Operating income EUR 218.5 million (+8.8%)
Pre-tax profit EUR 16.4 million (-52,4%)
Framework for the Group Transformation

GROUP FIRST QUARTER 2004 RESULTS

Pre-tax profit, after minorities, decreased by 52.4% to EUR 16.4 million, as compared with EUR 34.5 million in Q1 2003, mainly due to the following:

2. Operating expenses up 15%, mainly due to:
increased staff cost, including contributions to fund deficits in Emporiki?s auxiliary pension fund
increased general expenses, including those related to the promotion of mortgages and consumer loans
first time consolidation of Credicom (for the period 01/09/2003 to 31/03/2004), which completed its incorporation.

Net interest income in Q1 2004 remained flat vs. Q1 2003 at EUR 153.2 million and net interest margin was virtually unchanged at 3.47%. Net interest income in Q1 2004:

Has benefited from
the strong growth of the total loan portfolio
the continuing shift in the loan mix in favour of consumer loans and mortgages.

Was adversely impacted by the decrease in revenues from fixed income securities resulting from the reduction of the bond portfolio.

Net fee and commission income rose by 2.4% year on year at EUR 41.4 million.

Income from financial transactions at EUR 17 million was up vs. Q1 2003, reflecting favourable conditions in the capital markets.

In Q1 2004, operating expenses rose by 15% vs. Q1 2003. Staff cost, including contributions to fund deficits in Emporiki?s auxiliary pension fund, are up 13.1%. Part of this increase includes a provision for an increase in nominal staff salaries in view of the forthcoming completion of the Collective Labor Agreement. General expenses, up 15.6% year on year, reflect the increase in expenses related to the promotion of mortgages and consumer loans.

Cost to income ratio deteriorated in Q1 2004 to 75.7% vs. 71.6% in Q1 2003.

Total loans expanded by 18.9%, on an annualized basis, to EUR 12.7 billion, strongly supported from the continuing shift of the loan portfolio mix towards lending to households and SMEs. This process is positively underpinned by the implementation of the ?PEGASUS? program. Up to 31 March 2004, ?PEGASUS? had been rolled out to 120 branches with encouraging indications on enhancements in their efficiency.

At the end of Q1 2004, customer deposits and repos of the Bank (representing 98% of the Group) rose by 12.3% to EUR 13.8 billion. During this quarter customers continued to rebalance their portfolios by shifting repos to deposits.

At end-March 2004, own funds stood at EUR 1.2 billion and the Tier I ratio is estimated at 8.6%. Approximately EUR 90 million was deducted from the Bank?s and Group?s own funds due to the purchase of own shares.

In view of the introduction of the International Financial Reporting Standards, an international audit firm has been mandated to provide a thorough analysis on pending issues that may have an impact on the financial accounts of the Bank and the Group. This analysis will serve as an additional input in the process of assessing the impact of these issues and in developing appropriate options to address them.

FRAMEWORK FOR THE 2004 GROUP TURNAROUND

The main objective of the new management is to strengthen the competitive position of Emporiki Bank enabling it to play a leading role in the region as a modern and dynamic financial services Group.

The new Group strategy is developed along the following dimensions:

• Achieve strong growth rates in the operating income in the core business: Retail Banking and Wholesale Banking

• Rigorously contain operating cost to achieve a favourable cost-benefit relationship in the various activities

• Optimize capital allocation within the Group, targeting in the medium term an RoE that exceeds 10-12%

• Clean up the balance sheet.

A number of specific initiatives are being launched in implementing the new strategy, including the:

• Introduction of a organizational structure

• Endorsement of a vigilant approach towards risks. In this context, the decision to proactively increase provisions in this quarter was identified as a step in this direction

• Strategic re-assessment of the role of subsidiaries. In this framework, the absorption of Emporiki Factoring by the Bank has been decided

• Acceleration of the process for the establishment of an EMTN program that allows also for the issuance of Tier II capital

• Set up of an MIS Division to develop comprehensive reporting tools to support management decisions

• Improvement of the bank network configuration

• Introduction of a new incentives scheme that allows for a clear-cut performance-related remuneration for sales-related personnel

• Introduction of a voluntary exit scheme offered to high rank executives

• Analysis by an international audit firm on pending issues that may have an impact on the Group?s financial accounts.

The new organizational structure aims specifically at:

• Introducing transparency and accountability and enabling the organization to implement the distinct dimensions of its strategy

• Enabling rigorous performance management of both business and support functions of the Group

• Aligning targets of the subsidiaries with those of the bank aiming to maximize performance at Group level

• Endorsement of a "Group culture."

Emporiki's management will continuously inform the financial community with progress updates.

George Provopoulos, Chairman and CEO of the Group, commented: "Our Group faces significant challenges that urgently require to:

• restructure and regroup our forces for efficiency and growth

• release resources currently tied up in low return activities with a focus to higher return opportunities.

Our valuable and competent human capital is fully capable of successfully implementing our extensive program for restructuring and dynamic development of the Group.

The initiatives that are in progress, and those to be launched soon, will provide the base for a better future for the Group, to the benefit of the shareholders, the customers and the employees.

I am confident that the positive results from our efforts will soon show up.

BBGA, based in Dublin, Ireland is a wholly owned subsidiary of Dynamic Life SA (Athens Stock Exchange, ASE: Dyn), a company that engineers operating systems and develops membership programs for the fitness industry. The Alliance is solely dedicated to the growth and fulfillment of the Being BestTM promise worldwide and this agreement marks the beginning of the activities in the Benelux market.

BBGA and 'Club Support Benelux B.V.i.o.' a wholly owned subsidiary of the HDD Group, have signed an agreement that authorizes Club Support Benelux to monitor, assess and select the health and fitness clubs that will become the affiliates for the application of Dynamic Life's unique product, Being Best'.

The Dutch, Belgian and Luxembourg markets total EUR 950 million in annual membership sales and a further EUR 55 million in annual additional in-club-sales and employ 16.000 people. There are 1600 clubs in the territory and Being BestTM will endorse 10%, i.e. 160 clubs. Being BestTM will change the way people feel about fitness - in a territory where fitness club ex-members outnumber present members 3 to 1- and can raise turnover in selected clubs by 96 Million Euros annually when fully deployed, whilst fi nally providing the service members are searching for.

'Belgium, the Netherlands and Luxembourg are important regions and we consider them a significant pillar of our strategic expansion and international investment for 2004.' said Natasha Bougiatioti, CEO, Dynamic Life S.A.

HDD has founded Club Support Benelux to offer and apply Dynamic Life's international product, Being BestTM, in Belgium, the Netherlands and Luxembourg. The founding team consists of dedicated specialists who have already screened the market and will make the selection of the health and fitness clubs that will become part of the Being Best Global Alliance, Dynamic Life's international network of affiliated clubs. Club Support Benelux will act as a Being BestTM 'Country Operator' that will handle Dynamic L ife's international product and brand in the specific markets.

'We are very happy that our negotiations with Dynamic Life had a successful conclusion. The Being BestTM product is precisely what the fitness industry needs to go to the next level, providing members with a unique fitness product that they will not want to cancel. This is not just another retention program, this is the future of fitness', said Derk van't Sant, Managing Director of the HDD Group.

HDD is a leading company in the Benelux fitness market and is a premier distributor and licensor of fitness products to end users, club members, and fitness clubs. Their product lines include two leading global brands, Reebok Fitness and Les Mills.

'We have selected HDD Group as the strategic partner in the Benelux not only because they are the key players and local experts in that given market. They simply have a great team of dedicated people that are making a difference and that is precisely what we look for in our partners', commented Jan Lokhorst, Managing Director, The Being BestTM Global Alliance Ltd.

Club Support Benelux will oversee the process and will ensure that H&F club employees are trained according to the Being BestTM standards and that Being BestTM is made available only to the clubs that meet the prerequisites and possess the relevant infrastructure for product's application and member satisfaction.

Ramon Klaassen, Operations Director of the HDD Group, commented: 'Being BestTM is the evolution of the fitness industry. We are excited to be the ones to be introducing this innovation that shifts the market in the direction of increased consumer rights and personalization.'

Jan Middelkamp, Sales & Marketing Director, of the HDD Group, commented: 'The potential of this partnership is absolutely tremendous. Being BestTM ensures fitness club members no longer lose money on club memberships that they have not used. It ensures members get what they want out of fitness, regardless of the time, place, or way that suits their individual needs.'

Dynamic Life S.A., listed on the Athens Stock Exchange (ASE), is one of the few fitness companies to be listed in any stock exchange worldwide and its current market capitalization stands at EUR 172.7 million (9/1/2004).

The HDD Group, a long-standing and leading company in the Benelux fitness market, concentrates on distribution and licensing of fitness products to end users, club members, and fitness clubs. Amongst the product lines that HDD handles are Reebok Fitness and Les Mills. HDD founded Club Support Benelux B.V.i.o. as a separate entity with the sole mission to be the Being BestTM Country Operator in order to assure that a dedicated team of specialists is concentrated on deploying Being Best? in the Benelux mark et and that other HDD products will not interfere with Being BestTM.

For further details, please contact:

Bettina Battaglia, Dynamic Life International

Email: bbattaglia@dynamiclife.biz

About Natasha Bougiatioti, CEO, Dynamic Life S.A.

Natasha Bougiatioti, CEO of the company, is the architect of the development of Dynamic Life and one of its founders. She graduated from the University of North Carolina with a degree in economics. She comes from a banking background and has been active in the fitness industry as an entrepreneur since 1985. During her long and successful tenure in the fitness industry, she invented and described in detailed manuals an innovative system called the "Club by Natasha" that was awarded intellectual property rights in 1992. Since then, she published new editions of the system as it was constantly improved to keep up to date with evolving market conditions. Her latest invention -the innovative Being Best system- is a major breakthrough that is described in an extensive selection of manuals called the "Omnibook" that were intellectually copyrighted in the beginning of 2003.

Derk is one of the three founders of HDD Sports Import in April 1992. HDD Sports Import B.V, grew to one of the premium companies within the HDD Group. The HDD Group is certainly one of the major players in the local market in terms of revenue, size and number one in market penetration. Derk studied Science of Movement at the University of Amsterdam (VU). During his study, he managed a small up market health & fitness club in the centre of Amsterdam, which became the first start in his successful fitne ss tenure. Although Derk?s study helped him a great deal in setting up his own business, nowadays his day to day "business" is all about managing people and financial control of the group. Also he is very involved in developing new strategies in the fitness industry in general. The Benelux fitness market is becoming much more professional with universal key chains and local groups that have entered the market. The potential of the Benelux market is enormous due to a small size and 27.500.000 inhabitants .

Derk foresees a substantial growth of the fitness market as soon as members can choose a personalized membership that enables them to pay for the real use of a club.

The European Central Bank (ECB) is today publishing the TARGET Annual Report 2003. This publication, which is the fourth of its kind, gives an overview of TARGET operations in 2003.

TARGET is the most important large-value payment system in the euro area. Some 3,350 banks use TARGET to initiate payments and more than 43,000 banks -including branches and subsidiaries- are accessible through TARGET worldwide (and thus all the customers of these banks). In 2003, around 261,000 payments with a value of EUR 1.65 trillion were transferred on average per business day. This represents a share in overall large-value payments made in euro of almost 87% in terms of value and 58% in terms of volume.

The report provides information on TARGET payment flows and the system's availability and resiliency. In addition, it describes the major developments affecting the TARGET system.

This publication will be distributed by each of the EU national central banks participating in the TARGET system to interested parties in their respective countries. Hard copies can also be requested by writing to the ECB's Press and Information Division at the address given below. It can also be viewed on or downloaded from the ECB?s website (under "Publications").