Announcement Covered Bonds Issue

EFG Eurobank Ergasias S.A., 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 May 10, 2010 the second series of covered bonds of Euro 650 million, rated A3 by Moody’s.

The issue has a maturity of 1 year, which can be extended by 1 year, with a coupon rate based on the 1month Euribor rate plus a margin of 250 bps. The cover pool for this bond consists of residential mortgage loans originated by the bank both in Euros and 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.

The first series of Euro 650 million was issued on the 26th of April 2010, which brings the total amount of covered bonds issued under this programme to Euro 1.3 billion.