Following the completion of the Share Capital Increase of "EMPORIKI BANK OF GREECE S.A." (the "Bank") at 22 December 2005, by means of contribution in cash and rights issue to existing shareholders, which took place in accordance to the Second Repeat Shareholders General Meeting held on 21 September 2005, a total of 26.478.294 new ordinary registered voting shares of the Bank were issued with a par value of ? 5,50 per share and an offer price of ? 15,00 per share. The gross proceeds of the issue amounted to ? 397.174,41 thousands and the issuance costs amounted to ? 5.766,42 thousands. Total proceeds raised, net of the relevant expenses, amounted to ? 391.407,99 thousands. The 26.478.294 new ordinary registered voting shares issued commenced trading on the Athens Stock Exchange on 3 January 2006. The proceeds of the Share Capital Increase were solely and exclusively used to enhance the Bank s capital, as specifically stated in the relevant Offering Circular dated 10 November 2005. The table set out below shows the effect of the Share Capital Increase to Shareholders Equity.

TABLE OF USES OF PROCEEDS (amounts in thousands of euro)
Shareholders Equity on 31/12/2004: 411.423,25.
Effect of Share Capital Increase by means of contribution in cash and rights issue to existing shareholders, completed on 22 December 2005, net of the issuance costs: 391.407,99.
Increase in Shareholders Equity during 2005 from other sources: 235.843,74.
Shareholders Equity on 31/12/2005: 1.038.674,98. Report on Agreed Upon Procedures: To the Board of Directors of Emporiki Bank of Greece S.A.: Following the instructions received by the Board of Directors of Emporiki Bank of Greece S.A. ("the Bank") we have performed certain agreed upon procedures the objective of which was to agree the figures presented in the attached Statement "USES OF PROCEEDS FROM THE SHARE CAPITAL INCREASE BY MEANS OF CONTRIBUTION IN CASH AND RIGHTS ISSUE TO EXISTING SHAREHOLDERS" to the corresponding figures recorded in the Bank s books and records. The attached Statement is the responsibility of the Bank s Management. Our work was conducted in accordance to the International Standard on Related Services "ISRS 4400" which applies to the conduct of agreed upon procedures. Our responsibility is to perform the agreed upon procedure set out below and to report to you our findings. Based on our work described above, we confirm that the figures on "TABLE OF USES OF PROCEEDS" set out in the attached Statement, agree to the books and records of the Bank for the year ended 31 December 2005, after taking into account the adjusting entries made for the purposes of converting to International Financial Reporting Standards. Because the above procedures do not constitute either an audit or a review made in accordance with International Standards on Auditing or International Standards on Review Engagements, we do not express any assurance other than what we state in the paragraph above. Our report is solely for the use of the Board of Directors of Emporiki Bank of Greece S.A. for the purpose of meeting the requirements of the Greek Capital Markets Committee and is not to be used for any other purpose or to be distributed to any other parties. This report relates only to the items specified above and does not extend to the financial statements of the Bank for the year ended 31 December 2005, for which, in our capacity as statutory auditors, we issued a separate auditors report dated 30 March 2006.