Corporate Presentation. [based on Q financial results]

Transcription

1 Corporate Presentation [based on Q financial results] September 2015

2 Table of Contents 01 HIGHLIGHTS 02 Q2 LIQUIDITY UPDATE 03 Q FINANCIAL RESULTS 04 ASSET QUALITY 05 DOMESTIC OPERATIONS 06 INTERNATIONAL OPERATIONS 07 MACRO UPDATE 08 APPENDICES 2

3 Q at a Glance Highlights 1.2 Resilient Operating Performance: PPI +6% yoy 1.3 Domestic PPI Drivers Intact 1.4 Domestic NPLs Register Modest Uptick 1.5 Solid NPL Coverage 1.6 Recent Corporate Developments 1.7 Capital Position 3

4 Q at a Glance Balance Sheet Balance Sheet Income Statement ❶ NPL formation at 264 mn after a flat Q4 - Greek formation at 191 mn vs. Q mn and Q mn ❶ NII at 500 mn, +4% yoy, -2% qoq, on the back of higher ELA costs - yet domestic deposit rates continue to decline ❷ Total deposits declined by 15% or 8 bn qoq, with LTD ratio rising to 120% in Mar State deposits down 1 bn qoq ❷ OpEx -9% qoq, with full synergies completed, i.e. more than 90% actioned - C:Ι ratio 55% in Q1.15 vs. 59% in Q4.14 ❸ Gross loans declined by 0.8% qoq or 0.5 bn, adjusted for FX impact, write-offs and seasonal loan repaid in Feb.15 ❸ Recurring PPI at 266 mn, +7% qoq, +6% yoy, as revenues were only modestly affected by market conditions down 2% qoq, and OpEx was contained - Greek PPI at 236 mn, +9% qoq, +15% yoy, higher than impairments ( 206 mn) for the 1 st time in many quarters. Parent bank with 23 mn profit ❹ Total equity resilient at 7.2 bn, -1% qoq - CET-1 ratio at 11.9% - fully loaded CET-1 ratio at 11.1% ❹ CoR at 156 bps, markedly lower vs elevated level and at par with NPL formation - Greek CoR 128 bps vs. 179 bps in Q Group NPL coverage at 57%, 122% incl. collateral * P&L data on a normalized basis, excluding one-off items, while capital ratios are pro-forma for corporate developments post Q1 4 Highlights

5 bps (% Assets) Resilient Operating Performance: PPI +6% yoy Revenues Up 3% in Q1.15 yoy NIM and NFI Resilient Despite Weak Activity PPI Drivers Q1.15 Q1.14 yoy ( mn) yoy (%) Q4.14 NII % Q bps NIM NFI % 87 Revenues % OpEx (327) (323) +3 1% * (360) PPI % 248 * OpEx at -5% yoy, on a like-for-like basis Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 C:I Ratio Improves as Synergies Crystallize 45 bps Net Fees Recurring PPI at 266 mn, +6% yoy 59% -4 ppts More than 90% of 345 mn cost synergies actioned Greece at 236 mn, +15% yoy, with revenues +7% yoy and OpEx -5% yoy 55% Q4.14 Q1.15 Note: P&L data on normalized basis, excluding one-off items 5 Highlights

6 Domestic PPI Drivers Intact Lower Deposit Cost Despite Current Turmoil Deposit Cost Dynamics Persist; ELA Impact in the Short Term 4.58% Time: FY 2014 : 2.52% Q1 2015: 1.83% Domestic Operations ( mn) Q4.14 Q % 3.05% 2.04% Total: FY 2014 : 1.71% Q1 2015: 1.15% 1.95% 1.80% Net Interest Income Funding side key impact from: Deposit repricing bps qoq improvement ECB switch to ELA -21 Greek assets waiver impact PB total PB time 1.29% 1.13% Other -9 Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 * rates of the graph refer to monthly avg, FY & Q1 refer to period avg Ongoing Efforts to Optimize the Cost Base Headcount & Footprint 2017 Target Met; Further Rationalization mn 1,518 1,286 1, RP target: < 1.2 bn Run-rate ~1.1.bn ,238 1,354 Highlights -41% branches in 2yrs 16,558 1,037-19% headcount in 2yrs 15,499 15,662* * Dec.12 Mar.13 Jun.13 Sep.13 Dec.13 Mar.14 Jun.14 Sep.14 Dec.14 Mar.15May Q1.15 FY.15 * May 2015 data include Panellinia (26 branches and 163 FTEs) RP = Restructuring Plan approved by DG Comp 2017 RP target: < 15,350 FTEs < 870 branches YE.2015 target for 760 branches in Greece vs. 805 now

7 Q4.12 Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q4.12 Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q Domestic NPLs Register Modest Uptick NPLs Rise Modestly in Q1 Adjusting for FX Effect Greek NPL Formation in Q1 per Segment Group 3.21% 38.9% Group NPL ratio NPL new flows over loans (%) Business Mortgages Consumer Greece 0.87% 1.79% 1.01% 3.17% 39.1% 0.59% Greece 0.09% NPL ratio % 0.38% 0.30% Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Q1 Q2 Q3 Q4 Q1 Note: pre write-off quarterly NPL formation in mn or as % of gross loans Group Q1 NPL generation + 264mnvs. + 8 mnin Q4.14 Greek Q1 NPL generation mn vs mn in Q4.14 NPL stock for the Group has been technically inflated by USD/ CHF appreciation by 261 mn (o/w 224 mn in Greece) New NPL formation in Q1 came mainly from the retail book, especially mortgages Market conditions put pressure on asset quality due to the liquidity squeeze in the domestic market, yet no significant deterioration in payment behavior 7 Highlights

8 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q Solid NPL Coverage NPL Coverage at 57% Coverage and LLPs Pre vs. Post 2014-Q1.15 Write-offs Evolution (%) Group Business LLPs over NPLs LLPs over Loans 314mn write-offs in Q1 57.9% 57.4% 56.5% 240mn write-offs in Q1 62.8% 62.2% 61.2% NPL coverage pre write-offs NPL coverage 58.8% 56.5% Credit losses over loans (pre w/offs) LLPs over loans 23.6% 22.0% 50.7% 51.0% 53.8% 54.7% 50.6% 18.1% Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 Group NPL coverage at 57%; Greece at 56% LLPs over loans at 22% (Group & Greece) against a Greek market average of 18% Business NPL coverage (i.e. 70% of total) at 61% Consumer NPL coverage at 74% Mortgage NPL coverage at 25% 1.5 bn write-offs in the last 5 quarters or 2% of loan book LLPs over loans pre these write-offs stand at 24% for Group and Greece, i.e. at par with ECB Comprehensive Assessment expected loss estimate under baseline scenario (26% under adverse scenario) 8 Highlights

9 Recent Corporate Developments Sale of Piraeus Bank Egypt (May 2015) Acquisition of Panellinia Bank Carve-out in Greece (April 2015) Piraeus has agreed to sell its stake (98.5%) in Piraeus Bank Egypt to Al Ahli Bank of Kuwait; all regulatory approvals have been granted and transaction is about to close ABK has agreed to pay a consideration of $150 mn for Piraeus stake in PBE, valuing the bank at 1.5x PBE s book value as of 31 Dec.14. ΑΒK has also agreed to acquire at par value $23 mn of parent book loans related to the Egyptian operations Piraeus has acquired the good part of co-op Panellinia Bank following a tender offer conducted by the Bank of Greece Perimeter comprises 504 mn customer deposits & 370 mn gross loans; preliminary 0.3 bn funding gap covered in cash Panellinia's IT has been successfully integrated into Piraeus core IT system in mid-july 2015 (26 branches closed) The transaction is accretive for Piraeus: The transaction is positive for Piraeus: CET-1 increase by 30bps expected synergies of 10mn liquidity release of 0.2bn positive liquidity of 0.3bn 9 Highlights

10 Capital Position March 2015 CET-1 Ratio CET-1 Capital qoq Evolution ( mn) ( bn %) Phased-in 1 Fully Loaded 1 CET-1 Capital , , ,746 Total Regulatory Capital RWAs CET-1 Ratio 11.9% 11.1% Total Capital Ratio 12.0% 11.2% 1 Pro-forma data for Panellinia acquisition & disposal of PBEgypt -ATE Insurance Dec.14 CET-1 Q1'15 Results Q1'15 Reserves & B3 Phasing Mar.15 CET-1 Post Q1 actions Mar.15 CET-1 pro-forma 3.5 bn of eligible DTC. Positive bottom line for parent in Q1 ( 23 mn) CET-1 Fully Loaded B3 Ratio in Line with European Peers RWA qoq Evolution ( mn) 11.1% 11.2% average 57, ,951 56, bps for CET ,286 Note: Group of banks reporting Basel III fully loaded CET-1 ratios as at Q within the Euro STOXX banks consists of BCP, BPER, BoI, Banco de Sabadell, Bankinter, Commerzbank, Bankia, BBVA, BNP, UniCredit, SocGen, Banco Popular, Erste, UBI Banca, Banco Popolare, Banco Populare di Milano, Deutsche Bank, Credit Agricole, CaixaBank, KBC, Intesa Sanpaolo, Mediobanca, Santander, RBI, ING, Eurobank 10 Highlights Dec.14 RWA FX effect Deleveraging & Other Mar.15 RWA Post Q1 actions Mar.15 RWA pro-forma

11 02 Post Q1 Update 2.1 Greek Macro Update (H1 2015) 2.2 Post Q1 Trading Update 2.3 Greek Market Liquidity (H1 2015) 2.4 Piraeus Greek Deposits (H1 2015) 2.5 Piraeus Deposit Outflows Profile (H1 2015) 2.6 Piraeus Funding & Collateral (H1 2015) 2.7 Lower NPL Formation in Q Selected Business KPIs 2.9 Latest on Greece 11

12 Greek Macro Update (H1 2015) Performance & Economic Outlook GDP Quarterly & Yearly Change (%) In 2014, real GDP grew by 0.8% following a prolonged recession that started back in 2008 In H real GDP grew by 1.1%, on the back of increased private consumption, strong tourism sector performance, backloaded fiscal burden and favorable oil prices The target for international tourism arrivals incl. cruises in Greece raised for 2015 to 26 mn from 25 mn previously anticipated ( 24 mn in 2014), with related direct tourist receipts now seen at 14.5 bn vs. c. 14 bn previously (and 13.4 bn in 2014) The consumer price index (CPI) in Aug.2015 decreased by 1.5% yoy; the 8m.2015 yoy rate of change for CPI was -2.2% Capital controls imposed in late Jun.2015 and overall market turmoil during H have changed our view for 2015 real GDP outlook around to -1%; the impact of capital controls is being mitigated by a combination of factors, such as increased banknotes in circulation in the market (+ 20 bn since Nov.2014), limited impact on tourism, rather fast relaxation of capital restrictions, as well as timely preparation of companies Greek State Debt Maturity Profile ( bn) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec GDP +0.8% in FY.2014 qoq% change yoy% change Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q Post Q1 Update IMF ECB&NCB Other Interest payments

13 Post Q1 Trading Update ❶ ❷ ❸ ❹ ❺ ❻ Deposit outflows contained in Q3 due to capital controls; slight reversal of trend and net inflows from the end of bank holiday to-date Eurosystem funding at 36.4 bn (mid-sept) vs bn (Juneend), since deposit withdrawals have been restricted Time deposit cost significantly down, in line with Greek market trend. Time deposits switching to low cost deposits Loan demand subdued. Payment patterns not distorted by capital controls. Repayments increased in July Lower NPL formation in Q2 vs. Q1. Domestic NPL formation marginally negative in Q2 E-payments & card transactions have peaked in Q3. Customers turning to web banking benefits Piraeus (#1 e-banking in Greece) Marginal net inflows during recent weeks 21.5 bn of ELA, slightly down in Q3 Front book rate at c110 bps in Sept bn domestic loans Q2-Q3 to date Capital controls impact milder than anticipated Q3 to-date: +595k cash cards,+137k web users 13 Post Q1 Update

14 Dec.2009 Mar.2010 Jun.2010 Sep.2010 Dec.2010 Mar.2011 Jun.2011 Sep.2011 Dec.2011 Mar.2012 Jun.2012 Sep.2012 Dec.2012 Mar.2013 Jun.2013 Sep.2013 Dec.2013 Mar.2014 Jun.2014 Sep.2014 Dec.2014 Mar.2015 Jun.2015 Dec.2009 Mar.2010 Jun.2010 Sep.2010 Dec.2010 Mar.2011 Jun.2011 Sep.2011 Dec.2011 Mar.2012 Jun.2012 Sep.2012 Dec.2012 Mar.2013 Jun.2013 Sep.2013 Dec.2013 Mar.2014 Jun.2014 Sep.2014 Dec.2014 Mar.2015 Jun Greek Market Liquidity (H1 2015) Deposits & Currency Circulation ( bn) Greek Market Liquidity Movement ( bn) Banknotes at 50 bn, + 20 bn vs. late Resident deposits Monthly Movements Government Deposits Banknotes Eurosystem Dec Jan Deposits Bank Notes Feb Mar Apr May Jun Total Eurosystem Funding ( bn) Source: BoG, another 4 bn deposit outflow from non residents deposits during the same period ELA ECB Eurosystem at 127 bn (ELA 87 bn, ECB 40 bn) From early Dec.2014 to Jun.2015, system deposits declined by 47 bn (residents and Govt deposits) Banknotes in circulation spiked with c.50% of the recorded deposit private outflows in banknotes Relatively small money transfers abroad Reliance on Eurosystem increased by 82 bn during Dec.14-Jun.15 period, to make up for deposit depletion and loss of market funding 14 Post Q1 Update

15 Piraeus Greek Deposits (H1 2015) Turmoil in Greece Impact on Piraeus Deposit Base ( bn) Retail Daily Outflow Pattern (Dec June 2015, mn) -0.5 H1: Govt deposits - 2 bn ytd elections Eurogroup cap.controls Sep.14 Q4.14 Jan.15 Feb.15 Mar.15 Apr.15 May.15 Jun.15 Total * Apr.15 including Panellinia s perimeter acquired deposits (+ 0.5 bn) Piraeus Deposit Outflows Split ( bn) * daily outflows from private individuals through teller transactions, investments & money transfers Greek Market Deposit Outflows ( bn) Piraeus Bank Greece Q Q Private sector deposits Govt deposits Total Heavy deposit outflows in H for both Piraeus & Greek market Piraeus had c. 14 bn deposit outflows in H (o/w 2 bn Govt) Greek market had c. 47 bn outflows respectively (o/w 5 bn Govt) 15 H1: Govt deposits - 5 bn ytd Sep.14 Q4.14 Jan.15 Feb.15 Mar.15 Apr.15 May.15 Jun.15 Total Source: BoG, all residents deposit information included Post Q1 Update

16 < ,000 1,000-5,000 > 5,000 % of total outflows outflow amount bn Piraeus Deposit Outflows Profile (H1 2015) Composition of Outflows (%) Outflows per Product (%) Retail Deposit Withdrawals Statistics (Jan-Jun 2015, mn) Other 7% Govt 13% Core Deposits 20% 30% 25% c.70% of retail outflows are in banknotes 5, , Money transfers 11% Tax et al 13% Investments 15% Banknotes 41% * Data from Jan-Jun 2015 Time Deposits 80% 20% 15% 10% 5% 0% 3, , , Well above 80% of private sector outflows remained in the country in cash, either as banknotes or in the form of short-term investments 56% or retail outflows came from tickets < 50k and 87% from tickets < 300k Cash Withdrawals Mutual Funds Money transfers % of total 16 Post Q1 Update

17 Piraeus Funding & Collateral (H1 2015) + 23 bn increase ytd: 15 bn due to deposit outflows 8 bn due to market repos loss 14.1 Eurosystem Funding ( bn) Sep.2014 Dec.2014 Mar Jun.2015 ELA ECB/EFSF ECB Group Funding Mix ( bn) Collateral Used for Eurosystem Funding - Cash Values ( bn) Dec.14 Mar.15 Jun.15 ECB EFSF Bonds Greek Sovereign* Other ELA Greek Sovereign* Loans & Other Total * Greek Sovereign as at end Jun.15: T-bills ( 0.7 bn), GGBs ( 0.2 bn), Pillar II ( 7.6 bn), Pillar III ( 1.8 bn), increase from Mar.15 due to renewals of P2 ELA Collateral Buffer ( bn) shift to ELA post 11 Feb.2015 as per ECB decision 2 bn eligible for ECB MROs, post expected re-establishment of waiver for Greek sovereign securities bn Debt Securities Now Senior 0.4 Subordinated 0.2 Hybrid 0.02 * plus 0.1 bn ABS Eurosystem Interbank Repos & Debt Securities Core Deposits Time Deposits ELA cash buffer estimated at 3.5 bn currently based on existing collateral valuation and haircut regime Current utilization of Pillar 2 guarantees at 10.4 bn face value (2014 high 10 bn, historic high 16 bn) Sep.2014 Dec.2014 Mar.2015 Jun Post Q1 Update

18 +90dpd (bps) Lower NPL Formation in Q2 3.21% 2.43% + 1.4bn + 1.2bn+ 1.3bn + 1.3bn+ 1.0bn+ 0.8bn + ATE Geniki Group New NPLs Contained in H % 1.67% 1.33% 1.05% + + Cypriot Millennium (adjusted for FX impact in Q1.15) 0.68% 0.51% 0.01% 0.38% + 0.5bn + 0.4bn mn + 8mn Q4.12 Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q2.15 * pre write-off quarterly NPL formation (amount & bps over end-quarter loans) NPL Formation in Greece (Piraeus vs. Peer Group, bps) RBU established RBU fully operational Piraeus -100 Q213 Q313 Q413 Q114 Q214 Q314 Q414 Q115 Q NPL formation in Q2 better than in Q1 for Group and Greece Piraeus NPL formation has showed better performance vs. peers in the last quarters (Q latest available data for peer group) This is largely due to the dedicated internal structure that actively manages the troubled asset portfolio (Recovery Banking Unit), established in 2014 RBU manages independently from the other functions of the Bank: c. 30 bn loans c.600k customer relationships 2,000 Restructuring Officers & support staff (50%-50%) with its own Balance Sheet, P&L, KPIs and a separate BoD (RBU Council) New legislation amending Civil Procedure Law and Personal Bankruptcy Law expected to speed up all respective court decisions and time to liquidation, strengthen efficiency and effectiveness of enforcement for claims overdue, while providing greater portion from proceeds of liquidation to banks Post Q1 Update

19 Selected Business KPIs Selected Business Developments Front Book Rate for Time Deposits Moved Lower Containment of deposit outflows due to capital controls and further decrease in new time deposit cost front book currently at c.110 bps (EU avg c.70 bps) Additional positive impact on deposit cost from mix effect significant % of time deposits are not renewed and are transferred to low cost deposits, positive effect in NII Rising business from e-banking since late Jun.15 more than 595k new debit cards more than 137k e-banking subscribers 2x higher e-payments per day (c.90k) 91 branch closures ytd for the Group (51 in Greece); new target for 700 units by YE.2015 in Greece (778 currently) 2.24% 1.95% 1.80% 1.75% 2.00% 1.67% 1.77% 1.75% 1.74% 1.57% PB time new 1.34% PB time stock 1.10% Sep.14 Oct.14Nov.14Dec.14 Jan.15 Feb.15Mar.15Apr.15May.15Jun.15 Jul.15 Aug.15 * rates of the graph refer to monthly avg Time Deposits Switch to Low Cost Deposits ( bn) JUN.15 JUL.15 AUG.15 Piraeus Bank fully served the needs of its 5 mn customers in Greece during bank holiday period and provided uninterrupted services to sensitive parts of population (eg pensioners), in alignment with its #1 customer satisfaction ranking 19 Post Q1 Update Maturity Renewals Transferred to low cost deposits Maturity Renewals Transferred to low cost deposits Maturity Renewals Transferred to low cost deposits

20 02 Recent developments in Greece 2.9 Latest on Greece Timeline of Key Events as of YE.2014 Date 8-Dec Dec Jan-15 Event Presidential elections called 3rd round of Presidentialelections concluded unsuccessfully Parliamentary elections Institutions have agreed on a 3rd bailout programme for Greece after Athens backed the plan in mid Jul On 19 August 2015, the EU and Greece signed an MoU for further stability support accompanied by a 3rd Economic Adjustment Programme of a total amount up to 86 bn 20-Feb-15 4-Jun Jun-15 Eurogroup: agreement to extend current programme Greece requests delay in IMF payment Referendum announced We have revised the forecast for the 2015 real GDP growth rate to -1%. Our forecasts are subject to the level of impact of capital controls and the implementation of the new fiscal adjustment measures 30-Jun-15 3-Jul Jul Jul Jul-15 End of existing programme Referendum takes place Euro Summit agreement Greek Parliament votes 1 st set of prior actions Greek Parliament votes 2 nd set of prior actions Comprehensive Assessment (CA) by the ECB s Single Supervisory Mechanism has already begun and includes Asset Quality Review (AQR), Stress Test and Join-Up processes. CA results expected in the 2 nd half of October Coalition Government formed after snap election that took place on Sept.20 th, majority of parliamentary parties (c.88% of MPs) are supporting the 3 rd bailout programme 13-Aug-15 Greek Parliament approves 3 rd bailout 20-Aug-15 PM resigns and calls snap elections 20-Sept-15 Parliamentary Elections - Coalition Government 20 Post Q1 Update

21 03 Q Financial Results 3.1 Balance Sheet Highlights 3.2 Assets & Liabilities Mix 3.3 P&L Highlights 3.4 P&L per Region 3.5 Core Revenues Remain Resilient Despite Weak Demand 3.6 Cost Base Further Rationalization 21

22 Balance Sheet Highlights Deposit Outflows Covered by Eurosystem, Mild Deleveraging Deposits qoq Evolution ( bn) mn Mar.2015 qoq yoy Assets 88,516-1% -1% Gross Loans 71,381-1% 1-2% 1 LLPs (15,699) -1% 2 11% Net Loans 55,682-1% 1-4% Deposits 46,450-15% -15% Interbank 31,007 31% 34% ECB 14,883 6% 43% ELA 15, Other % -94% Equity 7,238-1% -13% Dec.14 Δ GR Gov't Δ Ιnt'nal FX impact Mar.15 Loans qoq Evolution ( bn) (1) Adjusted for Q1 FX impact, write-offs and seasonal loan at YE.14 (2) LLPs affected by Q1.15 write-offs 22 Q Financial Results Dec.14 Δ Group Agri-Loan Write-offs FX impact Mar.15

23 Assets & Liabilities Mix Total Cash Securities EFSF Bonds Seasonal Loan Asset Mix Total Cash Securities EFSF Bonds Asset Mix Funding Mix Total ELA ECB ( 14.2 bn EFSF) Interbank Debt Securities Core Deposits Funding Mix Total ECB (net) ECB/EFSF Interbank ( 8.4 bn EFSF) Debt Securities Core Deposits Mar.15 Loans Breakdown (%) (Piraeus in Greece) Mortgages 26% Consumer 10% Business 64% Mar.15 Deposits Breakdown (%) (Piraeus in Greece) Net Loans 55.3 Net Loans (+ 1 bn qoq due to FX) Time Deposits Time 52% Core 48% 25.0 Time Deposits PPE Other Dec.14 PPE Other Mar Mar.15 Total Equity Other Dec.14 Total Equity Other 23 Q Financial Results

24 P&L Highlights Q Group P&L at a Glance mn Q1.15 Q1.14 yoy Q4.14 qoq Net interest income ❶ % 513-3% Net fee income ❷ % 87-4% Other ❸ % 9 6% Net recurring revenues % 608-2% Staff costs (166) (183) -9% (169) -1% Admin.& other (160) (140) 14% (192) -16% Recurring OpEx ❹(327) (323) 1% (360) -9% Recurring PPI % 248 7% Loan impairment ❺(278) (481) -42% (519) -46% Other impairment (8) (35) -77% (179) -96% Pre tax result (54) (322) - (593) - Net result attrib. to SHs (69) (247) - (332) - ❶ ❷ ❸ ❹ ❺ Q1.15 net interest income burdened by ELA cost, partially offset by much lower deposit costs compared to Q1.14 (-82 bps down to 1.15%) Q1.15 net fee income though marginally affected by the turmoil in the domestic environment, is trending up +4% yoy, with the bulk of the increase stemming from commercial banking Q1.15 excluding trading & other Income one-off items of total - 4 mn (- 7 mn from the disposal of stake in AIK Banka in Serbia and 3 mn from a non core asset in Greece) OpEx include additional one-off costs of 17 mn, out of which c. 7 mn stem from non core asset in Greece and the rest from integration costs - one-off adjustment in Q1 OpEx to anticipate and accrue for admin expenses, resulted in additional 18 mn admin costs Provision expense of 278 mn at par with 264 mn NPL formation (adjusted for FX impact) 24 Q Financial Results

25 P&L per Region Q1.15 Performance of Greek & International Franchise mn Greece yoy Int l yoy NII ❶ 432 8% 68-14% NFI ❷ 71 8% 12-12% Revenues 507 7% 86-16% OpEx ❸(271) 2% (56) -1% PPI % ❹ 30-35% Loan impairment (206) -51% ❺ (72) 13% Pre-tax result (5) 98% (50) 10% * P&L on normalized basis, excluding one-off items ❶ ❷ ❸ ❹ ❺ NII in Greece positively affected by the significant decrease in deposit rates; international NII impacted by deleveraging course NFI improved markedly in Greece, while was weaker abroad in line with downsizing operations OpEx burdened by 18 mn seasonal adjustment in admin costs; excluding that, OpEx is down 5% in Greece yoy All international subsidiaries register positive PPI excl. trading results except Ukraine; pre-tax result impacted by lower revenues & higher provisions (CoR 420 bps vs.366 bps in Q1.14) Q4 provisioning from international operations +13% yoy, while domestic CoR (128 bps) lower yoy (Q bps) 25 Q Financial Results

26 Core Revenues Remain Resilient Despite Weak Demand Revenues Show Resiliency Despite Challenging Conditions Net Fee Income Modestly Impacted by Low Loan Demand NFI NII 559 mn 580 mn 595 mn 599 mn 584 mn Q1.15 Q4.14 Q3.14 Q2.14 Q mn 87 mn 87 mn 80 mn 80 mn wealth mngt AUM 1.5 bn M/F 2.6 bn Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 * agri-banking fee income is accrued quarterly from 2014 onwards Revenue Side Impacted in Q1, yet Growth Dynamics Persist Commercial Banking Investment Banking Asset Management Cross Sell Ratio in Piraeus-Greece Increases Further NII in domestic operations -2% qoq or - 7 mn at 432 mn NFI in domestic operations -5% qoq or - 3 mn at 71 mn Beyond short-term impact from turmoil, positive trend in deposit repricing and fee income generation still valid, anticipated to be reflected in earnings s soon as conditions normalize (products per customer) x 2.41x 2.56x 2.45x 2.74x 2.66x 2.81x 2.69x 2.95x 2.89x Business Individuals Mar.14 Jun.14 Sep.14 Dec.14 Mar Q Financial Results

27 Cost Base Further Rationalization OpEx Further Rationalized Staff Costs Register Significant Improvement Group -5% yoy Greece -5% yoy ( mn) -9% yoy mn seasonal 271 adjustment Group Greece % qoq Q1.14 Q1.15 One-off Costs Almost Over as Integration is Complete Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 * data exclude one-off items mn Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 One-off Costs Staff expenses Admin & other One-off Costs Domestic OpEx on recurring basis already below 2017 target ( 1.2 bn) Group Q1.15 OpEx over assets at 178 bps, -21 bps qoq, -8 bps vs. FY.14 (186 bps) 27 Q Financial Results

28 04 Asset Quality 4.1 NPL Formation Picks Up Due to Market Conditions 4.2 Solid NPL Coverage in All Segments 4.3 LLPs & Collateral Coverage at Satisfactory Level 4.4 RBU Portfolio at a Glance 4.5 Selected Issues: RBU Portfolio Coverage Level; Existing Personal Bankruptcy Law Statistics 4.6 NPEs & NPE Coverage by LLPs 28

29 NPL Formation Picks Up Due to Market Conditions New NPLs Contained NPL Ratio +90dpd Stable in Q1 3.21% 2.43% 1.78% 1.67% 1.33% 1.05% + 1.4bn + 1.2bn+ 1.3bn + 1.3bn+ 1.0bn+ 0.8bn + ATE + Geniki + + Cypriot Millennium (adjusted for FX impact) 0.68% 0.51% 0.01% 0.38% + 0.5bn + 0.4bn mn + 8mn Q4.12 Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 * pre write-off quarterly NPL formation (amount & bps over end-quarter loans) * ratios excl. seasonal agri-loan for total and business NPL ratio NPLs Skewed to Business NPLs Q Q % 41% 39% 41% Group NPL Formation 28% 27% 50% 50% Total Business Mortgages Consumer Total NPL stock inflated by 261 mn due to CHF/USD appreciation ( 188 business, 73 mn retail) NPLs ( mn) Q NPLs ( mn) Q ( mn) 1.80% Business Mortgages Consumer 1.71% 2,200 Business 19,232 Mortgages 4,837 Consumer 3,728 TOTAL 27,797 Greece 25,250 International 2,547 TOTAL 27, % 0.80% 0.30% -0.20% -0.70% 1.00% 0.98% 0.96% 0.65% % Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 1,700 1, * pre write-off quarterly NPL formation, excluding Q1 FX impact Asset Quality

30 Solid NPL Coverage in All Segments March 2015 NPL Cash Coverage Strong NPL Coverage Ratio Greece International 39% 37% 56% 58% 22% 22% Q Q % 57% 61% 62% 74% 74% 25% 25% LLPs post write-offs of 0.3 bn in Q1.15 ( 0.2 bn in Greece) NPLs NPLs Coverage LLR/Loans * excl. seasonal agri-loan for total and business NPL ratio Group LLPs at 16 bn up 11% yoy Total Business Consumer Mortgages Domestic LLR / Loans at Par with ECB CA and Blackrock II LLRs ( mn) Q Business 11,766 Mortgages 1,188 Consumer 2,745 TOTAL 15,699 LLRs ( mn) Q Greece 14,215 International 1,484 TOTAL 15,699 Greece LLR / Loans LLR/Loans pre Write-Offs ECB CA BRS2 Business 26% 27% 27% 28% Mortgages 7% 7% 7% 5% Consumer 39% 40% 40% 45% Total 22% 24% 24% 24% 30 * data as of Mar.2015 vs. result of comprehensive assessment of ECB/EBA (up to 2016) and BlackRock 2 diagnostic exercise (up to 2016) under baseline scenario Asset Quality

31 04 Provision & Collateral Coverage - Business NPLs 74% 135% 4.3 LLPs & Collateral Coverage at Satisfactory Level Provision & Collateral Coverage - Total Business Loans 73% 98% 53% 55% 63% 62% 61% 20% 23% 26% 25% 25% Dec.13 Jun.14 Sep.14 Dec.14 LLRs coverage Collateral coverage Mar.15 Total coverage Provision & Collateral Coverage - Mortgage NPLs Dec.13 Jun.14 Sep.14 Dec.14 LLRs coverage Collateral coverage Mar.15 Total coverage Provision & Collateral Coverage - Total Mortgage Loans 73% 97% 88% 95% 17% 17% 24% 25% 25% Dec.13 Jun.14 Sep.14 Dec.14 LLRs coverage Collateral coverage Mar.15 Total coverage Provision & Collateral Coverage - Consumer NPLs 4% 4% 6% 7% 7% Dec.13 Jun.14 Sep.14 Dec.14 LLRs coverage Collateral coverage Mar.15 Total coverage Provision & Collateral Coverage - Total Consumer Loans 74% 72% 74% 74% 74% 15% 89% 36% 37% 38% 37% 37% 26% 63% Dec.13 Jun.14 Sep.14 Dec.14 LLRs coverage Collateral coverage Mar.15 Total coverage 31 Dec.13 Jun.14 Sep.14 Dec.14 LLRs coverage Asset Quality Collateral coverage Mar.15 Total coverage

32 RBU Portfolio at a Glance RBU KPIs at a Glance RBU: A Dedicated Internal Unit Fully Operational as of Q Balances ( bn) Customers (#) RMs (#) Corporate 6.3 1k 50 Piraeus Bank BoD Executive Committee Retail & SB SME 2.9 2k 130 CEO Corporate & Shipping Commercial Workouts k 265 SB k Retail k 710 -Mortgages k -Consumer k Retail Banking Branch Network & Deposits Corporate & Investment Banking Group Financial Mngt & Control Non Core Business/ Task Force Strategy Recovery Banking Unit (RBU) Support Functions SMEs Workouts Total k 1,155 plus c.900 supporting RBU staff Group Operations Group Administration Support RBU includes c.85% of Piraeus Bank Greece NPL portfolio c.40% of RBU balances are denounced loans c.30% of RBU balances are <90dpd loans Non Core Business / Task Force Unit manages critical exposures in entire sectors of the Greek economy. Mission of the Non Core Bank / Task Force Unit is to work on restructuring solutions for complex exposures in a dedicated structure 32 Asset Quality

33 Selected Issues: RBU Portfolio Coverage Level; Existing Personal Bankruptcy Law Statistics 115% Coverage of RBU Portfolio by LLRs & Tangible Collateral Retail Customers under Existing Personal Bankruptcy Law ( bn) 115% Loan Loss Reserves + Tangible Collateral Coverage 95% 85% 95% >100% >100% Corporate SMEs SBLs Retail Commercial Workouts Total L.3869/2010 Mar.2015 Overdue Retail Loans Applications In Court (#) 18.8k Applications Not in Court yet (#) 63.8k Total (#) 82.6k Applications In Court Mar.2015 With Court decision (#) 5.6k > rejected 35% > accepted 65% Total 100% Number of applicants represents c.6% of Piraeus retail borrowers Average loan balance of 40k at Q c.35% of processed applications have been rejected by the Court * corporate portfolio includes shipping 33 Asset Quality

34 NPEs & NPE Coverage by LLPs Piraeus Group NPL to NPE Reconciliation (Mar.15) Piraeus Group NPL-NPE-LLR Data per Product (Mar.15) Coverage 57% +12.5% Coverage 42% bn Loan Exposure NPEs NPE Perimeter +90dpd Impaired Forborne Contagion 36.3% +3.2% +7.4% +2.0% 48.8% Business Mortgages Consumer Total Group Group NPL NPL 90dpd* 90dpd Impaired Forborne Contagion Implied Group Group NPE NPE* bn % +90dpd NPEs LLRs Coverage NPLs NPEs Business % 43% Impaired: the effect of the inclusion of exposures which are not past due by more than 90dpd and for which the customer carries specific provisions Forborne: the additional effect of the inclusion of exposures that have forbearance measures (i.e. concessions towards a debtor facing or about to face difficulties in meeting financial commitments) and are classified as nonperforming 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 Mortgages % 19% Consumer % 67% Total % 42% (*) NPL ratio over loans including off balance sheet exposures (LC,LGs). Likewise for NPE ratio for both numerator ( 0.5 bn) and denominator ( 5.2 bn ) 34 Asset Quality

35 P&L Analysis Domestic Operations 5.2 Profitability Drivers 5.3 Customer Portfolio Yields 5.4 OpEx Trends 5.5 Loan Portfolio 5.6 Deposit Portfolio 5.7 Premiere Franchise in Greece by Loans, Deposits & Footprint 35

36 P&L Analysis Domestic P&L: PPI is Trending Up Despite Market Turmoil Q1 15 Q1 14 yoy Q4 14 qoq Net Interest Income % 440-2% Net Fee Income % 74-5% Banking Income ❶ % 514-2% Trading & Other Income % 5-17% Net Revenues (recurring) ❷ % 519-2% Employee Costs ❸ (142) (157) -10% (144) -2% Administrative Expenses ❹ (110) (92) 19% (137) -20% Depreciation & Other (20) (18) 11% (21) -4% OpEx (recurring) (271) (267) 2% (301) -10% - incl. One-Off Items (288) (299) -3% (389) -26% PPI (recurring) ❺ % 218 9% Income from Associates (14) (4) - (6) - Impairment on Loans ❻ (206) (417) -51% (290) -29% Impairment on Other Assets (7) (21) -66% (129) -95% ❶ ❷ ❸ ❹ ❺ ❻ Banking income resilient (-2% qoq and +8% yoy), despite elevated ELA costs, mainly on the back of lower deposit rates Recurring revenues up 7% yoy Staff costs-10% yoy and -2% qoq Admin costs burdened yoy by seasonal adjustment, -20% qoq Recurring PPI +15% yoy +9% qoq Provisions decline further qoq. Q1.15 provisions ( 206 mn) fully cover quarterly new NPL formation ( 191 mn) adjusted for FX effect Pre Tax Result (5) (267) 98% (344) 99% Tax (11) Net Result Attrib. to SHs (16) (197) 92% (88) 85% Note: recurring data exclude one-off items 36 Domestic Operations

37 Profitability Drivers Operating Jaws Widening ( mn) CoR lower than PPI in Greece in Q Banking Income Expenses NII mainly impacted by ELA refinancing in Q1.15, as well as deleveraging and small NPL pickup Further de-escalation of time deposits cost in Greece in Q1.15 to 183 bps compared to 206 bps in Q4.14 contributed to offset the ELA impact Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 NFI generation displayed resilience yoy, despite economic uncertainty during the first quarter of the year NII & NFI Resilient (% of assets) CoR Lower than PPI for the 1 st Time in Many Quarters (% of assets) NII NFI 2.05% 2.07% 2.17% 2.26% 2.42% 2.57% 2.73% 2.79% 2.69% 125% PPI CoR 0.36% 0.35% 0.37% 0.41% 0.40% 0.42% 0.46% 0.47% 0.44% 1.56% 1.84% 1.38% 1.47% 1.28% Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q3.14 Q4.14 Q1.15 Notes: data like-for-like for acquisitions in 2013 and excluding one-off items NIM on assets of continued operations excl. EFSF bonds 37 Domestic Operations

38 Customer Portfolio Yields Customer Rates: Time Deposit Rate Further Decline Loan Rates: Front Book Rates Steadily Above Legacy Book Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Deposits 1.97% 1.84% 1.63% 1.41% 1.15% Loan Rates Total Stock Front Book Total Stock Front Book Total Stock Front Book Total Stock Front Book Total Stock Front Book Sight 0.87% 0.80% 0.80% 0.74% 0.68% Savings 0.37% 0.36% 0.36% 0.31% 0.19% Time 2.93% 2.71% 2.36% 2.06% 1.83% avg 3m euribor 0.30% 0.30% 0.17% 0.08% 0.03% Loans 4.79% 4.86% 4.76% 4.71% 4.58% Mortgages 2.84% 2.81% 2.75% 2.68% 2.61% Consumer 9.74% 9.70% 9.85% 9.97% 9.39% Business 5.11% 5.24% 5.13% 5.07% 4.96% Mortgages 2.8% 4.4% 2.8% 4.5% 2.8% 4.3% 2.7% 4.3% 2.6% 4.1% Consumer 9.7% 10.8% 9.7% 9.5% 9.8% 9.6% 10% 10.0% 9.4% 9.4% Business 5.1% 5.8% 5.2% 5.8% 5.1% 5.5% 5.1% 5.8% 5.0% 5.7% Total 4.8% 5.8% 4.9% 5.9% 4.8% 5.6% 4.7% 5.9% 4.6% 5.7% Business (Stock) Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Corporate 4.5% 4.4% 4.4% 4.5% 4.3% SME/SBL 5.6% 6.1% 6.0% 5.9% 5.7% Total 5.1% 5.2% 5.1% 5.1% 5.0% Rates refer to total Greek banking operations 38 Domestic Operations

39 OpEx Trends OpEx Marginally Increased Due to Seasonal Adjustment C:I Ratio Supported from Synergies avg 2013 q: 322 mn avg 2014 q: 285 mn 71% % 60% 56% 53% 53% 58% 53% Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Staff Costs Further Declined post 2 nd VES Admin Costs Up yoy on 1st Time Seasonal Adjustment by 18 mn avg 2013 q: 183 mn avg 2014 q: 149 mn Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Note: all data like-for-like for acquisitions in 2013 and excluding one-off items 39 mn Q1.15 Q4.14 Q1.14 Rents Third Parties Product Servicing Promotion Taxes Other Total Note: 3rd parties costs relate to consulting, IT advisory-support, card processing services, facility mngt services Domestic Operations

40 Q1.11 Q3.11 Q1.12 Q3.12 Q1.13 Q3.13 Q1.14 Q3.14 Q Loan Portfolio Notes: Dec.14 excludes seasonal agri-loan, Μar.15 impacted by FX appreciation Gross Loans Evolution Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 Δ qoq Δ yoy Total 66,645 66,199 65,743 64,262 64,532 0% -3% Business 42,760 42,536 42,229 41,024 41,341 1% -3% Mortgages 17,240 17,089 17,000 16,731 16,743 0% -3% Consumer 6,645 6,574 6,515 6,507 6,449-1% -3% Mild deleveraging continues (adjusting for FX); demand remains subdued CHF and USD appreciation added c. 0.8 bn in balances CHF loan exposure at 2.9 bn in Greece, of which 1.6 bn mortgages Greece LTD Ratio 180% 175% 160% 140% 120% 100% Piraeus Market 122% 108% Portfolio Mix: Diversified Across Industries Loan Market Share Skewed Towards Business Loans Other Service Health Technical IT Agriculture Energy Real Estate Fin. Service Tourism Transport Construction Trade Manufacturing Retail 6.1% 0.9% 1.1% 1.5% 1.7% 2.5% 4.4% 4.6% 5.2% 7.6% 8.2% 9.5% 10.8% SMEs 34% 35.9% Large 24% SBLs 6% Consumer 10% Mortgages 26% 32.9% 29.0% 24.2% 23.4% Business Mortgages Consumer Total Note: transport includes shipping which is 5% of total loans 40 Domestic Operations Note: data for total and business exclude seasonal agri-loan

41 Deposit Portfolio Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 Deposit Evolution Δ qoq Δ yoy Total 49,801 49,494 49,903 49,450 41,310-16% -17% Savings 11,959 11,869 11,905 12,888 12,428-4% 4% Sight 8,519 8,017 8,134 8,500 7,364-13% -14% Time 29,323 29,607 29,864 28,061 21,517-23% -27% Deposit Market Shares 28.7% 27.7% 28.2% Sight-Savings Time Total Deposit Mix per Segment Retail 80% Corporate 20% Core 44% Core 63% Time 56% Retail (%) Business (%) Total deposits -17% yoy; -16% in Q1.15, in line with the Greek market (-16% yoy; -14% qoq respectively) due to uncertainty in Greece Deposit market share almost stable at the level of 28% Time 37% 41 Domestic Operations

42 Premier Franchise in Greece by Loans, Deposits & Footprint Gross Loans - Greece (%) Customer Deposits - Greece (%) Greek Branch Network (#) 29% 28% 805 Currently at 778 units post ex-panellinia s consolidation in mid-july 23% 27% % 21% % 17% 517 2% 2% 70 Source: Mar.2015 solo financial statements; BoG for market data 42 Domestic Operations

43 P&L Analysis International Operations 6.2 Balance Sheet Trends 6.3 International Presence 6.4 Piraeus Largest International Exposures 43

44 International P&L: Rationalization Continues, Impact of Deleverage on P&L P&L Analysis Q1 15 Q1 14 yoy Q4 14 qoq Net Interest Income % 73-7% Net Fee Income % 12 0% Banking Income % 85-6% Trading & Other Income % 4 36% Net Revenues (recurring) % 89-4% Employee Costs (25) (26) -5% (25) 0% Administrative Expenses (24) (23) 3% (27) -12% Depreciation & Other (7) (7) -3% (7) -3% OpEx (56) (57) -1% (59) -6% The ongoing downsizing of our international business affects business and revenue generation Yet, all countries (apart Ukraine) present positive PPI excluding trading gains PPI (recurring) % 30 0% Income from Associates Impairment on Loans (72) (64) 13% (229) -68% Impairment on Other Assets (1) (14) -92% (50) -98% However, relatively high provisions in all countries (excl. Egypt) pay their tall on bottom line Pre Tax Result (50) (55) 10% (249) 80% Tax (4) Net Result Attrib. to SHs (53) (50) -7% (244) 77% Note: recurring data exclude one off items 44 International Operations

45 Q4.12 Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q Balance Sheet Trends Deposit Evolution mn Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 Δ qoq Δ yoy Total 4,809 4,929 5,145 5,381 5,141-4% +7% Savings % +33% Sight 1,076 1,106 1,135 1,163 1,204 +4% +12% Time 3,409 3,483 3,637 3,809 3,505-8% +3% Deposits ( mn) Mar.14 Dec.14 Mar.15 Δ qoq Δ yoy Cyprus 989 1,226 1,061-13% +7% Bulgaria 911 1,152 1,073-7% +18% Romania 1,058 1, % -7% Deposit outflows in Q1 relate mainly with corporate customers mn Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 Gross Loans Evolution Δ qoq Δ yoy Total 6,965 6,860 6,966 6,916 6,848-1% -2% Business 5,176 5,202 5,318 5,279 5,201-1% 0% Mortgages % 0% Loan balances remain almost stable in Q1 (including a c. 0.2 bn impact from FX) LTD stood at 104% at the end of Mar.15 LTD Ratio 140% 125% 104% Consumer 1, % -13% 45 International Operations

46 International Presence Market Shares (Mar.2015) Loans Deposits Albania 8.0% 7.6% Bulgaria 4.6% 4.6% Romania Branches (#) 120 Employees (#) 1,536 Assets ( mn) 1,912 Bulgaria Branches (#) 75 Employees (#) 920 Assets ( mn) 1,637 Cyprus Branches (#) 13 Employees (#) 352 Assets ( mn) 1,268 Cyprus 1.3% 2.3% Romania 3.0% 1.6% Serbia 2.8% 1.8% Ukraine 0.5% 0.2% Piraeus Bank volumes as per IFRS local books and Central Banks for market volumes Albania Branches (#) 45 Employees (#) 446 Assets ( mn) 705 Serbia Branches (#) 31 Employees (#) 504 Assets ( mn) 525 Ukraine Branches (#) 21 Employees (#) 484 Assets ( mn) subsidiaries 2 branches (London, Frankfurt) London Branch (#) 1 Employees (#) 22 Assets ( mn) 1,159 Frankfurt Branch (#) 1 Employees (#) 14 Assets ( mn) International Operations

47 Piraeus Largest International Exposures Romania Bulgaria Cyprus Mar.15 Mar.15 Mar.15 Assets Gross loans Loan loss reserves Deposits 1.9 bn 1.5 bn 0.4 bn 1.0 bn Assets Gross loans Loan loss reserves Deposits 1.6 bn 1.3 bn 0.2 bn 1.1 bn Assets Gross loans Loan loss reserves Deposits 1.3 bn 0.8 bn 0.1 bn 1.1 bn Net parent funding* Equity* 0.4 bn 0.2 bn Net parent funding* Equity* 0.1 bn 0.3 bn Net parent funding* Equity* 0.0 bn 0.1 bn Q1.15 Q1.15 Q1.15 Net Revenues OpEx PPI 21 mn 18 mn 3 mn Net Revenues OpEx PPI 12 mn 9 mn 4 mn Net Revenues OpEx PPI 9 mn 7 mn 2 mn Mar.15 Mar.15 Mar.15 NPLs (%) 26% Coverage (%) 90% Collateral Coverage (%) 38% NPLs (%) 33% Coverage (%) 38% Collateral Coverage (%) 80% NPLs (%) 41% Coverage (%) 40% Collateral Coverage (%) 61% (*) Note: all data refer to country exposure apart from net parent funding and equity that refer to banking entity 47 International Operations

48 07 Macro Update 7.1 Greek macro Update 7.2 Economic Activity Impacted by Ongoing Uncertainty 7.3 SEE Macro Outlook 48

49 level Greek Macro Update 2015 Performance & Outlook On 19 August, the EU and Greece signed an MoU for further stability support accompanied by a 3rd Economic Adjustment Programme. The total amount of the loans from the ESM is up to 86 bn After a record low level in Aug.2015 (75.2 points), the Economic Sentiment Indicator reached 83.1 points in Sep.2015 The economic tracer seems to have entered the recession quartile since end However, based on the latest revised data in Q2.15, real GDP grew by 0.9% qoq following an increase of 0.1% qoq in Q We have revised the forecast for the 2015 real GDP growth rate around to -1%. Our forecasts are subject to the level of impact of capital controls and the implementation of the new fiscal adjustment measures Deflationary pressures will persist in 2015, as the one-off impact of VAT hikes in H will be partly counterbalanced by the decline in prices due to sales and international oil prices We have also revised upward our previous forecast for nominal GDP growth rate to -1.7% 49 Strong GDP Growth in Q GDP +0.8% in FY.2014 Economic Tracer In the Recession Quartile Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Q4.14 Q1.15 Q2.15 downswing qoq% change Aug.'15 Jan.'05 yoy% change -2.0 contraction upswing Macro Update mom change 0.6 expansion

50 Jan. Jan.-Feb. Jan.-Mar. Jan.-Apr. Jan.-May Jan.-Jun. Jan.-Jul. Jan.-Aug. Jan.-Sep. Jan.-Oct. Jan.-Nov. Jan.-Dec Economic Activity Impacted by Ongoing Uncertainty Turnover Index in Services (excl. trade & auto) (seasonally adjusted data, yoy% change) Despite the deterioration in the economic climate, the recent elections and the aftermath of the capital controls, key parts of the economy such as tourism, retail trade and services seem to be holding their ground In 7m.2015 the balance of travel services showed a surplus of 5.8 bn (7m bn). This development is attributed to an increase of 410 mn in travel receipts. Higher travel receipts were mainly due to increased arrivals (by 14.2% yoy), while the average expenditure per trip decreased by 6.6% yoy Volume Index in Retail Sales (excl. automotive fuels) (seasonally adjusted data, yoy% change) Travel Balance Supports Economic Activity (on a modified cash basis, mn) Macro Update Sources: ELSTAT, MInFin, Piraeus Bank Economic Research

51 Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q f Economic Growth expected to over-perform the EU in 2015 % YoY SEE Macro Outlook Economic activity has picked-up significantly in the countries of interest, continuing to show signs of green shoots amidst the ongoing uncertainty in the EU periphery. Furthermore, the realizations of real GDP in Q2.15 are very encouraging Inflationary pressures remain subdued and are expected to hover below the Central Banks targets in 2015 due to below-par growth and the substantial declines in commodity prices. A pick-up in prices is only anticipated from 2016 onwards Fiscal policy is contractionary in most countries, where deficits will continue to decline % GDP European Union Countries with Piraeus Bank Presence, excl. Greece & Ukraine Correction of External Imbalances H H H H H H Albania Bulgaria Cyprus Romania Serbia Ukraine Trade Services Primary Income Secondary Income Current account 51 External imbalances have significantly moderated as final consumption and exports gradually gain momentum Real GDP (% y-o-y) Table of Economic Forecasts Inflation Fiscal Balance (% GDP) Current Account Balance (% GDP) f f f f Albania Bulgaria Cyprus Romania Serbia Ukraine Sources: Macro Update Piraeus Bank Research, IMF, National Statistical Sources

52 08 Appendices 8.1 Group P&L and Balance Sheet 8.2 Group Results: Domestic & International 8.3 Loan and Deposit Portfolios 8.4 Piraeus Key Securities Holdings 8.5 Shareholder Structure - Piraeus Stock Data 52

53 08 Profit & Loss ( mn) Q Q yoy Net Interest Income % Net Fee Income % Trading & Other Income % Total Net Revenues (recurring) % - including One-off Items % Employee Costs (166) (183) -9% Administrative Expenses (134) (116) 16% Depreciation & Other (27) (25) 7% Total Operating Costs (recurring) (327) (323) 1% - including One-off Items (344) (355) -3% Recurring Pre Provision Income % - including One-off Items % Income from Associates (13) (4) - Impairment on Loans (278) (481) -42% Impairment on Other Assets (8) (35) -77% Profit Before Tax (54) (322) - Tax Net Profit Attributable to SHs (69) (247) - Discontinued Ops Income Group P&L and Balance Sheet Balance Sheet ( mn) Mar.15 Mar.14 yoy Cash/balance with Central Banks 4,031 3,154 28% Loans & Advances to Banks % Gross Loans 71,381 73,610-3% (Loan Loss Reserves) (15,699) (14,155) 11% Securities 18,042 17,388 4% - o/w EFSF Bonds 14,291 14,320 0% Intangibles & Goodwill % Fixed Assets 2,542 2,321 10% Deferred Tax Assets 4,034 2,929 38% Other Assets 3,369 3,224 5% Assets of Discontinued Ops % Total Assets 88,516 89,457-1% Due to Banks 31,007 23,097 34% Deposits 46,450 54,609-15% Debt Securities 821 1,041-21% Other Liabilities 2,479 1,836 35% Liabilities of Discontinued Ops % Total Liabilities 81,278 81,138 0% Total Equity 7,238 8,320-13% Total Liabilities & Equity 88,516 89,457-1% Note: discontinued operations refer to ATE Insurance and ATE Insurance Romania 53 Appendices

54 Greece ( mn) Group Results: Domestic & International International ( mn) Q1.15 Q1.14 yoy Net Interest Income % Net Fee Income % Banking Income % Trading & Other Income % Total Net Revenues (recurring) % - including One-off Items % Q1.15 Q1.14 yoy Net Interest Income % Net Fee Income % Banking Income % Trading & Other Income % Total Net Revenues (recurring) % - including One-off Items % Employee Costs (142) (157) -10% Administrative Expenses (110) (92) 19% Depreciation & Other (20) (18) 11% Total Operating Costs (recurring) (271) (267) 2% - including One-off Items (288) (299) -3% Employee Costs (25) (26) -5% Administrative Expenses (24) (23) 3% Depreciation & Other (7) (7) -3% Total Operating Costs (recurring) (56) (57) -1% - including One-off Items (56) (57) -1% Pre Provision Income (recurring) % - including One-off Items % Pre Provision Income (recurring) % - including one-off items % Income from Associates (14) (4) >100% Impairment on Loans (206) (417) -51% Impairment on Other Assets (7) (21) -66% Income from Associates Impairment on Loans (72) (64) 13% Impairment on Other Assets (1) (14) -92% Pre Tax Result (5) (267) 98% Tax (11) 70 - Net Result Attrib. to SHs (16) (197) 92% Pre Tax Result (50) (55) 10% Tax (4) (5) - Net Result Attrib. to SHs (53) (50) -7% Discontinued Ops Result (9) (2) >100% Discontinued Ops Result (0) (0) - Note: discontinued operations refer to ATE Insurance and ATE Insurance Romania 54 Appendices

55 Loan & Deposit Portfolios Gross Loans Evolution ( mn) Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 yoy qoq Group 73,610 73,059 72,709 71,178 71,381-3% 0% Business 47,936 47,738 47,547 46,303 46,542-3% 1% Mortgages 17,923 17,767 17,678 17,410 17,428-3% 0% Consumer 7,752 7,554 7,485 7,465 7,410-4% -1% Greece 66,645 66,199 65,743 64,262 64,532-3% 0% Business 42,760 42,536 42,229 41,024 41,341 1% -3% Mortgages 17,240 17,089 17,000 16,731 16,743-3% 0% Consumer 6,645 6,574 6,515 6,507 6,449-1% -3% Intl 6,965 6,860 6,966 6,916 6,848-2% -1% Business 5,176 5,202 5,318 5,279 5,201 0% -1% Mortgages % 1% Consumer 1, % 0% Deposits Evolution ( mn) Mar.14 Jun.14 Sep.14 Dec.14 Mar.15 yoy qoq Group 54,609 54,423 55,047 54,831 46,450-15% -15% Savings 12,283 12,210 12,277 13,298 12,860 5% -3% Sight 9,595 9,123 9,269 9,663 8,568-11% -11% Time 32,731 33,090 33,501 31,870 25,022-24% -21% Greece 49,801 49,494 49,903 49,450 41,310-17% -16% Savings 11,959 11,869 11,905 12,888 12,428 4% -4% Sight 8,519 8,017 8,134 8,500 7,364-14% -13% Time 29,323 29,607 29,864 28,061 21,517-27% -23% Intl 4,809 4,929 5,145 5,381 5,141 7% -4% Savings % 5% Sight 1,076 1,106 1,135 1,163 1,204 12% 4% Time 3,409 3,483 3,637 3,809 3,505 3% -8% Notes Dec.14 data exclude agri seasonal loan of 1.8 bn Figures for Mar.15 are impacted by USD and CHF appreciation; adjusting for this ( 1.1 bn), Group gross loans posted a decrease of 1% in Q1.15) FX impact was 0.8 bn in Greece and 0.2 bn abroad 55 Appendices

56 Piraeus Key Securities Holdings Sovereign Fixed Income Holdings by Issuer and Unit ( mn) EFSF Holdings by Maturity ( mn) Date: 31-Aug-2015 Face Value ISSUER / UNIT PIR CY RO AL BG RS UA Total 1 Hellenic Republic-['T-Bills'] GR 1, ,814 2 Hellenic Republic ['Bonds'] GR EFSF [Special] EU 14, ,142 4 EFSF [Free] EU Romania RO Albania AL EIB EU Cyprus CY Belgium BE Austria NL ISIN Issue Date Maturity Date Cpn FV 1 EU000A1G0AL3 19-Apr Apr-18 6m +46 2,340 2 EU000A1G0AM1 19-Apr Apr-19 6m +57 2,340 3 EU000A1G0AN9 19-Apr Apr-20 6m +64 2,340 4 EU000A1G0AP4 19-Apr Apr-21 6m +71 2,240 5 EU000A1G0AQ2 19-Apr Apr-22 6m +77 2,240 6 EU000A1G0A57 19-Dec Dec-22 6m EU000A1G0A65 19-Dec Dec-23 6m EU000A1G0A73 19-Dec Dec-24 6m +36 1,176 9 Total & Average 5.7 Yrs 6m ,142 EFSF Interbank Repo Face Value ( bn) 11 Netherlands EU Serbia RS Bulgaria BG Ukraine UA Total 16, , Dec/13 Jun/14 Dec/14 0 Jun/15 56 Appendices

57 Shareholder Structure - Piraeus Stock Data Shareholder Structure - Jun.2015 (%) % of total shares HFSF 62% (with warrants) Greek Institutional 2% Foreign Institutional 25% HFSF 5% (no warrants) Individuals 6% % of free float Individuals 20% Greek Institutional 6% Foreign Institutional 74% Shareholder structure of Piraeus Bank presents great diversity; total number of common shareholders 170k The Hellenic Financial Stability Fund holds 67% of outstanding common shares The remaining 33% is held by the private sector and in particular, 27% by legal entities and 6% individuals Strong international presence with c.74% of free float held by foreign institutional investors Piraeus Stock & Warrant Data Common Shares HFSF Private sector Total bn bn bn Warrant Information Issued warrants 844 mn Shares per warrant 4.48 Warrant Information Exercise Date Strike price Jan 2 nd Jul 2 nd Jan 2nd Jul 2 nd Jan 2 nd Jul 2 nd 2016* Jan 2 nd Jul 2 nd Jan 2 nd For each share subscribed by a private investor in the rights issue of Jun.2013, 1 warrant was provided, granting the right to acquire 4.48 common Piraeus shares from the HFSF Warrants can be exercised within 4.5 years following the share offering of Jun.2013 Strike price = subscription price + interest accruing at 4% in year 1, with an annual 1% step-up thereafter Warrants are traded on the ATHEX, detached from Piraeus Bank shares * end of HFSF lock-up period 57 Appendices

58 Communication - Disclaimer Anthimos Thomopoulos, CEO George Poulopoulos, CFO Tom Arvanitis, GM, Financial Mgmt & Control Ilias Lekkos, Chief Economist Costas Adamopoulos, Assistant GM, Performance Mgmt & IR George Marinopoulos, Senior Director, Business Planning & IR Chryssanthi Berbati, IR Director Vicky Diamantopoulou, Business Planning Head 4 Amerikis St, Athens Tel. : (+30 ) investor_relations@piraeusbank.gr Bloomberg: TPEIR GA Reuters: BOPr.AT ISIN: GRS SEDOL: BBFL4S0 This presentation has been prepared solely for informational purposes. Any projections or other estimates in this presentation, including estimates of returns or performance, comments with respect to our objectives and strategies, or the results of our operations and business, are forward-looking statements based upon certain assumptions and beliefs in light of the information currently available to the company that may be wrong. These assumptions and beliefs may be influenced by factors within or beyond our control, and actual results may differ materially from any estimates and projections. Factors influencing actual results include but are not limited to fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate, and changes in economic and regulatory conditions. This presentation is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. No part of this presentation may be construed as constituting investment advice or a recommendation to enter into any transaction. No representation or warranty is given with respect to the accuracy or completeness of the information contained in this presentation, and no claim is made that any future offer to transact any securities will conform to any terms that may be contained herein. Before entering into any transaction, investors should determine any economic risks and benefits, as well as any legal, tax and accounting consequences of doing so, as well as their ability to assume such risks, without reliance on the information contained in this presentation. 58 Last modified date: September 30, 2015