, Chairman
Dimitis P. Ioannou
Andreas J. Jacovides
Christos Mouskis
Christos S. Pantzaris
Demetrios Z. Pierides
Andreas Pittas
Polys G. Polyviou

Risk Committee
The Risk Committee reviews and makes recommendations to the Board for matters relating to, inter alia, the Group's risk management policy and practices and the effectiveness thereof.

The Committee comprises both executive and non-executive directors, with the majority being held by non-executive directors:
Andreas Artemis, Chairman
Christakis G. Christofides
George M. Georgiades
Solon A. Triantafyllides
Evdokimos Xenophontos

Steering Committee
The Steering Committee reviews urgent matters requiring speedy decisions and prepares matters for discussion at Board meetings.

The Committee comprises both executive and non-executive directors:
Solon A. Triantafyllides, Chairman
Andreas Artemis
Dimitris P. Ioannou
Christos S. Pantzaris
Polys G. Polyviou
Vassilis G. Rologis
Costas Z. Severis
Evdokimos Xenophontos

The Steering Committee also comprises the Loans sub-committee. The Loans sub-committee reviews loan applications exceeding specified limits, as well as applications made by Board members. In addition, the sub-committee reviews write-offs exceeding specified limits.

The sub-committee comprises both executive and non-executive Directors:
Christos S. Pantzaris, Chairman
Vassilis G. Rologis
Costas Z. Severis
Evdokimos Xenophontos