National Bank of Greece S A : 3Q19 Results Press Release

NBG Group	Q3 Results 2019

PRESS RELEASE

NBG Group: 3Q19 results highlights

Our ambitious transformation program on track, generating results

• Group PAT from continuing operations reaches €423m in 9M19 (€61m in 9M18)

1. 9M19 NII up by 7% yoy to €898m, driven by securities interest income and supported by stabilizing lending NII

1. Fees' gradual recovery continues (+5% yoy) on the back of strong growth in retail banking fees (+12% yoy)

1. Despite negative seasonality in 3Q19 and elections in 2Q19, 9M19 NBG domestic credit disbursements reach €2.2bn, up by 36% yoy, driven by corporates

1. Trading and other income increases to €257m in 9M19 against losses of €24m in 9M18, aided by one off gains of €213m relating to the Greek State swap arrangement in 1Q19 (€65m), Grand Hotel disposal in 2Q19 (€30m) and sovereign bond portfolio sales in 3Q19 (€118m)

1. 9M19 OpEx 7% lower yoy to €621m, reflects domestic staff cost reduction (-8% yoy), as VES attrition continues (c700 FTEs have accepted the VES offering ytd); excluding the IFRS16 impact due to Pangaea deconsolidation, G&As were reduced by 13% yoy in the 9M, following tight G&A cost control. As a result, C:CI ratio drops to 57% from 65% in 9M18

1. Loan impairments remain within guidance at €303m in 9M19 implying a CoR of 136bps, including additional provisions related to the sale of international portfolios

• 1. 9M19 operating profit reaches €416m (+4.5x yoy), reflecting core income expansion, solid trading
     & other income, cost containment and maintenance of a relatively low CoR, despite rapid clean-up of the NPE book
• NPE reduction of €4.0bn is close to the FY19 NPE target
• 1. NPE reduction picks up in 3Q19 (-€1.5bn qoq), driven by non-organic actions (€1.2bn) related to
     Project Icon (sale of secured corporates and SBLs) and Project Leo (sale of shipping loans)

1. Organic formation before write-offs remains firmly negative (-€0.3bn in 3Q19 & -0.9bn ytd), aided by liquidations and restructurings involving debt forgiveness

• 1. High NPE coverage and a favourable conjuncture including the bond and real estate markets, allow for an accelerated clean-up of the NPE book
• Strong liquidity profile
• 1. Domestic deposits reach €41.4bn (+3% yoy), despite State deposit outflows of €1.8bn ytd

1. LCR and NSFR at 198% and 116% respectively, comfortably above regulatory requirements

• 1. Eurosystem funding (TLTRO) at €2.25bn; interbank exposure cut by €3.4bn ytd to near to zero levels (€0.2bn), reflecting funding cost optimization
• CET1 ratio at 16.8%1, up by 80bps qoq
• 1. Pro forma for the impact of agreed divestments and including the 9M19 PAT, CET1 ratio stands at 16.8%, with Total Capital ratio at 17.7%

1. Both ratios are comfortably above SREP capital requirements for 2019 and 2020, with the recent increase supported by strong 9M19 PAT and bond valuation gains (FVTOCI)

• 1. The divestment of Ethniki Insurance is expected to enhance capital ratios substantially
• Transformation capitalising on strengths, addressing challenges
• 1. NPEs: faster than planned reduction through portfolio sales, increased restructuring capacity and new Split & Settle product

1. Cost: personnel cost reduction through VES, G&As crash program, branch network and real estate optimization

1. Sales: increase through stronger RM coverage in Retail and Corporate, higher cross-sell and revamped digital experience

1. Enablers: streamlined lending processes, upgraded infrastructure, new HR management framework design, enhanced internal controls

Athens November 21, 2019

1 CET1 ratio is pro forma for the impact of agreed divestments in Romania, Egypt and Cyprus and includes 9M19 PAT

NBG Group	Q3 Results 2019

Continuing the strong track record of the previous quarters, NBG's 3Q19 results constitute another step in the direction of normalizing the balance sheet and improving profitability, capitalizing on our comparative strengths through the implementation of our ambitious and comprehensive Transformation Program. In 9M19, core operating profitability reached €158m, up by 41% yoy, reflecting both core income expansion (+7% yoy) and cost containment (-7% yoy). Despite an aggressive reduction of the NPE book, credit risk charges were maintained at relatively low levels (136bps over net loans). Including strong trading gains relating to bonds and non core asset sales, 9M19 PAT from continued operations reached €423m relative to €61m a year ago.

As regards our Balance Sheet, we have accelerated the NPE clean-up process through a third major sale for this year, bringing the ytd NPE reduction to €4bn (>25%), which is close to the FY19 SSM target. On the organic front, NPEs have been reduced by almost €1bn ytd, reflecting viable restructurings involving significant debt forgiveness, as well as liquidations for non-cooperative borrowers. Our capital position has been boosted by 80bps qoq to a CET1 level of 16.8%, well above regulatory thresholds for 2019 and 2020. Pending divestments and unrealized capital gains in the bond portfolio provide further flexibility to our NPE strategy.

As a result of these developments combined with rapidly improving macroeconomic conditions and with the necessary tools in place (e.g. Hercules scheme), the prospect of delivering on our Business Plan targets sooner than promised is gaining ground.

This will expedite our return to normalcy, allowing us to focus wholly on our role in supporting the economy.

Athens, November 21, 2019

Pavlos Mylonas

Chief Executive Officer, NBG

2

NBG GroupQ3 Results 2019

Key Financial Data

P&L | Group

€ m	9M19	9M18	yoy	3Q19	2Q19	qoq
NII	898	840	+7%	300	309	-3%
Net fees & commissions	184	175	+5%	64	61	+5%
Core income	1 082	1 015	+7%	364	370	-2%
Trading & other income	2571	(24)	n/m	106	51	>100%
Income	1 339	991	+35%	470	421	+12%
Operating expenses	(621)	(664)	-7%	(213)	(204)	+4%2
Core PPI	461	351	+32%	151	165	-9%
PPI	719	326	>100%	257	217	+19%
Loan impairments	(303)	(238)3	+27%	(99)	(101)	-2%
Operating profit	416	88	>100%	158	116	+37%
Other impairments	19	(9)	n/m	16	11	+44%
PBT	434	79	>100%	173	126	+37%
Taxes	(11)	(18)	-38%	(3)	(5)	-43%
PAT (continuing operations)	423	61	>100%	171	122	+40%
PAT (discontinued operations)	1194	43	>100%	16	82	-80%
LEPETE	(36)	-	n/m	(36)	-	n/m
VES & other restructuring costs4	(110)5	(40)	>100%	(5)	(4)	+32%
Minorities	(18)	(27)	-34%	(1)	(8)	-94%
PAT (reported)	379	36	>100%	146	192	-24%

1. Includes €65m of trading gain from the GGB swap in 1Q19, the €30m capital gain from Grand Hotel disposal in 2Q19 and the and €118m gain from the sale of sovereign bonds in 3Q19
2. 3Q19 OpEx (+4% qoq) is due to higher depreciation charges reflecting the full IFRS16 impact post Pangaea deconsolidation
3. Includes recoveries of €42m from NPL sales in 2Q18
4. Includes Ethniki Insurance period profit of €46m, a provision reversal of €25m on Banca Romaneasca (BROM), the capital gain from the Pangaea disposal of €60m and an impairment loss on Egypt of €13m
5. VES costs of €94m in 1Q19 and other restructuring costs of €7m in 1Q19, €4m in 2Q19 & €5m in 3Q19

Balance Sheet1 | Group

	€ m	3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
	Total assets	65 828	65 131	64 217	65 095	63 153	62 854
	Loans (Gross)	35 645	37 502	38 808	39 600	39 732	40 050
	Provisions (Stock)	(6 579)	(7 564)	(8 751)	(9 466)	(9 921)	(10 088)
	Net loans	29 067	29 938	30 057	30 134	29 810	29 961
	Performing Loans	23 472	23 808	23 707	23 400	22 962	23 071
	Securities	8 993	10 154	9 123	8 959	8 396	7 867
	Deposits	42 809	42 943	42 500	43 027	41 322	40 552
	Equity	5 880	5 550	5 078	4 962	5 051	5 088
	Tangible Equity	5 704	5 390	4 933	4 812	4 911	4 957

1 Group Balance Sheet in 3Q19 has been adjusted for the divestments of Ethniki Insurance, Banca Romaneasca, NBG Cyprus and NBG Egypt that have been classified as non-current assets held for sale and liabilities associated with non-current assets held for sale

Key Ratios | Group

		3Q19	2Q19	1Q19	4Q18	3Q18	2Q18
	Liquidity
	L:D ratio	68%	70%	71%	70%	72%	74%
	LCR	198%	171%	151%	144%	103%	86%
	Profitability
	NIM (bps)	270	276	263	260	268	275
	C:CI ratio	58%	55%	58%	64%	68%	67%
	CoR (bps)1	135	135	136	81	108	106
	Risk adjusted NIM2	135	141	127	179	160	169
	Asset quality
	NPE ratio	34.2%	36.5%	38.9%	40.9%	42.2%	42.4%
	NPE coverage ratio	54.8%	56.0%	58.6%	59.1%	59.9%	60.1%
	Capital
	CET1 ratio	16.8%3	16.0%3	15.7%	16.1%	16.4%	16.2%
	CET1 FL ratio	13.4%3	12.6%3	12.7%	12.8%	13.0%	12.9%
	RWAs (€bn)	37.03	37.43	35.1	35.0	35.0	36.1

12Q18 CoR excludes recoveries from NPL sales; reported CoR at 50bps

1. Risk adjusted NIM = NIM minus CoR
2. 3Q19 & 2Q19 CET1 ratio is pro-forma for period PAT and the impact of agreed divestments in Romania, Egypt and Cyprus

3

NBG Group					Q3 Results 2019
	P&L | Greece
	€ m	9M19	9M18	yoy	3Q19	2Q19	qoq
	NII	852	791	+8%	284	293	-3%
	Net fees & commissions	174	165	+5%	60	58	+5%
	Core income	1 025	956	+7%	345	351	-2%
	Trading & other income	2541	(27)	n/m	105	49	>100%
	Income	1 279	929	+38%	450	400	+13%
	Operating expenses	(592)	(631)	-6%	(204)	(194)	+5%2
	Core PPI	434	325	+33%	141	156	-10%
	PPI	688	298	>100%	246	206	+20%
	Loan impairments	(223)	(233)3	-4%	(23)	(100)	-77%
	Operating profit	465	65	>100%	223	105	>100%
	Other impairments	19	(8)	n/m	16	11	+43%
	PBT	484	56	>100%	239	116	>100%
	Taxes	(8)	(12)	-34%	(2)	(4)	-44%
	PAT (continuing operations)	476	45	>100%	237	113	>100%
	PAT (discontinued operations)	1054	43	>100%	20	84	-76%
	LEPETE	(36)	-	n/m	(36)	-	n/m
	VES & restructuring costs4	(110)5	(40)	>100%	(5)	(4)	+32%
	Minorities	(17)	(26)	-35%	-	(8)	-100%
	PAT (reported)	419	22	>100%	216	186	+16%

1. Includes €65m of trading gain from the GGB swap arrangement in 1Q19, the €30m capital gain from Grand Hotel disposal in 2Q19 and the and €118m gain from the sale of sovereign bonds in 3Q19
2. 3Q19 OpEx (+4% qoq) is due to higher depreciation charges reflecting the full IFRS16 impact post Pangaea deconsolidation
3. Includes recoveries of €42m from NPL sales in 2Q18
4. Includes Ethniki Insurance period profit of €46m and the capital gain from the Pangaea disposal of €60m
5. VES costs of €94m in 1Q19 and other restructuring costs of €7m in 1Q19, €4m in 2Q19 & €5m in 3Q19

P&L | Other International1

€ m	9M19	9M18	yoy	3Q19	2Q19	qoq
NII	46	49	-5%	15	16	-3%
Net fees & commissions	10	10	+7%	4	4	+9%
Core income	57	59	-3%	19	19	-1%
Trading & other income	3	3	+7%	1	2	-50%
Income	60	62	-3%	20	21	-6%
Operating expenses	(29)	(33)	-12%	(9)	(10)	-13%
Core PPI	28	26	+8%	10	9	+13%
PPI	31	29	+8%	11	11	+1%
Loan impairments	(80)	(5)	>100%	(77)	(1)	>100%
Operating profit	(49)	24	n/m	(66)	10	n/m
Other impairments	(1)	(1)	-29%	(0)	(0)	0%
PBT	(50)	23	n/m	(66)	10	n/m
Taxes	(3)	(6)	-48%	(1)	(1)	-36%
PAT (continuing operations)	(53)	17	n/m	(66)	9	n/m
PAT (discontinued operations)	142	(0)	n/m	(4)	(2)	+71%
Minorities	(2)	(2)	-17%	(1)	(1)	+0%
PAT (reported)	(40)	15	n/m	(71)	7	n/m

1. Includes the Group's business in North Macedonia (Stopanska Banka), Malta (NBG Malta) and Cyprus (CAC Coral)
2. Incorporates the impairment loss on Egypt (€13m), which is more than offset by the provision reversal of €25m on BROM

4

NBG Group	Q3 Results 2019

Profitability

Greece:

Operating profit grew to €465m in 9M19 vs €65m in 9M18, driven by strong core income, solid trading & other income aided by one-off gains, cost cutting and low CoR despite rigorous cleanup of the NPE book. The Bank reported PAT from continuing operations of €476m from €45m in 9M18, excluding VES (€94m in 9M19) and restructuring costs (€16m in 9M19). 9M19 PAT from discontinued operations stood at €105m, aided by the capital gain from the sale of Pangaea in 2Q19 (€60m), absorbing VES, one offs and other restructuring charges. In 3Q19, PAT (continuing operations) amounted to €237m from €113m the previous quarter, excluding restructuring costs (€5m in 3Q19 & €4m in 2Q19).

NII amounted to €284m in 3Q19 from €293m the previous quarter, negatively affected by the cost associated with the Tier II issuance. As a result, NIM decreased by 6bps qoq to 269bps. In 9M19, NII was up by 7.6% yoy to €852m, supported by securities interest income, following the replacement of the Greek State IRS with GGBs in mid-February 2019, as well as a slight pick-up in lending NII.

Net fee and commission income increased by 4.9% qoq to €60m in 3Q19, reflecting stronger retail banking fees, driven by lending activity and digital channels. On an annual basis, net fee and commission income increased by 5.4% yoy to €174m in 9M19.

Benefited by sizable gains from the sale of sovereign bonds, trading and other income amounted to €105m in 3Q19 from €49m the previous quarter. In 9M19, trading and other income recovered to €254m in 9M19 against losses of €27m in 9M18, providing support to profitability. The latter also incorporates one off gains relating to the Greek State swap arrangement (€65m) and Grand Hotel disposal (€30m).

Operating expenses reached €204m in 3Q19 from €194m the previous quarter on the back of higher depreciation charges reflecting the full IFRS16 impact post Pangaea deconsolidation. In 9M19, OpEx dropped by 6.3% yoy to €592m, driven by the 8.4% yoy drop in personnel expenses to €371m, as VES reductions began to bear fruit (c700 employees accepting the VES offering ytd). Following sustained cost containment and excluding the IFRS16 impact, G&As were down by 13% yoy.

Loan impairments dropped to €23m in 3Q19 from €100m in 2Q19 (CoR of 32bps), reflecting positive house price movement. 9M19 loan impairments amounted to €223m (CoR at 105bps).

Other International:1

In Other International1, the Group reported losses after tax (continuing operations) of €66m against profits of €9m in 2Q19 on sizable loan impairments (€77m from €1m in 2Q19) arising from the imminent NPE sales in Romania and Cyprus. As a result, the Group reported losses after tax (continuing operations) of €53m in 9M19 compared to profits of €17m a year ago.

1Includes the Group's business in North Macedonia (Stopanska Banka), Malta (NBG Malta) and Cyprus (CAC Coral)

5

NBG Group	Q3 Results 2019

Asset Quality

NPE reduction gathered pace in 3Q19, with the stock of NPEs down by €1.5bn qoq (-€1.4bn in 2Q19), mainly driven by the NPE disposals of secured corporate & SBLs and shipping loans (€1.2bn), as well as negative organic NPE formation of €0.3bn, aided by mortgage restructurings involving debt forgiveness on our back book.

With NPEs reduced by €4.0bn ytd, the Bank is already close to fulfilling the FY19 SSM NPE reduction target of €4.3bn. The remaining effort to reach the target of €1.6bn amounts to €9.8bn, implying an NPE ratio of c5%. The positive developments in the APS securitization scheme, the new law on primary residence protection, favorable real estate price movement and the tightening of sovereign bond yields bode well for accelerating the NPE clean-up process.

The NPE ratio in Greece decreased by c240bps qoq and c700bps ytd to 34.1% in 3Q19, with NPE coverage at 53.8%, facilitating the ongoing shift towards closure actions (sales & liquidations). Despite negative seasonality in 3Q19, auctioned assets picked up qoq to 742, registering an increase of 55% yoy. Scheduled auctions as of end-September stood at c1,300.

In Other International1, NPE ratio and coverage stand at 34.3% and 73.7%, respectively.

90dpd ratios and coverage

NPE ratios and coverage

35%	42%
24%	97%		23.9%	24.4%
	11%
109%			76.7%	76.6%
51%		134%
Mortgages Consumer	SBL	Corporate	Total GRE	Group

45%		51%
	30%			34.1%	34.2%
		21%
		80%
39%	85%		70%	53.8%	54.8%

Mortgages Consumer

SBL

Corporate Total GRE Group

Domestic NPE stock movement

22.0		19.2
			17.7
-1.6	-1.2					15.6
-0.2	-1.3						14.5			13.1
		-0.6	-0.8	-0.7							11.6
				-0.3	-0.7	-0.1	-0.4
						-1.0	-0.1
								-0.3	-1.2	-0.0

Bank NPE reduction channels & target (€bn)

11.4

														-9.8
		-3.7
					-2.2
														1.6
								-3.6
										-0.3
	9M19	Sales & securitizations	Liquidations	Formation, recoveries &	Write offs & other	FY22
								debt forgiveness

1Includes the Group's business in North Macedonia (Stopanska Banka), Malta (NBG Malta) and Cyprus (CAC Coral)

6

NBG Group	Q3 Results 2019

Capital

Pro forma for the impact of agreed divestments and including the 9M19 PAT, CET1 ratio stands at 16.8%, up by 80bps qoq, with Total Capital ratio at 17.7%. Including the c€1bn RWA relief from the disposal of our subsidiaries in Romania, Egypt and Cyprus, RWAs amounted to €37.0bn, €0.4bn lower qoq.

Both ratios are comfortably above SREP capital requirements for 2019 and 2020, aided by strong 9M19 PAT and bond valuation gains (FVTOCI) of €0.3bn ytd (€0.1bn in 3Q19). The divestment of Ethniki Insurance is expected to enhance capital ratios substantially.

3Q19 CET1 ratio movement

Total Capital ratio at 17.7%

+1.11%

16.4%

+0.4%

16.8%

14.8%

+0.34%

+0.11%

15.2%

CET1 FL:

CET1FL:

13.4%

13.1%

OCR:

13.75%

CET1:

CET1:

CET1:

€5.8bn

€6.2bn

€6.2bn

CET1:

DTC:

10.25%

€4.5bn

CET1 2Q19	FVTOCI net of SI RWAs & Other	3Q19A	9M19 PAT	3Q19 including	BROM, Cairo &	3Q19PF	2019 SREP capital
				9M19 PAT	Cyprus disposals		requirements

7

NBG Group	Q3 Results 2019

Liquidity

Group deposits stabilize at €42.8bn in 3Q19 (-€0.1bn qoq), reflecting domestic market developments. Deposits in Greece stood at €41.4bn (-€0.2bn qoq), despite State deposit outflows of €0.5bn qoq (-€1.8bn ytd). In Other International1, deposits grew by 3.0% qoq to €1.3bn. On an annual basis, Group deposits grew by 3.6% yoy, driven by domestic deposit inflows of €1.4bn.

As a result, NBG's 3Q19 L:D ratio settled at 67% in Greece and 68% at the Group level.

Eurosystem funding remains at just €2.25bn, comprised of TLTRO funding from the ECB. Interbank exposure was reduced by €3.4bn ytd to just €0.2bn, reflecting funding cost optimization, with LCR and NSFR kept at 198% and 116%, respectively.

Eurosystem funding (€bn)

27.6

17.6

				12.3
								10.2	8.4																																			€0.2bn of
					5.6																																							interbank
																6.0																															funding
									5.6		3.8
	10.0														2.3	2.8	2.8	2.8		2.3		2.3		2.3		2.3		2.3
					6.7														0.0		0.0		0.0
						4.6		4.6
											3.8																				0.0		0.0			0.0				0.0				0.0			ELA
																		2.8		2.8		2.8		2.3		2.3			2.3				2.3				2.3
																																			ECB
	2Q15		4Q16		1Q17		2Q17		3Q17		4Q17		1Q18		2Q18		3Q18		4Q18		1Q19		2Q19		3Q19

NBG domestic deposit flows per quarter (€bn)

																	1.7											1.7
													0.5					0.9
0.3	0.8		0.3		0.9
			0.2									0.8						0.4
												0.0
																														-0.2

-0.9	0.0	-0.8	-0.6

-2.2

-3.6

-4.8

Q4.14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

-€10.6bn

+€6.0bn

1Includes the Group's business in North Macedonia (Stopanska Banka) ), Malta (NBG Malta) and Cyprus (CAC Coral)

8

NBG Group	Q3 Results 2019

ESMA Alternative Performance Measures (APMs), definition of financial data and ratios used

The 3Q19 Financial Results Press Release contains financial information and measures as derived from the Group's and the Bank's financial statements for the period ended 30 September 2019 and for the year ended 31 December 2018, which have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" and International Financial Reporting Standards ("IFRS"), as endorsed by the EU respectively. 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 of 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 below. 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.

9

NBG Group				Q3 Results 2019
		Name			Abbreviation		Definition
		Balance Sheet			B/S		Statement of financial position
		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			CET1 FL ratio		CET1 capital as defined by Regulation No 575/2013, without the application of the regulatory
		Fully Loaded				transitional arrangements for IFRS 9 impact over RWAs
		Core Income		CI		Net Interest Income ("NII") + Net fee and commission income
		Core Operating Profit / (Loss)			--		Core income less operating expenses and loan impairments
		Core Pre-Provision Income		Core PPI		Core Income less operating expenses, before loan impairments
		Cost of Risk			CoR		Loan impairments of the period annualized over average net loans
		Cost-to-Core Income Ratio		C:CI ratio		Operating expenses over core income
		Cost-to-Income Ratio			C:I ratio		Operating expenses over total income
		Deposits	--		Due to customers
		Depreciation			--		Depreciation and amortisation on investment property, property & equipment including right of use
					assets and software & other intangible assets
		Equity / Book Value		BV		Equity attributable to NBG shareholders
		Fees / Net Fees			--		Net fee and commission income
		General and administrative		G&As		General, administrative and other operating expenses
		expenses
		Gross Loans			--		Loans and advances to customers before ECL allowance for impairment on loans and advances to
					customers and mandatorily at FVTPL
							Interest earning assets include all assets with interest earning potentials and includes cash and balances
		Interest earning assets	--		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)
		Liquidity Coverage Ratio			LCR		The LCR refers to the liquidity buffer of High Quality Liquid Assets (HQLAs) that a Financial Institution
					holds, in order to withstand net liquidity outflows over a 30 calendar-day stressed period
		Loan Impairments	--		Impairment charge for Expected Credit Loss (ECL)
		Loans-to-Deposits Ratio			L:D ratio		Net loans over total deposits, period end
		Net Fees & Commissions /	--		Refers to net fee and commission income
		Fees / Net Fees
							Net interest income over average interest earning assets. Net Interest Margin equals net interest income
		Net Interest Margin			NIM		divided by the average of interest earning assets (the average of interest earning assets at the end of
					the current year and the end of the previous year and all quarter ends in between (5 periods) for the
							year end)
							The NSFR refers to the portion of liabilities and capital expected to be sustainable over the time horizon
		Net Stable Funding Ratio		NSFR		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
							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
		Non-Performing Exposures		NPEs		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 of the existence of any past due amount or
							of the number of days past due
		Non-Performing Exposures			NPE coverage		Stock of provisions over non-performing exposures excluding loans mandatorily classified as FVTPL,
		Coverage Ratio				period end
		Non-Performing Exposures		NPE organic		NPE balance change, excluding sales and write-offs
		Organic Formation		formation
		Non-Performing Exposures			NPE ratio		Non-performing exposures over gross loans, period end
		Ratio
		Non-Performing Loans		NPLs		Loans and advances to customers in arrears for 90 days or more
		Non-Staff Costs / Expenses			--		G&As + Depreciation
		90 Days Past Due Coverage		90dpd coverage		Stock of provisions over gross loans in arrears for 90 days or more excluding loans mandatorily
		Ratio			classified as FVTPL, period end
		90 Days Past Due Ratio			90dpd / NPL		Gross loans that are in arrears for 90 days or more over gross loans, period end
				ratio
							Personnel expenses + G&As + Depreciation, excluding restructuring and VES cost.
		Operating Expenses		OpEx		For 9M19, operating expenses exclude the VES cost of €94m, other restructuring costs of €16m and the
							LEPETE charge of €36m. For 9M18, operating expenses exclude the VES cost of €40m
		Operating Result / Operating			--		Total income less operating expenses and loan impairments
		Profit / (Loss)
		Other Impairments	--		Impairment charge for securities + Other provisions and impairment charges
					PAT from		Profit for the period from continuing operations, excluding restructuring and VES cost.
		Profit / Loss) for the Period			continuing
					For 9M19, operating expenses exclude the VES cost of €94m, other restructuring costs of €16m and the
		from Continuing Operations			operations /
					LEPETE charge of €36m. For 9M18, operating expenses exclude the VES cost of €40m
					PAT (cont. ops)
		Pre-Provision Income		PPI		Total income less operating expenses, before loan impairments
		Profit and Loss			P&L		Income statement
		Provisions (Stock)	--		ECL allowance for impairment on loans and advances to customers
		Staff Costs			--		Personnel expenses
		Risk Adjusted NIM	--		NIM minus CoR
		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, software and other intangible assets
		Taxes			--		Tax benefit / (expenses)
		Total Capital Ratio	--		Total capital as defined by Regulation No 575/2013, with the application of the regulatory transitional
			arrangements for IFRS 9 impact over RWAs
		Trading and Other Income			--		Net trading income / (loss) and results from investment securities ["trading income/(loss)"]+ Net other
					income / (expense) ["other income / (expense)"]

VES & other restructuring	Restructuring costs including VES and expenditure related to the Transformation Program
costs

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NBG Group	Q3 Results 2019

Disclaimer

The information, statements and opinions set out in the 3Q19 Results Press Release and accompanying discussion (the "Press Release") 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 other 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 Press Release. 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 Press Release, 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 Press Release has not been independently verified.

Recipients of the Press Release 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 Press Release 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 Press Release 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 Press Release 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 Press Release may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Forward Looking Statements

The Press Release 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.

Forward Looking Statements reflect knowledge and information available at the date of the Press Release and are subject to inherent uncertainties and qualifications and are based on numerous assumptions, in each case whether or not identified in the Press Release. Although Forward Looking statements contained in the Press Release 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 Press Release is as of the date of the Press Release. Neither the delivery of the Press Release nor any other 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 Press Release or any of the information included herein.

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

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