In accordance with the International Financial Reporting Standards

PIRAEUS FACTORING S.A. Financial Statements In accordance with the International Financial Reporting Standards The attached financial statements have been approved by Piraeus Factoring S.A. Board of Directors on April 30th, 2014 and they are available on the web site at www.piraeusbank.gr & www.piraeus-factoring.gr.

PIRAEUS FACTORING S.A. - Index to the Financial Statements Note Page STATEMENT OF TOTAL COMPREHENSIVE INCOME 3 STATEMENT OF FINANCIAL POSITION 4 STATEMENT OF CHANGES IN EQUITY 5 STATEMENT OF CASH FLOWS 6 Notes to the Financial Statements : 1 General information 7 2 Summary of significant accounting policies 7 2.1 Basis of presentation of the Company's financial statements 7 2.2 Foreign currency translation 7 2.3 Interest Income and Expense 7 2.4 Fee Income and Expense 7 2.5 Loans and advances to customers 7 2.6 Intangible Assets - Software 8 2.7 Property, plant and equipment 8 2.8 Leases 8 2.9 Cash and cash equivalents 9 2.10 Provisions 9 2.11 Employee Benefits 9 2.12 Deferred Tax 9 2.13 Borrowings 9 2.14 Share Capital 9 2.15 lmpairment of financial assets 9 2.16 Related parties transactions 9 2.17 Fair value measurement of assets and liabilities 9 2.18 Comparative figures and roundings 9 2.19 New standards, amendments to standards and interpretations 10 3 Financial Risk Management 12 3.1 Credit Risk 12 3.1.1 Maximum Credit risk exposure before collaterals and other risk mitigation measures 12 3.1.2 Loans and advances to customers 12 3.1.3 Concerntration of risks of financial assets with credit risk exposure 12 3.2 Market Risk 13 3.3 Currency Risk 13 3.4 Interest Rate Risk 13 3.5 Liquidity Risk 14 3.6 Fair value of financial assets and liabilities 14 3.7 Capital Adequacy 14 4 Critical accounting estimates and judgements in the application of the accounting policies 15 5 Net Interest Income 15 6 Net commission income 15 7 Other operating income 15 8 Staff Costs 15 9 Administrative expenses 15 10 Income tax 16 11 Cash and cash equivalents 16

PIRAEUS FACTORING S.A. - Index to the Financial Statements Note Page 12 Loans and advances to customers 16 13 Intangible assets 16 14 Property, plant and equipment 16 15 Other Assets 17 16 Due to Banks 17 17 Other Liabilities 17 18 Deferred tax assets 17 19 Retirement benefit obligations 17 20 Income tax liabilities 18 21 Shareholders capital 18 22 Other reserves and retained earnings 18 23 Dividends per share 18 24 Related party transactions 18 25 Restatement of comparative year financial information 19 26 Commitments and contigent liabilities 19 27 Events after the reporting period 20 Board of Directors' Management Report 21 Auditors Report

PIRAEUS FACTORING S.A. - STATEMENT OF TOTAL COMPREHENSIVE INCOME From 1 January to Note Interest and similar income 5 8.503 11.532 Interest and similar expenses 5 (4.888) (6.511) Net interest income 3.615 5.020 Commission income 6 2.556 1.786 Commission expense 6 (21) (44) Net Commission income 2.535 1.743 Other operating income 7 1.262 790 Total Net Income 7.412 7.553 Staff costs 8 (1.601) (1.487) Administrative expenses 9 (1.622) (1.318) Amortization /depreciation 13,14 (94) (121) Impairment Losses on Loans 12 (2.912) (3.614) Total operating expenses (6.230) (6.540) Profit before tax 1.182 1.014 Income tax 10 25 (218) Net profit after tax (Α) 1.207 796 Actuarial gains / (losses) of defined benefit obligations (after taxes) Other comprehensive income after taxes (B) Total comprehensive income after taxes (A + B) 15 (49) 15 (49) 1.221 746 The notes on pages 7 to 20 are an integral part of these financial statements of. 3

PIRAEUS FACTORING S.A. - STATEMENT OF FINANCIAL POSITION ASSETS Note Cash and cash equivalents 11 62.497 19.760 Loans and advances to customers (net of provisions) 12 219.680 176.397 Intangible assets 13 154 151 Property, plant and equipment 14 24 40 Deferred tax assets 18 1.958 1.143 Other assets 15 523 618 TOTAL ASSETS 284.835 198.109 LIABILITIES Due to Banks 16 249.139 164.085 Retirement benefit obligations 19 138 147 Other provisions 10 130 130 Other liabilities 17 2.282 1.937 Income tax liabilities 20 198 36 TOTAL LIABILITIES 251.887 166.334 EQUITY Shareholders capital 21 21.126 21.126 Share premium 21 2.770 2.770 Other Reserves 22 854 820 Retained earnings 22 8.199 7.060 TOTAL EQUITY 32.948 31.775 TOTAL EQUITY AND LIABILITIES 284.835 198.109 The notes on pages 7 to 20 are an integral part of these financial statements of. 4

PIRAEUS FACTORING S.A. - STATEMENT OF CHANGES IN EQUITY Note Shareholders Capital Share Premium Other Reserves Retained Earnings Total Equity Balance as at 1 January 21 21.126 2.770 779 6.235 30.910 Impact from the retrospective application of IAS 19 amendment 143 143 Restated balance as at 1 january 21.126 2.770 779 6.378 31.052 Impact from IAS 19 amendment after income tax recorded directly to equity (73) (73) Profit after tax 22 - - - 796 796 Total recognised income net of tax - - - 796 796 Transfer between other reserves and retained earnings 22 - - 41 (41) - Balance as at 21.126 2.770 820 7.060 31.775 Balance as at 1 January 21 21.126 2.770 820 7.060 31.775 Impact from IAS 19 amendment after income tax recorded directly to equity (7) (7) Profit after tax 22 - - - 1.207 1.207 Total recognised income net of tax - - - 1.207 1.207 Reserve of actuarial gains / (losses) of defined benefit obligations 15 15 Other movements in reserves 22 (41) (41) Transfer between other reserves and retained earnings 22 - - 60 (60) - Balance as at 21.126 2.770 855 8.199 32.949 The notes on pages 7 to 20 are an integral part of these financial statements of. 5

PIRAEUS FACTORING S.A. - STATEMENT OF CASH FLOWS Year Ended Note 31.12. 31.12. Cash flows from operating activities Profit before tax 1.182 1.014 Adjustments to profit before tax Plus: impairment of loans 12 2.912 3.614 Plus : depreciation charge 13, 14 94 121 Plus: retirement benefits 19 11 (19) Cash flows from operating activities before changes in operating assets and liabilities 4.199 4.730 Changes in operating assets and liabilities Net (Increase)/Decrease in loans and advances to customers 12 (46.195) 20.706 Net (Increase)/Decrease in other assets 15 95 131 Net Increase/(Decrease) in due to banks 16 85.054 (35.048) Increase/(Decrease) in other liabilities 17 345 (1.167) Net cash inflow / (outflow) from operating activities before taxes 43.498 (10.650) Income tax paid (680) (534) Net cash inflow / (outflow) from operating activities 42.818 (11.184) Cash flows from investing activities Purchases of property plant & equipment 14 (3) (20) Purchases of intangible assets 13 (78) (120) Net cash inflow / (outflow) from investing activities (81) (140) Cash flows from financing activities Dividends paid - - Net cash inflow / (outflow) from financing activities - - Net increase / (decrease) in cash and cash equivalents 42.737 (11.324) Cash and Cash equivalents at the beginning of the year 11 19.760 31.085 Cash and Cash equivalents at the end of the year 11 62.497 19.760 The notes on pages 7 to 20 are an integral part of these financial statements of. 6

PIRAEUS FACTORING S.A. - 1 General information The Company was founded in 1998 by Piraeus Bank operates in Greece in the field of factoring, based in 163 Sigrou Ave, N. Smirni, is registered in GEMI with number 3021501000 and Companies Registry under number 41224/01/B/98/357 (2014). The web address of the company is www.piraeus-factoring.gr. The Company follows the laws and requirements of special purpose discounting receivables ( Law 1905/90 ). The Company receives invoices requirements associated with marketing and grant them a percentage of this requirement by retaining its commission. In the analysis of the financial statements, the item loans and advances to customers states exactly the amounts that gives merchants against their claims and undertakes to collect from end customers. The financial statements have been approved for issue by the Board on 30/4/2014 with Record No.292. 2 Summary of significant accounting policies The principal accounting policies applied in the preparation of the financial statements are set out below.these policies have been consistently applied to all the years presented unless otherwise stated. The Company's financial statements are presented in thousand of Euros unless otherwise stated. 2.1. Basis of presentation of the Company's financial statements These fιnancial statements have been prepared from the management in accordance with the lntemational Financial Reporting Standards (IFRS) and the interpretations adopted by the European Union. The financial statements have been prepared under the historical cost. The preparation of financial statements in accordance with IFRS requires the adoption of certain critical accounting estimates and judgments by management in the application of accounting principles. It also requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Although these estimates are based on the best knowledge of management with respect to current events and actions, actual results ultimately may differ from these estimates The areas involving a higher degree of judgment, exercise of judgment or complexity, or areas where assumptions and estimates are significant to the preparation of the financial statements are disclosed in Note 4. 2.2. Foreign currency translation Transactions in foreign currencies are translated in Euro based on the foreign currency's official exchange rate at the date of the transaction. On the day of preparing the financial statements, the receivables and payables in foreign currencies are translated to Euro based on the official exchange rate of the foreign currency at that date. Profit or loss arising from exchange differences are included in the statement of comprehensive income. 2.3 Interest Income and Expense Interest income and expense is recognised on an accrual basis in the income statement for all interest bearing balance sheet items according to the effective interest rate.the effective interest rate exactly discounts any estimated future payment or proceeds throughout the life of a financial instrument or until the next date of interest reset, in order for the present value of all future cash flows to be equal to the carrying amount of the financial instrument, including any fees or transaction costs incurred. Impaired loans are recorded at their recoverable amounts and therefore, interest income is recognised according to the effective interest rate used for the discounting of the cash flows for the impairment exercise. 2.4 Fee Income and Expense Commission income and expense is recognized on an accrual basis when the relevant services are provided to the clients or to the Company. Fees, either income or expense, relating to financial instruments at amortized cost, such as loans, are deferred and recognized in the Income Statement as interest income or expense throughout the life of the instrument using the effective interest rate method. 2.5 Loans annd advances to customers Loans are initially recognized at fair value (plus any transaction costs) and measured subsequently at amortized cost using the effective interest rate method. If there is objective evidence that the Company will not be in a position to receive all payments due, as defined by the contract of the loan, an impairment loss is recognised. The amount of the accumulated impairment loss is the difference between the carrying amount and the present value of estimated future cash flows discounted at the original effective interest rate of the loan. The Company assesses at each balance sheet date whether there is objective evidence that a loan or group of loans may be impaired. If such evidence exists, the recoverable amount of the loan or group of loans is estimated and an impairment loss is recognised. Objective evidence that a loan or group of loans is impaired or it is not collectable is the following events: i. Significant financial difficulty of the issuer or the obligor. ii. A breach of contract (i.e. default or delinquency in interest or principal payments). iii. The Comany granting to the borrower, for economic or legal reasons relating to the borrower's financial difficulty, a concession that the lender would not otherwise consider. iv. It is becoming probable that the borrower will enter bankruptcy or financial reorganisation. v. Observable data indicating that there is a measurable decrease in the estimated future cash flows from a group of financial assets since the initial recognition of those assets, although the decrease cannot yet be identified with the individual financial assets in the group, including: - Adverse changes in the payment status of borrowers in the group (i.e. increase in the number of delayed payments due to sector problems), or - National or local economic conditions that correlate with defaults on the assets in the group (i.e. increase in the unemployment rate for a geographical area of borrowers, decrease in the value of property placed as guarantee for the same geographical area, or unfavourable changes in the operating conditions of a sector, which affect the borrowers of this specific group) 7

PIRAEUS FACTORING S.A. - The Company first assesses whether objective evidence of impairment exists individually for loans that are individually significant and collectively for loans that are not individually significant. If the Company determines that no objective evidence of impairment exists for an individually assessed loan, whether significant or not, it includes the loan in a group of loans with similar credit risk characteristics and collectively assesses them for impairment. Loans that are individually assessed for impairment and for which impairment has been recognized are not included in groups of assets and therefore not assessed on a collective basis. For the purpose of a collective evaluation of impairment, loans are grouped on the basis of similar credit risk characteristics (i.e. on the basis of the Company s grading process that considers asset type, industry, geographical location, collateral type, and other relevant factors). These characteristics are relevant to the estimation of future cash flows for groups of loans by being indicative of the debtors ability to pay all amounts due according to the contractual terms of the assets being evaluated. Future cash flows in a group of loans that are collectively evaluated for impairment are estimated on the basis of the contractual cash flows of the assets of the Company and historical loss experience for assets with credit risk characteristics similar to those of the Company. Historical loss experience is adjusted on the basis of current observable data to reflect the effects of current conditions that did not affect the period on which the historical loss experience is based and to remove the effects of conditions in the historical period that do not exist currently. Estimates of changes in future cash flows for groups of loans reflect and are directionally consistent with changes in related data from period to period (for example, changes in unemployment rates, property prices, payment status, or other factors indicative of changes in the probability of losses for the group and their magnitude). The methodology and assumptions used for estimating future cash flows are reviewed regularly by the Company. When a loan is considered to be uncollectible, it is written off against the related provision for loan impairment. Such loans are written off after all the necessary procedures have been completed and the amount of the loss has been determined. Subsequent recoveries of amounts previously written off decrease the amount of the provision for loan impairment in the statement of comprehensive income If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised (such as an improvement of the debtor's credit rating), the previously recognized impairment loss is reduced and the difference is recognised in the Income Statement. Loans and customer receivables are derecognized when either the ability to receive cash flows has ceased or the Company has transferred substantially the risks and rewards to third parties. 2.6. Intangible Assets - Software Costs associated with the acquisition of software programs, which will probably generate economic benefits to the Company for more than one year, are recognised as intangible assets. Costs associated with maintaining computer software programmes are recognised as an expense as incurred. On the contrary, expenditure which enhances or extends the performance of computer software programmes beyond their original specifications or software upgrade expenses are added to the original cost of the software, as long as they can be measured reliably. Computer software is amortised in most cases over a period of 3-4 years. 2.7. Property, plant and equipment Property, plant and equipment are measured at historical cost less accumulated depreciation and accumulated impairment loss. Property, plant and equipment are reviewed for impairment loss whenever events or changes in circumstances indicate that the carrying amount may not be recoverable Depreciation on own property, plant and equipment is calculated using the straight-line method to allocate their cost to their residual values over their estimated useful lives as follows: Hardware : 3-4 years Leasehold improvements: the shorter of useful life and lease term Furniture and other equipment: 5 years Transportation: 6-7 years Subsequent costs are included in the asset's carrying amount or are recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance expenses are charged to the income statement during the financial period in which they incur. Gains and losses on disposals are determined by comparing proceeds with carrying amount and they are included in the income statement. 2.8. Leases The Company is the Lessee Leases of fixed assets under which the lessor retains a significant portion of risks and rewards related to the leased assets, are recognised as operating leases. Lease payments under an operating lease, are recognised as an expense in the Income Statement of the lessee on a straight line basis over the lease term. 8

PIRAEUS FACTORING S.A. - 2.9. Cash and cash equivalents Cash and cash equivalents are low risk assets and include balances expiring within less than three months from the first day of their issue such as cash and cash equivalents to Banks. 2.10. Provisions Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is more likely than not, that an outflow of resources will be required to settle the obligation and the amount of the obligation can be reliably estimated. The provisions are reexamined at each balance sheet date before the preparation of the financial statements to reflect the best estimates. 2.11. Employee Benefits The Company s pension obligations relate both to defined contribution plans as well as defined benefit plans. The Company's contributions to defined contribution pension plans are recognized as employee benefits during the period relating to. The liability recognized in the balance sheet in respect of defined benefit plan is the present value of the defined benefit obligation at the statement of financial position. The defined benefit obligation is calculated annually by independent actuaries using the method of the projected unit credit (projected unit credit method). Actuarial gains / losses are recognized directly to equity of the company, as they occur. These gains and losses are not recycled to profit or loss. 2.12. Deferred Tax Deferred income tax is calculated, using the liability method, on temporary differences arising between the tax base of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax liabilities are recognized for all deductible temporary differences, carry-forward of unused tax losses to the extent that it is probable that taxable profit will be aνailable against which the temporary difference can be utilized. The carrying-forward amount of deferred income tax assets is reνiewed at each balance sheet and reduced to the extent that is no longer probable that sufficient taxable profit will be available to allow the deferred income tax asset to be utilized. The principal temporary differences arise from impairment of loans and retirement benefit obligations in accordance with IAS 19. Deferred tax assets are recognised for all deductible temporary differences when it is probable that the temporary difference will reverse in the foreseeable future and when also taxable income will be available in the future against which the temporary difference can be utilised. The Company offsets deferred tax assets against deferred tax liabilities only when the relevant requirements of IAS 12 are fulfilled 2.13 Borrowings Borrowed funds are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost;any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest rate method. Borrowings are classified as short term unless the Company has settled the payments for at least 12 months following the date of the Statement of Financial Position. 2.14. Share Capital Ordinary shares are classified as equity. Incremental costs of capital are shown net of taxes deducted from equity as a deduction from the proceeds. Dividends on ordinary shares are recognized as a liability during the period in which they are approved by the Annual General Meeting of the Company s Shareholders. 2.15. lmpairment of financial assets At each balance sheet date if there is objective evidence that a financial asset is impaired, the Company assesses the recoverable amount of the asset. Only if the recoverable amount of the asset is less than its carrying amount, the carrying amount will be reduced to the recoverable amount and an impairment loss will be recognized. The impairment loss is directly recognized as an expense in the income statement, unless other accounting method of other IAS is applied. An impairment loss calculated for an asset in previous years, will be reversed only if there is change in the assessments used to define the recoverable amount of the asset from the last impairment loss. ln such case, the carrying of the asset is increased at its recoverable amount. 2.16 Related parties transactions Related parties include: a) The parent company Pireaus Bank b) Companies contlored by Piraeus Bank c) members of the Bank's Board of Directors and key management personnel of the Company, d) close family and financially dependants (husbands, wives, children etc) of the Board of Directors members and key management personnel.transactions of similar nature are disclosed together. The terms of the Company's transactions with related parties are those that prevail in arm's length transactions and according to the financial procedures and policies of the Company. 2.17 Fair value of assets and liabilities Fair value is the price that would be received to sell an asset (financial or non financial) or paid to transfer a liability (financial or non financial) in an orderly transaction between market participants at the measurement date under current market conditions regardless of whether that price is directly observable or estimated using another valuation technique. Valuation techniques used to measure fair value shall maximise the use of observable data input and minimise the use of unobservable input. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect the Company's market assumptions. Inputs to valuation techniques used to measure fair value are categorised into three levels (fair value hierarchy) as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Inputs for the asset or liability that are not based on observable market data (unobservable inputs). 2.18 Comparative figures and roundings Where necessary, the comparative figures of the previous year's financial statements have been adjusted in order to become comparable to the corresponding figures of the current year. Relevant is the note 25. Any differences between the amount of the financial statements and the relevant amounts presented in the notes, are due to roundings 9

PIRAEUS FACTORING S.A. - 2.19 New standards, amendments to standards and interpretations Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning during the current financial year and subsequent years. The Group s evaluation of the effect of these new standards, amendments to standards and interpretations is as follows: Standards and Interpretations effective for the current financial year IAS 1 (Amendment) Presentation of Financial Statements The amendment requires entities to separate items presented in other comprehensive income into two groups, based on whether or not they may be recycled to profit or loss in the future. IAS 19 (Amendment) Employee Benefits This amendment makes significant changes to the recognition and measurement of defined benefit pension expense and termination benefits (eliminates the corridor approach) and to the disclosures for all employee benefits. The key changes relate mainly to recognition of actuarial gains and losses, recognition of past service cost / curtailment, measurement of pension expense, disclosure requirements, treatment of expenses and taxes relating to employee benefit plans and distinction between short-term and other long-term benefits. IAS 12 (Amendment) Income Taxes The amendment to IAS 12 provides a practical approach for measuring deferred tax liabilities and deferred tax assets when investment property is measured using the fair value model in IAS 40 Investment Property. IFRS 13 Fair Value Measurement IFRS 13 provides new guidance on fair value measurement and disclosure requirements. These requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs. IFRS 13 provides a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. Disclosure requirements are enhanced and apply to all assets and liabilities measured at fair value, not just financial ones. IFRS 7 (Amendment) Financial Instruments: Disclosures The IASB has published this amendment to include information that will enable users of an entity s financial statements to evaluate the effect or potential effect of netting arrangements, including rights of set-off associated with the entity s recognised financial assets and recognised financial liabilities, on the entity s financial position. IFRIC 20 Stripping costs in the production phase of a surface mine This interpretation sets out the accounting for overburden waste removal (stripping) costs in the production phase of a mine. The interpretation may require mining entities to write off existing stripping assets to opening retained earnings if the assets cannot be attributed to an identifiable component of an ore body. IFRIC 20 applies only to stripping costs that are incurred in surface mining activity during the production phase of the mine, while it does not address underground mining activity or oil and natural gas activity. Amendments to standards that form part of the IASB s 2011 annual improvements project The amendments set out below describe the key changes to IFRSs following the publication in May of the results of the IASB s annual improvements project. IAS 1 Presentation of financial statements The amendment clarifies the disclosure requirements for comparative information when an entity provides a third balance sheet either (a) as required by IAS 8 Accounting policies, changes in accounting estimates and errors or (b) voluntariy. IAS 16 Property, plant and equipment The amendment clarifies that spare parts and servicing equipment are classified as property, plant and equipment rather than inventory when they meet the definition of property, plant and equipment, i.e. when they are used for more than one period. IAS 32 Financial instruments: Presentation The amendment clarifies that income tax related to distributions is recognised in the income statement and income tax related to the costs of equity transactions is recognised in equity, in accordance with IAS 12. IAS 34, Interim financial reporting The amendment clarifies the disclosure requirements for segment assets and liabilities in interim financial statements, in line with the requirements of IFRS 8 Operating segments. Standards and Interpretations effective for periods beginning on or after 1 January 2014 IFRS 9 Financial Instruments IFRS 9 is the first Phase of the Board s project to replace IAS 39 and deals with the classification and measurement of financial assets and financial liabilities. The IASB intends to expand IFRS 9 in subsequent phases in order to add new requirements for impairment. The Group is currently investigating the impact of IFRS 9 on its financial statements. The Group cannot currently early adopt IFRS 9 as it has not been endorsed by the EU. IFRS 9 Financial Instruments: Hedge accounting and amendments to IFRS 9, IFRS7 and IAS 39 The IASB has published IFRS 9 Hedge Accounting, the third phase of its replacement of IAS 39 which establishes a more principles-based approach to hedge accounting and addresses inconsistencies and weaknesses in the current model in IAS 39. The second amendment requires changes in the fair value of an entity s debt attributable to changes in an entity s own credit risk to be recognised in other comprehensive income and the third amendment is the removal of the mandatory effective date of IFRS 9. These amendments have not yet been endorsed by the EU. IFRS 7 (Amendment) Financial Instruments: Disclosures (effective for annual periods beginning on or after 1 January 2015) The amendment requires additional disclosures on transition from IAS 39 to IFRS 9. The amendment has not yet been endorsed by the EU. IAS 32 (Amendment) Financial Instruments: Presentation (effective for annual periods beginning on or after 1 January 2014) This amendment to the application guidance in IAS 32 clarifies some of the requirements for offsetting financial assets and financial liabilities on the statement of financial position. Group of standards on consolidation and joint arrangements (effective for annual periods beginning on or after 1 January 2014) The IASB has published five new standards on consolidation and joint arrangements: IFRS 10, IFRS 11, IFRS 12, IAS 27 (amendment) and IAS 28 (amendment). These standards are effective for annual periods beginning on or after 1 January 2014. Earlier application is permitted only if the entire package of five standards is adopted at the same time. The Group is in the process of assessing the impact of the new standards on its consolidated financial statements. The main provisions are as follows. 10

PIRAEUS FACTORING S.A. - IFRS 10 Consolidated Financial Statements IFRS 10 replaces all of the guidance on control and consolidation in IAS 27 and SIC 12. The new standard changes the definition of control for the purpose of determining which entities should be consolidated. This definition is supported by extensive application guidance that addresses the different ways in which a reporting entity (investor) might control another entity (investee). The revised definition of control focuses on the need to have both power (the current ability to direct the activities that significantly influence returns) and variable returns (can be positive, negative or both) before control is IFRS 11 Joint Arrangements IFRS 11 provides for a more realistic reflection of joint arrangements by focusing on the rights and obligations of the arrangement, rather than its legal form. The types of joint arrangements are reduced to two: joint operations and joint ventures. Proportional consolidation of joint ventures is no longer allowed. Equity accounting is mandatory for participants in joint ventures. Entities that participate in joint operations will follow accounting much like that for joint assets or joint operations today. The standard also provides guidance for parties that participate in joint arrangements but do not have joint control. IFRS 12 Disclosure of Interests in Other Entities IFRS 12 requires entities to disclose information, including significant judgments and assumptions, which enable users of financial statements to evaluate the nature, risks and financial effects associated with the entity s interests in subsidiaries, associates, joint arrangements and unconsolidated structured entities. An entity can provide any or all of the above disclosures without having to apply IFRS 12 in its entirety, or IFRS 10 or 11, or the amended IAS 27 or 28. IAS 27 (Amendment) Separate Financial Statements This Standard is issued concurrently with IFRS 10 and together, the two IFRSs supersede IAS 27 Consolidated and Separate Financial Statements. The amended IAS 27 prescribes the accounting and disclosure requirements for investment in subsidiaries, joint ventures and associates when an entity prepares separate financial statements. At the same time, the Board relocated to IAS 27 requirements from IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures regarding separate financial statements. IAS 28 (Amendment) Investments in Associates and Joint Ventures IAS 28 Investments in Associates and Joint Ventures replaces IAS 28 Investments in Associates. The objective of this Standard is to prescribe the accounting for investments in associates and to set out the requirements for the application of the equity method when accounting for investments in associates and joint ventures, following the issue of IFRS 11. IFRS 10, IFRS 11 and IFRS 12 (Amendment) Consolidated financial statements, joint arrangements and disclosure of interests in other entities: Transition guidance (effective for annual periods beginning on or after 1 January 2014) The amendment to the transition requirements in IFRSs 10, 11 and 12 clarifies the transition guidance in IFRS 10 and limits the requirements to provide comparative information for IFRS 12 disclosures only to the period that immediately precedes the first annual period of IFRS 12 application. Comparative disclosures are not required for interests in unconsolidated structured entities. IFRS 10, IFRS 12 and IAS 27 (Amendment) Investment entities (effective for annual periods beginning on or after 1 January 2014) The amendment to IFRS 10 defines an investment entity and introduces an exception from consolidation. Many funds and similar entities that qualify as investment entities will be exempt from consolidating most of their subsidiaries, which will be accounted for at fair value through profit or loss, although controlled. The amendments to IFRS 12 introduce disclosures that an investment entity needs to make. IAS 36 (Amendment) Recoverable amount disclosures for non-financial assets (effective for annual periods beginning on or after 1 January 2014) This amendment requires: a) disclosure of the recoverable amount of an asset or cash generating unit (CGU) when an impairment loss has been recognised or reversed and b) detailed disclosure of how the fair value less costs of disposal has been measured when an impairment loss has been recognised or reversed. Also, it removes the requirement to disclose recoverable amount when a CGU contains goodwill or indefinite lived intangible assets but there has been no impairment. IFRIC 21 Levies (effective for annual periods beginning on or after 1 January 2014) This interpretation sets out the accounting for an obligation to pay a levy imposed by government that is not income tax. The interpretation clarifies that the obligating event that gives rise to a liability to pay a levy (one of the criteria for the recognition of a liability according to IAS 37) is the activity described in the relevant legislation that triggers the payment of the levy. The interpretation could result in recognition of a liability later than today, particularly in connection with levies that are triggered by circumstances on a specific date. This interpretation has not yet been endorsed by the EU. IAS 39 (Amendment) Financial Instruments: Recognition and Measurement (effective for annual periods beginning on or after 1 January 2014) This amendment will allow hedge accounting to continue in a situation where a derivative, which has been designated as a hedging instrument, is novated to effect clearing with a central counterparty as a result of laws or regulations, if specific conditions are met. IAS 19R (Amendment) Employee Benefits (effective for annual periods beginning on or after 1 July 2014) These narrow scope amendments apply to contributions from employees or third parties to defined benefit plans and simplify the accounting for contributions that are independent of the number of years of employee service, for example, employee contributions that are calculated according to a fixed percentage of salary. These amendments have not yet been endorsed by the EU. Annual Improvements to IFRSs (effective for annual periods beginning on or after 1 July 2014) The amendments set out below describe the key changes to seven IFRSs following the publication of the results of the IASB s 2010-12 cycle of the annual improvements project. The improvements have not yet been endorsed by the EU. IFRS 2 Share-based payment The amendment clarifies the definition of a vesting condition and separately defines performance condition and service condition. IFRS 3 Business combinations The amendment clarifies that an obligation to pay contingent consideration which meets the definition of a financial instrument is classified as a financial liability or as equity, on the basis of the definitions in IAS 32 Financial instruments: Presentation. It also clarifies that all non-equity contingent consideration, both financial and non-financial, is measured at fair value through profit or loss. IFRS 8 Operating segments The amendment requires disclosure of the judgements made by management in aggregating operating segments. IFRS 13 Fair value measurement The amendment clarifies that the standard does not remove the ability to measure short-term receivables and payables at invoice amounts in cases where the impact of not discounting is immaterial. IAS 16 Property, plant and equipment and IAS 38 Intangible assets Both standards are amended to clarify how the gross carrying amount and the accumulated depreciation are treated where an entity uses the revaluation model. IAS 24 Related party disclosures The standard is amended to include, as a related party, an entity that provides key management personnel services to the reporting entity or to the parent of the reporting entity. Annual Improvements to IFRSs (effective for annual periods beginning on or after 1 July 2014) The amendments set out below describe the key changes to four IFRSs following the publication of the results of the IASB s 2011-13 cycle of the annual improvements project. The improvements have not yet been endorsed by the EU. IFRS 3 Business combinations This amendment clarifies that IFRS 3 does not apply to the accounting for the formation of any joint arrangement under IFRS 11 in the financial statements of the joint arrangement itself. IFRS 13 Fair value measurement The amendment clarifies that the portfolio exception in IFRS 13 applies to all contracts (including non-financial contracts) within the scope of IAS 39/IFRS 9. IAS 40 Investment property The standard is amended to clarify that IAS 40 and IFRS 3 are not mutually exclusive. IFRS 1 First-time adoption of International Financial Reporting Standards 11

PIRAEUS FACTORING S.A. - 3 Financial Risk Management 3.1 Credit Risk Credit risk is the risk of financial loss for the Company that results when the debtors are in no position to fulfil their contractual/ transactional obligations. Credit risk is considered the most significant for the Company, and its efficient monitoring and management constitutes a top priority for Management. The level of risk associated with any credit exposure depends on various factors, including the general economic and market conditions prevailing, the debtors financial condition, the amount, the type, and duration of the exposure, as well as the presence of any collateral/security (guarantees). Credit limits are setlled for each debtor based on the assesment of its creditworthness. This assesment is based on qualitive and quantitive data for each debtor. The methods of credit assesment depend on the category of its debtor and are separate for individuals and corporate entities. Specifically for the assesment of corporate entities (corporate factoring) different methods of credit risk assesment are implemented depending on the size and the type of each corporate entity. For the large corporate entities the assesment is based on their financial results and the analyis of their sector however for the smaller entities their qualititavive charcteristics are used. On the approval process the Company exercises the total credit risk for each debtor or group of debtors which are related and the approved credit limits from Company's various departments are combined. For the settlement of credit limits the Company considers the collaterals or guarantees which may decrease the credit risk exposure. The factoring products are as follows: - Factoring with recourse: The Company has the ability to return the upaid invoices to the assignor by paying the respective amount. The risk is beared on the assignor and Company's fees are low. - Factoring without recourse: The Company does not have the ability to return the unpaid invoice to the assignor and bears all the credit risk. The Company managed to insure the credit risk for cases where there are high possiblities of assignor default. On a systematic basis the Company monitors the debtors credit risk and credit limits. 3.1.1 Maximum Credit risk exposure before collaterals and other risk mitigation measures The following table presents the maximum credit risk exposure as at 31/12/ and 31/12/ without collaterals and other credit risk measures. For on balance sheet items the credit exposure is based on their carrying amount as presented in the Statement of Financial Position. Credit risk exposure Maximum Exposure Loans to corporare entities 222.214 172.826 Loans to individuals 7.641 10.834 Other assets 523 618 The Company is not exposed to credit risk from off balance sheet items 3.1.2 Loans and advances to customers Loans and advances to customers are summarised as follows: 31.12. 31.12. Loans and advances to customers A. Loans and advances neither past due or impaired 224.600 177.681 B. Loans and advances past due but not impaired 953 1.884 C. Impaired loans and advances 4.302 4.095 Gross 229.855 183.659 Less: Allowance for impairment for loan and advances (10.175) (7.262) Net 219.680 176.397 31.12. 31.12. Loans and advances to customers before impairment Grades Standard monitoring 225.553 179.564 Special monitoring - - Impaired 4.302 4.095 Total 229.855 183.659 Α. Loans and advances neither past due or impaired 31.12. 31.12. Retail loans Corporate loans Total loans Retail loans Corporate loans Total loans Standard monitoring 5.198 219.402 224.600 8.359 169.322 177.681 Total 5.198 219.402 224.600 8.359 169.322 177.681 B. Loans and advances past due but not impaired 31.12. 31.12. Retail loans Corporate loans Total loans Retail loans Corporate loans Total loans 1-90 days - 265 265-197 197 91-180 days 85-85 175-175 181-360 days 93 510 603 66 1.446 1.512 > 360 days - - - - - - Total 178 775 953 241 1.643 1.884 C. Impaired loans and advances 31.12. 31.12. Retail loans Corporate loans Total loans Retail loans Corporate loans Total loans Impaired loans and advances 2.265 2.037 4.302 2.234 1.861 4.095 Total 2.265 2.037 4.302 2.234 1.861 4.095 3.1.3 Concentration of risks of financial assets with credit risk exposure The following table breaks down the Company s main credit exposure at their carrying amounts, as categorised by industrial sector as at 31 December. The Company has allocated exposures to sectors based on the industry sector of our counterparties. 12

PIRAEUS FACTORING S.A. - Sectors 31.12. 31.12. Industrial 35.024 25.193 Commercial 140.300 74.076 Other entities 46.890 73.556 Individuals 7.641 10.834 Total 229.855 183.659 3.2 Market Risk The Company follows the market risk policy established for all subsidiaries of Piraeus Bank. The policy describes the basis rules for market risk and settles the roles and responsibilities for each department and member of the management. For each unit of Piraeus Bank Group market risk limits have been established which are monitored on a systematic basis. Market risk management is not confined to trading book, but cover the balance sheet as a whole and refer to Value at Risk, Earnings at Risk and Sensitivity analysis. With regards to the interest rate risk, the Company covers loans and advances to customers with simiral borrowings. Based on balances, an increase or decrease by 50 basis points will affect profit and loss account by 1.245 th or - 1.2450 th respectively. In addition an increase or decrease by 100 basis points will affect profit and loss account by 2.490 th or - 2.490 th respectively. 3.3 Currency Risk The Company is exposed to fluctuations in the prevailing foreign currency exchange rates on its financial position and cash flows. The Management sets limits on the level of exposure by currency, which are monitored daily. The table below summarises the Company's exposure to foreign currency exchange rate risk as at 31/12/. The table includes, the Company's assets and liabilities at carrying amounts categorised by currency. As at EUR USD GBP Total Foreign exchange risk of assets Cash and balances with Central Banks 62.497 - - 62.497 Loans and advances to customers (net of provisions) 219.680 - - 219.680 Intangible assets 154 - - 154 Property, plant and equipment 24 - - 24 Deferred tax assets 1.958 - - 1.958 Other assets 523 - - 523 TOTAL ASSETS 284.835 - - 284.835 Foreign exchange risk of liabilities Due to Banks 249.139 - - 249.139 Retirement benefit obligations 138 - - 138 Other provisions 130 - - 130 Other liabilities 2.282 - - 2.282 Income tax liabilities 198 - - 198 TOTAL LIABILITIES 251.887 - - 251.887 Net on-balance sheet financial position 32.949 - - 32.949 As at Total assets 198.109 - - 198.109 Total liabilities 166.334 - - 166.334 Net on-balance sheet financial position 31.775 - - 31.775 3.4 Interest Rate Risk Interest rate risk is the risk of a negative impact on the Company's financial condition due to its exposure to interest rates. Changes in interest rates affect the Company's earnings by changing its net interest income and the level of other interest-sensitive income and operating expenses. Changes in interest rates also affect the underlying value of the Company's assets and liabilities because the present value of future cash flows (and in some cases, the cash flows themselves) changes when interest rates change. Interest rate gap is a maturity/ repricing schedule that distributes interest-sensitive assets and liabilities into a certain number of predefined time bands, according to their maturity (fixed-rate instruments) or time remaining to their next repricing (floating-rate instruments). The table below summarises the Company s exposure to interest rate risk according to an Interest Rate Gap Analysis. Those assets and liabilities lacking actual maturities (e.g. open accounts) or definitive repricing intervals (e.g. sight deposits or savings accounts) are assigned to the time band up to one month. Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Non interest bearing Total As at Assets Cash and cash equivalents 62.497 - - - - - 62.497 Loans and advances to customers - 213.550 6.130 - - - 219.680 Other assets 50 - - 1.958-650 2.658 Total assets 62.548 213.550 6.130 1.958-650 284.835 Liabilities Due to banks 100.029 143.052 6.059 - - - 249.140 Other liabilities - - 198 - - 2.550 2.748 Total liabilities 100.029 143.052 6.257 - - 2.550 251.888 Total interest rate gap (37.481) 70.498 (127) 1.958 - (1.900) 32.947 Below are tables with comparative figures of the previous period. Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Non interest bearing Total As at Assets Cash and cash equivalents 19.760 - - - - - 19.760 Loans and advances to customers - 167.294 9.103 - - - 176.397 Other assets 618 - - 1.143-191 1.952 13

PIRAEUS FACTORING S.A. - Total assets 20.379 167.294 9.103 1.143-191 198.109 Liabilities Due to Banks 85 158.000 6.000 - - - 164.085 Other liabilities - - 36 - - 2.214 2.249 Total liabilities 85 158.000 6.036 - - 2.214 166.334 Total interest rate gap 20.294 9.295 3.067 1.143 - (2.022) 31.775 Interest rate gap analysis enables the evaluation of interest rate risk using the Earnings-at-Risk measure, which denotes the negative effect on the expected annual interest income, as a result of a parallel shift in interest rates for all currencies considered 3.5 Liquidity Risk The Company acknowledges that, in order to be able to meet liabilities promptly and without losses, it is essential to effectively manage liquidity risk. Liquidity risk is defined as the risk of a financial institution that will not be able to meet its obligations as they become due, because of lack of the required liquidity. In general, liquidity management aims at balancing cash flows within forward rolling time bands, so that under normal conditions, the Company is comfortably placed to meet all its payment obligations as they fall due. The table below presents, at the balance sheet date, the cash flows payable by the Company under non-derivative financial liabilities by the remaining contractual maturities. The amounts mentioned are the contractual undiscounted cash flows. As at Up to 1 month 1-3 months 3-12 months 1-5 years Over 5 years Total Liabilities liquidity Due to Banks 139 101.779 145.560 6.348-253.825 Other liabilities - 683 1.598 - - 2.281 Total liabilities 139 102.462 147.158 6.348-256.106 As at Due to Banks 85 1.259 3.979 166.206-171.528 Other liabilities - 682 1.255 - - 1.937 Total liabilities 85 1.941 5.234 166.206-173.465 3.6 Fair values of financial assets and liabilities a) Assets and liabilities not held at fair value The following table summarises the carrying amounts and fair values of those assets and liabilities not carried at fair value on the statement of financial position of the company. Assets Carrying Amount Fair value 31.12. 31.12. 31.12. 31.12. Loans and advances to customers (net of provisions) 219.680 176.397 219.680 176.397 Carrying Amount Fair value 31.12. 31.12. 31.12. 31.12. Liabilities Due to Banks 243.139 158.085 243.139 158.085 The fair value at 31/12/ of loans & advances to customers and debt obligations which are measured at amortized cost are not materially different from the respective carrying values, since they are very short term in duration and priced at current market rates. These rates are often reprised and due to their short duration, they are discounted with the risk-free rate. Classification of assets and liabilities measured at amortised cost, according to the fair value hierarchy levels of IFRS 13, is presented in the table below level 1 level 2 level 3 Total Analysis of fair values in levels Assets Loans and advances to customers (net) 219.680 219.680 - Loans to individuals 6.130 6.130 - Loans to businesses 213.550 213.550 Liabilities Due to Banks 243.139 243.139 Due to banks figure includes an outstanding amount of 6,000 thous euro that relates to two subordinated loans (4,000 thous. euro maturity at 31-1-2016 with indicative interest rate 3,342% and 2,000 thous. euro maturity 22-12-2017 with indicative interest rate 3,388%). b) Assets and liabilities held at fair value There are no assets and liabilities carried at fair value in the statement of financial position of the company 3.7 Capital Adequacy Company's capital adequacy is supervised by Bank of Greece whereas relevant reporting is sumbited based on Bank of Greece Directive 2651/20-1-. For the calculation of capital adequacy ratio from 1st January 2010 is impelmented the Bank of Greece Directive 2622/21-12-2009 and for factoring services the new regulatory framework (Basel II) as included in Greek law based 3601/2007. Capital adequacy ratio is specified as the regulatory capital to the total risk weighted assets and off balance sheet items. The existing legislative and regulatory capital framework defines that capital ratio should be above 8%. The regulatory capital of the company, as defined by Bank of Greece, is comprised of Tier I capital (share capital, reserves, minority interest) and Tier II capital (subordinated debt and fixed asset revaluation reserves). The risk-weighted assets arise from the credit risk and the operational risk. The current capital ratio is much higher than the regulatory limits set by the Bank of Greece directive and reached 19,53% at 31-12-13 compared to 23,26% at 31-12-. 14

PIRAEUS FACTORING S.A. - Table of Capital Adequacy ratio calculation as at 31-12- and 31-12- EQUITY 31.12. 31.12. SHARE CAPITAL 21.126 21.126 SHARE PREMIUM 2.770 2.770 RESERVES 854 820 SUBORDINATED LOANS 6.000 6.000 RETAINED EARNINGS 8.199 7.013 TOTAL 38.948 37.728 LESS INTANGIBLE ASSETS (154) (151) TOTAL REGULATORY CAPITAL 38.795 37.577 RISK WEIGHTED ASSETS 196.801 161.442 CAPITAL ADEQUACY RATIO 19,53% 23,26% 4 Critical accounting estimates and judgements in the application of the accounting policies The Company, for the preparation of the financial statements, proceeds to certain accounting estimates and judgements for the future status of certain assets and liabilities that affect the presentation of those assets and liabilities in the financial statements. Accounting estimates and judgements are continually evaluated based on historical experience as well as on expectations of future events. The most important areas where the Company uses accounting estimates and judgements, in applying the Group s accounting policies, are as follows: 1. Impairment losses on loans and other receivables The Company examines, at every reporting period, whether trigger for impairment exists for its loans or loan portfolios. If such triggers exist, the recoverable amount of the loan portfolio is calculated and the relevant provision for this impairment is raised. The provision is recorded in the income statement. These details are described in accounting policy 2.5 The estimates, methodology and assumptions used are reviewed regularly to reduce any differences between loss estimates and actual loss experience. 2. Income tax The Company is subject to income taxes in the country in which it operates. This requires estimates in determining the provision for income taxes and therefore the final income tax determination is uncertain during the fiscal year. Where the final income tax expense is different from the amounts initially recorded, differences will impact the income tax and deferred tax assets/ liabilities in the period in which the tax computation is finalised 5 Net Interest Income Interest and similar income 1/1-31/12/ 1/1-31/12/ Interest income on loans and advances to customers 8.503 11.532 Total interest and similar income 8.503 11.532 Interest and similar expenses Interest expense on due to banks (4.888) (6.511) Total interest and similar expenses (4.888) (6.511) Net interest income 3.615 5.020 Interest income includes interest from loan and advances to customers. Impaired loans are recorded at their recoverable amounts and therefore, interest income is recognised according to the effective interest rate. 6 Net commission income Commission income 1/1-31/12/ 1/1-31/12/ Factoring activity 2.556 1.786 Total commission income 2.556 1.786 Commission expense Factoring activity (21) (44) Total commission expense (21) (44) Net commision income 2.535 1.743 7 Other operating income 1/1-31/12/ 1/1-31/12/ Trading income 1.216 737 Other activities income 45 51 Other operating income 0 3 1.262 790 8 Staff Costs 1/1-31/12/ 1/1-31/12/ Wages and Salaries (1.183) (1.171) Social insurance contributions (304) (289) Other staff costs (30) (46) Retirement benefits charges (84) 19 (1.601) (1.487) The number of persons employed by the Company as at was 43, compared to 45 last year. 9 Administrative expenses 1/1-31/12/ 1/1-31/12/ Rentals expense (197) (198) Taxes and duties (15) (16) Advesrtising expenses (11) (9) Insurance premiums (199) (103) Third party fees (897) (729) Other administrative expenses (302) (264) 15

PIRAEUS FACTORING S.A. - (1.622) (1.318) Other administrative expenses include general company expenses, travel, supplies, cleaning and publications expenses. 10 Income Tax 1/1-31/12/ 1/1-31/12/ Current tax (802) (644) Deferred tax (note 18) 827 427 25 218 In accordance with the regulations of the Greek Tax Law 4110/23.10., for the years from 01.01. and thereon, the income tax rate for greek legal entities increased from 20% to 26%.The tax on the Company s profit before tax differs from the theoretical amount that would arise using the weighted average tax rate applicable to profits of the Company as follows: 1/1-31/12/ 1/1-31/12/ Profit before tax 1.182 1.014 Tax based on nominal tax rate (307) (203) Non deductible expenses (18) (15) Effect of different tax rates applied abroad 350 - Income tax 25 (218) Unaudited Tax Years The Company has been audited by the tax authorities until fiscal year 2007. For the fiscal years 2007 & 2008 the Company has settled its unaudited tax years by paying the amount of Euro 195 th based on tax law. For the unaudited tax year 2010 the Company has recognised a provision amounted to Euro 130 th. Audit Tax Certificate In accordance with article 82 paragraph 5 of Law 2238/94,for the year 2011 and thereafter, the certified auditors and audit firms conducting compulsory audits to societe anonyme AE and Ltd, are obliged to issue an annual tax certificate on the implementation of tax legislation requirements after tax audit. The above mentioned tax certificate is submitted to the company under audit, as well as, to the Ministry of Finance, electronically, no later than ten days following the date of the approval of the financial statements from the General Meeting of the Shareholders.The Ministry of Finance will select on a sample basis at least 9% of the companies for tax audit. This audit must be completed within 18 months from the submition of tax certificate to the Ministry of Finance. For the fiscal years 2011 & the tax audits were conducted by PricewaterhouseCoopers S.A. and non qualified tax compliance reports have been issued. For the fiscal year the tax audit is being performed by the statutory auditors of the Company and is still in progress The Company's management does not expect additional tax liabilities to arise, in excess of those already recorded and presented in the financial statements. 11 Cash and cash equivalents Cash in hand 1 1 Sight deposits 186 354 Term deposits matured at 7-1-2014 62.310 19.405 62.497 19.760 Cash and cash equivalents include balances with maturity of three months or less. 12 Loans and advances to customers Factoring loans to corporate entities With recourse 87.614 139.842 Without recourse 134.600 32.984 222.214 172.826 Factoring loans to individuals With recourse 512 929 Without recourse 7.129 9.904 7.641 10.834 Total loan and advances to customers 229.855 183.659 Less allowances for impairment on loans and advances to customers (10.175) (7.262) Total loan and advances to customers, net 219.680 176.397 Movement in allowance for impairment on loans and advances to customers : 31.12. 31.12. Movement of allowance for impairment on loans and advances to customers : Individual loans Corporate loans Individual loans Corporate loans Opening balance (1/1/ and 1/1/ respectively) 1.732 5.530 1.700 1.949 Charge for the period (221) 3.134 32 3.581 Write offs of loans - - - - Closing balance (31/12/ and 31/12/ respectively) 1.511 8.664 1.732 5.530 13 Intangible assets Cost Software Opening balance as at 1 January 1.997 Additions 120 Cost as at 2.117 Accumulated amortization Opening balance as at 1 January (1.880) Charge for the period (86) Accumulated amortization as at (1.966) Net book value as at 151 Cost Software Opening balance as at 1 January 2.117 Additions 78 Cost as at 2.195 Accumulated amortization Opening balance as at 1 January (1.966) Charge for the period (75) Accumulated amortization as at (2.041) Net book value as at 154 14 Property, plant and equipment Furniture and fixtings Transportation means Total Cost Opening balance as at 1 January 882 8 890 Additions 20-20 Write offs - (4) (4) Cost as at 902 4 906 16

PIRAEUS FACTORING S.A. - Accumulated depreciation Opening balance as at 1 January (831) (4) (835) Charge for the period (34) (1) (35) Write offs - 4 4 Accumulated depreciation as at (865) (1) (866) Net book value as at 37 3 40 Furniture and fixtings Transportation means Total Cost Opening balance as at 1 January 902 4 906 Additions 3-3 Write offs (14) - (14) Balance 891 4 895 Accumulated depreciation Opening balance as at 1 January (865) (1) (866) Charge for the period (19) - (19) Write offs 14-14 Accumulated depreciation as at (870) (1) (871) Net book value as at 21 3 24 15 Other Assets Prepaid expenses and accruals 93 27 Guarantees 5 6 Recievables from assignors 418 577 Other debtors 7 8 523 618 16 Due to Banks Bond Loans 143.000 158.000 Subordinated loans 6.000 6.000 Overdraft account 100.000 - Accrued interest 139 85 249.139 164.085 Total loans to credit institutions are bearing floating interest and are recognised at amortised cost. The amount of Euro 6.000.000 relates to two subordinated loans (4.000.000 euro maturity at 31-1-2016 with indicative interest rate 3,342% and 2.000.000 euro maturity 22-12-2017 with indicative interest rate 3,388%). The rate is floating based on six month euribor plus margin 3%. The interest payments are semi annual. The amount of Euro 143.000.000 relates to bond loan issued by 286 bonds of 500.000 euro each and maturity at 30/9/2014. The rate is floating based on 3 month euribor plus margin 3%. The interest payments are on a quarterly basis. As at 31-12- the rate is 3.298% The amount of Euro 100.000.000 relates to credit through overdraft account. The rate is calculated based on Piraeus Bank preferential short term loan rate, indicative interest rate 4.5%. 17 Other Liabilities Liabilities to social insurance contributions 63 62 Accrued Interest 122 68 Liabilities to suppliers 651 486 Liabilities to customers 796 673 Other liabilities 30 27 Other taxes - duties 620 620 2.282 1.937 18 Deferred tax assets Deferred income tax assets and liabilities are analysed as follows: Deferred tax assets Employee benefits (21) (10) Impairment of loans and advances to customers 1.949 1.140 Other temporary differences 30 13 Net deferred tax asset 1.958 1.143 The deferred tax on profit and loss account is as follows: 1/1-31/12/ 1/1-31/12/ Deferred tax (Profit and loss account) Employee benefits 2 (27) Impairment of loans and advances to customers 809 451 Other temporary differences 17 3 828 427 19 Retirement benefit obligations The defined benefit obligation is calculated based on actuary studied from independent actuary using the 'projected unit credit method', according to which, the charge for pension plans to the Income Statement is allocated over the service lives of the related employees. The defined benefit obligation is determined by the present value of cash outflows using interest rates of high quality corporate bonds which have terms to maturity approximating the terms of the related liability. The comparative figures of are according to the revised IAS 19, which is effective since 1.1. 31.12. 31.12. Amounts recognised in statement of financial position are as follows: Present value of obligation 138 147 Liability in the statement of financial position 138 147 Amounts recognised in statement of comprehensive income are as follows: Current service cost 17 14 Interest cost 5 5 Settlement/ Curtailment/ Termination Loss/ (Gain) 63 (38) Total 84 (19) Benefits paid directly by the employer (73) - Total included in staff costs (Note 8) 11 (19) The movement in the liability recognised in the statement of financial position 31.12. 31.12. Opening balance 147 104 Contributions paid (73) - Total expense recognised in profit and loss account 84 (19) Actuarial (gains) / losses on defined benefit plans (20) 62 Liability to statement of financial position 138 147 Rencociliation present value of obligation Opening balance of present value of obligation 147 104 Current service cost 17 14 17

PIRAEUS FACTORING S.A. - Interest cost 5 5 Benefits paid directly by the employer (73) - Additional expenses / (income) or payments 63 (38) Past service cost recognised for the year - - Actuarial (gains) / losses (20) 62 Closing balance of present value of obligation 138 147 The main actuarial assumptions used are as follows: Discount rate 3,50% 3,20% Future increase in salaries 1,75% 2,00% Average rate of employees 22,74 23,42 Sensitivity analysis results Percentage change in requirement Change increase Decrease Discount rate 0,50% -10,30% 11,70% Future increase in salaries 0,50% 11,80% -10,60% 20 Income tax liabilities Current income tax liabilities 156 36 Liabilities from other taxes 41-197 36 21 Shareholders capital Share Capital Share Premium Total Opening balance as at 1 January 21.126 2.770 23.896 Balance as at 21.126 2.770 23.896 Opening balance as at 1 January 21.126 2.770 23.896 Balance as at 21.126 2.770 23.896 Number of Shares Share Capital Balance as at 1 January 5.868.233 5.868.233 Balance as at 5.868.233 5.868.233 Number of Shares Share Capital Balance as at 1 January 5.868.233 5.868.233 Balance as at 5.868.233 5.868.233 Share capital is fully paid. 22 Other reserves and retained earnings Legal reserve 564 504 Non taxable reserves 43 316 Taxed and other reserves 247 - Retained Earnings 8.199 7.060 Total other reserves and retained earnings 9.053 7.880 Other reserves Opening balance 820 779 Tax exempt reserves (273) - Taxed reserves in accordance with Article 72 Law 4172/ 232 - Reserve of defined benefit obligations 15 - Transfer between other reserves and retained earnings 60 41 Closing balance 854 820 Retained Earnings Opening balance 7.060 6.235 Impact from the retrospective application of IAS 19 amendment - 143 Restated opening balance 7.060 6.378 Impact from IAS 19 amendment after income tax recorded directly to equity (7) (73) Profit / (loss) for the year 1.207 795 Dividend distribution - - Transfer between other reserves and retained earnings (60) (41) Closing balance 8.199 7.060 By decision of the Extraordinary General Meeting held on 31.12. and in accordance with article 72 paragraph 12 of L.. 4172/, the company proceeded to the taxation of the tax exempt reserves of 273 thousand euro, at a rate of 15%.. The tax amount of euro 41 thousand appears in the current tax obligations Under revised IAS 19, actuarial gains / losses are recognised directly to equity, as they occur. According to the actuarial study, actuarial gains for the fiscal year amounted to euro 20 thousand and after reduction of the deferred tax of euro 5 thousand, were recognized in reserves. 23 Dividens per share The Board of Directors will propose to the Annual General Assembly of Shareholders not to distribute dividends to shareholders for the year. 24 Related Party Transactions a) Transactions with management Board of Directors fees Wages and other fees 87 89 87 89 18

PIRAEUS FACTORING S.A. - b) Transactions with related companies The group is controlled by the parent company Piraeus Bank SA (based in Greece), which owns 100% of the shares of the company. As part of its activities, the company does business with other companies in the Piraeus Bank Group. All transactions with the parent company and its related parties are carried out on terms equivalent to those that prevail in arm's length transactions basis. The following transactions are transactions with related parties. 31.12. 01.01. - 31.12. RECEIVABLES LIABILITIES INCOME EXPENSES Parent Company 62.391 249.231 1.460 4.308 Other related parties - - - 1.090 TOTAL 62.391 249.231 1.460 5.398 31.12. 01.01. - 31.12. RECEIVABLES LIABILITIES INCOME EXPENSES Parent Company 19.538 6.164 981 788 Other related parties - 158.014-6.260 TOTAL 19.538 164.178 981 7.048 25 Restatement of Comparative year Financial Information The statement of financial position and statement of comprehensive income accounts for the comparative year have been restated as a result of the retrospective implementation of IAS 19 (amendment) "Employee Benefits". The restatements and restated amounts in the Statement of Comprehensive Income and Statement of Financial Position are presented below. RESTATED STATEMENT OF COMPREHENSIVE INCOME 1/1 to 31/12/ Reported Adjustments Adjusted Amounts this amendment amounts IAS 19 TOTAL NET INCOME 7.553 7.553 Staff costs (1.458) (29) (1.487) Administrative expenses (1.318) (1.318) Depreciation (121) (121) Impairment losses on loans and advances (3.614) (3.614) TOTAL OPERATING EXPENSES (6.511) (29) (6.540) PROFIT BEFORE TAX 1.043 (29) 1.014 Income Tax (224) 6 (218) Profit after tax (A) 819 (23) 796 Actuarial gains / (losses) of defined benefit plans (net of tax) - (49) (49) Other comprehensive income after taxes (B) - (49) (49) Total comprehensive income after taxes (A + B) 819 (72) 747 RESTATED STATEMENT OF FINANCIAL POSITION 31/12/ Reported Adjustments Adjusted Amounts this amendment amounts IAS 19 ASSETS Deferred tax assets 1.184 (41) 1.143 Other assets 196.966 196.966 TOTAL ASSETS 198.150 (41) 198.109 LIABILITIES Retirement benefit obligations 235 (87) 147 Other liabilities 166.187 166.187 TOTAL LIABILITIES 166.422 (87) 166.334 EQUITY Share Capital 21.126 21.126 Share premium 2.770 2.770 Other reserves 820 820 Retained earnings 7.013 47 7.060 TOTAL EQUITY 31.728 47 31.775 TOTAL LIABILITIES AND EQUITY 198.150 (41) 198.109 26 Commitments and contigent liabilities According to management estimations and Company's legal advisors there are no legal proceedings that are expected to have any significant impact on the financial statements of the Company. The period for which the Company leases vehicles through operating leases are up 30/4/2016. Based on Non-Lapsing operating leases, the lease payments payable cumulatively, amount to 35th. Specifically: 31.12. 31.12. Not later than 1 year 25 20 Later than 1 year and not later than 5 years 10 15 Later than 5 years - - Total 35 35 The period for which the Company leases equipment under operating leases is up to Based on non-cancellable operating leases, the lease payments payable cumulatively, amount to 6 thousand. Specifically: 31.12. 31.12. Not later than 1 year 3 4 Later than 1 year and not later than 5 years 3 6 Later than 5 years - - Total 6 10 The period for which the Company leases office space and ancillary operating leases, until 31/12/2015 Based on non-cancellable operating leases, the lease payments payable cumulatively, amount to 1.2 million. 19

PIRAEUS FACTORING S.A. - leases, the lease payments payable cumulatively, amount to 1.2 million. 31.12. 31.12. Not later than 1 year 253 168 Later than 1 year and not later than 5 years 820 321 Later than 5 years 134 - Total 1.208 489 Guarantees for the Company: No guarantees have been issued in the name of the company for. 27 Events after the reporting period There are no events after the reporting period that would affect the financial statements of the Company. N. Smirni, April 30th, 2014 THE PRESIDENT OF THE BOARD OF DIRECTORS THE GENERAL MANAGER AND MEMBER OF THE BOARD OF DIRECTORS ON BEHALF OF ACT SERVICES SA THE FINANCIAL MANAGER PAPADOPOULOS IOANNIS I.D. No AI 025368 VARDAKARI HARIKLIA I.D. No AH 064953 GEORGIOU PANAGIOTIS. I.D. No AZ 525970 CPAG License Register Number A 12685 20

REPORT OF THE BOARD OF DIRECTORS OF PIRAEUS FACTORING S.A. TO THE ANNUAL GENERAL MEETING OF SHAREHOLDERS Dear Shareholders, The Board met to approve the Statement of Financial Position, the Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Cash Flows and the explanatory notes for the 15th fiscal period 1.1. - 31.12.. Specifically, the progress of the company for the year is as follows: In a very challening economic environment, the company increased its assets by 44%. The amount of assigned receivables (turnover) amounted to 706 million, an increase of 76% compared to the previous year. Moreover, profit before tax amounted to 1,2 million. (compared to 1 million the previous year), while maintaining the low level of loan delinquencies. Current and previous year's low profitability was incurred mainly due to increased provisions to cover future bad debts. In financial year, the company achieved a reduction in operating expenses by 5 %. Specifically, the main actions of the company in were: - Shrinking of the Domestic Factoring without recourse because of the policies of insurance companies operating in Greece, - Strengthening of the company through high provisions, - Transfer of client relationships from Cypriot Banks' factoring portfolios (that were acquired by Piraeus Bank) to the company, - Creation of economies of scale aiming at the reduction of operating costs, - Maintenance of profits, - Utilization of the new software Proxima +, which aims at better monitoring of assigned claims as well as providing services through a web platform. The company's exposure to price risk (interest rate risk), credit risk and liquidity risk and cash flow was monitored by the competent authorities which forwarded the appropriate actions. The capital adequacy of the company supervised by the Bank of Greece, to which reported on the PDBG 2651/20-1-, was 19.53%. The Financial Statements are prepared in accordance to International Financial Reporting Standards and audited by the audit firm PricewaterhouseCoopers S.A. Prospects for the year 2014 The projects and the company's outlook for the current year are summarized as follows: Improvement of its position in the sector both in terms of market share and strong profitability, taking advantage of the opportunities that arise, Continuance of client relationships' transfer from Cypriot Banks' factoring portfolios (that were acquired by Piraeus Bank) to the company. Focus on developing the services of International Factoring either through two factors system, or through direct factoring in order to be accepted as a full member at FCI. Promotion of new derivative products (such as Reverse Factoring and Community Based Factoring) Maintaining the quality of the factoring portfolio and the low rate of bad debts Further development of the synergies with our parent company, Piraeus Bank, in order to minimize credit risk through specific practices of the new software, Improvement of methods for monitoring and minimizing financial risks. Maintaining low operating expenses thus increasing company's revenues. Utilization of the new software Proxima +, in order to achieve economies of scale. 21

Followed Accounting Principles For the preparation of current year's Statement of Financial Position and Statement of Comprehensive Income, the Statement of Changes in Equity, the Statement of Cash Flow and the explanatory notes, our company applied the accounting policies as detailed in the financial statements, as well as the economic fundamentals and the company's activities during the previous year. After these please : 1. Approve the Annual Financial Statements of Piraeus Factoring S.A. of the fiscal year (financial period 01/01/ - 31/12/), 2. Discharge the members of the Board of Directors and the Certified Auditors of any liability deriving from the exercise of their duties during the fiscal year (financial period 01/01/ - 31/12/), pursuant to article 35 of C.L. 2190/1920. 3. Appoint certified auditors (statutory and alternate) for the audit of the financial statements for the fiscal year 2014. N. Smirni, 30 April 2014 For the Board The General Manager and Member of the Board Vardakari N. Chariklia ID No. AH 064953 22

[Translation from the original text in Greek] Independent Auditor s Report To the Shareholders of Piraeus Factoring S.A. Report on the Financial Statements We have audited the accompanying financial statements of Piraeus Factoring S.A. which comprise the statement of financial position as of and the statement of comprehensive income, statement of changes in equity and cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory information. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, as adopted by the European Union, and for such internal control as management determines is necessary to enable the preparation of separate and consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial statements present fairly, in all material respects, the financial position of Piraeus Factoring S.A. as at December 31,, and its financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards, as adopted by the European Union. Reference on Other Legal and Regulatory Matters We verified the conformity and consistency of the information given in the Board of Directors report with the accompanying financial statements in accordance with the requirements of articles 43a, 108 and 37 of Codified Law 2190/1920. Athens, 6 June 2014 The Chartered Accountant PricewaterhouseCoopers S.A. 268 Kifissias Avenue, 152 32 Chalandri Dimitrios Sourbis Soel Reg No 113 Soel Reg No 16891