National Bank of Greece S.A. announces that its Board of Directors has approved, at its meetings held on 29.10.03 and 30.10.03, the merger through absorption by the Bank of its affiliated companies "Hellenic Hotel Tourist and Consulting Enterprises S.A.", "Societe Nationale Consultante Fonciere et Touristique S.A." and "Olympias Tourism Hotels S.A.", in whose share capital NBG participates 100%, as well as the relevant Merger Agreement Plans. The decision for the above mergers was taken in the context of the NBG Group's restructuring programme and shall be effected pursuant to the provisions of Law 2166/93, art. 1-5, and Codified Law 2190/20, art. 69-77 and 78, with Transformation Financial Statements dated 30.9.2003. Completion of the aforesaid mergers will not result in any increase in NBG's share capital.