By letter dated 10 June 2010, the Hellenic Republic nominated Mr Stilpon Nestor (Managing Director, Nestor Advisors Ltd) for appointment as a Full Member of the Board of Directors following the resignation from the Board of Directors as of 9 June 2010 of Mr Panagiotis Drossos.

By letter dated 17 June 2010, the Board of Governors was invited to vote on the proposed appointment.

The decision to appoint Mr Stilpon Nestor was taken on 6 July 2010, the date on which the requisite majority of Governors' votes was reached.

The term of office of Mr Nestor will expire in 2013, at the end of the day of the Annual Meeting of the Board of Governors during which the annual report, balance sheet and profit and loss account for the 2012 financial year are examined.