Eurobank “Enallax” (alternative) Working Capital

TheEurobankEFGGroupplaysaleadingroleinthedevelopment, modernization, strengtheningandinternationalizationofGreekenterprisesandentrepreneurshipinallthesectorsofGreekeconomythroughitscomprehensive, uptodate, reliable rangeof novel services and products to Greek enterprises, underpinned by a new philosophy on the bank-enterprise relationship. The Group’s strategy with respect to entrepreneurial activity is to operate as an associate and adviser to Greek companies as they strive for development, modernization, competitiveness and internationalization, an effort that is directly linked to the Greek economy’s development course.

ThebroadrangeofproductsandservicesalreadyprovidedbytheBanktoGreekenterprisesisfurtherexpanded through theintroductionofanovelfinancing instrument that directly responds to the new requirements, which emerge in today’s constantly changing economic environment. The Eurobank “Enallax” (alternative) Working Capital is the new, alternative and flexible borrowing option for enterprises in Euro or in foreign currency, offering the possibility to choose among five basic currencies with easy conversion whenever and as often as the client wishes. Moreover, it allows enterprises to protect themselves, if they so wish, against foreign exchange and interest rate risks for every currency, whenever and as often as they deem it necessary.

ANewproduct - A New era

Eurobank “Enallax” (alternative) WorkingCapital

Thisisaproductwhichcombinesthepossibilityto choose, flexibility and risk and profit management

· ItrepresentsanewalternativeborrowingoptionforenterprisesinEuroor foreign currency, with the possibility to choose among five basic currencies (Euro, USD, YEN, CHF, GBP) and easy conversion whenever and as often as the client wishes.

· Competitive billing

· Theloancanbedisbursedonanyworkingdayspecifiedbytheclient (withtwodaysadvancenotice).

· The loan’s currency can be changed in total or in part, without any additional charges, on any working day (with a two-day value date).

· Foreign exchangeprotectionthroughuptodatetreasuryproducts that reduce the company’s exposure to foreign exchange risk.

· Coverage and management of interest rate risks in any currency chosen by the client.

AsstatedbyEurobankEFGDeputyCEO,Nikolaos Karamouzis,the development of stable and long-term creative cooperation relations with Greek enterprises is the cornerstone of the Group’s strategy. “We believe that our success depends on the success of Greek enterprises, their growth, competitiveness and internationalization. It is obvious that any restriction to Greekentrepreneurshipwillreduce the potential of Greek banks with negative effects on the banking sector as a whole”.

Today, Eurobank EFG workswithover 125,000 Greekenterprisesandprofessionalswithwhomitmaintains different forms of cooperation and to whom it offers a comprehensive range of products and services tailored to their specific situation and special requirements. Among them, 7,000 enterprises financed by the Bank, are Greek medium-size and large companies with a turnover in excess of € 2.5 million.

Loan balances to the business sector exceed€ 16 billionwith a two-digit increase rate (20%) in2006 compared to 2005 in a period when the market (including corporate bonds) showed an annual rise of 16.2% in October. It should be noted that total lending to enterprises (October 2006 figures) was € 90.4 billion.

SpecialemphasisisputontheneedtobacktheinternationalizationofGreekenterprises, whose business activities the Group fully supports. It is typical that of the 450 mediumandlargeGreekenterprisesoperatinginBulgaria, RomaniaandSerbia, theGroupworkswith 400 and has already got strongpresenceinthebroader region of New Europe, with 750 branches and 25 business centers in 6 countries outside Greece. The Group has established leasing companies in Bulgaria, Romania and Serbia and has acquired securities companies in Romania and Turkey, whilst contemplating the purchase or establishment of securities or leasing companies in other countries where it is present thus demonstrating the range of services available to businesses outside Greece.

AccordingtoMr. Karamouzis, theveryrapidchangesineconomicenvironment, thenewchallengesresultingfromintensivecompetition, theopportunitiesthatemergefromtheopeningofnewmarkets, technologicaldevelopments, aswellastherisksassociatedwitheconomicactivities, havecreatednewconditionsforenterpriseswishingtogrowandbecomemorecompetitive. Forthesesamereasons, Eurobank EFGphilosophyisthat the Bankshouldadoptanewstrategyvis-à-visGreekenterprisesandoperateasanadviserandassociatewho effectively and reliably supports entrepreneurship and growth.

AsMr. Karamouzis pointed out, we have set for ourselves specific goals:

To build with Greek enterprises a lasting relationship of trust, added value and the provision of comprehensive financial services.
Toactaseachenterprise’scloseadvisersintheirdailyactivities and long-term plans.
To grow together successfully in Greece.
To go international together.
TocontributeinmakingGreekenterprisesmorecompetitive.
Ourambitionistostrengthenourcooperationandifweare currently not, then tobecome, throughourefforts, thefirstchoicebankforGreek enterprises.

As Mr. Karamouzis stated, Eurobank EFG believesthatopportunities, challengesandpossibilitiesforGreekenterprisesareindeedhuge, whilsttheirrequirements, on the other hand,aregrowingandbecomingmorefocused. For this reason, itisadjustingitsmodelandservicestoitscustomers’ ever-changingconditionsandneeds, inordertobeabletoeffectivelybecome the dynamic development driver for Greek entrepreneurship. It also believes that competition in the banking sector willbecomemoreandmoreintense but what will make a bank successful, in this difficult environment, is not just pricing but also the Bank’s overall added value for enterprises and its contribution to their growth and competitiveness.

The«BusinessCenters» modelintroducedbyEurobank EFG for the first time in the Greek market provides the solution to these needs by offering specialized services to enterprises.

TheBanktodayhastwo Service CentersinAthensandThessalonikiforlargecompanieswith a turnover of more than € 25 million, one Shipping Loan Division and a specialized network of 39 Corporate Banking Units in the country’s largest urban areas. Τhecentersprovide services exclusively to enterprises with a turnover of over € 2.5 million. Today, 400 qualifiedstaffmembersinGreeceofferdailysupportandadvicetoGreekenterprisesactingasthelinkbetweentheenterpriseandthe people in the Group’s specialized departments and subsidiaries with the view to providing a comprehensive range of up to date products and services to meet any specific business needs.

Accordingly inNewEuropetoday, thereare 3 centersinoperationforlargecorporateclientsand 25 businesscenterswith 200 highly qualified staff in Serbia, Bulgaria and Romania, whilst a similar structure is being developed in Poland, Ukraine and Turkey.