New Valuations

National Bank of Greece S.A.(NYSE:NBG)Global financial markets have witnessed a robust increase since the beginning of the year, with the MSCI World Index increasing 28.5% and the MSCI Emerging Market Index increasing 74.2%, since the beginning of this year. Robust growth in financial markets was boosted by the cumulative efforts of central banks worldwide to stimulate economic growth post the 2008 financial crisis. Going forward, we expect further stabilization and marginal recovery in global economic conditions to lead to credit growth in FY 2010. Furthermore, an expected recovery in economic conditions is expected to limit asset-quality deterioration and lead to lower provisioning losses, going forward. Furthermore, NBG's efforts to control costs is expected to benefit bottom-line going forward, which was evident from the efficiency ratio improving to 43.4% in 2Q 09 from 46.9% in 1Q 09 and 49.0% in 2Q 10. In addition, NBD remains well placed compared to most of its peers. NBG's Return on Equity (ROE) remains high at 20.2% compared to average ROE of 12.8% of the peer group composed of NBG, Alpha Bank, Piraeus Bank & Eurobank EFG. Similarly, NBG's efficiency ratio is the lowest at 43.4% compared to the peer average of 47.3%. Tier 1 capital ratio for NBG stands at 10.8% compared to the peer group average of 9.8%. We believe that NBG's fundamental strength places it in a strong position to recover as economies emerge from the recessionary phase and adopt an optimistic outlook for the common stock.

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