Corporate Presentation - Piraeus Bank/media/Com/2016/Files/...Corporate Presentation [based on Q4.2015 Group financial results] Disclaimer By reading or otherwise accessing the presentation

March 2016

Corporate Presentation[based on Q4.2015 Group financial results]

Disclaimer

By reading or otherwise accessing the presentation that follows, you agree to be bound by the following limitations. Any failure to comply with these limitations may constitute a violation of applicable law.

The accompanying presentation has been prepared by Piraeus Bank S.A. and its subsidiaries and affiliates (the “Bank” or “We”) solely for informational purposes. For the purposes of this disclaimer, the presentation thatfollows shall mean and include materials, including and together with any oral commentary or presentation and any question-and-answer session. By attending a meeting at which the presentation is made, or otherwiseviewing or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you understand the legal and regulatory sanctions attached to themisuse, disclosure or improper circulation of the presentation or any information contained herein.

This presentation does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your objectives or legal, accounting, regulatory, taxation or financial situation orparticular needs. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Bank. You are solely responsible for seekingindependent professional advice in relation to the Bank. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents orassociates on the basis of such information.

This presentation does not purport to be comprehensive and no representation, warranty or undertaking is made hereby or is to be implied by any person as to the completeness, accuracy or fairness of the informationcontained in this presentation. The Bank, its financial and other advisors, and their respective directors, officers, employees, agents, and representatives expressly disclaim any and all liability which may arise from thispresentation and any errors contained herein and/or omissions therefrom or from any use of this presentation or its contents or otherwise in connection therewith. The Bank, its financial and other advisors, and theirrespective directors, officers, employees, agents, and representatives accept no liability for any loss howsoever arising, directly or indirectly, from any use of the information in this presentation or in connectiontherewith. Certain information contained in this presentation is based on estimates or expectations of the Bank, and there can be no assurance that these estimates or expectations are or will prove to be accurate. Thispresentation speaks only as of the date hereof and neither the Bank nor any other person gives any undertaking, or is under any obligation, to update any of the information contained in this presentation, includingforward-looking statements, for events or circumstances that occur subsequent to the date of this presentation.

Each recipient acknowledges that neither it nor the Bank intends that the Bank act or be responsible as a fiduciary to such attendee or recipient, its management, stockholders, creditors or any other person. By acceptingand providing this document, each attendee or recipient and the Bank, respectively, expressly disclaims any fiduciary relationship and agrees that each recipient is responsible for making its own independent judgmentwith respect to the Bank and any other matters regarding this document.

The Bank has included certain non-IFRS financial measures in this presentation. These measurements may not be comparable to those of other companies. Reference to these non-IFRS financial measures should beconsidered in addition to IFRS financial measures, but should not be considered a substitute for results that are presented in accordance with IFRS.

Certain statements contained in this presentation that are not statements of historical fact, including, without limitation, any statements preceded by, followed by or including the words “targets,” “believes,” “expects,”“aims,” “intends,” “may,” “anticipates,” “would,” “could” or similar expressions or the negative thereof, constitute forward-looking statements, notwithstanding that such statements are not specifically identified.Examples of forward-looking statements include, but are not limited to, statements which are not statements of historical fact and may include, among other things, statements relating to the Bank’s strategies, plans,objectives, initiatives and targets, its businesses, outlook, political, economic or other conditions in Greece or elsewhere, the Bank’s financial condition, results of operations, liquidity, capital resources and capitalexpenditures and development of markets and anticipated cost savings and synergies, as well as the intention and beliefs of the Bank and/or its management or directors concerning the foregoing. Forward-lookingstatements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and outside of the control of the Bank. Therefore, actual outcomes and resultsmay differ materially from what is expressed in such forward-looking statements. We have based these assumptions on information currently available to us, and if any one or more of these assumptions turn out to beincorrect, actual market results may differ significantly. While we do not know what impact any such differences may have on our business, if there are such differences, our future results of operations and financialcondition, could be materially adversely affected. You should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made.The Bank expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such statement is made, orto reflect the occurrence of unanticipated events.

2

01 Q4.15 HIGHLIGHTS

02 Q4.15 FINANCIALS

03 ASSET QUALITY

04 LIQUIDITY

05 APPENDICES

Table of Contents

3

Q4.15 Highlights01 1.1 Dec.15 Figures at a Glance 1.6 Greek Macro Update

1.2 Operating Performance 1.7 Premier Franchise in Greece

1.3 Capital Position 1.8 Navigation Through The Crisis

1.4 Asset Quality in Q4.15 1.9 2016 Outlook

1.5 Liquidity in Q4.15

4

Group data, € mn Dec.15 Sep.151

Total assets 87,528 85,910

Gross loans to customers 68,071 68,046

Customer deposits 38,952 37,113

Eurosystem funding 32,686 35,825

o/w ELA funding 16,700 21,200

Equity 10,021 6,724

TBV 7,853 6,535

Pre-provision profit 1,125 979

Branches (#) 989 1,058

Employees (#) 19,279 19,430

Loan-to-deposit ratio 130% 138%

>90dpd ratio 39.5% 40.5%

>90dpd coverage ratio 65.0% 60.9%

CET-1 ratio (phased-in) 17.8% 11.2%

01

1 Sep.15 for loans, deposits, PPI, branches, employees, LDR, 90dpd & coverage excl. Cyprus and Egypt

2 Pre provision income normalized for one-off items

As of Dec.15 Piraeus Bank Cyprus is classified as discontinued operation

Dec.15 Figures at a Glance1.1

#1 bank in Greece

5mn customers in Greece, 1.5mn e-banking users

17.8% CET-1 ratio, 16.6% fully loaded CET-1

26% loan loss reserves over gross loans

133% NPL coverage by LLRs and collateral

€0.90 TBV per share

€1,125mn +15% yoy Group recurring PPI

€1,055mn +24% yoy domestic recurring PPI

5

€ mn Q4.15 Q3.15 qoq FY.15 FY.14 yoy

NII 463 463 0% 1,877 1,953 -4%

NFI 79 71 10% 306 314 -3%

Other 66 83 -20% 191 26 >100%

Revenues 608 617 -1% 2,374 2,293 4%

OpEx (324) (299) 9% (1,249) (1,314) -5%

PPI 284 318 -11% 1,125 979 15%

Group PPI Up 15% in FY.15 - Core Income +1% qoq

519 507 511 552

570

301 271 271 260 284

218 236 240 293 286

Q4.14 Q1.15 Q2.15 Q3.15 Q4.15 Q4.14 Q1.15 Q2.15 Q3.15 Q4.15 Q4.14 Q1.15 Q2.15 Q3.15 Q4.15

Revenues OPEX PPI

Domestic PPI Up 24% in FY.15 - Core Income +4% qoq

Operating Performance01

Note: all P&L data on normalized basis, excluding one-off items, adjusted for Cypriot business classified as discontinued and Egyptian operations sold in Nov.15. Assets in ratios excl. EFSF|ESM bonds

€ mn

+10% -6% +31%

1.2

269bps NIM

46bps NFI over assets

53% cost to income

267bps NIM

45bps NFI over assets

50% cost to incomeGR

OU

P Q

4

GR

EEC

E Q

4

6

(€ bn │ %)

Phased-in1 Fully Loaded1

CET-1 Capital 9.4 8.8

Total Regulatory Capital 9.4 8.8

RWAs 53.2 53.2

CET-1 Ratio 17.8% 16.6%

Total Capital Ratio 17.8% 16.6%

1 pro-forma for Cypriot operations and disposal of ATE Insurance

01Dec.15 CET-1 Ratios CET-1 Capital & RWAs Evolution in Q4.15 (€ mn)

-1,043 -1,205

54,006

-810

56,25353,196

Sep.15RWA

EgyptSale

Net LoansMovement &

Other

Dec.15RWA

Cyprus,ATE Ins Effect

Dec.15RWA

pro-forma

Capital Position1.3

-1,271

+4,511

6,127

+83

Sep.15CET-1

Q4.15Results

Share CapitalIncrease

Reserves Dec.15CET-1

9,450

17.8% CET-1 ratio

10.7% leverage ratio

€4.1bn eligible DTC

•€1.4bn PSI related

•€2.7bn loan losses related

7

❶

Asset Quality in Q4.1501 1.4

ΝPL ratio decreased to 39.5% from 40.5% in

Sep.15, down for the 1st time since crisis beginning

ΝPE ratio decreased to 50.7% from 51.8%

in Sep.15

NPL coverage increased to 65% from 61% in

Sep.15, while NPE coverage reached 47% from 44% respectively

❷

❸

❹

NPL coverage stood at 133% from 127% in

Sep.15, taking into account LLRs & collateral ❺

Q4 NPL formation at €80 mn or 12 bps vs. €385 mn or 56 bps in Q3

Q4 Domestic NPL Formation(ΝPL new flows over loans, %)

3.17%

0.52%

0.14%

Q4

.12

Q1

.13

Q2

.13

Q3

.13

Q4

.13

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

+€87mn vs. +€332mn in Q3, including a large

ticket of €140mn

65%

71%

61%

66%

Total Business

Q3.15

Q2.15

NPL Coverage (%)business NPL

comprise 70% of total NPL stock

8

Liquidity in Q4.1501 1.5

Customer deposit increase of €1.8 bn in Q4

(€1.6 bn in Greece); LDR 130% down 8ppts qoq

Eurosystem down by €3.1 bn in Q4, with

further decrease of €2.3 bn in 2m.16

Ιnterbank repo activity re-initiated: €3.3 bn currently (end Feb.16)

❶

❷

❸

❹ Current utilization of P2 guarantees at €1.75 bn face value vs. €10.4 bn as at YE.15

❺ Deposit rates further improved in Q4, a trend continuing in 2016 to-date

Q4 Deposit Inflow (€ mn) | LDR (%)

€ bn

Piraeus-Greece 9m.15

Banknotes -7.5

Investments (M/F) -2.2

Money transfers -1.8

Govt -1.8

Payment of obligations -1.6

Total deposit outflows -14.9

+€0.3bn in Q4.15

+€0.5bn in Q4.15

130%

37,113 +1,608 +231 38,952

138% Loans to Deposits Ratio

Int’lGreeceSep.15 Dec.15

9

Based on latest available data, real GDP in 2015 contracted by a mere

-0.3%, in line with PB forecast

The negative carry-over effect for 2016 is now much smaller (only -

0.4%) versus what PB previously estimated (-1.1%)

Maturing debt of approx. €6.3 bn and interest payments of approx.

€5.9 bn are due in 2016. The bulk of funding needs is concentrated in

February, March and July 2016

Based on the 3rd MoU the fiscal targets (in terms of primary balance)

for 2015 and 2016 stand at -0.25% and +0.5% of GDP respectively,

which are well within reach for the Greek government. Μajor

outstanding issue to bridge the gap with the Institutions is the

finalization of the new tax and pension frameworks

012015 Greek GDP

Real GDP Quarterly Evolution

1.6 Greek Macro Update

Actual GDP in 2015 vs. Assumptions in 2015 CA

-1.8

0.0

0.2

-0.30.6

-0.3

1.4

-0.8

0.00.3

-1.2

0.1

-5.1

-3.5

-1.8-2.0

0.4 0.2

1.30.9

0.30.9

-1.7

-0.8

-6.0

-5.0

-4.0

-3.0

-2.0

-1.0

0.0

1.0

2.0

Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q2.15 Q3.15 Q4.15

qoq% change

yoy% change

-0.3%

-2.3%

-3.3%

actual base stress

10

Outlook for 2016: real GDP estimated at -0.2% under assumption of timely 1st programme review conclusion

resilient private consumption investments through European structural funds privatizations tourism | travel receipts

Greek Branch Network (#)Customer Deposits - Greece (%)Gross Loans - Greece (%)

Source: Dec.2015 financials; BoG for market data | NBG, Attica as of Sept 2015

Premier Franchise in Greece01

11

2%

16%

20%

28%

27%

70

515

528

626

709

2%

20%

21%

25%

30%

1.7

703 units currently

34% business

HFSF 26%

Institutional Investors &

legal entities 66%

Individuals 8%

1.8

Jun-13 "Good" ATEbank

€22bnassets

Jul-13 Hellenic BankGreece

€1bnloans

Oct-13 Bank of Cyprus Greece

€9bnloans

Nov-13 Cyprus Popular Bank Greece

€13bnloans

Dec-13 Millennium Bank Greece

€5bnassets

Assets

Assets

Dec-14 Geniki Bank

€3bnassets Dec-15

Jun-15Panellinia Bank

€0.6bnassets

Dec-11

€49bn

€87.5bn

#1in Greece1

#4in Greece1

All acquisitions already fully integrated

2013 acquisitions were integrated in 6 months3

Strong track record of more than 20 mergers and acquisitions in Greece and abroad over the last 20 years

7 acquisitions completed since 2013

Significant benefits from synergies

Already achieved more than €500mn of synergies

100% of integration costs fully crystallized

Note: Dates for acquisitions refer to the completion of integration of acquired banks1. Based on loans on standalone financial statements of Greek parent company2. As at Dec-20153. Excluding Geniki Bank, which operated as an independent subsidiary until Dec-2014

Navigation Through The Crisis

~30%domestic

loan market share2

12

01

Shareholder Structure - Dec.2015 (%)

Successful €4.6 bn recap completed in Dec.2015

Resilient economy at the trough of the cycle (mild capital controls impact)

Positive bottom line, with increase in PPI and cost of risk towards normalization

Deposit inflow post recap, significant effort to continue re-attracting funds

Decrease ELA funding, minimize P2 guarantees, increase repo balances

Continued trajectory of time deposit cost to lower level throughout the year

Negative new NPL formation, consistently outperforming market trend

Implementation of further operating efficiency measures

2

4

5

6

1

3

7

01 2016 Outlook1.9

13

Q4.15 Financials02 2.1 Assets & Liabilities Overview

2.2 P&L Highlights

2.3 P&L of Domestic Operations

2.4 Domestic Customer Portfolio Yields

2.5 Operating Expenses

14

10.5

2.5

49.6

1.0

17.0

3.3

3.6Cash

AssetMix

Total

Securities

EFSF|ESM Bonds

Net Loans

PPE

Other

87.5

4.0

10.0

14.2

24.8

1.8

16.0

16.7

8.4

2.5

55.3

1.8

14.3

3.23.8

2.6

7.3

31.9

22.9

0.9

9.5

14.1

Total

ECB

Interbank Repos

Core Deposits

Time Deposits

Total Equity

Other

89.3

Debt Securities

FundingMix

02Total

ECB

ELA

Interbank Repos

Core Deposits

Time Deposits

Total Equity

Other

87.5

FundingMix

2.1

Dec.15

AssetMix

Total

Cash

Securities

EFSF Bonds

Net Loans

PPE

Other

89.3

Seasonal Loan

Dec.14

15

Assets & Liabilities Overview

Dec.15

Dec.14

Seasonal Loan

€ mn Q4.15 Q3.15 qoq FY.15 FY.14 yoy

Net interest income 463 463 0% 1,877 1,953 -4%

Net fee income 79 71 10% 306 314 -3%

Other 63 106 -41% 210 146 44%

Net revenues 605 640 -6% 2,393 2,413 -1%

Recurring revenues 608 617 -1% 2,374 2,293 4%

Staff costs (278) (162) 72% (772) (737) 5%

Admin. & other (210) (159) 32% (701) (706) -1%

OpEx 488 321 52% 1,473 1,443 2%

Recurring OpEx (324) (299) 9% (1,249) (1,314) -5%

Recurring PPI 284 318 -11% 1,125 979 15%

Loan impairment (1,384) (244) >100% (3,487) (3,670) -5%

Other impairment (263) (18) >100% (351) (319) 10%

Pre tax result (1,530) 64 - (2,930) (3,014) -

Net result attrib. to SHs (1,271) 500 - (1,896) (1,972) -

16

P&L Highlights02 2.2

2015 Group P&L at a Glance

❶

❷

❸

❹

Q4.15 net interest income was burdened by deleveraging, yet this was broadly offset by lower deposit cost (from 80 bps in Q3 on average to 65 bps in Q4)

FY.15 net fee income affected by domestic environment conditions, yet Q4 rebounded vs. low Q3 level, up 10% qoq, with increase stemming from all categories

FY.15 net revenues up 4% yoy, excluding one-off items

FY.15 recurring OpEx down 5% yoy, as cost cutting initiatives bear fruits

Provision expense of €1,384 mn in Q4.15, increasing LLRs to loans to 26%, improving coverage ratio. The increase incorporates the further drop in real estate prices in Greece reflected in collateral values, while addressing the remaining part of the 2015 AQR outcome

❶

❷

❸

❹

❺ ❺

€ mn Q4.15 Q3.15 qoq 2015 yoy

NII 422 411 3% 1,677 -1%

NFI 71 64 11% 275 -2%

Revenues 570 552 3% 2,140 8%

OpEx (284) (260) 9% 1,085 -5%

PPI 286 293 -2% 1,055 24%

Loan impairment (1,192) (124) <-100% (3,075) -1%

Pre-tax result (1,091) 169 <-100% (2,263) -9%

02

17

2.3 P&L of Domestic Operations

2015 Performance of Greek Business

NII in Greece positively affected in Q4 by deposit repricing (+€8 mn qoq) and P3 redemption (€5 mn), while impacted by lower net loan balances and a slight rate decline in Q4

NFI improved markedly in Greece in Q4 at 45 bps over avg assets vs. 40 bps in Q3. Bancassurance (+15% yoy at €38 mn), e-payment related fees, as well as money transfers played a key part

OpEx burdened by seasonally higher administrative costs in Q4, yet it was down 5% yoy

❶

❷

❸

❹ Pre-tax result impacted by high provisions with CoR c.750 bps in Q4.15

* P&L on normalized basis, excluding one-off items

❶

❷

❸

❹

Q4.14 Q1.15 Q2.15 Q3.15 Q4.15

Loan RatesTotal Stock

FrontBook

Total Stock

FrontBook

Total Stock

FrontBook

Total Stock

FrontBook

Total Stock

FrontBook

Mortgages 2.7% 4.3% 2.6% 4.1% 2.5% 3.7% 2.5% 3.4% 2.5% 4.6%

Consumer 10.0% 10.0% 9.4% 9.4% 9.3% 9.9% 9.4% 10.0% 9.5% 10.3%

Business 5.1% 5.8% 5.0% 5.7% 4.9% 5.9% 4.8% 6.2% 4.6% 5.9%

Total 4.7% 5.9% 4.6% 5.7% 4.5% 6.0% 4.5% 6.3% 4.3% 6.0%

Q4.14 Q1.15 Q2.15 Q3.15 Q4.15

Deposits 1.41% 1.15% 1.07% 0.80% 0.65%

Sight 0.74% 0.68% 0.63% 0.57% 0.60%

Savings 0.31% 0.19% 0.19% 0.17% 0.17%

Time 2.06% 1.83% 1.77% 1.56% 1.23%

avg 3m euribor 0.08% 0.05% -0.01% -0.03% -0.09%

Loans 4.71% 4.58% 4.50% 4.46% 4.33%

Mortgages 2.68% 2.61% 2.51% 2.49% 2.46%

Consumer 9.97% 9.39% 9.26% 9.36% 9.46%

Business 5.07% 4.96% 4.89% 4.82% 4.63%

Business(stock)

Q4.14 Q1.15 Q2.15 Q3.15 Q4.15

Corporate 4.5% 4.3% 4.3% 4.3% 4.3%

SME/SBL 5.9% 5.7% 5.6% 5.6% 5.5%

Total 5.1% 5.0% 4.9% 4.8% 4.6%

Domestic Customer Portfolio Yields

Actual rates shown above refer to total Greek banking operations, quarterly averages

Loan Rates: Front Book Rates Steadily Above Legacy Book Customer Rates: Time Deposit Rate Declines Further

18

2.402

VES cost provision €110 mn

Resolution fund costs €34 mn

Other one-off costs €19 mn

Total one-off items €163 mn

153 159123 142

119

44

Q3.15 Q4.15 Q3.15 Q4.15

one-off items

1,380

1,063

709

19,401

16,721

15,600

700

800

900

1000

1100

1200

1300

1400

1500

1600

1700

1800

1900

Dec.12 Jun.13 Dec.13 Jun.14 Dec.14 Dec.15

19

Operating Expenses2.502

57%

53%

2014 2015

Cost to Income Ratio (%)

Domestic Headcount & Footprint Further Optimisation (#)

57%

51%

2014 2015

Group Staff & Administrative Expenses (€ mn)

❶

❷

❸

Staff costs

-49% from peak

GREECEAdmin costs278

186

GROUP

-20% from peak

Exceptional Items in Q4.15 Costs (€ mn)

(a)€21 mn contribution to SRF (b)€13 mn for Panellinia resolution

(a)€9 mn staff costs (b)€10 mn admin & other costs

Asset Quality03 3.1 NPL Ratio & Formation 3.7 Domestic Loan Portfolio KPIs

3.2 Domestic Loan Quality Evolution

3.8 RBU Portfolio at a Glance

3.3 Post Capital Controls NPL Performance

3.9 RBU Perimeter

3.4 NPL Coverage Across Segments

3.10 RBU Business Customers Viability Mapping

3.5 LLRs & Collateral Coverage 3.11 Recent Amendments in Legal Framework

3.6 NPEs & NPE Coverage

20

1,449

1,1771,267 1,259989

773500 369

8264

111385

80

Q4.12Q1.13Q2.13Q3.13Q4.13Q1.14Q2.14Q3.14Q4.14Q1.15Q2.15Q3.15Q4.15

3.21%

2.43%

1.78%1.67%1.33%

1.05%

0.68%0.51%

0.01%0.38%

0.16%

0.56%

0.12%

NPLs (€ mn) Dec.15

Business 18,468

Mortgages 4,800

Consumer 3,610

TOTAL 26,878

NPLs (€ mn) Dec.15

Greece 25,170

International 1,708

TOTAL 26,878

462

260236

32 81 73174

222178156115

16111

22104

-110

132 84 18

-41

72 16108

-31

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

-300

200

700

1,200

1,700

2,200

Business Mortgages Consumer

NPL Ratio & Formation03

21

Group New NPLs Contained

* pre write-off quarterly NPL formation (amount & bps over end-quarter loans)

Group NPL Ratio +90dpd per Product Category

Group NPLs Skewed to Business NPLs Group NPL Formation

39% 41%

29%

53%

40%43%

29%

53%

Total Business Mortgages Consumer

Q4.2015 Q3.2015

* pre write-off quarterly NPL formation

3.1

including a large ticket of €140mn

3.17%

0.52%

0.14%

Q4

.12

Q1

.13

Q2

.13

Q3

.13

Q4

.13

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

3.21%

0.56%

0.12%

Q4

.12

Q1

.13

Q2

.13

Q3

.13

Q4

.13

Q1

.14

Q2

.14

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Household sector posted a -€143 mn negative NPL flow in Q4

Turbulence in the domestic market had no impact in payment behavior

Greek Q4 NPL generation +€87 mn, down from €332 mn in Q3.15

Group Q4 NPL generation +€80 mn, down from 385 mn in Q3.15

151

-57

38

-33

126

230

110

15

9815

101

-110

6

-40

56 11

105

-33

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

Q3

.14

Q4

.14

Q1

.15

Q2

.15

Q3

.15

Q4

.15

22

Domestic Loan Quality Evolution

NPL Formation Dropped in Q4 Greek NPL Formation by Segment

Note: pre write-off quarterly NPL formation in € mn or as % of gross loans

Group Greece

NPL new flows over loans (%)Business Mortgages Consumer

39.5%NPL ratio

39.4% NPL ratio

3.203

-50

+0

+50

+100

+150

+200

2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15

Piraeus Greek systemic peer average0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Dec.14 Feb.15 Apr.15 Jun.15 Aug.15 Oct.15 Dec.15

Performing to 1-30dpd 1-30 to 31-60dpd

31-60 to 61-90dpd 61-90 to 90-120dpd

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Dec.14 Feb.15 Apr.15 Jun.15 Aug.15 Oct.15 Dec.15

Performing to 1-30dpd 1-30 to 31-60dpd

31-60 to 61-90dpd 61-90 to 90-120dpd

Piraeus Greece - Retail Book Roll Rates (%) Piraeus vs. Peer NPL Formation (bps)

Capital controls

Capital controls

Mo

rtga

ges

Co

nsu

mer

23

3.303

RBU fully operational

RBU established

Note: peer average in Q4.15 reflects 2 banks (reported Q4 figures as of March 11th)

Post Capital Controls NPL Performance

LLRs (€ mn) Dec.15

Greece 16,348

International 1,132

TOTAL 17,480

LLRs (€ mn) Dec.15

Business 13,109

Mortgages 1,704

Consumer 2,667

TOTAL 17,480

65%71% 74%

35%

61%66%

75%

29%

Total Business Consumer Mortgages

Q4.2015 Q3.2015

NPL Coverage Across Segments03

24

NPL Coverage Ratio per Product Category

Group LLPs at €17.5 bn

39%

65%

26%

41%

66%

27%

NPLs NPLs Coverage LLR/Loans

Greece

International

Strong NPL Cash Coverage

3.4

Containment of NPL formation in Q4 (negative formationin mortgages and consumer loans)

Significant increase in loan loss reserves, with totalcoverage at 65% and 71% for business loans, whichcomprise 2/3 of the portfolio

17% 17% 24% 25% 25% 30% 29% 35%

110%

Dec.13 Jun.14 Sep.14 Dec.14 Mar.15 Jun.15 Sep.15 LLRscoverage

Collateralcoverage

Totalcoverage

74% 72% 74% 74% 74% 75% 75% 74% 89%15%


Collateralcoverage

Totalcoverage

53% 55% 63% 62% 61% 67% 66% 71%

148%77%


Collateralcoverage

Totalcoverage

36% 37% 38% 37% 37% 39% 40% 39%

65%26%


Collateralcoverage

Totalcoverage

20% 23% 26% 25% 25% 28% 28% 29%

105%75%

Dec.13 Jun.14 Sep.14 Dec.14 Mar.15 Jun.15 Sept.15 LLRscoverage

Collateralcoverage

Totalcoverage

Dec.15

LLRs & Collateral Coverage03

Provision & Collateral Coverage - Consumer NPLs

Provision & Collateral Coverage - Mortgage NPLs

Provision & Collateral Coverage - Business NPLs

Provision & Collateral Coverage - Total Consumer Loans

Provision & Collateral Coverage - Total Mortgage Loans

Provision & Collateral Coverage - Total Business Loans

Dec.15

Dec.15

Dec.15

4% 4%6% 7% 7% 8% 9% 10%

98%88%


Collateralcoverage

Totalcoverage

Dec.15

Dec.1525

3.5

75%

37.9%36.9%

50.7% 51.8%

GroupNPL

90dpd

ImpliedGroup

NPE

+8.6%

NPEs & NPE Coverage03 3.6

Piraeus Group NPL to NPE Reconciliation (Dec.15) Piraeus Group NPL-NPE-LLR Data per Product (Dec.15)

26

€ bnExposures NPEs NPLs Performing

Impaired Forborne Contagion

Business 48.2 26.6 18.5 2.9 4.5 0.8

Mortgages 16.8 6.3 4.8 0.0 1.5 0.0

Consumer 7.8 4.0 3.6 0.1 0.3 0.0

Total 72.9 36.9 26.9 3.0 6.3 0.8

€ bn │ %+90dpd NPEs LLRs Coverage

NPLs NPEs

Business 18.5 26.6 13.1 71% 49%

Mortgages 4.8 6.3 1.7 36% 27%

Consumer 3.6 4.0 2.7 74% 67%

Total 26.9 36.9 17.5 65% 47%

(*) NPL ratio over loans including off balance sheet exposures (LC,LGs). Likewise for NPE ratio for both numerator (€0.4 bn) and denominator (€4.8 bn )

+13.8%Coverage

61% 65%

Coverage

47% 44%

+4.1%

Sept.15 Dec.15

Group NPL 90dpd*

Dec.15 Sep.15

GroupNPE*

Impaired ContagionForborne

+1.1%

Impaired: the effect of the inclusion of exposures which are not past due by more than 90dpd and for which the customer carries specific provisions

Forborne: the additional effect of the inclusion of exposures that have forbearance measures (i.e. concessions towards a debtor facing or about to face difficulties in meeting financial commitments) and are classified as non-performing as per EBA Technical Standards on forbearance and non performing exposures

Contagion: the additional effect of characterizing all exposures to a debtor as NPL when the debtor has exposures in arrears more than 90dpd (pull-through effect) according to EBA technical standards

€7 bn out of €10 bn:

0 dpd

in € bn | % Total Business SME SBL Corporate Mortgage Consumer

Loans 63.9 41.4 21.2 3.9 16.4 16.2 6.2

NPL Ratio 39% 41% 46% 52% 32% 29% 56%

LLR / Total Loans 26% 29% 32% 29% 26% 10% 41%

LLR + Collateral / Total Loans 98% 104% 115% 113% 87% 98% 63%

LLR / NPL 65% 72% 70% 56% 81% 35% 73%

LLR + Collateral / NPL 134% 150% 152% 142% 148% 110% 87%

03 3.7 Domestic Loan Portfolio KPIs

Loans: KPIs per Segment

2.2%

2.2%

2.6%

3.0%

4.1%

4.3%

4.5%

5.4%

7.8%

8.1%

9.7%

10.8%

9.7%

25.4%

Public Administration

Transportation & Storage

Electricity, Gas

Other Services

Shipping

Real Estate

Financial & Insurance

Accommodation & Food

Other

Construction

Wholesale & Retail Trade

Manufacturing

Consumer

Mortgages

Loan Composition (%)

27

Retail

28

RBU Portfolio at a Glance 03 3.8

Balances (€ bn)

Customers(#)

FTEs (#)

Corporate 7.0 1k 62

SME 2.9 2k 144

Commercial Workouts 8.0 28k 293

SB 1.0 16k

794

Retail 11.7 522k

-Mortgages 7.7 90k

-Consumer 3.9 432k

Total 30.7 464k 1,293

Retail Banking Branch Network & Deposits

Corporate & Investment Banking

Group Financial Mngt & Control

Group Operations

CEO

Piraeus Bank BoD

Executive Committee

Group AdministrationSupport

RBU: A Dedicated Internal Unit Fully Operational as of Q3.2014RBU KPIs at a Glance

plus supporting RBU staff

Non-core business & Restruct. portfolio

RBU Strategy

RBU Retail, SBL, Col’s and Rec’s

Corporate and shipping recovery

SME Recovery

Commercial Workouts

Task Force Merchant Banking

Real Estate

Note: figures display balances and customers managed by Piraeus Recovery Banking Unitcustomer total number refers to unique customers

25

3

22

36

28

9

Total Piraeus Non RBU RBU

< 90 days past due

(dpd)

> 90 days past due

(dpd)

31

3161

Managed by non-RBU units - Transfer in subsequent wave

RBU handles Performing Retail Loans from +1 dpd (restructured loans for a period of one year post

restructuring)4.8

3.4

0.8

6.4 6.7

2.9

0.6

0.2

3.6

1.3

7.7

3.9

1

10.0

8.0

Mortgage Consumer Small Business Corporate& SME

CommercialWorkouts

NPL balances

Performing loans balances (<90dpd)

03 3.9 RBU Perimeter

RBU Balances Overview RBU Balances by Segment

Note: figures display amounts for Piraeus Bank Greece. Sums of figures may deviate from totals due to rounding

(€ bn, 31-Dec-2015)(€ bn, 31-Dec-2015)

29

577 customers

€7 bn total loan balances

2,297 cases


Operating businesses

‒ 1,657 or 72% of total

‒ €2.5 bn or 78% of total

Viable (positive EBITDA)

‒ 1,003 or 61% of

operating cases

‒ €1.6 bn loans or 63%of operating cases

RBU portfolio:

Corporate SMEs

03 3.10 RBU Business Customers Viability Mapping

Commercial workouts

Operating businesses

‒ 354 or 61% of total

‒ €4.5 bn or 67% of total

Viable (positive EBITDA)

‒ 242 or 68% of

operating cases

‒ €2.8 bn loans or 62%of operating cases

25,443 NPL cases


Operating cases

‒9,608 or 38% of total

‒€2.5 bn or 38% of total

• Mapping taking into account borrowers’ needs, viability and affordability in a through-the-cycle approach

• Aim is to take advantage of thechanges in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters

• The majority >60% of

operating SMEs and Corporate customers are deemed viable displaying positive EBITDA

30

RBU portfolio: RBU portfolio:

03 3.11 Recent Amendments in Legal Framework

31

Significant Changes Introduced to the Code of Civil Procedure & Insolvency Code in 2014,2015

❶

Changes to Code of Civil Procedure

• Seizures and auctions are expedited (from 18-38 months to <12 months)and the ranking and recovery of creditors with liens or encumbrances issubstantially improved (banks receive 65%-100% of the commercial value).Significant reduction of relevant cost for the banks (c.20%)

❷

Changes to Insolvency Code

• Expedition of the insolvency process

• Efficiency of the consolidation process (art. 99) - enforcement proceedingscan be stayed, when 30% of the creditors (20% of which hold debt securedwith liens/encumbrances) agree to participate in the consolidation processwhich has a maximum duration of 12 months

• Simplification and expedition of the winding-up process

❸ Personal Bankruptcy Law

• A process of bankruptcy for natural persons, similar to Chapter 13 orChapter 7 of the US Bankruptcy Code (first time with Law 3869/2010, lastlymodified with L.4346/2015)

• Provides individuals (not merchants or business customers) theopportunity to propose a payment plan of financial reorganization underthe protection of the court. The payment plan should comply with the “nocreditor worse off” principle.

• The only protected asset under the law is the debtor’s primary residence.Certain criteria apply for eligibility. Pool A (family with 2 kids): propertytaxable value <€200k and income <€21k. Pool B (family with 2 kids):property taxable value <€260k and income <€35k. In order to ensure aresidence protection, the debtor must submit a payment plan for allhis/her creditors.

Closure of account

Payment order

Foreclosure

Auction

Receipt of auction proceeds

Previous legal workout

New legal workout

~ 2 months ~ 1 month

~ 2 months > 1 month

~ 10-30 months 7 months

~ 4 months ~ 2 months

~ 18-38 months ~ 11 months

Revised Enforcement Procedure Timeline

Liquidity04 4.1 Piraeus Liquidity Update 4.6 Piraeus Customer Deposits in Greece

4.2 Piraeus Group Commercial Gap Evolution

4.7 Piraeus Funding Cost

4.3 Greek Market Liquidity 4.8 L.3723/2008: Hellenic Republic Support Scheme

4.4 Greek Market Liquidity Pattern (2012 vs. 2015)

4.9 Capital Controls Update

4.5 Piraeus Wholesale Funding

32

Customer

Deposits

• +€1.6 bn in Greece

• +€0.2 bn abroad, across all countries

Domestic

Deposit Mix

• Dec.15: 67% core, 33% time deposits

• Dec.14: 43% core, 57% time deposits

Domestic

Deposit Cost

• 61bps total deposit rate in Dec.15, -69bps yoy

• 114 bps time deposit rate in Dec.15, -81bps yoy

Wholesale

Funding

• -€3.1 bn Eurosystem funding

• +€1.3 bn EFSF|ESM interbank repo

L.3723

Utilization

• Pillar 3: 0

• Pillar 2: €10.4 bn (face value)

❶

❷

❸

❹

❺

Action plan under way to retrieve customer outflows (branch network campaigns, loyalty schemes, tailor-made products)

Target for deposit inflows during 2016, aiming at both reversing outflows and attracting new funds gradually, without derailment of customer rates

Further reduction of Eurosystem funding by €2.3 bn in 2m.16, with interbank repos at €3.3 bn (+€1.6 bn ytd as at Feb.16)

Decrease of total deposit rate to c.50 bps for 2016 on average from 94bps in FY.15, with time deposits to c.80bps on average from 165 bps in FY.15

04 4.1 Piraeus Liquidity Update

Q4.2015 Liquidity Status Latest Trends

ELA collateral buffer at c.€9 bn (Feb.16), based on existing collateral valuation & haircuts and issuance ability

Current use of Pillar 2 at €1 bn funding (Feb.16). Targeted redemption by end Apr.16; c.€20mn cost for fees in 2016 for P2,P3 vs. €118 mn in 2015

33

Deposits: 2015 Evolution (€ bn)

-1.0

+1.0

-0.8

68.1

Q4Greece

Q4Int'l

Cypruseffect

Dec.15

Commercial Gap: Key Drivers

+0.2+1.6

-1.0

39.0

Q4Greece

Q4Int'l

Cypruseffect

Dec.15

04 4.2 Piraeus Group Commercial Gap Evolution

73.0

-3.6 -0.7

68.8

Dec.14 9m EgyptSale

Jun.15

54.8

-15.7 -1.0

38.1

Dec.14 9m EgyptSale

Sept.15

Gross Loans: 2015 Evolution (€ bn)

seasonal agri-loan

Notes: i. reported data, Egypt excluded for Jun.15 and onwards, Cyprus excluded for Dec.15

ii. Δ Group loans reflects deleveraging, write-offs, seasonal agri-loan, FX impact

iii. €2.7 bn ESM notes additionally received in Q4.15 for State Aid in latest recap

iv. Δ debt securities in Q4.15 reflects LME result 34

€ bn Dec.14 Sep.15 Dec.15 qoq yoy

Net Loans 57.1 51.9 50.6 -1.3 -6.6

Deposits 54.8 38.1 39.0 +0.9 -15.9

Commercial Gap 2.3 13.9 11.6 -2.2 +9.3

Securities 17.6 17.7 20.3 +2.6 +2.7

ELA 0.0 21.2 16.7 -4.5 +16.7

ECB 14.1 14.6 16.0 +1.4 +1.9

Interbank EFSF Repo 8.4 0.4 1.7 +1.3 -6.7

Debt Securities 0.9 0.7 0.1 -0.6 -0.8

Wholesale Funding 23.4 36.9 34.5 -2.4 +11.1

Equity 7.3 6.7 10.0 +3.3 +2.7

Loans to Deposits Ratio (%)

Deposits Banknotes Eurosystem

Q4.14 -5.5 +1.4 +13.5

Q1.15 -24.2 +8.7 +51.1

Q2.15 -18.5 +9.4 +19.4

Total Q4.14 - Q2.15 -48.3 +19.5 +84.0

Q3.15 0.0 -1.2 -5.2

Q4.15 +3.2 -0.9 -13.9

o/w Dec.15 +3.1 -0.3 -5.9

Jan.16 -1.5 -0.8 -1.4 0

10

20

30

40

50

60

2009 2010 2011 2012 2013 2014 2015

100

120

140

160

180

200

220

240

260

280

300Deposits

Bank Notes

04Greek Market Liquidity Movement (€ bn)

Eurosystem Funding (€ bn)

Eurosystem at €106 bn in Jan.16 (ELA €69 bn, ECB €37 bn), down €10 bn vs. Jun.15

Customer Deposits & Currency in Circulation (€ bn)

Source: BoG, deposit figure for residents

Banknotes at €48 bn in Jan.16, down €3 bn vs. Jun.15

Capital controls

40%

60%

80%

100%

120%

140%

2009 2010 2011 2012 2013 2014 2015

4.3 Greek Market Liquidity

LDR at 128% bn in Jan.16, down 10ppts vs. Jun.15

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 2014 2015

ELA

ECB

35

Comparing the behavior of deposits and Eurosystem funding in 2015 vs.

previous “stress” period in 2012 results in estimates below:

• the pattern of Eurosystem funding (post peak) is broadly similar in

both cases, so c.€30 bn decrease from current level can be expected

• deposit decline has been substantially steeper and the recovery much

more muted in 2015 vs. 2012, mainly due to capital controls

• a timely completion of Greek programme review, could result in

expansion of deposits in the market in excess of €10 bn for 2016

04Market Deposit Inflow Pattern (€ bn)

Market Eurosystem Funding Pattern (€ bn)

Banknotes in circulation spiked in Jun.15 to €50 bn vs c.€20 bn normalized level

for the Greek economy, absorbing almost half of the recorded private deposit

outflows; since then, M0 had a c.€3 bn decrease till Feb.16

Limited deposit outflows offshore in 2015 contrary to 2012 case

Granular deposit outflows in 2015 (small tickets) contrary to 2012 case

4.4 Greek Market Liquidity Pattern (2012 vs.2015)

-10

10

30

50

70

90

110

130

150

t-9

t-8

t-7

t-6

t-5

t-4

t-3

t-2

t-1 t

t+1

t+2

t+3

t+4

t+5

t+6

t+7

t+8

t+9

t+1

0

t+1

1

t+1

2

12monthis post Jul.12 -€54 bn2012

pattern

2015 pattern

-50

-40

-30

-20

-10

0

t-9

t-8

t-7

t-6

t-5

t-4

t-3

t-2

t-1 t

t+1

t+2

t+3

t+4

t+5

t+6

t+7

t+8

t+9

t+1

0

t+1

1

t+1

2

2012pattern

2015 pattern

9months to Jun.12 -€40 bn | -20%

9months to Jun.15 -€48 bn | -27%

36

Sep.14 Dec.14 Mar.15 Jun.15 Sep.15 Dec.15

Dec.14 Mar.15 Jun.15 Sep.15 Dec.15 Feb.16

ECB 14.1 14.9 15.1 14.6 16.0 14.2

EFSF|ESM Bonds 5.7 14.2 14.4 13.9 15.3 13.7

GGBs and T-bills 1.0 - - - - -

L.3723 6.8 - - - - -

Other 0.6 0.7 0.7 0.7 0.7 0.6

ELA - 15.4 22.2 21.2 16.7 16.2GGBs and T-bills - 0,7 1.0 0.8 0.8 0.8

L.3723 - 4.4 9.4 5.7 5.7 1.0

Loans & Other - 10.3 11.8 14.7 10.2 14.4

Total 14.1 30.3 37.3 35.8 32.7 30.4

Eurosystem Funding (€ bn)

14.9 15.1 14.6 16.0 14.2

15.4

22.2 21.2 16.716.2

10.0

14.1

30.3

37.3 35.832.7

30.4

Sep.14 Dec.14 Mar.15 Jun.15 Sep.15 Dec.15 Feb.16

ELA

ECB

Collateral Used for Eurosystem Funding - Cash Values (€ bn)

ELA Utilization & Buffer | Ιnterbank Activity

ELA collateral buffer estimated at €9 bn currently (Feb.16), based

on existing collateral valuation & haircuts and P2 issuance ability

Current utilization of Pillar 2 guarantees at €1.75 bn face value

(2015 closed €10.4 bn), maturing in April, with the intention not to

roll-over

Interbank Repo Book (€ bn)

04

Funding through EFSF repos stood at €1.7 bn at Dec.15 with

activity resuming in Q4. Volumes are projected to increase as

counterparty interest is expected to expand

12

10

8

6

4

2

0

4.5 Piraeus Wholesale Funding

€3.3 bn Feb.16

Feb.16

37

Greek market Piraeus - Greece

34.6 +1.5 36.1

Nov.15 Δ Depos Dec.15

44% 37%57%

33%

56% 63%43%

67%

Dec.14 Dec.15 Dec.14 Dec.15

Time Core

Dec.15 Customer Deposit Movement in Greece (€ bn)

04 4.6 Piraeus Customer Deposits in Greece

Dec.15 Domestic Inflows per Customer Type (€ bn)

Domestic Deposit Mix (%)

130.7 +3.1 133.8

Nov.15 Δ Depos Dec.15

1.3

1.8

Households

Businesses & Govt

0.5

1.0

Piraeus Inflows %

Mass|Farmers +0.5 34%

SB +0.2 15%

SME +0.1 7%

Corporate +0.2 13%

Govt & Other +0.5 31%

Total +1.5 100%

Dec.15 Inflow by Segment (€ bn)



Granularity of time deposits (c.70% <€250k)

Softer cash withdrawals (<€420 weekly limit)

Dec.15 witnessed light repatriation flows, as

well as some banknotes re-deposits, despite

historically high tax obligation payments

38

2.91%

2.04%

1.30%1.05%

0.61% 0.60%

4.58%

3.05%

1.95%1.76%

1.14%1.06%

Dec.12 Jun.13 Dec.13 Jun.14 Dec.14 Jun.15 Dec.15

Total deposits

Time deposits

04 4.7 Piraeus Funding Cost

4.40%

2.71%

1.77% 1.74%

0.95% 0.85%

4.58%

3.05%

1.95%1.76%

1.14%1.06%

Dec.12 Jun.13 Dec.13 Jun.14 Dec.14 Jun.15 Dec.15

New time deposits

Time deposits (stock)

1.81% 1.74% 1.73%

1.15%0.98%

0.76%0.90%

1.16%

1.31% 1.23%

Q4.14 Q1.15 Q2.15 Q3.15 Q4.15

New Time Deposit Cost

Eurosystem Cost incl. P2, P3 Fees

Customer Deposit Rates in Greece (%)

Domestic Time Deposit Rates | Stock vs. New Production (%)

Domestic Νew Time Deposit Cost vs. Eurosystem Cost (%, averages)

2016 Outlook

Feb.16

Feb.16

Time deposit cost declined uninterruptedly throughout

2015

Further decrease expected: time deposit rate to stand at

c.80 bps on average in 2016 from 165 bps in FY.2015

Only c.€20 mn state fee for Pillar 2 use in ELA anticipated

during 2016 (vs. €120 mn in 2015)

Continuous effort to reduce deposit cost in line with

approved Restructuring Plan

39

Bank returned the €2.2bn Pillar III bonds in Sep.15

Bank fully repaid the €750mn preference shares in May.14

10

14

16

15

12 12 12 12 12 12 12

8 88

5

12 12 12 1213

10 10 10 10 10

2

0

2

4

6

8

10

12

14

16

18

20

Dec

.10

Dec

.11

Mar

.12

Jun.

12

Sep

.12

Dec

.12

Mar

.13

Jun.

13

Sep

.13

Dec

.13

Mar

.14

Jun.

14

Sep

.14

Dec

.14

Mar

.15

Ap

r.15

May

.15

Jun.

15

Jul.1

5

Au

g.15

Sep

.15

Oct

.15

Nov

.15

Dec

.15

Jan.

16

Feb.

16

P1 P2 P3

4.8 L.3723/2008: Hellenic Republic Support Scheme

Piraeus Evolution of L.3723 Utilization (face value, € bn)

Table of Measures & Current Status (€ bn, Feb.16)

The Hellenic Republic implemented a Support Scheme for Greek Banks in late 2008 through Law 3723. The law specified three alternative Pillars of support:

Pillar I: issue of preference shares in favor of the Hellenic Republic, with in-kind contribution (GGBs). The shares carried a 10% cost (with a provision for this cost to increase by 2% p.a. after 2014). The shares count towards CET-1 capital (until 2018, B3)

Pillar II: issuance of senior bonds guaranteed by the Hellenic Republic. These securities were used until February 2015 as eligible collateral for ECB operations. Since then, these bonds are only accepted as ELA collateral

Pillar III: banks borrow Special Greek Government zero coupon bonds against collateral (performing loans)

MeasureIndicative

CostPiraeus Balance

MarketBalance

Pillar I - Preference Shares 10.0%1 - 1.1

Pillar II - Guarantees 1.15%2 1.75 30.8

Pillar III - Special Bonds 0.90%3 - 2.2

Total 1.8 34.1

Max €16.4 bn in Q2 2012

Notes: (1) cost refers to preference shares with a provision to increase by 2% pa post 2014 (2) cost refers to Guarantee (3) cost refers to Securities Lending (1) and (3) costs no longer applicable to Piraeus

04

Ζero

Last tranche redeems 28 Apr 16 (€1.75bn)

Ζero

Piraeus Utilization

40

€120 mn NII burden in 2015

Weekly Cash

Withdrawal Limit

€420 equivalent per week per account

holder

Purchase of Greek

Mutual FundsAllowed

New Account

Opening

Subject to specific criteria, e.g. primary

payroll account

Greek Capital Market

InstrumentsAllowed

Additional Account

BeneficiaryProhibited

Foreign Investments

LiquidationProceeds can be reinvested

Transfers from

abroad

100% of funds can be re-transferred abroad.

10% of funds can be withdrawn in cash

Change of Custodian

BankProhibited when changing to foreign custodian

Outgoing Wire

Transfers abroad

Private individuals can transfer up to €500 per month

Trade Related Payments

<€250k approval at bank level

Weekly limit for bank-level committee at €80mn

>€250κ approval by the Controls’ Committee

Time Deposit

Break

Subject to exceptions e.g. real estate

purchases | tax paymentsEarly Loan Repayment

Subject to exceptions, e.g. sale of underlying

collateral

0419 ministerial decisions post August 2015, gradually relaxing capital controls framework

4.9 Capital Controls Update

41

42

Appendices05 5.1 Group P&L and Balance Sheet

5.6 Interbank Repos with EFSF Bonds

5.2 Group Results: Domestic & International

5.7 Contingent Convertible Bonds

5.3 Overview of International Operations

5.4 Loan & Deposit Portfolios

5.5 Key Securities Holdings

Profit & Loss (€ mn)

Group P&L and Balance Sheet 05

43

Balance Sheet (€ mn)

Dec.15 Sep.15 Dec.14

Cash/balance with Central Banks 3,645 3,359 3,838

Loans & Advances to Banks 180 176 297

Gross Loans 68,071 68,847 72,983

(Loan Loss Reserves) (17,480) (16,912) (15,840)

Securities 20,263 17,739 17,559

- o/w EFSF Bonds 16,964 14,306 14,269

Intangibles & Goodwill 274 325 313

Fixed Assets 2,544 2,585 2,463

Deferred Tax Assets 5,075 4,820 4,019

Other Assets 3,362 3,430 3,352

Assets of Discontinued Operations 1,594 1,542 305

Total Assets 87,528 85,910 89,290

Due to Banks 34,491 36,495 23,592

Deposits 38,952 38,075 54,831

Debt Securities 102 706 894

Other Liabilities 2,478 2,410 2,147

Liabilities of Discontinued Ops 1,485 1,500 504

Total Liabilities 77,508 79,186 81,967

Total Equity 10,021 6,724 7,322

Total Liabilities & Equity 87,528 85,910 89,290

Q4.2015 Q3.2015 FY.2015

Net Interest Income 463 463 1,877

Net Fee Income 79 71 306

Trading & Other Income 63 106 210

Total Net Revenues (recurring) 608 617 2,374

- including one-off Items 605 640 2,393

Employee Costs (278) (162) (772)

Administrative Expenses (186) (129) (589)

Depreciation & Other (24) (30) (112)

Total Operating Costs (recurring) (324) (299) (1,249)

- including one-off Items (488) (321) (1,473)

Recurring Pre Provision Income 284 318 1,125

- including one-off Items 117 320 920

Result from Associates 1 6 (13)

Impairment on Loans (1,384) (244) (3,487)

Impairment on Other Assets (263) (18) (351)

Profit Before Tax (1,530) 64 (2,930)

Tax 290 438 1,069

Net Profit Attributable to SHs (1,238) 502 (1,858)

Discontinued Ops Result (31) (3) (35)

5.1

• Discontinued operations (Egypt, Cyprus, ATE Insurance)

44

Group Results: Domestic & International05 5.2

Greece (€ mn) International (€ mn)

Q4.15 Q3.15 qoq

Net Interest Income 41 52 -21%

Net Fee Income 8 7 7%

Banking Income 49 59 -18%

Trading & Other Income -10 6 -

Total Net Revenues (recurring) 39 65 -40%

- including one-off Items 39 65 -40%

Employee Costs (15) (14) 3%

Administrative Expenses (22) (20) 11%

Depreciation & Other (4) (4) -19%

Total Operating Costs (recurring) (41) (39) 5%

- including one-off Items (41) (39) -10%

Pre Provision Income (recurring) (2) 26 -

- including one-off items (2) 26 -

Result from Associates 0 0 -

Impairment on Loans (192) (120) 61%

Impairment on Other Assets (77) (12) >100%

Pre Tax Result (271) (106) >100%%

Tax 24 18 31%

Net Result Attributable to SHs (247) (87) >100%

Discontinued Ops Result (32) (10) >100%

Q4.15 Q3.15 qoq

Net Interest Income 422 411 3%

Net Fee Income 71 64 11%

Banking Income 493 475 4%

Trading & Other Income 73 101 -28%

Total Net Revenues (recurring) 570 552 3%


Employee Costs (263) (147) 79%

Administrative Expenses (164) (108) 51%

Depreciation & Other (20) (26) -21%

Total Operating Costs (recurring) (284) (260) 9%

- including one-off Items (447) (282) 59%

Pre Provision Income (recurring) 286 293 -2%


Result from Associates 1 6 -85%

Impairment on Loans (1,192) (124) >100%

Impairment on Other Assets (187) (6) >100%

Pre Tax Result (1,258) 170 -

Tax 266 420 -37%

Net Result Attributable to SHs (993) 590 -

Discontinued Ops Result 1 7 -85%

• Discontinued operations (Egypt, Cyprus, ATE Insurance)

Overview of International Operations

AlbaniaBulgariaRomania

Serbia Ukraine

London Frankfurt

Branches (#) 120

Employees (#) 1,435

Assets 1,581

Net loans 765

Deposits 853

Branches (#) 75

Employees (#) 885

Assets 1,502

Net loans 879

Deposits 1,040

Branches (#) 26

Employees (#) 452

Assets 444

Net loans 266

Deposits 249

Branches (#) 18

Employees (#) 438

Assets 154

Net loans 40

Deposits 52

Branches (#) 39

Employees (#) 429

Assets 602

Net loans 211

Deposits 460

Branch (#) 1

Employees (#) 22

Assets 1,115

Net loans 842

Deposits 26

Branch (#) 1

Employees (#) 14

Assets 152

Net loans 14

Deposits 131

(€ mn, as at Dec.2015)

Branches

Branches (#) 280

Employees (#) 3,680

Assets 5,652

Net loans 3,017

Deposits 2,810

Total international1

05

1. Consolidated financial data for international subsidiaries

Market Shares Loans Deposits

Albania 6.9% 6.5%

Bulgaria 3.9% 3.3%

Romania 1.6% 1.3%

Serbia 2.3% 1.6%

Ukraine 0.3% 0.2%

45

5.3

Subsidiaries

Gross Loans Evolution (€ mn)

Dec.14 Mar.15 Jun.15 Sep.15 Dec.15 yoy qoq

Group 71,477 69,794 69,187 68,045 68,071 -5% 0%

Business 46,926 45,294 44,881 44,212 44,525 -5% 1%

Mortgages 17,277 17,292 17,188 16,899 16,740 -3% -1%

Consumer 7,274 7,207 7,118 6,934 6,806 -6% -2%

Greece 66,068 64,532 64,180 63,306 63,922 -3% 1%

Business 42,829 41,341 41,108 40,628 41,449 -3% 2%

Mortgages 16,731 16,743 16,655 16,386 16,244 -3% -1%

Consumer 6,507 6,449 6,417 6,292 6,230 -4% -1%

Intl 5,410 5,261 5,007 4,739 4,149 -23% -12%

Business 4,097 3,954 3,774 3,584 3,076 -25% -14%

Mortgages 545 550 533 513 497 -9% -3%

Consumer 767 758 701 642 576 -25% -10%

Loan & Deposit Portfolios05 5.4

• All data exclude discontinued operations (Egypt and Cyprus )

Deposits Evolution (€ mn)

Dec.14 Mar.15 Jun.15 Sep.15 Dec.15 yoy qoq

Group 52,749 44,354 37,872 37,113 38,952 -26% 5%

Savings 13,118 12,671 12,458 14,657 15,249 16% 4%

Sight 8,947 7,804 6,834 7,803 9,532 7% 22%

Time 30,684 23,879 18,580 14,653 14,171 -54% -3%

Greece 49,450 41,310 35,113 34,534 36,141 -27% 5%

Savings 12,888 12,428 12,216 14,420 14,995 16% 4%

Sight 8,500 7,364 6,404 7,395 9,085 7% 23%

Time 28,061 21,517 16,494 12,718 12,062 -57% -5%

Intl 3,299 3,044 2,758 2,579 2,810 -15% 9%

Savings 230 242 242 237 254 11% 7%

Sight 447 440 430 408 446 0% 9%

Time 2,623 2,362 2,086 1,934 2,110 -20% 9%

46

ESM Holdings by Maturity (€ mn)EFSF Holdings by Maturity (€ mn)

Key Securities Holdings05 5.5

47

ISINIssue Date

Maturity Date

CpnFace Value

1 EU000A1U9852 27-Aug-15 27-Feb-17 6m € -18 813

2 EU000A1U9860 27-Aug-15 27-Aug-17 6m € -20 812

3 EU000A1U9878 27-Aug-15 27-Feb-18 6m € -21 1,081

Total & Average 1.6 Yrs 6m € -20 2,706

ISINIssue Date

Maturity Date

CpnFace Value

1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m € +46 2,340

2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m € +57 2,340

3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m € +64 2,340

4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m € +71 2,240

5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m € +77 2,240

6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m € +34 484

7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m € +35 983

8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m € +36 1,176

9 Total & Average 5.7 Yrs 6m € +58 14,142

(*) coupon floored at zero percent

Funding (€ bn) Interbank Repos Τrends

Funding through EFSF repos stood at €2.7bn at Dec 2015 with

activity resuming in Q4

Balance as €3.3 bn at the end of Feb.16

Cost of funding is again declining as more counterparties

engage in transactions

Volumes are projected to increase as counterparty interest is

solid and expected to expand

48

Interbank Repos with EFSF Bonds05 5.6

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Dec

.12

Jun

.13

Dec

.13

Jun

.14

Dec

.14

Jun

.15

Dec

.15

Cost (rate in bps)

0

20

40

60

80

100

120

Dec

.12

Jun

.13

Dec

.13

Jun

.14

Dec

.14

Jun

.15

Dec

.15

€3.3bn Feb.16

20bpsFeb.16

Term & Ranking

Payment of interest

Perpetual

Pari passu with common equity, junior to all claims of all creditors (including subordinated) at special liquidation of issuer

Annual

Fully discretionary & Paid in cash or shares

Coupon is tax deductible, impacting directly equity position as dividend

No dividend shall be paid on the issuer’s common stock if issuer has decided not to pay the previous coupon payment in full

05 Contingent Convertible Bonds5.7

Coupon Initial 7 years 8% per annum (initial interest rate).

Post 7 years, interest rate calculated as prevailing 7y Mid-swap rate + (8% less 7y Mid-swap rate at issuance: 7.543 per cent, p.a)

Conversion events

The securities shall automatically convert into ordinary shares if:

At any time the CET1 ratio, calculated on a consolidated basis or a solo basis, falls below 7%

2 annual coupons are missed (in whole or in part, and do not need to be consecutive)

Optional to the holder at 7th anniversary of issuance

Conversion consideration

The number of common shares issued on conversion is determined as 116% of the nominal amount of the outstanding securities divided by the conversion price which shall be equal to the offer price subject to market standard adjustments in the event of certain corporate actions

Option to repay The issuer may, in its sole discretion, repay all or some only of the bonds at any time subject to approval by the ECB acting within the

framework of SSM, at their initial nominal amount plus any interest accrued but unpaid, unless cancelled

Applicable law Greek law

Basel III Classification Classified as Common Equity Tier 1

Transferability Transferable by HFSF to another holder with the consent of the issuer and the regulator, per Art. 7(5)(b) of the HFSF Law

49

Issue Size €2,040,000,000

4 Amerikis St, 105 64 Athens Tel. : (+30 ) 210 3335027-5062-5739, 3288332 [email protected]

Bloomberg: TPEIR GA | Reuters: BOPr.AT

ISIN: GRS014003016 | SEDOL: BYWKR93

www.piraeusbankgroup.com

Piraeus Bank IR Contacts

• George Marinopoulos

• Chryssanthi Berbati

• Vicky Diamantopoulou

• Antonis Sagris

50Latest update March 11th 2016

Documents

Corporate Presentation - Piraeus Bank/media/Com/2016/Files/...Corporate Presentation [based on Q4.2015 Group financial results] Disclaimer By reading or otherwise accessing the presentation