Investor Presentaiton

Buoyant business activity endures cost-side pressure with the inflation peak expected in June-July Business turnover*: +26% (€21 bn) above its pre- pandemic level in 5M22 and +30% y-o-y (€23 bn) A combined rebound in labor income and firms' profits -5 -10 -15 25050525 20 25 y-o-y €bn 15 15 10 10 5 20 20 0 -5 -10 15 -15 *Excluding energy-related sectors & financial services 25 25 20 15 NATIONAL BANK OF GREECE Gross operating surplus & mixed income Total compensation of employees CPI inflation will peak in June-July and dissipate at a slower than-previously-expected pace due to higher energy prices 14 12 10 4208642ONT pps Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Sep-21 Dec-21 Mar-22 y-o-y 14 12 10 NONT Dec-22 Sep-22 ------- 77-սո 10 2019 2020 2021 10 U D .....2022 Greek firms enjoy high pricing power against resilient demand ANNA O -40 -20 20 0 index Feb-18 Jun-18 Oct-18 Feb-19 Jun-19 Oct-19 Feb-20 Jun-20 Oct-20 Feb-21 Jun-21 Oct-21 Feb-22 Jun-22 40 NO NO -20 20 0 -40 Other Food contribution in CPI (pps, left axis) Fuel contribution in CPI (pps, left axis) Electricity contribution in CPI (pps, left axis) CPI inflation (y-o-y, right axis) Sources: ELSTAT, European Commission & NBG Economic Analysis estimates National Bank of Greece 2Q22 results Macro Services: Price expectations over next 3 months Retail: Price expectations over next 3 months Industry: Price expectations for the months ahead Consumer: Price trends over next 12 months 28

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