PIRAEUS BANK GROUP FIXED INCOME PRESENTATION TABLE OF CONTENTS 01 - - PowerPoint PPT Presentation

SLIDE 1

PIRAEUS BANK GROUP

FIXED INCOME PRESENTATION

SLIDE 2

TABLE OF CONTENTS

01 OVERVIEW 02 LIQUIDITY 03 CAPITAL 04 ASSET QUALITY 05 MACRO OUTLOOK 06 APPENDIX

SLIDE 3

01.

OVERVIEW

SLIDE 4

4

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

| OVERVIEW

01

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

STRENGTHS GOALS

SLIDE 5

01

5

1.2 PIRAEUS AT A GLANCE

| OVERVIEW

€68.2bn

Assets

€45.7bn

Net Loans

€41.8bn

Deposits

17.0%

CET-1 ratio [phased-in]

109%

Loans-to-Deposits ratio

❶ ❷ ❸ ❹ ❺

#1

in loans

5.1mn

customers

#1

in deposits

11 years

average length of customer relationships

>1.7mn

e-banking users

>470k

mobile banking users

620

branches

13.9k

headcount

* data for domestic operations in Dec.17 * data for Group operations in Sep.17

SLIDE 6

01

6

1.3 PIRAEUS BANK LEADING POSITION IN GREECE

55 402 486 489

628

Gross Loans - Greece (%)

1% 18% 22% 28%

29%

2% 21% 21% 26%

30%

35% business

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

620 in Dec.17 | OVERVIEW

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

SLIDE 7

| OVERVIEW

1.4 SHAREHOLDER STRUCTURE

HFSF

26%

Institutional Investors & Legal Entities

68%

Individuals

6%

Piraeus Shareholder Structure (Dec.2017)

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

7

01

SLIDE 8

1.5 NEW BOARD OF DIRECTORS

8

01

| OVERVIEW Chairperson

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

Enrico TommasoCucchiani

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 Holdings (UK) Ltd

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 9

10.6 2.1 46.4 8.5 3.3 3.0 10.6 2.1 45.7 3.6 3.0 3.2

Other Cash

Asset Mix

Total

Securities EFSF|ESM Bonds Net Loans PPE

68.2

9

1.6 ASSETS & LIABILITIES OVERVIEW

| OVERVIEW

amounts in €bn 2.4 9.7 16.2 25.7 2.2 4.2 7.8 2.2 9.7 16.0 25.2 5.2 5.5 10.3 Total

ECB ELA Interbank Repos Core Deposits Time Deposits Total Equity Other

68.2

Funding Mix

Sep.17

Total Cash Securities EFSF|ESM Bonds Net Loans Fixed Assets Other

73.9

Jun.17

Sep.17

Jun.17

Total ECB ELA Interbank Repos Core Deposits Time Deposits Total Equity Other

73.9

01

SLIDE 10

10

“Piraeus Core Bank”

Q1.17 H1.17 9M.17 RWAs €28.0bn €28.6bn €28.9bn NPE €2.6bn €2.5bn €2.3bn RoA 1.1% 1.1% 1.1% Reg.Capital €4.7bn €4.8bn €4.9bn

Corporate &

• Inv. Banking

Retail Banking Asset Management

“Piraeus Legacy Unit”

Q1.17 H1.17 9M.17 RWAs €25.2bn €24.1bn €23.5bn NPE €32.7bn €32.1bn €31.5bn RoA <0% <0% <0% Reg.Capital €4.2bn €4.0bn €4.0bn

Recovery Banking Unit International Operations Discontinued Operations

Decisive action on legacy issues, value-generating businesses Business model based on efficiency & risk-adjusted returns

1.7 RING-FENCING AND DOWNSIZING LEGACY ASSETS

01

| OVERVIEW

Piraeus Bank

SLIDE 11

11

1.8 PROGRESS AGAINST 2020 GROUP TARGETS

from

NIM

from

NFI

from

CIR

from

LDR

from

NPE

from

NPL Pre-tax RoA

from

RoA

to >310bps to >65bps to <43% to <105% to <30% to <15% to ~1.5% to >1.0%

Note: c.€70bn assets at the end of 2020 (est.) for the calculation of NIM, NFI and RoA; NPE ratio over on balance sheet data

from

Q1.17 H1.17

270bps 271bps

273bps

50bps 50bps

61bps

53% 51%

51%

116% 113%

109%

55% 56%

55%

38% 37%

36%

losses losses

losses

losses break-even break-even

9M.17

01

| OVERVIEW

2020 Targets

SLIDE 12

P&L

• Core banking income comprising NII and fees, at €1,593mn,+1% yoy
• Operating costs at €870mn, -5% yoy
• Cost to income ratio at 51% from 56% a year ago
• Pre provision income at €844mn in 9M, +16% yoy

NPEs|NPLs

• NPE stock down to €33.8bn, -€2.5bn yoy
• NPE operational target attained for 5th quarter in a row
• NPE formation at -€0.3bn, NPL formation at -€0.5bn (both pre write-off)
• NPL stock down to €22.1bn, -€3.3bn yoy, at 36% vs 39% a year earlier

Liquidity

• Deposits in Greece +€0.9bn in Q3, continuing the upward trend started in Q2
• Loans to deposits ratio at 109% down from 113% in Q2; 2nd best domestic market level
• Eurosystem reliance at €12bn, -€9bn ytd; ELA below €6bn in late November; 2nd best domestic market level
• Issue of a 5Y €0.5bn covered bond (3M euribor +250bps) in Oct.17; interbank repos at €1.6bn in late Nov.17

12 | OVERVIEW Operating profitability improving ΝPE & NPL stock down for 8th consecutive quarter in Q3 Increased deposit inflows in Q3; decreased Eurosystem reliance

1.9 9M.2017: ACCELERATION IN EXECUTION ESPECIALLY WITH REGARDS TO IMPROVING ASSET QUALITY

01

SLIDE 13

01

13

1.10 SIGNIFICANT PROGRESS AGAINST “AGENDA 2020” PLAN De-risk Balance sheet

• PLU reduced RWA size by €0.6bn qoq and by €1.7bn in the past 6 months, while CET-1 ratio increased by 27bps
• NPE & NPL reduced. “Agenda 2020” set targets to <€20bn for NPEs & <€10bn for NPLs in 2020
• Disposal of AVIS Greece, Hellenic Seaways stake and Serbian & Romanian banking operations
• 3rd public open e-auction via www.properties4sale.gr in Dec.17 | more than 6 auctions in 2018

Resize & focus

• OpEx -5% yoy, domestic cost to income at 48%, moving towards the medium-term target for <43% in 2020
• Further rationalization of domestic network, -32 branches vs. Dec.16 down to 620 by Dec.17
• Additional optimization of Greek FTEs, -215ytd to reach level of 13,200 by year-end 2017
• Migration of transactions to digital channels with target of 86% by end-2018 well on track (76% in Sep.17)

Profitable & sustainable business model

• Core Bank posted €311mn net profit in 9Μ, RoA of 1.1%, NIM at 309bps and net fees at 87bps over assets
• New loan generation slightly up for SME book, aiming at >€1bn new loans in 2018 from €0.6bn in 2017
• Further reduction of ELA balance, aiming at full elimination by year-end 2018
• Recent issue of covered bond paves the way for increased market access retuning to normal liquidity conditions

Maximising value from core businesses while accelerating clean-up of legacy issues Optimizing resources, while investing in digitalization Maintaining leading position in business lending, with a focus on SMEs

| OVERVIEW

SLIDE 14

ELA elimination Loan generation Loan mix effect

Balance Annual new loan production % higher loan yield products (Small Businesses, Consumer Loans)

• ver new production

14

1.11 STRONGER REVENUE DRIVERS

Retail banking CIB Other

22bps >25bps 3bps ~5bps

Net Interest Income

€11.0bn €0bn ~€2bn >€5bn 5% ~20% 2016 target 2016 2020 target 2016 20bps >30bps

Net Fee Income

2016 2016 2016 Drivers: bancassurance, cards, payments transaction banking investment products digitalisation

Note: elimination of ELA exposure is targeted by the end of 2018

9M.2017 9M.2017 annualized 9M.2017 9M.2017 9M.2017 9M.2017 €7.8bn €2.5bn 8% 33bps 23bps 5bps

late Nov. <€6bn

01

2020 target 2020 target 2020 target 2020 target | OVERVIEW

SLIDE 15

15

1.12 COST OPTIMISATION EFFORTS TO INTENSIFY

01

| OVERVIEW

~1.3 1.2 <1.05 <0.95

Cost-to-income ratio <45% 57%

2016 2020

Divestments Corporate centre efficiency gains Branch efficiency gains

2016 2020

Effects of cost initiatives €bn, 2017-2020 51%

9M.17

9M.17 annualized

Initial target Revised target

Efforts that can be undertaken within the current operating model

• Decrease organisational complexity
• Re-size functions and align service model
• Establish a market leading procurement approach

Re-shape the operating model to build the Piraeus Bank of the future

• Accelerate the modernization of the distribution model
• Digitalize core processes
• Embed a strategic cost culture in Piraeus

1 2 3 1 2 3

Increasing change ambition level

“Horizon”: zero cost based strategic project initiated

Revised 2020

<43%

SLIDE 16

01

1.13 TECHNOLOGY | “DRIVER” FOR COST REDUCTION AND INCREASE CUSTOMER EXPERIENCE & REVENUES

| OVERVIEW

16

Value Based Management system Extend bank-wide loyalty co-

• peration

Full operation of 4 e-branches in Attica region Continuous reform of internet banking and mobile banking platforms Enforce transaction migration from branch to digital channels Remote servicing through internet banking and mobile banking (e- signature) Extend video banking applications to increase customer accessibility & experience Ιntroduce new full automated processes and instant credit tools Create new fast track services through appropriate automated workflows Adopt efficient new technologies (BYOD, Big Data, Block Chain, Advanced Data Analytics)

Experience & Revenue Increase

2

Apply innovation to streamline day to day processes:

• e-signature
• remote teller
• paperless cashier
• printers for passbook update
• issuance of prepaid cards

Exploit usage of cloud outsourcing services for day to day operations Introduce video Identification in new customer registration to reduce cost Continuous process review and re- engineering Sustain high level of IT systems security Introduce a new data governance framework to secure data quality and completeness Continuous alignment with regulatory and supervisory requirements New services for people with specialized banking service needs

Cost Savings

1

SLIDE 17

04.

LIQUIDITY

02.

LIQUIDITY

SLIDE 18

02

18

2.1 GREEK MARKET LIQUIDITY GRADUALLY RESTORED

| LIQUIDITY

20 40 60 80 100 120 140 160

2009 2010 2011 2012 2013 2014 2015 2016 2017

ELA ECB Eurosystem at €34bn in Dec.17 (ELA €22bn, ECB €12bn), -€93bn vs. Jun.15 peak

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

Banknotes at €36bn in Dec.17,

• €15bn vs. Jun.15 peak

€22 €12 €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

€36 €138

100 120 140 160 180 200 220 240 260 280

2009 2010 2011 2012 2013 2014 2015 2016 2017

Deposits Loans

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

2009 2010 2011 2012 2013 2014 2015 2016 2017

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

LDR at 111% in Dec.17,

• 26pp vs. Jun.15 peak

Deposits up €5.0bn in Dec.17 yoy Loans down €11.2bn yoy in Dec.17, o/w €5.5bn write-offs

€184 €126 111%

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

SLIDE 19

19

2.2 DOMESTIC DEPOSITS PICKING UP

| LIQUIDITY Greek market

37% 37% 63% 63% Sep.17 Sep.17 Time deposits Savings-Sight deposits

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

Greek market

Customer Deposit Movement in Greece (€bn)

133.8

• 2.4

+0.8 +1.7 +5.6 132.5

• 2.6

+0.9 +2.4 133.2

Dec.15 Δ Q1.16 Δ Q2.16 Δ Q3.16 Δ Q4.16 Dec.16 Δ Q1.17 Δ Q2.17 Δ Q3.17 Sep.17

Piraeus - Greece Piraeus - Greece

24% 24% 76% 76% Sep.17 Sep.17 Business Retail

Greek market Piraeus - Greece

36.1

• 1.0

+0.4 +0.9 +2.9 39.3

• 1.3

+0.2 +0.9 39.1

Dec.15 Δ Q1.16 Δ Q2.16 Δ Q3.16 Δ Q4.16 Dec.16 Δ Q1.17 Δ Q2.17 Δ Q3.17 Sep.17

Piraeus FY.16 delta Q1.17 delta Q2.17 delta Q3.17 delta Sep.17 balance Mass|Farmers +1.0

• 0.5

+0.2 +0.1 14.5 Affluent|Private Banking +0.6

• 0.3
• +0.3

13.4 SB +0.2

• 0.1

+0.2 +0.3 3.2 SME +0.2

• +0.1
• 1.1

Corporate +0.6

• 0.1
• 2.4

Govt & Other +0.5

• 0.4
• 0.2

+0.2 4.5 Total +3.1

• 1.3

+0.2 +0.9 39.1 c.40% of market inflow in Q3

02

SLIDE 20

• 2.9

20.9 37.3 32.7

• 2.3
• 3.6
• 5.5
• 3.8

12.0 14.1

• 3.1

+0.4

Dec.14 Jun.15 Dec.15 Δ Q1.16 Δ Q2.16 Δ Q3.16 Δ Q4.16 Dec.16 Δ Q1.17 Δ Q2.17 Δ Q3.17 Sep.17

20

2.3 REDUCED RELIANCE ON EUROSYSTEM FUNDING, DEPOSITS INCREASING

02

ΕLA at €7.8bn from €11.9bn at YE 2016

ELA down by €2.5bn qoq in Q3 at €7.8bn vs. 2015 peak of €22bn

1 2

Eurosystem funding decreased by €3.8bn in Q3.17, by €8.9bn in 9m.17 Repos at €2.2bn in Q3 incl. €1.2bn with non-ECB eligible collateral

Domestic Deposits (€bn) Eurosystem Funding (€bn) 3 4 5

Positive deposit movement in Q3 in Greece which continues in Q4 Zero reliance of L.3723 State support since April 2016

6

Continued participation in ESM bond exchange programme

+0.9 35.1 36.1

• 1.0

+0.4 +0.9 +2.9 39.1 49.5 39.3

• 1.3

+0.2

Dec.14 Jun.15 Dec.15 Δ Q1.16 Δ Q2.16 Δ Q3.16 Δ Q4.16 Dec.16 Δ Q1.17 Δ Q2.17 Δ Q3.17 Sept.17

Q4.17 (until end Nov.17):

• deposits further increased by ~€1bn
• ELA use has dropped to <€6bn

| LIQUIDITY

SLIDE 21

0.37 0.62 0.09 0.21

Dec.12 Dec.13 Dec.14 Dec.15 Jun.16 Sep.16 Oct.16 Nov.16 Dec.16 Mar.17 Jun.17 Sep.17 Euro area Greece Spain Portugal

02

21

2.4 PIRAEUS DEPOSIT COST DECREASING

| LIQUIDITY

Greek Customer Deposit Rates (mtd, %) Greek Time Deposit Rates | Stock vs. New (mtd, %) New Time Deposit Rates in European Periphery (%)

4.40% 3.64% 2.71% 2.27% 1.77% 1.74% 0.95% 0.81% 0.73% 0.65% 0.61% 0.65% 4.58% 4.04% 3.05% 2.62% 1.95% 1.75% 1.17% 0.93% 0.89%0.83% 0.81% 0.79% Dec.12 Jun.13 Dec.13 Jun.14 Dec.14 Jun.15 Dec.15 Jun.16 Sep.16 Dec. 16 Jun.17 Sep.17 New time deposits Time deposits (stock) 2.91% 2.74% 2.04% 1.79% 1.30% 1.05% 0.63% 0.52% 0.53% 0.49% 0.46% 0.46% 4.58% 4.04% 3.05% 2.62% 1.95% 1.75% 1.17% 0.93% 0.89%0.83% 0.81% 0.79% Dec.12 Jun.13 Dec.13 Jun.14 Dec.14 Jun.15 Dec.15 Jun.16 Sep.16 Dec.16 Jun.17 Sep.17 Total deposits (stock) Time deposits (stock)

Time deposit cost continues to decrease Ongoing effort to reduce deposit cost in line with approved Restructuring Plan Gradual increase of market sentiment and inflows in deposits are not expected to trigger any deviation from deposit pricing discipline

Deposit Cost Further Improved

1 2 3 Q4.17 (until end Nov.17):

• time deposits cost further down to 0.75%

SLIDE 22

02

22

2.5 EUROSYSTEM FUNDING UTILIZATION DROPS FURTHER

| LIQUIDITY

Dec.14 Dec.15 Sep.16 Dec.16 Mar.17 Jun.17 Sep.17 mid- Nov. ECB 14.1 16.0 11.1 9.0 4.5 5.5 4.2 4.0 EFSF|ESM Bonds 5.7 15.3 9.5 7.3 2.8 3.9 2.5 2.1 GGBs and T-bills 1.0

• 0.9

0.9 0.9 0.9 0.9 0.9 L.3723 6.8

• Other

0.6 0.7 0.7 0.8 0.8 0.7 0.8 1.0 ELA

• 16.7

12.7 11.9 11.0 10.3 7.8 6.0 GGBs and T-bills

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

12.7 11.9 11.0 10.3 7.8 6.0 Total 14.1 32.7 23.8 20.9 15.5 15.8 12.0 10.0

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 15.4 22.2 21.2 16.7 16.1 14.4 12.7 11.9 11.0 10.3 7.8 <6.0

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 10.0

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 end- Nov

ELA ECB

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

1 2 3 ELA utilization drops below €6.0 at end Nov.17 ELA collateral buffer estimated at €11bn, based on existing collateral valuation and haircuts No utilization of Pillar 2 support scheme since April 2016 “NBG's and Piraeus' higher cash buffers puts them in a stronger position to face any renewed economic turmoil in Greece” “Piraeus' deposits have been recovering steadily over recent quarters, above the system average” (Issuer Comment, 28 Sep.2017)

SLIDE 23

23

2.6 INTERBANK REPO ACTIVITY

| LIQUIDITY

200 400 600 800 1,000 1,200 1,400 Apr.16 May.16 Jun.16 Jul.16 Aug.16 Sep.16 Oct.16 Nov.16 Dec.16 Jan.17 Feb.17 Mar.17 Apr.17 May.17 Jun.17 Jul.17 Aug.17 Sep.17 2,000 4,000 6,000 8,000 10,000 12,000 14,000 Dec.12 Mar.13 Jun.13 Sep.13 Nov.13 Jan.14 Mar.14 May.14 Jul.14 Sep.14 Nov.14 Jan.15 Mar.15 May.15 Jul.15 Oct.15 Dec.15 Feb.16 May.16 Aug,16 Oct.16 Mar.17 Sep.17

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

€0bn late-Nov.17

Interbank funding through EFSF bond repos stood at c.€1.1bn in September 2017, from €6bn in Dec.16, due to the ongoing exchange in the framework of short term measures for Greek Public Debt relief Initiation of interbank repo activity with non-ECB eligible collateral in the past 12 months; balances at €1.6bn at the end of Nov.17 at a cost significantly below ELA level Ample non-ECB eligible collateral to provide additional funding in excess of €3bn Increased volumes assisting reduction of Eurosystem reliance

1 3 2

€1.6bn late-Nov.17

4

02

SLIDE 24

24

2.7 LIDUIDITY EVOLUTION

| LIQUIDITY

Net Loans to Deposits Ratio | Piraeus Bank vs Market (%)

130% 130% 128% 124% 115% 118% 115% 111% 128% 127% 125% 121% 118% 119% 117% 114% Dec.15 Mar.16 Jun.16 Sep.16 Dec.16 Mar.17 Jun.17 Sep.17 Piraeus Bank (Domestic) Greek Market (%,avg)

Liquidity Position | Piraeus Bank vs Peers (%)

Q3.17 Q3.17 Q3.17 Q3.17

Loans-to-Deposits (LDR) | Group 109% 129% 83% 112% LDR | Greece 111% 131% 83% 131% ELA funding as % of assets 11% 14% 3% 15%

Source: Bank of Greece for the market Source: Published IFRS financial statements and IR material 1st 2nd 3rd 4th

Piraeus Bank has a downward trend in Loans-to-Deposits ratio, standing at 109% in Sep.17, and stands at a lower level during the past 4 quarters compared to market average Piraeus Bank ranks second in all liquidity ratios, among the four systemic banks ELA as % of assets stood at 11% for Q3.17 for Piraeus Bank showing reduced dependency on ELA funding

Peer 1 Peer 2 Peer 3

02

SLIDE 25

2.8 FUNDING PLAN

25 | LIQUIDITY

Q4.17 until late Nov.17: ELA use has already dropped from €7.8bn at the end of Sep.17 to below €6bn in late Nov.17 and continues on a downward trend

ELA Evolution

22.2 11.9 10.3 <6.0

2015 peak YE.2016 June 2017 YE.2017 2018 2018 YE.2018 target Deposit inflows 2018 Debt issues & Interbank Repos

The upward trend in deposit inflows recorded in Q3.17, also continuing in Q4.17, is expected to enhance the Bank’s liquidity position Bond issues, such as the recent 5-year €500mn covered bond, will enable ELA disengagement €0bn Public Issuance Plan 2018 2019 2020 €0.5bn €1.0bn €1.75bn

02

SLIDE 26

26

2.9 COVERED BOND PRIVATE PLACEMENT TRANSACTION

| LIQUIDITY

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 is primarily placed among supranational organizations, namely the European Investment Bank (EIB), the European Investment Fund (EIF) and the European Bank for Reconstruction and Development (EBRD); Credit Suisse has acted as Dealer Manager in the transaction The issue is an FRN, 3mEuribor + 250bps | Conditional Pass-Through structure The new issue constitutes an innovative financing scheme in which international financial organizations invest in Greek bank covered bonds 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

02

SLIDE 27

#2 #1 #3 #1 #3

2.10 DEBT ISSUANCE PROGRAMMES

| LIQUIDITY

27

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

02

SLIDE 28

03.

CAPITAL

Note: as of Q1.2017 the operations of two domestic subsidiaries, namely Olympic SA (Avis Greece) and Imithea SA (Henry Dunant hospital) were recorded as

• discontinued. On top, as of Q2.2017 the Bank’s operations in Serbia (Piraeus

Bank Beograd and the local leasing subsidiary) have been also classified as discontinued.

SLIDE 29

29

3.1 REDUCED RISK PROFILE & IMPROVING CAPITAL RATIOS

03

€ bn | % Phased-Ιn Fully Loaded Jun.17 Sep.17 Jun.17 Sep.17 CET-1 Capital 8.8 8.8 8.6 8.6 Total Regulatory Capital 8.8 8.8 8.6 8.6 RWAs 52.2 51.8 52.2 51.8 CET-1 ratio 16.9% 17.0% 16.5% 16.6% Total Capital Ratio 16.9% 17.0% 16.5% 16.6%

CET-1 Ratios

€mn

Phased-in CET-1 Capital & RWAs Evolution in 9M.2017

9,003

• 22
• 68
• 102

8,811

Dec.16 CET-1 9M.17 results

• cont. ops

9M.17 results disc'd ops Other Sep.17 CET-1

53,266

• 865
• 646

51,755

Dec.16 RWA 9M.17 Divestments Sep.17 RWA Note: ratios adjusted for RWA relief from divestments under way (Avis Greece, Henry Dunant hospital and Serbian operations)

Leverage ratio at 12.8% State CoCos of €2.0bn CET-1 ratios (phased-In & fully loaded) increased on a quarterly basis

Note: €102mn mainly from regulatory phasing

| CAPITAL

Note: DTC at €4.0bn, o/w €1.3bn from PSI and €2.7bn from loan losses

SLIDE 30

3.2 CET-1 RATIOS

30 | CAPITAL

€mn

Peer 1 Peer 2 Peer 3

CET1 8,811 8,804 6,400 5,603 RWA 51,755 49,300 38,500 37,208 CET-1 % phased-in 17.0% 17.9% 16.8% 15.1% CET-1 % fully loaded 16.6% 17.7% 16.6% 14.6%  High level of capital on both phased-in and fully loaded basis  CET-1 % fully loaded increased yoy from 16.1% a year ago to 16.6% at the end of Sep.17, while achieving NPE deleverage targets

CET-1 Ratios (Sep.17, %)

03

SLIDE 31

04.

ASSET QUALITY

SLIDE 32

04

32

4.1 GROUP NPE & NPL RATIOS TRENDING LOWER

| ASSET QUALITY NPLs (€mn) Sep.17 Business 14,798 Mortgages 4,485 Consumer 2,785 TOTAL 22,068 NPLs (€mn) Sep.17 Greece 20,908 International 1,160 TOTAL 22,068

Group NPL Ratio per Product Category Group NPL Mix

37.1% 38.5% 28.9% 48.6%

36.2% 37.3% 28.9% 47.3%

Total Business Mortgages Consumer

Jun.17 Sep.17

NPEs (€mn) Sep.17 Business 23,967 Mortgages 6,429 Consumer 3,378 TOTAL 33,774 NPEs (€mn) Sep.17 Greece 32,219 International 1,555 TOTAL 33,774

Group NPE Ratio per Product Category Group NPE Mix

55.6% 61.0% 41.0% 57.8%

55.3% 60.5% 41.5% 57.4%

Total Business Mortgages Consumer

Jun.17 Sep.17

Note: NPE on balance sheet data

NPE mix 71% 19% 10% NPL mix 67% 20% 13%

SLIDE 33

33

4.2 PRE WRITE-OFF FORMATION IN NEGATIVE TERRITORY IN Q3.17

| ASSET QUALITY

• 41
• 33
• 208

131 23 6 19

• 19

9

Q1.17 Q2.17 Q3.17 Q1.17 Q2.17 Q3.17 Q1.17 Q2.17 Q3.17

Greek NPL Formation by Segment

Notes: pre write-off quarterly NPL formation in € mn or as % of gross loans, Q2.17 and on excludes Serbia NPE on balance sheet data

Greek NPE Formation by Segment

Business Mortgages Consumer 334

• 254
• 358

89

• 12
• 48

28

• 43
• 39

Q1.17 Q2.17 Q3.17 Q1.17 Q2.17 Q3.17 Q1.17 Q2.17 Q3.17

Business Mortgages Consumer

NPEs formation for Retail segment still subdued, while for business segment there has been a significant negative movements of NPEs formation NPLs formation continued in a negative territory for another quarter in Q3 for all segments, paving the way for NPE reduction

04

SLIDE 34

34 | ASSET QUALITY

4.3 SATISFACTORY COVERAGE IN ALL SEGMENTS

LLRs (€mn) Sep.17 LLR/ Loans Business 11,394 28.7% Mortgages 1,831 11.8% Consumer 2,147 36.5% TOTAL 15,372 25.2% LLRs (€mn) Sep.17 LLR/ Loans Greece 14,617 25.2% International 755 24.4% TOTAL 15,372 25.2%

68% 75% 39% 77%

70% 77% 41% 77%

Total Business Mortgages Consumer Q2.17 Q3.17

NPE Coverage Ratio per Product NPL Coverage Ratio per Product Group LLRs at 25% Over Loans

NPL mix 67% 20% 13%

Total NPEs coverage ratio at 96% for business portfolio including tangible collateral Strong NPL coverage ratio at 77% for the business portfolio that comprise 67% of total NPL stock Cumulative provisions at 25% over Group gross loans

45% 47% 28% 64%

46% 48% 28% 64%

Total Business Mortgages Consumer Q2.17 Q3.17 NPE mix 71% 19% 10% Note: NPE on balance sheet data

04

SLIDE 35

35

4.4 COVERAGE PER SEGMENT

04

Coverage per Segment (Sep.2017)

| ASSET QUALITY Piraeus Group NPL Ratio % Cash Coverage % Collateral Coverage % Total NPL Coverage % NPE Ratio % Cash Coverage % Collateral Coverage % Total NPE Coverage % Business loans 37% 77% 39% 116% 60% 48% 48% 96%

• /w SB

48% 59% 44% 103% 61% 46% 48% 94%

• /w SME & Corporate

36% 81% 38% 119% 60% 48% 48% 96% Mortgage loans 29% 41% 67% 108% 42% 28% 67% 95% Consumer loans 47% 77% 17% 94% 57% 64% 21% 85% Total loans 36% 70% 42% 112% 55% 46% 49% 95%

High % coverage (provisions & collateral) in all segments Total NPL coverage ratio (NPL Coverage % + NPL Collateral %) of the overall loan portfolio well exceeding 100%, with corresponding total NPE coverage ratio near 100% Coverage of business NPEs relatively balanced between provisions & collaterals, while consumer loans are tilted towards provisions and mortgage loans towards collateral coverage

SLIDE 36

36

4.5 NPE STOCK INCLUDES €8.2ΒΝ OF LOANS WITH ZERO DAYS OF ARREARS

| ASSET QUALITY 36. 36.2% 55.3%

Group NPL 90dpd Implied Group NPE +13.2%

Piraeus Group NPL to NPE Reconciliation (Sep.2017) Piraeus Group NPL-NPE-LLR Data per Product (Sep.2017)

€bn Exposures NPEs NPLs Perform rming ng Impaired Forborne Contagion Business 39.6 24.0 14.8 3.0 5.7 0.5 Mortgages 15.5 6.4 4.5 0.0 1.9 0.0 Consumer 5.9 3.4 2.8 0.1 0.5 0.0 Total 61.0 33.8 22.1 3.1 8.1 0.5 €bn │ % NPEs NPLs LLRs Coverage NPEs NPLs Business 24.0 14.8 11.4 48% 77% Mortgages 6.4 4.5 1.8 28% 41% Consumer 3.4 2.8 2.1 64% 77% Total 33.8 22.1 15.4 46% 70%

+19.2% Coverage

70%

Coverage

46%

+5.1%

Sep.17

Group NPL >90dpd

Sep.17

Group NPE Impaired Contagion Forborne +0.9%

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

€8.2bn out of €11.7bn: 0 dpd

Note: NPE on balance sheet data

04

SLIDE 37

77%

17%

Cash coverage Tangible collateral coverage

37

4.6 CASH COVERAGE AUGMENTED BY COLLATERAL

| ASSET QUALITY

77%

39%

Cash coverage Tangible collateral coverage

Mortgage Business Consumer

48%

48%

Cash coverage Tangible collateral coverage

64%

21%

Cash coverage Tangible collateral coverage

Mortgage Business Consumer Total 116% Total 108% Total 94% Total 96% Total 95% Total 85%

Total NPEs coverage at 95%

(on top personal guarantees)

+ corporate and personal guarantees + personal guarantees + personal guarantees + corporate and personal guarantees + personal guarantees + personal guarantees

Note: collateral capped at loan amount

Total NPLs coverage at 112%

(on top personal guarantees)

28%

67%

Cash coverage Tangible collateral coverage

41%

67%

Cash coverage Tangible collateral coverage

04

SLIDE 38

1.7% 1.7% 2.7% 3.3% 3.9% 4.5% 4.5% 5.6% 7.6% 7.7% 10.3% 11.0% 9.5% 26.1% Agriculture Other Services Activities Transportation & Storage Electricity, Gas, Steam Shipping Real Estate Financial & Insurance Accommodation & Food Construction Other Wholesale & Retail Trade Manufacturing Consumer Mortgages

38

4.7 LOAN PORTFOLIO DIVERSIFICATION

Loans: KPIs per Segment (Sep.2017) Domestic Loan Composition (Sep.2017, %)

in €mn | % TOTAL Business Mortgage Consumer GROUP Loans 61,035 39,645 15,507 5,883 NPL Ratio 36.2% 37.3% 28.9% 47.3% NPL Coverage 69.7% 77.0% 40.8% 77.1% NPE Ratio 55.3% 60.5% 41.5% 57.4% NPE Coverage 45.5% 47.5% 28.5% 63.6%

| ASSET QUALITY

(*) NPE ratios for on balance sheet data

in €mn | % TOTAL Business Mortgage Consumer GREECE Loans 57,936 37,312 15,143 5,480 NPL Ratio 36.1% 36.9% 29.4% 49.5% NPL Coverage 69.9% 78.1% 40.6% 76.5% NPE Ratio 55.6% 60.6% 42.0% 59.3% NPE Coverage 45.4% 47.5% 28.3% 63.8%

Retail 36%

04

SLIDE 39

37.7 36.5 36.5 36.5 36.3 35.8 35.2 34.5

33.8

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

55% 55%

27.9 26.9 26.4 25.9 25.3 24.4 24.1 23.0

22.1

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

39

4.8 MATERIAL REDUCTION IN GROUP NPE AND NPL STOCK

1 2

NPL stock marked a drop of €0.9bn qoq and €5.8bn from Sep.15 peak

• Q3.17 pre write-off NPL formation at -€0.5bn
• SSM NPL operational target attained

NPΕ reduction of €2.5bn in the last 12 months and €3.9bn from Sep.15 peak

• Q3.17 pre write-off ΝPE formation negative (-€0.3bn)
• SSM NPE operational target attained for 5th quarter in a row

NPL Development & Ratio (€bn|%) NPE Development & Ratio (€bn|%)

• €3.9bn
• €5.8bn

Notes: NPE /NPL for Jun.17 and Sep.17 exclude Group’s operations in Serbia (Piraeus Bank Beograd and its local leasing subsidiary); NPE data is on balance sheet

40% 36%

| ASSET QUALITY

04

“We consider the reduction in Piraeus’ NPL stock by around €2.4 billion in the first nine months of 2017 as a positive sign that the bank is on the right path to extracting value and cash flow out of its problematic exposures, something that will be closely monitored by both the SSM and the Bank of Greece.” (Credit Opinion, 6 Dec.2017)

SLIDE 40

34.7 32.2

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

40

4.9 DOMESTIC NPL FORMATION LEADING INDICATOR FOR NPE TRAJECTORY

NPE Stock Development (€bn)

• €2.5bn

NPE peak

NPE Formation (€bn)

0.4 0.3 0.2 0.0 -0.1 0.1 0.0

• 0.2

Q1.15 Q2.15 Q3.15 Q4.15 Q1.16 Q2.16 Q3.16 Q4.16 Q1.17 Q2.17 Q3.17 Note: NPE data is on balance sheet

0.4 0.0 0.3 0.1

• 0.2
• 0.2
• 0.3
• 0.5

0.5

• 0.3
• 0.4

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

25.4 20.9

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

NPL peak

• €4.5bn

NPL Stock Development (€bn)

Impacted by 2 corporate accounts

NPL Formation (€bn)

| ASSET QUALITY

04

SLIDE 41

41

4.10 NPE & NPL FORMATION PRE WRITE-OFFS BETTER THAN INDUSTRY AVERAGE

Pre-write off NPE Formation | Piraeus vs. Peers (bps over gross loans)

Piraeus NPE/NPL formation declined faster compared to the Greek systemic peer average, based on the following:

• segment and customer specific operating models
• tailor-made restructuring products delivered through

dedicated channels

• close cooperation of specialised teams with specific

expertise

• thorough financial and operational target-setting on all

levels

Pre-write off NPL Formation | Piraeus vs. Peers (bps over gross loans)

* peer average refers to the other 3 systemic banks; NPLs for Greece, NPEs for Group

• 77bps

+23bps

• 100
• 50

+0 +50 +100 +150 +200

2Q'13 3Q'13 4Q'13 1Q'14 2Q'14 3Q'14 4Q'14 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 Q1'17 Q2'17 Q3'17

Piraeus Bank 3 Peers' Average

• 45bps
• 2bps
• 100
• 50

+0 +50 +100 +150 +200

1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17

Piraeus Bank 3 Peers' Average

| ASSET QUALITY

2 corporate accounts

04

SLIDE 42

42

4.11 NPL & NPE OPERATIONAL TARGETS TRACK RECORD

| ASSET QUALITY

• Piraeus targets reducing parent stock of NPEs by 37% from Sep.17

(€32.0bn) to Dec.19 (€20.3bn)

• NPLs at parent level are also targeted to be reduced by 50% from

Sep.17 (€20.9bn) to Dec.19 (€10.4bn)

• The reduction until 2019 will be driven by:
• restructurings
• collections
• liquidations
• write-offs
• selected sales

Operational Targets Submitted to SSM | Parent Data 2016 2017 2019

in €bn Jun. Sep. Dec. Mar. Jun. Sep. Dec. actual target actual target actual target actual target actual target αctual target

NPE 34.2 34.4 34.1 34.3 33.8 33.9 33.3 32.9 32.6 32.3 32.0 20.3 NPL 24.4 23.9 23.9 23.3 23.2 22.3 23.0 21.1 21.7 20.9 20.9 10.4

20.9 27.0 24.0 20.3 10.4 11.2

• 5.1
• 3.0
• 3.7

9.9

32.0 20.3

Sep.17 Write-Offs Restructurings. Collections, Liquidations Selected Sales 2019

NPE NPL

: Overall Operational target attained : Quarterly target attained Notes : +€6bn Inflows

• €9bn Outflows
• /w €2.2bn for

debt forgiveness from -€2bn previously

04

SLIDE 43

43

4.12 NPE STOCK EVOLUTION TARGETS

04

Increased sales under way Intensified restructuring effort Liquidations to speed up Collections up as economy recovers

| ASSET QUALITY

Overall plan for -41% NPE decrease versus

• 37% for total market

Piraeus Bank established in Jun.16 a more aggressive set

• f targets versus market average. Recently, the Bank

resubmitted its’ targets with fine-tuning through:

34.2 32.0

Jun.16 Sep.17 Dec.17 Dec.18 Dec.19 Dec.20 Actual

32.3 31.5 25.9 20.3 <20.0

Parent NPE Stock Evolution (€bn)

• 41%
• 37%

SLIDE 44

02.

FINANCIALS

02.

FINANCIALS

05.

MACRO OUTLOOK

SLIDE 45

5.1 A BIRD’S EYE VIEW OF THE GREEK CRISIS

45

05

| MACRO OUTLOOK

GDP is back to 1999

Consumption has returned to its 2000 levels Public spending: Close to the 2000 levels Investments at record low Exports are on the rebound due to Tourism Imports stabilised at long-term average

Source: ELSTAT, Economic Research & Investment Strategy

2000:€39bn 2016: €40bn

10 20 30 40 50 60

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Public Consumption Long-Term Average 2016: €21bn Min value

10 20 30 40 50 60 70

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Gross fixed capital formation Long-Term Average 2007:€57bn 2016: €56bn

15 20 25 30 35 40 45 50 55 60 65

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Exports of goods and services Long-Term Average 2002: €60bn 2016: €60bn

20 30 40 50 60 70 80 90 100

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Imports of goods and services Long-Term Average 2000: €126bn 2016: €127bn

90 100 110 120 130 140 150 160 170 180

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Private Consumption Long-Term Average 1999: €183bn 2016: €185bn

140 150 160 170 180 190 200 210 220 230 240 250 260

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Real GDP Long-Term Average

SLIDE 46

05

46

5.2 IMPROVING EXTERNAL ENVIRONMENT

| MACRO OUTLOOK

Sources: ELSTAT, BoG, Bloomberg, Piraeus Bank Economic Research

Economic Sentiment Indicator (ESI) & PMI Manufacturing Point to Improving GDP Dynamics Real Estate Prices Stabilizing (change yoy %) Industrial Production Improving

30 35 40 45 50 55 75 80 85 90 95 100 105 110 Economic Sentiment Indicator (left axis) PMI Manufacturing (right axis)

• 15.0
• 10.0
• 5.0

0.0 5.0 10.0 Industrial Production YoY % trend line (2008-Q3.17)

Q3.17

• 0.6% yoy
• 16.0
• 14.0
• 12.0
• 10.0
• 8.0
• 6.0
• 4.0
• 2.0

0.0 2.0 4.0 House Prices Office Prices (Athens) Retail Prices (Athens)

• 15.0
• 10.0
• 5.0

0.0 5.0 10.0 15.0 20.0 25.0 Tourism Revenues YoY % trend line (2010-Q3.17)

Tourism as a Key Pillar of the Economy

SLIDE 47

05

47

5.3 POSITIVE OUTLOOK FOR THE GREEK ECONOMY

| MACRO OUTLOOK

21.6 19.7 18.0 +0 +5 +10 +15 +20 +25 +30

Unemployment Rate

2017-2019

• utlook

Sources: ELSTAT, DG ECFIN, Piraeus Bank Economic Research

Real GDP Expected to Stay on a Growth Trajectory Real GDP returns on a Growth Trajectory Unemployment Rate to Remain Clearly on a Downward Trend

1.2 2.1 2.3

• 3.0
• 2.0
• 1.0

0.0 1.0 2.0 3.0 Q1/15 Q2/15 Q3/15 Q4/15 Q1/16 Q2/16 Q3/16 Q4/16 Q1/17 Q2/17 Q3/17 QoQ % change YoY % change 2017-2019

• utlook

Τhe recovery of a number of economic activity indicators creates significant upside potential to our 2018-2019 outlook The unemployment rate fell to 20.2% in Q3.2017, while Jan.-

• Sep. average stood at 21.5%. Correspondingly employment

increased by 2.1% on an annual basis Going forward, the successful implementation

• f

the

• utstanding programme reviews, as well as the maintenance of

economic stability and credibility are of paramount importance so that the Greek economy will be able to capitalize on the growing positive momentum Greece is projected to achieve the primary balance target of 3.5% of GDP in 2018-2019 Improved economic outlook confirmed by all rating agencies (Moody’s, Fitch, S&P upgraded rating to Caa2/Positive, B- /Positive and B/Positive respectively) Greek risk sentiment is improving, allowing the sovereign to successfully tap capital markets in Jul.17

SLIDE 48

05

48

5.4 SOVEREIGN SPREADS DE-ESCALATE

| MACRO OUTLOOK

Greece 10yr Sovereign Bond Spread

290 340 390 440 490 540 590 640 690 740 790

2/1 17/1 1/2 16/2 3/3 18/3 2/4 17/4 2/5 17/5 1/6 16/6 1/7 16/7 31/7 15/8 30/8 14/9 29/9 14/10 29/10 13/11 28/11 13/12 28/12 12/1 27/1 11/2

23rd Jun Moody’s upgrades Greece to Caa2/Pos. 15 Jun Eurogroup welcomes conclusion

• f 2nd

Review 24 Jul Greece successfully issues €3bn 5Y Sovereign Debt 18 Aug Fitch upgrades Greece to B-/Pos. 2nd Programme Review Stalls 15 Nov Greece successfully swaps €30bn Sovereign Debt 19 Jan S&P upgrades Greece to B/Pos. 31 May H1.17 GDP growth prints @ 0.6%, best H1 since 2008 5 Dec Greek government and European institutions reach staff-level agreement for third review

SLIDE 49

| MACRO OUTLOOK

5.5 GREEK MACRO & BANKING MARKET OUTLOOK

49

05

a: actual e: estimate f: forecast

Greece: Banking Sector Forecasts

2016a 2017e 2018f 2019f 2020f Total Loans, €bn 202 190 182 179 186 Total Loans, % change

• 3%
• 6%
• 4%
• 2%

4%

• write-offs | sales per annum, €bn

3 5 10 9 3 Total Loans exc. write-offs & sales, % change

• 2%
• 3%

1% 3% 6% Total Deposits, €bn 132 138 143 151 161 Total Deposits, % change 4% 4% 4% 6% 7%

Sources: Ministry of Finance, ELSTAT, BoG, Piraeus Bank Economic Research

Greece: Macroeconomic Forecasts

2016a 2017e 2018f 2019f 2020f Real GDP (sa data, % change)

• 0.2%

1.2% 2.1% 2.3% 2.7% Gross Fixed Capital Formation (sa data, €bn) €21 €23 €27 €32 €37 Unemployment Rate (% of labour force) 23.5% 21.6% 19.7% 18.0% 16.7%

• Political stability
• Pent-up demand (for both

consumption and depreciated capital)

• Privatisation-related capital

expenditure

• Export-oriented sectors, such as

tourism and farming, as well as logistics, renewable energy projects, likely drivers of economic recovery

• Loans in the Greek market affected by

write-offs and sales of c.€22bn in the period to 2020

• Deposit inflows of c.€23bn anticipated

in the period to 2020 vs. €100bn

• utflows since crisis beginning

SLIDE 50

5.6 TRENDS & OPPORTUNITIES

50 | MACRO OUTLOOK

Greece needs to reorient itself from a consumption-based to an export-based economy Greece has a number of competitive advantages but needs to move up the value added chain In several sectors and for a variety of reasons, a massive consolidation process has started More funding, either in the form of equity or loans, will be required Greece is facing regulatory pressures to liberalize and privatize a number of sectors Greek banks have committed to reduce NPLs and restructure their balance sheets TRENDS OPPORTUNITIES Emphasis on export-oriented sectors: tourism, farming, food processing, oil refining, basic metals & minerals, chemicals, pharmaceuticals Even in sectors with a competitive advantage, Greece needs infrastructure upgrades, i.e. 5-star resorts, yachting, convention centers, marketing & branding In sectors with less stellar prospects such as retail and wholesale trade, fish-farming, passenger shipping, telecoms, consolidation will create sectoral champions with improved margins Privatized assets & natural resources development will require substantial investment (equity or loans) Clusters can be created around privatized assets, i.e. ship- repair zone, logistics, cargo management, cruise tourism Regulatory pressures to liberalize industries such as electricity, natural gas, waste processing & management, renewable energy Banks commitment to reduce NPΕ & Non Core Assets will create opportunities in real estate, insurance and leasing, hotels and in over-indebted, but viable companies

05

SLIDE 51

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) 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 Greek Capital Market Instruments

• Allowed

Additional Account Beneficiary

• Allowed for existing (as of 11.03.16) customers
• Prohibited for new customers

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 €1,000 per month

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

51

5.7 CAPITAL CONTROLS UPDATE: FURTHER RELAXATION

| MACRO OUTLOOK

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

05

SLIDE 52

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 53

06

53

6.1 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 in 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 54

6.2 PIRAEUS GROUP STRUCTURE

| APPENDIX

54

06

SLIDE 55

6.3 HIGH CUSTOMER EXPERIENCE

| APPENDIX

55

24% 45% 25% 4%1% Excellent Very Good Good Moderate Poor

Overall Experience

Q.: Having in mind your banking experience with Piraeus Bank, how would you rate it overall?

Preference Score

Q.: How strongly do you prefer Piraeus Bank to any other bank?

Sample size n=15.3k customers TRI*M Index 93 75

84

18% 27% 43% 8% 3% 2% Extremely Very Strongly Strongly Moderately At all N/A

TRI*M Index Benchmarks - Banking Top-10% Index 94 Top-33% Index 81 TRI*M Index Mean 74 Bottom-33% Index 68 Bottom-10% Index 56

Source: TNS normative database, Europe, 536k interviews among retail bank customers (Y2013-Y2016)

2016: 92 2016: 72 2016: 82

The customer retention index TRI*M (Measuring, Managing and Monitoring) shows the strength of relationship between the customer and the Bank, taking into account their overall experience with and their preference to the Bank.

06

SLIDE 56

56

6.4 CLEAR PROGRESS IN ALL KEY FINANCIAL METRICS ON AN ANNUAL AND QUARTERLY BASIS

Group, € bn|mn Greece

Int’l Sep.17 Jun.17 qoq Sep.16 yoy Total Assets 63.2 5.0 68.2 73.9

• 8%

82.6

• 18%

Gross Loans 57.9 3.1 61.0 62.0

• 2%

65.4

• 7%

Net Loans 43.3 2.3 45.7 46.4

• 2%

48.3

• 5%

Loan Loss Reserves 14.6 0.8 15.4 15.7

• 2%

17.1

• 10%

Customer Deposits 39.1 2.7 41.8 40.9 2% 39.7 5% Eurosystem Funding

• 12.0

15.8

• 24%

23.8

• 49%

Equity

• 9.7

9.7 0% 10.0

• 2%

NII & NFI 1,476 118 1,593 1,036 1,580 1% Net Revenues 1,594 120 1,714 1,131 1,637 5% Operating Expenses 772 98 870 582 911

• 5%

Pre Provision Income 822 22 844 549 726 16% Impairment on Loans 800 30 830 518 702 18% Other Impairment 31 8 38 30 60

• 36%

Net Result attr. to SHs

• 9
• 10
• 19

14

• Branches (#)

628 232 860 869

• 1%

931

• 8%

Employees (#) 13,892 3,080 16,972 17,088

• 1%

18,335

• 7%

€2.1bn

customer deposits yoy | +€0.9bn qoq

€4.9bn

reduction of ELA yoy | -€2.5bn qoq

€1.9bn

loan generation in 9M | €0.8bn in Q3

+1%

sum of NII & NFI in 9M yoy| +8% qoq in Q3

€870mn

OPEX, -5% in 9M yoy both Group and Greece

€844mn

PPI, +16% in 9M yoy, +19% in Greece

• 8%

footprint optimization yoy | -1% qoq

• 7%

headcount reduction yoy | -1% qoq

06

| APPENDIX

SLIDE 57

57

6.5 IMPROVING ASSET QUALITY AND CAPITAL ADEQUACY

55.3%

NPE ratio, with 46% cash coverage

36.2%

NPL ratio, -260 bps yoy

273bps

NIM, with NFI over assets at 61bps

51%

cost to income in Q3, 48% in Greece

17%

CET-1, 16.6% fully loaded, both up qoq

Group, %

Greece Int’l Sep.17 Jun.17 Sep.16 Liquidity Loan / Deposits 111% 85% 109% 113% 122% Eurosystem / Assets

• 19%

25% 36% Profitability NIM 2.75% 2.55% 2.73% 2.71% 2.72% NFI / Assets 0.61% 0.60% 0.61% 0.50% 0.47% Cost / Income 48% 82% 51% 51% 56% Cost of Risk (% of net loans) 2.5% 1.7% 2.4% 2.2% 1.9% Capital CET-1 (phased-in)

• 17.0%

16.9% 17.1% CET-1 (fully loaded)

• 16.6%

16.5% 16.1% Asset Quality NPE ratio 55.6% 50.2% 55.3% 55.6% 55.5% NPE coverage 45.4% 48.6% 45.5% 45.4% 47.2% >90dpd ratio 36.1% 37.4% 36.2% 37.1% 38.8% >90dpd coverage ratio 69.9% 65.0% 69.7% 68.2% 67.5%

Note: ratios over assets exclude EFSF|ESM bonds and discontinued operations. Profitability ratios refer to ytd period

06

| APPENDIX

SLIDE 58

58

6.6 GROUP P&L HIGHLIGHTS: STRONG BANKING INCOME & COST CONTAINMENT

| APPENDIX

Group Profit & Loss (€mn)

Q3 OpEx decreased by 1% qoq and by 5% yoy in the 9M, due to successful containment

• f

administrative expenses and crystallization of 2016 VES benefit

1 2

Core banking income increased by 8% qoq and 1% yoy in the 9M, driven by strong NFI, offsetting the slightly decreased NII as a result of asset deleveraging. Increase in NFI mainly stems from ancillary business and includes bancassurance persistency fee of €35mn Q3.17 loan impairment increased by 20% qoq, further improving provision coverage ahead of IFRS9 implementation

3

Total net revenues for Q3 flattish qoq, 9M +5% yoy

4

Q3.17 Q2.17 qoq 9M.17 9M.16 yoy Net Interest Income 431 436

• 1%

1,304 1,346

• 3%

Net Fee Income 127 82 54% 289 234 24% Core Banking Income 558 518 8% 1,593 1,580 1% Trading Income 17 28

• 40%

77 125

• 39%

Other Income 8 37

• 78%

44 9 >100% Total Net Revenues 583 584 0% 1,714 1,714 0%

• excl. one-off item

583 584 0% 1,714 1,637 5% Employee Costs (139) (143)

• 3%

(425) (436)

• 2%

Administrative Expenses (123) (123) 0% (367) (397)

• 7%

Depreciation & Other (26) (25) 4% (78) (79)

• 1%

Total Operating Costs (288) (292)

• 1%

(870) (911)

• 5%

Pre Provision Income 294 292 1% 844 803 5%

• excl. one-off item

294 292 1% 844 726 16% Result from Associates 4 (19)

• (23)

(8)

• Impairment on Loans

(312) (259) 20% (830) (702) 18% Impairment on Other Assets (9) (18)

• 53%

(38) (60)

• 36%

Profit Before Tax (22) (5)

• (47)

33

• Tax

2 10

• 25

(21)

• Net SHs Profit from Continuing Ops

(19) 7

• (19)

14

• Discontinued Ops Result

6 (74)

• (68)

(34)

• 1

2 3 5

5

4

PPI increased by 1% qoq, driven by cost containment

06

SLIDE 59

59

6.7 GROUP BALANCE SHEET: ASSET DELEVERAGING ALONG WITH LIQUIDITY IMPROVEMENT

| APPENDIX

Group Balance Sheet (€mn)

Sep.17 Jun.17 Sep.16 qoq yoy Cash/Balances with Central Banks 3,215 3,042 3,262 6%

• 1%

Loans & Advances to Banks 143 173 171

• 17%
• 17%

Gross Loans 61,035 62,048 65,399

• 2%
• 7%

(Loan Loss Reserves) (15,372) (15,685) (17,120)

• 2%
• 10%

Securities 6,652 11,828 17,780

• 44%
• 63%
• o/w EFSF, ΕSM Bonds

3,576 8,504 14,544

• 58%
• 75%

Intangibles & Goodwill 276 277 264 0% 5% Fixed Assets 2,142 2,088 2,735 3%

• 22%

Deferred Tax Assets 5,339 5,329 5,085 0% 5% Other Assets 3,758 3,852 3,879

• 2%
• 3%

Assets of Discontinued Operations 986 966 1,183 2%

• 17%

Total Assets 68,174 73,918 82,639

• 8%
• 18%

Due to Banks 14,374 21,149 29,303

• 32%
• 51%

Deposits 41,822 40,918 39,694 2% 5% Debt Securities 65 67 71

• 2%
• 8%

Other Liabilities 1,724 1,584 2,420 9%

• 29%

Liabilities of Discontinued Ops 465 452 1,186 3%

• 61%

Total Liabilities 58,450 64,170 72,674

• 9%
• 20%

Total Equity 9,724 9,748 9,964 0%

• 2%

Total Liabilities & Equity 68,174 73,918 82,639

• 8%
• 18%

1 2 3 4

Participation in ΕCB’s QE programme with €3.7bn throughout 2016 and €0.7bn in Jan.17. In 9M.2017 €8.8bn of EFSF/ESM bonds have been exchanged (short term measures for Greek debt relief)

3

Eurosystem funding at €12bn in Sep.17, down €11.7bn yoy. ΕFSF repos at €1.1bn in Sep.17, other repos at €1.2bn

1 2

Customer deposits up €0.9bn qoq, continuing the upward trend started in Q2

4

Q3.17 gross loans in milder deleveraging mode vs. previous periods; €0.5bn write-offs in Q3.17

06

SLIDE 60

60

6.8 NPE MANAGEMENT RESULTS PERMIT OPTIMISM FOR 2019 TARGETS

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

George Handjinicolaou George Handjini colaou

9M.17-FY.19 Per quarter Inflows +5.9 +0.7 Outflows

• 8.8
• 1.0

Net movement

• 3.0
• 0.3

Write-offs

• 5.1
• 0.6

Sales

• 3.7
• 0.4

(1.0) (0.6) (0.4) 0.7 0.4 0.5 0.5 0.4 0.4 0.4 0.3 Redefaults Defaults (amounts in €bn) Curing, Restructuring, Collections Write-offs

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

0.3 0.4

Required effort per quarter on average till 2019 Q4.17 – Q4.19

Sales

Note: data for defaults include arrears capitalization and new funding; parent data for all figures

Q3.17 €32.0

06

| APPENDIX

SLIDE 61

61

6.9 ΝPE REDUCTION TARGET FOR THE FIRST YEAR OF THE PLAN ACHIEVED

amounts in €bn Jun.16 - Sep.17 Actual Target delta Defaults 3.1 3.0 0.1 Redefaults 2.0 1.8 0.2 Inflows 5.1 4.8 0.3 Outflows (5.0) (4.6) (0.4)

• /w Cures

(1.0) (0.7) (0.4)

• /w Restructurings

(2.3) (2.7) 0.4

• /w Collections

(1.4) (0.9) (0.4)

• /w Liquidations

(0.3) (0.3)

• Write-offs

(2.2) (2.1) (0.1) NPEs yoy (2.2) (1.9) (0.3) NPEs Jun.16 34.2 NPEs Sep.17 32.0 32.3 (0.3)

NPEs Jun.16-Sep.17: Actual Performance vs Target

A new set of products was introduced since early summer in order to reduce redefaults Better οverall NPE performance versus target, due to higher curings and collections

Note: parent data for all figures

The actions of the Bank regarding liquidations, were in line with the target

06

| APPENDIX

SLIDE 62

06

62

6.10 SIZEABLE CURING POTENTIAL FROM FORBORNE LOANS UNDER PROBATION

| APPENDIX (€bn) 0 dpd 1-89dpd NPLs NPEs Business 6.8 2.4 14.8 24.0 Mortgages 1.0 0.9 4.5 6.4 Consumer 0.4 0.2 2.8 3.4 TOTAL 8.2 3.5 22.1 33.8

NPEs per Bucket (Sep.17)

46% 48% 28% 64% 60% 66% 34% 71% 70% 77% 41% 77% Total Business Mortgages Consumer NPE NPE>0dpd NPL

Cash Coverage Ratio per Product and Status (Sep.17) Forborne Loans (Sep.17, €15.4bn)

NPEF 0dpd 40% NPEF 1-30dpd 9% NPEF 31-90dpd 11% NPEF >90dpd 15% PF 25%

 €6bn forborne with 0dpd

• o/w €4bn with less than

12 months since restructuring

NPΕ mix 24% 11% 65% 100%

IFRS9 adjustment is expected to further improve coverage levels in early 2018, while the impact is projected to be manageable under the phasing rules to be adopted for capital adequacy and based on the high CET-1 ratio of Piraeus 9M.17 coverage NPEs ratio at 45.5%, while adjusted for 9M write offs would be at 48.4%, 3ppts higher

Note: NPE data is on balance sheet

[1] [2] [3] [1+2+3]  targeted curing pace evidently to be accelerated:

• €0.3bn est. in Q4.17
• €0.4bn est. 2018 avg per quarter
• €0.7bn est. 2019 avg per quarter

SLIDE 63

63

*PLU includes RBU, international operations, REO, holdings, discontinued operations and non-core Greek subsidiaries. NPE ratios calculated over on-balance sheet exposures n.m. non meaningful

6.11 PIRAEUS BANK VS. PIRAEUS LEGACY UNIT (9M.2017 vs. H1.2017)

| APPENDIX

06

PIRAEUS GROUP

45.7 41.8 52.4 1,714 (870) 844 (19) 2.7% 0.6% 51% 2.4% 109% 55% 36% 0%

PLU

20.4 3.1 23.5 494 (246) 248 (330) 2.2% 0.2% 50% 4.5% n.m. 90% 62% <0% A. Balance Sheet (€bn)

1

Net Loans

2

Customer Deposits

3

RWAs B. P&L (€mn)

4

Net revenues

5

Operating expenses

6

Pre provision income

7

Net income attrib. to SHs C. Ratios

8

NIM over assets

9

NF&CI over assets

10

Cost-to-income ratio

11

Cost of risk (over net loans)

12

Loan-to-deposit ratio

13

NPE ratio

14

NPL ratio

15

RoA

PIRAEUS CORE BANK

25.3 38.7 28.9 1,219 (624) 596 311 3.1% 0.9% 51% 0.7% 65% 9% 2% 1.1%

SLIDE 64

A. Balance Sheet (€bn)

1

Assets

2

Loan loss reserves

3

Net Loans 4 NPEs 5 NPLs 6 RWAs 7 Allocated capital B. P&L (€mn)

8

Pre provision income

9

Provisions C. Ratios

10

Cost of risk (over net loans)

11

RWA density

12

Group CET-1 phased-in ratio

64

*PLU includes RBU, international operations, REO, holdings, discontinued operations and non-core Greek subsidiaries

6.12 PLU WELL POSITIONED TO DELIVER ON TARGETS

PLU

Q1.17 Q2.17 Q3.17 25.6 25.2 25.0 15.7 15.0 14.6 21.2 20.6 20.4 32.7 32.1 31.5 23.5 22.6 21.6 25.2 24.1 23.5 4.2 4.0 4.0 75 88 85 239 204 248 4.5% 4.0% 4.9% 98% 96% 94% 16.8% 16.9% 17.0% RWAs have contracted -€1.7bn after 6m of PLU ring- fencing, due to deleveraging of non core assets and non performing exposures. Allocated capital is maintained at €4bn creating buffer to withstand pressure stemming from the ambitious de-risking plan

1 2

PLU revenues driven mainly by provisioning unwinding but offset by cost of risk

3

RWAs density in PLU at 94% to further dilute as derisking effort continue bearing fruits (core bank at 65%) By the end of 2020, PLU RWAs will be reduced by approximately 50% from c.€24bn currently

4

IFRS9 adjustment is expected to further improve coverage level as of the beginning of 2018, while the impact will be mitigated due to phasing in rules for capital, with no P&L impact 2 1 3 4

PLU enables Piraeus Core Bank to be even more efficient & focused towards managing the reduction of non-core portfolio

| APPENDIX

06

SLIDE 65

(€bn │ %) Balances (€bn) Customers (#) FTEs (#)

Corporate RBU 6.3 0.4k 63 SME RBU 2.5 1.5k 150 Commercial Workout 10.5 32k 363 Operational Retail RBU 11.3 302k 865*

• Mortgages

6.5 67k

• Consumer, Agri, Credit Cards

3.7 290k

• SBLs RBU

1.1 18k

Total Operational RBU 30.7 324k 1,614**

65

6.13 RBU PORTFOLIO AT A GLANCE



Retail Banking CIB Asset Management

CEO Recovery Banking Unit (RBU)

RBU Strategy Retail | SBL Recovery SME Recovery Corporate | Shipping Recovery | RBU Structured Solution Commercial Workouts Task Force Notes:

• figures display balances & 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) (*) including 8 FTEs in Senior Management office (**) including supporting RBU staff (total: 173 FTEs) (***) including 100 SB FTEs in branches for customers holding agricultural products and Retail FTEs include 342 dedicated Branch Restructuring Officers

c.2,500 FTEs***

including supporting RBU FTEs (loan admin, external legal, other vendors, in excess of 500 FTEs in total)

Real Estate

30 Sep.2017

06

| APPENDIX

SLIDE 66

66

6.14 RBU BUSINESS CUSTOMERS VIABILITY MAPPING

407 customers €6.3bn total loan balances 1,469 cases €2.5bn total loan balances Operating businesses 1,299 or 88% of total €2.3bn or 92% of total Viable (positive EBITDA) 1,096 or 84% of

• perating cases

€2.0 bn loans or 84% of

• perating cases

RBU portfolio: Corporate & Shipping SMEs Commercial Workouts Operating businesses 292 or 72% of total €4.9bn or 76% of total Viable (positive EBITDA) 228 or 78% of operating cases €4.0bn loans or 82% of

• perating cases

32,460 NPL cases €10.5bn total loan balances Denounced loans >100k 7,851 or 28% of total €7.7bn or 93% of total Operating cases 4,153 or 53% of denounced >100k €4.3bn loans or 55% of denounced >100k

• Mapping taking into account

borrowers’ needs, viability and affordability in a through-the- cycle approach

• 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

• 83% of balances related to
• perating SMEs and Corporate

refer to customers that are deemed viable displaying positive EBITDA RBU portfolio: RBU portfolio:

06

| APPENDIX

SLIDE 67

67

6.15 PIRAEUS REO ONLINE PLATFORM PROGRESS

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

06

1st auction: 27-28 Jun.17

Online Auctions | Results to Date

• # properties: 58
• Significant customer base: ~2,900 registered users
• Key Results:
• 39 out of 58 (67%) properties received bids
• 196 bids from 80 bidders
• Bids approved on 50% (29 properties) of the assets
• 9 properties (out of 39) received “Buy Now” offers

2nd auction: 24-25 Oct.17

• # properties: 57
• Increased client base: ~5,000 registered users
• Key Results:
• 41 out of 57 (72%) properties received bids
• 230 bids from 86 bidders
• Bids approved on 51% (29 properties) of the assets
• 13 properties (out of 41) received “Buy Now” offers

| APPENDIX 1st Auction | 29 properties sold at 15% discount over market values 2nd Auction | 29 properties sold at 9% discount over market values 3rd Auction | 26 properties sold at 15% discount over market values 2017 Auctions 2018 Auctions | >6 auctions planned (1st scheduled for March) 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%

Total 15.3 13.4

• 12%

>> Residential 10.4 9.2

• 12%

>> Commercial 4.4 3.8

• 13%

>> Land plots 0.5 0.4

• 7%

3rd auction: 13-14 Dec.17

• # properties: 48
• Increased client base: >6,000 registered users
• Key Results:
• 35 out of 48 (73%) properties received bids
• 196 bids from 74 bidders
• Bids approved on 54% (26 properties) of the assets
• 6 properties (out of 35) received “Buy Now” offers

SLIDE 68

06

68

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

| APPENDIX

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

SLIDE 69

69 | APPENDIX

6.17 OVERVIEW OF INTERNATIONAL OPERATIONS

Albania Bulgaria Romania Ukraine London Frankfurt

Branches (#) 99 Employees (#) 1,277 Assets 1,497 Net loans 742 Deposits 931 Branches (#) 74 Employees (#) 946 Assets 1,547 Net loans 712 Deposits 1,151 Branches (#) 18 Employees (#) 377 Assets 110 Net loans 42 Deposits 48 Branches (#) 39 Employees (#) 445 Assets 595 Net loans 178 Deposits 452 Branch (#) 1 Employees (#) 19 Assets 888 Net loans 624 Deposits 30 Branch (#) 1 Employees (#) 11 Assets 167 Net loans 15 Deposits 134 (€mn, as at Sep .2017)

Branches

Branches (#) #) 232 232 Employ loyees (#) #) 3,075 Assets €4.8bn Net loans €2.3bn Depos posits €2.7bn

Total International1

¹Consolidated financial data for international operations Market Shares Loans Deposits Albania 5.2% 6.1% Bulgaria 2.9% 3.0% Romania 1.5% 1.2% Ukraine 0.2% 0.2%

Subsidiaries

06

SLIDE 70

6.18 CREDIT RATINGS

70

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 71

06

71

6.19 EFSF|ESM BOND EXCHANGE

| APPENDIX

Dec.15 €16.8bn

QE sales €4.4bn

Feb.17 €12.4bn EFSF

QE Sales

Q1.17 - Q3.17 - Q4.17 €10.9bn

ESM|EFSF Exchange

At the end of Dec.17, Piraeus outstanding balance of ESM & EFSF stood at €1.5bn End of Dec.17 €1.5bn Early this year, Piraeus, along with the other Greek banks, agreed to participate in the ESM & EFSF Bond Exchange Programs, in the context of the Short Term Measures for the relief of Greek Public Debt

Piraeus ESM|EFSF Portfolio

Piraeus contribution to the Bond Exchanges so far amounted to a nominal value of €10.9bn The 10th and last round of the ESM & EFSF Exchange initiated in December 2017, while the cash settlement in mid January 2018 brings the relevant ESM / EFSF balance to zero

SLIDE 72

6.20 CONTINGENT CONVERTIBLE BONDS

72

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

| APPENDIX

06

SLIDE 73

06

6.21 EMTN PROGRAMME

73 | 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 74

06

6.22 EMTN ISSUANCE ACTIVITY

74 | 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 75

06

6.23 COVERED BOND PROGRAMME

75 | 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) #5 Covered Bond Series of €4.5bn in total, issued off the Programme Max outstanding issues: #3 Covered Bond Series of €2.5bn currently outstanding Rated “B” by Fitch (“A-” upon commencement) | Maximum achievable rating capped by Greece’s Country Ceiling Piraeus Covered Bond Programme is eligible for up to 13 notches uplift due to structure, committed OC and liquidity reserve

Selected Historical Information

8 Summary Terms & Conditions

SLIDE 76

06

6.24 COVERED BOND STRUCTURE

76 | 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 77

06

6.25 OUTSTANDING SERIES

77 | APPENDIX

SLIDE 78

06

6.26 PROGRAMME DESCRIPTION

78 | 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 79

06

6.27 INVESTOR REPURCHASE PUT

79 | 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 80

06

6.28 SECURITISATIONS

80 | 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 (~ €1,858mn)

~ €64mn in circulation - Estia I (€11mn) | Estia II (€37mn) | Kion (€16mn)

~ €1,794mn 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 81

06

6.29 EURO COMMERCIAL PAPER PROGRAMME

81 | 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 82

Investor Relations

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

82

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, ExCo Member Kostas Fouskas | Country Treasurer Dimitris Spathakis| Head of Debt Issuance

Latest update: 31 January 2018

SLIDE 83

PIRAEUS BANK GROUP HEADQUARTERS

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