National Bank of Greece S.A. announces the following:

On 18 May 2004, the Ordinary General Meeting of Shareholders approved the Bank's share buy-back program, on the basis of article 16, paragraph 5 et seq. of Codified Law 2190/1920; in accordance with this decision, the Bank can buy back up to 5% of paid-up capital, during the period 15 June 2004 to 30 April 2005, at a price per share ranging from a minimum of euro 4.50 to a maximum of euro 35.00. Pursuant to Board of Directors' decision dated 2 July 2004, in implementation of the above decision of the Ordinary General Meeting of Shareholders, the Bank intends to buy back, in the period 15 July to 15 October 2004, up to 5,000,000 of its own shares (i.e. 1.5% of the company's total shares), at a minimum price of euro 4.50 and a maximum price of euro 26.92 per share.