PIRAEUS BANK GROUP FIXED INCOME PRESENTATION May 2018 TABLE OF - - PowerPoint PPT Presentation

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PIRAEUS BANK GROUP

FIXED INCOME PRESENTATION

May 2018

SLIDE 2

TABLE OF CONTENTS

01 EXECUTIVE SUMMARY 02 ASSET QUALITY 03 CAPITAL 04 LIQUIDITY & FUNDING 05 2018 EU WIDE STRESS TEST OUTCOME 06 APPENDIX

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01.

EXECUTIVE SUMMARY

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4

market leader in loans and deposits sound capital and liquidity position strong reinvigorated management team delivering on our transformation strategy

| EXECUTIVE SUMMARY

01

1.1 PIRAEUS BANK STRENGTHS AND GOALS reduce NPLs and NPEs to a normalised level maintain a strong capital base re-establish wholesale market funding access create a profitable and sustainable business model

STRENGTHS GOALS

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01

5

1.2 PIRAEUS AT A GLANCE

€63.6bn

Assets

€41.4bn

Net Loans

€43.1bn

Deposits

14.4%

CET-1 ratio [phased-in]

96%

Loans-to-Deposits ratio

❶ ❷ ❸ ❹ ❺

#1

in loans

5.2mn

customers

#1

in deposits

11 years

average length of customer relationships

>1.8mn

e-banking users

>510k

mobile banking users

597

branches

12.9k

headcount

* data for domestic operations in Mar.18 * data for Group operations in Mar.18

| EXECUTIVE SUMMARY

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01

6

1.3 PIRAEUS BANK LEADING POSITION IN GREECE

1% 18% 21% 28%

30%

2% 21% 21% 26%

30%

55 396 486 483

620

Gross Loans - Greece

Source: Bank of Greece for Greek market data and financial information for banks, as of Dec.2017

35% business

Customer Deposits - Greece Greek Branch Network

597 in March | EXECUTIVE SUMMARY

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01

7

1.4 ASSETS & LIABILITIES OVERVIEW

16.0 2.2 41.4 2.4 1.5

Other* Cash

Asset Mix

Total

Securities Net Loans PPE

63.6

amounts in €bn Total

ECB ELA Interbank Repos Sight & Savings Deposits Time Deposits Total Equity Other

63.6

Funding Mix

Mar.18 Mar.18

Debt Securities

• Funding mix enhanced on the back of

lower ELA reliance, improved market access and increasing customer deposits

• Increased interbank repo balances at

cost lower than ELA

3.5 7.8 17.2 25.9 0.4 2.6 4.0 2.1

• EFSF bonds dropped to zero as of Jan.18

in the context of short term measures for the Hellenic Republic’s debt relief (€16.8bn at the peak)

• Asset side comprised 65% by customer

loans at the end of Mar.18

(*) other includes DTA, loans & advances to banks, intangible assets, discontinued operations

| EXECUTIVE SUMMARY

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FINANCIAL RESULTS HIGHLIGHTS

1.5 Q1.2018 | PROGRESS IN ALL FRONTS

01

Continuous Progress on Asset Quality

• NPEs reduced by €3.0bn yoy and €5.6bn from peak in Sep.15; €0.7bn down in Q1.18
• Ten consecutive quarters of NPE reduction
• Two portfolio sales of c.€2bn aggregated NPE gross book value to be completed in Q2.18
• NPE cash coverage at 51%, while including collateral coverage stands at 98%

Improved Liquidity Profile and Enhanced Funding Mix

• Deposits in Greece up by €3.4bn yoy and by €0.5bn in Q1.18 at €41.4bn
• ELA reduced to €1bn area in mid-May 2018; full elimination expected in the near term
• Net Loan to Deposit Ratio of 96% in Greece vs. 118% a year ago

Intensified Cost Efficiency and Cost of Risk Decrease Offsetting Lower Net Interest Income

• Net Interest Income down 9% qoq, on the back of increased provisions (Q4.17, IFRS9)
• Net Fee Income up 2% yoy, with expectation for acceleration in forthcoming quarters
• Operating costs down by 6% for Group, 7% Greece yoy. Cost-to-Income at 56% (recurring data for Q1.18)
• Cost of risk at 1.6% for Q1.18 on the back of €3bn increase in provisions since Sep.17
• Profitable Q1.18, with €32mn bottom-line for Greek operations excluding one-off costs

Maintaining a Strong Capital Position

• Transitional CET-1 at 14.4%, adjusted for asset disposals under way
• Solid performance at the 2018 EU-wide stress test exercise
• Non-dilutive capital actions in place to fortify balance sheet strength and accelerate the execution of

Piraeus Group’s strategic & business plan

8 | EXECUTIVE SUMMARY

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1.6 BALANCE SHEET IMPROVEMENT | GREECE

01

Greece, €bn

Dec.17 Mar.18 qoq Assets 58.5(1) 58.4 0% Gross Loans 56.6(2) 55.7

• 1%

Net Loans 41.6(2) 39.8

• 3%

Loan Loss Reserves 15.0 15.8 5% Customer Deposits 40.9 41.4 1% Eurosystem Funding 9.7 6.1

• 37%

96% LDR ratio

enhanced liquidity

ELA 3%

• ver assets

28%

LLRs over loans

€3.0bn

new loan generation budgeted for 2018

(1) Dec.17 assets excluding seasonal agri-loan, EFSF bonds eliminated in Q1.18 and discontinued operations (2) Loans adjusted for seasonal agri-loan in Dec.17; in addition, quarterly rate adjusted for Q1.18 write-offs

| EXECUTIVE SUMMARY

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1.7 OPERATIONAL PERFORMANCE | GREECE

01

Greece, €mn

Q4.17 Q1.18 qoq Net Revenues 466 434

• 7%

Operating Expenses 306 242

• 21%

Pre Provision Income 160 192 21% Impairments 1,236 148

• 88%

Net results attrib. to SHs 66

• 66
• Net results attrib. to SHs

(recurring Q1.18)

66 32

• 233bps NIM
• ver assets

56% C:I

down qoq

50bps NFI

• ver assets

160bps CoR

at normalization trend

Note: assets adjusted for discontinued operations Note: P&L figures for Q4.17 and Q1.18 exclude one-time VES cost of €16mn and €138mn respectively

| EXECUTIVE SUMMARY

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1.8 SEPARATE BUSINESS MODELS TO ENSURE VALUE CREATION

01

| EXECUTIVE SUMMARY

Piraeus Bank

€bn RWA ROA Q1.18 21.2 <0% FY.17 21.9 <0% Decisive Actions on Legacy Issues Efficiency & Risk-Adjusted Return

“Piraeus Core Bank” “Piraeus Legacy Unit”

€bn RWA ROA Q1.18 29.0 1.1% FY.17 28.6 1.1%

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16 15

collateral provisions

37.7 35.8 32.9 32.2

Sep.15 Dec.16 Dec.17 Mar.18

98%

01

12

1.9 ASSET QUALITY TRACK RECORD Group NPE Development (€bn)

On track with 2018 NPE

reduction target

• €0.7bn

Q1.18 ΝPE quarterly reduction

€3.0bn NPE reduction

in the last 12 months

€5.6bn NPE reduction

from Sep.15 peak

Coverage | EXECUTIVE SUMMARY

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01

13

1.10 NPL & NPE OPERATIONAL TARGETS

19.7 14.9 10.4 11.1 10.9 9.9

Mar.2018a Dec.2018f Dec.2019f

Piraeus aims to further reduce parent stock of NPEs by 34% from Mar.18 to Dec.19

2019 reduction target will be met through:

• restructurings
• collections
• liquidations
• debt forgiveness
• write-offs
• sales

Reduction will be achieved through: NPE NPL €20.3bn €25.9bn €30.8bn

19.8 24.3 20.0 0.0

• €7.0bn
• €3.5bn
• 20.3

Dec.17

• rganic effort

inorganic effort 2020

restructurings, curings, liquidations, collections sales

| EXECUTIVE SUMMARY

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1.11 ΙΜΜΙΝΕΝΤ NPΕ SALES

01

Project “AMOEBA”

• Sale of c.€2.2bn legal claim secured large

SME and corporate -mainly denounced- NPLs (c. €1.6bn gross book value)

• Servicing entity established by the Bank,

available for sale to capital providers

• 180 borrowers; 1,737 properties
• UBS acts as financial advisor
• c.30 signed NDAs with international investors
• Non binding offers submitted on 9 February

by 12 investors

• Sale of c.€2.3bn legal claim

unsecured denounced consumer NPLs (c. €0.4bn gross book value)

• Unsecured personal loans and credit cards
• 132k borrowers; 43% of accounts in €1-5k

bucket

• EY acts as financial advisor
• c.23 signed NDAs with international

investors

• Non binding offers submitted on 14 March

by 6 investors

Project “ARCTOS”

| EXECUTIVE SUMMARY

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1.12 IMPROVED LIQUIDITY & FUNDING POSITION

01

22.2 11.9 5.7

• 3.6

2.1

0.0 16.7 Dec.14 Jun.15 Dec.15 Dec.16 FY.17 Q1.18 Mar.18

Domestic Deposits (€bn) ELA Funding (€bn)

35.1 36.1 39.3 40.9 +0.5

41.4

49.5 Dec.14 Jun.15 Dec.15 Dec.16 FY.17 Q1.18 Mar.18

• Positive deposit movement in Q1.18
• Consisted deposit inflows

market share: (private sector) 28.6%

(Dec.17)

28.8%

(Mar.18)

• Eurosystem funding decreased by €3.6bn in Q1.18
• Repos in Q1.18 with non-ECB eligible collateral at €2.3bn
• ELA use has dropped further to €1bn area in mid May.18

| EXECUTIVE SUMMARY

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1.13 UPGRADED OPERATING EFFICIENCY

01

1.6 1.3 1.1 ~0.9

• “Project Horizon” was commenced in Q4.17

to re-invent the operational model of the Bank

• 16 key initiatives to reduce the cost base in

Greece by >€200mn during period 2018-2020

Wholesale efficiency gains Retail efficiency gains

2016 2020

Effects of cost initiatives €bn, 2017-2020

2017

Cos

• st sa

savings s of

• f mor
• re tha

han €20 200m 0mn for

• r the 3-year pe

period 20 2018 18-202 020

2013

Reshape corporate functions Redesign core processes Procurement efficiency gains

initiatives in place

€200mn

€80mn actions already taken

€35mn admin expenses €45mn VES

| EXECUTIVE SUMMARY

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17

01

1.14 PIRAEUS BANK’S STRATEGIC FOCUS

Streamlining of business to pave the way for continuing de-risking

• Restructuring Plan conclusion
• ELA reliance elimination
• Inorganic initiatives for NPLs
• Growth in Core Bank
• Cost optimisation
• Digitisation acceleration

Improved PPI and normalized provisioning to show earning power

• Medium-term targets to be

achieved, as per the “Agenda 2020” strategic plan

• Strong potential for growth on the

back of new loan generation

• Sustainable healthy returns

Significant strides forward in using our strong capital base to strengthen reserves

• Best-in-class NPL reduction
• Q4 provisioning clean-up
• IFRS9 boost to coverage ratio
• Viable restructurings & increased

collections for NPE/NPL portfolio

• Satisfactory deposit growth

2019 - 2020 2018 2017

| EXECUTIVE SUMMARY

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1.15 PIRAEUS BANK | TRANSFORMATION JOURNEY

01

18

Profit Generation in the Core

• Loan demand improvement
• Risk-adjusted growth of revenues
• Cost efficiency
• Customer growth

Asset Resolution in the PLU

• NPE|NPL reduction
• Sustainable solutions
• Clean-up acceleration
• Divestitures of non-core assets

Bank Restructuring

• Corporate governance strengthened
• New management structure established
• Piraeus Legacy Unit established
• New corporate culture

| EXECUTIVE SUMMARY

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02.

ASSET QUALITY

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02

20

2.1 NPE REDUCTION PACE

34.2

• 0.4
• 1.2
• 1.2

31.4

• 0.6

30.8

Jun.16 H2.16 H1.17 H2.17 Dec.17 Q1.18 Mar.18

Βank NPE Track Record (€bn) Piraeus reduced parent stock of NPE by 10% from Jun.16 to Mar.18; recording a €0.6bn reduction in Q1.18

| ASSET QUALITY

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2.2 NPE MANAGEMENT: IMPROVEMENT OF DEFAULT & RE-DEFAULT RATES

02

(1.1) (0.7) (0.9) (0.9) (0.9) (0.9) (0.3) (0.7) (0.6) (0.5) (0.5) (0.5) (0.2)

George Handjini colaou

(1.0)

(0.6) (0.5) 0.7 0.4 0.5 0.5 0.5 0.4 0.4 0.4 0.4 0.3 0.4 0.3

Redefaults Defaults Bank data, amounts in €bn Curing, Restructuring, Liquidations, Collections Write-offs

NPEs €33.8 €33.3 €32.6 Q4.16 Q1.17 Q2.17 0.2 0.4

Required effort per quarter on average till 2019

Q2.18 – Q4.19

Sales

Q3.17 €32.0 €31.4 Q4.17 Q1.18 €30.8

Note: March 2018 data are preliminary

| ASSET QUALITY

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02

22

2.3 GROUP NPE & NPL RATIOS ON TRACK

| ASSET QUALITY

Note: NPE on balance sheet data; Dec.17 excluding seasonal agri-loan now fully repaid

NPLs (€mn) Mar.18 Business 13,360 Mortgages 4,490 Consumer 2,634 TOTAL 20,484 NPLs (€mn) Mar.18 Greece 19,673 International 811 TOTAL 20,484

Group NPL Ratio per Product Category Group NPL Mix

35.3% 35.9% 29.2% 48.5% 35.5% 35.8% 29.9% 48.6%

Total Business Mortgages Consumer

Dec.17 Mar.18

NPEs (€mn) Mar.18 Business 22,787 Mortgages 6,232 Consumer 3,131 TOTAL 32,150 NPEs (€mn) Mar.18 Greece 31,026 International 1,124 TOTAL 32,150

Group NPE Ratio per Product Category Group NPE Mix

54.5% 58.9% 41.5% 59.0% 55.7% 61.1% 41.5% 57.8%

Total Business Mortgages Consumer

Dec.17 Mar.18

NPE mix 71% 19% 10% NPL mix 65% 22% 13%

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02

23 | ASSET QUALITY

2.4 SOLID COVERAGE IN ALL SEGMENTS

LLRs (€mn) Mar.18 LLR/ Loans Business 11.876 31.9% Mortgages 1,984 13.2% Consumer 2,484 45.8% TOTAL 16,344 28.3% LLRs (€mn) Mar.18 LLR/ Loans Greece 15,844 28.5% International 500 24.7% TOTAL 16,344 28.3%

75% 85% 39% 82%

80% 89% 44% 94%

Total Business Mortgages Consumer Dec.17 Mar.18

NPE Coverage Ratio per Product NPL Coverage Ratio per Product Group LLRs at 28% Over Loans

NPL mix 65% 22% 13%

Total NPE coverage ratio at 98% for business portfolio including collateral values Strong NPL coverage ratio at 89% for the business portfolio that comprise 65% of total NPL stock Cumulative provisions at 28% over Group gross loans

47% 50% 28% 67%

51% 52% 32% 79%

Total Business Mortgages Consumer Dec.17 Mar.18 NPE mix 71% 19% 10% Note: NPE on balance sheet data

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02

24

2.5 DOMESTIC NPE FORMATION ΙΝ NEGATIVE TERRITORY

| ASSET QUALITY

34.7 31.0

Sep.15 Dec.15Mar.16 Jun.16 Sep.16 Dec.16Mar.17 Jun.17 Sep.17 Dec.17Mar.18

NPE Stock Development (€bn)

• €3.7bn

NPE peak

NPE Pre Write-off Formation (€bn)

0.4 0.3 0.2 0.0

• 0.1

0.1 0.0

• 0.2
• 0.1
• 0.3

Q4.15 Q1.16 Q2.16 Q3.16 Q4.16 Q1.17 Q2.17 Q3.17 Q4.17 Q1.18

Note: NPE data is on balance sheet

Greek NPE Formation by Segment

• 41
• 33
• 208

47

• 187

131 23 6

• 120
• 53

19

• 19

9

• 47
• 61

Q1.17 Q2.17 Q3.17 Q4.17 Q1.18 Q1.17 Q2.17 Q3.17 Q4.17 Q1.18 Q1.17 Q2.17 Q3.17 Q4.17 Q1.18

Business Mortgages Consumer NPE formation was negative in all segments in Q1.18, with business having a significant negative movement

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02

25

2.6 NPE STOCK INCLUDES €7.7ΒΝ OF LOANS WITH ZERO DAYS OF ARREARS

| ASSET QUALITY 35.5% 55.7%

Group NPL 90dpd Implied Group NPE +13.9%

Piraeus Group NPL to NPE Reconciliation (Mar.2018) Piraeus Group NPL-NPE-LLR Data per Product (Mar.2018)

€bn Exposures NPEs NPLs Perform rming ng Impaired Forborne Contagion Business 37.3 22.8 13.4 2.8 5.8 0.7 Mortgages 15.0 6.2 4.5 0.0 1.7 0.0 Consumer 5.4 3.1 2.6 0.0 0.5 0.0 Total 57.7 32.2 20.5 2.9 8.0 0.8 €bn │ % NPEs NPLs LLRs Coverage NPEs NPLs Business 22.8 13.4 11.9 52% 89% Mortgages 6.2 4.5 2.0 32% 44% Consumer 3.1 2.6 2.5 79% 94% Total 32.2 20.5 16.3 51% 80%

+20.2% Cash Coverage

80%

Cash Coverage

51%

+5.0%

Mar.18

Group NPL >90dpd

Mar.18

Group NPE Impaired Contagion Forborne +1.3%

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 (i.e. concessions towards a debtor facing or about to face difficulties in meeting financial commitments) and are classified as non-performing as per EBA Technical Standards on forbearance and non performing exposures Contagion: the additional effect of characterizing all exposures to a debtor as NPL when the debtor has exposures in arrears more than 90dpd (pull-through effect) according to EBA technical standards

€7.7bn out of €11.7bn: 0 dpd Notes: NPE on balance sheet data

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02

26

2.7 CURING POTENTIAL FROM FORBORNE LOANS UNDER PROBATION

(€bn) 0 dpd 1-89dpd NPLs NPEs Business 6.6 2.8 13.4 22.8 Mortgages 0.9 0.9 4.5 6.2 Consumer 0.3 0.2 2.6 3.1 TOTAL 7.7 3.9 20.5 32.2

NPEs per Bucket (Mar.18)

51% 52% 32% 79% 67% 73% 37% 88% 80% 89% 44% 94% Total Business Mortgages Consumer NPE NPE>0dpd NPL

Cash Coverage Ratio per Product and Status (Mar.18) Forborne Loans (Mar.18, €14.4bn)

NPEF 0dpd 39% NPEF 1-30dpd 11% NPEF 31-90dpd 12% NPEF >90dpd 12% PF 26%

 €5.7bn forborne with 0dpd

NPΕ mix 24% 12% 64% 100%

[1] [2] [3] [1+2+3]  pace of NPE exits from restructurings evidently to be accelerated:

• €0.3bn in 2017 per quarter on average
• €0.4bn est. 2018 per quarter on average
• €0.7bn est. 2019 per quarter on average

| ASSET QUALITY

Note: NPE on balance sheet data, PF stands for Performing forborne, NPEF stands for NPE Forborne, dpd stands for days past due

SLIDE 27

94%

17%

Cash coverage Collateral coverage

02

27

2.8 CASH COVERAGE AUGMENTED BY COLLATERAL

| ASSET QUALITY

89%

40%

Cash coverage Collateral coverage

Mortgage Business Consumer

52%

46%

Cash coverage Collateral coverage

79%

18%

Cash coverage Collateral coverage

Mortgage Business Consumer Total 129% Total 110% Total 111% Total 98% Total 98% Total 97%

Total NPE coverage at 98% Total NPL coverage at 123%

32%

66%

Cash coverage Collateral coverage

44%

66%

Cash coverage Collateral coverage Notes: collateral capped at loan amount

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2.9 ELECTRONIC AUCTIONS’ PROGRESS

02

60% 30% 10%

completed non completed cancelled due to debtor request for restructuring

in Feb-mid.May 2018

• vs. 396 in FY.2017

478 e-auctions

Property auctions 2014 2015 2016 2017 2018

Feb- mid.May

# auctions carried out by Piraeus 124 124 219 396 478

• Measure for carrying out solely e-auctions of foreclosed property commenced in 21 Feb.
• 2018. The measure affects all auctions, regardless of when a foreclosure notice was

imposed

• The Code of Civil Procedures introduces the preferential coverage of the Banks’ claims

from auctions’ proceeds, provided that the following cumulative conditions are satisfied: i) new financing post 17.01.2018, ii) with new underwriting/mortgage/or pledged collateral of 1st class and iii) this collateral is auctioned | ASSET QUALITY

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2.10 PIRAEUS REO ONLINE PLATFORM PROGRESS

02

Piraeus Bank was the 1st Bank to launch the innovative site www.Properties4sale.gr, achieving the sale of REO assets through online & publicly accessible auctions

| ASSET QUALITY 1st Auction | 29 properties sold at 15% discount to market values 2nd Auction | 29 properties sold at 9% discount to market values 3rd Auction | 26 properties sold at 15% discount to market values

2017

4th Auction | 33 properties sold at 5.2% discount to market values Type Market Price (€mn) Bid Price (€mn) Delta 1st Auction 3.6 3.0

• 15%

2nd Auction 7.2 6.6

• 9%

3rd Auction 4.5 3.8

• 15%

4th Auction 4.0 3.8

• 4.5%

Total 19.3 17.2

• 11%

>> Residential 13.53 12.11

• 10%

>> Commercial 5.19 4.50

• 13%

>> Land plots 0.61 0.59

• 5%

Online Auctions | Results to Date 2017 2018

1st Auction 2nd Auction 3rd Auction 4th Auction 27-28 Jun.17 24-25 Oct.17 13-14 Dec.17 20-21 Mar.18 # of properties 58 57 48 49 # of registered users ~2,900 ~5,000 >6,000 >8,500 # of properties that received bids 39 (67%) 41 (72%) 35 (73%) 37 (76%) # of bids from total bidders 196 (80 bidders) 230 (86 bidders) 196 (74 bidders) 206 (73 bidders) % of the assets with approved bids 50% (29 properties) 51% (29 properties) 54% (26 properties) 67% (33 properties) # of properties received “Buy Now” offers 9/39 13/41 6/35 13/37

2018

Planned Auctions | 6 or above

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03.

CAPITAL

SLIDE 31

31

3.1 SOUND CAPITAL RATIOS

03

| CAPITAL

€ bn | % Mar.18 Mar.18 proforma CET-1 Capital 7.0 7.0 RWAs 50.2 48.7 CET-1 ratio 14.0% 14.4%

CET-1 | Phased-In Ratio SREP Capital Requirement (TSCR) Piraeus Bank maintains capital ratios

in excess of SREP capital requirements Phasing impact of c.60bps in Q1.18 CET1 ratio on fully loaded basis at 11.4%

% 2017 2018 Pillar I CET1 4.50% 4.50% Pillar 2 Requirement (P2R) 3.75% 3.75% AT1 1.50% 1.50% T2 2.00% 2.00% Total SREP Capital Requirement (TSCR) 11.75% 11.75% Conservation buffer (CB) 1.25% 1.875% Overall Capital Requirement (OCR) 13.00% 13.625%

Note: pro-forma ratio adjusted for asset disposals under way (Romania, Serbia and 2 NPE disposals)

SLIDE 32

3.2 CAPITAL STRENGTHENING PLAN UNDER WAY

03

| CAPITAL

32 Piraeus Bank’s Capital Enhancing Initiatives

Action Time Status RWAs Impact

• A. Sale of Assets | Signed SPAs or Non-Binding Offers

>> Avis [operating leasing company] Q1.18 ~€0.2 bn >> Serbia [banking subsidiary] Q2.18 ~€0.3 bn >> Amoeba [secured NPL portfolio] Q2.18 ~€0.6 bn >> Arctos [unsecured NPL portfolio] Q2.18 >> Romania [banking subsidiary] Q2.18 ~€0.6 bn RWAs Impact | Sub-total ~€1.7bn

• B. Sale of Assets | Under Way

>> Bulgaria | Albania [banking subsidiaries] Q2.18 ~€1.2bn

• C. Other De-Risking Actions | Under Way

YE.18 ~€0.6bn Total ~€3.5bn

• Piraeus Bank is executing a capital

strengthening plan since 2017

• Following prior actions to increase NPE

coverage (2017 clean-up & IFRS9 first time adoption), Piraeus is now focusing on accelerated balance sheet de-risking to facilitate the execution of its business plan

• In addition to these actions, Piraeus is also

exploring certain options of issuing non- dilutive instruments

SLIDE 33

04.

LIQUIDITY

04.

LIQUIDITY&FUNDING

SLIDE 34

04

4.1 GREEK MARKET LIQUIDITY GRADUALLY RESTORED

| LIQUIDITY & FUNDING

34

40% 60% 80% 100% 120% 140%

2009 2010 2011 2012 2013 2014 2015 2016 2017

20 40 60 80 100 120 140 160

2009 2010 2011 2012 2013 2014 2015 2016 2017

ELA ECB Eurosystem at €25bn in Mar.18 (ELA €14bn, ECB €11bn), -€102bn vs. Jun.15 peak

Eurosystem Funding (€bn) Deposits & Βanknotes in Circulation (€bn)

Banknotes at €34bn in Mar.18,

• €17bn vs. Jun.15 peak

€14 €11 €130 €42

10 20 30 40 50 60

2009 2010 2011 2012 2013 2014 2015 2016 2017

100 150 200 250 300

Deposits Currency in Circulation

€34 €140

100 120 140 160 180 200 220 240 260 280

2009 2010 2011 2012 2013 2014 2015 2016 2017

Deposits Loans

Net Loans to Deposits Ratio (%) Loans & Deposit Balances (private sector,€bn)

LDR at 105% in Mar.18,

• 33pp vs. Jun.15 peak

Deposits up €6.7bn in Mar.18 yoy Loans down €12.7bn yoy in Mar.18, o/w €5.7bn write-offs

€180 €126 105%

Source: Bank of Greece; on top of write-offs, the loan market has been impacted by c.€4bn FX fluctuations and other adjustments

SLIDE 35

26% 23% 74% 77% Mar.18 Mar.18 Business Retail

04

35

4.2 DOMESTIC DEPOSITS PICKING UP

36% 40% 64% 60% Mar.18 Mar.18 Time deposits Savings-Sight deposits

Domestic Deposit Mix (%) Deposit Movement by Segment (€bn)

Greek market Piraeus - Greece Greek market Piraeus - Greece

Customer Deposit Movement in Greece (€bn)

36.1

• 1.0

+0.4 +0.9 +2.9 39.3

• 1.3

+0.2 +0.9 +1.8 40.9 +0.5 41.4

Dec.15 Δ Q1.16Δ Q2.16Δ Q3.16Δ Q4.16 Dec.16 Δ Q1.17Δ Q2.17Δ Q3.17Δ Q4.17 Dec.17 Δ Q1.18Mar.18

Piraeus Q1.18 delta Mar.18 balance Mass|Farmers

• 15.6

Affluent|Private Banking +0.1 13.9 SB

• 3.4

SME

• 1.1

Corporate

• 0.4

2.2 Govt & Other +0.8 5.3 Total +0.5 41.4

| LIQUIDITY & FUNDING

SLIDE 36

04

36

4.3 EUROSYSTEM FUNDING UTILISATION DROPS FURTHER PUBLIC ISSUANCE TO ENHANCE FUNDING MIX

Dec.14 Dec.15 Dec.16 Mar.17 Jun.17 Sep.17 Dec.17 Mar.18 ECB 14.1 16.0 9.0 4.5 5.5 4.2 4.0 4.0 EFSF|ESM Bonds 5.7 15.3 7.3 2.8 3.9 2.5 1.5 0.2 GGBs and T-bills 1.0

• 0.9

0.9 0.9 0.9 1.0 1.0 L.3723 6.8

• Other

0.6 0.7 0.8 0.8 0.7 0.8 1.5 2.8 ELA

• 16.7

11.9 11.0 10.3 7.8 5.7 2.1 GGBs and T-bills

• 0.8
• L.3723
• 5.7
• Loans & Other
• 10.2

11.9 11.0 10.3 7.8 5.7 2.1 Total 14.1 32.7 20.9 15.5 15.8 12.0 9.7 6.1

Eurosystem Funding (€bn)

14.9 15.1 14.6 16.0 14.4 12.4 11.1 9.0 4.5 5.5 4.2 4.0 4.0 15.4 22.2 21.2 16.7 16.1 14.4 12.7 11.9 11.0 10.3 7.8 5.7 2.1

10.0 14.1 30.3 37.3 35.8 32.7 30.4 26.8 23.8 20.9 15.5 15.8 12.0 9.7 6.1

Sep.14 Dec.14 Mar.15 Jun.15 Sep.15 Dec.15 Mar.16 Jun.16 Sep.16 Dec.16 Mar.17 Jun.17 Sep.17 Dec.17 Mar.18

ELA ECB

Collateral Used for Eurosystem Funding - Cash Values (€bn) ELA Utilisation & Buffer

1 2 ELA utilisation drops to €1bn area in mid May 2018 ELA collateral buffer estimated at €12bn, based on existing collateral valuation and haircuts

Public Issuance Plan

2018 2019 2020 €0.5bn €1.0bn €1.75bn

| LIQUIDITY & FUNDING

SLIDE 37

04

37

4.4 INTERBANK REPO ACTIVITY

Dec.16 Jan.17 Feb.17 Mar.17 Apr.17 May.17 Jun.17 Jul.17 Aug.17 Sep.17 Oct.17 Nov.17 Dec.17 Jan.18 Feb.18 Mar.18

Interbank Repos Τrends Funding from Non-ECB Eligible Collateral (€bn)

Following the completion of the “ESM bond exchange”, in the framework of short term measures for Greek Public Debt relief, Piraeus Bank holds no EFSF/ESM bonds as of late-November 2017 Initiation of interbank repo activity with non-ECB eligible collateral in the past 12 months; balance at €2.3bn at the end of Mar.18 , further increased to €2.5bn as of mid-May at a cost below ELA Increased volumes assisting reduction of Eurosystem reliance

1 3 2

€2.3bn | LIQUIDITY & FUNDING

SLIDE 38

38

4.5 COVERED BOND PRIVATE PLACEMENT TRANSACTION

The significant size of drawn liquidity, long tenor and competitive all-in cost of funding achieved further highlight the importance of this landmark transaction

Piraeus Bank issued a new 5-year €500mn covered bond in October 2017, under Piraeus Bank’s €10bn Covered Bond Programme The covered bond was primarily placed among supranational organisations, namely the European Investment Bank (EIB), the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD); Credit Suisse acted as Dealer Manager in the transaction The issue was an FRN, 3mEuribor + 250bps | Conditional Pass-Through structure The issue constituted an innovative financing scheme in which international financial organisations invested in a covered bond issued by a Greek bank for the first time

First covered bond issuance by Piraeus Bank and the first time that international financial organizations invest in covered bonds issued by Greek banks to support Greek entrepreneurship, since the beginning of the financial crisis

04

| LIQUIDITY & FUNDING

SLIDE 39

#2 #1 #3 #1 #3

4.6 DEBT ISSUANCE PROGRAMMES

39

PIRAEUS GROUP FINANCE PLC as Issuer PIRAEUS BANK S.A. as Issuer and Guarantor €25,000,000,000 Euro Medium Term Note Programme Arranger Deutsche Bank Dealers

Barclays BNP Paribas Credit Suisse Goldman Sachs International Morgan Stanley UBS Investment Bank

11 August 2017

BofA Merrill Lynch Citi Deutsche Bank HSBC Piraeus Bank Commerzbank

PIRAEUS BANK S.A. as Issuer €10 billion Global Covered Bond Programme Arranger Barclays Dealers Barclays Piraeus Bank S.A. 25 August 2017 PIRAEUS GROUP FINANCE PLC as Issuer PIRAEUS BANK S.A. as Guarantor €5,000,000,000 Euro-Commercial Paper Programme Arranger Piraeus Bank S.A. Dealers Piraeus Bank S.A. UBS Investment Bank 6 June 2016 500 1,000 1,500 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004

Public Issues (€bn|#) Piraeus Bank - Debt Issuance Programmes

#1

04

| LIQUIDITY & FUNDING

SLIDE 40

05.

2018 EU WIDE STRESS TEST OUTCOME

SLIDE 41

41

5.1 STRESS TEST MACRO ASSUMPTIONS: 2018 VS. 2015 EXERCISE

05

| 2018 EU WIDE STRESS TEST OUTCOME

Source: EBA, compound growth rates

• The adverse scenario assumes a 3.3% GDP

decline in 2018-2020 for the 2018 ST, compared to a 10% decline of the 2015 exercise (cumulatively in the 2.5years from Jun.15 to Dec.17)

• GDP is assumed to grow 7.5% in 2018-2020

under the baseline scenario of 2018 ST; in the 2015 exercise GDP was assumed to contract 3.5% (cumulatively in the 2.5years from Jun.15 to Dec.17) Adverse Scenario 2018 2019 2020 3y 2015 2016 2017 3y

Real GDP annual growth (%)

• 1.3
• 2.1

0.2

• 3.3
• 3.3
• 3.9

0.3

• 6.8

HICP annual growth rate (%) 0.0

• 1.1
• 1.8
• 2.8
• 0.7

0.6

• 1.0
• 1.1

Unemployment rate (end year,%) 20.6 20.0 19.1

• 2.5

27.3 28.1 27.5 1.0 Residential real estate prices (%)

• 7.3
• 6.7
• 3.6
• 16.6
• 7.8
• 8.8
• 7.8
• 22.5

Commercial real estate prices (%)

• 9.2
• 6.1
• 2.2
• 16.6
• 3.6
• 3.4
• 2.1
• 8.8

2018 Stress Test 2015 Stress Test

Baseline Scenario 2018 2019 2020 3y 2015 2016 2017 3y

Real GDP annual growth (%) 2.4 2.5 2.4 7.5

• 2.3
• 1.3

2.7

• 1.0

HICP annual growth rate (%) 0.9 1.0 1.1 2.9

• 0.4

1.5 0.9 2.0 Unemployment rate (end year,%) 19.9 18.3 16.6

• 4.9

26.9 27.1 25.7

• 0.8

Residential real estate prices (%)

• 0.5

0.5 1.0 0.8

• 7.5
• 5.0
• 1.0
• 13.0

Commercial real estate prices (%) 0.3 0.3 0.3 0.8

• 3.4
• 1.2

1.1

• 3.5

1 2

SLIDE 42

42

5.2 CET-1 DEPLETION: 2018 VS. 2015 EXERCISE

05

5.5% 5.2% 10.8%

• 0.3%
• 7.8%
• 2.4%

Q2.15 CET-1 Starting point Q2.15 CET-1 post AQR adjustment Baseline scenario effect 2018 CET-1 Adverse scenario effect 2018 CET-1

14.8% 14.5% 15.1%

• 0.3%
• 8.9%

5.9%

Q4.17 CET-1 Starting point Q4.17 CET-1 restated for IFRS9 Baseline scenario effect 2020 CET-1 Adverse scenario effect 2020 CET-1

2018 EU-Wide Stress Test 2015 Greek Banks Stress Test

1 2

Baseline effect of -0.3% in 2018 exercise, just as in 2015 Adverse effect of -8.9% in 2018 ST exercise, demonstrating that the Bank can withstand a higher adverse effect when compared to the 2015 ST adverse effect, which was -7.8%

Note: starting point in 2018 exercise adjusted for IFRS9 phase-in. 2015 starting point adjusted for AQR, which is not applicable to 2018

| 2018 EU WIDE STRESS TEST OUTCOME

SLIDE 43

43

5.3 STRESS TEST PPI & LLR PROJECTION: 2018 VS. 2015 EXERCISE

05

Prudent assumptions adopted on capital generation capacity, impacting the PPI forecast estimates: the 3-year cumulative baseline PPI was assumed at €2.4bn in 2015 ST, while the 2018 ST PPI was at €2.1bn for the 3-year period the 3-year cumulative adverse LLR was at €3.5bn in the 2018 ST adverse, relatively at the same level as in 2015, albeit de-risking efforts taken by the Bank in the meantime the Stress Test Methodology is based on a static balance sheet approach, and, in principle, does not incorporate planned or

• ngoing initiatives

2,431 456 1,858 3,637 2,148 948 838 3,542 PPI Baseline PPI Adverse LLR Baseline LLR Adverse 2015 2018 ST estimate 3Y PPI ST estimate 3Y LLRs

1 2 3

amounts in €mn

| 2018 EU WIDE STRESS TEST OUTCOME

SLIDE 44

Depletion vs. 2017 reported CET-1 level post restatement due to IFRS9 transition

44

5.4 CUMULATIVE CET-1 IMPACT: BASELINE SCENARIO OF 2018 STRESS TEST

05

15.1%

• 0.3%

14.8% 8.9% 2.0%

• 6.7%
• 1.6%
• 0.8%
• 2.2%

14.5%

2017 CET-1 5% IFRS9 Phase-in 2017 CET-1 post adjustment NII NFCI OpEx Credit Risk Additional IFRS9 Phase-in Other* 2020 CET-1

Cumulative Bas aseline CET ET-1 1 Impact: -0.3 0.3 pp ppts De Depletion

• Under the baseline scenario,

CET-1 depletion amounts to

• 0.3ppts resulting in a 3year

end CET-1 ratio of 14.5%

1

• Distribution of projected credit

losses: 2018 €0.5bn, 2019 €0.2bn, 2020 €0.2bn, driving the ratio of LLRs to gross loans to 31% from 29%

2

* Other incorporates effects stemming by operational risk, CoCo payment, REO, other phased-in deductions

• Exercise assumes Opex remains

static at 2017 levels

3 | 2018 EU WIDE STRESS TEST OUTCOME

SLIDE 45

45

5.5 CUMULATIVE CET-1 IMPACT: ADVERSE SCENARIO OF 2018 STRESS TEST

05

15.1%

• 0.3%

14.8% 6.7% 2.0%

• 6.7%
• 6.9%
• 0.8%
• 3.2%

5.9%

2017 CET-1 5% IFRS9 Phase-in 2017 CET-1 post adjustment NII NFCI OpEx Credit Risk Additional IFRS9 Phase-in Other* 2020 CET-1

Cu Cumulative Ad Adverse CET CET-1 Impact: -8.9 pp ppts De Depletion

• Under the adverse scenario,

CET-1 depletion amounts to

• 8.9ppts resulting in a 3year

end CET-1 ratio of 5.9%

1

• Distribution of projected credit

losses: 2018 €2.4bn, 2019 €0.7bn, 2020 €0.5bn, driving the ratio of LLRs to gross loans to 35% from 29%

2

Depletion vs. 2017 reported CET-1 level post restatement due to IFRS9 transition * Other incorporates effects stemming by operational risk, REO, other phased in deductions

• Exercise assumes Opex remains

static at 2017 levels

3 | 2018 EU WIDE STRESS TEST OUTCOME

SLIDE 46

06.

APPENDIX

Note: as of Q1.17 the operations of two domestic subsidiaries, Olympic SA (Avis Greece) and Imithea SA (Henry Dunant hospital) were recorded as

• discontinued. On top, as of Q2.17 the Bank’s operations in Serbia

(Piraeus Bank Beograd and the local leasing subsidiary) have been also classified as discontinued; same applies to ATE Insurance Romania

SLIDE 47

06

47 | APPENDIX

6.1 BOARD OF DIRECTORS

Chairman

Chair of the Audit Committee, Member of the: Risk Management Committee, Board Members’ Nominations Committee, Remuneration Committee, Strategy Committee

• Chair and Board member of banks, commercial institutions (EBRD, Citi, Supervisory Board member

Zachodny Bank) Chair of the Remuneration Committee, Chair of the Nominations Committee, Member of the Strategy Committee and of the Risk Management Committee

• Former Senior Advisor to IMF, banks and organizations

Arne Berggren David Hexter

Non Executive Chairman Chair of the Strategy Committee

• Former Deputy CEO of ISDA where he served since 2011, Senior Management positions in Dresdner

Kleinwort Benson, Bank of America Merrill Lynch and UBS in London and New York

George Handjinicolaou

Member of the: Audit Committee, Board Members’ Nominations Committee, Remuneration Committee, Strategy Committee

• Former CEO of Intesa San Paolo, CEO of Think Global Investments, Management Board of Allianz

EnricoTommasoCucchiani

Managing Director (CEO) Chair of the Executive Committee Former CEO of Eurobank Ergasias SA, Vice-Chairman of Southern Europe of Credit Suisse Investment Banking, Distinguished Fellow (Global Federation of Competitiveness Councils)

Christos Megalou Executive Members

Executive General Manager, Piraeus Legacy Unit Member of the Executive Committee Former CEO of Eurobank Romania (BancPost), former CEO of 4Finance

George Georgakopoulos Independent Non Executive Members

Vice Chairman Chair of the Risk Management Committee, Member of the Audit Committee, Strategy Committee Former CEO at Dexia and Fortis Group, Former Vice Chair of ABN AMRO Bank and Holding NV

Karel De Boeck

• Founder and Managing Director of Venkon Group, LLC
• Family operated business with PE investments, VC investment in hi-tech
• Real Estate portfolio consisting of commercial and residential development

Venetia Kontogouris Non Executive Members

Member of the: Risk Management Committee, Audit Committee, Board Members’ Nomination Committee, Remuneration Committee CEO of Tiresias SA, Group Risk Director at Eurobank

Solomon Berahas

Member of the: Risk Management Committee, Remuneration Committee, Board Members’ Nomination Committee, Strategy Committee Partner at Paulson & Co. Inc

Alexander Blades

HFSF Representative, Member of the: Risk Management Committee, Audit Committee, Board Members’ Nomination Committee, Remuneration Committee, Strategy Committee

• Former CEO of SBAB Bank and Senior Executive of SEB
• Non Executive Board member of Scandinavian banks / financial institutions

Per Anders Fasth

SLIDE 48

06

48 | APPENDIX

6.2 SHAREHOLDER STRUCTURE

HFSF

26%

Institutional Investors & Legal Entities

69%

Individuals

5%

Piraeus Shareholder Structure (Mar.2018)

Shareholder structure of Piraeus Bank presents great diversity; total number of common shareholders 30k The Hellenic Financial Stability Fund holds 26% of

• utstanding common shares

The remaining 74% is held by the private sector; 68% by legal entities and 6% individuals Strong international presence with significant part of free float held by foreign institutional investors Common Shares Private sector 322 mn HFSF 115 mn Total 437 mn

SLIDE 49

06

49 | APPENDIX

6.3 GROUP RESULTS: DOMESTIC & INTERNATIONAL

Greece (€mn) International (€mn)

Q4.17 Q1.18 qoq Q1.17 yoy Net Interest Income 376 340

• 10%

408

• 16%

Net Fee Income 81 73

• 10%

73 1% Trading & Other Income 8 21

• 24
• 13%

Total Net Revenues 466 434

• 7%

504

• 14%

Total Net Revenues (excl. one-off) 466 434

• 7%

483

• 10%

Employee Costs (151) (257) 71% (130) 98% Employee Costs (recurring) (134) (119)

• 11%

(130)

• 8%

Administrative Expenses (144) (96)

• 33%

(106)

• 9%

Depreciation & Other (27) (26)

• 3%

(24) 12% Total Operating Costs (322) (380) 18% (260) 46% Total Operating Costs (excl. one-off) (306) (242)

• 21%

(260)

• 7%

Pre Provision Income 143 54

• 62%

245

• 78%

Pre Provision Income (excl. one-off) 160 192 21% 224

• 14%

Result from Associates (7) (8) 18% (8)

• 6%

Impairment on Loans (1,128) (159)

• 86%

(255)

• 37%

Impairment on Other Assets (109) 11

• (8)
• Pre Tax Result

(1,100) (101)

• (26)
• Pre Tax Result (excl. one-off)

(1,100) 37 (26)

• Tax

1,164 35

• (13)
• Net Result Attrib. to SHs

66 (66)

• (13)
• Net Result Attrib. to SHs (excl. one-
• ff)

66 32

• (13)
• Discontinued Operations Result

(14) (4)

• (1)
• Q4.17

Q1.18 qoq Q1.17 yoy 22 20

• 8%

21

• 7%

6 6

• 4%

5 16% (9) 2

• 5
• 53%

19 28 48% 31

• 11%

19 28 48% 31

• 11%

(7) (7) 4% (6) 17% (7) (7) 4% (6) 17% (10) (9)

• 8%

(9) 4% (2) (1)

• 8%

(1) 8% (18) (17)

• 4%

(16) 9% (18) (17)

• 4%

(16) 9% 10

• 15
• 32%

10

• 15
• 32%

(2) (1)

• 68%

1

• (54)

(5)

• 91%

(3) 53% (15) (20)

• (2)
• (71)

(15)

• 11
• (71)

(15)

• 11
• 16
• (55)

(14)

• 11
• (55)

(14)

• 11
• (110)

2

• (4)

SLIDE 50

50

6.4 PIRAEUS CORE BANK AND PIRAEUS LEGACY UNIT Q1.18

06

| APPENDIX A. P&L (€mn)

1

NII

2

NFI

3

Net revenues

4

Operating costs (ex one-offs)

5

PPI (ex one-offs)

6

Impairments

7

Net income (reported)

8

Net Income (ex one-offs) B. Ratios

9

NIM over assets

10

NF&CI over assets

11

Cost-to-income (ex one-offs)

12

Cost of risk (over net loans)

13

RoA (ex one-offs)

*PLU includes RBU, international operations, REO, holdings, discontinued operations and non-core Greek subsidiaries. Items mentioned as recurring exclude one-time employee cost of €138mn

PIRAEUS CORE BANK

280 71 367 (202) 164 (3) 22 110 2.77% 0.70% 55% 0.02% 1.1%

PLU

80 7 95 (57) 38 (169) (102) (92) 1.50% 0.14% 60% 3.58% <0%

PIRAEUS GROUP

360 79 462 (259) 203 (173) (80) 18 2.33% 0.51% 56% 1.59% 0.1%

SLIDE 51

06

51

6.5 NET INTEREST INCOME IMPACTED BY INCREASED PROVISIONS

Calendar impact in Q1.18 (2 days less versus Q4.17)

1 2

Lower accruing balance on the back of the increased provisions in Q4.17 (€1.2bn) and IFRS9 transition €1.6bn in Q1.18 Q4.17 Q1.18 Fixed Income Securities 23 17 Net Loans 487 449

• /w in Greece

462 425 Other Assets 23 23 Interest Income 533 489 Customer Deposits 52 51

• /w in Greece

51 50 Due to Banks 9 14

• /w ELA

24 13 Other Liabilities & Equity 73 63 Interest Expense 135 128 Net interest Income 398 360 NIM 1 2.57% 2.33%

• 1. on assets excluding EFSF bonds and discontinued operations

Net Interest Income Decomposition (€mn)

398

• 21
• 8
• 8

360

Q4.17 IFRS9 stage 3 & Q4 LLP impact Calendar effect Deleverage Q1.18

amounts in €bn

| APPENDIX

SLIDE 52

06

52

6.6 DOMESTIC LOAN PORTFOLIO YIELDS: FRONT BOOK PRICING AT HIGHER LEVELS

Q4.16 Q1.17 Q2.17 Q3.17 Q4.17 Q1.18

Deposits

0.51% 0.47% 0.46% 0.45% 0.46% 0.46%

Sight

0.59% 0.54% 0.52% 0.50% 0.55% 0.52%

Savings

0.10% 0.08% 0.08% 0.08% 0.08% 0.07%

Time

0.86% 0.82% 0.81% 0.78% 0.76% 0.75% avg 3m euribor

• 0.31%
• 0.33%
• 0.33%
• 0.33%
• 0.33%
• 0.33%

Loans

3.91% 3.88% 3.81% 3.71% 3.64% 3.60%

Mortgages

2.27% 2.22% 2.19% 2.18% 2.17% 2.15%

Consumer

8.31% 7.63% 7.62% 7.30% 7.14% 6.84%

Business

4.19% 4.23% 4.12% 4.01% 3.92% 3.90%

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

Customer Rates: Time Deposit Rate Declines Further

• Front book rates relate with minimal disbursements for retail loans, while for business, new production came mainly from corporate and SME segment

Loan Rates Q1.18 Total Stock Front Book

Mortgages 2.2% 3.3% Consumer 6.8% 9.6% Business 3.9% 5.1% Total 3.6% 5.3%

Loan Rates: Front Book Rates Steadily Above Legacy Book

Q1.18 Business Loan Rates Total Stock Front Book

Corporate & SME 3.6% 4.9% SBL 6.0% 7.6% Total 3.9% 5.1%

| APPENDIX

SLIDE 53

06

53 | APPENDIX

6.7 LOAN & DEPOSIT PORTFOLIOS

Gross Loans Evolution (€mn)

Dec.16 Mar.17 Jun.17 Sep.17 Dec.17 Mar.18 yoy qoq Group 64,947 63,787 62,048 61,035 58,627 57,702

• 10%
• 2%

Business 42,511 41,719 40,389 39,645 37,962 37,276

• 11%
• 2%

Mortgages 16,162 15,950 15,696 15,507 15,183 15,007

• 6%
• 1%

Consumer 6,274 6,118 5,964 5,883 5,482 5,419

• 11%
• 1%

Greece 61,296 60,216 58,905 57,936 56,597 55,680

• 8%
• 2%

Business 39,792 39,069 38,027 37,312 36,317 35,655

• 9%
• 2%

Mortgages 15,707 15,502 15,330 15,143 14,973 14,797

• 5%
• 1%

Consumer 5,797 5,646 5,548 5,480 5,307 5,229

• 7%
• 1%

Int’l 3,650 3,571 3,143 3,099 2,030 2,022

• 43%

0% Business 2,719 2,650 2,362 2,333 1,645 1,621

• 39%
• 1%

Mortgages 455 448 366 364 210 210

• 53%

0% Consumer 476 472 416 402 175 190

• 60%

9%

Deposits Evolution (€mn)

Dec.16 Mar.17 Jun.17 Sep.17 Dec.17 Mar.18 yoy qoq Group 42,365 40,960 40,918 41,822 42,715 43,151 5% 1% Savings 14,995 14,294 14,379 14,285 15,134 14,945 5%

• 1%

Sight 11,190 10,676 10,860 11,372 11,682 10,982 3%

• 6%

Time 16,179 15,990 15,679 16,165 15,900 17,225 8% 8% Greece 39,322 38,036 38,185 39,075 40,889 41,404 9% 1% Savings 14,613 14,001 14,069 13,967 14,825 14,624 4%

• 1%

Sight 10,536 9,964 10,123 10,592 11,125 10,473 5%

• 6%

Time 14,172 14,071 13,993 14,516 14,938 16,308 16% 9% Int’l 3,043 2,924 2,733 2,746 1,826 1,747

• 40%
• 4%

Savings 382 293 310 318 309 321 9% 4% Sight 654 712 737 780 556 509

• 29%
• 8%

Time 2,007 1,919 1,686 1,649 961 917

• 52%
• 5%

Notes: loan balances exclude seasonal agri-loan of €1.7bn and €1.6bn for Dec.16 and Dec.17 respectively; Serbian operations excluded from Jun.17 onwards, whereas Piraeus Bank Romania from Dec.17 onwards

SLIDE 54

54

6.8 IFRS9 IMPACT & SEGMENT ANALYSIS | GROUP

06

95% 1% 4%

Greek Lending International Lending Securities & Other

impact

€1,620mn

IFRS9 (€bn)

Impact Greek Lending 1.5 Mortgages 0.2 Consumer 0.4 Business 0.9 International Lending 0.0 Other 0.1 Total 1.6

• The main impact of IFRS 9 (FTA) was concentrated in Stages 2

and 3

• Stage 2 incorporates the recognition of lifetime losses for

exposures significant increase in credit risk since their initial recognition.

• Stage 3 holds the highest coverage of all

| APPENDIX

SLIDE 55

06

55

6.9 GREEK BANKING LANDSCAPE | KEY CHARACTERISTICS

| APPENDIX

All four Greek systemic banks under SSM supervision as of Nov.2014 High concentration: the 4 systemic banks command ~95% of the market Capital controls since mid-2015: still in place, though significantly relaxed Large amount of Greek wealth held outside the country High level of banknotes in circulation: c.20% as % of GDP vs. c.9% for Euroarea average Greek Sovereign exposure cap imposed by the SSM to Greek banks in early 2015 Improving access to interbank and capital markets for the Greek financial sector since mid 2017 Restructuring Plan with DG Comp: legally binding commitments post recapitalizations of 2013,2015 NPE operational targets until 2019 committed to SSM as of mid 2016 HFSF | Relationship Framework Agreement with banks Enhanced corporate governance framework | international expertise in bank BoDs 1 2 3 4 5 6 7 8 9 10 11

SLIDE 56

06

6.10 CAPITAL CONTROLS UPDATE: FURTHER RELAXATION AS OF FEB.2018

Cash Withdrawal Limit

• 100% of cash deposited after 22.07.16 can be withdrawn
• €840 equivalent per fortnight per customer (applicable up to

31.08.2017)

• €1,800 equivalent per month per customer (applicable from

01.09.2017)

• €2,300 equivalent per month per customer (applicable from

01.03.2018) Purchase of Greek Mutual Funds

• Allowed

New Account Opening

• Allowed for existing (as of 11.03.16) customers
• Subject to specific criteria, e.g. primary payroll account, for

new customers

• Allowed for new customers that do not have other account

with other Greek Banks

• Allowed with no exceptions (applicable from 01.03.2018)

Greek Capital Market Instruments

• Allowed

Additional Account Beneficiary

• Allowed for existing (as of 11.03.16) customers
• Prohibited for new customers (till 28.02.2018)
• Allowed (applicable from 01.03.2018)

Foreign Investments Liquidation

• Proceeds can be re-invested

Transfers from abroad

• 100% of incoming funds can be re-transferred abroad
• 10% of incoming funds received before 22.07.16 can be

withdrawn in cash

• 30% of incoming funds received between 22.07.16 and

31.08.2017 can be withdrawn in cash

• 50% of incoming funds received after 01.09.2017 can be

withdrawn in cash

• 100% of incoming funds received after 01.12.2017 can be

withdrawn in cash Change of Custodian Bank

• Prohibited when changing to foreign custodian

Outgoing Wire Transfers abroad

• Private individuals can transfer up to €2,000 per 2 months

Trade Related Payments

• <€700k approval at bank level
• Weekly limit for bank-level committee at €250mn
• >€700k approval by the Banking Transactions

Approval Committee Time Deposit Break

• Allowed

Early Loan Repayment

• Allowed

24 ministerial decisions since imposition of Capital Controls, indicating a gradual relaxation of the relative framework

56 | APPENDIX

SLIDE 57

06

57

6.11 AMENDMENTS IN LEGAL FRAMEWORK WILL DRIVE FURTHER ACCELERATION OF NPE/NPL DELEVERAGE

Changes Introduced in 2014 - 2016

• Seizures and auctions expedited (from 18-38 months to <12 months) and ranking and recovery of creditors with liens or encumbrances substantially improved (banks receive 65%-100% of

the commercial value). Significant reduction of relevant cost for the banks (c.20%)

• Expedition of insolvency process
• Efficiency of consolidation process (art. 99) - enforcement proceedings can be stayed, when 30% of the creditors (20% of which hold debt secured with liens/encumbrances) agree to

participate in the consolidation process which has a maximum duration of 12 months

• Simplification and expedition of the winding-up process
• A process of bankruptcy for natural persons, similar to Chapter 13 or Chapter 7 of the US Bankruptcy Code (first time with L.3869/2010, lastly modified with L.4346/2015)
• Provides individuals (not merchants or business customers) the opportunity to propose a payment plan of financial reorganization under the protection of the court. The payment plan

should comply with the “no creditor worse off” principle

• The only protected asset under the law is the debtor’s primary residence. Certain criteria apply for eligibility. Pool A (family with 2 kids): property taxable value <€200k and income <€21k.

Pool B (family with 2 kids): property taxable value <€260k and income <€35k. In order to ensure a residence protection, the debtor must submit a payment plan for all his/her creditors

• Amendments for immediate liberalization of management and sale of all performing and non-performing loans, with temporary exception for the sale of NPLs secured by primary residence

with an objective value of the property up to €140k, for which the liberalization will enter in force on 01.01.18

Changes Introduced in 2017

• Law 4469/2017 on Out of Court Workouts (“OCW”) introduces a new process of extrajudicial settlement of debts >€20,000 to the extent that the restructuring of such debts is considered by

all participants as necessary for the sustainability of the debtor’s business. The OCW aims to accelerate the NPL deleverage effort and tackle the category of strategic defaulters

• Law 4472/2017 introduced, among others:

(a) provisions to ensure that there is no civil or criminal liability of credit or financial institutions and public sector officials, when involved in debt restructuring, provided that such restructuring is in compliance with a set of objective criteria (indemnity) (b) amendments to the legal framework for the licensing and operating of banking receivables’ servicing platforms with the purpose to simplify the process and documentation required and (c) an amendment to the Greek Code of Civil Procedure will enable the electronic auctions for foreclosed properties so as to avoid disruptions in the auction procedures by activists

Changes Introduced in 2018

• Measure for carrying out solely e-auctions of foreclosed property will commence in 21 Feb. 2018. The measure affects all auctions, regardless of when a foreclosure notice was imposed
• The Code of Civil Procedures introduces the preferential coverage of the banks’ claims from auctions’ proceeds, provided that the following cumulative conditions are satisfied: i) new

financing post 17.01.2018, ii) with new underwriting/mortgage/or pledged collateral of 1st class and iii) this collateral is auctioned

| APPENDIX

SLIDE 58

06

58

6.12 MORE THAN 45% OF PERSONAL BANKRUPTCY CASES ARE REJECTED IN COURT

Retail Loan Balances Under the Protection of L.3869/2010 (bankruptcy law for individuals) - all classified as NPEs

Secured Loans Unsecured Total Secured & Unsecured in €mn | March 2018 Total Mortgages Consumer Total Total 2,460 2,306 154 912 3,372

• /w final court decision

671 639 32 269 940

• in favor of customer

374 356 18 129 503

• in favor of the Bank

297 283 14 140 437 % of court decisions in favor of Bank 44% 44% 44% 52% 46%

Filings that are deemed by the court as eligible for protection can regulate their debts in line with their income and 3 debt settlement plans are usually foreseen:

• monthly payments over 4 years
• monthly payments over 20 years towards the preservation of the owned primary residence, if such exists;

these are calculated based on 85% of such property’s commercial value

• sale or exploitation of other real estate

46% of €940mn of cases that had been filed and were dealt by the courts, have been rejected [data up to Mar.2018] Rejected cases of €437mn [data up to Mar.2018] will be repaid at par from the customer, as the court decided that they have the “ability” to repay the debt in full

| APPENDIX

SLIDE 59

06

59 | APPENDIX

6.13 OVERVIEW OF INTERNATIONAL OPERATIONS

Albania* Bulgaria* London Frankfurt

Branches (#) 72 Employees (#) 993 Assets 1,496 Net loans 747 Deposits 1,098 Branches (#) 39 Employees (#) 445 Assets 589 Net loans 172 Deposits 447 Branch (#) 1 Employees (#) 20 Assets 729 Net loans 523 Deposits 18 Branch (#) 1 Employees (#) 11 Assets 168 Net loans 26 Deposits 134 (€mn, as at Mar.2018)

Branches Br Branc nches es (#) 131 131 Empl mploy

• yees (#)

1, 1,855 Ass ssets ets €3. 3.1bn bn Net t loa

• ans

€1. 1.5b 5bn Deposi sits ts €1. 1.7bn bn Total International1 Market Shares Loans Deposits Albania 5.6% 6.0% Bulgaria 3.1% 2.8% Ukraine 0.2% 0.2% Subsidiaries

¹Consolidated financial data for international operations * In the process of being disposed

Ukraine

Branches (#) 18 Employees (#) 386 Assets 107 Net loans 50 Deposits 50

SLIDE 60

06

60 | APPENDIX

6.14 CONTINGENT CONVERTIBLE BONDS

Term & Ranking Payment of interest  Perpetual  Pari passu with common equity, junior to all claims of all creditors (including subordinated) at special liquidation of issuer  Annual  Fully discretionary & Paid in cash or shares  Coupon is tax deductible, impacting directly equity position as dividend  No dividend shall be paid on the issuer’s common stock if issuer has decided not to pay the previous coupon payment in full Coupon  Initial 7 years 8% per annum (initial interest rate).  Post 7 years, interest rate calculated as prevailing 7y Mid-swap rate + (8% less 7y Mid-swap rate at issuance: 7.543 per cent, p.a.) Conversion events  The securities shall automatically convert into ordinary shares if:

• At any time the CET1 ratio, calculated on a consolidated basis or a solo basis, falls below 7%
• 2 annual coupons are missed (in whole or in part, and do not need to be consecutive)

 Optional to the holder at 7th anniversary of issuance Conversion consideration  The number of common shares issued on conversion is determined as 116% of the nominal amount of the outstanding securities divided by the conversion price which shall be equal to the offer price subject to market standard adjustments in the event of certain corporate actions Option to repay  The issuer may, in its sole discretion, repay all or some only of the bonds at any time subject to approval by the ECB acting within the framework of SSM, at their initial nominal amount plus any interest accrued but unpaid, unless cancelled Applicable law  Greek law Basel III Classification  Classified as Common Equity Tier 1 Transferability  Transferable by HFSF to another holder with the consent of the issuer and the regulator, per Art. 7(5)(b) of the HFSF Law Issue Size  €2,040,000,000

SLIDE 61

6.15 CREDIT RATINGS

61

1

Aaa AAA AAA

2

Aa1 AA+ AA+

3

Aa2 AA AA

4

Aa3 AA- AA-

5

A1 A+ A+

6

A2 A A

7

A3 A- A-

8

Baa1 BBB+ BBB+

9

Baa2 BBB BBB

10

Baa3 BBB- BBB-

11

Ba1 BB+ BB+

12

Ba2 BB BB

13

Ba3 BB- BB-

14

B1 B+ B+

15

B2 B B

16

B3 B- B-

17

Caa1 CCC+ CCC

18

Caa2 CCC

• 19

Caa3 CCC-

• 20

Ca CC CC

21

C C C

22

• SD

RD

23

• D

D

Greece: Country Rating Greece: Country Ceiling Piraeus: Bank Rating Piraeus Covered Bond

Piraeus Bank | LT Rating

I n v e s t m e n t G r a d e N o n - I n v e s t m e n t G r a d e

8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 21.0 22.0 23.0 24.0 Moody's S&P Fitch Baa1/BBB+ Baa2/BBB Baa3/BBB- Ba1/BB+ Ba2/BB Ba3/BB- B1/B+ B2/B B3/B- Caa1/CCC+ Caa2/CCC Caa3/CCC- Ca/CC Ca/C RD D

06

| APPENDIX

SLIDE 62

06

6.16 EMTN PROGRAMME

62 | APPENDIX 1 2

The EMTN Programme was established in 2004 and is the Bank’s funding mainstay, offering unparalleled flexibility and recognition The Programme is updated on an annual basis and it has been gradually upsized from €1bn (in 2004) to €25bn (in 2011) Issuance is done through Piraeus Group Finance or Piraeus directly Programme listed in Luxemburg Stock Exchange | Bonds can be listed to any EU stock exchange The EMTN platform is capable of supporting the issuance of debt in various formats, including:

• Senior Unsecured Bonds
• Subordinated Bonds
• Pillar II Bonds (L.3723 - guaranteed by the Greek state)

#47 debt transactions of €6bn (Pub/PP off EMTN) Max EMTN Senior outstanding: €2.9bn in Jun 2007 (exc. Pillar II bonds) #26 Pillar II Bonds | Max outstanding: €15.2bn in Q2 2012

Key Takeaways

3 4 5 6 7 8 Summary Terms & Conditions

SLIDE 63

06

6.17 EMTN ISSUANCE ACTIVITY

63 | APPENDIX

500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Hybrid LT2 Senior

1000 2000 3000 4000 5000 6000 7000 8000 9000 10000 11000 12000 13000 14000

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Pillar II (L.3723) LT2 + Hybrid Senior

27,000

Outstanding Amount (€mn) Annual Issuance Activity (€mn)

SLIDE 64

06

6.18 COVERED BOND PROGRAMME

64 | APPENDIX 1 2 3 4 5 6 7

€10bn Covered Bond Programme established in 2011 (upsized from €3bn in 2014) Conditional Pass-Through structure (introduced in December 2014) Contractual Overcollateralization (OC) of 25% in compliance with ECB CBPP3 eligibility criteria (introduced in December 2014) Investor Repurchase Put (introduced in August 2016) #6 Covered Bond Series of €5.5bn in total, issued off the Programme Max outstanding issues: #4 Covered Bond Series of €3.5bn currently outstanding Rated “B+” by Fitch (“A-” upon commencement) Piraeus Covered Bond Programme is eligible for a total up to 13 notches uplift from the Viability Rating (VR) due to structure, committed OC and liquidity reserve

Selected Historical Information

8 Summary Terms & Conditions

SLIDE 65

06

6.19 COVERED BOND STRUCTURE

65 | APPENDIX 1 2 3 4 5 6

Direct issuance structure allowing Piraeus to carry out a covered bond transaction by constituting an eligible cover pool as a segregated pool

• f dedicated assets

A dynamic cover pool of residential loans is encumbered by a pledge in favor of the covered bondholders, whose claims are associated with the issuance of the bonds The loans constituting the Cover Pool are not transferred to separate entity, continued to be serviced by Piraeus Bank and are isolated from its remaining assets There are three statutory tests (e.g., NPV, Nominal Value and Interest Coverage), which will be performed on a quarterly basis, and an Amortisation Test which is to be performed on a monthly basis following an Issuer Event Hedging Agreements (if required)

• One or more interest rate swaps may mitigate interest rates mismatches
• One or more cross currency hedging agreement may be entered into to

convert any foreign currency risk

Covered Bonds benefit from a “Dual Recourse” (Piraeus Bank and collateral backing) nature| Extra level of recourse is the main difference with ABS

SLIDE 66

06

6.20 COVERED BOND OUTSTANDING SERIES

66 | APPENDIX

SLIDE 67

06

6.21 COVERED BOND PROGRAMME DESCRIPTION

67 | APPENDIX

Issuer Piraeus Bank S.A. Servicer Piraeus Bank S.A. Amount EUR10bn Listing Luxembourg Stock Exchange Governing Law Greek Covered Bond Law / Contractual terms governed by English law Arranger Barclays Rating Agencies Fitch Coupon The programme will give the issuer the flexibility to choose the most appropriate payment type (i.e. fixed, floating, etc.) Further Issues Permitted, subject to satisfaction of statutory tests and other regulatory requirements Substitution Permitted, subject to various provisions and eligibility criteria Ranking All covered bonds will rank pari passu and pro rata without any preference or priority among themselves, irrespective of their series, for all purposes except for their respective issue dates, interest commencement dates and/or issue prices Security Collateralised; fixed and floating charges over a pool of Greek residential mortgages Repayment Conditional Pass-Through; liquidity risk is mitigated by an extension period during which there will be a best efforts sale of an appropriate part of the cover pool every 6 months for a price at least equal to the Adjusted Required Redemption Amount (ARRA) Expected Maturity Varies for each series and as Piraeus Bank deems appropriate Extended Final Maturity Date Should the issuer fail to pay on the final maturity date, payments will be deferred until the extended maturity date (the date falling 46 years after the final maturity date of each series) Maximum Loan-to-Value 80% for residential mortgages, as defined by Greek Covered Bond Law Portfolio Fully-drawn first ranking mortgages ,and/ or mortgage prenotation, denominated in Euros, backed by completed residential properties in Greece, and

• riginated by Piraeus Bank

Hedging If and when required for a series and cover pool, appropriately rated third parties will provide interest rate and cross-currency swaps to the

• transaction. Currently there is no hedging in place

SLIDE 68

06

6.22 INVESTOR REPURCHASE PUT

68 | APPENDIX

Investor Repurchase Put

• If an investor repurchase put is specified in the Final Terms of the CB series, then if and to the extent that the Issuer does not

redeem the CB series in full on the FMD (taking account any grace periods), the Covered Bondholder has the option to give a “not less than 30 nor more than 60 days” notice to the Issuer, upon the expiry of which, the Issuer will be required to repurchase the CB series (on the date specified in this notice)

• If this Covered Bond is in definitive form, to exercise the right to require redemption of this Covered Bond, the holder of this

Covered Bond must deliver such Covered Bond, on any Business Day falling within the above-mentioned notice period at the specified office of any Paying Agent, accompanied by a duly signed and completed notice of exercise of the Investor Repurchase Put

• Any notice given by a Covered Bondholder of any Covered Bond shall be irrevocable
• Any failure by the Issuer to repurchase Covered Bonds pursuant to this condition shall not constitute an Event of Default

Summary Piraeus Bank Covered Bonds, embed an innovative feature, namely the “Investor Repurchase Put”, that is there in order to reduce the risk of discretionary maturity extension on behalf of the Issuer (the case in a typical Conditional Pass Through Structure). In the context of such option, in the event that the issuer does not redeem the CB series in full on the Final Maturity Date (taking account any grace periods), the CBs holders have the option which, if exercised, requires the issuer to repurchase their CBs at par. Any failure by the issuer to repurchase the CBs shall not constitute an Event of Default under the CBs Programme, but it would trigger a cross-default for other Piraeus Bank Programmes (including the EMTN Programme)

SLIDE 69

06

6.23 SECURITISATIONS

69 | APPENDIX

Selected Historical Information

10 ABS issued during 2005-2009 (€10bn)

RMBS (#4) | SME (#3) | Consumer (#2) | Leasing (#1)

#3 RMBS originally placed with investors:

Estia I (€750mn) | Estia II (€1,250mn) | Kion (€600mn)

#7 ABS currently outstanding (~ €1,829mn)

~ €62mn in circulation - Estia I (€11mn) | Estia II (€35mn) | Kion (€15mn)

~ €1,768 mn retained and form eligible collateral for interbank repos

1 2 3 4

200 400 600 800 1,000 1,200 1,400 1,600 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Structure

Outstanding Amount - Placed Securitisations (€mn)

1,000 2,000 3,000 4,000 5,000 6,000 2005 2006 2007 2008 2009

Annual ABS Issuance Activity (€mn)

SLIDE 70

06

6.24 EURO COMMERCIAL PAPER PROGRAMME

70 | APPENDIX

One of the two unsecured funding platforms of the Bank (together with EMTN) Unsecured, short-term debt instrument with maturity<1yr Established in 2003|Original Programme Size: €1.5bn Programme further increase: €3bn in 2005|€5bn in 2006 Piraeus ECP Programme last updated in June 2016 Max ECP outstanding: €3.7bn (Feb 2008) | 85 Institutional Investors from 13 countries Fully transferable securities Clearing: Euroclear, Cedel

1 2 3 4 5 Summary Program Terms 6 7 8

SLIDE 71

71 | GLOSSARY

GLOSSARY | DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES

1 NII Net Interest Income 2 DTAs Deferred Tax Assets 3 PPA adjustment PPA adjustments relating to the acquisition of the seven banks [i.e. former ATEbank, the Greek banking operations

• f Cypriot Banks in Greece (Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank), Millennium Bank S.A., Geniki

Bank S.A. and Panellinia Bank S.A.] amounting to €5.6bn at the end of Q1.18 and to €5.8bn at the end of 2017 4 Gross Loans before Impairments & Adjustments Loans and advances to customers before allowances for impairments on loan losses gross of PPA adjustments relating to the acquisition of the seven banks [i.e. former ATEbank, the Greek banking operations of Cypriot Banks in Greece (Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank), Millennium Bank S.A., Geniki Bank S.A. and Panellinia Bank S.A.] amounting to €5.6bn at the end of Q1.18 and to €5.8bn at the end of 2017 5 Net Loans Loans and advances to customers gross of PPA adjustments relating to the acquisition of the seven banks [i.e. former ATEbank, the Greek banking operations of Cypriot Banks in Greece (Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank), Millennium Bank S.A., Geniki Bank S.A. and Panellinia Bank S.A.] amounting to €5.6bn at the end of Q1.18 and to €5.8bn at the end of 2017 6 Net Loans to Deposits Ratio (LDR) Net loans over deposits due to customers 7 Core Banking Income or NII+NFI Net interest income plus net fee and commission income 8 Net Income or Net Revenue (excluding one-off items) Total net income excluding in Q1.2017, €21mn of net income from the sale of EFSF bonds to the Central Bank 9 Pre Provision Income (PPI) (excluding one-off items) Total net income less total operating expenses excluding one-off items. In Q1.2017, €21mn of net income from the sale of EFSF bonds to the Central Bank, In Q4.2017, €16mn of Voluntary Exit Scheme staff costs and in Q1.2018, €138mn of Voluntary Exit Scheme staff costs were classified as one-off items. The relevant amounts corresponds to “Profit before provisions, impairments and income tax” excluding the one-off items 10 Cost to Income Ratio (C:I) Total operating expenses before provisions over total net income excluding one-off items 11 One-off items In Q1.2017, €21mn of net income from the sale of EFSF bonds to the Central Bank, In Q4.2017, €16mn of Voluntary Exit Scheme staff costs and in Q1.2018, €138mn of Voluntary Exit Scheme staff costs were classified as one-off items.

SLIDE 72

72 | GLOSSARY

GLOSSARY | DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES (cont’d)

12 CET1 phased in (pro-forma) CET1 capital ratio phased-in taking into account RWA relief for the divestments of Piraeus Bank Beograd and anticipated disposals of Piraeus Bank Romania, Dunant and NPE portfolios 13 CET1 fully loaded CET1 capital ratio taking into account RWA relief for the divestments of Piraeus Bank Beograd and anticipated disposals of Piraeus Bank Romania, Dunant and NPE portfolios 14 Core Deposits Savings and sight-current deposits 15 Adjusted total assets Total assets excluding assets of discontinued operations amounting to €2.3bn and EFSF/ESM bonds amounting to €1.5 bn in December 2017 and assets of discontinued operations amounting to €1.8bn in March 2018 16 Net Interest Margin (NIM) Net interest income over adjusted total assets. 17 Net Fee Income over Assets Net fee and commission income over adjusted total assets 18 NPLs - Non Performing Loans Loans and advances to customers in arrears over 90 days past due gross of PPA adjustments relating to the acquisition of the seven banks [i.e. former ATEbank, the Greek banking operations of Cypriot Banks in Greece (Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank), Millennium Bank S.A., Geniki Bank S.A. and Panellinia Bank S.A.] 19 NPEs - Non Performing Exposures On balance sheet credit exposures before allowances for impairments on loan losses gross of PPA adjustments relating to the acquisition of the seven banks [i.e. former ATEbank, the Greek banking operations of Cypriot Banks in Greece (Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank), Millennium Bank S.A., Geniki Bank S.A. and Panellinia Bank S.A.] that are: (a) past due over 90 days; (b) impaired or those which the debtor is deemed as unlikely to repay its obligations in full without liquidating collateral, regardless of the existence of any past due amount or the number of past due days; (c) forborne and still within the probation period under EBA rules; (d) subject to contagion from (a) under EBA rules 20 NPL Ratio Non-performing loans over gross loans before impairments & adjustments 21 NPE Ratio Non-performing exposure over gross loans before impairments & adjustments

SLIDE 73

73 | GLOSSARY

GLOSSARY | DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES (cont’d)

22 NPL Coverage Ratio Allowances for impairment on loan losses gross of PPA adjustments relating to the acquisition of the seven banks [i.e. former ATEbank, the Greek banking operations of Cypriot Banks in Greece (Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank), Millennium Bank S.A., Geniki Bank S.A. and Panellinia Bank S.A.] over Non-Performing Loans 23 NPE Coverage Ratio Allowances for impairment on loan losses gross of PPA adjustments relating to the acquisition of the seven banks [i.e. former ATEbank, the Greek banking operations of Cypriot Banks in Greece (Bank of Cyprus, Cyprus Popular Bank, Hellenic Bank), Millennium Bank S.A., Geniki Bank S.A. and Panellinia Bank S.A.] over Non-Performing Exposures 24 NPE Formation Change of the stock of adjusted NPEs adding back write-downs or other adjustments i.e. loan sales or debt to equity transactions over loans and advances to customers before allowances for impairment on loan losses 25 RWA Risk Weighted Assets 26 VES Voluntary Exit Scheme for full time employees 27 Net Fee Income (NFI/NFCI) Net fee and commission income 28 Cost of Risk (CoR) Allowances for impairment on loans and advances to customers over net loans 29 Return on Assets (RoA) Profit / (loss) for the period over adjusted total assets 30 Net Results or Net Profit Profit / (loss) for the period attributable to equity holders of the parent 31 Cumulative provisions (Loan loss reserves – LLR) Allowance for impairment on loans and advances to customers gross of PPA adjustment 32 Cumulative provisions (LLRs) over loans Cumulative provisions for loans and advances to customers over gross loans before impairments and adjustments 33 Operating Expenses (OpEx) Total operating expenses before provisions

SLIDE 74

74 | GLOSSARY

GLOSSARY | DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES (cont’d)

34 Loan impairment charges (Provision Expenses) Impairment losses on loans and advances to customers 35 Pre Tax Results Profit / (loss) before income tax 36 New Loan Generation New loan disbursements that were realized after previous end period 37 Customers Number of customers both individuals and legal entities with a banking relationship (account) with Piraeus Bank 38 PPE Property and equipment plus investment property

SLIDE 75

Investor Relations

Chryssanthi Berbati | IR Xenofon Damalas, CFA | IR Αntonios Sagris | IR Amalia Missailidi | IR

75

COMMUNICATION

treasury@piraeusbank.gr investor_relations@piraeusbank.gr Bloomberg: TPEIR GA Reuters: BOPr.AT www.piraeusbankgroup.com

Piraeus Financial Markets

Tom Arvanitis | Head of PFM George Christopoulos | Senior Advisor, CEO Office Kostas Fouskas | Country Treasurer Dimitris Spathakis| Head of Debt Issuance

Latest update: 15 May 2018

SLIDE 76

PIRAEUS BANK GROUP HEADQUARTERS

4, Amerikis Str., 105 64 Athens, Greece, T. +30 210 333 5026 www.piraeusbankgroup.com