The path of Greece towards The path of Greece towards

the Developed marketsthe Developed markets

May 2001May 2001

The path of Greece towards The path of Greece towards

the Developed marketsthe Developed markets

May 2001May 2001

Source: MARFIN HELLENIC

GGB 10 YEAR BOND YIELDGGB 10 YEAR BOND YIELD

5.34%

8%

11%

9%

4%

5%

6%

7%

8%

9%

10%

11%

12%

Jan-

98

Mar

-98

May

-98

Jul-9

8

Sep

-98

Nov

-98

Jan-

99

Mar

-99

May

-99

Jul-9

9

Sep

-99

Nov

-99

Jan-

00

Mar

-00

May

-00

Jul-0

0

Sep

-00

Nov

-00

Jan-

01

Mar

-01

May

-01

Devaluation

Russian Default

The course to convergence...The course to convergence...

Source: MARFIN HELLENIC

0.0

2.5

5.0

7.5

10.0

12.5

15.0

17.5

20.0

22.5

25.0

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

Greece vs EU InflationGreece vs EU InflationGreece vs EU InflationGreece vs EU Inflation

22.0% 19.0%..the GRD is …

pegged to the EUR…

7.8

3.2

Source: Athens Stock Exchange

ASE General Index ASE General Index ASE General Index ASE General Index

((19971997 - present)((19971997 - present)

0

1000

2000

3000

4000

5000

6000

7000

01/9

7

05/9

7

09/9

7

01/9

8

05/9

8

09/9

8

01/9

9

05/9

9

09/9

9

01/0

0

05/0

0

09/0

0

01/0

1

05/0

1

Devaluation

6484 pts

Russian Crisis

Source: MARFIN HELLENIC

Macroeconomic indicatorsMacroeconomic indicators

GDP growthGDP growthGDP growthGDP growth

Gen.govt. debt Gen.govt. debt

((% of GDP% of GDP))

Gen.govt. debt Gen.govt. debt

((% of GDP% of GDP))

UnemploymentUnemploymentUnemploymentUnemployment

Spread over bundsSpread over bundsSpread over bundsSpread over bunds

4.84.84.14.13.3.4433.7.7

98.798.7103.2103.2104.7104.7105.4105.4

10.510.511.311.3121210.810.8

53537575120120302302

919198.298.21591596161ASE cap/GDP%ASE cap/GDP%ASE cap/GDP%ASE cap/GDP%

2001e2001e2001e2001e200020002000200019991999199919991998199819981998

%%%% -39-39102.2102.285855555

2000200020002000199919991999199919981998199819981997199719971997

Source: MARFIN HELLENIC

Athens Stock Exchange ReturnsAthens Stock Exchange Returns

The descalation of the short term interest rates was slower

12 MONTH TBILL12 MONTH TBILL

4

6

8

10

12

14

16

18

Jan-

97

May

-97

Se

p-97

Jan-

98

May

-98

Se

p-98

Jan-

99

May

-99

Se

p-99

Jan-

00

May

-00

Se

p-00

Jan-

01

Source: BLOOMBERG

Portugal PSI-20 vs. Bloomberg Europe -500Portugal PSI-20 vs. Bloomberg Europe -500

MSCI upgrades PSI to developed mkts

Source: MARFIN HELLENIC

12 %

Inflation and Deposit SavingsInflation and Deposit Savings

0

2

4

6

8

10

12

14

1996 1997 1998 1999 2000 2001(e)

Saving Deposits Inflation After tax deposit rates

8 %

5 %

3.2 %

Real interest rates

Source: Athens Stock Exchange

Construction Index Construction Index

(1997 - present)(1997 - present)

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

01/9

7

05/9

7

09/9

7

01/9

8

05/9

8

09/9

8

01/9

9

05/9

9

09/9

9

01/0

0

05/0

0

09/0

0

01/0

1

05/0

1

..the rise… and fall…

P/E 01P/E 01 P/E 02P/E 02 dividenddividendyieldyield

OTEOTE 13.113.1 12.112.1 4.20%4.20%

PANAFONPANAFON 21.521.5 19.019.0 1.60%1.60%

COSMOTECOSMOTE 31.431.4 23.923.9 1.10%1.10%

TELECOM ITALIATELECOM ITALIA 37.537.5 33.233.2 2.51%2.51%

PORTUGAL TELECOMPORTUGAL TELECOM 30.230.2 26.526.5 1.85%1.85%

VODAFONEVODAFONE 58.858.8 38.538.5 0.71%0.71%

Telecoms Telecoms

Break down volume per sectorBreak down volume per sector

SectorSector April 2001April 2001

BanksBanks 23.6%23.6%

TelecomsTelecoms 10.4%10.4%

ConstructionConstruction 10.1%10.1%

HoldingsHoldings 8.2%8.2%

TextilesTextiles 5.5%5.5%

WholesalesWholesales 4.9%4.9%

Food- BeveragesFood- Beverages 3.1%3.1%

CementsCements 2.6%2.6%

Basic MetalsBasic Metals 2.5%2.5%

National Bank of GreeceNational Bank of GreeceSouth Eastern Mediterranean ExpansionSouth Eastern Mediterranean Expansion

National Bank of GreeceNational Bank of GreeceSouth Eastern Mediterranean ExpansionSouth Eastern Mediterranean Expansion

RomaniaRomania11branchbranch NBGNBG

ETEVA RomaniaETEVA Romania

Societate Commerciala deSocietate Commerciala de

Asigurare ReasigurareAsigurare Reasigurare

FYROMFYROMStopanska BankaStopanska Banka

99 branches99 branches

AlbaniaAlbania3 3 branchesbranches NBGNBG

EgyptEgypt1 branch NBG1 branch NBG

BulgariaBulgaria3 Branches NBG3 Branches NBG

UBBUBB

3rd bank3rd bank

139 branches139 branches

ETEVA BulgariaETEVA Bulgaria

Interlease A.DInterlease A.D

CyprusCyprusNational Bank(Cyprus)National Bank(Cyprus)

24 branches24 branches

National SecuritiesNational Securities

(Cyprus)(Cyprus)

TurkeyTurkeyRepresentative officesRepresentative offices

Athens Derivatives ExchangeAthens Derivatives ExchangeAthens Derivatives ExchangeAthens Derivatives Exchange

Available ProductsAvailable Products

Futures FTASE20-FTASE40Futures FTASE20-FTASE40

Options FTASE20Options FTASE20

Upcoming Products

Futures FTSE/ASE Small Cap 80

Options FTASE/Mid Cap 40

Short Selling

Stock options

Correlation between MSCI Greece and FTSE/ASE-20

Correlation between MSCI Greece and FTSE/ASE-20

Source: BLOOMBERG