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Announcement - Covered Bonds Issue

Eurobank EFG, as part of its strategic planning for the optimal use of its assets and for further enhancing its liquidity for the development of its activities, has issued on April 26th 2010 the first series of covered bonds of Euro 650 million, rated A1 by Moody’s. The arrangers of this issue were BNP PARIBAS, Credit Suisse and UBS Investment Bank.

 The issue has a maturity of 1 year, which can be extended by 10 years, with a coupon rate based on the 1month Euribor rate plus a margin of 135 bps. The cover pool for this bond consists mainly of residential mortgage loans originated by the bank in swiss francs.

The €650million covered bond is issued under a programme which was approved during the March 24th 2010 meeting of the Board of Directors of Eurobank EFG. Under this programme, Eurobank, subject to its discretion, will be able to issue covered bonds up to an amount of Euro 3 billion, efficiently utilizing its assets. Eurobank EFG is planning more covered bond issues during the year.