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The path of Greece towards the Developed markets May 2001. GGB 10 YEAR BOND YIELD. 12%. Devaluation. 11%. 11%. 10%. Russian Default. 9%. 9%. 8%. 8%. 7%. 5.34%. 6%. 5%. 4%. Jul-98. Jul-99. Jul-00. Jan-98. Jan-99. Jan-00. Jan-01. Mar-98. Mar-99. Mar-00. Mar-01. Sep-98.

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the path of greece towards the developed markets may 2001
The path of Greece towards

the Developed markets

May 2001

slide2

GGB 10 YEAR BOND YIELD

12%

Devaluation

11%

11%

10%

Russian Default

9%

9%

8%

8%

7%

5.34%

6%

5%

4%

Jul-98

Jul-99

Jul-00

Jan-98

Jan-99

Jan-00

Jan-01

Mar-98

Mar-99

Mar-00

Mar-01

Sep-98

Sep-99

Sep-00

Nov-98

Nov-99

Nov-00

May-98

May-99

May-00

May-01

Source: MARFIN HELLENIC

slide3

The course to convergence...

Greece vs EU Inflation

25.0

22.0%

19.0%

22.5

20.0

..the GRD is …

pegged to the EUR…

17.5

15.0

12.5

%

7.8

10.0

7.5

3.2

5.0

2.5

0.0

1980

1981

1982

1983

1984

1985

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001(a)

2002(a)

Greece

EU

Source: MARFIN HELLENIC

slide4

7000

6000

5000

4000

3000

2000

1000

0

01/97

05/97

09/97

01/98

05/98

09/98

01/99

05/99

09/99

01/00

05/00

09/00

01/01

05/01

ASE General Index

(1997 - present)

6484 pts

Devaluation

Russian Crisis

Source: Athens Stock Exchange

slide5

3.7

3.4

4.1

4.8

105.4

104.7

103.2

98.7

10.8

12

11.3

10.5

302

120

75

53

61

159

98.2

91

Macroeconomic indicators

1998

1999

2000

2001e

GDP growth

Gen.govt. debt

(% of GDP)

Unemployment

Spread over bunds

ASE cap/GDP%

Source: MARFIN HELLENIC

slide6

1997

1998

1999

2000

%

55

85

102.2

-39

Athens Stock Exchange Returns

Source: MARFIN HELLENIC

slide7

18

16

14

12

10

8

6

4

Jan-97

Jan-98

Jan-99

Jan-00

Jan-01

Sep-97

Sep-98

Sep-99

Sep-00

May-97

May-98

May-99

May-00

12 MONTH TBILL

The descalation of the short term interest rates was slower

slide8

Portugal PSI-20 vs. Bloomberg Europe -500

MSCI upgrades PSI to developed mkts

Source: BLOOMBERG

slide9

14

12

10

8

6

4

2

0

1996

1997

1998

1999

2000

2001(e)

Saving Deposits

Inflation

After tax deposit rates

Inflation and Deposit Savings

12 %

8 %

Real interest rates

5 %

3.2 %

Source: MARFIN HELLENIC

slide10

5000

4500

4000

3500

3000

2500

2000

1500

1000

500

0

01/97

05/97

09/97

01/98

05/98

09/98

01/99

05/99

09/99

01/00

05/00

09/00

01/01

05/01

Construction Index

(1997 - present)

..the rise… and fall…

Source: Athens Stock Exchange

national bank of greece south eastern mediterranean expansion

National Bank of GreeceSouth Eastern Mediterranean Expansion

Bulgaria

3 Branches NBG

UBB

3rd bank

139 branches

ETEVA Bulgaria

Interlease A.D

Cyprus

National Bank(Cyprus)

24 branches

National Securities

(Cyprus)

Turkey

Representative offices

Romania

1branchNBG

ETEVA Romania

Societate Commerciala de

Asigurare Reasigurare

FYROM

Stopanska Banka

99 branches

Albania

3 branchesNBG

Egypt

1 branch NBG

athens derivatives exchange

Athens Derivatives Exchange

Upcoming Products

Futures FTSE/ASE Small Cap 80

Options FTASE/Mid Cap 40

Short Selling

Stock options

Available Products

Futures FTASE20-FTASE40

Options FTASE20

slide15

Correlation between

MSCI Greece and FTSE/ASE-20

Source: BLOOMBERG

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