Dominant position in Greece and increasing geographic diversification Strong funding profile, supported by a large and stable retail deposit base Track record of strengthened operating performance, stemming from a sound strategic focus Indirect ownership by the Greek state Higher credit risk profile and weaker asset quality track record than for European peers High exposure to the riskier and volatile Turkish market The ratings on the National Bank of Greece S.A. (NBG) continue to reflect Standard&Poor's Ratings Services view of the bank's dominant position in Greece's financial system, increased geographic diversification, sound funding profile, strengthened operating performance , and the Greek state's (Hellenic Republic; A-/Stable/A-2) indirect shareholding in NBG. Offsetting these credit strengths are NBG's greater credit risk than
