PRESS RELEASE

Athens Exchange, National Bank of Greece and Vodafone-Panafon presented in the first Virtual Conference on the Greek Stock market

New York, October 31, 2002. Capital Link organized the first Virtual Conference in the Greek stock market yesterday, which delivered live interactive synchronized slides and voice presentations. There were over 200 investors from all over the world that participated in the live event and had the opportunity to submit several questions to the presenters who replied in real time. All presentations are archived and available at the web address www.greece.capitallinkforum.com.

The presentations, which were geared mainly to international investors were made by Dr. Panagiotis Alexakis, President of the Athens Exchange, Mr. Paul Mylonas, Chief Economist, Head of Strategic Planning, Research and Investor Relations of the National Bank of Greece (ETE GA) (NBGr.AT) and Mr. Babis Mazarakis, Chief Financial Officer and Mr. Dimitris Tsorbatzoglou, Head of Investor Relations of Vodafone-Panafon (PANF GA) (PANr.AT) .

Dr. Alexakis presented the recent developments within the Greek capital markets and the stock market in particular, which is the 9th largest in the Eurozone. He underscored the initiatives aimed to broaden and deepen the market, to improve financial reporting, transparency and investor communications by the listed companies and to improve investor protection. He referred to the leading role of the Athens Exchange in the area of Southeastern Europe and to the developing cooperation among the stock markets of Greece, Turkey and Israel as well as with other European Exchanges. He also elaborated on the comparative advantages which the Greek stock presents to international investors and stressed the specific initiatives of the Athens Exchange to improve communication with investors around the world, both institutional and individual.

Mr. Paul Mylonas, of the National Bank of Greece, presented NBG's leading position in the still underdeveloped retail market and the its traditionally dominant role in wholesale banking. The Bank directed attention to the strong growth rates that the Greek retail market currently exhibits, its prospects and the Group's objective to become the "bank of the Greek household". NBG also elaborated other aspects of its strategy, focusing on SME's and in cross-selling (leveraging its customer base). In this regard, NBG is looking at further development of its asset management and at beginning bancassurance activities.

NBG pursues a conservative risk management policy, including exposure in its investment book. As a result, and despite the strong growth in retail banking, asset quality remains satisfactory, while the capital base has been strengthened through the issuance of a €750mn subordinated debt.

Mr. Mazarakis and Mr.Tsorbatzoglou of Vodafone - Panafon presented in summary its financial results for the year ended March 2002 as well as the 1st quarter results (in Greek GAAP). During the virtual roadshow the company presented its overall strategy that led to positive trends in usage and ARPU in the last fiscal year, witnessed also in its first quarter results of current fiscal year.

Capital Link
Capital Link, headquartered in New York, specializes in Investor Relations and Financial Communications and regularly organizes investment conferences. Capital Link provides the technological platform for conference calls and investor presentations (webcasts) and also generates the participation of the proper investor group in these events. It is among the few companies even on an international scale which is capable to offer these vertically integrated services.

For further questions please contact: NEW YORK, USA
Andreas Marathovouniotis
(212) 661-7566
marathis@capitallink.com

ATHENS, GREECE
Kyriaki Toumpani
(011-3010) 6109-800
toumpani@capitallink.gr