Corporate Presentation October 2019 Table of Contents 1 Overview - - PowerPoint PPT Presentation

Corporate Presentation

October 2019

Table of Contents

1

Overview

2

Financial Highlights

3

Profitability

4

Asset Quality

5

Liquidity

6

Capital

7

Macro

8

Appendix

Overview

1

3

Corporate Presentation – September 2019

NBG has a large and stable client base and is a highly trusted bank in Greece

36% savings deposits market share in a total market of ~€53b2 Well-established, long lasting Corporate relationships 5.3MM active retail customers in a Greek bankable population of ~8.3M1 Trusted brand, testified by client loyalty and marketing surveys

• 1. NBG Customer Analytics (Greek population >20 years old, based on Hellenic Statistical Authority census, 2018) | 2. Bank of Greece – statistics of monetary deposits

Overview

4

Corporate Presentation – September 2019

Cash coverage and low cost liquidity are our key strengths

Highest NPE coverage in the market Strongest liquidity position

Core deposits2 €b

21.2

Greek peers average NBG

29.7

Loan to deposit ratio %

70 91

Greek peers average NBG

Gross NPE Group, €b

6.1 11.1 7.6 10.6

13.7

NBG Greek peers average

21.7 Unprovided Provided 49% 56% Total provision coverage

1

Yield3

3bps

Market share2

32%

LCR NSFR

171% 113%

Note: Group level 1H2019 figures

• 1. Average of NPE stock for Greek systemic banks (excluding NBG group). Source: 1H19 financial reports | 2. Core deposits includes savings, sights & other on the domestic market – market share based on the sum of the four systemic banks | 3.

Average funding cost on savings deposits

Overview

5

Corporate Presentation – September 2019

Our six strategic priorities for 2019-2022

CLEAN-UP THE BALANCE SHEET MOBILISE OUR PEOPLE

Front-load NPE clean-up delivering a ~5% NPE ratio Reward performance and motivate our people aligning individual objectives to strategic goals

A D

IMPROVE VISIBILITY & CONTROL ENHANCE EFFICIENCY & AGILITY

Complete FTE reductions and G&A rationalisation supporting C:I drop to ~45% Enhance client planning and steering tools enabling value and risk-based decisions

B E

UPGRADE TECHNOLOGY INFRASTRUCTURE BOOST REVENUE GENERATION

Improve sales and service orientation growing non-risk income and shifting transactions to digital channels Invest to modernize the technology infrastructure improving efficiency and service levels

C F

Overview

6

Corporate Presentation – September 2019

NPE stock and coverage 2018YE, Group, €b

A clean bank with an NPE ratio of ~5% in 2022

Strategic directions

• Material NPE reduction by 2020,

driven by sales in the consumer, SBL and corporate portfolios

• More concessionary restructurings

and friendlier legal framework to increase recoverable value in the mortgages portfolio

• Large mortgage securitisations

in 2021–22, when market conditions have further improved and restructuring efforts have been explored

• Internal REO platform to cover the

entire value chain from onboarding to commercialisation, supporting liquidation targets NPE evolution targets Group, €b

~1.7 ~4.7 ~2.3 2018 ~2.9 ~4.4 2019 2020 2021 2022 2022YE ~16.3

~5% >50% NPE Ratio S3 Coverage FNPEs <90dpd ~€1BN

~50% inorganic reduction 2019-2022 78%

Mortgages

42% 89%

Corporate, SME & Shipping Consumer

66%

SBL

60%

Subsidiaries Total Provisions

~7.0 ~1.4 ~1.9 ~4.9 ~0.9

Overview

7

Corporate Presentation – September 2019

Efficient and more agile operations, with fewer people and a lower cost base

Strategic directions

• Focused exit solutions to release FTE

capacity and increase average employee productivity

• Efficiency improvement via

back-office centralisation and process automation (e.g. mortgage lending, retail restructuring) and alternative channels

• Branch footprint rationalisation
• Central functions real estate
• ptimisation
• G&A reduction through the

introduction of a cost control function and a stronger procurement function Staff cost1 targets Group, €m FTE targets Bank, # Branch2 targets Bank, #

2022 2017 2018 ~9,500 ~8,850 ~7,150

• 20%

~1,500 net reduction by 2020YE

~485 ~460 ~390

2019 2017 2018

• 15%

560

2018 2022 ~450

• 20%

230

~180 2018 2022

• 20%

G&A expenses targets Group, €m

• 1. Excludes LEPETE (Auxiliary fund) charges | 2. Excluding transaction centres & i-Stores, i.e. satellite units with limited commercial purpose

Overview

8

Corporate Presentation – September 2019

1H19

A clean and profitable bank in 2022 – the Greek bank of choice

2018 2022 targets

CET1 Cost : Income2 NPE ratio ROE <0% ~11% 41% ~5% 75% ~45% 16.1% ~15%

Note: Group level figures

• 1. ROE for 1H.19 calculated as PAT from Cont. Operations only and excluding trading and other income; 1H.19 reported ROE at 5.0%, 2. Excluding restructuring costs, 3. Cost to Core Income (excluding trading & other income of €151m in 1H.19)

Overview

4.8%1 37% 57%3 15.5%

9

Corporate Presentation – September 2019

Transformation Program highlights in 1H19 Transformation Program results support the delivery of 2019 Business Plan targets

Overview

Enablers advancing at a good pace

Key achievements Key transformation metrics Key achievements NPEs

• Symbol and Mirror portfolio sales
• Branch restructuring capacity increase,

new Split & Settle product and streamlined process for retail restructurings

• REO unit for repossessed assets
• c40 specialized hubs and

c230 dedicated officers for restructurings across network

• c€70m/month run rate on

Split & Settle mortgage restructurings TECHNOLOGY & PROCESSES

• Redesigned lending

processes (e.g., retail restructuring, mortgages, corporate back-office)

• IT delivery aligned to

transformation priorities COST

• Additional wave of open VES
• Branch network consolidation
• G&A crash program of targeted actions

and setup of new cost demand management framework

• c500 FTE released
• 64 branches consolidated
• 9% yoy reduction in G&A

PEOPLE

• New management

team and top-level

• rganization in place
• Labor code revision in

progress CORE INCOME

• RM coverage and sales time increase,

new fast credit application process in Corporate

• New product bundles, repriced fees

(e.g., safety deposit box rental, ATM direct access fee, cheque service fee) in Retail

• Relaunched internet and mobile

banking platforms

• +46% yoy new lending

growth

• +20 Corporate RMs
• +9% yoy Retail fees growth
• +15% i-banking monthly

active users

• +45% m-banking monthly

active users RISKS & CONTROLS

• Enhanced VBM

framework and management reporting

• Revised risk appetite

framework

• Enhanced internal

controls and

• perational risk

management

Financial Highlights

2

11

Corporate Presentation – September 2019

€ m 1H19 1H18 YoY 2Q19 1Q19 QoQ NII 598 566 +6% 309 290 +6% Net Fees & Commissions 120 117 +3% 61 59 +4% Core Income 718 683 +5% 370 349 +6% Trading & other income 1511 (19) n/m 51 100

• 49%

Income 869 664 +31% 421 448

• 6%

Operating Expenses (408) (437)

• 7%

(204) (204) +0% Core PPI 310 246 +26% 165 145 +14% PPI 461 227 >100% 217 245

• 11%

Loan Impairments (204) (157)2 +29% (101) (103)

• 1%

Operating Profit 258 70 >100% 116 142

• 19%

Core Operating Profit 107 88 +21% 64 43 +51% Other impairments 3 (10) n/m 11 (8) n/m PBT 261 60 >100% 126 135

• 6%

Taxes (8) (12)

• 31%

(5) (4) +34% PAT (cont. ops) 253 48 >100% 122 131

• 7%

PAT (discont. ops) 103 32 >100% 82 21 >100% VES & other restructuring costs3 (105) (40) >100% (4) (101)

• 96%

Minorities (18) (20)

• 10%

(8) (10)

• 20%

PAT 233 19 >100% 192 41 >100%

P&L Highlights

1H19 PAT from continuing operations reaches €253m against PAT of €48m in 1H18

Highlights

Group P&L

1H19 Group PAT from continuing operations at €253m (>5x yoy), reflecting the following key P&L movements:

• 1H19 NII up by 6% yoy to €598m, driven by securities interest income

reflecting the swap arrangement with the Greek State; 2Q NII bears the full impact, pushing NII up by +6% qoq

• Fees are up by 3% yoy, as retail banking fees expand by 9% on strong

card, digital channels and bancassurance fees

• Trading & other income benefits from one off gains relating mainly

to the swap arrangement and a disposal; the underlying trading &

• ther income line is firmly in positive territory
• OpEx down by 7% yoy on the back of successful VES completion

concerning a total of c1,150 employees, the reduction of the physical network by 83 branches and tighter G&A cost control; 1H19 C:CI drops to 57% vs 64% a year ago.

• CoR at 136bps in 1H19 relative to 132bps in 1H18

At a core level, 1H19 COP is up 21% yoy, with the 2Q19 result up 51% qoq 1H19 PAT from discontinued operations adds €103m to the bottom line, aided by the capital gain from the sale of Pangaea.

• 1. Includes among others €59m trading gain from the GGB swap arrangement with the Greek State and €30m capital gain from Grand Hotel disposal, 2. Includes recoveries of €42m from NPL sales, 3. Restructuring

charges, mainly comprising of VES costs of €94m in 1Q19 & €4M in 2Q19

12

Corporate Presentation – September 2019

NPE reduction gathers pace (-€2.5b in 1H19); CET1 ratio at 16.0% and Total Capital ratio at 17.0%

Asset Quality, Liquidity & Capital Highlights Key Ratios - Group

2Q19 1Q19 FY18 2Q18 Liquidity Loans-to-Deposits ratio 70% 71% 70% 74% LCR 171% 151% 144% 86% NSFR 113% 113% 108% n/a Profitability NIM (bps) 276 263 273 275 Cost to core income 55% 58% 65% 67% Cost of Risk (bps)1 135 136 113 106 Risk Adjusted NIM2 141 127 160 169 Asset quality NPE ratio 36.5% 38.9% 40.9% 42.4% NPE coverage ratio 56.0% 58.6% 59.1% 60.2% Capital CET1 ratio 16.0%3 15.7% 16.1% 16.2% RWAs (€ bn) 37.4 35.1 35.0 36.1 Highlights Domestic NPE reduction picks up in 2Q19 (-€1.4b qoq)

• NPE reduction accelerates in 2Q19, reflecting the agreed sale of unsecured consumer, SB

and SME loans (-€1.0b), as well as negative NPE formation, before write offs, of €0.4b

• As Bank NPEs were reduced by €2.5b ytd, the remaining effort to the FY19 NPE reduction

target of €4.3b, stands at €1.8b; this will be achieved through the sale of a secured corporate portfolio, a shipping portfolio and Cypriot and Romanian loans, restructurings involving debt forgiveness and liquidations

• High NPE coverage levels of 56% facilitate the ongoing shift towards sales & liquidations on

a contained loss budget Domestic deposits up 6% yoy

• Domestic deposit recovery continues in 2Q19 (+5.9% yoy), as we edge closer to a full lifting

capital controls, with c60% of the pre-capital control outflows already recovered; LCR & NSFR ratios are kept at levels well above 100%, exceeding regulatory thresholds

• 2Q19 NBG credit disbursements towards Greek corporates reach €0.8b, up from €0.6b in

1Q19, despite 2Q19 being a pre-election period CET1 ratio at 16.0%3

• 2Q19 CET1 of 16.0%3 absorbs the switch to STD approach, on the back of strong 1H19

PAT and bond valuation gains (FVTOCI). Excluding the impact of agreed divestments CET1 stood at 15.5% comfortably above the 2019 and 2020 SREP levels. Ethniki Insurance sale will push up capital ratios further

• Issuance of €400m in non dilutive Tier II bond in July at 8.25%, enhances our capital

structure and facilitates credit RWA expansion, pushing Total Capital ratio to 17.0%

1. 2Q19/FY.18 CoR excludes one-offs related to the NPL sales; reported CoR at 104bps in 1H18, and 99bps in FY18 2. Risk Adjusted NIM= NIM-Cost of Risk, 3. pro forma for 1H19 PAT and the impact of agreed divestments

Profitability

3

14

Corporate Presentation – September 2019

Group operating profit bridge 1H19 (€ m)

1. Includes €59m trading gain from the GGB swap arrangement with the Greek State and €30m capital gain from Grand Hotel disposal 2. 1H18 CoR benefits from €42m of recoveries from the sale of an unsecured 90dpd portfolio (Project Earth) 3. All margins calculated over net loans 4. Excluding the €42m recovery from the NPL sale, underlying CoR at 132bps

1H19 Group operating profit reaches €258m (+3.7x yoy) aided by solid operating results and strong trading gains

Profitability

Group operating margin decomposition3 1H19 (bps)

70 +33 +29 +3 +170

• 46

258 1H18 ΔNII ΔOpex ΔFees ΔNon Core Income ΔLoan Impairments 1H19 €89m due to one

• ff capital gains

from GGB exchange and asset disposals 150 307 289

• 108
• 136
• 135

1H18 1H19 2Q19 42 171 258 70 Group PPI margin (bps) Group CoR (bps) Group operating margin (bps) Group operating profit (€m) 154 115 +€65m core PPI yoy

1 2 4

15

Corporate Presentation – September 2019

Domestic lending income decomposition (€ m) Domestic NIM & CoR (bps)

• 1. Excluding €42m of recoveries from a 90dpd portfolio sale
• 2. NIM calculated on a daily average basis

Domestic NII up by +7% qoq at €293m; NIM up by 13bps qoq to 275bps

Profitability

Domestic risk adj NII (€ m) Domestic NII breakdown (€ m)

2Q18 3Q18 4Q18 1Q19 2Q19

Loans 286 283 290 285 281 Deposits

• 37
• 38
• 40
• 40
• 41

Securities 23 26 28 40 63 Eurosystem & wholesale

• 13
• 14
• 17
• 14
• 12

Subs & other 1

• 2

3 3 Total 260 258 259 274 293 273 265 257 262 275 107 109 83 139 140 2Q18 3Q18 4Q18 1Q19 2Q19 NIM2 CoR 210 210 211 80 75 70 4Q18 1Q19 2Q19 Lending interest income (€m) 290 281 PE interest income €m) 259 274 293

• 59
• 100
• 100

4Q18 1Q19 2Q19 Domestic risk adj NIΙ (€m) Loan impairment (€m) 193 NII (€m) +6.8% qoq +10.9% qoq

1

285 NPE interest income (€m) 174 200

• /w in 1H.19:

c.41% cash c.31% provided

16

Corporate Presentation – September 2019

18.6 18.9 19.3 19.3 19.9 8.2 8.4 9.5 9.7 9.8 12.5 12.8 13.0 12.2 11.9 39.3 40.0 41.7 41.2 41.6 2Q18 3Q18 4Q18 1Q19 2Q19 Time Sight &

• ther

Savings +5.9% yoy

Greek deposit yields (bps)

3 3 3 3 3 81 79 83 79 80 40 38 40 40 37 55 58 52 64 55 2Q18 3Q18 4Q18 1Q19 2Q19

NBG’s blended deposit yield below 40bps, aided by our large share of savings deposits costing 3bps

Profitability

Greek deposits evolution (€ b)

Term Total 71% Core deposits/total Savings +€2.3 b yoy Sight

Due to

• ne key

account

17

Corporate Presentation – September 2019

Greek lending yields3 (bps) Greek loan evolution4 (€ b) Greek forborne, PE & total lending yields

224 217 216 219 217 899 882 877 855 871 673 653 665 655 635 409 398 398 384 375 2Q18 3Q18 4Q18 1Q19 2Q19 8.9 8.7 8.5 8.4 8.2

1.7 1.7 1.7 1.7 1.6 1.0 1.0 1.0 1.0 1.0

10.3 10.4 11.0 11.5 11.9 22.0 21.8 22.3 22.6 22.7 2Q18 3Q18 4Q18 1Q19 2Q19 Corporate SBL Consumer Mortgages

• 1. Includes NPEs
• 2. Includes FPEs & FNPEs
• 3. Calculated on performing loans
• 4. Performing loans = Gross loans - NPEs

Performing loans continue to expand in 2Q19, aided by €0.8b of corporate & SB disbursements

Profitability Consumer SBLs Corporate Mortgages +0.5% qoq 28.6 28.4 28.8 28.6 28.5 Net loans Performing loans

at 345bps at 416bps at 671bps new production at 1,103 bps

3.9% 3.8% 3.8% 3.7% 3.7% 2.6% 2.6% 2.5% 2.6% 2.5% 2Q18 3Q18 4Q18 1Q19 2Q19 Performing Forborne2 388 378 378 373 Total Book 3.7% 3.6% 3.7% 3.6% 3.6% Total1 +3.0% qoq 368

18

Corporate Presentation – September 2019

25 26 47 51 22 21 43 43 8 11 21 20 56 58 111 113 1Q19 2Q19 Column2 1H18 1H19 Fund mgm, Brokerage &

• ther

Wholesale Fees Retail Fees 54 58 111 113 3 4 6 7 57 61 117 120 2Q18 2Q19 Column1 1H18 1H19

Group fees by region (€ m)

1H19 retail fees up by 9% yoy, driven by digital channels, card fees and bancassurance

Profitability

Domestic fees (€ m)

Fees/Assets1 Total SEE & Other Greece 0.42% +2.6%

YoY

+3.1%

+2.5%

1: Excluding assets held for sale

0.41% 0.41% +8.7%

YoY

+1.0%

• 7.2%

+2.6% 0.42%

19

Corporate Presentation – September 2019

Domestic Branch evolution (#) Group OpEx by category (€ m)

Cost cutting impact from personnel reduction and branch closures drives domestic OpEx lower by 6.8% yoy

Profitability

Group headcount evolution (‘000) Domestic OpEx evolution (€ m)

Greece Group 1H19 1H18 YoY 1H19 1H18 YoY Personnel 251 268

• 6.3%

262 280

• 6.5%

G&As 89 114

• 21.3%

97 121

• 20.1%

Depreciation 47 35 +37.0% 49 36 +36.5% Total 388 416

• 6.8%

408 437

• 6.7%

C:I 47% 67%

• 20ppts

47% 66%

• 19ppts

528 527 510 486 461 438 402 397 FY14 FY15 FY16 FY17 FY18 1Q19 2Q19 Aug.19 15.0 12.2 12.0 9.9 9.8 9.2 9.1 8.7 10.1 7.9 7.8 1.6 1.2 1.1 1.1 1.1 25.1 20.1 19.8 11.5 11.0 10.3 10.2 9.8 FY09 1 FY14 FY15 FY16 FY17 FY18 1Q19 2Q19 SEE & Other Greece

1. Excludes employees at discontinued operations

135 136 131 127 124 77 79 74 68 70 212 215 205 195 194 2Q18 3Q18 4Q18 1Q19 2Q19 G&A & Depreciation Personnel Total

1

• 7.8%

Δ YoY

• 9.1%
• 8.3%

c500 FTEs less ytd

• 64 branches

ytd

Reflects IFRS16 G&A / Depr. reclassifications Due to IFRS16

Asset quality

4

21

Corporate Presentation – September 2019

Bank NPE reduction channels & target (€ b) NPE operational performance Bank NPE reduction targets (€ b)

12.9

• 4.9
• 2.3
• 3.8
• 0.2

1.6 1H19 Sales & securitizations Liquidations Formation, recov & debt fgv. Write offs &

• ther

FY22

1H19 €2.5b NPE reduction bodes well for delivering the ambitious 2019 NPE target

Asset Quality

• NPEs reduced by €2.5b ytd, of which €1.4b in 2Q19
• To achieve the 2019 SSM NPE target an additional €1.8b of

NPEs need to be reduced in 2H19

• The NPE ratio will have been reduced to c. 5% in 2022
• The envisaged reduction will be aided by positive developments

in securitization schemes and the new law on primary residence protection, addressing mortgage NPLs

15.2 14.0 12.7 11.1 10.2 9.1 7.6 5.6 2.4 0.9

6.4

• 2.8

4

• 1.4

4.6

• 2.0
• 1.1

4.1

• 1.4

3

• 1.8
• 2.2
• 4.6
• 2.7

21.5 18.7 17.3 15.4 14.3 12.9 11.1 8.9 4.3 1.6 +90dpd NPEs

• 11.3

Remaining effort: €11.3b Achieved: €8.6b

22

Corporate Presentation – September 2019

Domestic NPE stock evolution (€ b)

NPE balance change (€ m, Bank)

Domestic NPE stock per category – 2Q19 (€ b)

• 1. Before write-offs

NPE stock reduced by €1.4b in 2Q19, reflects a sale (-€1.0b) as well as negative organic formation1 of €0.4b

Asset Quality 13.1 9.3 5.3 0.6 1.1 2.3 1.5 0.2 0.2 1.9 6.8 0.7 1.2 4.3 Mortgages Consumer SBL Corporate FNPE & other impaired 90dpd 11.7 11.5 11.2 10.3 9.3 4.7 4.6 4.3 4.1 3.8 16.3 16.1 15.6 14.5 13.1 2Q18 3Q18 4Q18 1Q19 2Q19 FNPEs & other impaired 90dpd 42.6% 42.5% 41.1% 39.0% 36.5% NPE ratio

• 2
• 337
• 985
• 1.350
• 264

NPE reduction before w.o. 363 383 351 406 395

• 389
• 385
• 688
• 664
• 781
• 238
• 727
• 963
• 181
• 68
• 226
• 94
• 58

2Q18 3Q18 4Q18 1Q19 2Q19 NPE inflows Curings Sales/securit. Symbol sale Mirror sale Write-offs

• /w: debt

forgiveness €0.3b

• 431
• 350

Debt fgv, recoveries liquidations

• 221
• 443
• 364
• 324
• 36
• 349
• 43
• 346

NPE outflows

23

Corporate Presentation – September 2019

Mortgages (€ m)

* Bank perimeter, excluding write offs

Asset Quality

Bank NPE* reduction accelerates in 2Q19

Consumer (€ m) NPE change* (€ m) SBLs (€ m) Corporate (€ m)

• 3

42

• 53
• 40
• 179

2Q18 3Q18 4Q18 1Q19 2Q19

• 97

24

• 47
• 8
• 701

2Q18 3Q18 4Q18 1Q19 2Q19

• 142
• 61
• 446
• 239

2Q18 3Q18 4Q18 1Q19 2Q19

• 23
• 68
• 176
• 490
• 230

2Q18 3Q18 4Q18 1Q19 2Q19

• 264
• 2
• 337
• 985
• 1,350

2Q18 3Q18 4Q18 1Q19 2Q19 Includes Symbol sale

• f €0.7b

Benefits by Symbol sale by €0.3b Benefits by Symbol sale by €0.4b Includes Mirror sale

• f €1.0b

Benefits by Mirror sale by €0.7b Benefits by Mirror sale by €0.2b Aided by debt forgiveness

24

Corporate Presentation – September 2019

Domestic NPE ratios and coverage Domestic 90dpd ratios and coverage

53% 111% 93% 121% 78.1% 77.4% 35% 24% 47% 14% 26.0% 26.4% Mortgages Consumer SBL Corporate Total GRE Group 41% 87% 79% 67% 55.7% 56.0% 45% 31% 55% 26% 36.5% 36.5% Mortgages Consumer SBL Corporate Total GRE Group

1. Collateral coverages are Bank level. 2. NPE coverage incorporates additional haircuts on the market value of collateral.

High NPE coverage facilitates the delivery of an ambitious and frontloaded NPE reduction plan

Asset Quality

Domestic forborne stock (€ b) Domestic 90dpd – NPE bridge (€ b)

9.3 2.7 0.8 0.3 13.1 90dpd FNPE <30 FNPE 31-90 Other impaired NPEs FNPE<30 dpd 2.7 FNPE 31-90dpd 0.8 FNPE >90dpd 2.2 FPE 2.7 90dpd coverage NPE coverage2 19% 27% 44% 17% 20% LLAs/ Gross loans

8.4

Collateral coverage1 74% 25% 67% 60% 66% Collateral coverage1 70% 25% 64% 59% 64%

25

Corporate Presentation – September 2019

Group loan staging and evolution (€ b)

Asset Quality

A favourable mix effect has begun, as S3 loans are increasingly being substituted by S1 loans

Group S2 ratios and coverage (%)

Group S3 ratios and coverage (%)

15.9 16.1 16.3 7.5 7.6 7.4 16.1 15.0 13.6 31.12.18 31.03.19 30.06.19 S3 S2 S1

• 0.2

+0.3 Δ qoq

• 1.4

55.5% 54.9% 51.8% 40.9% 38.9% 36.4% 31.12.18 31.03.19 30.06.19 Coverage 5.9% 5.5% 5.8% 18.9% 19.6% 19.9% 31.12.18 31.03.19 30.06.19 Ratio Ratio Coverage

• /w:

€2.7b FPEs €4.4b SICR €0.3b +30dpd

26

Corporate Presentation – September 2019

Scheduled auctions (07.2019)*

*The sources for scheduled auctions are the following: →The judiciary Publications Bulletin and the special website for the web publishing of auctions, that works under the authority of the Legal Professionals' Insurance Fund →The website of the Independent Authority of Public Revenue →The website of the Federation of Bailiffs →Auctions' notifications served by a Bailiff to the Legal Services of the Bank when a mortgaged property is auctioned

Asset Quality

Due to the negative impact of elections on the outcome of auctions, 2Q19 activity moderated

NBG auctions outcome 2Q19 Assets auctioned by NBG (#, auctions held)

1,314 2,022 1,703 677 NBG Peer 1 Peer 2 Peer 3 Held Successful Not successful 23% 29% 48% 2Q19 Suspended 52% 33 271 478 1,482 741 652 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 2018 effort was back-loaded due to slow start in 1H18 2Q19 slow down due to the pre- election period

27

Corporate Presentation – September 2019

Portfolio Status Size Estimated completion Transaction details

Consumer unsecured Closed €0.1b June 2016 Priced at €16c Project Earth Closed €2.0b July 2018 Capital accretive (+18bps) and P&L positive. Priced at €6c Project Symbol SPA signed c€0.9b 2Q19 Granular portfolio of secured SBL and small SMEs Project Mirror SPA signed c€1.2b 2Q19 Granular/unsecured portfolio of credit cards, consumer loans, SBL & small SMEs Shipping Scheduled c€0.3b 3Q19 Portfolio of shipping loans Secured corporate Scheduled c€0.9b 4Q19 Portfolio of denounced, non operating corporates, SME & SBLs Secured/Unsecured corporate Scheduled c€0.2b 4Q19 Portfolio of real-estate backed non-operating corporate loans Secured corporate & retail Scheduled c€0.4b 4Q19 Portfolio of corporate & retail loans Asset Quality

NPL transactions completed and in the pipeline Schedule

Liquidity

5

29

Corporate Presentation – September 2019

Liquidity

Further optimization of the funding profile has pushed interbank exposures to lower levels; Deposit base currently accounts for 87% of total funding

Eurosystem funding

(Bank, €b)

11.0 6.1 5.2 5.6 5.6 3.8 2.3 22.8 14.9 12.6 12.3 10.2 8.4 6.0 2.8 2.8 2.8 2.3 2.3 2.3 2.3 2.3 2Q16 4Q16 2Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 Sep 19

ECB ELA

TLTRO

Interbank funding

(Bank, net, €b)

3.3 3.4 3.3 3.3 3.3 1.6 0.9 0.9 Dec 17 Mar 18 Jun 18 Sep 18 Dec 18 Mar 19 Jun 19 Sep 19

Funding structure

(average, %)

62% 25% 5% 4% 4% Time Deposits Current & Sight Deposits ECB Interbank Long-term debt

Including €400mn Tier II

30

Corporate Presentation – September 2019

Group LCR Deposit evolution by geography (€ b)

39.3 40.0 41.7 41.2 41.6 1.3 1.3 1.3 1.3 1.3 2Q18 3Q18 4Q18 1Q19 2Q19

• 2.2
• 4.8
• 3.6

0.3 0.8

• 0.9

0.0 0.3 0.9

• 0.8

0.2 0.5 1.7 0.0 0.9 0.7 1.7

• 0.5

0.4

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q161Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

Domestic deposit recovery continues; lifting of capital controls is imminent

YoY +5.9% +5.6% Group SEE & Other +5.9% 40.5 41.3 43.0 42.5 42.9 Greece

• €10.6 b

+€6.2 b 86% 124% 144% 151% 171% 2Q18 3Q18 4Q18 1Q19 2Q19 NSFR at 113%

NBG domestic deposit flows per quarter (€ b)

Liquidity

Capital

6

32

Corporate Presentation – September 2019

Capital

CET1 & Total Capital ratio at 16.0% & 17.0%

15.7% +0.48%

• 1.12%

+0.18%

• 0.08%
• 0.3%

14.8% +0.67% 15.5% +0.5% 16.0% CET1 1Q19 FVTOCI net of SI IRB to STD RWAs Pangaea disposal & IFRS16 DTC amortization &

• ther

2Q19A 1H19 PAT 2Q19 including 1H19 PAT BROM, Cairo & Cyprus disposals 2Q19PF

2Q19 CET 1 ratio movement

RWAs (€ b) 35.1 38.2 CET1: €5.9b DTC: €4.5b CET1: 10.25% OCR: 13.75% 2019 SREP requirements CET1 FL: 12.6% 37.4 Total Capital ratio at 17.0% pro forma for the €400m Tier II bond

Macro

7

34

Corporate Presentation – September 2019

Macroeconomic tailwinds and recovery of banking fundamentals

16.5 2018 19.3 15.5 17.7 2021 2019 2020 14.8 2022 2020 2018 1.9 2.0 2019 1.8 1.8 2021 1.7 2022 100 2021 106 2018 2019 103 2020 109 112 2022

373 296 293 301 311

2021 2018 2022 2019 2020 2022 2018 2021 2019 2020 3.6 1.9 3.9 3.5 3.2 2023 2018 20193 2020 2022 2021

• 13.5

11.5 5.9 6.2 6.4 6.6 Greek 10yr sovereign bond spread over G. Bund2 (bps) Unemployment rate (%)1 GDP growth (%)1 Gross fixed capital formation

• excl. residential

(nominal, yoy growth) Private sector disposable income (nominal, yoy growth)

Sources: ELSTAT, Focus Economics Consensus, NBG - Economic Analysis Division estimates Sources: Bank of Greece, NBG - Economic Analysis Division estimates Sources: Focus Economics, NBG - Economic Analysis Division estimates

House Price Index (rebased to 2018)

Sources: ELSTAT, Focus Economics Consensus, NBG - Economic Analysis Division estimates Sources: ELSTAT, Focus Economics Consensus, NBG - Economic Analysis Division estimates Sources: ELSTAT, Focus Economics Consensus, NBG - Economic Analysis Division estimates

• 1. Average annual | 2. Average of quarterly spreads | 3. 2019 Fixed capital formation based on NBG economic analysis estimates, accounting for a positive base effect and transfer of public investments from 2018 to 2019

Macro

35

Corporate Presentation – September 2019 Sources: EL.STAT., Bank of Greece, Ministry of Finance, EU Commission, Markit Economics & NBG Economic Analysis estimates

Macro

Greek Economy: Increasing confidence and fiscal stimulus offset external headwinds

External trade & revenue from services exports Economic sentiment & real GDP growth GDP growth & fiscal stance

• 2
• 1

1 2 3 4 5

• 10
• 8
• 6
• 4
• 2

2 4 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019f

Annual change in Gen. Gov. Primary balance (% GDP, inverted axis, right axis)* Real GDP growth (y-o-y, left axis)

y-o-y % GDP, inverted axis *2019: incl. fiscal expansion measures announced in May-Aug 2019 20 28 36

44 52 60

• 45
• 30
• 15

15 30 Jul-14 Nov-14 Mar-15 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Nov-17 Mar-18 Jul-18 Nov-18 Mar-19 Jul-19

Industrial (left axis) Services (left axis) Retail (left axis) PMI (right axis) EC sectoral confidence indicators, index level index

PMI & sectoral indicators of economic sentiment

• 15
• 10
• 5

5 10 15 20 25

• 15
• 10
• 5

5 10 15 20 25 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19

Exports of goods (excl. oil & ships) Imports of goods (excl. oil & ships) Revenue from services exports (mainly tourism and shipping) y-o-y, 3m m.a. y-o-y, 3m m.a.

70 80 90 100 110 120

• 12
• 8
• 4

4 8 12 2007:Q3 2008:Q2 2009:Q1 2009:Q4 2010:Q3 2011:Q2 2012:Q1 2012:Q4 2013:Q3 2014:Q2 2015:Q1 2015:Q4 2016:Q3 2017:Q2 2018:Q1 2018:Q4 July 2019

Greece: GDP growth (left axis) Greece: EC Economic sentiment indicator (right axis) Euro area: EC Economic sentiment indicator (right axis) y-o-y index

36

Corporate Presentation – September 2019 Sources: EL.STAT., Bank of Greece, EU Commission & NBG Economic Analysis estimates

Macro

Macroeconomic conditions in Greece bode well for a faster expansion of domestic spending in 2H19. The 22% reduction in the unified property tax since August, could support further real estate market

• 12
• 8
• 4

4 8

• 12
• 8
• 4

4 8 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019f

Private consumption (real, y-o-y) Households' disposable income (real, y-o-y) y-o-y forecasts Q1:2019: 4.1% y-o-y

• 90
• 70
• 50
• 30
• 10

10

• 90
• 70
• 50
• 30
• 10

10 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19

Major purchases at present General economic situation over next 12 months Major purchases over next 12 months

index Consumer Survey data

Households’ assessment of economic conditions Real estate price growth Capacity utilization & manufacturing production

60 63 66 69 72 75

• 15
• 10
• 5

5 10 Jun-12 Oct-12 Feb-13 Jun-13 Oct-13 Feb-14 Jun-14 Oct-14 Feb-15 Jun-15 Oct-15 Feb-16 Jun-16 Oct-16 Feb-17 Jun-17 Oct-17 Feb-18 Jun-18 Oct-18 Feb-19 Jun-19

Capacity utilization (right axis) Manufacturing production (left axis) y-o-y, 3m m.a. %

Private consumption & households’ disposable income

• 16
• 12
• 8
• 4

4 8

• 16
• 12
• 8
• 4

4 8 2H2011 1H2012 2H2012 1H2013 2H2013 1H2014 2H2014 1H2015 2H2015 1H2016 2H2016 1H2017 2H2017 1H2018 2H2018 1Q2019

House prices (total, y-o-y) House prices (Athens, y-o-y) Office prices (total, y-o-y) Retail space prices (total, y-o-y) y-o-y 2019Q1 +4.0% y-o-y

37

Corporate Presentation – September 2019 Sources: Bank of Greece, EU Commission, Bloomberg, ThomsonReuters & NBG Economic Analysis estimates

Macro

Greece’s Government bond yields at all-time lows, benefiting from domestic and international developments. FDI trends remain favorable, however, risks are rising globally

DAX volatility & euro area GDP growth forecasts for 2019

100 200 300 400 500 600 700 800 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18 Feb-19 Apr-19 Jun-19

€ mn Non-residents direct investment in Greece €2.0 bn in H1:2019 €3.6 bn in FY:2018 €3.2 bn in FY:2017

Inflows of foreign direct investment in Greece

300 500 700 900 1100 2 3 4 5 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

10yr Greek government bond spread (left axis) ASE general index (right axis) ASE index - banks (right axis) % index

200 400 600 800 1000 1200 1400 200 400 600 800 1000 1200 1400 Nov-16 Feb-17 May-17 Aug-17 Nov-17 Feb-18 May-18 Aug-18 Nov-18 Feb-19 May-19 Aug-19

2 years 5 years 10 years bps mid rate spread

• ver the respectιve

benchmark curve Greece'ssovereign ratings: Fitch: BB-, stable outlook S&P: B+, positive outlook Moody’s: B1, stable outlook

ASE general index & 10yr GGB spread over bund

0,0 0,4 0,8 1,2 1,6 2,0 2,4 10 12 14 16 18 20 22 24 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19

Expected euro area GDP growth for FY:2019 (EC forecasts, right axis) DAX volatility (VDAX, left axis) y-o-y index

Hellenic Republic, CDS

Appendix

8

39

Corporate Presentation – September 2019

Balance Sheet | Group

Group Balance Sheet & P&L

P&L | Group

€ m 2Q19 1Q19 4Q18 3Q18 2Q18 Cash & Reserves 1 839 2 570 5 138 4 875 4 330 Interbank placements 3 054 3 072 2 546 1 793 1 850 Securities 10 154 9 123 8 959 8 396 7 867 Loans (Gross) 37 502 38 808 39 600 39 732 40 050 Provisions (Stock) (7 563) (8 751) (9 466) (9 921) (10 088) Goodwill & intangibles 160 145 150 140 131 RoU assets 1 319 61

• Tangible assets

456 461 465 460 456 DTA 4 909 4 910 4 909 4 914 4 914 Other assets 7 407 6 635 6 013 5 835 6 153 Assets held for sale 5 897 7 183 6 780 6 930 7 192 Total assets 65 131 64 217 65 095 63 153 62 854 Interbank liabilities 5 642 5 743 7 667 6 960 7 545 Due to customers 42 943 42 500 43 027 41 322 40 552 Debt securities 959 963 854 858 754 Other liabilities 4 327 4 201 3 218 3 671 3 511 Lease liabilities 1 359 100

• Liabilities held for sale

4 331 4 936 4 691 4 620 4 740 Minorities 19 696 676 670 663 Equity 5 550 5 078 4 962 5 051 5 088 Total liabilities and equity 65 131 64 217 65 095 63 153 62 854 Appendix € m 2Q19 1Q19 4Q18 3Q18 2Q18 NII 309 290 275 275 276 Net fees 61 59 66 58 57 Core Income 370 349 341 333 333 Trading & other income 51 100 (47) (6) (30) Income 421 448 294 327 303 Operating Expenses (204) (204) (218) (227) (222) Core Pre-Provision Income 165 145 123 106 111 Pre-Provision Income 217 245 76 100 80 Loan Impairments (101) (103) (60) (81) (38) Operating Profit 116 142 16 19 42 Other impairments 11 (8) (1) 1 (11) PBT 126 135 15 20 31 Taxes (5) (4) (7) (6) (9) PAT (cont. ops) 122 131 8 14 22 PAT (discount. ops) 82 21 (84) 11 13 One-offs (4) (101) (38)

• (40)

Minorities (8) (10) (7) (8) (10) PAT 192 41 (120) 17 (15)

40

Corporate Presentation – September 2019

Greece

Regional P&L: Greece, SEE & Οther

Appendix

SEE & Other

€ m 2Q19 1Q19 4Q18 3Q18 2Q18 NII 293 274 259 258 260 Net fees 58 56 63 54 54 Core Income 351 330 322 313 313 Trading & other income 49 100 (48) (5) (31) Income 400 430 274 307 283 Operating Expenses (194) (194) (205) (215) (212) Core Pre-Provision Income 156 136 117 98 102 Pre-Provision Income 206 236 70 93 71 Loan Impairments (100) (100) (59) (78) (35) Operating Profit 105 136 10 15 36 Other impairments 11 (7) 1 1 (11) PBT 116 129 11 16 26 Taxes (4) (2) (5) (5) (6) PAT (cont. ops) 113 127 6 11 20 PAT (discount. ops) 84 1 (10) 10 11 One-offs (4) (101) (38)

• (40)

Minorities (8) (9) (6) (7) (9) PAT 186 18 (48) 14 (18) € m 2Q19 1Q19 4Q18 3Q18 2Q18 NII 16 16 16 17 16 Net fees 3 3 3 3 3 Core Income 19 19 19 20 20 Trading & other income 3 (0) 1 (1) 1 Income 21 18 20 20 20 Operating Expenses (10) (10) (13) (12) (11) Core Pre-Provision Income 9 9 6 8 9 Pre-Provision Income 11 9 6 8 10 Loan Impairments (1) (3) (1) (3) (3) Operating Profit 10 6 5 4 6 Other impairments (0) (0) (1) (0) (0) PBT 10 6 4 4 6 Taxes (1) (1) (3) (1) (4) PAT (cont. ops) 9 5 2 3 2

41

Corporate Presentation – September 2019

Evolution of RWAs (€ b)

Appendix

RWA Evolution | Asset-liability mix

Asset mix (€ b) Liability mix (€ b)

Other, 15.2 DTA, 4.9 SEE & Other net loans, 1.4 Domestic net loans; 28.6 Securities; 10.2 Interbank placements; 3.1 Cash; 1.8 65.1 Assets Total equity and minorities; 5.6 Other Liabil; 10.0 Debt securities; 1.0 SEE & Other deposits; 1.3 Time & Other; 11.9 Current & Sight; 9.8 Savings; 19.9 ECB, 2.3 Interbank liabil, 3.4 65.1 Liabilities Domestic deposits 41.6 61.8

• 20.7

41.1

• 3.8

37.3

• 2.3

35.0 +3.3 38.3 RWAs 2015 RWAs 2016 RWAs 2017 FY18 1H19

42

Corporate Presentation – September 2019

Appendix

NBG Shareholder structure as at September 2019

HFSF 40.4% Domestic private & public legal entities 6.1% Int'l Institutionals 44.9% Domestic pension funds &

• ther 0.4%

Domestic retail investors 8.2% Domestic investors: 14.7%

43

Corporate Presentation – September 2019

The Q2.19 Financial Results Presentation contains financial information and measures as derived from the Group’s and the Bank’s financial statements for the period ended 30 June 2019 and for the year ended 31 December 2018, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as endorsed by the EU. Additionally, it contains financial data which is compiled as a normal part of our financial reporting and management information systems. For instance, financial items are categorized as foreign or domestic on the basis of the jurisdiction

• f organization of the individual Group entity whose separate financial statements record such items.

Moreover, it contains references to certain measures which are not defined under IFRS, including “pre-provision income” (“PPI”), “net interest margin” and others, as defined above. These measures are non-IFRS financial measures. A non-IFRS financial measure is a measure that measures historical or future financial performance, financial position or cash flows but which excludes or includes amounts that would not be so adjusted in the most comparable IFRS measure. The Group believes that the non-IFRS financial measures it presents allow a more meaningful analysis of the Group’s financial condition and results of operations. However, the non-IFRS financial measures presented are not a substitute for IFRS measures.

Legal

Definition of financial data, ratios used and alternative performance measures

44

Corporate Presentation – September 2019

Name Abbreviation Definition

Common Equity Tier 1 Ratio CET1 Ratio CET1 capital as defined by Regulation No 575/2013, with the application of the regulatory transitional arrangements for IFRS 9 impact over RWAs Common Equity Tier 1 Ratio Fully Loaded CET1 CRD IV FL CET1 capital as defined by Regulation No 575/2013, without the application of the regulatory transitional arrangements for IFRS 9 impact over RWAs Core Deposits

• Consists of current, sight and other deposits, as well as savings accounts, and exclude repos and time deposits

Core Income CI Net Interest Income (“NII”) + Net fee and commission income Core Operating Result (Profit / (Loss)) - Core income less operating expenses and provisions (credit provisions and other impairment charges) Core Operating Margin

• Core operating profit / (loss) annualized over average net loans

Core Pre-Provision Income Core PPI Core Income less operating expenses Core Pre-Provision Margin Core PPI margin Core PPI annualized over average net loans Cost of Risk / Provisioning Rate CoR Credit provisions of the period annualized over average net loans Cost-to-Core Income Ratio C:CI Operating expenses over core Income Cost-to-Income Ratio C:I Operating expenses over total income Equity/Book Value BV Equity attributable to NBG shareholders Deposit Yields

• Annualized interest expense on deposits over deposit balances

Forborne

• Exposures for which forbearance measures have been extended according to EBA ITS technical standards on

Forbearance and Non-Performing Exposures Forborne Non-Performing Exposures FNPEs Exposures with forbearance measures that meet the criteria to be considered as non performing according to EBA ITS technical standards on Forbearance and Non-Performing Exposures Forborne Performing Exposures FPEs Exposures with forbearance measures that do not meet the criteria to be considered as non performing according to EBA ITS technical standards on Forbearance and Non-Performing Exposures and forborne exposures under probation period Funding cost/Cost of funding

• The blended cost of deposits, ECB refinancing, repo transactions, ELA funding (until late November 2017), as well

as covered bonds and securitization transactions Gross Loans

• Loans and advances to customers before allowance for impairment

Liquidity Coverage Ratio LCR The LCR refers to the liquidity buffer on High Quality Liquid Assets (HQLAs) that a Financial Institution holds, in

• rder to withstand net liquidity outflows over a 30 calendar-day stresses period

Loan Yield

• Annualized loan interest income over gross performing loan balances

Loans-to-Deposits Ratio L:D Net loans over total deposits, period end

Appendix

Definition of financial data & ratios used

45

Corporate Presentation – September 2019

Name Abbreviation Definition

Net Interest Margin NIM NII annualized over average interest earning assets.The latter include all assets with interest earning potentials and includes cash and balances with central banks, due from banks, financial assets at fair value through profit or loss (excluding Equity securities and mutual funds units), loans and advances to customers and investment securities (excluding equity securities and mutual funds units). Net Stable Funding Ratio NSFR The NSFR refers to the portion of liabilities and capital expected to be sustainable over the time horizon considered by the NSFR over the amount of stable funding that must be allocated to the various assets, based on their liquidity characteristics and residual maturities Net Loans

• Loans and advances to customers

Net Profit / (Loss)

• Profit / (loss) for the period attributable to NBG equity shareholders

Non-Performing Exposures NPEs Non-performing exposures are defined according to EBA ITS technical standards on Forbearance and Non- Performing Exposures as exposures that satisfy either or both of the following criteria: a) Material exposures which are more than 90 days past due b) The debtor is assessed as unlikely to pay its credit obligations in full without realization of collateral, regardless

• f the existence of any past due amount or of the number of days past due.

Non-Performing Exposures Coverage Ratio NPE coverage Stock of provisions (allowance for impairment for loans and advances to customers) over non-performing exposures, excluding loans mandatorily classified as FVTPL, period end Non-Performing Exposures Formation NPE formation Net increase/(decrease) of NPEs, before one-offs Non-Performing Exposures Ratio NPE ratio Non-performing exposures over gross loans, period end Non-Performing Loans NPLs Loans and advances to customers in arrears for 90 days or more 90 Days Past Due Coverage Ratio 90dpd coverage Stock of provisions over loans and advances to customers in arrears for 90 days or more excluding loans mandatorily classified as FVTPL, period end 90 Days Past Due Formation 90dpd formation Net increase / (decrease) of loans and advances to customers in arrears for 90 days or more, before write-offs and after restructurings 90 Days Past Due Ratio 90dpd ratio/ NPL ratio Loans and advances to customers in arrears for 90 days or more over gross loans, period end Operating Expenses OpEx, costs Personnel expenses + General, administrative and other operating expenses (“G&As”) + Depreciation and amortisation on investment property, property & equipment and software & other intangible assets. For FY18,

• perating expenses excludes the VES cost of €40m and the restructuring costs of €12m.

Operating Profit / (Loss)

• Total income less operating expenses and provisions (credit provisions and other impairment charges)

Pre-Provision Income PPI Total income less operating expenses, before provisions (credit provisions and other impairment charges) PAT (Continuing Operations) Profit for the period from continuing operations. For FY.18, PAT (continuing operations) excludes the VES cost of €66m and the restructuring costs of €12m. Risk Weighted Assets RWAs Assets and off-balance-sheet exposures, weighted according to risk factors based on Regulation (EU) No 575/2013 Tangible Equity / Book Value TBV Common equity less goodwill & intangibles (goodwill, software and other intangible assets) Total deposits

• Due to customers

Appendix

Definition of financial data & ratios used

46

Corporate Presentation – September 2019

The information, statements and opinions set out in this presentation and accompanying discussion (the “Presentation”) have been provided by National Bank of Greece S.A. (the “Bank”) (together with its consolidated subsidiaries (the “Group”)). They serve informational only purposes and should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities or

• ther financial products or instruments and do not take into account particular investment objectives, financial situation or needs. It is not a research

report, a trade confirmation or an offer or solicitation of an offer to buy/sell any financial instruments. Accuracy of Information and Limitation of Liability Whilst reasonable care has been taken to ensure that its contents are true and accurate, no representations or warranties, express or implied are given in, or in respect of the accuracy or completeness of any information included in the Presentation. To the fullest extent permitted by law in no circumstances will the Bank, or any of its respective subsidiaries, shareholders, affiliates, representatives, directors, officers, employees, advisers or agents be responsible or liable for any direct, indirect or consequential loss or loss of profit arising from the use of the Presentation, its contents (including the internal economic models), its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. The information contained in the Presentation has not been independently verified. Recipients of the Presentation are not to construe its contents, or any prior or subsequent communications from or with the Bank or its representatives as financial, investment, legal, tax, business or other professional advice. In addition, the Presentation does not purport to be all- inclusive or to contain all of the information that may be required to make a full analysis of the Bank. Recipients of the Presentation should consult with their own advisers and should each make their own evaluation of the Bank and of the relevance and adequacy of the information. The presentation includes certain non-IFRS financial measures. These measures presented under “Definition of financial data, ratios used and alternative performance measures” Section herein may not be comparable to those of other credit institutions. Reference to these non-IFRS financial measures should be considered in addition to IFRS financial measures, but should not be considered a substitute for results that are presented in accordance with IFRS. Due to rounding, numbers presented throughout the Presentation may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. Forward Looking Statements The Presentation contains forward-looking statements relating to management’s intent, belief or current expectations with respect to, inter alia, the Bank’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, risk management practices, liquidity, prospects, growth and strategies (“Forward Looking Statements”). Forward Looking Statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “may”, “will”, “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, “would”, “could” or similar expressions or the negative thereof.

Legal

Important Notice – Disclaimer

47

Corporate Presentation – September 2019

Forward Looking Statements reflect knowledge and information available at the date of the Presentation and are subject to inherent uncertainties and qualifications and are based on numerous assumptions, in each case whether or not identified in the Presentation. Although Forward Looking statements contained in the Presentation are based upon what management of the Bank believes are reasonable assumptions, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Bank’s control, no assurance can be provided that the Bank will achieve or accomplish these expectations, beliefs or projections. Forward Looking Statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. The Bank’s actual results may differ materially from those discussed in the Forward Looking Statements. Some important factors that could cause actual results to differ materially from those in any Forward Looking Statements could include, inter alia, changes in domestic and foreign business, market, financial, political and legal conditions including changing industry regulation, adverse decisions by domestic or international regulatory and supervisory authorities, the impact of market size reduction, the ability to maintain credit ratings, capital resources and capital expenditures, adverse litigation and dispute outcomes and the effect of such outcomes on the Group’s financial condition. There can be no assurance that any particular Forward Looking Statement will be realized, and the Bank expressly disclaims any obligation or undertaking to release any updates or revisions to any Forward Looking Statement to reflect any change in the Bank’s expectations with regard thereto or any changes in events, conditions or circumstances on which any Forward Looking Statement is based. Accordingly, the reader is cautioned not to place undue reliance on Forward Looking Statements. No Updates Unless otherwise specified all information in the Presentation is as of the date of the Presentation. Neither the delivery of the Presentation nor any

• ther communication with its recipients shall, under any circumstances, create any implication that there has been no change in the Bank’s affairs

since such date. Except as otherwise noted herein, the Bank does not intend to, nor will it assume any obligation to, update the Presentation or any

• f the information included herein.

The Presentation is subject to Greek law, and any dispute arising in respect of the Presentation is subject to the exclusive jurisdiction of the Courts of Athens.

Legal

Important Notice – Forward Looking Information

Contact details

Paul Mylonas CEO +30210 334 1521 pmylonas@nbg.gr Greg Papagrigoris Head of IR +30210 334 2310 papagrigoris.gr@nbg.gr

This presentation is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. No part of this presentation may be construed as constituting investment advice or recommendation to enter into any transaction. No representation or warranty is given with respect to the accuracy or completeness of the information contained in this presentation, and no claim is made that any future to transact any securities will conform to any terms that may be contained herein. Before entering into any transaction, investors should determine any economic risks and benefits, as well as any legal, tax, accounting consequences of doing so, as well as their ability to assume such risks, without reliance on the information contained in this presentation.

Christos Christodoulou Group CFO +30210 334 3051 cchristodoulou@nbg.gr Maria Kanellopoulou Investor Relations +30210 334 1537 mkanellopoulou@nbg.gr ir@nbg.gr Ilias Katsikalis Investor Relations +30210 334 1401 katsikalis.ilias@nbg.gr ir@nbg.gr