PRESENTATION BASED ON Q3.18 FINANCIAL RESULTS November 2017 TABLE - - PowerPoint PPT Presentation

SLIDE 1

November 2017

PIRAEUS BANK GROUP

PRESENTATION

BASED ON Q3.18 FINANCIAL RESULTS

SLIDE 2

TABLE OF CONTENTS

01 EXECUTIVE SUMMARY 02 PLAN 2021 03 FINANCIAL PERFORMANCE 04 ASSET QUALITY 05 LIQUIDITY 06 APPENDIX

SLIDE 3

01.

EXECUTIVE SUMMARY

SLIDE 4

| EXECUTIVE SUMMARY

01

4

1.1 GREEK ECONOMY OUTLOOK

2.0 2.2

• 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 Q4/17 Q1/18 Q2/18 Q3/18 2018 2019 QoQ % change YoY % change

Real GDP Returns to Growth Trajectory (2017: +1.5%, 9Μ.18: +2.1%) Unemployment Rate Fallen Significantly (2017: 21.5%) Economic Sentiment Indicator (ESI) & Manufacturing PMI Point to Improving GDP Dynamics

19.0 16.9

5 10 15 20 25 30 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Unemployment Rate

2018-2019

• utlook

2016 €56bn 2017 €60bn 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 2017 Exports of goods and services Long term average

Exports Improve Notably

2018-2019

• utlook

30 35 40 45 50 55 60 Q2.04 Q4.04 Q2.05 Q4.05 Q2.06 Q4.06 Q2.07 Q4.07 Q2.08 Q4.08 Q2.09 Q4.09 Q2.10 Q4.10 Q2.11 Q4.11 Q2.12 Q4.12 Q2.13 Q4.13 Q2.14 Q4.14 Q2.15 Q4.15 Q2.16 Q4.16 Q2.17 Q4.17 Q2.18 Q4.18 75 80 85 90 95 100 105 110 115 Economic Sentiment Indicator (left axis) PMI Manufacturing (right axis) €48.2bn in 9M.18 (vs €44.5bn in 9M.17)

SLIDE 5

04

End of Restructuring Plan

• Greek commitments fully completed
• International divestments to be concluded soon:
• Tirana Bank sale to close by Q1.19
• Piraeus Bank Bulgaria sale to close by Q1.19

| EXECUTIVE SUMMARY

01

5

1.2 PIRAEUS BANK RECENT DEVELOPMENTS

05 01

Significant Progress on Capital Enhancement Plan Actions

• 85% of the internal capital generating actions agreed, have been concluded (late Nov.18 update)
• The remaining actions will be concluded by early 2019

Enhancing NPE Sales New Loan Demand Deposits New NPE Plan

02 03 06

• Steady inflows of €0.8bn in Q3

and €3.6bn yoy

• Same trend continued in Q4
• Further easing of capital

controls, with no limit on cash withdrawals and facilitation of business transactions as of early Oct.18

• ELA funding zeroed in mid-July
• The 2021 NPE target is set at €13bn, indicating

a cumulative decrease of €14bn vs Sep.18

• 2 plans were unveiled by the HFSF & the BoG

recently, intending to support the Greek NPEs de-risking at a systemic level

• €2bn new loans disbursed in 9M.18 at 5.0% rate
• Healthy business demand is emerging across

specific sectors geared to growth and exports

• More than €3bn target for FY.18 achieved
• Arctos & Amoeba transactions concluded in

Oct.18 (€1.8bn GBV in total)

• 2 new NPE sales projects in the pipeline

(€1.4bn GBV in total): Project Nemo (non-binding

• ffers received) regarding shipping loans and

Project Iris regarding consumer, small business loans

SLIDE 6

| EXECUTIVE SUMMARY

01

6

1.3 GROUP FINANCIAL HIGHLIGHTS

Net Results Liquidity NPEs Core Bank

€94mn

SHs profit in Q3

90% LDR

in Greece

• €5.2bn

NPEs yoy

€359mn

recurring net profit in 9M

• NIM of 2.45% in 9M
• OpEx down 6% yoy in 9M
• CoR 1.58% in 9M
• Deposits in Greece +€1.8bn ytd
• Repos €2.2bn
• Covered Bonds IG rating
• Sales €1.8bn in 9M
• Decreasing defaults
• Decreasing re-defaults
• NIM of 2.95%
• NFI of 0.78%
• RoA at 1.2%

SLIDE 7

7

1.4 GROUP BALANCE SHEET

01

| EXECUTIVE SUMMARY

Group, €bn

Dec.17 Jun.18 Sep.18 Assets (1) 67.4 56.8 56.9 Gross Loans (2) 60.3 53.7 52.8 Net Loans (2) 44.7 39.4 38.9 Loan Loss Reserves (2) 15.5 14.4 13.9 Customer Deposits (2) 42.7 42.1 42.9 Eurosystem Funding 9.7 1.8 2.0

91% LDR

enhanced liquidity profile

ELA

eliminated in mid-July 2018

26%

LLRs over loans

€3.1bn

new loan generation budgeted for 2018 (achieved)

(1) Assets of Sep.18 & Jun.18 vs. Dec.17 exclude completed sales (Avis, Serbia, Romania), αs well as planned divestments (Albania, Bulgaria, agreed NPE sales) (2) Gross loans, net loans, loan loss reserves and customer deposits of Sep.18 & Jun.18 exclude operations in Bulgaria and Albania, which as of Q2.18 were classified as discontinued operations

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8

1.5 SELECTED GROUP BALANCE SHEET ITEMS DEVELOPMENT

01

| EXECUTIVE SUMMARY

Assets (€bn) Loan Loss Reserves (€bn) Gross Loans (€bn) Deposits (€bn)

60.3

• 1.0
• 1.6
• 1.8
• 2.1
• 0.9

52.8

Dec.17 Disc Operations Seasonal Agri Loan Sales Write-offs 9M Net delta Sep.18

15.5

+1.7

• 1.3
• 2.1

+0.5

• 0.4

13.9

Dec.17 IFRS9 FTA [loans] Sales Write-offs Cost

• f risk

Other Sep.18

42.7

• 1.6
• 0.7

+0.8 +1.5 +0.2

42.9

Dec.17 Disc Operations Seasonal Agri Loan Related State Deposits Household Deposits Business Deposits Sep.18

67.4

• 4.0
• 1.6
• 0.5
• 1.4
• 1.8
• 1.2

56.9

Dec.17 Disc Ops Seasonal Agri Loan Sales EFSF Bonds IFRS9 FTA 9M Net delta Sep.18 Note: in assets movement, discontinued operations delta includes Avis, Serbia, Romania, Albania, Bulgaria, and the 2 NPE sales portfolios. In the other items, this element includes Bulgaria and Albania, which were classified as discontinued during Q2.18

+€1.8bn

9M.17: -€1.6bn

SLIDE 9

9

1.6 GROUP OPERATIONAL PERFORMANCE

01

| EXECUTIVE SUMMARY

Group (1), €mn

Q1.18 Q2.18 Q3.18 qoq Net Revenues | recurring 450 484 453 -6% Operating Expenses | recurring (242) (259) (244) -6% Pre Provision Income | recurring 208 225 210 -7% Loan Impairment (163) (149) (149) 0% Other Items (2) (17) (31) 6

• Non Recurring Items (3)

(142) 6 43

• Pre Tax Result

(115) 51 110

• Net Results Attrib. to SHs | recurring

22 20 64

• Net Results Attrib. to SHs

(79) 24 94

• Net Result from Disc’d Ops Attrib. to SHs(4)

(3) (309) (27)

• 243bps NIM
• ver assets in Q3

54% C:I

unchanged qoq

57bps NFI

• ver assets in Q3

153bps CoR

in Q3

Note: assets adjusted for discontinued and held for sale operations

(1) P&L figures illustrated exclude the Group’s discontinued operations (2) Other Items line includes associates’ income & other impairments (3) Non Recurring Items include: for Q1.18, €143mn VES and staff costs related to FTEs who left the Bank [reported in OpEx] for Q2.18, €24mn loss [reported in other income], €5mn staff costs [reported in OpEx], reversal of loan impairment of €67mn from the sale of 2 NPE portfolios [reported in loan impairment] and €32mn loss [reported in other impairment] for Q3.18, €48mn extraordinary quality commission for past performance in our cooperation for general insurance business with international partner [reported in net fee income], €5mn staff costs [reported in OpEx] (4) Discontinued operations loss incorporates a negative amount of €139mn of FX reserves from Romania and Serbia, with no effect in equity capital, as it had affected it in the past

SLIDE 10

13.5 39.2 6.6

Gross Loans (parent level)

01

10

1.7 ASSET QUALITY TRACK RECORD & PROVISIONS

| EXECUTIVE SUMMARY 13.9 13.4

collateral provisions

37.7 35.8 32.9

• 3.9
• 0.4

28.5

Sep.15 peak Dec.16 Dec.17 ytd disc.ops Sep.18

Group NPE Development | €bn

On track with 2018 NPE

reduction target

• €0.8bn

Q3.18 ΝPE quarterly reduction

€5.2bn NPE reduction

in the last 12 months

€9.2bn NPE reduction

from Sep.15 peak

Coverage

96% 59.3

Loan Portfolio Supervisory Assessment | €bn Provisions Over The Past 2 Years | €bn

Individually assessed Collectively assessed

€52.7bn of loan portfolio (as of 30.09.17) has already been assessed

2.0 +2.0 +0.5 4.5

FY.17 IFRS9 FTA 9M.18 Total

SLIDE 11

11

1.8 NPE SALES IN THE PIPELINE

01

| EXECUTIVE SUMMARY

Project Amoeba: €1.4bn gross book value

• Secured large SME and corporate loans
• Sale agreed with Bain Capital Credit LP in May

2018 and concluded near end of Oct. 18

Project Arctos: €0.4bn gross book value

• Unsecured personal loans & credit cards
• Sale agreed to consortium led by APS

Investments Capital s.r.o. in Jun. 2018 and concluded at the end of Oct.18

Project Nemo:

• c. €0.6bn gross book value
• Predominantly secured shipping loans
• Houlihan & Lokey is acting as Financial Advisor
• 8 non-binding offers received in Dec.18

Project Iris:

• c. €0.8bn gross book value
• Unsecured personal loans & credit cards,

small business loans, leasing exposures

• VDR to open in Feb.19

Η2.18 H1.19

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12

1.9 IMPROVED LIQUIDITY

01

| EXECUTIVE SUMMARY 36.1 39.3 40.9 41.4 41.9

42.7

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

Domestic Deposits | €bn Wholesale Funding | €bn

• Deposit inflows: €1.8bn ytd
• Positive deposit movement in all quarters
• Q4 ~+€0.3bn (end Nov.)

14 16 9 4 4 2 2 17 12 6 2 8 2 2 2 3 2 Dec.14 Dec.15 Dec.16 Dec.17 Mar.18 Jun.18 Sep.18

Repos ELA ECB

• Zero ELA reliance since mid-July 2018
• €4.0bn covered bonds received Investment Grade

Rating in late Aug, widening ECB eligible collateral

23 34 21 11 8 5 4

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13

1.10 GROUP CAPITAL ADEQUACY RATIOS

01

| EXECUTIVE SUMMARY

€ bn | % Sep.18 Sep.18 Sep.18 Sep.18 CET-1 Capital 6.7 4.9 6.7 4.9 RWAs 48.5 46.7 47.0 45.1 CET-1 ratio 13.7% 10.4% 14.2% 10.8%

CET-1 Ratio SREP Capital Requirement

• Capital enhancement plan on

track: 85% of internal capital generating actions already concluded (as of late Nov.18)

• CET-1 ratio, in both reported

and pro-forma level, improved in Q3 by c.20bps on the back of the ongoing execution of the internal capital plan

% 2018 Pillar 1 CET1 4.50% Pillar 2 Requirement (P2R) 3.75% AT1 1.50% T2 2.00% Total SREP Capital Requirement (TSCR) 11.75% Conservation buffer (CB) 1.875% Overall Capital Requirement (OCR) 13.625%

Note: ratios adjusted for RWA relief from the capital plan actions, i.e. the sale of the 2 NPE portfolios (Amoeba, Arctos), Albania, Bulgaria divestment and other stakes disposal (€1.6bn in total)

Phased-In Fully Loaded Phased-In Fully Loaded reported pro-forma 2018 CET-1 4.50% 3.75% 1.875% 10.125%

SLIDE 14

1.11 CAPITAL ENHANCEMENT PLAN UNDER WAY

01

| EXECUTIVE SUMMARY

14

• Piraeus Bank is well on track with execution of

its capital strengthening plan

• Post 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 plan

• Piraeus Bank retains a ready-to-go status with

regards to the issuance of a Tier2 Bond Action Time Status RWAs Relief

• A. Sale of Assets | Completed

>> Avis [operating leasing company] Q1.18 ~€0.2bn >> Serbia [banking subsidiary] Q2.18 ~€0.3bn >> Romania [banking subsidiary] Q2.18 ~€0.6bn >> Amoeba [secured NPL portfolio] Q2.18 ~€0.4bn >> Arctos [unsecured NPL portfolio] Q2.18 ~€0.1bn RWAs Impact | Sub-total ~€1.6bn

• B. Sale of Assets | Signed SPAs

>> Albania [banking subsidiary] Q3.18 ~€0.4bn >> Bulgaria [banking subsidiary] Q4.18 ~€0.7bn >> Other de-risking actions Q4.18 ~€0.3bn RWAs Impact | Sub-total ~€1.3bn

• C. Sale of Assets| Under Way

>> Other de-risking actions Q4.18 ~€0.7bn Total ~€3.6bn

SLIDE 15

PIRAEUS GROUP

1,045 278 1,412 (745) 667 (461) 35 (339) 2.45% 0.54% 54% 1.58% 0.3% 82%

PLU

213 10 233 (153) 80 (360) (226) (339) 1.48% 0.07% 66% 2.75% <0% 90%

PIRAEUS CORE BANK

832 268 1,179 (592) 586 (101) 261 2.95% 0.78% 52% 0.63% 1.2% 77%

15

1.12 PIRAEUS CORE BANK AND PIRAEUS LEGACY UNIT 9M.18

01

| EXECUTIVE SUMMARY A. P&L (€mn)

1

NII

2

NFI

3

Net revenues

4

Operating costs (excl VES cost)

5

PPI (excl VES cost)

6

Impairments

7

Net Income - cont’d ops

8

Net Income - discont’d ops B. Ratios

9

NIM over assets

10

NF&CI over assets

11

Cost-to-income (excl VES cost)

12

Cost of risk (over net loans)

13

RoA (excl VES cost, cont. ops)

14

RWA density

*PLU includes RBU, international operations, REO, holdings, discontinued operations and non-core Greek subsidiaries Selected items appear on recurring basis, i.e. excl VES and related cost of €153mn, while ratios exclude bancassurance commission

SLIDE 16

74 75 130 100 200 300 400 Q1.18 Q2.18 Q3.18 FY.18e FY.19e 242 259 244 400 800 1,200 Q1.18 Q2.18 Q3.18 FY.18e FY.19e 0.5 0.8 0.7 0.0 1.0 2.0 3.0 4.0 Q1.18 Q2.18 Q3.18 FY.18e FY.19e 350 349 346 500 1,000 1,500 Q1.18 Q2.18 Q3.18 FY.18e FY.19e

16

1.13 GROUP PRE PROVISION INCOME DYNAMICS

01

| EXECUTIVE SUMMARY

Loan Disbursements (€bn)

• Resiliency of NII on the back of:
• new loan generation priced higher than

legacy book (Q3.18 5.2% vs. 3.4%), along with increasing loan generation

• deposit costs are also trending lower

(Q3.18 0.42% vs. 0.44% in Q2)

• covered bonds eligibility for ECB funding
• Flattish course for NII in 2019e
• NFI contribution stronger in Q3.18 on the

back of bancassurance commission, cards business, farmers business, etc.

• 16 key initiatives to reduce cost base in

Greece >€200mn in 2018-2020 (actions of €96mn already taken). FY.18 c.-6% yoy est.

• Further decrease for OpEx in 2019e

Operating Cost (€mn) Net Fee Income (€mn) Net Interest Income (€mn)

~€1.4bn ~€0.35bn ~€3.1bn ~€1.2bn >€3.5bn ~€0.35bn <€1.0bn €1.35-€1.4bn

bancassurance commission €48mn VES related cost €0.15bn

e: estimate

SLIDE 17

17

1.14 END OF RESTRUCTURING PLAN COMMITMENTS

01

| EXECUTIVE SUMMARY

Status

# of branches in Greece # of employees in Greece

Target

max 650 max 13,200

Total costs in Greece

max €1.1 bn

Cost of deposits in Greece

Decrease according to Bank’s projections in the Restructuring Plan

Loans / deposits

max 115% for Greek banking activities

Annual growth rate of gross loans

Not higher than the market

Domestic cost rationalization Domestic operations

Support to foreign subsidiaries Deleverage of non-Greek assets

Equity or subordinated capital under specific limitations Total size of foreign assets

• eliminated. Alternatively, run-off of

business >80% of 2012 Balance Sheet by year-end 2018

Sale of insurance activities

ATE Insurance & ATE Insurance Romania

Sale of securities

Listed │ Unlisted securities

International Divestments Status Target

(564 in Q3) (11.8k in Q3) (<€1.0bn)* (90% in Q3)

* estimate for the FY.18 excluding VES related costs and DGS costs

SLIDE 18

02.

PLAN 2021

SLIDE 19

19

02

2.1 PIRAEUS BANK’S STRATEGIC FOCUS

| PLAN 2021

2019 - 2021 2017

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

• Restructuring Plan conclusion
• ELA reliance elimination
• Inorganic initiatives for NPLs
• Cost optimisation
• Return to profitability
• Capital Plan execution on track

Balance sheet optimisation and risk-adjusted returns

• Ongoing capital generation
• Efficiency & productivity gains
• Digitalisation
• Resources rationalisation
• Sustainable returns
• RoE c.10% at period end

Significant strides forward in using our capital base to strengthen reserves

• Q4 provisioning clean-up
• IFRS9 support to coverage ratio
• Viable NPE restructurings
• Increased collections for NPE/NPL

portfolio

• Deposit growth

2018

SLIDE 20

02

20

2.2 GROWTH & REAL ESTATE PRICES WILL SUPPORT COST OF RISK NORMALISATION

Source: BoG, Provisional data for H2.17 and H1.18

Macro Economic Outlook Piraeus Bank in Greece has c.€23bn of real estate assets as underlying collateral for loans, οf which half for its PLU portfolio Therefore, the real estate price recovery will gradually have a positive result in cost of risk for Piraeus Bank

+0.8 +7.4

Η1.09 Η2.09 Η1.10 Η2.10 Η1.11 Η2.11 Η1.12 Η2.12 Η1.13 Η2.13 Η1.14 Η2.14 Η1.15 Η2.15 Η1.16 Η2.16 Η1.17 Η2.17 H1.18

• 15
• 10
• 5

5 10

House Price Index yoy % Office Price index yoy %

Real Estate Prices Gradually Recover 2017a 2018e 2019f 2020f 2021f Real GDP 1.5% 2.0% 2.2% 2.4% 2.5% Unemployment rate 21.5% 19.5% 17.2% 15.3% 13.8% Inflation 1.1% 0.6% 0.9% 1.3% 1.7% Non-residential real estate 1.6% 5.5% 4.0% 3.6% 3.6% Residential real estate

• 1.0%

1.7% 2.6% 3.2% 3.6%

a: actual; e: estimate; f: forecast Source: Piraeus Economic Research, baseline scenario

| PLAN 2021

House Prices +2.5 yoy in Q3.18

SLIDE 21

21

2.3 SEPARATE BUSINESS MODELS TO ENSURE VALUE CREATION

02

| PLAN 2021

Piraeus Bank “Piraeus Core Bank”

€bn RWA ROA Dec.21 35.5 1.4% Sep.18 29.1 1.2% Jun.18 29.5 1.1% Mar.18 29.0 1.1% Dec.17 28.6 1.1% Sep.17 28.7 1.1% Jun.17 28.6 1.1% Mar.17 28.0 1.1%

“Piraeus Legacy Unit”

€bn RWA ROA Dec.21 10.5 <0% Sep.18 19.4 <0% Jun.18 19.4 <0% Mar.18 21.2 <0% Dec.17 21.9 <0% Sep.17 23.7 <0% Jun.17 24.1 <0% Mar.17 25.2 <0% Efficiency & Risk-Adjusted Returns Decisive Actions on Legacy Issues

Business model Clean-up

SLIDE 22

23.2

19.8 16.5 14.2 10.3 8.0 Dec.16 Dec.17 Dec.18 Dec.19 Dec.20 Dec.21

• €3.

3.4bn bn

• €3.

3.3bn bn

33.8 31.4 26.3 22.1 16.6 13.3 Dec.16 Dec.17 Dec.18 Dec.19 Dec.20 Dec.21

• €4.

4.2bn bn

• €5.

5.5bn bn

• €3.

3.2bn bn

02

22

2.4 NPE & NPL EVOLUTION AND TARGETS

• €2.

2.4bn bn

NPEs | €bn NPLs | €bn

| PLAN 2021

• €5.

5.1bn bn

• €2.

2.2bn bn

• €3.

3.9bn bn

• €2.

2.3bn bn

€2.5bn mortgage securitisation €2.5bn mortgage securitisation *Bank data

SLIDE 23

23

02

| PLAN 2021

2.5 NPE DEFAULTS AND RE-DEFAULTS MATERIALLY REDUCED

(1.1) (0.7) (0.9) (0.9) (0.9) (0.9) (0.9) (0.9) (0.3) (0.7) (0.6) (0.5) (0.5) (0.2) (0.5) (0.2) (0.3) (0.5) (0.3) (0.2) (1.7) (0.1)

George Handjini colaou

(0.8) (0.4) (0.4) 0.7 0.4 0.5 0.5 0.5 0.4 0.3 0.2 0.4 0.4 0.4 0.3 0.4 0.4 0.4 0.3

Re-defaults Defaults

Bank data, amounts in €bn

Curings, Collections, Liquidations Write-offs

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

Required effort per quarter on average until Dec.2021

Q4.18 – Q4.21

Sales

Q3.17 €32.0 €31.4 Q4.17 Q1.18 €30.8 €28.3 Q2.18

clean-up Note: adjustment in Q2.18 related with the automated application of ‘Unlikely to Pay’ criteria as per ECB’s 2017 NPE Guidance (impact of one-off nature) 0.4 deep restructuring

Q3.18 €27.5

adjustment

0.2 0.2

SLIDE 24

€32.0

+€3.6

• €3.1
• €0.5
• €2.5
• €2.1

€27.5

NPE Sep.17 Inflows Curings, Collections Liquidations Write-offs Sales NPE Sep.18

02

24

2.6 CUMULATIVE NPE FLOW PER DRIVER | Q4.17 - Q4.21

Targeted 3.25 years |NPE Stock & Flows Sep.18 - Dec.21 | €bn

€27.5

+€5.7

• €8.2
• €1.9
• €4.1
• €5.6

€13.3

NPE Sep.18 Inflows Curings, Collections Liquidations Write-offs Sales NPE Dec.21

Outflows: €19.8

Actual for the past year |NPE Stock & Flows Sep.17 - Sep.18 | €bn

Outflows: €8.2

| PLAN 2021

*Bank data

• /w €1.5bn for

deep restructuring

• /w €1.8bn for

deep restructuring

SLIDE 25

25

02

| PLAN 2021

2.7 RESTRUCTURING VOLUMES & EXPECTED CURINGS

6.7 5.3 3.2 2.0 1.3

2017 2018 2019 2020 2021

Restructuring Volumes | €bn

• €12

12.0b 0bn

• The increased restructuring activity of the past 2

years is expected to bring results in terms of anticipated curings, while the associated provisions have been already reflected in the cost

• f risk
• Curings are expected from 2019 onwards on the

back of the restructuring volumes executed in the past 2 years

• The gradual easing of restructuring volumes is also

reflected in curings going forward; yet cure rates improve significantly

Curings & Collections until 2021

(€bn)

Curings 5.1 Collections 3.1 Total 8.2

SLIDE 26

02

26

2.8 NPEs | HISTORICAL EVOLUTION, BREAKDOWN & TARGETS

| PLAN 2021

33.8 26.3 13.3

Dec.16 actual Dec.18 target Dec.21 target 24.0 17.4 9.4 6.2 6.1 2.0 3.6 2.8 1.9 Dec.16 actual Dec.18 target Dec.21 target (amounts in €bn)

Breakdown per: Product Bucket

Business Mortgages Consumer 14.5 13.3 6.9 8.7 3.1 1.1 10.6 9.9

5.3

Dec.16 actual Dec.18 target Dec.21 target Denounced NPL not denounced NPE 0-89 dpd

€4bn NPEs with 0dpd €8bn NPEs with 0dpd

Total Stock 6.2 7.0

collateral provisions

Coverage

99%

33.8 26.3 13.3 33.8 26.3 13.3

SLIDE 27

02

27

2.9 REAL ESTATE PORTFOLIO | EVOLUTION & TARGETS

| PLAN 2021 190 571 474 575 716 10 22 61 148 157

2014 2015 2016 2017 9M.18 Purchases Sales f: forecast, parent data €bn

2019f 2020f 2021f Total Opening Balance 1.2 1.3 1.4 Inflows +0.2 +0.3 +0.1 +0.7 Sales

• 0.1
• 0.2
• 0.2
• 0.5

End of period 1.3 1.4 1.3

REO Portfolio | Just €0.7bn Inflow For The 3-year Period

Piraeus REO holdings, concentrated in Attica & North Greece, jointly making up ~50% of the portfolio

Current Status

• ~5.6k properties accumulated mainly in the last years from acquisitions &

repossessions (2.2k residential, 1.6k commercial, 0.4k industrial, 1.4k plots)

• Current market value of those properties €1.0bn

Actions

• Deepening of the sales channels for REO through branch network and

brokerage agreements

• Innovative platform for auctions in Greece www.properties4sale.gr;

6 auctions completed; last one in January 2019

Properties | Sales & Purchases (#)

SLIDE 28

PIRAEUS LEGACY UNIT Sep.18 Dec.2021f

22 12 19 10 1.5% 0.9% 0.1% 0.1% 66% 85% <0% <0% 90% 86% 28

2.10 PIRAEUS CORE BANK AND PIRAEUS LEGACY UNIT | 2021

02

| PLAN 2021

f: forecast

PIRAEUS CORE BANK Sep.18 Dec.2021f

38 57 29 35 2.9% 2.5% 0.8% 0.8% 52% 40% 1.2% 1.4% 77% 63%

• A. Balance Sheet (€bn)

1 Assets 2 RWAs

• B. P&L (ratios)

3 NIM over assets 4 NF&CI over assets 5 Cost-to-income 6 RoA 7 RWA density

SLIDE 29

02

29

2.11 2021 HIGHLIGHTS

Results Liquidity NPEs Core Bank

~10%

return on TBV

~1.4%

return on assets for Core Bank

| PLAN 2021

€53bn

customer deposits

LDR at ~85% €13bn NPE

coverage 46%

€8bn NPL

coverage 77% from 60%

• f Group RWAs

to >75% in 2021

SLIDE 30

02

30

2.12 FOCUS ON SUSTAINABILITY

| PLAN 2021

• Piraeus Bank has been participating in sustainability assessments since 2008 and is continuously improving its practices, while also promoting

itself in the global investment community as a Bank that is aligned with the principles that focus on sustainability FTSE4Good Emerging Index CDP (former Carbon Disclosure Project) RobecoSAM Corporate Sustainability Assessment for the Dow Jones Sustainability Index ISS-oekom (former oekom Research) ISS Corporate Solutions Environmental & Social Quality Score MSCI ESG Research Other assessments Ethibel EXCELLENCE Investment Register EMAS

• Principles for Responsible Banking | On 26.11.18, UN Environment Finance Initiative (UNEP FI) & 28 banks from

around the world launched the Principles for Responsible Banking for global public consultation, with Piraeus Bank being the only Greek Bank actively participating in developing the set of Principles

• Piraeus Bank participates in the following ESG* initiatives:

CRI (Corporate Responsibility Index)

*Environmental, social and governance

SLIDE 31

02.

FINANCIALS

02.

FINANCIALS

03.

FINANCIAL PERFORMANCE

SLIDE 32

• LDR at 91%, Greece at 90%

3.8 6.5 2.3 2.2 38.9 1.0 3.7 0.9 4.3 7.4 42.9 0.5 2.2 2.0 0.0

03

32

3.1 ASSETS & LIABILITIES OVERVIEW

| FINANCIAL PERFORMANCE

Other* Cash

Asset Mix

Total

Securities Net Loans Fixed Assets

59.3

amounts in €bn Total

ECB ELA Interbank Repos Deposits Total Equity Other

59.3

Funding Mix

Sep.18 Sep.18

Debt Securities

• Funding mix enhanced on the back of ELA

elimination, improved interbank market access and increasing customer deposits

• Interbank repo balances lower qoq on the

back of covered bond pool ECB eligibility, partially transferred to Main Refinancing Operations, boosting NII

• Liabilities side comprises 72% customer

deposits

• Asset side comprises 66% by customer

loans

(*) other includes “other assets” (€3.4bn), “goodwill & other intangible assets” (€0.3bn) and

“loans & advances to customers mandatorily at FV through P&L” (€0.1bn)

Interbank Loans DTA Disc’d Ops & Held for Sale

SLIDE 33

33

3.2 GROUP BALANCE SHEET: DE-RISKING AND LIQUIDITY IMPROVEMENT

03

| FINANCIAL PERFORMANCE

Group Balance Sheet (€mn) 3

Eurosystem funding at €2.0bn in Sep.18, down €10.0bn

• yoy. Market repos at €2.2bn in Sep.18

1 2

Further customer deposit inflows of €0.8bn in Q3 drives loans-to-deposits ratio to 91% at the end of Sep.18 Q3.18 delta in gross loans reflects write-offs for clean- up and deep restructurings (€0.5bn) and NPE sales (€0.1bn), while net deleveraging stood at -€0.3bn

(€mn) Sep.17 Jun.18 Sep.18 qoq yoy Cash/Balances with Central Banks 3,215 864 854

• 1%
• Loans & Advances to Banks

143 1,019 1,009

• 1%
• Gross Loans

61,035 53,749 52,788

• 2%
• 14%

(Loan Loss Reserves) (15,372) (14,368) (13,917)

• 3%
• 9%

Securities 7,179 2,968 3,661 23%

• 49%
• o/w EFSF, ΕSM Bonds

3,576 36 36

• Intangibles & Goodwill

276 295 293

• 1%

6% Fixed Assets 2,142 2,204 2,210 0% 3% Deferred Tax Assets 5,339 6,559 6,550 0% 23% Other Assets 3,231 3,472 3,484 0% 6% Assets of Disc. Ops. & Held for Sale 986 2,461 2,333

• 5%

>100% Total Assets 68,174 59,222 59,264 0%

• 13%

Due to Banks 14,374 5,559 4,720

• 15%
• Deposits

41,822 42,102 42,886 2% 3% Debt Securities 65 531 530 0%

• Other Liabilities

1,724 1,840 1,876 2% 9% Liabilities of Discontinued Ops 465 1,843 1,852 0%

• Total Liabilities

58,450 51,875 51,864 0%

• 11%

Total Equity 9,724 7,347 7,401 1%

• 24%

Total Liabilities & Equity 68,174 59,222 59,264 0%

• 13%

1 2 4 3

Quarterly increase in securities by €0.7bn, attributed to Greek T-Bills

4

SLIDE 34

34

3.3 GROUP P&L HIGHLIGHTS: STRONG PERFORMANCE IN COST CONTAINMENT ALONG WITH PROVISION NORMALISATION

03

| FINANCIAL PERFORMANCE

Group Profit & Loss (€mn)

9M.18 recurring OpEx decreased by 6% yoy, excluding the extraordinary cost associated with 2018 VES. Main driver for this trend has been the ‘cost reduction programme’ that started bearing fruits with the launch of VES in early 2018, as well as other actions aiming at administrative costs decline

1 2

NII performance for Q3.18 was flattish at €346mn compared to the previous quarter. NFI in Q3.18 includes €48mn extraordinary quality commission for past performance in our cooperation for general insurance business with our international partner 9M.18 loan impairment at €461mn against €832mn in 9M.17, following the increase in coverage levels post Q4.17 increased provisions and IFRS9 FTA

3 4

Q2.18 Q3.18 qoq 9M.17 9M.18 yoy Net Interest Income 349 346

• 1%

1,244 1,045

• 16%

Net Fee Income 75 130 74% 269 278 3% Core Banking Income 424 475 12% 1,513 1,324

• 13%

Trading Income 17 15

• 12%

74 44

• 40%

Other Income 20 11

• 42%

46 44

• 5%

Total Net Revenues 460 501 9% 1,633 1,412

• 14%

Total Net Revenues (recurring) 484 453

• 6%

1,532 1,388

• 9%

Employee Costs (125) (117)

• 6%

(393) (502) 28% Employee Costs (recurring) (120) (112)

• 6%

(393) (349)

• 11%

Administrative Expenses (114) (106)

• 8%

(326) (319)

• 2%

Depreciation & Other (25) (26) 3% (71) (77) 9% Total Operating Costs (264) (249)

• 6%

(789) (898) 14% Total Operating Costs (recurring) (259) (244)

• 6%

(789) (745)

• 6%

Pre Provision Income 196 253 29% 844 513

• 39%

Pre Provision Income (recurring) 225 210

• 7%

743 643

• 13%

Result from Associates (16) 11

• (23)

(13)

• 41%

Impairment on Loans (149) (149) 0% (832) (461)

• 45%

Impairment on Other Assets 20 (4)

• (32)

7

• Pre Tax Result

51 110

• (43)

46

• Tax

(29) (17)

• 43%

26 (10)

• Net Results Attrib. to SHs

24 94

• (15)

40

• Minorities Attrib. to SHs

(2) (1)

• 42%

(2) (4) 74% Discontinued Ops Result (310) (27)

• (73)

(339)

• 1

2 4 3

9M.18 Group recurring PPI decreased -13% yoy, attributed mainly to the decline in net interest income as IFRS9 FTA had negative impact and partially offset by the progress in cost reduction and positive contribution of the increased net fee and commission income

Note: for Q1.17 €21mn were flagged as one-off, stemming from the sales of EFSF bonds to the Central Bank, for Q2.17 €45mn were flagged as one-off, stemming from the effect of the PICAR investment property/finance lease obligation remeasurement, for Q3.17 €35mn were flagged as one-off stemming from the persistency fee with NN, for Q2.18 €24mn loss and a reversal of loan impairment of €67mn from the sale of 2 NPE portfolios were flagged as one-off and for Q3.18 €48mn extraordinary quality commission for past performance in our cooperation for general insurance business with our international partner was flagged as one-off. In addition, VES and other extraordinary staff costs of €143mn, €5mn and €5mn were classified as one-off items in Q1.18, Q2.18 and Q3.18 respectively

SLIDE 35

35

3.4 NET INTEREST INCOME IMPACTED BY INCREASED PROVISIONS & DELEVERAGING

03

| FINANCIAL PERFORMANCE

1 2

Interest income in Q3.18 remained flattish qoq NIM flattish qoq in Q3 at 2.43% ELA cost eliminated in mid July, while positive impact is accrued from covered bonds eligibility for ECB use post their investment grade rating assignment in late Aug.18 Q2.18 Q3.18 9M.17 9M.18 Fixed Income Securities 13 13 77 42 Net Loans 439 418 1,523 1,296 Other Assets 24 26 79 73 Interest Income 476 457 1,679 1,411 Customer Deposits 50 50 146 150 Due to Banks 18 12 122 44

• /w ELA

4

• 120

18 Other Liabilities & Equity 59 50 168 172 Interest Expense 127 111 436 366

Net interest Income 349 346 1,244 1,045 NIM 1 2.46% 2.43% 2.76% 2.45%

• 1. on assets excluding discontinued operations and held for sale loans (Arctos &

Amoeba portfolios)

Net Interest Income Decomposition (€mn)

amounts in €mn

3

1,244

• 150
• 80
• 35

+70

• 5

9M.17 Impact from Higher Loan Provisions Loan Deleverage Bonds Funding Other 9M.18

1,045

SLIDE 36

03

36

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

| FINANCIAL PERFORMANCE

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

Deposits

0.45% 0.46% 0.46% 0.44% 0.42%

Sight

0.50% 0.55% 0.52% 0.51% 0.49%

Savings

0.08% 0.08% 0.07% 0.06% 0.05%

Time

0.78% 0.76% 0.75% 0.73% 0.70% avg 3m euribor

• 0.33%
• 0.33%
• 0.33%
• 0.33%
• 0.32%

Loans

3.71% 3.64% 3.60% 3.52% 3.40%

Mortgages

2.18% 2.17% 2.15% 2.12% 2.03%

Consumer

7.30% 7.14% 6.84% 6.60% 6.46%

Business

4.01% 3.92% 3.90% 3.81% 3.69%

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 stronger mainly from both corporate and SME segment

Loan Rates

Q3.18 Total Stock Front Book Mortgages 2.0% 3.2% Consumer 6.5% 10.3% Business 3.7% 4.9% Total 3.4% 5.2%

Loan Rates: Front Book Rates Steadily Above Legacy Book

Q3.18 Business Loan Rates Total Stock Front Book

Corporate & SME 3.4% 4.7% SBL 5.7% 6.5% Total 3.7% 4.9%

SLIDE 37

37

3.6 UPGRADED OPERATING EFFICIENCY

03

1.6 1.3 1.1 ~0.9

• “Project Horizon” 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

more 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

| FINANCIAL PERFORMANCE

€200mn initiatives in place

€96mn actions taken & will kick off

€47mn admin costs relief €49mn staff costs relief

SLIDE 38

04.

ASSET QUALITY

SLIDE 39

04

39

4.1 GROUP NPE & NPL RATIOS ON TRACK

| ASSET QUALITY

Note: NPE on balance sheet data

NPLs (€mn) Sep.18 Business 10,773 Mortgages 4,603 Consumer 2,283 TOTAL 17,659 NPLs (€mn) Sep.18 Greece 16,935 International 725 TOTAL 17,659

Group NPL Ratio per Product Category Group NPL Mix

33.1% 32.2% 30.9% 45.8% 33.5% 32.4% 31.5% 46.3%

Total Business Mortgages Consumer

Jun.18 Sep.18

NPEs (€mn) Sep.18 Business 19,361 Mortgages 6,322 Consumer 2,860 TOTAL 28,542 NPEs (€mn) Sep.18 Greece 27,646 International 897 TOTAL 28,542

Group NPE Ratio per Product Category Group NPE Mix

54.7% 59.4% 42.8% 57.7% 54.1% 58.3% 43.2% 58.0%

Total Business Mortgages Consumer

Jun.18 Sep.18

NPE mix 68% 22% 10% NPL mix 61% 26% 13%

SLIDE 40

04

40

4.2 SIZEABLE CURING POTENTIAL FROM FORBORNE LOANS UNDER PROBATION

| ASSET QUALITY

Note: NPE on-balance sheet data

(€bn) 0 dpd 1-89dpd NPLs NPEs Business 6.7 1.9 10.8 19.4 Mortgages 1.0 0.7 4.6 6.3 Consumer 0.3 0.3 2.3 2.9 TOTAL 8.0 2.9 17.7 28.5

NPEs per Bucket (Sep.18)

49% 51% 30% 71% 68% 79% 36% 79% 79% 92% 42% 90% Total Business Mortgages Consumer NPE NPE>0dpd NPL

Cash Coverage Ratio per Product and Status (Sep.18) Forborne Loans (Sep.18, €13.5bn)

NPEF 0dpd 46% NPEF 1-30dpd 9% NPEF 31-90dpd 8% NPEF >90dpd 11% PF 26%

 €6.2bn forborne with 0dpd (€5.0bn business €1.2bn retail)  Pace of NPE exits from curings to be accelerated as per 2021 NPE plan

NPΕ mix 28% 10% 62% 100%

[1] [2] [3] [1+2+3]

SLIDE 41

41

4.3 PRE WRITE-OFF FORMATION IN NEGATIVE TERRITORY IN Q3.18

04

| ASSET QUALITY

• 41
• 33
• 208

47

• 187
• 740
• 612

131 23 6

• 120
• 53

56 31 19

• 19

9

• 47 -61 -38
• 2

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

Greek NPE Formation by Segment |€mn

Business Mortgages Consumer NPE formation was negative in business and consumer loans in Q3.18, with business having a significant movement, while mortgages had slightly positive formation

NPE Greece | €mn

31,026

• 722
• 488
• 1,706

+398 28,508

• 584
• 213
• 65

27,646

Mar.18 NPE formation W/O clean-up Sales (NPE portion) Adjustment Jun.18 NPE formation W/O clean-up Sales (NPE portion) Sep.18 Note: total NPΕ write-offs €1,033mn in Q2 and €494 in Q3 incl deep restructurings

SLIDE 42

04

42 | ASSET QUALITY

4.4 SOLID COVERAGE IN ALL SEGMENTS

NPE Coverage Ratio per Product NPL Coverage Ratio per Product

Note: NPE on balance sheet data

LLRs (€mn) Sep.18 LLR/ Loans Business 9,954 30.0% Mortgages 1,919 13.1% Consumer 2,044 41.5% TOTAL 13,917 26.4% LLRs (€mn) Sep.18 LLR/ Loans Greece 13,443 26.0% International 474 43.1% TOTAL 13,917 26.4%

81% 95% 42% 91%

79% 92% 42% 90%

Total Business Mortgages Consumer Jun.18 Sep.18

Group LLRs at 26% Over Loans

NPL mix 61% 26% 13%

Cumulative provisions at 26% over Group gross loans Total NPE coverage ratio at 94% for business portfolio including collateral | Business NPEs are approximately 70% of total

49% 51% 31% 73%

49% 51% 30% 71%

Total Business Mortgages Consumer Jun.18 Sep.18 NPE mix 68% 22% 10%

SLIDE 43

71%

22%

Cash coverage Collateral coverage

04

43

4.5 CASH COVERAGE AUGMENTED BY COLLATERAL

| ASSET QUALITY

* pre-haircut tangible collateral (guarantees not included) capped at loan amount

90%

21%

Cash coverage Collateral coverage

Mortgages Business Consumer

51%

43%

Cash coverage Collateral coverage

Mortgages Business Total 133% Total 110% Total 110% Total 94% Total 101% Total 93%

Total NPE coverage at 96% Total NPL coverage at 124%

30%

70%

Cash coverage Collateral coverage

42%

68%

Cash coverage Collateral coverage

92%

40%

Cash coverage Collateral coverage

Consumer

SLIDE 44

04

44

4.6 LOAN PORTFOLIO DIVERSIFICATION

| ASSET QUALITY

2.8% 1.8% 2.5% 3.4% 4.3% 3.6% 3.6% 6.0% 7.0% 6.1% 10.5% 11.0% 9.3% 28.2% Other service activities Agriculture Transportation & Storage Electricity, Gas, Steam Shipping Real Estate Financial & Insurance Accommodation & Food Construction Other Wholesale & Retail Trade Manufacturing Consumer Mortgages

Loans: KPIs per Segment (Sep.18) Domestic Loan Composition (Sep.18, %)

in €mn | % TOTAL Business Mortgages Consumer GROUP Loans 52,788 33,233 14,627 4,928 NPL Ratio 33.5% 32.4% 31.5% 46.3% NPL Coverage 78.8% 92.4% 41.7% 89.5% NPE Ratio 54.1% 58.3% 43.2% 58.0% NPE Coverage 48.8% 51.4% 30.4% 71.5% in €mn | % TOTAL Business Mortgages Consumer GREECE Loans 51,687 32,310 14,574 4,803 NPL Ratio 32.8% 31.3% 31.5% 46.4% NPL Coverage 79.4% 94.3% 41.5% 89.6% NPE Ratio 53.5% 57.5% 43.2% 57.9% NPE Coverage 48.6% 51.4% 30.2% 71.8%

Retail 37.5%

SLIDE 45

45

4.7 AUCTIONS’ PROGRESS

04

| ASSET QUALITY

36% 56% 8%

completed non completed cancelled due to debtor request for restructuring

28 Feb.18 - 8 Feb.19

3,495 auctions

Property auctions 2014 2015 2016 2017 2018 2019

9 Jan - 8 Feb

# auctions carried

• ut by Piraeus

124 124 219 396 3,269

• /w 1,223 completed

226

• /w 52 completed
• Measure for carrying out solely e-auctions of foreclosed property commenced in

28 Feb.18. 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 17.01.18, ii) with new underwriting/mortgage/or pledged collateral

• f 1st class and iii) this collateral is auctioned

SLIDE 46

46

4.8 PIRAEUS REO ONLINE PLATFORM PROGRESS

04

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 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

4th Auction | 33 properties sold at 5% discount over 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

• 5%

5th Auction 2.8 2.5

• 13%

6th Auction 1.9 1.8

• 7%

Total 24,1 21.4

• 11%

>> Residential 16.85 15.07

• 11%

>> Commercial 6.31 5.50

• 13%

>> Land plots 0.90 0.86

• 4%

Online Auctions | Results to Date 2017 2018 2019

1st Auction 2nd Auction 3rd Auction 4th Auction 5th Auction 6th Auction 27-28 Jun.17 24-25 Oct.17 13-14 Dec.17 20-21 Mar.18 20-21 Jun.18 9-10 Jan.19 # of properties 58 57 48 49 37 26 # of registered users ~2,900 ~5,000 >6,000 >8,500 >10,000 >12,000 # of properties that received bids 39 (67%) 41 (72%) 35 (73%) 37 (76%) 24 (65%) 13 (50%) # of bids from total bidders 196 (80 bidders) 230 (86 bidders) 196 (74 bidders) 206 (73 bidders) 136 (71 bidders) 99 (47 bidders) % of the assets with approved bids 50% (29 properties) 51% (29 properties) 54% (26 properties) 67% (33 properties) 59% (22 properties) 62% (16 properties) # of properties @“Buy Now” 9/39 13/41 6/35 13/37 4/24 6/26

2018

5th Auction | 22 properties sold at 13% discount over market values 6th Auction | 16 properties sold at 7% discount over market values

2019

SLIDE 47

47

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

04

| ASSET QUALITY

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 | September 2018 Total Mortgages Consumer Total Total 2,514 2,354 160 854 3,368

• /w final court decision

872 832 40 297 1,169

• in favor of customer

464 443 21 152 616

• in favor of the Bank

408 389 19 145 553 % of court decisions in favor of Bank 47% 47% 48% 49% 47%

47% of €1,169mn of cases that had been filed and were dealt by the courts, have been rejected [data up to Sep.2018] Rejected cases of €553mn [data up to Sep.2018] will be repaid at par from the customer, as the court decided that they have the “ability” to repay the debt in full Filings that are deemed by the court as eligible for protection can regulate their debts in line with their income and a combination of 3 debt settlement plans are usually foreseen:

• Monthly interest free payments over 4 years (range 3-5 years)
• Monthly payments over 20 years (max 35 years) towards the preservation of the owned primary residence, if

such exists; these are calculated based on 80% of such property’s Objective value according to Greek General Secretariat for Public Property (Commercial Value can be used also if requested by the Bank or the Client)

• Sale or exploitation of other real estate

SLIDE 48

48

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

04

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 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

• Amendments in the L.3869/2010 include, among others i) the lift of the banking secrecy for individuals that are sheltered under the provisions of the law, both new applications and those

already made ii) automatic exemption from the provisions of the law in case of no compliance of the payments set by the courts (through temporary and final rulings)

| ASSET QUALITY

SLIDE 49

04.

LIQUIDITY

05.

LIQUIDITY

SLIDE 50

05

5.1 GREEK MARKET LIQUIDITY GRADUALLY RESTORED

| LIQUIDITY

50

100 120 140 160 180 200 220 240 260 280

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Deposits Loans

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

2009 2011 2012 2013 2014 2015 2016 2018

20 40 60 80 100 120 140 160

2009 2011 2012 2013 2014 2015 2016 2018

ELA ECB Eurosystem at €12bn in Nov.18 (ELA €3bn, ECB €9bn), -€114bn vs. Jun.15 peak

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

Banknotes at €32bn in Nov.18,

• €19bn vs. Jun.15 peak

€3 €9 €130 €42

10 20 30 40 50 60

2009 2011 2012 2013 2014 2015 2016 2018

100 150 200 250 300

Deposits Currency in Circulation

€32 €152

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

LDR at 95% in Dec.18,

• 43pp vs. Jun.15 peak

Deposits up €8bn in Dec.18 yoy Loans down €14bn yoy in Dec.18, o/w €11bn write-offs

€170 €135 95%

Source: Bank of Greece; on top of write-offs, the loan market has been impacted by c.€1.5bn FX fluctuations and other adjustments yoy

SLIDE 51

51

5.2 DOMESTIC DEPOSITS PICKING UP

| LIQUIDITY

05

36.1

• 1.0

+0.4 +0.9 +2.9 39.3

• 1.3

+0.2 +0.9 +1.8 40.9 +0.5 +0.5 +0.8 42.7

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 Δ Q4.17 Dec.17 Δ Q1.18 Δ Q2.18 Δ Q3.18 Sep.18 27% 23%

73% 77%

Sep.18 Sep.18 Business Retail

39% 40% 61% 60%

Sep.18 Sep.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)

Piraeus FY.17 delta Q1.18 delta Q2.18 delta Q3.18 delta Sep.18 balance Mass|Farmers +0.5

• 0.1
• +0.1

15.5 Affluent|Private Banking +0.7 +0.3 +0.2 +0.1 14.4 SB +0.4

• +0.3

+0.2 3.8 SME +0.1

• +0.1

+0.1 1.1 Corporate +0.1

• 0.4

+0.1 +0.1 2.4 Govt & Other

• 0.3

+0.8

• 0.1

+0.2 5.6 Total +1.6 +0.5 +0.5 +0.8 42.7

SLIDE 52

05

52

5.3 EUROSYSTEM FUNDING UTILISATION DROPS FURTHER

| LIQUIDITY

Dec.14 Dec.15 Dec.16 Dec.17 Mar.18 Jun.18 Sep.18 ECB 14.1 16.0 9.0 4.0 4.0 1.5 2.0 EFSF|ESM Bonds 5.7 15.3 7.3 1.5

• GGBs and T-bills

1.0

• 0.9

1.0 1.0 0.9

• L.3723

6.8

• Covered Bonds
• 1.5

Other 0.6 0.7 0.8 1.5 3.0 0.6 0.5 ELA

• 16.7

11.9 5.7 2.1 0.3

• GGBs and T-bills
• 0.8
• L.3723
• 5.7
• Loans & Other
• 10.2

11.9 5.7 2.1 0.3

• Total

14.1 32.7 20.9 9.7 6.1 1.8 2.0

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 4.0

1.5

2.0 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 0.3

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 1.8 2.0

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

ELA ECB

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

1 2 ELA eliminated in 12 July 2018 ELA collateral buffer estimated at €13bn, based on existing collateral valuation and haircuts

SLIDE 53

06.

APPENDIX

SLIDE 54

06

54 | APPENDIX

6.1 OPERATIONAL PERFORMANCE KPIs 9M.18

 Progress in all fronts of operational performance; negative impact on NII due to IFRS9, yet stabilization post that

FY.16 91%

LDR ELA NPE

Recurring

RoA NIM NFI CoR Staff

(GR)

€28.5bn 564 12,262 245bps 54bps €1.0bn* 158bps 0.3% 117% €11.9bn €35.8bn 660 14,492 275bps 49bps €1.2bn 222bps losses

*annualised excluding voluntary exit scheme costs

OPEX

(GR)

Branches

(GR)

SLIDE 55

06

55 | APPENDIX

6.2 GROUP RESULTS | QUARTERLY EVOLUTION

(€mn) Q3.17 Q4.17 Q1.18 Q2.18 Q3.18 Net Interest Income 411 388 350 349 346 Net Fee Income 120 82 74 75 130 Trading & Other Income 24

• 1

26 36 26 Total Net Revenues 555 468 450 460 501 Total Net Revenues (recurring) 520 468 450 484 453 Employee Costs (128) (153) (259) (125) (117) Employee Costs (recurring) (128) (137) (116) (120) (112) Administrative Expenses (111) (149) (100) (114) (106) Depreciation & Other (24) (28) (27) (25) (26) Total Operating Costs (263) (329) (386) (264) (249) Total Operating Costs (recurring) (263) (313) (242) (259) (244) Pre Provision Income 291 139 64 196 253 Pre Provision Income (recurring) 256 155 208 225 210 Result from Associates 4 (8) (8) (16) 11 Impairment on Loans (310) (1,189) (163) (149) (149) Impairment on Other Assets (7) (118) (8) 20 (4) Pre Tax Result (21) (1,176) (115) 51 110 Tax 2 1,181 35 (29) (17) Net Result Attrib. to SHs (18) 6 (79) 24 94 Minorities Attrib. to SHs (1) (2) (1) (2) (1) Discontinued Operations Result 5 (119) (3) (310) (27)

SLIDE 56

06

56 | APPENDIX

6.3 LOAN & DEPOSIT PORTFOLIOS

Gross Loans Evolution (€mn)

Dec.16 Sep.17 Dec.17 Jun.18 Sep.18 qoq yoy Group 64,947 61,035 58,627 53,749 52,788

• 2%
• 14%

Business 42,511 39,645 37,962 34,057 33,233

• 2%
• 16%

Mortgages 16,162 15,507 15,183 14,757 14,627

• 1%
• 6%

Consumer 6,274 5,883 5,482 4,934 4,928 0%

• 16%

Greece 61,296 57,936 56,597 52,623 51,687

• 2%
• 11%

Business 39,792 37,312 36,317 33,113 32,310

• 2%
• 13%

Mortgages 15,707 15,143 14,973 14,700 14,574

• 1%
• 4%

Consumer 5,797 5,480 5,307 4,809 4,803 0%

• 12%

Int’l 3,650 3,099 2,030 1,126 1,101

• 2%
• 64%

Business 2,719 2,333 1,645 944 922

• 2%
• 60%

Mortgages 455 364 210 57 53

• 7%
• 85%

Consumer 476 402 175 125 125 0%

• 69%

Deposits Evolution (€mn)

Dec.16 Sep.17 Dec.17 Jun.18 Sep.18 qoq yoy Group 42,365 41,822 42,715 42,102 42,886 2% 3% Savings 14,995 14,285 15,134 14,430 14,496 0% 1% Sight 11,190 11,372 11,682 10,851 11,245 4%

• 1%

Time 16,179 16,165 15,900 16,821 17,146 2% 6% Greece 39,322 39,075 40,889 41,903 42,687 2% 9% Savings 14,613 13,697 14,825 14,415 14,481 0% 4% Sight 10,536 10,592 11,125 10,765 11,157 4% 5% Time 14,172 14,516 14,938 16,723 17,048 2% 17% Int’l 3,043 2,746 1,826 199 200 0%

• 93%

Savings 382 318 309 15 15

• 3%
• 95%

Sight 654 780 556 86 87 2%

• 89%

Time 2,007 1,649 961 98 98

• 1%
• 94%

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, Piraeus Bank Romania from Dec.17 onwards, Piraeus Bank Bulgaria and Tirana Bank from Jun.18 onwards

SLIDE 57

06

57 | APPENDIX

6.4 IFRS9 SEGMENT & STAGE ANALYSIS | GROUP

impact

€1,621mn

Loans (€bn) Dec.171 Mar.18 Jun.18 Sep.18 Δ Stage 1 19.2 18.9 18.6 18.4

• 0.2

Stage 2 6.9 7.0 5.9 5.9 0.0 Stage 3 32.3 31.8 29.3 28.5

• 0.8

Total 58.4 57.7 53.7 52.8

• 1.0

Coverage (%) Sep.18 Mortgages Consumer Business Total Stage 1 0% 2% 1% 1% Stage 2 6% 17% 8% 8% Stage 3 28% 66% 50% 47% Total 13% 41% 30% 26%

47% 47% 49%

49%

Jun.17 Dec.17 Jun.18 IFRS 9 Sep.18 IFRS 9

NPE Coverage Evolution (%)

(1) excluding seasonal loan to farmers (€1.6bn). Loans for all periods exclude balances accounted for at fair value through P&L

IAS 39

SLIDE 58

06

58

6.5 CAPITAL CONTROLS UPDATE: FURTHER RELAXATION AS OF OCT.18

Cash Withdrawal Limit

• No limit for withdrawals performed domestically

(applicable from 01.10.2018)

• €5,000 equivalent per month per customer for withdrawals

performed abroad Purchase of Greek Mutual Funds

• Allowed

New Account Opening

• Allowed with no exceptions (applicable from 01.03.2018)

Greek Capital Market Instruments

• Allowed

Additional Account Beneficiary

• 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

Change of Custodian Bank

• Prohibited when changing to foreign custodian

Outgoing Wire Transfers abroad

• Private individuals can transfer up to €4,000 per 2 months

(applicable from 01.07.2018) Trade Related Payments

• <€1m approval at bank level

(applicable from 18.10.18)

• Weekly limit for bank-level committee at €250mn
• >€1m approval by the Banking Transactions

Approval Committee (applicable from 18.10.18) Time Deposit Break

• Allowed

Early Loan Repayment

• Allowed

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

| APPENDIX

SLIDE 59

06

59

6.6 CONTINGENT CONVERTIBLE BONDS

| APPENDIX

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 60

8,208 9,076 9,479

12,262

21% 21% 26%

30%

18% 22% 28%

29%

06

60 | APPENDIX

6.7 PIRAEUS BANK LEADING POSITION IN GREECE | Q3.18

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

Source: Bank of Greece for Greek market data and financial information for banks, as of Sep.18

Headcount – Greece (#)

350 457 483

564

SLIDE 61

06

61 | APPENDIX

6.8 PIRAEUS BANK HIGH CUSTOMER SCORE

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.

Customer Satisfaction Survey

SLIDE 62

06

62 | APPENDIX

6.9 ORGANIZATIONAL STRUCTURE

Note: BoD committees, apart from those illustrated, are Strategy Committee, Remuneration Committee, Board Members’ Nominations Committee Last Update: 31 Jan. 2019

SLIDE 63

06

63 | APPENDIX

6.10 BOARD OF DIRECTORS

Chairperson

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

• Former Senior Advisor to IMF, banks and organizations

Arne Berggren David Hexter

Non Executive Chairman Chair of the Strategy Committee, Chair of the Ethics 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, Ethics 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, Member of the Ethics 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, Member of the Ethics 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, Vice-Chairman of the Ethics 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

Member of the Ethics Committee

• 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, Ethics 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, Ethics 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, Ethics Committee

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

Per Anders Fasth

SLIDE 64

64 | GLOSSARY

GLOSSARY | DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES

1 NII Net Interest Income 2 DTAs Deferred Tax Assets 3 PPA adjustment Purchase price allocation (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 €4.0bn at the end of Q3.2018, €4.6bn at the end of Q2.2018 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 5 Net Loans Loans and advances to customers 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 Non Recurring (One-off) Items

• In Q3.2018, €48mn of net fee income relating to an extraordinary quality commission for past performance in
• ur cooperation for general insurance business with an international partner was classified as one-off.
• In Q2.2018, €24mn loss in other income was flagged as one-off.
• In Q1.2018, €143mn of Voluntary Exit Scheme (“VES”) staff costs, in Q2.2018 and in Q3.2018, €5mn of

Voluntary Exit Scheme and other extraordinary staff costs were classified as one-off, (“VES One-Off”).

• In Q3.2017, €35mn of net fee income relating to a bancassurance persistency fee was classified as one-off.
• In Q2.2017, €45mn of other income relating to the net effect of remeasurement of the present value of a

finance lease obligation of Picar S.A off-set by the loss on the remeasurement of the City Link investment property at fair value was classified as one-off, “(Picar One-Off”). 9 Pre Provision Income (PPI) Total net income less total operating expenses excluding one-off items. The relevant amount corresponds to “Profit before provisions, impairments and income tax” excluding the one-off items as per item # 8 10 Cost to Income Ratio (C:I) Total operating expenses before provisions over total net income excluding one-off items 11 RWA density Risk Weighted Assets over Adjusted Total Assets

SLIDE 65

65 | GLOSSARY

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

12 CET1 Capital Ratio on Pro-forma Basis CET1 capital ratio taking into account RWA relief for the divestments of Piraeus Bank Bulgaria and Albania and

• ther stakes, and two NPE sales (Amoeba and Arctos).

13 IFRS 9, First Time Adoption (FTA) The final impact on regulatory capital (fully loaded) from first time adoption of IFRS 9 on 1 January 2018, of approximately €2.0 billion 14 Adjusted total assets Total assets excluding assets amounting to: 1) €2.3bn in September 2018 of discontinued operations in Albania and Bulgaria and two NPE sales (Amoeba and Arctos) 2) €2.5bn in June 2018 consisting of the same items 3) €3.8bn in March 2018 consisting of the same assets plus discontinued operations in Romania. 15 Net Interest Margin (NIM) Net interest income over adjusted total assets. 16 Net Fee Income over Assets Net fee and commission income over adjusted total assets 17 Net Revenues Total Net Income 18 NPLs - Non Performing Loans Loans and advances to customers in arrears over 90 days past due gross of PPA adjustments 19 NPEs - Non Performing Exposures On balance sheet credit exposures before allowances for impairments on loan losses gross of PPA adjustments 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 and other unlikely to pay (UTP) criteria 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 66

66 | GLOSSARY

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

22 NPL (Cash) Coverage Ratio Allowances for impairment on loan losses gross of PPA adjustments over Non-Performing Loans 23 NPE (Cash) Coverage Ratio Allowances for impairment on loan losses gross of PPA adjustments 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 NPL Formation Change of the stock of adjusted NPLs 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 26 Net Fee Income (NFI or NF+CI) Net fee and commission income 27 Cost of Risk (CoR) Allowances for impairment on loans and advances to customers over net loans 28 Return on Assets (RoA) Profit / (loss) for the period over adjusted total assets 29 Net Results or Net Profit Profit / (loss) for the period attributable to equity holders of the parent 30 Cumulative provisions (Loan loss reserves – LLR) Allowance for impairment on loans and advances to customers gross of PPA adjustment 31 Cumulative provisions (LLRs) over gross loans Cumulative provisions for loans and advances to customers over gross loans before impairments and adjustments 32 Operating Expenses (OpEx) Total operating expenses before provisions 33 Deposits or Customer Deposits Due to customers

SLIDE 67

67 | 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 Cross Selling Ratio Total product groups over total number of customers 39 G&A Costs Administrative expenses 40 DTC Deferred tax credit 41 PPE Property and equipment plus investment property 42 Tangible Book Value Equity minus value of cocos (€ 2,040 mn) minus goodwill and intangibles (€ 293 mn) 43 FTEs Full time employees

SLIDE 68

68

The accompanying presentation has been prepared by Piraeus Bank S.A. and its subsidiaries and affiliates (the “Bank” or “We”) solely for informational purposes. For the purposes of this disclaimer, the presentation that follows shall mean and include materials, including and together with any oral commentary or presentation and any question-and-answer session. By attending a meeting at which the presentation is made, or otherwise viewing or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation or any information contained herein. The information contained in this presentation is confidential and is solely for the use of the intended recipient. This presentation does not constitute an offer to sell or a solicitation of an offer to buy or a recommendation to buy or invest in any form of security issued by the Bank or its subsidiaries or affiliates nor does it constitute an offer or commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or to commit capital. This presentation is not intended to provide a basis for evaluations and does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. No representation, warranty or undertaking is being made and no reliance may be placed for any purpose whatsoever on the information contained in this presentation in making any investment decision in relation to any form of security issued by the Bank or its subsidiaries or affiliates or for any other transaction. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Bank. You are solely responsible for seeking independent professional advice in relation to the Bank and you should consult with your own advisers as to the legal, tax, business, financial and related aspects and/or consequences of any investment decision. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. This presentation does not purport to be comprehensive and no representation, warranty or undertaking is made hereby or is to be implied by any person as to the completeness, accuracy or fairness of the information contained in this presentation. The Bank, its financial and other advisors, and their respective directors, officers, employees, agents, and representatives expressly disclaim any and all liability which may arise from this presentation and any errors contained herein and/or omissions therefrom or from any use of this presentation or its contents or otherwise in connection therewith. The Bank, its financial and other advisors, and their respective directors, officers, employees, agents, and representatives accept no liability for any loss howsoever arising, directly or indirectly, from any use of the information in this presentation or in connection therewith. Certain information contained in this presentation is based on estimates or expectations of the Bank, and there can be no assurance that these estimates or expectations are or will prove to be accurate. This presentation speaks only as of the date hereof and neither the Bank nor any other person gives any undertaking, or is under any obligation, to update any of the information contained in this presentation, including forward-looking statements, for events or circumstances that occur subsequent to the date of this presentation. Each recipient acknowledges that neither it nor the Bank intends that the Bank act or be responsible as a fiduciary to such attendee or recipient, its management, stockholders, creditors or any other person. By accepting and providing this document, each attendee or recipient and the Bank, respectively, expressly disclaims any fiduciary relationship and agrees that each recipient is responsible for making its own independent judgment with respect to the Bank and any other matters regarding this document. The Bank has included certain non-IFRS financial measures in this presentation. These measurements may not be comparable to those of other companies. Reference to these non-IFRS financial measures should be considered in addition to IFRS financial measures, but should not be considered a substitute for results that are presented in accordance with IFRS. Certain statements contained in this presentation that are not statements of historical fact, including, without limitation, any statements preceded by, followed by or including the words “targets,” “believes,” “expects,” “aims,” “intends,” “may,” “anticipates,” “would,” “could” or similar expressions or the negative thereof, constitute forward-looking statements, notwithstanding that such statements are not specifically identified. Examples of forward-looking statements include, but are not limited to, statements which are not statements of historical fact and may include, among other things, statements relating to the Bank’s strategies, plans, objectives, initiatives and targets, its businesses, outlook, political, economic or other conditions in Greece or elsewhere, the Bank’s financial condition, results of operations, liquidity, capital resources and capital expenditures and development of markets and anticipated cost savings and synergies, as well as the intention and beliefs of the Bank and/or its management or directors concerning the foregoing. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and outside of the control

• f the Bank. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements. We have based these assumptions on information currently available to

us, and if any one or more of these assumptions turn out to be incorrect, actual market results may differ significantly. While we do not know what impact any such differences may have on our business, if there are such differences, our future results of operations and financial condition, could be materially adversely affected. You should not place undue reliance on these forward-looking statements. Forward- looking statements speak only as of the date on which such statements are made. The Bank expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

DISCLAIMER

SLIDE 69

Investor Relations Contacts

Chryssanthi Berbati Antonis Sagris Xenofon Damalas, CFA Αmalia Missailidi George Doukas

69

COMMUNICATION

4 Amerikis St., 105 64 Athens

• Tel. : (+30 ) 210 3335026

investor_relations@piraeusbank.gr Bloomberg: TPEIR GA | Reuters: BOPr.AT ISIN: GRS014003024 www.piraeusbankgroup.com

Latest update: 11 February 2019

SLIDE 70

PIRAEUS BANK GROUP HEADQUARTERS

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

PIRAEUS BANK GROUP HEADQUARTERS

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