PROCESS REGARDING THE EXERCISE OF TITLES REPRESENTING SHARE OWNERSHIP RIGHTS (WARRANTS) AND THE SETTLEMENT OF PARTICIPATION ORDERS

Regarding the final terms of listing and the characteristics of the Warrants issued in accordance with the provisions of law 3864/2010 and Cabinet Act 38/2012, as amended by Cabinet Act 43/2015 and in force, in combination with Cabinet Act 6/2013, the Bank announces that the date of sixth exercise (T) is 27 June 2016. The commencement date for filing exercise orders (T-4) is21 June 2016.

Detailed information on the Warrants' sixth exercise is set out in the table below.

Warrant Exercise Process

Please note that Investors should contact their Securities Account Operator in the Dematerialized Securities System (DSS) and submit their warrant exercise orders from 21/06/2016(Τ-4) until 27/06/2016 (Τ). The number of warrants to be exercised should be freely available in the Investor Securities Account, while upon filing of the exercise order from the Operator with the DSS, this amount will be blocked for the purposes of the exercise.

An exercise order can be cancelled by an order given by Investors to their Operators until day Τ.

Note that the commencement of the Warrant Exercise Process does not imply any suspension of Warrant trading on the Athens Exchange (ATHEX).

Crediting of shares

The settlement of Warrant exercise orders filed with the DSS until day Τ, i.e. the crediting of shares corresponding to the exercise against the respective price paid (number of warrants times Multiplier times 6th Exercise Share Price), will take place on 28/06/2016 (Τ+1). The crediting of fractional shares, if any, will take place on 29/06/2016 (T+2), in accordance with the relevant provisions of Article 3.4 of Cabinet Act 38/19.11.2012 (Govt. Gazette Α 223), as amended by Cabinet Act 43/2.12.2015 (Govt. Gazette Α 163) and in force, and the process set out below.

Exercise through a single order to one Operator

The number of shares corresponding to the Warrants' exercise is the product of the amount of exercised warrants times the multiplier rounded down to the nearest integer. The consideration will be paid by the Warrant holder, in accordance with the Operator's instructions.

Exercise through multiple orders to one Operator

If there are more than one exercise orders by the same Warrant holder to the same Operator, any fractional shares will be summed up and then rounded down to the nearest integer. The consideration will be paid by the Warrant holder, in accordance with the Operator's instructions.

Exercise through multiple Operators

In the event that the investor holds and exercises Warrants through more than one Operator, any fractional shares arising, through one or multiple orders, after each Operator has handled fractional values (according to the above), are summed up and then rounded down to the nearest integer. The consideration will be paid by the Warrant holder, as per the instructions of the Operator with the highest percentage of exercised Warrants for such holder.

Warrant exercise orders made by Investors to their Operators include the fractional shares that may arise as above. Investors are therefore obliged to pay to their Operators the price of the additional shares, if any, that may arise from fractional balances. Beneficiaries will be informed by their Operator about the payment of the consideration of the additional shares, which will be credited to the beneficiaries' account with the Operator, to whom they have made the relevant payment.

For further information, investors may contact NBG's Shareholders' Services Department at tel.: +30 210 3343415, +30 210 3343421, +30 210 3343436 & +30 210 3343412.

Athens,17 June 2016