Pursuant to the Law and the Bank's Articles of Association, and in the context of the principles of sound corporate governance, at its meeting of 2 December 2009 the Board of Directors of National Bank of Greece elected in replacement of executive members Mr. Efstratios-Georgios (Takis) Arapoglou and Mr. Ioannis Pehlivanidis, who both resigned, Mr. Vassilios Rapanos, Professor of the University of Athens, as non-executive Chairman of the Board, and Mr. Apostolos Tamvakakis, Economist, as executive member of the Board and Chief Executive Officer, with terms of office equivalent to the outstanding terms of office of the members who resigned, i.e. until the AGM in 2010.
After the Bank's Board, as above, was constituted into a body, powers of the Board and of representation of the Bank were assigned, as per the Articles of Association and the Law.