NOT FOR PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE OFFER OR THE INVITATION TO ACQUIRE NEW SHARES OF THE BANK WOULD BE UNLAWFUL.

ATEbank Announcement 

Full Coverage: Share Capital Increase in cash with pre-emption rights in favour of existing shareholders

The Board of Directors of Agricultural Bank of Greece (hereafter the “Bank”) informs investors on the following:

The Bank's share capital increase in cash with pre-emption rights in favor of existing shareholders at a ratio of 0.3812913081668490 new common registered bearing voting right shares (the “New Shares”) of a subscription price of €0.60 each for one (1) existing common registered bearing voting right share (henceforth the “SCI”), pursuant to the resolution of the Extraordinary General Assembly of shareholders of 15.11.2011, as performed from 14.12.2011 until (including) 28.12.2011 (i.e. the pre-emption rights exercise period), was covered by shareholders exercising their pre-emption rights at a percentage of 89.918% who paid in cash €260,762,106.60 which corresponds to 434,603,511 New Shares, while 48,729,822 New Shares remained unsubscribed.

It is noted that the Hellenic Republic, the Bank's major shareholder, has fully exercised its pre-emption rights, paying in cash €260,712,377.40.

According to the resolution of the Bank's Board of Directors (BoD) of 28.12.2011, the as above 48,729,822 unsubscribed New Shares were offered, in accordance with the relevant references in the Prospectus, as follows:

(i) To persons having exercised Oversubscription Rights 3,123 New Shares, covering 0.001% of the SCI.

 (ii) To the Hellenic Republic 48,726,699 New Shares, covering 10.081% of the SCI, further to the New Shares subscribed for by the Hellenic Republic pursuant to the latter fully exercising its pre-emption rights.

Following the above, the final coverage percentage of the SCI amounted to 100% and the total SCI proceeds to €289,999,999.80.

Upon SCI's completion, the Bank's share capital has increased by €289,999,999.80, through the issue of 483,333,333 New Shares of a nominal value of €0.60 each.

Following the SCI certification by the BoD, the Bank's share capital amounts to €1,050,573,329.40, divided into 1,750,955,549 common registered shares of a nominal value of €0.60 each.

The New Shares shall be delivered to the beneficiaries in dematerialized form by crediting them into their securities account held with the Dematerialized System of Securities ("DSS").

The date of the New Shares crediting with the accounts of the beneficiaries and the date of the commencement of trading of the New Shares on the Athens Exchange shall be duly notified to investors by a subsequent announcement of the Bank.

Athens

29 December 2011

The Board of Directors