Public Securities Organization S.A. (DEKA), shareholder of National Bank of Greece announces on 7.10.2003 that, in accordance with Article 10 of the Regulation No.5/204 of the Capital Market Commission intends to transfer 10% of the shares of National Bank of Greece S.A. that it owns Comments/Clarifications

1.The transfer of the shares of the National Bank of Greece S.A., which is announced with the present, will be carried out through over-the-counter transactions through Citigroup Global Markets Ltd & Merrill Lynch International, according to Article 15, §11, section (f), law 3632/1928, as currently in force, and the relevant agreement concluded between the Public Securities Organization S.A. and Citigroup Global Markets Ltd and Merrill Lynch International.

2.The purpose for the aforementioned transfer of the shares of National Bank of Greece to the companies Citigroup Global Markets Limited and Merrill Lynch International which is announced, is the further distribution of the shares through a private placement through one or more stock exchange transactions to foreign or/and domestic institutional investors, who will have taken place in the accelerated book building process that will be opened by the above-mentioned banks.

3.The Greek Government and the Public Securities Organization are bounded not to distribute other shares of the same Bank for a period of 180 days.