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N O V Ε Μ B E R 2 0 1 6
F I N A N C I A L R E S U L T S P R E S E N T A T I O NQ 3 2 0 1 6 P I R A E U S G R O U P F I N A N C I A L R E S U L T S
C O N T E N T S
01 Q32016 HIGHLIGHTS
02 Q32016 FINANCIALS
03 ASSET QUALITY
04 LIQUIDITY
05 APPENDICES
2 | CONTENTS
01
3
Q 3 2 0 1 6 H I G H L I G H T S
11 Q32016 AT A GLANCE
12 SEPT2016 FIGURES
13 OPERATING PERFORMANCE
14 CAPITAL
15 LIQUIDITY
16 NPL PERFORMANCE
17 NPL NPE MOVEMENT
18 NPE OPERATIONAL TARGETS
19 OUTLOOK
110 GREEK MACRO UPDATE
| Q32016 HIGHLIGHTS
4
11 Q32016 AT A GLANCE
PampL
bull Net profit of euro31mn
bull Net interest amp net fee income at euro570mn +1 qoq +7 yoy
bull Positive jaws with PPI at 176bps over loans and CoR at 147bps
NPLs| NPEs
bull Negative NPL formation for 3rd consecutive quarter at -euro03bn
bull NPL stock down euro06bn qoq and euro22bn yoy
bull NPE stock down euro02 qoq and euro11bn yoy
Liquidity
Deposit inflow of euro09bn LDR at 123 improved by 4 percentage points
bull Eurosystem down euro31bn of which ELA -euro17bn
bull ΕFSF repo up euro05bn at euro52bn with cost in negative territory
bull Further EFSF bonds sales of euro1bn reducing ECB reliance
De-risking
bull Piraeus Bank Cyprus sale agreement
bull ATE Insurance and listed shares portfolio disposals concluded
bull VES resulted in c1k FTE exits Greek footprint close to 2017 target (650)
| Q32016 HIGHLIGHTS
01
Group euromn Greece Intrsquol Sep16 Jun16
Total assets 75397 6829 82226 84316
Gross loans 61547 3852 65399 66187
Customer deposits 36373 2908 39281 38406
Loan loss reserves 16044 1077 17120 17313
Eurosystem funding - - 23750 26801
Equity - - 9964 9929
Pre provision income 278 12 290 288
Net result attr to SHs 46 -15 31 20
Branches () 671 260 931 939
Employees () 14976 3539 18335 18525
Loan-to-deposit ratio 125 95 123 127
gt90dpd ratio 386 410 388 392
gt90dpd coverage ratio 68 68 68 67
CET-1 (phased-in) - - 176 175
CET-1 (fully loaded) - - 167 166
5
12 SEPT2016 FIGURES
-euro03bn NPL formation in Q3 on top of euro03bn write-offs
-euro22bn NPL stock yoy of which euro16bn in Greece
68 NPL coverage 26 provisions over loans
47 NPE coverage NPE ratio flat qoq at 52
euro290mn Q3 recurring PPI resilient qoq
euro31mn Q3 net profit euro46mn from domestic operations
292bps NIM +26bps yoy +3bps qoq
176 CET-1 167 fully loaded CET-1 both higher qoq
Notes (a) intrsquol assets include euro12bn assets from discontinued ops (Cyprus)
(b) pre provision income (PPI) on recurring basis net result from continuing operations PPI and net result for Q316 and Q216
(c) capital ratios pro-forma for Cyprus divestment
| Q32016 HIGHLIGHTS
01
6
13 OPERATING PERFORMANCE
Group euromn Q316 Q216 qoq Q315 yoy
NII 488 484 1 463 5
NFI 82 79 3 71 15
Other 32 43 -25 83 -61
Revenues 602 607 -1 617 -2
OpEx (312) (319) -2 (299) 4
PPI 290 288 1 318 -9
Note recurring PampL data ie excluding one-off items Note ratios over assets excluding EFSF|ESM bonds
292bps
49bps
52
296bps NIM
48bps NFI over assets
50 cost to incomeGR
OU
P Q
3
GR
EEC
E Q
3
Recurring PPI Resilient Positive Bottom Line
euromn
970 920266 288 290
2014 2015 Q116 Q216 Q316
CoR
PPI
-3670-3487
-289 -265 -242
Jaws Closed Leading to Profit for 2nd Quarter
bps on gross loans FY2014 FY2015 Q116 Q216 Q316
PPI 137 162 158 174 176
CoR 503 512 172 160 147
jaws -366 -350 -14 +14 +29
| Q32016 HIGHLIGHTS
01
Group bottom line at euro14mn in 9month 2016
Bank bottom line at euro70mn in 9month 2016
-202
53262
-92
52968
-544
52424
Jun16RWA
Q316 ATE InsDisposal
Sep16RWA
DiscontinuedOps (Cyprus)
Sep16RWA
pro-forma
7
14 CAPITAL
eurobn | Phased Ιn Fully Loaded
CET-1 Capital 92 87
Total Regulatory Capital 92 87
RWAs 524 524
CET-1 ratio 176 167
Total Capital Ratio 176 167
CET-1 Ratios (September 2016)euromn
CET-1 Capital amp RWAs Evolution in Q316
Fully loaded CET-1 ratio at 167 up 7bps qoq
Phased-in ratio at 176 up 12bps qoq
Tangible book value at euro77bn
Leverage ratio at 113
Eligible DTC stands at euro41bn ow euro14bn from PSI and
euro27bn from loan losses
30
-11
269193
Jun16CET-1
Q316Continued
Ops
Q316Discontinued
Ops
Minorities ampOther
Sep16CET-1
9238
| Q32016 HIGHLIGHTS
01
8
15 LIQUIDITY
ELA down by euro17bn qoq at euro127bn vs 2015 peak of euro22bn
1
2 Eurosystem use dropped in Q3 to euro238bn on the back of
deposit increase increased EFSF repos and QE (EFSF bond sales)
EFSF repos further increased at euro52bn at Sep16 at -3bps cost
bull Q4 to-date
deposit increase (+euro08bn) drop in Eurosystem (-euro14bn) EFSFrepos increase (+euro06bn) while QE EFSF sales continue(+euro06bn)
Domestic Deposits (eurobn)
Eurosystem Funding (eurobn)
3
4
5
Deposit inflows in Q3 (euro09bn) in Greece assisted by Greek
state arrears clearing plus capital controls relaxation on top of
the Bankrsquos targeted campaigns and product offerings
Zero reliance of L3723 as of late April 2016 with the
redemption of the last tranche of Pillar2 bonds-euro17bn
from ELA
| Q32016 HIGHLIGHTS
46 of market inflow
01
238
-14
358327
-23 -34141 -31
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
345 361 -10 +04 +09 364
495
+08
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
9
16 NPL PERFORMANCE
Q3 Greek NPL formation at -euro293mn
Group NPL coverage increases further to 68
Q3 Group NPL formation at -euro335mn
321
-051
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
Q1
16
Q2
16
Q3
16
7165
7266
7267
73 68
Business Total
Dec15
Mar16
Jun16
Sep16
-euro335mn qoqbull-euro299mn businessbull-euro36mn retail
business NPL stock comprise c70
of total NPLs
ΝPL stock down euro06bn in Q3 incl write-offs
NPL Formation (new flows over loans )
1
2
3
4
5
NPL Coverage ()
bull 3rd consecutive quarter with negative NPL formation
bull 9m2016 negative NPL formation at euro08bn (euro07bn in Greece)
bull 9m2016 NPL stock down euro15bn including write-offs
ΝPL stock down euro22bn yoy of which euro15bn from business NPLs
| Q32016 HIGHLIGHTS
01
378369 369 368 367
Sep15 Dec15 Mar16 Jun16 Sep16
01
10
17 NPL NPE MOVEMENT
NPL Movement (eurobn) 1
2
NPE Movement (eurobn)
275 269264
259253
Sep15 Dec15 Mar16 Jun16 Sep16
| Q32016 HIGHLIGHTS
NPEs (euro bn) Q116 Q216 Q316
ΝPLs -euro05bn -euro04bn -euro06bn
Impaired loans +euro04bn -euro02bn +euro02bn
Forborne loans +euro01bn +euro05bn +euro02bn
NPE stock movement euro00bn -euro01bn -euro02bn
NPE formation +euro03bn +euro02bn +euro01bn
-euro22bn
-euro11bn
NPL stock declined for a 4th consecutive quarter marking a drop of euro22bn in the last 12 months
Q3 NPL formation at -euro03bn
NPΕ reduction of euro11bn in the last 12 months
Q3 ΝPE formation at +euro01bn
-euro163mn qoq
-euro587mn qoq
3 Piraeus Bank is continuing to descend from NPL and NPE stock lsquopeakrsquo of Sep2015
Note NPL movement is an early indicator vs NPE movement since restructured loans have to remain 12 to 24 months as NPEs before their exit from NPE status
01
11
18 NPE OPERATIONAL TARGETS
| Q32016 HIGHLIGHTS
Parent Data
Operational Targets
Submitted to SSM
2016 2019 Δ
in eurobn Jun Sep Dec Dec19 vs Jun16
actual actual target
NPLsgt90dpd 244 239
NPEs 342 341 203
102
Group Data 2016
in eurobnJun Sep
actual actual
NPLsgt90dpd 259 253
NPEs 368 367
Operational targets submitted to the SSM in late September
2016 are related to parent data
bull Piraeus aims at reducing parent stock of NPEs by 41from Jun16 (euro342bn) to Dec19 (euro203bn)
bull NPLs at parent level are also targeted to be reduced by 58from Jun16 (euro244bn) to Dec19 (euro102bn)
bull The reduction will be driven by
restructurings and collections
liquidations
write-offs
selected sales
while it is based on certain critical assumptions such as
improvement of macroeconomic conditions
implementation of recently voted legal and judicial
NPEs management framework
-41
-58
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
C O N T E N T S
01 Q32016 HIGHLIGHTS
02 Q32016 FINANCIALS
03 ASSET QUALITY
04 LIQUIDITY
05 APPENDICES
2 | CONTENTS
01
3
Q 3 2 0 1 6 H I G H L I G H T S
11 Q32016 AT A GLANCE
12 SEPT2016 FIGURES
13 OPERATING PERFORMANCE
14 CAPITAL
15 LIQUIDITY
16 NPL PERFORMANCE
17 NPL NPE MOVEMENT
18 NPE OPERATIONAL TARGETS
19 OUTLOOK
110 GREEK MACRO UPDATE
| Q32016 HIGHLIGHTS
4
11 Q32016 AT A GLANCE
PampL
bull Net profit of euro31mn
bull Net interest amp net fee income at euro570mn +1 qoq +7 yoy
bull Positive jaws with PPI at 176bps over loans and CoR at 147bps
NPLs| NPEs
bull Negative NPL formation for 3rd consecutive quarter at -euro03bn
bull NPL stock down euro06bn qoq and euro22bn yoy
bull NPE stock down euro02 qoq and euro11bn yoy
Liquidity
Deposit inflow of euro09bn LDR at 123 improved by 4 percentage points
bull Eurosystem down euro31bn of which ELA -euro17bn
bull ΕFSF repo up euro05bn at euro52bn with cost in negative territory
bull Further EFSF bonds sales of euro1bn reducing ECB reliance
De-risking
bull Piraeus Bank Cyprus sale agreement
bull ATE Insurance and listed shares portfolio disposals concluded
bull VES resulted in c1k FTE exits Greek footprint close to 2017 target (650)
| Q32016 HIGHLIGHTS
01
Group euromn Greece Intrsquol Sep16 Jun16
Total assets 75397 6829 82226 84316
Gross loans 61547 3852 65399 66187
Customer deposits 36373 2908 39281 38406
Loan loss reserves 16044 1077 17120 17313
Eurosystem funding - - 23750 26801
Equity - - 9964 9929
Pre provision income 278 12 290 288
Net result attr to SHs 46 -15 31 20
Branches () 671 260 931 939
Employees () 14976 3539 18335 18525
Loan-to-deposit ratio 125 95 123 127
gt90dpd ratio 386 410 388 392
gt90dpd coverage ratio 68 68 68 67
CET-1 (phased-in) - - 176 175
CET-1 (fully loaded) - - 167 166
5
12 SEPT2016 FIGURES
-euro03bn NPL formation in Q3 on top of euro03bn write-offs
-euro22bn NPL stock yoy of which euro16bn in Greece
68 NPL coverage 26 provisions over loans
47 NPE coverage NPE ratio flat qoq at 52
euro290mn Q3 recurring PPI resilient qoq
euro31mn Q3 net profit euro46mn from domestic operations
292bps NIM +26bps yoy +3bps qoq
176 CET-1 167 fully loaded CET-1 both higher qoq
Notes (a) intrsquol assets include euro12bn assets from discontinued ops (Cyprus)
(b) pre provision income (PPI) on recurring basis net result from continuing operations PPI and net result for Q316 and Q216
(c) capital ratios pro-forma for Cyprus divestment
| Q32016 HIGHLIGHTS
01
6
13 OPERATING PERFORMANCE
Group euromn Q316 Q216 qoq Q315 yoy
NII 488 484 1 463 5
NFI 82 79 3 71 15
Other 32 43 -25 83 -61
Revenues 602 607 -1 617 -2
OpEx (312) (319) -2 (299) 4
PPI 290 288 1 318 -9
Note recurring PampL data ie excluding one-off items Note ratios over assets excluding EFSF|ESM bonds
292bps
49bps
52
296bps NIM
48bps NFI over assets
50 cost to incomeGR
OU
P Q
3
GR
EEC
E Q
3
Recurring PPI Resilient Positive Bottom Line
euromn
970 920266 288 290
2014 2015 Q116 Q216 Q316
CoR
PPI
-3670-3487
-289 -265 -242
Jaws Closed Leading to Profit for 2nd Quarter
bps on gross loans FY2014 FY2015 Q116 Q216 Q316
PPI 137 162 158 174 176
CoR 503 512 172 160 147
jaws -366 -350 -14 +14 +29
| Q32016 HIGHLIGHTS
01
Group bottom line at euro14mn in 9month 2016
Bank bottom line at euro70mn in 9month 2016
-202
53262
-92
52968
-544
52424
Jun16RWA
Q316 ATE InsDisposal
Sep16RWA
DiscontinuedOps (Cyprus)
Sep16RWA
pro-forma
7
14 CAPITAL
eurobn | Phased Ιn Fully Loaded
CET-1 Capital 92 87
Total Regulatory Capital 92 87
RWAs 524 524
CET-1 ratio 176 167
Total Capital Ratio 176 167
CET-1 Ratios (September 2016)euromn
CET-1 Capital amp RWAs Evolution in Q316
Fully loaded CET-1 ratio at 167 up 7bps qoq
Phased-in ratio at 176 up 12bps qoq
Tangible book value at euro77bn
Leverage ratio at 113
Eligible DTC stands at euro41bn ow euro14bn from PSI and
euro27bn from loan losses
30
-11
269193
Jun16CET-1
Q316Continued
Ops
Q316Discontinued
Ops
Minorities ampOther
Sep16CET-1
9238
| Q32016 HIGHLIGHTS
01
8
15 LIQUIDITY
ELA down by euro17bn qoq at euro127bn vs 2015 peak of euro22bn
1
2 Eurosystem use dropped in Q3 to euro238bn on the back of
deposit increase increased EFSF repos and QE (EFSF bond sales)
EFSF repos further increased at euro52bn at Sep16 at -3bps cost
bull Q4 to-date
deposit increase (+euro08bn) drop in Eurosystem (-euro14bn) EFSFrepos increase (+euro06bn) while QE EFSF sales continue(+euro06bn)
Domestic Deposits (eurobn)
Eurosystem Funding (eurobn)
3
4
5
Deposit inflows in Q3 (euro09bn) in Greece assisted by Greek
state arrears clearing plus capital controls relaxation on top of
the Bankrsquos targeted campaigns and product offerings
Zero reliance of L3723 as of late April 2016 with the
redemption of the last tranche of Pillar2 bonds-euro17bn
from ELA
| Q32016 HIGHLIGHTS
46 of market inflow
01
238
-14
358327
-23 -34141 -31
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
345 361 -10 +04 +09 364
495
+08
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
9
16 NPL PERFORMANCE
Q3 Greek NPL formation at -euro293mn
Group NPL coverage increases further to 68
Q3 Group NPL formation at -euro335mn
321
-051
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
Q1
16
Q2
16
Q3
16
7165
7266
7267
73 68
Business Total
Dec15
Mar16
Jun16
Sep16
-euro335mn qoqbull-euro299mn businessbull-euro36mn retail
business NPL stock comprise c70
of total NPLs
ΝPL stock down euro06bn in Q3 incl write-offs
NPL Formation (new flows over loans )
1
2
3
4
5
NPL Coverage ()
bull 3rd consecutive quarter with negative NPL formation
bull 9m2016 negative NPL formation at euro08bn (euro07bn in Greece)
bull 9m2016 NPL stock down euro15bn including write-offs
ΝPL stock down euro22bn yoy of which euro15bn from business NPLs
| Q32016 HIGHLIGHTS
01
378369 369 368 367
Sep15 Dec15 Mar16 Jun16 Sep16
01
10
17 NPL NPE MOVEMENT
NPL Movement (eurobn) 1
2
NPE Movement (eurobn)
275 269264
259253
Sep15 Dec15 Mar16 Jun16 Sep16
| Q32016 HIGHLIGHTS
NPEs (euro bn) Q116 Q216 Q316
ΝPLs -euro05bn -euro04bn -euro06bn
Impaired loans +euro04bn -euro02bn +euro02bn
Forborne loans +euro01bn +euro05bn +euro02bn
NPE stock movement euro00bn -euro01bn -euro02bn
NPE formation +euro03bn +euro02bn +euro01bn
-euro22bn
-euro11bn
NPL stock declined for a 4th consecutive quarter marking a drop of euro22bn in the last 12 months
Q3 NPL formation at -euro03bn
NPΕ reduction of euro11bn in the last 12 months
Q3 ΝPE formation at +euro01bn
-euro163mn qoq
-euro587mn qoq
3 Piraeus Bank is continuing to descend from NPL and NPE stock lsquopeakrsquo of Sep2015
Note NPL movement is an early indicator vs NPE movement since restructured loans have to remain 12 to 24 months as NPEs before their exit from NPE status
01
11
18 NPE OPERATIONAL TARGETS
| Q32016 HIGHLIGHTS
Parent Data
Operational Targets
Submitted to SSM
2016 2019 Δ
in eurobn Jun Sep Dec Dec19 vs Jun16
actual actual target
NPLsgt90dpd 244 239
NPEs 342 341 203
102
Group Data 2016
in eurobnJun Sep
actual actual
NPLsgt90dpd 259 253
NPEs 368 367
Operational targets submitted to the SSM in late September
2016 are related to parent data
bull Piraeus aims at reducing parent stock of NPEs by 41from Jun16 (euro342bn) to Dec19 (euro203bn)
bull NPLs at parent level are also targeted to be reduced by 58from Jun16 (euro244bn) to Dec19 (euro102bn)
bull The reduction will be driven by
restructurings and collections
liquidations
write-offs
selected sales
while it is based on certain critical assumptions such as
improvement of macroeconomic conditions
implementation of recently voted legal and judicial
NPEs management framework
-41
-58
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
01
3
Q 3 2 0 1 6 H I G H L I G H T S
11 Q32016 AT A GLANCE
12 SEPT2016 FIGURES
13 OPERATING PERFORMANCE
14 CAPITAL
15 LIQUIDITY
16 NPL PERFORMANCE
17 NPL NPE MOVEMENT
18 NPE OPERATIONAL TARGETS
19 OUTLOOK
110 GREEK MACRO UPDATE
| Q32016 HIGHLIGHTS
4
11 Q32016 AT A GLANCE
PampL
bull Net profit of euro31mn
bull Net interest amp net fee income at euro570mn +1 qoq +7 yoy
bull Positive jaws with PPI at 176bps over loans and CoR at 147bps
NPLs| NPEs
bull Negative NPL formation for 3rd consecutive quarter at -euro03bn
bull NPL stock down euro06bn qoq and euro22bn yoy
bull NPE stock down euro02 qoq and euro11bn yoy
Liquidity
Deposit inflow of euro09bn LDR at 123 improved by 4 percentage points
bull Eurosystem down euro31bn of which ELA -euro17bn
bull ΕFSF repo up euro05bn at euro52bn with cost in negative territory
bull Further EFSF bonds sales of euro1bn reducing ECB reliance
De-risking
bull Piraeus Bank Cyprus sale agreement
bull ATE Insurance and listed shares portfolio disposals concluded
bull VES resulted in c1k FTE exits Greek footprint close to 2017 target (650)
| Q32016 HIGHLIGHTS
01
Group euromn Greece Intrsquol Sep16 Jun16
Total assets 75397 6829 82226 84316
Gross loans 61547 3852 65399 66187
Customer deposits 36373 2908 39281 38406
Loan loss reserves 16044 1077 17120 17313
Eurosystem funding - - 23750 26801
Equity - - 9964 9929
Pre provision income 278 12 290 288
Net result attr to SHs 46 -15 31 20
Branches () 671 260 931 939
Employees () 14976 3539 18335 18525
Loan-to-deposit ratio 125 95 123 127
gt90dpd ratio 386 410 388 392
gt90dpd coverage ratio 68 68 68 67
CET-1 (phased-in) - - 176 175
CET-1 (fully loaded) - - 167 166
5
12 SEPT2016 FIGURES
-euro03bn NPL formation in Q3 on top of euro03bn write-offs
-euro22bn NPL stock yoy of which euro16bn in Greece
68 NPL coverage 26 provisions over loans
47 NPE coverage NPE ratio flat qoq at 52
euro290mn Q3 recurring PPI resilient qoq
euro31mn Q3 net profit euro46mn from domestic operations
292bps NIM +26bps yoy +3bps qoq
176 CET-1 167 fully loaded CET-1 both higher qoq
Notes (a) intrsquol assets include euro12bn assets from discontinued ops (Cyprus)
(b) pre provision income (PPI) on recurring basis net result from continuing operations PPI and net result for Q316 and Q216
(c) capital ratios pro-forma for Cyprus divestment
| Q32016 HIGHLIGHTS
01
6
13 OPERATING PERFORMANCE
Group euromn Q316 Q216 qoq Q315 yoy
NII 488 484 1 463 5
NFI 82 79 3 71 15
Other 32 43 -25 83 -61
Revenues 602 607 -1 617 -2
OpEx (312) (319) -2 (299) 4
PPI 290 288 1 318 -9
Note recurring PampL data ie excluding one-off items Note ratios over assets excluding EFSF|ESM bonds
292bps
49bps
52
296bps NIM
48bps NFI over assets
50 cost to incomeGR
OU
P Q
3
GR
EEC
E Q
3
Recurring PPI Resilient Positive Bottom Line
euromn
970 920266 288 290
2014 2015 Q116 Q216 Q316
CoR
PPI
-3670-3487
-289 -265 -242
Jaws Closed Leading to Profit for 2nd Quarter
bps on gross loans FY2014 FY2015 Q116 Q216 Q316
PPI 137 162 158 174 176
CoR 503 512 172 160 147
jaws -366 -350 -14 +14 +29
| Q32016 HIGHLIGHTS
01
Group bottom line at euro14mn in 9month 2016
Bank bottom line at euro70mn in 9month 2016
-202
53262
-92
52968
-544
52424
Jun16RWA
Q316 ATE InsDisposal
Sep16RWA
DiscontinuedOps (Cyprus)
Sep16RWA
pro-forma
7
14 CAPITAL
eurobn | Phased Ιn Fully Loaded
CET-1 Capital 92 87
Total Regulatory Capital 92 87
RWAs 524 524
CET-1 ratio 176 167
Total Capital Ratio 176 167
CET-1 Ratios (September 2016)euromn
CET-1 Capital amp RWAs Evolution in Q316
Fully loaded CET-1 ratio at 167 up 7bps qoq
Phased-in ratio at 176 up 12bps qoq
Tangible book value at euro77bn
Leverage ratio at 113
Eligible DTC stands at euro41bn ow euro14bn from PSI and
euro27bn from loan losses
30
-11
269193
Jun16CET-1
Q316Continued
Ops
Q316Discontinued
Ops
Minorities ampOther
Sep16CET-1
9238
| Q32016 HIGHLIGHTS
01
8
15 LIQUIDITY
ELA down by euro17bn qoq at euro127bn vs 2015 peak of euro22bn
1
2 Eurosystem use dropped in Q3 to euro238bn on the back of
deposit increase increased EFSF repos and QE (EFSF bond sales)
EFSF repos further increased at euro52bn at Sep16 at -3bps cost
bull Q4 to-date
deposit increase (+euro08bn) drop in Eurosystem (-euro14bn) EFSFrepos increase (+euro06bn) while QE EFSF sales continue(+euro06bn)
Domestic Deposits (eurobn)
Eurosystem Funding (eurobn)
3
4
5
Deposit inflows in Q3 (euro09bn) in Greece assisted by Greek
state arrears clearing plus capital controls relaxation on top of
the Bankrsquos targeted campaigns and product offerings
Zero reliance of L3723 as of late April 2016 with the
redemption of the last tranche of Pillar2 bonds-euro17bn
from ELA
| Q32016 HIGHLIGHTS
46 of market inflow
01
238
-14
358327
-23 -34141 -31
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
345 361 -10 +04 +09 364
495
+08
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
9
16 NPL PERFORMANCE
Q3 Greek NPL formation at -euro293mn
Group NPL coverage increases further to 68
Q3 Group NPL formation at -euro335mn
321
-051
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
Q1
16
Q2
16
Q3
16
7165
7266
7267
73 68
Business Total
Dec15
Mar16
Jun16
Sep16
-euro335mn qoqbull-euro299mn businessbull-euro36mn retail
business NPL stock comprise c70
of total NPLs
ΝPL stock down euro06bn in Q3 incl write-offs
NPL Formation (new flows over loans )
1
2
3
4
5
NPL Coverage ()
bull 3rd consecutive quarter with negative NPL formation
bull 9m2016 negative NPL formation at euro08bn (euro07bn in Greece)
bull 9m2016 NPL stock down euro15bn including write-offs
ΝPL stock down euro22bn yoy of which euro15bn from business NPLs
| Q32016 HIGHLIGHTS
01
378369 369 368 367
Sep15 Dec15 Mar16 Jun16 Sep16
01
10
17 NPL NPE MOVEMENT
NPL Movement (eurobn) 1
2
NPE Movement (eurobn)
275 269264
259253
Sep15 Dec15 Mar16 Jun16 Sep16
| Q32016 HIGHLIGHTS
NPEs (euro bn) Q116 Q216 Q316
ΝPLs -euro05bn -euro04bn -euro06bn
Impaired loans +euro04bn -euro02bn +euro02bn
Forborne loans +euro01bn +euro05bn +euro02bn
NPE stock movement euro00bn -euro01bn -euro02bn
NPE formation +euro03bn +euro02bn +euro01bn
-euro22bn
-euro11bn
NPL stock declined for a 4th consecutive quarter marking a drop of euro22bn in the last 12 months
Q3 NPL formation at -euro03bn
NPΕ reduction of euro11bn in the last 12 months
Q3 ΝPE formation at +euro01bn
-euro163mn qoq
-euro587mn qoq
3 Piraeus Bank is continuing to descend from NPL and NPE stock lsquopeakrsquo of Sep2015
Note NPL movement is an early indicator vs NPE movement since restructured loans have to remain 12 to 24 months as NPEs before their exit from NPE status
01
11
18 NPE OPERATIONAL TARGETS
| Q32016 HIGHLIGHTS
Parent Data
Operational Targets
Submitted to SSM
2016 2019 Δ
in eurobn Jun Sep Dec Dec19 vs Jun16
actual actual target
NPLsgt90dpd 244 239
NPEs 342 341 203
102
Group Data 2016
in eurobnJun Sep
actual actual
NPLsgt90dpd 259 253
NPEs 368 367
Operational targets submitted to the SSM in late September
2016 are related to parent data
bull Piraeus aims at reducing parent stock of NPEs by 41from Jun16 (euro342bn) to Dec19 (euro203bn)
bull NPLs at parent level are also targeted to be reduced by 58from Jun16 (euro244bn) to Dec19 (euro102bn)
bull The reduction will be driven by
restructurings and collections
liquidations
write-offs
selected sales
while it is based on certain critical assumptions such as
improvement of macroeconomic conditions
implementation of recently voted legal and judicial
NPEs management framework
-41
-58
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
4
11 Q32016 AT A GLANCE
PampL
bull Net profit of euro31mn
bull Net interest amp net fee income at euro570mn +1 qoq +7 yoy
bull Positive jaws with PPI at 176bps over loans and CoR at 147bps
NPLs| NPEs
bull Negative NPL formation for 3rd consecutive quarter at -euro03bn
bull NPL stock down euro06bn qoq and euro22bn yoy
bull NPE stock down euro02 qoq and euro11bn yoy
Liquidity
Deposit inflow of euro09bn LDR at 123 improved by 4 percentage points
bull Eurosystem down euro31bn of which ELA -euro17bn
bull ΕFSF repo up euro05bn at euro52bn with cost in negative territory
bull Further EFSF bonds sales of euro1bn reducing ECB reliance
De-risking
bull Piraeus Bank Cyprus sale agreement
bull ATE Insurance and listed shares portfolio disposals concluded
bull VES resulted in c1k FTE exits Greek footprint close to 2017 target (650)
| Q32016 HIGHLIGHTS
01
Group euromn Greece Intrsquol Sep16 Jun16
Total assets 75397 6829 82226 84316
Gross loans 61547 3852 65399 66187
Customer deposits 36373 2908 39281 38406
Loan loss reserves 16044 1077 17120 17313
Eurosystem funding - - 23750 26801
Equity - - 9964 9929
Pre provision income 278 12 290 288
Net result attr to SHs 46 -15 31 20
Branches () 671 260 931 939
Employees () 14976 3539 18335 18525
Loan-to-deposit ratio 125 95 123 127
gt90dpd ratio 386 410 388 392
gt90dpd coverage ratio 68 68 68 67
CET-1 (phased-in) - - 176 175
CET-1 (fully loaded) - - 167 166
5
12 SEPT2016 FIGURES
-euro03bn NPL formation in Q3 on top of euro03bn write-offs
-euro22bn NPL stock yoy of which euro16bn in Greece
68 NPL coverage 26 provisions over loans
47 NPE coverage NPE ratio flat qoq at 52
euro290mn Q3 recurring PPI resilient qoq
euro31mn Q3 net profit euro46mn from domestic operations
292bps NIM +26bps yoy +3bps qoq
176 CET-1 167 fully loaded CET-1 both higher qoq
Notes (a) intrsquol assets include euro12bn assets from discontinued ops (Cyprus)
(b) pre provision income (PPI) on recurring basis net result from continuing operations PPI and net result for Q316 and Q216
(c) capital ratios pro-forma for Cyprus divestment
| Q32016 HIGHLIGHTS
01
6
13 OPERATING PERFORMANCE
Group euromn Q316 Q216 qoq Q315 yoy
NII 488 484 1 463 5
NFI 82 79 3 71 15
Other 32 43 -25 83 -61
Revenues 602 607 -1 617 -2
OpEx (312) (319) -2 (299) 4
PPI 290 288 1 318 -9
Note recurring PampL data ie excluding one-off items Note ratios over assets excluding EFSF|ESM bonds
292bps
49bps
52
296bps NIM
48bps NFI over assets
50 cost to incomeGR
OU
P Q
3
GR
EEC
E Q
3
Recurring PPI Resilient Positive Bottom Line
euromn
970 920266 288 290
2014 2015 Q116 Q216 Q316
CoR
PPI
-3670-3487
-289 -265 -242
Jaws Closed Leading to Profit for 2nd Quarter
bps on gross loans FY2014 FY2015 Q116 Q216 Q316
PPI 137 162 158 174 176
CoR 503 512 172 160 147
jaws -366 -350 -14 +14 +29
| Q32016 HIGHLIGHTS
01
Group bottom line at euro14mn in 9month 2016
Bank bottom line at euro70mn in 9month 2016
-202
53262
-92
52968
-544
52424
Jun16RWA
Q316 ATE InsDisposal
Sep16RWA
DiscontinuedOps (Cyprus)
Sep16RWA
pro-forma
7
14 CAPITAL
eurobn | Phased Ιn Fully Loaded
CET-1 Capital 92 87
Total Regulatory Capital 92 87
RWAs 524 524
CET-1 ratio 176 167
Total Capital Ratio 176 167
CET-1 Ratios (September 2016)euromn
CET-1 Capital amp RWAs Evolution in Q316
Fully loaded CET-1 ratio at 167 up 7bps qoq
Phased-in ratio at 176 up 12bps qoq
Tangible book value at euro77bn
Leverage ratio at 113
Eligible DTC stands at euro41bn ow euro14bn from PSI and
euro27bn from loan losses
30
-11
269193
Jun16CET-1
Q316Continued
Ops
Q316Discontinued
Ops
Minorities ampOther
Sep16CET-1
9238
| Q32016 HIGHLIGHTS
01
8
15 LIQUIDITY
ELA down by euro17bn qoq at euro127bn vs 2015 peak of euro22bn
1
2 Eurosystem use dropped in Q3 to euro238bn on the back of
deposit increase increased EFSF repos and QE (EFSF bond sales)
EFSF repos further increased at euro52bn at Sep16 at -3bps cost
bull Q4 to-date
deposit increase (+euro08bn) drop in Eurosystem (-euro14bn) EFSFrepos increase (+euro06bn) while QE EFSF sales continue(+euro06bn)
Domestic Deposits (eurobn)
Eurosystem Funding (eurobn)
3
4
5
Deposit inflows in Q3 (euro09bn) in Greece assisted by Greek
state arrears clearing plus capital controls relaxation on top of
the Bankrsquos targeted campaigns and product offerings
Zero reliance of L3723 as of late April 2016 with the
redemption of the last tranche of Pillar2 bonds-euro17bn
from ELA
| Q32016 HIGHLIGHTS
46 of market inflow
01
238
-14
358327
-23 -34141 -31
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
345 361 -10 +04 +09 364
495
+08
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
9
16 NPL PERFORMANCE
Q3 Greek NPL formation at -euro293mn
Group NPL coverage increases further to 68
Q3 Group NPL formation at -euro335mn
321
-051
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
Q1
16
Q2
16
Q3
16
7165
7266
7267
73 68
Business Total
Dec15
Mar16
Jun16
Sep16
-euro335mn qoqbull-euro299mn businessbull-euro36mn retail
business NPL stock comprise c70
of total NPLs
ΝPL stock down euro06bn in Q3 incl write-offs
NPL Formation (new flows over loans )
1
2
3
4
5
NPL Coverage ()
bull 3rd consecutive quarter with negative NPL formation
bull 9m2016 negative NPL formation at euro08bn (euro07bn in Greece)
bull 9m2016 NPL stock down euro15bn including write-offs
ΝPL stock down euro22bn yoy of which euro15bn from business NPLs
| Q32016 HIGHLIGHTS
01
378369 369 368 367
Sep15 Dec15 Mar16 Jun16 Sep16
01
10
17 NPL NPE MOVEMENT
NPL Movement (eurobn) 1
2
NPE Movement (eurobn)
275 269264
259253
Sep15 Dec15 Mar16 Jun16 Sep16
| Q32016 HIGHLIGHTS
NPEs (euro bn) Q116 Q216 Q316
ΝPLs -euro05bn -euro04bn -euro06bn
Impaired loans +euro04bn -euro02bn +euro02bn
Forborne loans +euro01bn +euro05bn +euro02bn
NPE stock movement euro00bn -euro01bn -euro02bn
NPE formation +euro03bn +euro02bn +euro01bn
-euro22bn
-euro11bn
NPL stock declined for a 4th consecutive quarter marking a drop of euro22bn in the last 12 months
Q3 NPL formation at -euro03bn
NPΕ reduction of euro11bn in the last 12 months
Q3 ΝPE formation at +euro01bn
-euro163mn qoq
-euro587mn qoq
3 Piraeus Bank is continuing to descend from NPL and NPE stock lsquopeakrsquo of Sep2015
Note NPL movement is an early indicator vs NPE movement since restructured loans have to remain 12 to 24 months as NPEs before their exit from NPE status
01
11
18 NPE OPERATIONAL TARGETS
| Q32016 HIGHLIGHTS
Parent Data
Operational Targets
Submitted to SSM
2016 2019 Δ
in eurobn Jun Sep Dec Dec19 vs Jun16
actual actual target
NPLsgt90dpd 244 239
NPEs 342 341 203
102
Group Data 2016
in eurobnJun Sep
actual actual
NPLsgt90dpd 259 253
NPEs 368 367
Operational targets submitted to the SSM in late September
2016 are related to parent data
bull Piraeus aims at reducing parent stock of NPEs by 41from Jun16 (euro342bn) to Dec19 (euro203bn)
bull NPLs at parent level are also targeted to be reduced by 58from Jun16 (euro244bn) to Dec19 (euro102bn)
bull The reduction will be driven by
restructurings and collections
liquidations
write-offs
selected sales
while it is based on certain critical assumptions such as
improvement of macroeconomic conditions
implementation of recently voted legal and judicial
NPEs management framework
-41
-58
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
Group euromn Greece Intrsquol Sep16 Jun16
Total assets 75397 6829 82226 84316
Gross loans 61547 3852 65399 66187
Customer deposits 36373 2908 39281 38406
Loan loss reserves 16044 1077 17120 17313
Eurosystem funding - - 23750 26801
Equity - - 9964 9929
Pre provision income 278 12 290 288
Net result attr to SHs 46 -15 31 20
Branches () 671 260 931 939
Employees () 14976 3539 18335 18525
Loan-to-deposit ratio 125 95 123 127
gt90dpd ratio 386 410 388 392
gt90dpd coverage ratio 68 68 68 67
CET-1 (phased-in) - - 176 175
CET-1 (fully loaded) - - 167 166
5
12 SEPT2016 FIGURES
-euro03bn NPL formation in Q3 on top of euro03bn write-offs
-euro22bn NPL stock yoy of which euro16bn in Greece
68 NPL coverage 26 provisions over loans
47 NPE coverage NPE ratio flat qoq at 52
euro290mn Q3 recurring PPI resilient qoq
euro31mn Q3 net profit euro46mn from domestic operations
292bps NIM +26bps yoy +3bps qoq
176 CET-1 167 fully loaded CET-1 both higher qoq
Notes (a) intrsquol assets include euro12bn assets from discontinued ops (Cyprus)
(b) pre provision income (PPI) on recurring basis net result from continuing operations PPI and net result for Q316 and Q216
(c) capital ratios pro-forma for Cyprus divestment
| Q32016 HIGHLIGHTS
01
6
13 OPERATING PERFORMANCE
Group euromn Q316 Q216 qoq Q315 yoy
NII 488 484 1 463 5
NFI 82 79 3 71 15
Other 32 43 -25 83 -61
Revenues 602 607 -1 617 -2
OpEx (312) (319) -2 (299) 4
PPI 290 288 1 318 -9
Note recurring PampL data ie excluding one-off items Note ratios over assets excluding EFSF|ESM bonds
292bps
49bps
52
296bps NIM
48bps NFI over assets
50 cost to incomeGR
OU
P Q
3
GR
EEC
E Q
3
Recurring PPI Resilient Positive Bottom Line
euromn
970 920266 288 290
2014 2015 Q116 Q216 Q316
CoR
PPI
-3670-3487
-289 -265 -242
Jaws Closed Leading to Profit for 2nd Quarter
bps on gross loans FY2014 FY2015 Q116 Q216 Q316
PPI 137 162 158 174 176
CoR 503 512 172 160 147
jaws -366 -350 -14 +14 +29
| Q32016 HIGHLIGHTS
01
Group bottom line at euro14mn in 9month 2016
Bank bottom line at euro70mn in 9month 2016
-202
53262
-92
52968
-544
52424
Jun16RWA
Q316 ATE InsDisposal
Sep16RWA
DiscontinuedOps (Cyprus)
Sep16RWA
pro-forma
7
14 CAPITAL
eurobn | Phased Ιn Fully Loaded
CET-1 Capital 92 87
Total Regulatory Capital 92 87
RWAs 524 524
CET-1 ratio 176 167
Total Capital Ratio 176 167
CET-1 Ratios (September 2016)euromn
CET-1 Capital amp RWAs Evolution in Q316
Fully loaded CET-1 ratio at 167 up 7bps qoq
Phased-in ratio at 176 up 12bps qoq
Tangible book value at euro77bn
Leverage ratio at 113
Eligible DTC stands at euro41bn ow euro14bn from PSI and
euro27bn from loan losses
30
-11
269193
Jun16CET-1
Q316Continued
Ops
Q316Discontinued
Ops
Minorities ampOther
Sep16CET-1
9238
| Q32016 HIGHLIGHTS
01
8
15 LIQUIDITY
ELA down by euro17bn qoq at euro127bn vs 2015 peak of euro22bn
1
2 Eurosystem use dropped in Q3 to euro238bn on the back of
deposit increase increased EFSF repos and QE (EFSF bond sales)
EFSF repos further increased at euro52bn at Sep16 at -3bps cost
bull Q4 to-date
deposit increase (+euro08bn) drop in Eurosystem (-euro14bn) EFSFrepos increase (+euro06bn) while QE EFSF sales continue(+euro06bn)
Domestic Deposits (eurobn)
Eurosystem Funding (eurobn)
3
4
5
Deposit inflows in Q3 (euro09bn) in Greece assisted by Greek
state arrears clearing plus capital controls relaxation on top of
the Bankrsquos targeted campaigns and product offerings
Zero reliance of L3723 as of late April 2016 with the
redemption of the last tranche of Pillar2 bonds-euro17bn
from ELA
| Q32016 HIGHLIGHTS
46 of market inflow
01
238
-14
358327
-23 -34141 -31
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
345 361 -10 +04 +09 364
495
+08
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
9
16 NPL PERFORMANCE
Q3 Greek NPL formation at -euro293mn
Group NPL coverage increases further to 68
Q3 Group NPL formation at -euro335mn
321
-051
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
Q1
16
Q2
16
Q3
16
7165
7266
7267
73 68
Business Total
Dec15
Mar16
Jun16
Sep16
-euro335mn qoqbull-euro299mn businessbull-euro36mn retail
business NPL stock comprise c70
of total NPLs
ΝPL stock down euro06bn in Q3 incl write-offs
NPL Formation (new flows over loans )
1
2
3
4
5
NPL Coverage ()
bull 3rd consecutive quarter with negative NPL formation
bull 9m2016 negative NPL formation at euro08bn (euro07bn in Greece)
bull 9m2016 NPL stock down euro15bn including write-offs
ΝPL stock down euro22bn yoy of which euro15bn from business NPLs
| Q32016 HIGHLIGHTS
01
378369 369 368 367
Sep15 Dec15 Mar16 Jun16 Sep16
01
10
17 NPL NPE MOVEMENT
NPL Movement (eurobn) 1
2
NPE Movement (eurobn)
275 269264
259253
Sep15 Dec15 Mar16 Jun16 Sep16
| Q32016 HIGHLIGHTS
NPEs (euro bn) Q116 Q216 Q316
ΝPLs -euro05bn -euro04bn -euro06bn
Impaired loans +euro04bn -euro02bn +euro02bn
Forborne loans +euro01bn +euro05bn +euro02bn
NPE stock movement euro00bn -euro01bn -euro02bn
NPE formation +euro03bn +euro02bn +euro01bn
-euro22bn
-euro11bn
NPL stock declined for a 4th consecutive quarter marking a drop of euro22bn in the last 12 months
Q3 NPL formation at -euro03bn
NPΕ reduction of euro11bn in the last 12 months
Q3 ΝPE formation at +euro01bn
-euro163mn qoq
-euro587mn qoq
3 Piraeus Bank is continuing to descend from NPL and NPE stock lsquopeakrsquo of Sep2015
Note NPL movement is an early indicator vs NPE movement since restructured loans have to remain 12 to 24 months as NPEs before their exit from NPE status
01
11
18 NPE OPERATIONAL TARGETS
| Q32016 HIGHLIGHTS
Parent Data
Operational Targets
Submitted to SSM
2016 2019 Δ
in eurobn Jun Sep Dec Dec19 vs Jun16
actual actual target
NPLsgt90dpd 244 239
NPEs 342 341 203
102
Group Data 2016
in eurobnJun Sep
actual actual
NPLsgt90dpd 259 253
NPEs 368 367
Operational targets submitted to the SSM in late September
2016 are related to parent data
bull Piraeus aims at reducing parent stock of NPEs by 41from Jun16 (euro342bn) to Dec19 (euro203bn)
bull NPLs at parent level are also targeted to be reduced by 58from Jun16 (euro244bn) to Dec19 (euro102bn)
bull The reduction will be driven by
restructurings and collections
liquidations
write-offs
selected sales
while it is based on certain critical assumptions such as
improvement of macroeconomic conditions
implementation of recently voted legal and judicial
NPEs management framework
-41
-58
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
6
13 OPERATING PERFORMANCE
Group euromn Q316 Q216 qoq Q315 yoy
NII 488 484 1 463 5
NFI 82 79 3 71 15
Other 32 43 -25 83 -61
Revenues 602 607 -1 617 -2
OpEx (312) (319) -2 (299) 4
PPI 290 288 1 318 -9
Note recurring PampL data ie excluding one-off items Note ratios over assets excluding EFSF|ESM bonds
292bps
49bps
52
296bps NIM
48bps NFI over assets
50 cost to incomeGR
OU
P Q
3
GR
EEC
E Q
3
Recurring PPI Resilient Positive Bottom Line
euromn
970 920266 288 290
2014 2015 Q116 Q216 Q316
CoR
PPI
-3670-3487
-289 -265 -242
Jaws Closed Leading to Profit for 2nd Quarter
bps on gross loans FY2014 FY2015 Q116 Q216 Q316
PPI 137 162 158 174 176
CoR 503 512 172 160 147
jaws -366 -350 -14 +14 +29
| Q32016 HIGHLIGHTS
01
Group bottom line at euro14mn in 9month 2016
Bank bottom line at euro70mn in 9month 2016
-202
53262
-92
52968
-544
52424
Jun16RWA
Q316 ATE InsDisposal
Sep16RWA
DiscontinuedOps (Cyprus)
Sep16RWA
pro-forma
7
14 CAPITAL
eurobn | Phased Ιn Fully Loaded
CET-1 Capital 92 87
Total Regulatory Capital 92 87
RWAs 524 524
CET-1 ratio 176 167
Total Capital Ratio 176 167
CET-1 Ratios (September 2016)euromn
CET-1 Capital amp RWAs Evolution in Q316
Fully loaded CET-1 ratio at 167 up 7bps qoq
Phased-in ratio at 176 up 12bps qoq
Tangible book value at euro77bn
Leverage ratio at 113
Eligible DTC stands at euro41bn ow euro14bn from PSI and
euro27bn from loan losses
30
-11
269193
Jun16CET-1
Q316Continued
Ops
Q316Discontinued
Ops
Minorities ampOther
Sep16CET-1
9238
| Q32016 HIGHLIGHTS
01
8
15 LIQUIDITY
ELA down by euro17bn qoq at euro127bn vs 2015 peak of euro22bn
1
2 Eurosystem use dropped in Q3 to euro238bn on the back of
deposit increase increased EFSF repos and QE (EFSF bond sales)
EFSF repos further increased at euro52bn at Sep16 at -3bps cost
bull Q4 to-date
deposit increase (+euro08bn) drop in Eurosystem (-euro14bn) EFSFrepos increase (+euro06bn) while QE EFSF sales continue(+euro06bn)
Domestic Deposits (eurobn)
Eurosystem Funding (eurobn)
3
4
5
Deposit inflows in Q3 (euro09bn) in Greece assisted by Greek
state arrears clearing plus capital controls relaxation on top of
the Bankrsquos targeted campaigns and product offerings
Zero reliance of L3723 as of late April 2016 with the
redemption of the last tranche of Pillar2 bonds-euro17bn
from ELA
| Q32016 HIGHLIGHTS
46 of market inflow
01
238
-14
358327
-23 -34141 -31
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
345 361 -10 +04 +09 364
495
+08
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
9
16 NPL PERFORMANCE
Q3 Greek NPL formation at -euro293mn
Group NPL coverage increases further to 68
Q3 Group NPL formation at -euro335mn
321
-051
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
Q1
16
Q2
16
Q3
16
7165
7266
7267
73 68
Business Total
Dec15
Mar16
Jun16
Sep16
-euro335mn qoqbull-euro299mn businessbull-euro36mn retail
business NPL stock comprise c70
of total NPLs
ΝPL stock down euro06bn in Q3 incl write-offs
NPL Formation (new flows over loans )
1
2
3
4
5
NPL Coverage ()
bull 3rd consecutive quarter with negative NPL formation
bull 9m2016 negative NPL formation at euro08bn (euro07bn in Greece)
bull 9m2016 NPL stock down euro15bn including write-offs
ΝPL stock down euro22bn yoy of which euro15bn from business NPLs
| Q32016 HIGHLIGHTS
01
378369 369 368 367
Sep15 Dec15 Mar16 Jun16 Sep16
01
10
17 NPL NPE MOVEMENT
NPL Movement (eurobn) 1
2
NPE Movement (eurobn)
275 269264
259253
Sep15 Dec15 Mar16 Jun16 Sep16
| Q32016 HIGHLIGHTS
NPEs (euro bn) Q116 Q216 Q316
ΝPLs -euro05bn -euro04bn -euro06bn
Impaired loans +euro04bn -euro02bn +euro02bn
Forborne loans +euro01bn +euro05bn +euro02bn
NPE stock movement euro00bn -euro01bn -euro02bn
NPE formation +euro03bn +euro02bn +euro01bn
-euro22bn
-euro11bn
NPL stock declined for a 4th consecutive quarter marking a drop of euro22bn in the last 12 months
Q3 NPL formation at -euro03bn
NPΕ reduction of euro11bn in the last 12 months
Q3 ΝPE formation at +euro01bn
-euro163mn qoq
-euro587mn qoq
3 Piraeus Bank is continuing to descend from NPL and NPE stock lsquopeakrsquo of Sep2015
Note NPL movement is an early indicator vs NPE movement since restructured loans have to remain 12 to 24 months as NPEs before their exit from NPE status
01
11
18 NPE OPERATIONAL TARGETS
| Q32016 HIGHLIGHTS
Parent Data
Operational Targets
Submitted to SSM
2016 2019 Δ
in eurobn Jun Sep Dec Dec19 vs Jun16
actual actual target
NPLsgt90dpd 244 239
NPEs 342 341 203
102
Group Data 2016
in eurobnJun Sep
actual actual
NPLsgt90dpd 259 253
NPEs 368 367
Operational targets submitted to the SSM in late September
2016 are related to parent data
bull Piraeus aims at reducing parent stock of NPEs by 41from Jun16 (euro342bn) to Dec19 (euro203bn)
bull NPLs at parent level are also targeted to be reduced by 58from Jun16 (euro244bn) to Dec19 (euro102bn)
bull The reduction will be driven by
restructurings and collections
liquidations
write-offs
selected sales
while it is based on certain critical assumptions such as
improvement of macroeconomic conditions
implementation of recently voted legal and judicial
NPEs management framework
-41
-58
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
-202
53262
-92
52968
-544
52424
Jun16RWA
Q316 ATE InsDisposal
Sep16RWA
DiscontinuedOps (Cyprus)
Sep16RWA
pro-forma
7
14 CAPITAL
eurobn | Phased Ιn Fully Loaded
CET-1 Capital 92 87
Total Regulatory Capital 92 87
RWAs 524 524
CET-1 ratio 176 167
Total Capital Ratio 176 167
CET-1 Ratios (September 2016)euromn
CET-1 Capital amp RWAs Evolution in Q316
Fully loaded CET-1 ratio at 167 up 7bps qoq
Phased-in ratio at 176 up 12bps qoq
Tangible book value at euro77bn
Leverage ratio at 113
Eligible DTC stands at euro41bn ow euro14bn from PSI and
euro27bn from loan losses
30
-11
269193
Jun16CET-1
Q316Continued
Ops
Q316Discontinued
Ops
Minorities ampOther
Sep16CET-1
9238
| Q32016 HIGHLIGHTS
01
8
15 LIQUIDITY
ELA down by euro17bn qoq at euro127bn vs 2015 peak of euro22bn
1
2 Eurosystem use dropped in Q3 to euro238bn on the back of
deposit increase increased EFSF repos and QE (EFSF bond sales)
EFSF repos further increased at euro52bn at Sep16 at -3bps cost
bull Q4 to-date
deposit increase (+euro08bn) drop in Eurosystem (-euro14bn) EFSFrepos increase (+euro06bn) while QE EFSF sales continue(+euro06bn)
Domestic Deposits (eurobn)
Eurosystem Funding (eurobn)
3
4
5
Deposit inflows in Q3 (euro09bn) in Greece assisted by Greek
state arrears clearing plus capital controls relaxation on top of
the Bankrsquos targeted campaigns and product offerings
Zero reliance of L3723 as of late April 2016 with the
redemption of the last tranche of Pillar2 bonds-euro17bn
from ELA
| Q32016 HIGHLIGHTS
46 of market inflow
01
238
-14
358327
-23 -34141 -31
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
345 361 -10 +04 +09 364
495
+08
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
9
16 NPL PERFORMANCE
Q3 Greek NPL formation at -euro293mn
Group NPL coverage increases further to 68
Q3 Group NPL formation at -euro335mn
321
-051
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
Q1
16
Q2
16
Q3
16
7165
7266
7267
73 68
Business Total
Dec15
Mar16
Jun16
Sep16
-euro335mn qoqbull-euro299mn businessbull-euro36mn retail
business NPL stock comprise c70
of total NPLs
ΝPL stock down euro06bn in Q3 incl write-offs
NPL Formation (new flows over loans )
1
2
3
4
5
NPL Coverage ()
bull 3rd consecutive quarter with negative NPL formation
bull 9m2016 negative NPL formation at euro08bn (euro07bn in Greece)
bull 9m2016 NPL stock down euro15bn including write-offs
ΝPL stock down euro22bn yoy of which euro15bn from business NPLs
| Q32016 HIGHLIGHTS
01
378369 369 368 367
Sep15 Dec15 Mar16 Jun16 Sep16
01
10
17 NPL NPE MOVEMENT
NPL Movement (eurobn) 1
2
NPE Movement (eurobn)
275 269264
259253
Sep15 Dec15 Mar16 Jun16 Sep16
| Q32016 HIGHLIGHTS
NPEs (euro bn) Q116 Q216 Q316
ΝPLs -euro05bn -euro04bn -euro06bn
Impaired loans +euro04bn -euro02bn +euro02bn
Forborne loans +euro01bn +euro05bn +euro02bn
NPE stock movement euro00bn -euro01bn -euro02bn
NPE formation +euro03bn +euro02bn +euro01bn
-euro22bn
-euro11bn
NPL stock declined for a 4th consecutive quarter marking a drop of euro22bn in the last 12 months
Q3 NPL formation at -euro03bn
NPΕ reduction of euro11bn in the last 12 months
Q3 ΝPE formation at +euro01bn
-euro163mn qoq
-euro587mn qoq
3 Piraeus Bank is continuing to descend from NPL and NPE stock lsquopeakrsquo of Sep2015
Note NPL movement is an early indicator vs NPE movement since restructured loans have to remain 12 to 24 months as NPEs before their exit from NPE status
01
11
18 NPE OPERATIONAL TARGETS
| Q32016 HIGHLIGHTS
Parent Data
Operational Targets
Submitted to SSM
2016 2019 Δ
in eurobn Jun Sep Dec Dec19 vs Jun16
actual actual target
NPLsgt90dpd 244 239
NPEs 342 341 203
102
Group Data 2016
in eurobnJun Sep
actual actual
NPLsgt90dpd 259 253
NPEs 368 367
Operational targets submitted to the SSM in late September
2016 are related to parent data
bull Piraeus aims at reducing parent stock of NPEs by 41from Jun16 (euro342bn) to Dec19 (euro203bn)
bull NPLs at parent level are also targeted to be reduced by 58from Jun16 (euro244bn) to Dec19 (euro102bn)
bull The reduction will be driven by
restructurings and collections
liquidations
write-offs
selected sales
while it is based on certain critical assumptions such as
improvement of macroeconomic conditions
implementation of recently voted legal and judicial
NPEs management framework
-41
-58
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
8
15 LIQUIDITY
ELA down by euro17bn qoq at euro127bn vs 2015 peak of euro22bn
1
2 Eurosystem use dropped in Q3 to euro238bn on the back of
deposit increase increased EFSF repos and QE (EFSF bond sales)
EFSF repos further increased at euro52bn at Sep16 at -3bps cost
bull Q4 to-date
deposit increase (+euro08bn) drop in Eurosystem (-euro14bn) EFSFrepos increase (+euro06bn) while QE EFSF sales continue(+euro06bn)
Domestic Deposits (eurobn)
Eurosystem Funding (eurobn)
3
4
5
Deposit inflows in Q3 (euro09bn) in Greece assisted by Greek
state arrears clearing plus capital controls relaxation on top of
the Bankrsquos targeted campaigns and product offerings
Zero reliance of L3723 as of late April 2016 with the
redemption of the last tranche of Pillar2 bonds-euro17bn
from ELA
| Q32016 HIGHLIGHTS
46 of market inflow
01
238
-14
358327
-23 -34141 -31
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
345 361 -10 +04 +09 364
495
+08
Dec14 Sep15 Dec15 Δ Q116 Δ Q216 Δ Q316 Sep16 midNov16
9
16 NPL PERFORMANCE
Q3 Greek NPL formation at -euro293mn
Group NPL coverage increases further to 68
Q3 Group NPL formation at -euro335mn
321
-051
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
Q1
16
Q2
16
Q3
16
7165
7266
7267
73 68
Business Total
Dec15
Mar16
Jun16
Sep16
-euro335mn qoqbull-euro299mn businessbull-euro36mn retail
business NPL stock comprise c70
of total NPLs
ΝPL stock down euro06bn in Q3 incl write-offs
NPL Formation (new flows over loans )
1
2
3
4
5
NPL Coverage ()
bull 3rd consecutive quarter with negative NPL formation
bull 9m2016 negative NPL formation at euro08bn (euro07bn in Greece)
bull 9m2016 NPL stock down euro15bn including write-offs
ΝPL stock down euro22bn yoy of which euro15bn from business NPLs
| Q32016 HIGHLIGHTS
01
378369 369 368 367
Sep15 Dec15 Mar16 Jun16 Sep16
01
10
17 NPL NPE MOVEMENT
NPL Movement (eurobn) 1
2
NPE Movement (eurobn)
275 269264
259253
Sep15 Dec15 Mar16 Jun16 Sep16
| Q32016 HIGHLIGHTS
NPEs (euro bn) Q116 Q216 Q316
ΝPLs -euro05bn -euro04bn -euro06bn
Impaired loans +euro04bn -euro02bn +euro02bn
Forborne loans +euro01bn +euro05bn +euro02bn
NPE stock movement euro00bn -euro01bn -euro02bn
NPE formation +euro03bn +euro02bn +euro01bn
-euro22bn
-euro11bn
NPL stock declined for a 4th consecutive quarter marking a drop of euro22bn in the last 12 months
Q3 NPL formation at -euro03bn
NPΕ reduction of euro11bn in the last 12 months
Q3 ΝPE formation at +euro01bn
-euro163mn qoq
-euro587mn qoq
3 Piraeus Bank is continuing to descend from NPL and NPE stock lsquopeakrsquo of Sep2015
Note NPL movement is an early indicator vs NPE movement since restructured loans have to remain 12 to 24 months as NPEs before their exit from NPE status
01
11
18 NPE OPERATIONAL TARGETS
| Q32016 HIGHLIGHTS
Parent Data
Operational Targets
Submitted to SSM
2016 2019 Δ
in eurobn Jun Sep Dec Dec19 vs Jun16
actual actual target
NPLsgt90dpd 244 239
NPEs 342 341 203
102
Group Data 2016
in eurobnJun Sep
actual actual
NPLsgt90dpd 259 253
NPEs 368 367
Operational targets submitted to the SSM in late September
2016 are related to parent data
bull Piraeus aims at reducing parent stock of NPEs by 41from Jun16 (euro342bn) to Dec19 (euro203bn)
bull NPLs at parent level are also targeted to be reduced by 58from Jun16 (euro244bn) to Dec19 (euro102bn)
bull The reduction will be driven by
restructurings and collections
liquidations
write-offs
selected sales
while it is based on certain critical assumptions such as
improvement of macroeconomic conditions
implementation of recently voted legal and judicial
NPEs management framework
-41
-58
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
9
16 NPL PERFORMANCE
Q3 Greek NPL formation at -euro293mn
Group NPL coverage increases further to 68
Q3 Group NPL formation at -euro335mn
321
-051
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
Q1
16
Q2
16
Q3
16
7165
7266
7267
73 68
Business Total
Dec15
Mar16
Jun16
Sep16
-euro335mn qoqbull-euro299mn businessbull-euro36mn retail
business NPL stock comprise c70
of total NPLs
ΝPL stock down euro06bn in Q3 incl write-offs
NPL Formation (new flows over loans )
1
2
3
4
5
NPL Coverage ()
bull 3rd consecutive quarter with negative NPL formation
bull 9m2016 negative NPL formation at euro08bn (euro07bn in Greece)
bull 9m2016 NPL stock down euro15bn including write-offs
ΝPL stock down euro22bn yoy of which euro15bn from business NPLs
| Q32016 HIGHLIGHTS
01
378369 369 368 367
Sep15 Dec15 Mar16 Jun16 Sep16
01
10
17 NPL NPE MOVEMENT
NPL Movement (eurobn) 1
2
NPE Movement (eurobn)
275 269264
259253
Sep15 Dec15 Mar16 Jun16 Sep16
| Q32016 HIGHLIGHTS
NPEs (euro bn) Q116 Q216 Q316
ΝPLs -euro05bn -euro04bn -euro06bn
Impaired loans +euro04bn -euro02bn +euro02bn
Forborne loans +euro01bn +euro05bn +euro02bn
NPE stock movement euro00bn -euro01bn -euro02bn
NPE formation +euro03bn +euro02bn +euro01bn
-euro22bn
-euro11bn
NPL stock declined for a 4th consecutive quarter marking a drop of euro22bn in the last 12 months
Q3 NPL formation at -euro03bn
NPΕ reduction of euro11bn in the last 12 months
Q3 ΝPE formation at +euro01bn
-euro163mn qoq
-euro587mn qoq
3 Piraeus Bank is continuing to descend from NPL and NPE stock lsquopeakrsquo of Sep2015
Note NPL movement is an early indicator vs NPE movement since restructured loans have to remain 12 to 24 months as NPEs before their exit from NPE status
01
11
18 NPE OPERATIONAL TARGETS
| Q32016 HIGHLIGHTS
Parent Data
Operational Targets
Submitted to SSM
2016 2019 Δ
in eurobn Jun Sep Dec Dec19 vs Jun16
actual actual target
NPLsgt90dpd 244 239
NPEs 342 341 203
102
Group Data 2016
in eurobnJun Sep
actual actual
NPLsgt90dpd 259 253
NPEs 368 367
Operational targets submitted to the SSM in late September
2016 are related to parent data
bull Piraeus aims at reducing parent stock of NPEs by 41from Jun16 (euro342bn) to Dec19 (euro203bn)
bull NPLs at parent level are also targeted to be reduced by 58from Jun16 (euro244bn) to Dec19 (euro102bn)
bull The reduction will be driven by
restructurings and collections
liquidations
write-offs
selected sales
while it is based on certain critical assumptions such as
improvement of macroeconomic conditions
implementation of recently voted legal and judicial
NPEs management framework
-41
-58
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
378369 369 368 367
Sep15 Dec15 Mar16 Jun16 Sep16
01
10
17 NPL NPE MOVEMENT
NPL Movement (eurobn) 1
2
NPE Movement (eurobn)
275 269264
259253
Sep15 Dec15 Mar16 Jun16 Sep16
| Q32016 HIGHLIGHTS
NPEs (euro bn) Q116 Q216 Q316
ΝPLs -euro05bn -euro04bn -euro06bn
Impaired loans +euro04bn -euro02bn +euro02bn
Forborne loans +euro01bn +euro05bn +euro02bn
NPE stock movement euro00bn -euro01bn -euro02bn
NPE formation +euro03bn +euro02bn +euro01bn
-euro22bn
-euro11bn
NPL stock declined for a 4th consecutive quarter marking a drop of euro22bn in the last 12 months
Q3 NPL formation at -euro03bn
NPΕ reduction of euro11bn in the last 12 months
Q3 ΝPE formation at +euro01bn
-euro163mn qoq
-euro587mn qoq
3 Piraeus Bank is continuing to descend from NPL and NPE stock lsquopeakrsquo of Sep2015
Note NPL movement is an early indicator vs NPE movement since restructured loans have to remain 12 to 24 months as NPEs before their exit from NPE status
01
11
18 NPE OPERATIONAL TARGETS
| Q32016 HIGHLIGHTS
Parent Data
Operational Targets
Submitted to SSM
2016 2019 Δ
in eurobn Jun Sep Dec Dec19 vs Jun16
actual actual target
NPLsgt90dpd 244 239
NPEs 342 341 203
102
Group Data 2016
in eurobnJun Sep
actual actual
NPLsgt90dpd 259 253
NPEs 368 367
Operational targets submitted to the SSM in late September
2016 are related to parent data
bull Piraeus aims at reducing parent stock of NPEs by 41from Jun16 (euro342bn) to Dec19 (euro203bn)
bull NPLs at parent level are also targeted to be reduced by 58from Jun16 (euro244bn) to Dec19 (euro102bn)
bull The reduction will be driven by
restructurings and collections
liquidations
write-offs
selected sales
while it is based on certain critical assumptions such as
improvement of macroeconomic conditions
implementation of recently voted legal and judicial
NPEs management framework
-41
-58
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
01
11
18 NPE OPERATIONAL TARGETS
| Q32016 HIGHLIGHTS
Parent Data
Operational Targets
Submitted to SSM
2016 2019 Δ
in eurobn Jun Sep Dec Dec19 vs Jun16
actual actual target
NPLsgt90dpd 244 239
NPEs 342 341 203
102
Group Data 2016
in eurobnJun Sep
actual actual
NPLsgt90dpd 259 253
NPEs 368 367
Operational targets submitted to the SSM in late September
2016 are related to parent data
bull Piraeus aims at reducing parent stock of NPEs by 41from Jun16 (euro342bn) to Dec19 (euro203bn)
bull NPLs at parent level are also targeted to be reduced by 58from Jun16 (euro244bn) to Dec19 (euro102bn)
bull The reduction will be driven by
restructurings and collections
liquidations
write-offs
selected sales
while it is based on certain critical assumptions such as
improvement of macroeconomic conditions
implementation of recently voted legal and judicial
NPEs management framework
-41
-58
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
01
12 | Q32016 HIGHLIGHTS
19 OUTLOOK
Estimate for real GDP in Greece close to 0 for 2016 with upside (more than 2 GDP growth in 2017)
Positive bottom line for 2016 as per market consensus
Negative NPL formation for year 2016 to exceed euro1bn (euro08bn in 9month 2016)
VES impact crystallization resulting in euro44mn payroll relief pa More cost-efficiency initiatives under way
Decreased funding cost from lower ELA balance (euro8mn pa for every euro1bn shift to time deposits)
Further deposit inflows for both market and Piraeus Bank for Q4 and onwards as economic activity improves
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
01
13 | Q32016 HIGHLIGHTS
110 GREEK MACRO UPDATE
The 3rd EAP Disbursements (Aug15-Aug18 eurobn)
Sources ELSTAT European Commission Piraeus Bank Economic Research
13020
10
75
2861
15
96
20 5130 34 35
54
2267
2158
2475
2817
200
220
240
260
280
300
00
50
100
150
200
250
300
350
1st
amp 2
nd
EA
P
Feb
-15
Au
g-15
No
v-15
Dec
-15
Jun
-16
Oct
-16
Q4
16
Q1
17
Q2
17
Q3
17
Q4
17
Q1
18
Q2
18
Au
g-18
ESM Bank recapitalisation
ESM
Total (cumulative) RHS
Remaining programme financing
In 9m16 economic activity remained stable yoy
bull projections for FY16 GDP with marginal growth
Fiscal consolidation measures introduced in May 2016 clearly have a negative impact in economic activity However positive base effects clearance of State arrears stabilization of economic climate successful completion of the upcoming reviews and expected debt relief measures as well as the acceleration of the privatization programme give ground for optimism
Following the implementation of the remaining key milestones and the positive assessment of the clearance of net arrears the ESM authorized the disbursement of euro28bn on October 26th euro11bn used for debt servicing and the remaining euro17bn disbursed to a dedicated account for clearing arrears
Execution of State Budget remains on track while economic sentiment has stabilized (eg corporate bond issues have been gradually re-initiated)
Catalysts for the macro environment
bull swift conclusion of the 2nd review by official creditors
bull potential introduction of short-term sovereign debt relief measures
bull qualification of GGBs as ECB QE eligible instruments
bull acceleration of privatization programme
bull further relaxation | elimination of capital controls
2nd Consecutive Quarter With Positive Quarterly GDP Growth Real GDP Increased by 05 qoq in Q316
-20
01 04
-07
07
-04
12
-14
0700
-15
12
-06
03 05
-52
-35
-18-22
06
00
0801
01 05
-22
04
-08 -06
15
-60
-50
-40
-30
-20
-10
00
10
20
Q1
13
Q2
13
Q3
13
Q4
13
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
qoq change yoy change
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
02
14
Q 3 2 0 1 6 F I N A N C I A L S
21 ASSETS amp LIABILITIES MIX
22 GROUP PampL HIGHLIGHTS
23 GROUP BALANCE SHEET
24 DOMESTIC PampL HIGHLIGHTS
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
02
15
21 ASSETS amp LIABILITIES MIX
| Q32016 FINANCIALS
101
27
483
146
32
33Cash
AssetMix
Total
Securities
EFSF|ESM Bonds
Net Loans
PPE
Other
822
38
100
156
237
54
111
127
106
26
489
155
3137
42
99
147
237
49
124
144
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
822
FundingMix
Sep16
Total
CashSecurities
EFSF|ESM Bonds
Net Loans
PPE
Other
843
Jun16
Sep16
Jun16
Total
ECB
ELA
Interbank Repos
Core Deposits
Time Deposits
Total Equity
Other
843
(amounts eurobn)
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
16
NFI increased for 2nd consecutive quarter with
increase stemming mainly from cards (+27) and
bancassurance business (+19)
4
Group Profit amp Loss (euromn)
Q316 Q216 qoq Q315 yoy 9Μ16 9Μ15 yoy
Net Interest Income 488 484 1 463 5 1450 1414 3
Net Fee Income 82 79 3 71 15 235 227 3
Trading Income 10 111 - 54 -81 127 63 100
Other Income 27 15 79 52 -48 65 84 -22
Total Net Revenues 607 689 -12 640 -5 1877 1788 5
- excl οne-off Items 602 607 -1 617 -2 1784 1765 1
Employee Costs (151) (160) -5 (162) -6 (471) (494) -5
Administrative Expenses (143) (140) 2 (129) 11 (414) (403) 3
Depreciation amp Other (28) (28) 0 (28) -2 (83) (83) 0
Total Operating Costs (322) (327) -2 (318) 1 (967) (980) -1
- excl one-off Items (312) (319) -2 (299) 4 (941) (925) 2
Pre Provision Income 285 362 -21 322 -12 910 809 12
- excl one-off Items 290 288 1 318 -9 844 841 0
Result from Associates 16 (24) - 6 - (8) (13) -41
Impairment on Loans (242) (265) -9 (244) -1 (797) (2103) -62
Impairment on Other Assets (19) (33) -42 (20) -6 (64) (93) -31
Profit Before Tax 40 40 2 64 -37 41 (1400) -
Tax 11 20 -46 (438) - 29 (779) -
Net SHs Profit - Continuing Ops 31 20 50 502 -94 14 (621) -
Discontinued Ops Result (11) (16) -29 (3) - (35) (4) -
1
2
3
5
Q3 recurring OpEx decreased qoq on the back of
staff costs reduction (VES impact reflected)
1
2
6
Q3 net interest income benefited from lower
funding costs (lower ELA repo cost at negative
territory) offsetting impact from loan deleveraging
Q3 drop in cost of risk at 147bps over gross loans
from 160bps in Q2 and 172bps in Q1 following
improvement in asset quality
6
3 Q3 trading income decreased qoq as Q2 was
inflated from VISA one-off gain (euro77mn)
Other income increased qoq on the back of
seasonal operating leasing income related with
tourism season
22 GROUP PampL HIGHLIGHTS
| Q32016 FINANCIALS
02
5
4
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
17
23 GROUP BALANCE SHEET
Group Balance Sheet (euromn)
Sep16 Jun16 Dec15 qoq ytd
CashBalances with Central Banks 3262 3734 3645 -13 -10
Loans amp Advances to Banks 171 176 180 -3 -5
Gross Loans 65399 66187 68071 -1 -4
(Loan Loss Reserves) (17120) (17313) (17480) -1 -2
Securities 17780 18577 20263 -4 -12
- ow EFSF ΕSM Bonds 14544 15474 16964 -6 -14
Intangibles amp Goodwill 264 268 274 -2 -4
Fixed Assets 2735 2563 2544 7 8
Deferred Tax Assets 5085 5092 5075 0 0
Other Assets 3467 3341 3362 4 3
Assets of Discontinued Operations 1183 1692 1594 -30 -26
Total Assets 82226 84316 87528 -2 -6
Due to Banks 29303 31842 34491 -8 -15
Deposits 39281 38406 38952 2 1
Debt Securities 71 93 102 -24 -31
Other Liabilities 2420 2468 2478 -2 -2
Liabilities of Discontinued Ops 1186 1578 1485 -25 -20
Total Liabilities 72261 74387 77508 -3 -7
Total Equity 9964 9929 10021 0 -1
Total Liabilities amp Equity 82226 84316 87528 -2 -6
1
2
3
4
Participation in ΕCBrsquos QE programme with
euro09bn EFSF bonds sold in Q3 on top of euro15bn
in Q2
3 Eurosystem funding at euro238bn in September
down euro31bn qoq ΕFSF repos at euro52bn in
September up euro05bn qoq
1
2
Q3 customer deposits higher by euro09bn Further
inflows in Q4 to-date assisted by relaxation of
capital controls and targeted customer
campaigns while new time deposit cost
continues its downward trend
4
Q3 gross loans slightly lower with mild
deleveraging adjusting for write-offs annual
decline of 17 yoy in Greece in line with the
market
| Q32016 FINANCIALS
02
Equity marginally higher vs Q216 mainly due tothe recorded net profit
55
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
Q316 Q216 qoq 9m16
NII 453 449 1 1341
NFI 74 71 3 212
Total Revenues 554 555 0 1632
OpEx (276) (277) 0 (826)
PPI 278 278 0 806
Loan impairment (217) (248) -13 (735)
Pre tax result 56 52 7 77
SHs PAT from cont ops 46 36 25 62
02
18
24 DOMESTIC PampL HIGHLIGHTS
Greek Operations (euromn)
1
2
3
4
1
2
3
4
NII in Greece increased 1 qoq and 10 yoy positively affectedby lower ELA reliance decreasing deposit rates and eliminationof L37232008 guarantees costs
NFI improvement by 3 qoq and 15 yoy on the back of e-payments cards and money transfers
OpEx remained stable qoq and increased by 6 yoy stemmingfrom administrative expenses related with products andservices
Solid NIM movement qoq
296bps up 4bps qoq and 38bps yoy
Drivers include lower time deposit cost lower ELA use TLTRO2use EFSF interbank repo at negative territory
Pre provision income at euro278mn stable qoq
| Q32016 FINANCIALS
Note PampL on normalized basis excluding one-off items for PPI components
5 Loan provisions at euro217mn (140bps over loans from 159bps in Q2)
5
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
02
19
25 DOMESTIC CUSTOMER PORTFOLIO YIELDS
| Q32016 FINANCIALS
Business(stock)
Q315 Q415 Q116 Q216 Q316
Corporate 43 43 39 39 40
SMESBL 56 55 52 49 47
Total 48 46 44 44 43
Q315 Q415 Q116 Q216 Q316
Loan Rates
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Total Stock
FrontBook
Mortgages 25 34 25 46 24 44 23 39 23 38
Consumer 94 100 95 103 89 110 86 103 84 97
Business 48 62 46 59 44 55 44 51 43 60
Total 45 63 43 60 41 57 41 52 40 61
Q315 Q415 Q116 Q216 Q316
Deposits 080 065 059 051 051
Sight 057 060 062 057 060
Savings 017 017 017 013 011
Time 156 123 105 091 087
avg 3m euribor -003 -009 -019 -026 -030
Loans 446 433 411 407 400
Mortgages 249 246 238 233 228
Consumer 936 946 885 862 842
Business 482 463 440 439 431
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
Impact in loan rates for Q316 attributed to euribor further decline and loan restructuring
Front book rates relate with minimal disbursements for retail loans while for business new production came from sme amp corporate segments
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
-51 from peakcurrently at 663
02
20
26 GROUP OPERATING EXPENSES
| Q32016 FINANCIALS
1380
1063
709 671
19401
1672115627
14796
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Dec12 Jun13 Dec13 Jun14 Dec14 Dec15 Jun 16 Sep 16
4853 52
Q315 Q216 Q316
Cost to Income Ratio ()
Domestic Headcount amp Footprint Optimization ()
47 50 50
Q315 Q216 Q316
Group Staff amp Administrative Expenses (euromn)
GREECE
GROUP
-24 from peak-c200 FTEs in Q3 (VES)
Initiatives
Note on normalized basis excluding one-off items
153 153 144 123 139 141
10 67 6 2 2
Q315 Q216 Q316 Q315 Q216 Q316
one-off items
Group Staff amp Administrative Expenses (euromn)
Staff costs
Admin costs
160140
162129
VES impact starts to crystallize as of Q3 (ceuro10mn per quarter)
Further branch closures on top of already accomplished downsizing (from 671 units at the end of Sep16 to reach 650 by year-end in Greece)
151 143
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
03
21
A S S E T Q U A L I T Y
31 GROUP NPL STOCK amp FORMATION
32 DOMESTIC NPL FORMATION
33 DOMESTIC NPL MOVEMENT
34 NPL COVERAGE
35 GROUP PROVISION amp COLLATERAL COVERAGE
36 LOAN PORTFOLIO KPIs
37 NPE RATIOS amp COVERAGE
38 RBU PORTFOLIO AT A GLANCE
39 RBU PERIMETER
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
| ASSET QUALITY
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
1449
1177 12671259
989 773500 369
8264
111385
80 -245 -189-335
Q412 Q113 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 Q316
321
-051
03
22
31 GROUP NPL STOCK amp FORMATION
NPLs (euromn) Sep16
Business 17408
Mortgages 4600
Consumer 3338
TOTAL 25346
NPLs (euromn) Sep16
Greece 23767
International 1579
TOTAL 25 346
462
-81-49
-299
178
-96-58-41
132
-68 -82
5
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q1
14
Q2
14
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
-500
-400
-300
-200
-100
0
100
200
300
400
500
600
700
800
900
1000
Business Mortgages Consumer
pre write-off quarterly NPL formation
New NPLs in Negative Territory for 3rd Quarter NPL Ratio +90dpd per Product Category
pre write-off quarterly NPL formation (amount amp bps over end-quarter loans)
NPLs Mix NPL Formation
| ASSET QUALITY
398423
284
520
392415
283
512
388409
283
510
Total Business Mortgages Consumer
Mar16 Jun16 Sep16
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
03
23
32 DOMESTIC NPL FORMATION
| ASSET QUALITY
317
-048
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
Q1
16
Q2
16
Q3
16
321
-051
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
Q1
16
Q2
16
Q3
16
Recent legislation and gradual improvement in economic sentimentalong with the Bankrsquos expertise in internal RBU are expected tohave further positive impact on the effort to substantiallydeleverage NPL
Businesses posted a -euro256mn negative NPL flow in Q316 in Greece
Greek Q316 NPL formation at -euro293mn from -euro207mn in Q216
Group Q316 NPL formation -euro335mn from -euro189mn in Q216
NPL formation -euro770 mn for Group and -euro730mn for Greece ytd
151
-57
38
-33
126
230
-69-55
-256
11015
98
15101
-110-95-60-40
6
-40
10511
105
-33-67-91
2
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
Q3
14
Q4
14
Q1
15
Q2
15
Q3
15
Q4
15
Q1
16
Q2
16
Q3
16
NPL Formation Negative in Q316 Greek NPL Formation by Segment
Note pre write-off quarterly NPL formation in euro mn or as of gross loans
Group Greece
NPL new flows over loans ()
Business Mortgages Consumer
388NPL ratio
386 NPL ratio
1
2
3
1
2
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
Gross NPL formation at 20 over loans in Q316 from 4 level a year ago
NPL exits (restructurings amp collections) at 25 over loans at 3 level over the last quarters
Greek write-offs stable at 04 qoq with expected acceleration going forward
03
24
33 DOMESTIC NPL MOVEMENT
| ASSET QUALITY
Gross NPL Generation Trending Lower in Greece (eurobn)
247+15
-17-02
243+12
-15-02
238
Mar16 Entries Exits Write-offsamp Other
June16 Entries Exits Write-offsamp Other
Sept16
-euro02bn -euro03bn
formation formation
NPLs (eurobn) Entries Exits
Business +07 -10
Mortgages +04 -04
Consumer +01 -01
TOTAL +12 -15
Q32016 per Product
Note MIS data
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
03
25
LLRs (euromn) Sep16
Business 12784
Mortgages 1846
Consumer 2490
TOTAL 17120
LLRs (euromn) Sep16
Greece 16044
International 1077
TOTAL 17120
6672
37
75
6772
38
7768
73
40
75
Total Business Mortgages Consumer
Q116 Q216 Q316
Further Increase in NPL Cash Coverage NPL Coverage Ratio per Product Category
Group LLRs at 26 Over Loans
| ASSET QUALITY
34 NPL COVERAGE
39
68
26
41
68
28
NPLs NPLs Coverage LLRLoans
Greece
International
Increased NPL coverage across the business segment by130bps qoq and mortgages by 166bps qoq in Q316
Significant stock of loan loss reserves for business loanswhich comprise more than 23 of the portfolio
NPL mix 69 18 13
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
36 3739 38
23
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
03
26
35 GROUP PROVISION amp COLLATERAL COVERAGE
| ASSET QUALITY
4 79 11
84
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
17 25 3540
68
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
53 62 66 73
42
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
20 25 28 30
46
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
74 74 74 75
14
Dec13 Dec14 Dec15 LLRs coverage Tangible collateralcoverage
Sep16
Consumer NPLs
Mortgage NPLs
Business NPLs
Total Mortgage Loans
Sep16
Sep16
Sep16
Sep16
Total Business Loans
Total Consumer Loans
Sep16
+35 guarantees
+26 guarantees
+personal guarantees
+personal guarantees
+personal guarantees
+personal guarantees
Note coverage per segment = loan impairment or collateral value for segmental portfolio divided by balance (NPL or total loan portfolio) for the segment
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
03
27
36 LOAN PORTFOLIO KPIs
Loans KPIs per Segment (Sep2016) Domestic Loan Composition (Sep2016 )
in euromn | TOTAL Business Mortgage Consumer
GROUP Loans 65399 42582 16273 6544
NPL Ratio 39 41 28 51
NPL Coverage 68 73 40 75
NPE Ratio 52 57 39 52
NPE Coverage 47 48 29 64
17
21
21
28
41
43
46
56
81
81
100
110
98
257
Agriculture
Transportation amp Storage
Other Services Activities
Electricity Gas Steam
Shipping
Real Estate
Financial amp Insurance
Accommodation amp Food
Other
Construction
Wholesale amp Retail Trade
Manufacturing
Consumer
Mortgages
Retail
| ASSET QUALITY
() NPE ratios for on and off balance sheet exposures as per EBA methodology
in euromn | TOTAL Business Mortgage Consumer
GREECE Loans 61547 39694 15810 6043
NPL Ratio 39 40 29 54
NPL Coverage 68 74 40 74
NPE Ratio 52 57 39 54
NPE Coverage 46 48 29 64
SME 51 NPL | 69 Coverage
SBL 49 NPL | 55 Coverage
Corporate 33 NPL | 83 Coverage
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
03
28 | ASSET QUALITY
37 NPE RATIOS amp COVERAGE
367 362
523 521
GroupNPL
90dpd
ImpliedGroup
NPE
+101
Piraeus Group NPL to NPE Reconciliation (Sep16) Piraeus Group NPL-NPE-LLR Data per Product (Sep16)
eurobn Exposures NPEs NPLs Performing
Impaired Forborne Contagion
Business 462 265 174 32 49 10
Mortgages 163 63 46 00 17 00
Consumer 76 39 33 01 05 00
Total 701 367 253 33 70 10
eurobn +90dpd NPEs LLRsCoverage
NPLs NPEs
Business 174 265 128 73 48
Mortgages 46 63 18 40 29
Consumer 33 39 25 75 64
Total 253 367 171 68 47
() NPL ratio over loans including off balance sheet exposures (LCLGs) Likewise for NPE ratio as per EBA definition for both numerator (euro04bn) and denominator (euro47bn)
+162Coverage
67 68
Coverage
47 47
+47
Jun16 Sep16
Group NPL 90dpd
Sep16 Jun16
GroupNPE
Impaired ContagionForborne
+13
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 which are not past due but have forbearance measures (ie 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
euro82bn out of euro113bn 0 dpd
+48 collateral
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
03
29
38 RBU PORTFOLIO AT A GLANCE
| ASSET QUALITY
Retail Banking
Corporate | Investment Banking
Financial Management| Control
Operations
CEO
Administration
Recovery Banking Unit (RBU)
RBU Strategy
Retail | SBL Recovery
SME Recovery
Corporate | Shipping Recovery | RBU Structured
Solution
Commercial Workouts
Real Estate
Notes - figures display balances amp customers managed by Piraeus Recovery Banking Unit
- customer total number refers to unique customers (number of customers in breakdown does not add up due to customers with multiple relationships)
(eurobn )Balances
(eurobn)Customers
()FTEs ()
Corporate 64 05Κ 84
SME 29 2Κ 152
Commercial Workouts 95 30Κ 298
SB 14 195Κ 300
Retail 110 402Κ
1095- Mortgages 73 79Κ
- Consumer 37 389Κ
Total 312 420k 1929
() SB FTEs include 100 FTEs in branches for customers holding agricultural products Retail FTEs include 350 dedicated Branch Restructuring Officers in 310 branches On top there are part-time employees working for RBU in another 360 branches across Greece
c2500 FTEs including supporting RBU FTEs (loan admin external legal other vendors in excess of 500 FTEs in total)
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
03
30
39 RBU PERIMETER
| ASSET QUALITY
22
1
21
38
28
10
Total Piraeus Non RBU RBU
lt 90 days past due
(dpd)
gt 90 days past due
(dpd)
31
2960
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)
77
08
52
77
33
06
41
18
110
14
93 95
Retail Small Business Corporateamp SME
Commercial Workouts
NPL balances
Performing loans balances (lt90dpd)
Note figures display amounts for Piraeus Bank Greece Sums of figures may deviate from totals due to rounding
(eurobn 30-Sept-2016)(eurobn 30-Sept-2016)
RBU Balances Overview RBU Balances by Segment
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
03
31 | ASSET QUALITY
310 RBU BUSINESS CUSTOMERS VIABILITY MAPPING
514 customers
euro64bn total loan balances
2059 cases
euro29bn total loan balances
Operating businesses
1659 or 81 of total
euro25bn or 83 of total
Viable (positive EBITDA)
1108 or 67 of
operating cases
euro17bn loans or 67 of
operating cases
RBU portfolio
Corporate amp Shipping SMEs Commercial Workouts
Operating businesses
362 or 70 of total
euro55bn or 84 of total
Viable (positive EBITDA)
259 or 72 of operating
cases
euro37bn loans or 67 of
operating cases
30479 NPL cases
euro95bn total loan balances
Denounced loans gt100k
6760 or 22 of total
euro71bn or 75 of total
Operating cases
3133 or 46 of
denouncedgt100k
euro31bn loans or 44 of
denounced gt 100k
bull Mapping taking into account borrowersrsquo needs viability and affordability in a through-the-cycle approach
bull Aim is to take advantage of the changes in the legal framework and the wealth of data gained through acquisitions to deal with strategic defaulters
bull 67 of balances related to
operating SMEs and Corporate refer to customers that are deemed viable displaying positive EBITDA
RBU portfolio RBU portfolio
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
04
32
L I Q U I D I T Y
41 GREEK MARKET LIQUIDITY
42 DOMESTIC DEPOSITS
43 PIRAEUS DEPOSIT COST
44 EUROSYSTEM FUNDING
45 EFSM | ESM HOLDINGS
46 INTERBANK REPOS
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
100
120
140
160
180
200
220
240
260
280
2009 2010 2011 2012 2013 2014 2015 2016
Deposits
Loans
0
20
40
60
80
100
120
140
160
2009 2010 2011 2012 2013 2014 2015 2016
ELA ECB
04
33
41 GREEK MARKET LIQUIDITY
| LIQUIDITY
40
60
80
100
120
140
2009 2010 2011 2012 2013 2014 2015 2016
Eurosystem at euro72bn in Oct16 (ELA euro46bn ECB euro26bn) -euro55bn vs Jun15 peak
Eurosystem Funding (eurobn)Customer Deposits amp Currency in Circulation (eurobn)
Net Loans to Deposits Ratio ()Loans amp Deposit Balances (eurobn)
Banknotes at euro44bn in Oct16 -euro7bn vs Jun15 peak
LDR at 121 in Sep16 -16ppts vs Jun15 peak
Deposits +euro01bn ytd in Sep16 Loans down euro59bn ytd in Sep16
0
10
20
30
40
50
60
2009 2010 2011 2012 2013 2014 2015 2016
100
150
200
250
300 Deposits
Currency in Circulation
Note loan ytd movement includes euro3bn decrease due to write-offs FX fluctuations and reclassifications
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
04
34
42 DOMESTIC DEPOSITS
Greek market Piraeus - Greece
361
-10
+04+09
Dec15 Δ Q1 16 Δ Q2 16 Δ Q3 16
40 37 37 37
60 63 63 63
Sep15 Sep16 Sep15 Sep16
Time deposits Savings-Sight deposits
Piraeus Contribution to Deposit Inflow in Q316 ()
Domestic Deposit Mix ()
46
54
Piraeus Q216 Q316 Oct16
Mass|Farmers +01 +01 +05
Affluent|Private Banking +02 +03 +01
SB +01 +01 +00
SME +01 +01 +00
Corporate +01 -02 +02
Govt amp Other -02 +04 +00
Total +04 +09 +08
Movement by Segment (eurobn)
Total market Private sector General Government
Greek market Piraeus - Greece
Customer Deposit Movement in Greece (eurobn)
| LIQUIDITY
134
-24
+08 +17
Dec15 Δ Q116 Δ Q216 Δ Q316
5941
Piraeus Bank Other banks
36
64
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
04
35
43 PIRAEUS DEPOSIT COST
| LIQUIDITY
Time deposit cost further decrease
Continuous effort to reduce deposit cost in line
with approved Restructuring Plan
New time deposit cost currently at c70bps
Gradual increase of market sentiment and inflows
in deposits are not expected to trigger any
deviation from deposit pricing discipline
Customer Deposit Rates in Greece (mtd )
Domestic Time Deposit Rates | Stock vs New (mtd )
New Time Deposits Rates in European Periphery ()
Deposit Cost Further Improved
1
2
3
Lower deposit rates
Lower ELA
No P2 utilization
Interbank repo negative rates
Supporting NII
052079
015033
Dec12 Jun13 Dec13 Jun14 Dec14 Jun15 Dec15 Jun16 Sep16
Euro area Greece Spain Portugal
4
440
271
177
095073
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
New time deposits
Time deposits (stock)
291
204
130
061 051
458
305
195
114086
Dec12 Dec13 Dec14 Dec15 Sep16
Total deposits (stock)
Time deposits (stock)
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
04
36
44 EUROSYSTEM FUNDING
| LIQUIDITY
Dec14 Dec15 Mar16 Jun16 Sep16
ECB 141 160 144 124 111
EFSF|ESM Bonds 57 153 138 110 95
GGBs and T-bills 10 - - 09 09
L3723 68 - - - -
Other 06 07 06 06 07
ELA - 167 161 144 127
GGBs and T-bills - 08 01 00 00
L3723 - 57 10 00 00
Loans amp Other - 102 150 144 127
Total 141 327 304 268 238
Eurosystem Funding (eurobn)
149 151 146 160 144 124 111 99
154
222 212 167161
144127
125
100
141
303
373 358327
304268
238224
Sep14 Dec14 Mar15 Jun15 Sep15 Dec15 Mar16 Jun16 Sep16 midNov16
ELA
ECB
Collateral Used for Eurosystem Funding - Cash Values (eurobn)
ELA Utilization amp Buffer
ELA collateral buffer estimated at euro7bn (mid Nov2016) based on existing
collateral valuation and haircuts without including buffer from Pillar 2
No utilization of Pillar 2 guarantees since April 2016
1
2
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
04
37
45 EFSF | ESM HOLDINGS
| LIQUIDITY
ESM Holdings by Maturity (euromn)EFSF Holdings by Maturity (euromn)
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1U9852 27-Aug-15 27-Feb-17 6m euro -18 813
2 EU000A1U9860 27-Aug-15 27-Aug-17 6m euro -20 812
3 EU000A1U9878 27-Aug-15 27-Feb-18 6m euro -21 1081
Total amp Average 08 Yrs 6m euro -20 2706
ISINIssue Date
Maturity Date
CpnFace Value
1 EU000A1G0AL3 19-Apr-12 19-Apr-18 6m euro +46 2340
2 EU000A1G0AM1 19-Apr-12 19-Apr-19 6m euro +57 2340
3 EU000A1G0AN9 19-Apr-12 19-Apr-20 6m euro +64 2340
4 EU000A1G0AP4 19-Apr-12 19-Apr-21 6m euro +71 2240
5 EU000A1G0AQ2 19-Apr-12 19-Apr-22 6m euro +77 2240
6 EU000A1G0A57 19-Dec-12 19-Dec-22 6m euro +34 484
7 EU000A1G0A65 19-Dec-12 19-Dec-23 6m euro +35 983
8 EU000A1G0A73 19-Dec-12 19-Dec-24 6m euro +36 1176
9 Total amp Average 57 Yrs 6m euro +58 14142
Floor at 0
(eurobn) EFSF sales
Q216 15
Q316 09
Q416 qtd 06
TOTAL 30
Pre QE commencement
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
04
38
46 INTERBANK REPOS
| LIQUIDITY
Funding from EFSF Repo (eurobn) Interbank Repos Τrends
EFSF Repo Cost (bps vs ECB Refinancing Rate)
euro52bnSep16
0
2000
4000
6000
8000
10000
12000
14000
Dec
12
Ap
r1
3
Au
g1
3
Dec
13
Ap
r1
4
Au
g1
4
Dec
14
Ap
r1
5
Au
g1
5
Dec
15
Ap
r1
6
Sep
t1
6
-3bpsSep16
Interbank funding through EFSF bond repos stood at euro52bn in
September 2016 from euro47bn in June 2016
Cost of funding has declined significantly ytd matching ECB refinance
rate
Volumes are expected to increase further as counterparty interest is
expanding
1
2
3
Further increase of EFSF repos at euro58bn in mid Nov2016
-20
0
20
40
60
80
100
Dec
12
May
13
Oct
13
Mar
14
Au
g1
4
Jan
15
Jun
15
No
v15
Ap
r1
6
Sep
16
Piraeus cost ECB
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
04
39
47 CAPITAL CONTROLS UPDATE
| LIQUIDITY
Cash Withdrawal Limitbull 100 of cash deposited after 220716 can be withdrawn
bull euro840 equivalent per fortnight per customer
Purchase of Greek Mutual
Fundsbull Allowed
New Account Opening
bull Allowed for existing (as of 110316) customers
bull Subject to specific criteria eg primary payroll account
for new customers
Greek Capital Market
Instrumentsbull Allowed
Additional Account
Beneficiary
bull Allowed for existing (as of 110316) customers
bull Prohibited for new customers
Foreign Investments
Liquidationbull Proceeds can be re-invested
Transfers from abroad
bull 100 of incoming funds can be re-transferred abroad
bull 10 of incoming funds received before 220716 can be
withdrawn in cash
bull 30 of incoming funds received after 220716 can be
withdrawn in cash
Change of Custodian
Bankbull Prohibited when changing to foreign custodian
Outgoing Wire Transfers
abroadbull Private individuals can transfer up to euro1000 per month Trade Related Payments
bull lteuro350k approval at bank level
bull Weekly limit for bank-level committee at euro112mn
bull gteuro350k approval by the Banking Transactions
Approval Committee
Time Deposit Break bull Allowed Early Loan Repayment bull Allowed
21 ministerial decisions since imposition of Capital Controls indicating a gradual relaxation of the relative framework
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
05
40 | APPENDIX
A P P E N D I X
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
52 LOAN amp DEPOSIT PORTFOLIOS
53 ALTERNATIVE CHANNELS INCREASING USE
54 OVERVIEW OF INTERNATIONAL OPERATIONS
55 SEE MACRO OUTLOOK
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
05
41 | APPENDIX
51 GROUP RESULTS DOMESTIC amp INTERNATIONAL
Greece (euromn) International (euromn)
Q32016 Q32015 yoy
Net Interest Income 453 411 10
Net Fee Income 74 64 15
Banking Income 527 475 11
Trading amp Other Income 27 77 -65
Total Net Revenues (recurring) 554 552 0
- incl one-off Items (reported) 558 576 -3
Employee Costs (130) (139) -7
Administrative Expenses (123) (102) 20
Depreciation amp Other (23) (18) 25
Total Operating Costs (recurring) (276) (260) 6
- incl one-off Items (reported) (286) (280) 2
Pre Provision Income (recurring) 278 292 -5
- incl one-off Items (reported) 273 296 -8
Result from Associates 16 6 gt100
Impairment on Loans (217) (124) 75
Impairment on Other Assets (16) (8) gt100
Pre Tax Result 56 170 -67
Tax (11) 420 -
Net Result Attributable to SHs 46 589 -92
Discontinued Operations Result (7) 7 -
Q32016 Q32015 yoy
Net Interest Income 35 52 -33
Net Fee Income 8 7 13
Banking Income 43 59 -27
Trading amp Other Income 5 6 -7
Total Net Revenues (recurring) 48 65 -26
- incl one-off Items (reported) 48 65 -26
Employee Costs (14) (14) -3
Administrative Expenses (19) (20) -8
Depreciation amp Other (4) (4) -11
Total Operating Costs (recurring) (36) (39) -7
- incl one-off Items (reported) (36) (39) -7
Pre Provision Income (recurring) 12 26 -54
- incl one-off Items (reported) 12 26 -54
Result from Associates 0 0 -
Impairment on Loans (25) (120) -79
Impairment on Other Assets (2) (12) -80
Pre Tax Result (15) (105) -85
Tax 0 18 -
Net Result Attributable to SHs (15) (87) -83
Discontinued Operations Result (5) (10) -53
Note all figures refer to continuing operations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
05
42 | APPENDIX
52 LOAN amp DEPOSIT PORTFOLIOS
Gross Loans Evolution (euromn) Deposits Evolution (euromn)
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 68046 68071 66291 66187 65399 -4 -1
Business 44212 44525 43032 43142 42582 -4 -1
Mortgages 16899 16740 16545 16427 16273 -4 -1
Consumer 6934 6806 6713 6617 6544 -6 -1
Greece 63307 63922 62268 62250 61547 -3 -1
Business 40628 41449 40021 40185 39694 -2 -1
Mortgages 16386 16244 16065 15959 15810 -4 -1
Consumer 6292 6230 6182 6106 6043 -4 -1
Intrsquol 4739 4149 4022 3936 3852 -19 -2
Business 3584 3076 3011 2957 2887 -19 -2
Mortgages 513 497 480 468 463 -10 -1
Consumer 642 576 532 511 501 -22 -2
Sep15 Dec15 Mar16 Jun16 Sep16 yoy qoq
Group 37113 38952 37911 38406 39281 6 2
Savings 14657 15249 14636 14597 14138 -4 -3
Sight 7803 9532 8817 9140 9592 23 5
Time 14652 14171 14458 14670 15551 6 6
Greece 34534 36141 35076 35515 36373 5 2
Savings 14420 14995 14364 14292 13798 -4 -3
Sight 7395 9085 8351 8648 9051 22 5
Time 12718 12062 12361 12575 13525 6 8
Intrsquol 2579 2810 2835 2892 2908 13 1
Savings 237 254 272 305 341 44 12
Sight 408 446 466 491 541 33 10
Time 1934 2110 2097 2095 2026 5 -3
Note all figures refer to continuing operations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
05
43
53 ALTERNATIVE CHANNELS INCREASING USE
Credit cards
+31 turnover
+21 avg of purchase trxs active card
+23 active customers
+39 logins
+44 transactions daily
32mn debit cards (27mn Jun15)
+14 credit cards in circulation
+13 prepaid cards in circulation
Debit cards
+100 turnover
+7 increase in customer portfolio penetration
Winbank Cards
Turnover +14
Fees +11
POS
EFTPOS terminals installations +96
New merchants +96
Turnover +111
Fees +68
Prepaid cards
+142 new prepaid cards
+81 turnover
| APPENDIX
Note quarterly data changes on annual basis
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
05
44 | APPENDIX
54 OVERVIEW OF INTERNATIONAL OPERATIONS
AlbaniaBulgariaRomania
Serbia Ukraine
London Frankfurt
Branches () 101
Employees () 1307
Assets 1674
Net loans 725
Deposits 916
Branches () 75
Employees () 872
Assets 1483
Net loans 781
Deposits 1076
Branches () 26
Employees () 445
Assets 402
Net loans 267
Deposits 232
Branches () 17
Employees () 438
Assets 130
Net loans 32
Deposits 48
Branches () 39
Employees () 438
Assets 600
Net loans 195
Deposits 459
Branch () 1
Employees () 17
Assets 951
Net loans 735
Deposits 26
Branch () 1
Employees () 13
Assets 179
Net loans 13
Deposits 152
(euromn as at Sep2016)
Branches
Branches () 260
Employees () 3531
Assets euro54bn
Net loans euro27bn
Deposits euro29bn
Total International1
1 Consolidated financial data for international operations total for countries illustrated
Market Shares Loans Deposits
Albania 64 64
Bulgaria 35 30
Romania 15 13
Serbia 22 14
Ukraine 03 02
Subsidiaries
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
hellipfiscal amp external balances in sustainable levels as final consumption exportsgain momentum
hellipevening out the ongoing international uncertaintyhellip
Real GDP
( y-o-y)
Inflation
( y-o-y CPI)
Fiscal Balance
( GDP)
Current Account
Balance ( GDP)
2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f 2015 2016f 2017f
Albania 28 31 35 19 11 25 -39 -29 -25 -112 -120 -125
Bulgaria 30 16 18 -01 -06 26 -30 -02 -10 21 15 10
Cyprus 16 34 22 -21 -16 05 -11 -08 -04 -36 -40 -44
Romania 38 53 34 -06 -10 21 -15 -22 -30 -12 -16 -20
Serbia 07 25 26 14 18 27 -38 -35 -32 -48 -45 -40
Ukraine -99 10 19 485 150 110 -12 -40 -45 -03 -20 -25
Sources Piraeus Bank Research National Statistical Sources-6
-5
-4
-3
-2
-1
0
1
2
-14 -12 -10 -8 -6 -4 -2 0 2 4
Gen
eral
Go
vern
men
t B
alan
ce (
GD
P)
Current Account Balance ( of GDP)
201015
200009
BGN
RSD
CYP BGN
UAHALL
ALL RSD
RON
UAH
CYPRON
hellipas inflation rates hover below the Central Banksrsquo targets
05 55 SEE MACRO OUTLOOK
SEE Growth continues to over-perform the EUhellip Easing of the Central Bank Monetary Policies continueshellip
Twin Deficits have Stabilizedhellip Table of Economic Forecasts
| APPENDIX45
-10
-8
-6
-4
-2
0
2
4
6
8
10
Q2
20
08
Q3
20
08
Q4
20
08
Q1
20
09
Q2
20
09
Q3
20
09
Q4
20
09
Q1
20
10
Q2
20
10
Q3
20
10
Q4
20
10
Q1
20
11
Q2
20
11
Q3
20
11
Q4
20
11
Q1
20
12
Q2
20
12
Q3
20
12
Q4
20
12
Q1
20
13
Q2
20
13
Q3
20
13
Q4
20
13
Q1
20
14
Q2
20
14
Q3
20
14
Q4
20
14
Q1
20
15
Q2
20
15
Q3
20
15
Q4
20
15
Q1
20
16
Q2
20
16
20
16
20
17
YoY
European Union Countries with Piraeus Bank Presence excl Ukraine
0
5
10
15
20
25
30
35
0
2
4
6
8
10
12
14
Jan
-07
Mar
-07
May
-07
Jul-
07
Sep
-07
No
v-0
7Ja
n-0
8M
ar-0
8M
ay-0
8Ju
l-0
8Se
p-0
8N
ov-
08
Jan
-09
Mar
-09
May
-09
Jul-
09
Sep
-09
No
v-0
9Ja
n-1
0M
ar-1
0M
ay-1
0Ju
l-1
0Se
p-1
0N
ov-
10
Jan
-11
Mar
-11
May
-11
Jul-
11
Sep
-11
No
v-1
1Ja
n-1
2M
ar-1
2M
ay-1
2Ju
l-1
2Se
p-1
2N
ov-
12
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3Ja
n-1
4M
ar-1
4M
ay-1
4Ju
l-1
4Se
p-1
4N
ov-
14
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5Ja
n-1
6M
ar-1
6M
ay-1
6Ju
l-1
6Se
p-1
6
Albania(L) Romania(L) Serbia(L) Ukraine(R )
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations
46
PIRAEUS BANK CONTACTS
4 Amerikis St 105 64 Athens Tel (+30 ) 210 3335062 3288332 3335026 investor_relationspiraeusbankgr
Bloomberg TPEIR GA | Reuters BOPrATISIN GRS014003016 | SEDOL BYWKR93wwwpiraeusbankgroupcom
Financial Management Contacts Investor Relation Contacts
bull Kostas Paschalis CFO bull Chryssanthi Berbati IRO
bull George Marinopoulos Deputy CFO bull Antonis Sagris IR Manager
copy 2016 Piraeus Bank - Investor Relations