Q Corporate Presentation

Transcription

1 Q Corporate Presentation November 2014

2 Table of Contents 01 HIGHLIGHTS 02 Q FINANCIAL RESULTS 03 ASSET QUALITY - RECOVERY BANKING UNIT (RBU) 04 AQR - STRESS TEST RESULTS 05 DOMESTIC OPERATIONS 06 INTERNATIONAL OPERATIONS 07 MACRO & BANKING UPDATE 08 APPENDICES 2 Table of Contents

3 01 Highlights 1.1 Q Group Highlights Selected Transactions 1.2 Delivering on Restructuring Commitments 1.7 Strongly Capitalized Under Basel III Framework 1.3 Q PPI Drivers 1.8 Among Best Capitalized Banks in Europe 1.4 Strategy Medium Term Financial Targets 3

4 Pre provision income continues to improve Q2 recurring PPI at 295 mn up 17% qoq; H1 recurring PPI at 547 mn up 45% yoy Q2 NII at 500 mn up 4% qoq; H1 NII at 979 mn up 11% yoy Recurring Η1 OpEx at 666 mn down 11% yoy despite Q2 seasonality effect Q2 net profit at 164 mn backed by 200 mn of additional DTA recognition Q Group Highlights ΝPL formation significantly contained Q2 formation at 68 bps over gross loans, down 37 bps qoq (Q bn vs. 0.8 bn in Q1) LLR over gross loans at 20% vs. 16% Greek market avg; NPL cash coverage at 51%, 128% including collateral Q2 cost of risk at 2.6%, flat qoq Ongoing improvement to funding profile LTD ratio declines further by 1 ppt qoq at 108% (Greece at 107%) Eurosystem funding over total assets at 6.7%, close to normalized levels (c.5% in Q3 2014) Time deposit costs reduction accelerates Continuing decline in Greek time deposit rates: Q average at 271 bps down from 293 bps in Q Front book cost at c185 bps (October 2014) points to levels lower than 200 bps by year-end Synergies materialization continues 65 mn of cost synergies realized in Q2 bringing total synergies realized in H1 to 117 mn 72% of total fully phased synergies, i.e. 398 mn out of 550 mn, have been crystallized to date Branch rationalization target met; new target set for c.800 units 490 branch closures in the last1 8 months;173 closures in 2014 ytd 28 mn one-off costs in Q2; 79% of total budgeted restructuring costs of 420 mn has been incurred Strong capital position Robust position post 1.75 bn capital increase and repayment of 750 mn State prefs in May 2014 CET-1 ratio 15.0%, with 4.2 bn buffer over 8% threshold; 14.5% fully loaded CET-1 ratio post new DTC law 4 Highlights

5 Delivering on Restructuring Commitments -71 bps -13% % 107% 5% for new Greek time deposits ytd at 200 bps (Sept.2014) down from 271 bps in the beginning of the 2014; 440 bps in the beginning of 2013 total OpEx in Greece in H1 2014, following a 15% reduction in 2013; 72% of fully-phased acquisition synergies already crystallized branches in Greece in 2014 ytd, following 317 branch closures in 2013 headcount in Greece in the last 18 months (16,542 FTEs from 19,238 in Dec.2012) LTD in Greece down from 110% in Q and 119% in Q Eurosystem funding over assets as of Q (with zero ELA) down from 12% in Q and 45% in Q Note: comparisons are like-for-like for acquisitions and excludes one off items; net Eurosystem excludes EFSF as collateral pledged with ECB 5 Highlights

6 Q PPI Drivers Banking Income Continues to Increase as Greek Time Deposits Rates Fall Further (bps over assets) NFI NII 4.58% 4.40% 4.41% 4.23% Front Book -240 bps 4.13% 3.64% 3.42% 2.82% 3.05% 2.88% 2.71% 2.66% Total Book -234 bps 2.62% 2.27% 2.24% 2.00% Q Q Q Q Q Q Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 OpEx Heading Lower yoy..as Greek Headcount & Footprint Optimizes -11% ( mn) % Q2'13 Q2'14 H1'13 H1'14 Group Greece ,238 1,354 18,624 18,591 18,440 1, branches 1,280 1,218 1,037 16,558 16,454 16,541 16, % Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 VES in Nov Note: all graphs pro forma for all acquisitions in 2013; PL items normalized for one-off items; assets from continued operations excluding EFSF bonds 6 Highlights

7 Strategy Piraeus target is to consolidate its position as the leading financial institution in Greece through: Balance sheet transformation deleveraging the NPL issue efficiently Leveraging synergy potential beyond original targets Remaining among Europe s most capitalized and stress resilient banks Capitalizing industry-best infrastructure Continuing to introduce best practices in corporate governance Cultivating team mindset and culture to support further human capital Following customer-centric approach to add value in every interaction 7 Highlights

8 Medium Term Financial Targets Q Q Medium Term Domestic Market Shares (%) (1) 30% Loans, 29% Deposits 30% Loans, 29% Deposits market leadership Net Interest Margin (%) (2) 2.55% 2.70% >3.20% Cost / Income Ratio (%) 56% (3) 54% (3) 40% Loans to Deposits (%) 109% 108% <110% Net Eurosystem / Assets (%) 9% 7% <10% Return on Assets (bps) (4) n.m. 90 bps 140 bps (1) Source: solo financials including adjustments for volumes booked in branches abroad, BoG for market (2) Annualized net interest income over average assets for continued operations, excl. EFSF bonds and seasonal agri-funding facility for year-end periods (3) Excluding one-off items (4) Excluding EFSF bonds and seasonal agri-funding facility n.m.: non-meaningful 8 Highlights

9 Selected Transactions Athens Water Supply (EYDAP) Stake Disposal April 2014: the Bank disposed its c.10% stake in Athens Water Supply (EYDAP) 56 mn gain booked in Q MIG Corporate Restructuring Transaction ( debt to-debt & debt-to-equity ) May 2014: the Bank acquired for a consideration of 165 mn MIG assets of aggregate value of c. 325 mn Assets comprised a highly collateralized loan of 75 mn and 250 mn convertible bonds 144 mn gain posted in Q following fair value recognition ATE Insurance Divestment August 2014: the Bank agreed to sell 100% of ATE Insurance to ERGO Group (Munich Re Group) Consideration of 90 mn in cash, subject to customary net asset value adjustments upon closing Transaction is subject to regulatory approvals and envisaged to be completed by the end of mn estimated gain expected to be booked by Q Aegean Airlines Stake Disposal July 2014: the Bank disposed its c.5% stake in Aegean Airlines 20 mn gain to be recognised in Q c. 250 mn capital gain secured to date 9 Highlights

10 Strongly Capitalized Under Basel III Framework CET-1 Basel III Phased In Ratio ( bn) Jun 2014 Phased-In CET Regulatory Capital Phased In 9.0 RWAs 59.7 CET-1 Ratio 15.0% Total Capital Adequacy Ratio 15.1% CET-1 Basel III Fully Loaded Ratio ( bn) Jun 2014 Fully Loaded Pro-forma for new law CET Regulatory Capital Fully Loaded DTA Elimination RWAs CET-1 Ratio 10.8% 14.5% Total Capital Adequacy Ratio 11.0% 14.7% Phased-in CET-1 ratio resilient qoq at 15.0% Q RWAs relief of 1.9 bn due to deleveraging/optimization actions Full elimination of DTAs >10% of CET-1 has been the key adjustment to phased-in CET-1 Post new legislation approved (Sept./Oct.2014), DTA elimination ceases (conversion to deferred tax credit) 10 Highlights

11 Among Best Capitalized Banks in Europe Euro STOXX Banks Basel III Phased-in CET-1 Ratios June 2014 Euro STOXX Banks Basel III Fully Loaded CET-1 Ratios June 2014 Piraeus 12.8% average 16% 16% 15% 15% 14% 14% 13% 13% 13% 13% 13% 12% 12% 12% 12% 12% 11% 11% 11% 10% 10.9% average 13% 12% 12% 12% 12% 11% 11% 11% 11% 14.5% Piraeus 11% 11% 10% 10% 10% 10% 10% 10% 10% 9% 9% post new legislation for conversion of DTA to DTC Note: Group of banks reporting Basel 3 fully loaded and phased-in CET-1 ratios as at Q within the Euro STOXX banks consists of BCP, Commerzbank, Bankia, BBVA, BoI, BNP, UniCredit, SocGen, Banco Popular, Erste, UBI Banca, Banco Popolare, Deutsche Bank, BMPS, Credit Agricole, CaixaBank, KBC, NBG, Alpha 11 Highlights

12 Q FINANCIAL RESULTS Top Line Recovers Further 2.2 H OpEx Level Closer to Mid-Term Efficiency Target 2.3 Synergies: 72% Already Secured 2.4 Recurring PPI Up 17% in Q2 2.5 Reliance on ECB Funding Close to Pre-Crisis Levels 12

13 Top Line Recovers Further Core Revenues Recovery ( mn) Seasonal NFI NFI NII NII up 4% qoq, pushing NIM to 270 bps vs. 255 bps in Q NII bolstered by improving funding rates, but also loan margin expansion NFI 43 bps over assets, flat qoq in Q Q Q Q Q Seasonal refers to NFI related with agri-banking Net Interest Income Composition ( mn) Net Fee Income Composition ( mn) Other Deposits Loans Q Q Q Q Note: all data exclude one off items 13 Q Q Q Q Q Financial Results Commercial Banking Investment Banking Agri Banking Asset Management 91 wealth mngt AUM 1.6 bn M/F 0.9 bn

14 H OpEx Level Closer to Mid-Term Efficiency Target Total Operating Expenses ( mn) % +6% H1.13 H1.14 Q1.14 Q2.14 Significant reduction in staff costs and admin. expenses yoy: - staff -16% yoy - admin -4% yoy Seasonally higher Q2 admin. expenses (by c. 20 mn) attributable to: - higher promotion costs - increased collections activities - regulatory compliance costs (AQR, stress test) ( mn) H1.13 H1.14 Q1.14 Q2.14 OpEx Staff Costs Admin Costs rents promotion rd parties taxes other Depreciation OpEx (recurring) one-offs ( mn) Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Realization of Actions Drive C:I Drastic Decline One-off Costs VES % Integration % 61% DGS( 1) 44 One-off Costs % 54% (1) contribution to Greek Deposit Guarantee Scheme to cover the buildup of the required funds for the resolution mechanism C:I Q C:I Q C:I Q C:I Q C:I Q Q Financial Results

15 Synergies: 72% Already Secured Cost Synergies Fully phased: 345 mn Total Synergies Fully phased: 550 mn (incl. 45 mn revenue synergies) Actions already implemented 224 mn 121 mn Actions already implemented 398 mn 152 mn Actions taken crystallize 65% of total cost synergies Actions taken crystallize 72% of total synergies Remaining core actions 2 nd VES & revenue synergies Funding Synergies Fully phased: 160 mn Integration Costs Actions already implemented 160 mn 333 mn booked 420 mn budgeted in total Actions taken crystallize 100% of total funding synergies mn (79%) of integration costs incurred to date 15 Q Financial Results

16 Recurring PPI Up 17% in Q2 Recurring PPI Evolution ( mn) +82% Annualized PPI at 1.2 bn based on Q2 run-rate (+36% vs. FY 2013 recurring PPI) Positive jaws between banking income and expenses continue to expand ( 238 mn in Q2 2014) Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Recurring PPI Recurring PPI excl. trading income Positive Operating Jaws Q2 PPI Normalization ( mn) Banking Income Expenses Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Reported PPI One-off costs Gain from corporate restructuring deal Recurring PPI 16 Q Financial Results

17 Reliance on ECB Funding Close to Pre- Crisis Levels Eurosystem Refinancing ( bn) 45% 32 12% 1 9% 7% 5% over assets Dec-12 Dec-13 Mar-14 Jun-14 Sep-14 EFSF Bond Repos with ECB ECB ELA Significantly reduced Eurosystem utilization: o nominal 11.2%, net of EFSF bonds refinancing 6.7% of total assets as of Jun.2014 (5.2% of Sep.2014) Interbank repos with EFSF bonds in excess of 10 bn L.3723/2008 Pillar II bonds nominal value reduced by 4.6 bn in Q2 to an industry best of 5.3 bn Collateral value of remaining government guaranteed bonds at 4 bn Collateral Placed with ECB Cash value mtm, bn EFSF bonds L.3723/2008 Pillar II L.3723/2008 Pillar III Other securities Non marketable assets Collateral Value Pledged Jun bn 4.0 bn 1.5 bn 0.6 bn 0.5 bn 10.6 bn Measures to offset non-eligibility of Government Guaranteed Bonds by March 2015 o further improvement in LTD commercial gap o repos on retained covered bonds o participation in CBPT3 announced by ECB 2014 TLTRO take-up at 2.7 bn (max allowance for 2014) 17 Q Financial Results

18 ASSET QUALITY - RECOVERY BANKING UNIT (RBU) NPL Formation Further Contained 3.2 Sound NPL Coverage in All Segments 3.3 RBU at a Glance 3.4 RBU Early Results Bode Well for Future Performance 3.5 Cash & Collateral Coverage Analysis 3.6 Modified and Restructured Loans 18

19 NPL Formation Further Contained Piraeus Group NPL Formation NPL Ratio - 90dpd for All Segments (%) 3.21% c.30 bps 2.43% adj. for deleveraging in Q2 1.78% 1.68% 1.33% 1.05% bn 0.68% bn bn bn bn bn ATE Geniki Cypriot Millennium bn Q Q % 41.4% 40.9% 37.9% 25.7% 24.6% 50.5% 50.3% Impact of deleveraging NPL ratio 38.5% 1.8% 1.5% 1.1% 0.8% 0.4% 34.4% 32.8% 36.8% 36.5% 35.5% Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Note: pre write-off quarterly NPL formation (amount and bps over end-quarter loan balance) Group NPL Composition - Q Total Business Mortgages Consumer Piraeus Group Asset Quality KPIs Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 NPLs Q NPLs Q % Business Mortgages Consumer TOTAL 19.8 bn 4.6 bn 3.8 bn 28.1bn Greece International TOTAL 25.7 bn 2.4 bn 28.1 bn 3.21% 2.81% 2.90% 2.43% 1.78% 2.62% 1.68% 3.63% 1.33% 2.60% 2.59% Cost of risk 1.05% 0.68% NPL formation Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 19 Asset Quality - Recovery Banking Unit (RBU)

20 Coverage of NPL by LLRs per Product (%) Sound NPL Coverage in All Segments Group NPL & Coverage per Region - Jun.2014 (%) Q Q % 54.7% 53.8% 50.7% 17.0% 72.4% 73.4% 17.2% Total Business Mortgages Consumer coverage ratio 128% total NPL coverage incl. collateral 70% of NPLs from business loans with strong collateral best residential mortgage LTV in the market (BlackRock II) SBL lifetime CLP 18% vs.31% market avg (BlackRock II) Greece International 51.0% 38.9% 34.8% 50.7% 19.8% NPLs NPLs Coverage LLR/Loans 17.6% Q2 write-offs 268 mn predominantly in Romania Group LLRs Composition - Jun.2014 ( bn) Group LLRs over Gross Loans (%) Jun % LLRs Business Jun bn LLRs Greece Jun bn Mar % 22.6% 36.9% Mortgages Consumer TOTAL 0.8 bn 2.8 bn 14.3 bn International TOTAL 1.2 bn 14.3 bn 22.0% 19.2% 4.4% 4.2% Total Business Mortgages Consumer 20 Asset Quality - Recovery Banking Unit (RBU)

21 RBU at a Glance Troubled Assets Actively Managed for Value Holistic Approach for Sustainable Solutions 900 1, k 11.1bn 40k 15.8bn Dedicated restructuring professionals Credit staff involved at various steps of NPL mngt process Retail Clients in RBU Retail Exposure Under RBU mngt Commercial & SB Clients in RBU Business Exposure Under RBU mngt Dedicated and consistent treatment of borrowers in difficulties Value creation for Piraeus through a streamlined NPL mngt process Alignment with international best practice and EBA guidelines Internal recruitment of the best and most experienced RMs Developed suite of analytical tools to support decision-making Designed and pilot-tested best-in-class processes to: identify customer s degree of cooperation; assess their level of ongoing viability and debt capacity; select best solution treatment to cure each customer s needs Detailed customer segmentation with: industrialized & off the shelf approach for retail / SB clients; specific made to measure treatments for complex corporates Implementation of campaigns for the Retail and SB portfolio Thematic industry specific campaigns for the SME-Corporate portfolio 21 Asset Quality - Recovery Banking Unit (RBU)

22 RBU Early Results Bode Well for Future Performance Asset Quality KPIs ( bn) Dec.2013 Jun.2014 Performing - Satisfactory risk Performing - Special mention Loans with no arrears dpd Special mention exposures at only 4% of total book, as RBU officers have cleared up majority of inherited cases from acquisitions 1-89dpd loans have been reduced by more than 2bn ytd +90dpd Loans with arrears Performing dpd dpd Impaired Total loans o/w rescheduled non +90dpd o/w restructured non +90dpd Total collateral Collateral c.85% of +90dpd included in the impaired category 8% of total loan book has been modified due to crisis yet services obligations without any problem Enhanced collateralization for customers set among RBU main KPIs Note: data for Dec.2013 exclude seasonal agri-loan ( 1.9 bn) 22 Asset Quality - Recovery Banking Unit (RBU)

23 Cash & Collateral Coverage Analysis KPIs per Bucket of Arrears ( bn) Q2-14 Impairment Coverage Tangible Collateral Coverage Guarantees Coverage Total Coverage Performing - Satisfactory risk % 56% 26% 83% Performing - Special mention 2.9 1% 91% 25% 118% Loans with no arrears % 60% 26% 86% 1-29 dpd 5.8 3% 71% 21% 94% dpd 4.2 5% 73% 20% 98% +90dpd 4.5 7% 77% 12% 96% Loans with arrears % 73% 18% 96% Performing % 38% 29% 105% 1-89 dpd % 46% 23% 108% +90dpd % 44% 40% 134% Impaired % 44% 38% 129% Total loans % 56% 29% 105% 23 Asset Quality - Recovery Banking Unit (RBU)

24 Modified and Restructured Loans Total Modified / Restructured Loans ( bn) Restructured Loans by Aging Status (%) Dec.2013 Jun.2014 Modified Restructured Total restructured loans as % of total loans 8% 63% 37% Jun.2014 Performing (0 dpd) 1-89dpd Restructured loans with mild delinquency (< 90 dpd) as % of total loans 3% Restructured Loans by Credit Quality ( bn) Restructured Loans Collateralization Total Restructured Loans Neither past due nor impaired Past due not impaired Impaired TOTAL Jun bn 1.7 bn 2.1 bn 6.2 bn Total Restructured Loans LLR Coverage Collateral Coverage TOTAL Neither past due nor impaired 0% 66% 66% Past due not impaired 2% 70% 72% Impaired 35% 59% 94% TOTAL 13% 64% 77% 24 Asset Quality - Recovery Banking Unit (RBU)

25 04 AQR-STRESS TEST RESULTS 4.1 Key Takeaways 4.2 Summary Results: CET1 Ratios 4.3 CA Underlines CL Estimates in Line with BlackRock II Lifetime CLP 4.4 AQR Impact plus 3-year CLP for Greek Banks 4.5 AQR Methodology 4.6 AQR Non Performing Exposures 4.7 AQR Provisions 4.8 Overview of the Stress Test Exercise 4.9 PPI Conservatively Estimated 4.10 Prudent Loan and Other Assets Impairment 4.11 Static: CET1 Above Minimum Requirement post SCI 4.12 Dynamic: CET1 Markedly Above Minimum Requirement 25

26 Key Takeaways Piraeus is above the Comprehensive Assessment ( CA ) thresholds post AQR, in the dynamic scenario, as well as in the static scenario combined with the recent net capital increase ( 1.75bn capital net of repayment of 0.75bn Greek State preference shares). The above results are based on a set of conservative assumptions: Cumulative 3-year pre provision income ( PPI ) in the static adverse case ( 1,054 mn) is assumed to be below annualized recurring H PPI ( 1,094 mn) Prudent definition of non performing exposures ( NPE ), representing 50% of the total loan exposure, combined with conservative haircuts to collateral values Projected Loan Loss Reserves ( LLRs ) in 2016YE reach 24% of gross loans in baseline static and 26% in adverse static, in line with or lower than the BlackRock II diagnostic exercise lifetime CLPs Capital buffers to be strengthened further following the adoption of the DTA guarantee law: Fully loaded CET1 ratio of 11.1% (2013YE, pro-forma for AQR and DTA guarantee law, post the recent capital increase) Leverage ratio at 7.3% among the best in Europe (2013YE, pro-forma for AQR, post the recent capital increase) Significant additional flow of NPLs assumed over the period (12% in the baseline case and 17% in the adverse; 18% and 26% over Dec.2013 performing loans respectively) Dynamic adverse balance sheet assumes significant RWA growth; c. 8.0 bn higher than in static adverse balance sheet, leading to RWAs over assets of 76% in 2016YE vs. 65% at 2013YE 26 AQR-Stress Test Results

27 Summary Results: CET1 ratios Baseline Scenario Adverse Scenario bn buffer above threshold 10.7% % 12.4% 11.4% CET1 ratio bn buffer above threshold 6.1% bn buffer Threshold above threshold 8.0% % 8.0% 6.7% Threshold 5.5% CET1 ratio bn buffer above threshold Static Static Static post DTA guarantee law and removal of haircut on GGBs (b) Dynamic Dynamic Dynamic post DTA guarantee law Static Static Dynamic Static post DTA guarantee law and removal of haircut on GGBs (b) Dynamic Dynamic post DTA guarantee law (a) All static scenario ratios are pro-forma for April bn capital increase net of 0.75 bn Greek State preference shares repayment in May 2014 (b) Removal of pre-tax impairment of 126 mn in baseline static and 210 mn in adverse static on GGBs, which were redeemed in 2014 (Pillar I bonds). The dynamic scenario already incorporates the GGB redemption Note: Capital ratios and buffers post DTA guarantee law have been estimated by Piraeus Bank 27 AQR-Stress Test Results

28 Comprehensive Assessment Underlines Credit Loss Estimates in Line with BlackRock II Diagnostic Lifetime CLP Baseline Scenario - Static Adverse Scenario - Static ( mn) ( mn) 13,764 2,709 LLRs % gross loans 24.2% 23.8% 1,926 18,399 18,033 13,764 2,709 LLRs % gross loans 3, % 20, % 22,476 Actual LLRs, 31/21/13 31/12/13 AQR adjustment Baseline total additional LLRs Total LLRs baseline scenario Blackrock II baseline scenario lifetime CLPs (a) Actual LLRs, 31/21/13 31/12/13 AQR adjustment Adverse total additional LLRs Total LLRs adverse Blackrock II adverse scenario scenario lifetime CLPs (a) In dynamic baseline scenario LLRs at 2016YE stand at 18.1 bn (23.7% LLR ratio) In dynamic adverse scenario LLRs at 2016YE stand at 19.8 bn (26.0% LLR ratio) Note: Final provision stock at 2016YE; calculations based on YE2013 loans, BlackRock II (June 2013) (a) Lifetime losses in Greece and 3.5 years losses in foreign operations 28 AQR-Stress Test Results

29 AQR Impact plus 3-year CLP for Greek Banks 29 AQR-Stress Test Results

30 AQR Methodology Selected portfolio for credit file review covered approx. 29% of AQR loan perimeter AQR perimeter covers 84% of total loan exposure Bottom-up approach applied A Very Thorough Process Performed over a period of 4 months Coupled with a Prudent Approach Prudent definition of NPE exposure, with 50% of total loan exposure classified as NPE Conservative classification of gone concern businesses: all entities with debt / 2013 EBITDA above 6x considered gone concern Conservative provisioning taking into account either cash flows or collateral Only cash flows considered for going concern customers Only collateral considered for gone concern customers, with significant haircuts Conservative haircuts applied to valuation of collateral primarily impacting the real estate and corporate exposures Performing corporate exposures and the entire retail exposure were tested under ECB s collective provisioning models 30 AQR-Stress Test Results

31 AQR Non Performing Exposures NPL and NPE as % of Total Loans and Total Exposure, 31 December 2013 Group NPL to NPE Reconciliation, 2013YE Coverage 51% 36% 37% Group NPL 90dpd 27bn AQR Perimeter 46% NPL 90dpd NPE pre AQR 56% NPE post AQR 24bn 30bn 37bn AQR Perimeter at 66 bn, related to selected Greek portfolios, including 2.1 bn off-balance sheet exposures (LCs, LGs) Coverage 42% 50% Implied Group NPE post AQR 39bn (a) bn Group Loan balances Implied NPE Perimeter NPLs Other NPEs Pre AQR NPE (Group level) Post AQR Total Implied CA Reclass Group NPE Loans with no arrears 30.6 C dpd 12.1 A dpd Loans with arrears dpd 4.4 B dpd Impaired 23.4 Total loans Comprehensive Assessment's adjustment to NPE exposure arising from a very conservative approach of modified loans 33 bn NPE pre AQR as submitted by Piraeus 39 bn NPE post AQR post CA reclassifications A B C Contamination of non-impaired borrowers due to recognition of associated borrowers as NPEs Impaired loans below 90 days classified as NPEs All loans twice modified over the past 3 years and with even 1 day of delinquency in the last 12 months (a) 39.4 bn ΝPEs divided by 76.1 gross loans plus 2.1 bn off-balance sheet items 31 AQR-Stress Test Results

32 AQR Provisions ( mn) Group Credit Risk RWA 2013YE NPE provision coverage ratio pre-aqr Sampled Files AQR adjustment to provisions Projection of findings Collective review Total adjustments to provisions (gross of tax) Impact on CET1 ratio (gross of tax 31 Dec 13) Sovereigns and Supranational 641 Institutions 766 Retail / SBL 17, % (0.9%) Corporates / Large SME 30, % ,168 (3.6%) Other Assets 6,912 - Total 56, % ,709 (4.5%) (a) Driven by classification as gone concern of Greek corporates with debt / EBITDA > 6x New provisions mainly on mortgages, driven by a very conservative approach in reclassification (loans with terms modified twice over the past 3 years and with even 1 day of arrears in 2013) Note: AQR impact includes additional 83 mn provision related to CVA and Level 3 exposures which are not shown on the table (a) Gross of tax 32 AQR-Stress Test Results Coverage ratio for reclassified corporate NPEs increases to 14% vs. 18% needed for SSM banks

33 Overview of the Stress Test Exercise Static Dynamic Baseline scenario - Capital Impact ( mn) 4,104 Baseline scenario - Capital Impact ( mn) 2,468 (1,862) (135) (632) 367 1,842 (1,926) (253) (87) (767) (564) Adverse scenario - Capital Impact ( mn) 1,054 1,927 Adverse scenario - Capital Impact ( mn) (3,647) (693) 986 (1,035) (3,335) (3,421) (574) (1,438) PPI Loan Impairment RE Impairment & Other Tax Other Stress Test Capital Adjustments 33 PPI Loan RE Impairment Impairment & Other Tax Other Stress Test Capital Adjustments Note: Dynamic scenario data based on Piraeus submission AQR-Stress Test Results Other capital adjustments refer mainly to DTA phasing in (static baseline: mn, static adverse: - 906mn, while for dynamic they also include 2014 capital increase

34 PPI Conservatively Estimated CA Estimated 3Y PPI 4,104 CA s PPI vs. Run Rates Reference Runrate of PPI ( mn) Conservative assumptions adopted on capital generation capacity Comprehensive Assessment estimates imply substantial haircut to recently reported normalised PPI: 3,282 3,540 Methodology capped NII and NFCI as well as OpEx to 2013 level (adjusted for one-offs) 2,468 1,927 2,835 Adverse scenario was respectively impacted by further NII hit (increased funding cost, immaterial asset repricing, no income from defaulted loans) and floored OpEx in line with base case. Adverse static 3Y PPI is only 26% of baseline dynamic 3Y PPI 1,054 Extrapolation of Q normalized PPI would imply c. 1.1 bn additional capital (pre-tax) versus baseline scenario in static approach Baseline Adverse Baseline Adverse H Q 2014 Recur. Recur. Recur. Static Dynamic x3 x6 x12 (a) (b) (b) Note: Dynamic scenario data based on Piraeus submission (a) Excludes one-off items such as VES costs, integration costs etc. (b) Excludes one-off items such as VES costs, integration costs, non core gains etc. 34 AQR-Stress Test Results

35 Prudent Loan and Other Assets Impairment Prudent Loan Impairment (Static Approach) Based on flow of new defaults akin to renewed stress over the forecast period (post AQR) Additional 12% 3Y NPL flow under the base case cumulatively (or 18% over performing loans) Additional 17% 3Y NPL flow under the adverse case cumulatively (or 26% over performing loans) Total loan impairment of 2.0 bn in baseline and 3.6 bn in adverse after taking into AQR impact at the starting point NPL Flows (as % of Loans) 2.9% 6.6% 8.1% 6.2% 2.7% Cumulative new NPL flow: (b) Baseline static: 12%/18% Adverse static: 17%/26% (b) (a) 6.3% 4.9% 5.5% 3.8% 4.8% 3.1% Adverse Baseline Real Estate & Other Impairments (Static Approach) Real Estate impairment post AQR at 0.2 bn in baseline and 0.6 bn adverse in 3Y Real estate is marked down conservatively, implying continuing asset deflation in Baseline Adverse Real estate property 4% 14% Investment property 13% 38% Total exposure of c. 2.2 bn, out of which 0.8 bn of ownuse and 1.4 bn of investment property and repossessed assets Impairment of GGBs ( 126 mn baseline static, 210 mn adverse static pre-tax) that were redeemed in May 2014 (Pillar I bonds) FY10 FY11 FY12 FY13 Q2.14 FY14 FY15 FY16 (a) (b) Annualized Over performing loans as of Dec AQR-Stress Test Results

36 Static: CET1 Above Min Requirement post SCI Static Capital Position CET1: Baseline Adverse Static balance sheet % mn % mn CET1 13.7% 8, % 8,171 AQR (3.7%) (2,212) (3.7%) (2,212) AQR Adj. CET1 10.0% 5, % 5,959 PPI estimated to be significantly lower than the run-rate: Baseline: 30% lower than annualized 2Q 2014 Adverse: 70% lower than annualized 2Q Y adverse static PPI is only 26% of 3Y baseline dynamic PPI RWA 59,716 59,716 Stress test (1.0%) (564) (5.6%) (3,335) Includes impairment of GGBs that were redeemed in 2014 (Pillar I) Adj. CET1 for AQR and stress test 9.0% 5, % 2,624 Capital raise net of prefs repayment +1.7% 1, % 1,000 Comprehensive Assessment 10.7% 6, % 3,624 Baseline: 10.7% vs. 8.0% threshold, i.e. 1.6 bn capital buffer Adverse: 6.1% vs. 5.5% threshold, i.e. 0.3 bn capital buffer DTA guarantee law impact +1.1% % 1,051 Reversal of GGB impairment (post tax) +0.2% % 188 Comprehensive Assessment, post DTA guarantee law impact 12.0% 7, % 4,864 Notes: DTA guarantee law impact reflects Piraeus estimate Removal of pre-tax impairment of 126 mn in baseline static and 210 mn in adverse static on GGBs, which were redeemed in 2014 (Pillar I bonds) 36 AQR-Stress Test Results Baseline: 12.0% vs. 8.0% threshold, i.e. 2.5 bn capital buffer Adverse: 8.0% vs. 5.5% threshold, i.e. 1.5 bn capital buffer

37 Dynamic: CET1 Markedly Above Min Requirement Dynamic Capital Position CET1: Baseline Adverse Dynamic balance sheet % mn % mn CET1 13.7% 8, % 8,171 PPI estimated to be significantly lower than the run-rate in the adverse scenario: Baseline: 16% higher than annualized 2Q 2014 Adverse: 46% lower than annualized 2Q 2014 AQR (3.7%) (2,212) (3.7%) (2,212) AQR Adj. CET1 10.0% 5, % 5,959 RWA 62,177 67,662 Adverse: 76% RWA / 2016 assets (2013 actual RWA / assets at 65%, RWAs 59,716 mn ) Stress test (a) +1.4% +1,130 (3.3%) (1,438) Comprehensive Assessment 11.4% 7, % 4,521 Baseline: 11.4% vs. 8.0% threshold, i.e. 2.1 bn capital buffer Adverse: 6.7% vs. 5.5% threshold, i.e. 0.8 bn capital buffer DTA guarantee law impact +0.9% % 938 Comprehensive Assessment, post DTA guarantee law impact 12.4% 7, % 5,459 Baseline: 12.4% vs. 8.0% threshold, i.e. 2.8 bn capital buffer Adverse: 8.0% vs. 5.5% threshold, i.e. 1.7 bn capital buffer Note: DTA guarantee law impact reflects Piraeus estimate (a) Includes the 1.75 mn capital increase, net of the repayment of 0.75 bn Greek State preference shares (May 2014) plus impact of RWA increase 37 AQR-Stress Test Results

38 DOMESTIC OPERATIONS P&L Highlights 5.7 Deposit Portfolio 5.2 Core Banking Income Drives PPI Expansion 5.8 Footprint Target Upgraded 5.3 Customer Portfolio Yields 5.4 Operating Costs 5.5 Loan Portfolio 5.6 Asset Quality Metrics 38

39 Domestic ( mn) Q2.14 Q1.14 qoq H1.14 Net Interest Income % 820 Net Fee Income % 134 Banking Income % 955 Trading & Other Income 50 7 >100 % 57 Total Net Revenues (recurring) % 1,012 - including one-off Items % 1,155 P&L Highlights NFI is trending up due to repricing launched mid Q2.14 Recurring revenues up 14% qoq Employee Costs (150) (157) -4% (307) Administrative Expenses (112) (92) 22% (204) Depreciation & Other (25) (18) 39% (43) Total OpEx (recurring) (287) (267) 8% (554) - including one-off Items (315) (299) 5% (614) PPI (recurring) % including one-off items >100 % 541 Income from Associates 8 (4) - 4 Impairment on Loans (414) (417) -1% (831) Impairment on Other Assets (35) (21) 72% (56) Pre Tax Result (75) (267) 72% (341) Tax Net Result Attrib. to SHs 202 (197) - 5 Admin costs affected by collection expenses and RBU related costs plus taxes in Q2 Provisioning marginally down qoq Greece profitable in Q2.14 (P&L including one-off items) Note: all data exclude one off items 39 Domestic Operations

40 Core Banking Income Drives PPI Expansion Domestic Operating Jaws Domestic NII Breakdown 489 mn Q2.14 Q1.14 qoq Banking Income Expenses Loans: Mortgages Consumer Corporate Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Total loans Domestic Net Interest Margin Deposits: Savings & Current accounts % 2.07% 2.17% 2.26% 2.42% 2.57% Term deposits Total Deposits Other NII Total NII Q1.13 Q2.13 Q3.13 Q4.13 Q1.14 Q2.14 Note: data like-for-like for acquisitions in 2013 and excluding one-off items 40 Domestic Operations

41 Customer Portfolio Yields Greek Customer Rates (quarterly average) Q3.13 Q4.13 Q1.14 Q2.14 Q3.14 Deposits 2.47% 2.14% 1.97% 1.84% 1.63% Sight 0.96% 0.92% 0.87% 0.80% 0.80% Savings 0.51% 0.40% 0.37% 0.36% 0.36% Time 3.63% 3.18% 2.93% 2.71% 2.36% Loan Rates in Greece Total Stock Q3.14 Q2.14 Q1.14 Front Book Total Stock Front Book Total Stock Front Book Mortgages 2.8% 4.3% 2.8% 4.5% 2.8% 4.4% Consumer 9.8% 9.6% 9.7% 9.5% 9.7% 10.8% Business 5.1% 5.5% 5.2% 5.8% 5.1% 5.8% Total 4.8% 5.6% 4.9% 5.9% 4.8% 5.8% Q2 new flows bn business + 32 mn retail Loans 4.94% 4.72% 4.79% 4.86% 4.76% Mortgages 2.99% 2.85% 2.84% 2.81% 2.75% Consumer 9.97% 9.58% 9.74% 9.70% 9.85% Business 5.24% 5.01% 5.11% 5.24% 5.13% Rates refer to total Greek banking operations (Piraeus Bank and Geniki Bank) Business Loans (total stock) Q2.14 Q1.14 Corporate 4.6% 4.6% Shipping 4.2% 4.2% SME/SBL 5.8% 5.6% Total 5.2% 5.1% 41 Domestic Operations

42 Operating Costs Operating Costs ( mn) Cost to Income (%) avg 2013 q: 322 mn % 72% 62% 59% 56% 53% Q Q Q Q Q Q Q Q Q Q Q Q Staff Costs ( mn) avg 2013 q: 183 mn Q Q Q Q Q Q Note: data like-for-like for acquisitions in 2013 and excluding one-off items 42 General Administrative Expenses ( mn) mn Domestic Operations Q Q Q Rents Third Parties Product Servicing Promotion Taxes Other Total Q2 impact main increase related with collection costs and high promotion expenses Note: 3rd parties costs relate to consulting, IT advisory-support, card processing services, facility mngt services

43 Loan Portfolio Gross Loans Evolution ( mn) Business Loans H1 Flows ( mn) Jun.13 Note: Dec.13 excludes seasonal agri-loan Dec.13 Mar.14 Jun.14 Δ yoy Δ ytd Total 68,472 67,124 66,645 66,199-3% -1% Business 43,759 42,977 42,760 42,536-3% -1% Mortgages 17,820 17,392 17,240 17,089-4% -2% Consumer 6,893 6,756 6,645 6,574-5% -3% Portfolio Mix per Industry & Segment (%) +1,190 +1, Q1.14 Q2.14 Loan Market Shares Total Business 0 Corporates SMEs Other Service Health Technical IT Agriculture Energy Fin. Service Tourism Real Estate Transport Construction Trade Manufacturing Retail 6.4% 0.9% 1.4% 1.5% 1.7% 2.4% 4.8% 4.9% 4.9% 6.6% 9.1% 9.9% 10.9% SME 32% Shipping 5% 34.7% Large 23% SBL 4% Consumer 10% Mortgages 26% 34.5% 29.7% 24.3% 22.1% Business Mortgages Consumer Total 43 Domestic Operations

44 Asset Quality Metrics NPL & Cash Coverage (%) NPL Formation per Segment ( mn) Q Q % 38.2% 51.0% 50.4% 19.8% 19.2% Q Q NPLs coverage by LLRs and collateral 128% NPLS Cash Coverage LLR/Loans Total Business Mortgages Consumer Note: pre write-off quarterly NPL formation Total Coverage - Q (%) Cost of Risk (%) Collateral Coverage Cash Coverage 158% 128% 125% 4.24% 114% 87% 77% 69% 2.95% 98% 2.49% 2.50% 51% 56% 71% 16% Total Business Mortgages Consumer FY 12 FY 13 Q1 14 Q2 14 Q2 cost of risk 239 bps Average LTV for Greek mortgage book 77% 44 Domestic Operations

45 Deposit Portfolio Deposit Evolution ( mn) Deposit Market Shares (%) Jun.13 Dec.13 Mar.14 Jun.14 Δ yoy Δ ytd 27.7% 28.7% 28.5% Total 50,243 49,650 49,801 49,494-1% 0% Savings 11,838 12,550 11,959 11,869 0% -5% Sight 7,578 8,421 8,519 8,017 +6% -5% Time 30,828 28,679 29,323 29,607-4% +3% Sight-Savings Time Total Deposit Mix per Customer Type (%) New Time Deposits Rates (%) Retail 78% Business 22% Time 64% Time 45% Retail (%) Core 36% Business (%) Core 55% 4.60% 4.29% Greek Market 3.76% Piraeus 4.40% 4.23% 3.06% 3.64% 2.79% 2.75% 2.82% 2.71% 2.66% 2.35% 2.05% 2.27% 2.00% Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Deposits from households and firms with agreed maturity up to 2 years 45 Domestic Operations

46 Footprint Target Upgraded New Target at c.800 Units by Dec.2014 (previously 860) Domestic Footprint - Sep.2014 (#870) Key Business Targets Transactional Excellence- Processes People KPIs Customer Business Focus Epirus #28 Thessaly #47 Macedonia #132 Thessalonica #89 Deposit market share retention Time deposit further repricing Active NPL management for retail customers (individuals & SB) Cost synergies materialization (95% crystallized) Queuing Time Decreased 15% vs. Dec.2013 Significant increase of Automated Transaction Points ytd [+c.100 to 470] Rechanneling cashier transactions to ATPs by 3% vs. Dec.2013 Culture harmonization Completion of Best Fit allocation Ongoing training 8.7 employees per branch on average, best in class in Greece ~5 mn customers Customer satisfaction rates stable Zero attrition Affluent and SB specialized segment management Strong relationships with agricultural sector SB support European Structural Funds Mass Retail further x-sell improvement Ionian #16 W.Greece #53 Central Greece #49 Peloponnese #58 Attica #292 Crete # % Aegean #50 46 Domestic Operations achievement of target for Greek branch closures (864 units in Nov.2014 from 1,354, new target for c.800 by year-end 2014)

47 INTERNATIONAL OPERATIONS P&L Highlights 6.2 International P&L 6.3 Loan & Deposit Portfolios 6.4 Presence per Country 6.5 Romania and Bulgaria at a Glance 47

48 International ( mn) Q2.14 Q1.14 qoq H1.14 Net Interest Income % 159 Net Fee Income % 26 Banking Income % 185 Trading & Other Income % 16 Total Net Revenues (recurring) % including one-off Items % 179 Employee Costs (25) (26) -6% (51) Administrative Expenses (24) (23) 1% (47) Depreciation & Other (7) (7) 3% (14) Total OpEx (recurring) (55) (57) -2% (112) P&L Highlights Resilient banking income despite deleveraging C:Ι down 15 ppts q-o-q to 56% PPI (recurring) % 89 - including one-off items % 67 Income from Associates Impairment on Loans (61) (64) -4% (125) Impairment on Other Assets (22) (14) 56% (37) Cost of risk contained at 3.5% Pre Tax Result (40) (55) 28% (95) Tax % 7 Net Result Attrib. to SHs (37) (50) 25% (87) 48 International Operations

49 International P&L Core Banking Income ( mn) Pre-Provision Income ( mn) NFI NII Q Q Q Q Q Q Q Q Q Q Q Q OpEX ( mn) Loan Loss Charges ( mn, % on avg loans) % 7.2% 4.1% 2.4% 3.7% 3.5% Admin Depreciation Staff Costs Q Q Q Q Q Q Q Q Q Q Q Q International Operations

50 Loan & Deposit Portfolios Gross Loans Evolution ( mn) Jun.13 Dec.13 Mar.14 Jun.14 yoy ytd Total 7,207 7,050 6,965 6,860-5% -3% Business 5,358 5,252 5,176 5,202-3% -1% Mortgages % -2% Deleveraging continues, mainly in retail business LTD slashed by 19 ppts yoy down to 115% Deposits grew markedly +10% yoy Consumer 1,141 1,106 1, % -11% Deposit Evolution ( mn) Jun.13 Dec.13 Mar.14 Jun.14 yoy ytd Total 4,490 4,629 4,809 4,929 10% 6% Savings % 6% Sight ,076 1,106 20% 21% Time 3,294 3,393 3,409 3,483 6% 3% Deposits ( mn) Dec.13 Jun.14 ytd Cyprus 910 1,065 17% Bulgaria % Romania 1,027 1,080 5% 50 International Operations

51 Presence per Country Market Shares (June 2014) Loans Deposits Albania 8.3% 8.3% Bulgaria 4.4% 3.0% Romania Branches (#) 135 Employees (#) 1,628 Assets ( mn) 1,822 Bulgaria Branches (#) 83 Employees (#) 911 Assets ( mn) 1,786 Cyprus Branches (#) 14 Employees (#) 334 Assets ( mn) 1,198 Cyprus 1.4% 2.3% Egypt 0.8% 0.5% Romania 3.2% 1.8% Serbia 3.0% 2.0% Ukraine 0.2% 0.2% Ukraine Branches (#) 28 Employees (#) 562 Assets ( mn) 181 Serbia Branches (#) 34 Employees (#) 563 Assets ( mn) 514 Egypt Branches (#) 39 Employees (#) 1,291 Assets ( mn) 899 Piraeus Bank volumes as per IFRS local books and Central Banks for market volumes 7 subsidiaries 2 branches (London, Frankfurt) Albania Branches (#) 53 Employees (#) 471 Assets ( mn) 743 London Branch (#) 1 Employees (#) 29 Assets ( mn) 1,546 Frankfurt Branch (#) 1 Employees (#) 15 Assets ( mn) International Operations

52 Romania & Bulgaria at a Glance Romania Jun.14 Assets 1.8 bn Gross customer loans 1.5 bn Loan loss reserves 0.4 bn Deposits 1.1 bn Net parent funding 0.5 bn Book value (bank accounts) 0.2 bn Capital adequacy 13% Q2.14 Net Revenues 80 mn OpEx 35 mn PPI 45 mn Jun.14 NPLs (%) 29% Coverage (%) 86% Bulgaria Jun.14 Assets 1.8 bn Gross customer loans 1.3 bn Loan loss reserves 0.2 bn Deposits 1.0 bn Net parent funding 0.3 bn Book value (bank accounts) 0.3 bn Capital adequacy 29% Q2.14 Net Revenues 28 mn OpEx 17 mn PPI 12 mn Jun.14 NPLs (%) 29% Coverage (%) 40% Loan balances still on a deleveraging trend: Romania -6% yoy, Bulgaria -3% yoy Deposits are up by 14% in Romania and 18% in Bulgaria yoy Thanks to robust deposit growth, LTD ratio has improved to 107% in Romania (-11 ppts yoy) and to 119% in Bulgaria (-30 ppts yoy) In Romania, NPLs ratio declined to 29% in Jun.14 vs. 35% in Mar.14 on the back of portfolio clean-up ( 180 mn write-offs in Q2.14). Coverage at 86% NPLs ratio in Bulgaria at 29%, with cash and tangible collateral well above 100%, as the business portfolio accounts for 83% of the total 52 International Operations

53 07 MACRO & BANKING UPDATE 7.1 Greek Macro Update 7.2 Greek Banking Update 7.3 Greek Banking Market Key Figures 7.4 Stabilization of Economic Activity 7.5 Financial Conditions and Economic Climate 7.6 Investment - Corporate Sector 7.7 Current Account Balance & Tourism 7.8 Budget Execution 7.9 Labour Market 7.10 SEE Macro Outlook 53

54 Greek Macro Update Macro Environment From twin deficits to twin surpluses (C/A of 0.8% of GDP; primary fiscal balance of 0.8% in 2013; 2014 projection 2.0% and 1.6% respectively) Economy has regained lost competitiveness as measured by the nominal unit labor cost Greece has returned to the bond markets after a 4-year hiatus Greek economic sentiment improved by 9.3 ppts to in Oct.2014 vs at the beginning of 2014 GDP and employment negative growth rate seems to decelerate Greek GDP Change yoy (%) Q1/13 Q2/13 Q3/13 Q4/13 Q1/14 Q2/14 54 Macro & Banking Update

55 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep Greek Banking Update Banking Environment Customer deposits have increased by 13% from trough (Jun.2012-Sep.2014) Loans to deposits ratio improved to 102% in Sep.2014 compared to 138% in Jun.2012 Interest rates on new time deposits decreased by 293 bps since Jun.2012, down to 208 bps in Sep.2014 (2) Eurosystem financing down to 43 bn in Sep.2014, -68% vs. Jun.2012 peak ( 136 bn) Currency in circulation down to 31 bn in Sep.2014, -31% vs. 45 bn peak in Jun.2012 ( 20 bn level pre crisis) LLRs over gross loans ratio increased to 16.5% in Sep.2014 (2.8% in Dec.2008) 8.3 bn capital raised from 4 Banks in 2014, in parallel with 2.3 bn bond issues Time Deposit Rates (%) 4.9% 4.4% 3.9% 3.4% 2.9% 2.4% 1.9% 1.4% New - GR Outstanding - GR Outstanding - Euroarea 2.37% 2.08% 1.50% (1) Sources for this slide: EL.STAT., BoG (2) Deposits from households with agreed maturity up to 1 year 55 Macro & Banking Update

56 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Market Volumes Stabilization ( mn) Greek Banking Market Key Figures Loan to Deposit Ratio at Healthy Level (%) 290, , , % 130% 120% 230, , % ytd 110% 102% 210, % 190, ,000 Loans Deposits 178, % ytd 90% 80% 70% 150,000 60% High Level of LLRs and NPLs (% over Loans) 40.0% LLRs/Loans 35.0% NPLs/Loans 30.0% Unemployment 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 34.1% 26.6% 16.5% Deposit market has increased by 1% in 9m 2014 ytd Loan deleveraging continues, yet at decelerated pace; -3.5% yoy in Sep.2014 vs. -3.9% yoy in 2013 NPLs ratio remains elevated (34.1% Jun.2014) post 6 years of recession; yet, LLRs over gross loans have climbed to 16.5% in Sep Macro & Banking Update

57 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 Q3/10 Q1/11 Q3/11 Q1/12 Q3/12 Q1/13 Q3/13 Q1/14 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 Q3/10 Q1/11 Q3/11 Q1/12 Q3/12 Q1/13 Q3/13 Q1/14 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 Q3/10 Q1/11 Q3/11 Q1/12 Q3/12 Q1/13 Q3/13 Q1/14 Q3/14 GDP (y-o-y % change, nsa data) vs. ESI Stabilization of Economic Activity In May 2014 ESI started moving above its long-term average On a yoy basis, GDP contracted by just 0.3% in Q According to our seasonally adjusted data, GDP expanded by 0.2% on a quarterly basis This trend bodes well for the stabilization of the economy and its recovery towards the end of the year More clarity on the cyclical developments of the economic activity is provided by what is known as the 2 nd derivative of GDP. The 2 nd derivative indicates a continuously improving trend* * an intuitive way to identify the real turning point is when the rate of change of the growth rate switches over from a negative to a positive value (in other words when the second derivative changes sign) Economic Sentiment Indicator (LHS) GDP (% change) Real GDP growth (% ΥoΥ, RHS) Real GDP (sa, % change) nd derivative<0 2nd derivative>0 GDP_sa_2005=100 (QoQ% change) GDP_sa_2005=100 (YoY% change) GDP_nsa_2005=100 (YoY % change) Note: Seasonally adjusted data according to PrB estimates Sources: European Commission DG ECFIN, ELSTAT, Piraeus Bank Economic Research 57 2nd derivative Real GDP growth rate (sa, ΥοΥ % change) Note: Seasonally adjusted data according to PrB estimates Macro & Banking Update

58 Jan-03 May-03 Sep-03 Jan-04 May-04 Sep-04 Jan-05 May-05 Sep-05 Jan-06 May-06 Sep-06 Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 level Economic Tracer downswing contraction Jan.' mom change Aug.' expansion upswing Financial Conditions & Economic Climate According to our mapping of the business cycle, Greece has moved back into the expansionary quadrant Our Financial Distress Index (FDSI), which reflects the conditions of liquidity and solvency not only of the banking sector, but of the Greek economy as a whole, has shown a remarkable retrenchment, mirroring the substantial decline in the financial stress of the Greek economy The cost of funding for large non-financial Greek corporates has also improved significantly in recent months Greece has returned to the bond markets after a 4-year period. A second Government bond was issued on 10 th of July. This 3-year bond has an annual coupon of 3.375% and a principal amount of 1.5bn Greek Financial Distress Index Greek Corporate Bond Yield June ' Sources: European Commission DG ECFIN, ELSTAT, Bank of Greece, Teiresias, Bloomberg, Minfin Piraeus Bank Economic Research 58 Macro & Banking Update

59 Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q1 Q1/01 Q3/01 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 Q3/10 Q1/11 Q3/11 Q1/12 Q3/12 Q1/13 Q3/13 Q1/14 Q3/14 Capacity Utilization in Manufacturing (%, sa) Investment - Corporate Sector Business capex has moved into positive territory following strong figures for capacity utilization and manufacturing confidence The level of capacity utilization follows an upward trend since mid Current level of capacity utilization (%) Average ( ) Industrial Confidence Indicator (sa) Gross Fixed Capital Formation (current prices, mn ) , , , , , , , , , , Industrial Confidence indicator (sa, level) Average Level ( ) Metal products and machinery Constructions (excl. Residential) Transport equipment Agricultural & other products *Sources: European Commission DG ECFIN, ELSTAT, Piraeus Bank Economic Research 59 Total (excl. Residential, YoY%change), RHS Macro & Banking Update

60 Jan. Jan.-Feb. Jan.-Mar. Jan.-Apr. Jan.-May Jan.-Jun. Jan.-Jul. Jan.-Aug. Jan.-Sep. Jan.-Oct. Jan.-Nov. Jan.-Dec. Jan. Jan.-Feb. Jan.-Mar. Jan.-Apr. Jan.-May Jan.-Jun. Jan.-Jul. Jan.-Aug. Jan.-Sep. Jan.-Oct. Jan.-Nov. Jan.-Dec. Jan. Jan.-Feb. Jan.-Mar. Jan.-Apr. Jan.-May Jan.-Jun. Jan.-Jul. Jan.-Aug. Jan.-Sep. Jan.-Oct. Jan.-Nov. Jan.-Dec. Current Account Balance (cumulative, mn ) Current Account Balance & Tourism The improvement in the current account balance has been persistent and broad based. Current account balance has shown a significant improvement, posting a surplus of 1.4 bn (0.8% of GDP) in 2013 The balance of goods & services (excl. oil & ships) has been in surplus since However, a substantial part of the improvement is due to import decline In the January-July 2014 period, the current account surplus came to 567 mn, (Jan-July 13 : 399 mn), mainly due to the services balance improvement The tourism industry is expected to be one of the main sectors, which will lay the foundations for the stabilization of the Greek economy Tourism revenues are up mn in July 2014 pushing the Current Account Balance into positive territory During 8m 2014, travel spending by non-residents in Greece was increased by 14%, reflecting a 21% rise in non-residents arrivals Trade Balance of Goods & Services (mn ) Travel Receipts (cumulative, mn) Sources: Bank of Greece, Piraeus Bank Economic Research Macro & Banking Update

61 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan. Jan.-Feb. Jan.-Mar. Jan.-Apr. Jan.-May Jan.-Jun. Jan.-Jul. Jan.-Aug. Jan.-Sep. Jan.-Oct. Jan.-Nov. Jan.-Dec. Jan Jan-Feb Jan-Mar Jan-Apr Jan-May Jan-June Jan-July Jan-Aug Budget Execution Ordinary Budget Execution (cumulative, mn) Net Revenue (outcome) Expenditure (outcome) Net Revenue (Target) Expenditure (target) The execution of the State Budget is on track (Jan-Aug.2014: bn, target: - 4.1bn) and the primary budget (excl. interest payments) has been in surplus since the beginning of the year The οordinary budget deficit was below the target mainly due to the underexecution of the expenditure bill After reaching historic record lows in 2012 and 2013, public Investment expenditure has began to recover, going back to its 2011 level. Substantial transfers from the EU will allow the Greek government to accelerate the implementation of the PIP and support growth Public sector spending on infrastructure projects via the PIP has increased to over 600mn per month (on a rolling basis) reaching pre-crisis level Public Investment Programme, Disbursements (flows, mn, 12m moving average) (cumulative, mn) Sources: MinFin, Piraeus Bank Economic Research Disbursements (12m moving average,flows) 61 Macro & Banking Update

62 Q1/02 Q3/02 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 Q3/10 Q1/11 Q3/11 Q1/12 Q3/12 Q1/13 Q3/13 Q1/14 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Q1/03 Q3/03 Q1/04 Q3/04 Q1/05 Q3/05 Q1/06 Q3/06 Q1/07 Q3/07 Q1/08 Q3/08 Q1/09 Q3/09 Q1/10 Q3/10 Q1/11 Q3/11 Q1/12 Q3/12 Q1/13 Q3/13 Q1/14 Employment (yoy % change, nsa data) ndderivative < 0 2ndderivative > Labour Market The 2nd derivative of payrolls has switched over to a positive sign since the 4th quarter of 2012 Job creation schemes have had a substantial impact on the labour market, leading to a stabilization in payroll figures and pushing unemployment down to 27.0% in June 2014, sa data) from 27.4% at end-2013 EU funding is up by more than 1bn running up to June Part of the funding has been allocated to finance investments but a substantial part has been directed towards supporting the long term unemployed and low income households In Q the unemployment rate stood at 26.6% from 27.3% in Q (non-sa data). Employment was increased by a slight 0.1% yoy, i.e by 4.1 thousand people 2nd derivative Employment (YoY% change) Employment (yoy % change & level) ,900 4,700 4,500 4,300 4,100 3,900 3,700 3,500 Hiring Intentions (normalized data, sa, 3m moving average) , Employed, in thousands (RHS) YoY % change (LHS) average level ( ), RHS Sources: DG ECFIN, EL.STAT., Piraeus Bank Economic Research 62 Macro & Banking Update

63 Albania Bulgaria Cyprus Egypt Romania Serbia Ukraine Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun Economic Growth Countries with Piraeus Bank Presence, excl. Greece SEE Macro Outlook All countries in the region with the exception of Egypt, Ukraine, Serbiafollowing the May floods- and Cyprus are expected to register solid growth rates in Nevertheless, the transition to a new growth model based on investment and exports is proving rather challenging, limiting growth to levels substantially below their potential. European Union In 2013, the local Central Banks started a monetary policy easing cycle in order to strengthen local economic activity as inflationary pressures subside, but they are expected to halt the easing in Fiscal measures have proved effective for most countries. However, the IMF has increased, and is expected to further increase, its involvement in the region External imbalances persist, but have significantly improved as activity and exports gain momentum. Unemployment Rate % Real GDP (% y-o-y) Table of Economic Forecasts Inflation Fiscal Balance (% GDP) Current Account Balance (% GDP) f 2015f f 2015f f 2015f f 2015f Albania Bulgaria Cyprus Egypt Romania Serbia Ukraine Q Q Sources: Piraeus Bank Research, IMF, National Statistical Sources Macro & Banking Update

64 APPENDICES Piraeus Highlights (June 2014) 8.2 P&L and Balance Sheet 8.3 P&L (quarterly) 8.4 Group Results: Domestic / International 8.5 Loan & Deposit Portfolios 8.6 Assets & Liabilities Composition 8.7 Premiere Franchise in Greece by Loans, Deposits & Footprint 8.8 Piraeus History at a Glance 8.9 Record-Time Integration of Legacy Banks 8.10 Piraeus Concise Organizational Chart 8.11 Shareholder Structure - Piraeus Stock Data 64

65 Piraeus Highlights (June 2014) Selected Figures (30 June 2014) Total Assets 88.5 bn Total Equity 9.4 bn Regulatory CET-1 Capital (B3) 8.9 bn RWAs (B3) 59.7 bn Gross Customer Loans 73.1 bn Loan Loss Reserves (LLRs) 14.3 bn Net Loans to Customers 58.7 bn Customer Deposits 54.4 bn Customers (#) 6.5 mn Branches (#) 1,277 Employees (#) 22,343 NPL Ratio 39% NPL Coverage Ratio 51% NPL Coverage by Provisions and Collateral 128% 108% 7% 20% 15% Net Loans to Deposits Net Eurosystem Funding to Assets LLRs to Gross Loans Common Equity Tier 1 Ratio (B3) 65 Appendices

66 Profit & Loss ( mn) P&L and Balance Sheet Balance Sheet ( mn) H1.14 H1.13 yoy Net Interest Income % Net Fee Income % Trading & Other Income % Total Net Revenues (recurring) 1,213 1,129 7% - including one-off Items 1,334 1,070 25% Employee Costs (358) (424) -16% Administrative Expenses (251) (262) -4% Depreciation & Other (57) (66) -13% Total Operating Costs (recurring) (666) (752) -11% - including one-off Items (726) (769) -6% Recurring Pre Provision Income % - including one-off items >100% Income from Associates 4 (4) - Impairment on Loans (956) (1,124) -15% Impairment on Other Assets (92) (116) -20% Profit Before Tax (436) (943) 54% Tax Net Profit Attributable to SHs (82) (354) - Discontinued Ops Income (1) 21 - Jun.14 Jun.13 yoy Cash/balance with Central Banks 3,462 3,438 1% Loans & Advances to Banks % Gross Loans 73,059 75,679-3% (Loan Loss Reserves) (14,346) (12,362) 16% Securities 16,492 19,266-14% - o/w EFSF Bonds 14,284 14,303 Intangibles & Goodwill % Fixed Assets 2,345 2,430-4% Deferred Tax Assets 3,260 2,627 24% Other Assets 3,277 2,955 11% Assets of Discontinued Ops % Total Assets 88,451 95,026-7% Due to Banks 21,133 27,430-23% Deposits 54,423 54,733-1% Debt Securities 1, % Other Liabilities 1,987 2,151-8% Liabilities of Discontinued Ops % Total Liabilities 79,085 85,564-8% Total Equity 9,366 9,462-1% Total Liabilities & Equity 88,451 95,026-7% Notes: H1.13 is pro-forma for 2013 acquisitions as of in Greece, excl. negative goodwill of 3.8 bn; discontinued operations refer to ATE Insurance and ATE Insurance Romania 66 Appendices

67 P&L (quarterly) PPI Evolution ( mn) Q2.14 Q1.14 qoq Net Interest Income % Net Fee Income % Banking income % Trading & Other income >100% Total Net Revenues (recurring) % - one-offs: Ukraine loss (Q1.14), corporate restructuring transaction (Q2.14) 144 (22) - Total Net Revenues (incl. one-off items) % Employee Costs (175) (183) -4% Adm. Expenses & Depreciation (168) (140) 19% Total Operating Costs (recurring) (343) (323) 6% - one-off integration costs (28) (32) -12% Total Operating Costs (incl.one-off items) (371) (355) 4% Pre Provision Income (recurring) % Pre Provision Income (incl. one-off items) >100% PAT Reconciliation ( mn) Q2.14 Q1.14 qoq PPI (recurring) % Impairment on Loans (476) (481) -1% Profit Before Tax (recurring) (181) (229) 21% - one-off Items 116 (54) - - other impairments (58) (35) 65% - associate income 8 (4) - Pre Tax Result (114) (322) 64% Tax Net Result Attrib. to SHs (continued ops) 164 (247) - One-off gain in Q2.14 from a corporate restructuring agreement with MIG ( 144 mn); one-off costs of 28 mn respectively c. 200 mn of additional DTA recognition in Q mn reclassification in Q from other operating income to provision expense lines vs. accounting lines, relating to positive fair value adjustment in specific acquired loans (neutral bottom-line impact) 67 Appendices

68 Greece ( mn) H1.14 H1.13 yoy Net Interest Income % Net Fee Income % Banking Income % Trading & Other Income % Total Net Revenues (recurring) 1, % - including one-off Items 1, % Group Results: Domestic / International International ( mn) H1.14 H1.13 yoy Net Interest Income % Net Fee Income % Banking Income % Trading & Other Income % Total Net Revenues (recurring) % - including one-off Items % Employee Costs (307) (374) -18% Administrative Expenses (204) (210) -3% Depreciation & Other (43) (49) -13% Total Operating Costs (recurring) (554) (634) -13% - including one-off Items (614) (651) -6% Pre Provision Income (recurring) % - including one-off items >100% Income from Associates 4 (5) - Impairment on Loans (831) (936) -11% Impairment on Other Assets (56) (100) -44% Pre Tax Result (341) (828) 59% Tax Net Result Attrib. to SHs 5 (254) - Discontinued Ops Result (0) 21 - Employee Costs (51) (50) 1% Administrative Expenses (47) (51) -9% Depreciation & Other (14) (17) -16% Total Operating Costs (recurring) (112) (118) -6% - including one-off Items (112) (118) -6% Pre Provision Income (recurring) % - including one-off items % Income from Associates Impairment on Loans (125) (189) -33% Impairment on Other Assets (37) (16) >100% Pre Tax Result (95) (115) 17% Tax % Net Result Attrib. to SHs (87) (100) 13% Discontinued Ops Result (0) (0) - Notes: H1.13 is pro-forma for 2013 acquisitions as of in Greece, excl.negative goodwill of 3.8 bn; discontinued operations refer to ATE Insurance and ATE Insurance Romania 68 Appendices

69 Loan & Deposit Portfolios Gross Loans Evolution ( mn) Jun.13 Dec.13 Mar.14 Jun.14 yoy ytd Group 75,679 74,175 73,610 73,059-3% -2% Business 49,116 48,229 47,936 47,738-3% -1% Mortgages 18,528 18,084 17,923 17,767-4% -2% Consumer 8,034 7,862 7,752 7,554-6% -4% Greece 68,472 67,124 66,645 66,199-3% -1% Business 43,759 42,977 42,760 42,536-3% -1% Mortgages 17,820 17,392 17,240 17,089-4% -2% Consumer 6,893 6,756 6,645 6,574-5% -3% Intl 7,207 7,050 6,965 6,860-5% -3% Business 5,358 5,252 5,176 5,202-3% -1% Mortgages % -2% Consumer 1,141 1,106 1, % -11% Deposits Evolution ( mn) Jun.13 Dec.13 Mar.14 Jun.14 yoy ytd Group 54,733 54,279 54,609 54,423-1% 0% Savings 12,113 12,870 12,283 12,210 1% -5% Sight 8,498 9,337 9,595 9,123 7% -2% Time 34,123 32,072 32,731 33,090-3% 3% Greece 50,243 49,650 49,801 49,494-1% 0% Savings 11,838 12,550 11,959 11, % -5% Sight 7,578 8,421 8,519 8,017 6% -5% Time 30,828 28,679 29,323 29,607-4% 3% Intl 4,490 4,629 4,809 4,929 10% 6% Savings % 6% Sight ,076 1,106 20% 21% Time 3,294 3,393 3,409 3,483 6% 3% Note: Dec.13 data exclude agri seasonal loan of 1.9 bn 69 Appendices

70 Assets & Liabilities Composition Asset Mix ( bn) 88.5 Total Funding Mix ( bn) Total Loans Breakdown (%) (Piraeus in Greece) 88.5 Consumer Cash Securities EFSF Bonds ECB net ECB EFSF Interbank Repos Securities in Circulation Mortgages Business Sight & Savings Deposits Net Loans Deposits Breakdown (%) (Piraeus in Greece) Time Deposits 33.1 Core 40% PPE Other Equity Other Time 60% 70 Appendices

71 Premiere Franchise in Greece by Loans, Deposits & Footprint Gross Loans - Greece (%) Customer Deposits - Greece (%) Greek Branch Network (#) 29.7% 28.5% in Nov % 26.1% % 20.9% % 18.3% % 1.9% 72 Source: June 2014 solo financial statements for Greek balances, i.e. adjusting for volumes booked in branches abroad; BoG for market data; peers investor material for branches, Alpha including Citi figures pro-forma 71 Appendices

72 Piraeus History at a Glance Assets: 15bn 55bn 49bn Assets: 88bn Weathering the Economic Crisis Capital Increase 1.75 bn, 0.75 bn state prefs repayment Consolidation, Piraeus Migration of 6 banks - Recap 8.4 bn Acquisition of Commercial Leadership Greek carve-out of Bank of Cyprus, Cyprus Popular Bank & HellenicBank, as well as Millennium Bank Acquisition of good ATEbank and Geniki Bank OPEX containment FTE rationalization branches optimization, participation in the PSI, sale of subsidiary Marathon Bank NY Rights Issue of 0.8bn Establishment of Piraeus Bank Cyprus Acquisition of ICB Ukraine Strong Domestic and International Expansion Acquisition of Eurobank in Bulgaria (Piraeus Bank Bulgaria), Atlas Banka in Serbia (Piraeus Bank Beograd), Egyptian Commercial Bank in Egypt (Piraeus Bank Egypt) Critical Mass Attainment & Operational Overhaul ETBAbank Xiosbank, Macedonia-Thrace (triple merger) NatWest Greece Credit Lyonnais Greece Chase Manhattan Greece Establishment of Tirana Bank in Albania st foreign branch in Bulgaria Note: asset size refers to Dec.2003, Dec.2008, Dec.2011, Jun.2014 respectively 72 Appendices

73 Record-Time Integration of Legacy Banks Integration Roadmap Proven track record in post acquisition integration 22bn assets Jun.2013 Good ATEbank 1bn loans Jul.2013 Hellenic Bank in Greece 9bn loans Oct.2013 Bank of Cyprus in Greece 13bn loans Dec bn assets Nov.2013 Millennium Bank Cyprus Greece Popular Bank in Greece 3bn assets Nov.2014 Geniki Bank More than 20 mergers and acquisitions in the last 15 years; 6 fully successful banking migration projects in the last 6 months Completion of the 2013 integration program 6 months ahead of original timeline Geniki to be fully integrated in Nov.2014 following decision to proceed with merger by absorption Superior infrastructure & project management culture Best in class business and technology infrastructure Brand new, highly scalable Data Center in Athens; stateof-the-art Disaster DC in Thessaloniki Data Center certified by Uptime Institute (Tier 4): only bank in Greece and among 50 top companies worldwide to have this certification Employees training and culture homogenization among key priorities in the integration agenda, with emphasis in the front line Customer centric business approach Customer satisfaction and perception rates further improved as Piraeus has emerged as the #1 bank in the country One Bank- One Platform #1 web bank in Greece 73 Appendices

74 Legal Council Press Office Corporate Governance Advisors to Management Corporate Responsibility (Environmental Unit & Cultural Foundation) Piraeus Bank BoD Executive Committee Piraeus Concise Organizational Chart Audit Committee Group Executive Committee Risk Management Committee Remuneration Committee Strategic Planning Committee Nomination Committee of BoD Members CEO Anthimos Thomopoulos CEO Stavros Lekkakos Recovery Banking Unit (RBU) Non Core Bank / Task Force Retail Banking Corporate Banking Commercial Banking Financial Markets & Treasury International Banking Investment Banking Group Risk Management & Credit Control Group Finance & MIS Group IT & Operations Group Human Resources, Marketing & Logistics Retail Branch Network Group Legal Group Audit Group Compliance 74 Appendices

75 Shareholder Structure - Piraeus Stock Data Shareholder Structure - September 2014 (%) HFSF 62% (with warrants) Total Greek institutions 2% HFSF 5% (no warrants) Private Sector Foreign institutions 29% Individuals 2% Individuals 8% Greek institutions 5% Foreign institutions 87% Shareholder structure of Piraeus Bank presents great diversity; total number of common shareholders 163 thousands The Hellenic Financial Stability Fund holds 67% of outstanding common shares after the 2 nd warrant exercise in July 2014 The remaining 33% is held by the private sector and in particular, 31% by legal entities and 2% by individuals Strong international presence with 87% of free float currently 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 2 nd Jul 2 nd Jan 2 nd Jul 2 nd 2016* Jan 2 nd Jul 2 nd Jan 2 nd * end of HFSF lock-up period 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. 13; third strike date Jan 2 nd 2015 at 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 75 Appendices

76 Communication - Disclaimer Anthimos Thomopoulos, CEO George Poulopoulos, CFO Costas Adamopoulos, Head, Business Planning, IR & Economic Analysis George Marinopoulos, Director, Business Planning & IR Ilias Lekkos, Chief Economist Chryssanthi Berbati, Head, IR Vicky Diamantopoulou, Head, Business Planning 4 Amerikis St, Athens Tel. : (+30 ) investor_relations@piraeusbank.gr Bloomberg: TPEIR GA <F8> Reuters: BOPr.AT 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. 76 Last modified date: November 12th 2014