National Bank of Greece ADR (fka NBGGY)

[Jester_Vandalay]

Investor Presentation –Proposed Merger with Alpha Bank

Synergies NPV would amount to €3.0 Bn to €3.8 Bn (2), implying a value uplift (3) of:

–49%-58% for Alpha Bank’s shareholders
–25% -33% for NBG’s shareholders

(2) Based on a discount rate of 12%; 20% tax rate; restructuring costs equal to fully phased synergies

(3) Value uplift calculated as the difference between the value of each bank’s shareholders stake in the combined group and the respective current market capitalisation. Combined group assumed equal to the sum of Alpha Bank’s market capitalisation, NBG’s market capitalisation and NPV of synergies

Investor Presentation