Investor Presentation

April 2014
Disclaimer
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2
Table of Contents

Capital Strengthening Plan 4

Bank of Greece Stress Test 12

Financial Highlights 19

Financial Results 29

Macro & Banking Market Update 41

Appendix 47

3
Capital Strengthening Plan
Transaction Highlights

Piraeus Bank‟s Extraordinary General Meeting on 28 March 2014

decided upon share capital increase in cash via a non-preemptive issue to raise up to €1.75 bn

Intended Amount  Primary capital raising of up to €1.75 bn

and Structure  Capital increase through the waiving of preemptive rights, as approved by the HFSF

 Issue of up to 1,029,411,764 new ordinary shares; subscription price €1.70

Terms and  International book-building process for up to €1.75 bn
Conditions  Greek public offering for up to 102,941,176 new ordinary shares (10% of equity offering)

 Address the capital needs as determined by the Bank of Greece (BoG) following the BlackRock Solutions
(BRS) diagnostic exercise on loan portfolios:
- capital needs estimated at €425 mn in the base-case scenario and €757 mn in the adverse scenario
Transaction  Repayment of €750 mn Greek State preference shares
Rationale  Strengthen the Basel III fully loaded(1) CET-1 ratio to nearly 12%
 Facilitate access to funding markets at more favorable terms
 Expand private investor shareholder base

 International book-building process concluded on 24-26 March 2014

 EGM approval on 28 March 2014; Greek prospectus approval on 1 April 2014
Key Dates  Greek public offering from 7 to 9 April 2014
 Commencement of trading of new shares on ATHEX expected on 16 April 2014

(1) Pro-forma December 2013

Capital Strengthening Plan. 5
Capital Raising Rationale
Piraeus aims to proactively take advantage of the inflection point in the Greek economy to
strengthen its capital base and take another step towards private ownership
Address capital needs as determined by the BoG
 Meet the capital needs as determined by the BoG
following the BRS diagnostic exercise on loan
portfolios (capital needs estimated at €425 mn in the
base-case scenario and €757 mn in the adverse
scenario)
Repayment of €750 mn of State preference shares
 Enhancement of regulatory capital quality
 Redemption of an expensive, potentially dilutive,
capital instrument(1)
 Necessary first step to regain flexibility for future
dividend payments
Strengthen the Basel III fully loaded capital position
 Basel III fully loaded pro-forma CET-1 ratio(2) at 11.8%
 Positions Piraeus in line with best capitalized
European peers
(1) Fixed yield of 10% with a 2% step-up per annum from May 2014 onwards
(2) Pro-forma December 2013
Facilitate access to funding markets
 Accelerate tapping of wholesale funding markets at
favorable terms
 Positive credit perspective from rating agencies
 Further improvement of Piraeus‟ perception among its
customer base
Increase private ownership
 Significant increase of free float
 Important step towards higher share of private ownership
Move forward from a stronger market position
 Commercial leadership in the domestic market
 Uniquely positioned to benefit from growth opportunities
in a recovering Greek economy
 Superior restructuring and synergy potential across the
recently acquired businesses
Capital Strengthening Plan. 6
Piraeus Becomes Strongly Capitalized Under Basel III

Capital Strengthening | CET-1 Basel III Fully Loaded Pro-forma Dec.2013

PSI-related DTAs of €1.3 bn

with a 30 year maturity, that will be utilized
against future profits Significant buffer over 8%
minimum capital requirement of
€2.3 bn
16.8%
+3.0%
13.9%
-2.2% 11.8%
-1.5%
-1.3%

Full impact from Basel III

is limited to DTA

EBA CT-1 ratio Capital raise Pro forma EBA CET-1 Basel III impact Basel III impact Repayment Pro-forma Basel III fully
(incl. State prefs (€1.75 bn) ratio (fully loaded) (fully loaded) of State prefs loaded CET-1 ratio post
and full DTAs) (incl. State prefs, PSI-related DTAs Other DTAs capital increase
incl. full DTAs) post
capital increase

Note: Information provided is based on Piraeus Bank‟s internal estimates

Capital Strengthening Plan. 7
 Post Capital Increase Piraeus Placed Among the Best Capitalized Banks in Europe

Euro STOXX Banks Basel II.5 CT-1 Ratios Dec.2013

16.8%
18%
16% 11.7% average
14% for 14 Banks
12%
10%
8%
6%
4%
2%
0%
Bank 1 Bank 2 Bank 3 Bank 4 Bank 5 Bank 6 Bank 7 Bank 8 Bank 9 Bank 10 Bank 11 Bank 12 Bank 13 Bank 14 Piraeus

Euro STOXX Banks Basel III Fully Loaded CET-1 Ratios Dec. 2013

14% 11.8%
9.8% average
12%
for 14 Banks
10%
8%
6%
4%
2%
0%
Bank 1 Bank 2 Bank 3 Bank 10 Bank 13 Bank 11 Bank 7 Bank 5 Bank 9 Bank 4 Bank 8 Bank 6 Bank 12 Piraeus Bank 14

Note: Group of banks within the Euro STOXX Banks index that have reported their Q4 Basel II.5 CT-1 ratio and Basel III fully loaded CET-1 ratio at this date.
Sample consists of Banco Bilbao Vizcaya Argentaria SA, Banco de Sabadell SA, Banco Espirito Santo SA, Banco Popolare SC, Banco Popular Espanol
SA, Bank of Ireland, BNP Paribas SA, CaixaBank SA, Commerzbank AG, Credit Agricole SA, Deutsche Bank AG, Erste Group Bank AG, KBC Groep NV, Capital Strengthening Plan. 8
Societe Generale SA.
Capital Strengthening Consistent with Piraeus’ Key Strategic Priorities

Piraeus Bank to capitalize on its strong market position, focusing on the most rewarding segments,
for the benefit of its shareholders, customers and employees

 Improving revenue generation through lower funding costs and higher fee income
Recovery of  Significant restructuring of the operations has resulted in substantial cost savings
Profitability  2/3 of synergies from acquisitions already achieved, significantly ahead of original targets and timetable
 Pre provision income (PPI) continues trending up

 Further scope to increase revenues, as time deposit rates continue to converge to European levels and fee income
Further Potential to generation continues to recover
Optimize Financial  Efficiency expected to improve as Piraeus will benefit from VES implemented in late 2013, synergies achieved to
Performance date (60% of total cost synergies announced) and further synergy and restructuring potential
 Cost of risk is expected to normalize as the economy continues to recover

 Level of NPL formation as a % of gross loans has declined drastically since Q4 2012 pointing to a peak of NPL stock
Additional Value in 2014
Extraction Through  Potential for provision write-backs through the recovery cycle
NPLs Management  New organizational structure for NPL management, i.e. Recovery Banking Unit and internal „Non Core‟ Bank (Task
Force)

On-going Funding  Access to debt capital markets for the first time since the beginning of the Eurozone crisis
Sources
 Reduced reliance on net Eurosystem funding at €11 bn (Dec.2013); zero ELA (end Feb.2014) from €31 bn in Dec.2012
Diversification

Capital Strengthening Plan. 9

Delivering Unprecedented Operational Leverage Improvements

6 banks acquired in 12 months since

6 June 2012
€550 mn target fully-phased synergies p.a.

2/3 οf target synergies already

6 integrations concluded by December achieved in 3 quarters since the latest
6 2013
€368 mn acquisition

headcount reduction through VES and

assisted attrition in Greece, 14% of
4.4 mn new customers
2,680 19,238 legacy workforce

branches closed in 2013, 23% of the

1,354 legacy branch network, while integration costs incurred to date (o/w
317 total network has been rebranded
€277 mn €186 mn booked in 2013)

of troubled loans transferred to newly

81 extra branches closed in 2014 y-t-d
≈€22 bn formed Recovery Unit/„Non Core‟ Bank

1,900 professionals to staff the

47 less HQ premises in 2013 (61,000 sqm)
≈1,900 FTEs Recovery Unit

Capital Strengthening Plan. 10

Medium Term Financial Targets

Current Medium Term

Level Financial Targets

Market Shares (1):

Domestic Market Positioning 30% Loans, 29% Deposits
Maintain market leadership

Net Interest Margin (2) 2.5% >320 bps

Cost / Income Ratio 62% (3) ≈ 40%

Loans to Deposits 111% <110%

Net Eurosystem / Assets (4) 10% <10%

Return on Assets (5) n.m. ≈ 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, excluding EFSF bonds and seasonal OPEKEPE funding facility
(3) Excluding one-off items in FY 2013
(4) Net Eurosystem refers to end February 2014 data
(5) Excluding EFSF bonds and seasonal OPEKEPE funding facility
n.m.: non-meaningful

Medium Term Financial Targets. 11

Bank of Greece Stress Test
Piraeus Bank Group Capital Needs Estimation by the Bank of Greece

Bank of Greece Methodology to Calculate Piraeus’ Capital Needs (€ bn)

Current loan loss reserves of €12.4 bn

exceed BlackRock’s estimated 3 ½ years Obtained after applying significant
Credit Loss Projections of €11.0 bn stress to Piraeus’ own forecasts
12.4

Determined so as to
maintain 8% of baseline
scenario RWAs at any
point in time throughout
the forecast period

8.3
-11.0
0.4 5.3
2.7
-4.7
-0.4
-2.3
Reference Loan loss Greek risk Greek risk Greek risk Non Greek risk Capital generation Capital needs Target
Basel 2.5 CT1 reserves 3½ years buffer to cover additional buffer 3½ years (PPI) Basel 2.5 CT1
June 2013 June 2013 BlackRock CLPs 100% of >100% of lifetime CLPs over 3½ years December 2016
lifetime losses
BlackRock CLPs

Additional buffer imposed by the Bank of Greece to cover 52% of

December 2016 NPLs as estimated by BlackRock,
above and beyond 100% of estimated lifetime losses

Note: Bank of Greece assessment does not assume repayment of State preference shares. DTAs have not been adjusted to reflect withdrawal of the supervisory filter
Bank of Greece Stress Test. 13
 Τhe 2nd BlackRock Diagnostic Assessment & BoG Stress Test

Stress Test Methodology BlackRock Solutions (BRS) Diagnostic Assessment

 Thorough bottom-up review of total Greek portfolio on a per-loan-ID
Reference Date 30 June 2013 basis
Greece & Romania: based on BoG retained the most  Review of data coupled with files physical inspections, as well as
BlackRock Credit Loss Projection (CLP) severe of the two
95-100% (depending on examination of lending practices, credit policies, troubled assets
Analysis Scope portfolio) of lifetime loss methodologies, which handling processes, workouts strategies assessment and
in the case of Piraeus
Greek risk: additional buffer effectiveness of collateral valuation
is the 52% of Dec-16
to reach 52% of Dec-16 NPLs NPLs estimated by Real GDP in Greece (%)
as per BRS BRS (base and adverse scenario)
Foreign risk: using BRS 2013 actual: +2.9% +3.7%
Bank of Greece (BoG) CLP Analysis independent reasonability +0.6%
-3.85%
Scope assessment and in -4.2% +1.0%
-0.3%
accordance with EL The 52% Base
methodology developed by corresponds to the -4.8% -2.9%
Adverse
EBA in June 2011 EU-wide top quartile among 2013 2014 2015 2016
stress test exercise European
banks according to Unemployment Rate in Greece (%)
To 31 December 2016 and
Horizon of Analysis lifetime
the EBA Risk (base and adverse scenario)
Dashboard Q4 2013
Scenarios Base (binding) & adverse 27.1% 27.0% Base
26.0%
Adverse
Min CT1 Ratio - Base-case Scenario 8.0% 27.0% 23.0%
26.0%
Min CT1 Ratio - Adverse Scenario 5.5% 24.0%
21.0%
Comparison of Credit Loss 2013 2014 2015 2016
Projection results of each
scenario with projected pre-
Greek Residential House Prices (%)
Capital Needs Assessment provision income (stressed by
(base and adverse scenario)
BoG) vs. CT-1 capital and
stock of LLRs as of June 0.0%
-2.0%
2013 -4.2%
-6.2%
Loans & deposits aligned with Base
Greek Volumes Evolution GDP evolution
-12.5%
-8.5% Adverse
-13.6% -12.1%
2013 2014 2015 2016

Note: Bank of Greece assessment does not assume repayment of State preference shares. DTAs have not been adjusted to reflect withdrawal of the supervisory filter
Bank of Greece Stress Test. 14
Key Assumptions of the 2nd BlackRock Diagnostic Exercise & BoG Stress Test

Key Assumptions

Balance Sheet Income Statement

Loan growth Aligned to GDP growth Asset linked F&C cap at YE‟2013 level (% of loans)
Loan interest rates Cap at market average Fees and
Over net loans, floor at 1H commissions Other F&C growth between 2013 and 2016 cap at 20% in Baseline
Credit RWAs
2013 level and 10% in Adverse scenarios
Market RWAs Floor at 1H 2013
RWA adjustments Trading Trading revenue not included if positive, except recurring trading
Over Net Banking Income
Operational RWAs revenue income (client related)
(3-year average)
All RWAs Net of additional provisions
Costs As per restructuring plan commitments in the base case
Aligned to GDP growth
Potential funding deficit, refinanced through:
Deposit growth (i) debt securities
(ii) secured interbank funding
(iii) Eurosystem funding
Deposit interest rates Floor at market average
Cap on debt securities issuance as % of liabilities; P&L
Debt securities
impact depending on funding cost

Pillar II bonds Refinancing from 1H 2015 if not considered in BP

25 bps in 2013, stressed up to 75 bps from

ECB
2014 onwards in Baseline
Eurosystem interest rates
200 bps in 2013, stressed up to 600 bps from
ELA
2014 onwards in Baseline

Note: Bank of Greece assessment does not assume repayment of State preference shares. DTAs have not been adjusted to reflect withdrawal of the supervisory filter
Bank of Greece Stress Test. 15
BlackRock Lifetime Loss Rates

 BlackRock‟s estimated lifetime losses in the Greek portfolio for Piraeus are 23.2% in the base case and 29.1% in the adverse case,
compared to 21.7% and 27.6% respectively on average for the system

Greek Risk Lifetime Loss Rates as Estimated by BlackRock

Baseline scenario Adverse scenario

Funded balance System System

Piraeus Piraeus
(Piraeus, € bn) average average

Mortgages 17.3 4.8% 7.3% -2.5% 9.4% 12.5% -3.1%

Consumer 6.1 44.7% 43.7% +1.0% 51.9% 50.9% +1.0%

SBP 4.8 18.3% 30.9% -12.6% 20.8% 34.3% -13.5%

Commercial 39.3 28.7% 24.1% +4.6% 35.3% 30.7% +4.6%

Total 67.5 23.2% 21.7% +1.5% 29.1% 27.6% +1.5%

Bank of Greece Stress Test. 16

The Capital Shortfall is Derived from Conservative PPI Assumptions

BoG Assumed 3½ Year Capital Generation Up to 31 Dec.2016 in Perspective

(€ bn)
 BoG has adopted conservative
Implied haircut
assumptions with regard to Piraeus‟
capital generation capacity compared
2.3 4.9 to the current normalized PPI
 BoG‟s capital generation estimate for
3.8
the 3½ years to 31 December 2016
implies substantial haircuts to
2.7 normalized PPI:
• €1.1 bn over Q4 2013 normalized
PPI of €1,084 mn p.a.
• €2.3 bn over Q4 2013 normalized
PPI adjusted for synergies taken
BoG estimate Implied from Q4 2013 Implied from Q4 2013
to date, amounting to €1,411 mn
normalized PPI normalized PPI post all p.a.
actions already taken

Bank of Greece Stress Test. 17

Strong Capital Buffers Before PPI Re-Rating

Capital Buffer Above BlackRock Estimated Lifetime Losses(1) Capital Buffer Above BlackRock Estimated Lifetime Losses(1)
in the Base Scenario (€ bn) in the Adverse Scenario (€ bn)

Based on annualized Q4 2013 PPI

Based on annualized Q4 2013 PPI Buffer of €0.5 bn in
of €1,411mn multiplied by 3
of €1,411mn multiplied by 3 the adverse
adjusted for synergies realised to
adjusted for synergies realised to Buffer of €3.4 bn in scenario
date(2)
date(2) the base scenario

22.4 4.2 22.9 22.4

4.2 21.4

18.0 4.9
3.5

13.7 13.7

Loan loss Dec 2013 Normalized Total capital Base case Adverse case Loan loss Dec 2013 Normalized Total capital Adverse case
reserves capital buffer 3 year buffer lifetime lifetime reserves capital buffer 3 year buffer lifetime
stock over 8% cumulative losses losses (4) stock over 5.5% cumulative losses (4)
(Dec 2013) minimum PPI (Dec 2013) minimum PPI
(3) (3)
capital requirement capital requirement

(1) Including 3½ years losses in the foreign loan book

(2) VES, synergies and time deposit costs reduction
(3) Based on Q4 2013 CT-1 ratio of 13.9%
(4) Based on BlackRock lifetime losses for Greece of €15.7bn and €19.6bn in the base and adverse scenario respectively, and foreign loan book 3½ years losses of €2.3bn and €2.8bn in the base and adverse scenario respectively

Bank of Greece Stress Test. 18

Financial Highlights
Q4 2013 Financial Highlights
Pre provision income enhancement
 Q4 PPI (1) up 12% q-o-q at €271 mn
 NII rises 5% q-o-q, NIM reaches 269 bps
 Greek time deposit average cost declines by 153 bps
y-o-y to 3.05%
 Front book Greek time deposits priced at 271 bps
 Fees climb 24% q-o-q reaching 40 bps / assets
Synergistic potential released
 67% of total synergies‟ target crystallized to-date
(€368 mn p.a.)
 €155 mn funding synergies secured (97%)
 €209 mn cost synergies secured (60%)
 €277 mn integration costs booked to-date (66%)
NPLs formation further decelerated
 Formation declines for 4th consecutive quarter, down
22% q-o-q to €982 mn
 Greek NPLs formation down 17%, international 53%
 Business NPLs formation down 19%, retail 27%
 Q4 cost of risk 363 bps, increasing coverage by 201
bps q-o-q to 51%
(1) Normalized for one off items as per slide 25
(2) Over interest earning assets excluding EFSF and seasonal OPEKEPE funding facility
(3) Except for Geniki Bank
Integration concluded in record time
 4 migrations concluded in Q4 2013 (6 in FY 2013)
(2)  “One bank-one platform” in Greece following the
integration of all acquired banks (3)
 Greek workforce -14%, branches -23% y-o-y
 C/I at 45% adjusted for total synergistic pool
Sound balance sheet
 13.9% EBA CT-1 (12.6% excluding State prefs)
 LLR / loans 18.5%
 Coverage including collateral c.130%
 LDR 111%
 Net Eurosystem funding / assets 12% (10% Febr.‟14)
NPL management under best practice approach
 Specialized Recovery and „Non Core‟ Bank (Task
Force) Units, with dedicated management resources
 Streamlined NPL management process applying
targeted policies & treatments; specialist analytics to
support decision making and treatment choice
Highlights. 20
All PPI Drivers are Progressing

Tightening of Greek Time Deposit Rates Synergy Potential Being Realized (€ mn)

28% 39% 33% % of total synergies

Total Book
4.58%
-153 bps
4.41% €215
4.13%
47
€182
4.40%
€153
4.23% 3.42% 5 40 Revenue
3.64% 3.05% 5
108 168
136 Funding
Front Book 2.82%
-169 bps
2.71%
40
Cost
Booked Implemented Remaining
2013
Dec-12 Mar-13 Jun-13 Sep-13 Dec-13

Optimizing Greek Branch Network Accelerated Greek Headcount Reduction

1,354 -23% 19,238 -14%

1,306 18,624 18,591
1,280 18,440

1,218

16,570
1,097 16,558
1,037
VES conclusion

Dec 2012 Mar 2013 Jun 2013 Sep 2013 Nov 2013 Dec 2013 Dec 2012 Mar 2013 Jun 2013 Sep 2013 Nov 2013 Dec 2013

Note: All graphs pro forma for all acquisitions except for the one with Greek time deposit rates (all apart from Geniki Bank)
Highlights. 21
Top Line Recovery Driven by NII and NFI Bolsters PPI

Core Revenues Increase Across the Board (€ mn)

Core Revenues Recover Further in Q4
+7%  Banking income up 7% q-o-q
566
486 527  NII up 5% q-o-q, as time deposit costs decline further
+24% 91
74
67 NFI  NFI up 24% q-o-q, driven by commercial banking fees (+21% q-
o-q); 89% of NFI originated from commercial banking
+5%
419 454 475 NII  NFI / assets at 0.4% (pre crisis level peak at 0.7%)
 Potential for further improvement as market stabilizes and the
Bank establishes its new market position
Q2 2013 Q3 2013 Q4 2013

Net Interest Income Composition (€ mn) Net Fee Income Composition (€ mn)

+5% 475 91
454 +24% 5
Other 109 93 74 5
Asset 4
3
Interest

Management
income

Loans
834 823
Investment
Banking +21% 81
67
Commercial
Deposits -358 -312 Banking
expense
Interest

-131 -129
Other

Q3 2013 Q4 2013 Q3 2013 Q4 2013

Highlights. 22
Cost Cutting Initiatives Well on Track

Total Operating Expenses (€ mn) Cost Cutting Across the Board

 €102 mn VES in Q4 (FY cost €126 mn); 11% of Greek
1,637 workforce exited generating an annual benefit of €96 mn
One-offs
(€12 mn positive impact already in Q4 2013)
Total OPEX 233
excl. one-offs  Network downsizing reached 23% in 2013 (-317 units);
81 branches less in 2014 y-t-d in Greece
 Substantial rationalization in HQs premises, as well as
584 1,404 IT, advertisement, servicing and other costs
176  47 premises less in 2013 (61,000 sqm) resulting in €16
408 mn annual rental and admin expenses relief

Q4 2013 FY 2013
 Second wave of VES program concluded in February
2014 (138 FTEs exit the Bank, €7 mn one-off cost, €6
mn benefit p.a.)
Full Realization of Synergies Leads to C/I Ratio of 45%  One-off extraordinary contribution to the Greek Deposit
Guarantee Scheme of €44 mn to cover the build-up of
62%
the required funds for the resolution mechanism
-4% -2% 45%
-2% -6% (€ mn) Q2 2013 Q3 2013 Q4 2013
-3%
One-off OPEX items

VES - 24 102

Integration 17 16 29
C/I 2013 VES Branches Other Remaining Remaning C/I 2013 DGS one-off contribution 44
adjusted for closure synergies cost revenue normalized
one-off items actioned synergies synergies for total One-off costs 17 40 176
synergistic
pool

Highlights. 23
Synergies: 2/3 Already Secured

COST SYNERGIES Fully phased: €345 mn

TOTAL SYNERGIES Fully phased: €550 mn
(incl.€45 mn revenue synergies)

Actions already €168

implemented mn
Actions already €215
mn
implemented
Actions taken crystallize
€208 mn (60%)
of total cost synergies
€40 mn
Booked in 2013 €153
mn
Booked in 2013
Actions taken crystallize
b. FUNDING
FUNDING SYNERGIES
SYNERGIES Fully phased: €160 mn €368 mn (67%)
of total synergies

€108 INTEGRATION COSTS

mn

Booked in 2013 €186 mn booked €92 mn additional €420 mn

in 2013 actions implemented budgeted in total
  
€47 mn Actions already
implemented
Actions taken crystallize
€155 mn (97%)
of total funding synergies 0 100 200 300 400

€277 mn (66%) of integration costs already incurred

Highlights. 24
Normalized PPI Up 12% q-o-q on the Back of Recovering Core Revenues

Q4 2013 Normalized PPI (€ mn)

 Piraeus Group normalized PPI for Q4 at €271
mn, up by 12% q-o-q
one-offs €269 mn
€271 (1)  FY 2013 normalized PPI at €945 mn
300
-€102
250
 Banking income up 7% q-o-q at €566 mn
200
-€30 (€527 mn in Q3)
150 -€44 (2)
100 -€87  Significant amount of operational integration
50
expenses in Q4 (€132 mn) and FY (€188 mn)
0
-€6
 PPI to improve further from synergies
Normalized VES cost Integration One off Investment Other
PPI cost DGS property crystallization and market stabilization
revaluation
 Geniki has reached breakeven in Q4 2013 (Q1
-€14 mn, Q2 -€9 mn, Q3 -€4 mn, Q4 -€1 mn)
Normalized PPI Trajectory (€ mn)
 Μillennium follows the same improving trend
(Q1 -€19 mn, Q2 -€14 mn, Q3 -€11 mn, Q4 -
€5 mn)
271
242
185

Q2'13 Q3'13 Q4'13

(1) Piraeus Group PPI for Q4 2013: reported €2 mn, adding back one-off items (€269 mn in total)
(2) One-off extraordinary contribution to the Greek Deposit Guarantee Scheme to cover the build-up of the required funds for the resolution mechanism Highlights. 25
Significant PPI Re-rating Potential

Piraeus PPI Trajectory (€ mn)

Annualized synergies
Further PPI  Annualized Q4 PPI close to €1.1 bn
improvement
implemented & time deposit
repricing at current level  Q4 PPI does not incorporate further
market stabilization and the forthcoming
reversal of the economic cycle
+€139
+€98 €1,411  Significant PPI potential to be derived
+€140
from:
+€89
€1,084 (1)  further declining of time deposit
costs, converging towards EMU
Unrealized cost & averages
revenue synergies
 fee income increase from current
depressed levels
 benefit from core deposits as market
rates increase overtime

Annualized VES Annualized Time PPI Unrealized cost

Q4 relief p.a. synergies deposit post all actions and revenue
PPI implemented repricing gap already taken synergies

(1) Piraeus Group normalized PPI for Q4 2013 (€271 mn) multiplied by 4
Note: Data on this slide refer to financial targets Highlights. 26
Rate of NPL Generation More Than Halved Post Peak in Q4 2012

Piraeus Group NPLs Formation1 NPLs Ratio - 90dpd for All Segments (%)

Lower NPL formation in absolute terms

3.21% despite enlarged loan book Q4 2013
2.43% NPLs coverage
Q3 2013
1.78% 1.68% by LLRs and collateral +
1.32% 48.1% 47.4% guarantees
36.6% 35.2% 39.7% 38.1%
+€1.4 bn
+€1.2 bn +€1.3 bn +€1.3 bn 23.4% 22.2%
126%
+€1.0 bn
+ + + +
ATE Geniki Cypriot Millennium

Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Total Business Mortgages Consumer

Q4 cost of risk
Group NPLs Composition - Q4 2013 Coverage of NPLs by LLRs (%) 363 bps
Q4 2013

NPLs Q4 2013 NPLs Q4 2013 Q3 2013 74% 70%

Business €19.1 bn Greece €24.8 bn
51% 49%
53% 52%
Average LTV
Mortgages €4.2 bn International €2.3 bn
for Group mortgage book
Consumer €3.8 bn
TOTAL €27.2 bn TOTAL €27.2 bn
17% 15% 76%

Total Business Mortgages Consumer

(1) Pre write-off quarterly NPL formation (amount and bps over end-quarter loan balance)

Highlights. 27
EBA CT-1 Ratio Evolution in Q4

Core Tier 1 Basel II.5 Ratio

One-off Provision €3.5 bn over 8%

items coverage minimum capital
€269 mn increase requirement
+2ppts

+1.5%
15.0% +0.5%
13.5% 13.9%
-0.5%
-1.1%

~30% related
to coverage
increase

Sep-13 EBA CT-1 ratio Full regulatory Sep-13 EBA CT-1 ratio Q4 Q4 Q4 Dec-13 EBA CT-1 ratio
(incl. State prefs) recognition (incl. State prefs, Normalized PPI One-off Items Loan Loss Charges (incl. State prefs)
of DTA (1) incl. full DTAs)

Sept.2013 RWAs €59,173 mn Dec.2013 RWAs €59,036 mn

(1) Lift of 20% DTA cap by BoG (Act 36/23.12.13)

Highlights. 28
Financial Results
Q4 2013 Financial Highlights

Pre provision income continues to rise

 Group normalized PPI up 12% q-o-q at €271 mn

ΝPL formation slowing down; NPL coverage increases

 Q4 NPL formation at 132 bps over gross loans (168 bps Q3, 321 bps Q4 2012); improvement in all segments
 LLR over gross loans at 18.5% vs. 14.5% Greek market average (1); Coverage up by 2 ppts q-o-q to 51%

Superior funding profile

 LDR ratio improved by 2 ppts q-o-q at 111% (same q-o-q improvement in Greece at 110%)
 Zero ELA utilization currently; best in class net Eurosystem funding support over total assets at 10% (2)

Funding cost contraction

 Further drop in time deposit rates (Q4 down c.37 bps for total stock at 3.05%, current rollover price c.270 bps)

Synergies’ contribution
 c.€26 mn of additional cost synergies recognized in Q4 2013; c.€40 mn in FY 2013
 c.€30 mn of funding synergies recognized in Q4 2013; c.€108 mn in FY 2013

Integration process frontloaded

 181 branches closed in Q4 2013 in Greece, 317 during 2013 in total and 67 in addition in Q1 2014 y-t-d
 c.€132mn of integration costs in Q4 (€102 mn from VES); €188 mn in FY 2013
 c.€96 mn annual cost relief from VES; new targeted programme just concluded, €6 mn extra annual relief

Strong capital position

 EBA CT-1 at 13.9% (12.6% excluding Greek State prefs); buffer of €3.5 bn above 8% regulatory threshold

(1) Source: Bank of Greece website

(2) End February 2014 Financial Results. 30
Banking Income Up by 7% in Q4 2013; Normalized PPI Posts Further Recovery

PPI Evolution PAT reconciliation

€ mn Q4.13 Q3.13 qoq% FY13(1) € mn Q4.13 Q3.13 qoq% FY13(1)

Net interest income 475 454 +5% 1,662 PPI (normalized) 271 242 +12% 945
Net fee income 91 74 +24% 287 Loan impairments -674 -489 +38% -2,218
Pre tax result (normalized) -403 -247 - -1,273
Banking income 566 527 +7% 1,949
Other income 20 66 -70% 186
One offs -269 -42 - -447
Income 586 593 -1% 2,135 (4)
Other impairments -174 -30 - -314
One-off: property revaluation, ELA cost -87 -2 - -148 Negative goodwill (5)
- - 3,810
Income (normalized) 673 596 +13% 2,283 Associate income -24 -0 - -29
Pre tax result -871 -335 - 1,748
(6)
Personnel expenses (normalized)(2) -210 -201 +5% -758 Taxes 161 57 - 769
Minorities -10 -1 - -16
Adm.costs & depreciation (normalized) -198 -168 +18% -646
Net result attrib. to SHs -700 -277 - 2,532
Operating Expenses (normalized) -408 -369 +11% -1,404
One offs:
VES -102 -24 - -126
Integration costs & DGS -74 -16 - -107 1. Includes good ATEbank, Geniki Bank, the Greek operations of Cypriot banks (as of 16 March 2013) and
Millennium Bank Greece (as of 20 June 2013)
Operating Expenses -584 -409 +43% -1,637 2. Staff costs: extra 1/2 payroll for Q4 vs. Q3 (c.€20 mn)
(3) 3 Millennium and Geniki PPI loss add-back plus positive PPI of Cypriot operations for the period 01.01.2013 to
Other adjustments 6 15 66 16.03.2013 (€21 mn) for FY 2013 column
4. Other impairments include €38 mn goodwill, €35 mn investment securities, €23 mn investment property, as
PPI (normalized) 271 242 +12% 945 well as other provisions
5. Due to acquisitions of good ATE, Cypriot carve-out and Millennium Bank Greece
6. Tax credit of c.€0.5 bn due to change of corporate tax rate to 26% from 20% in FY 2013

Financial Results. 31
Balance Sheet Highlights

Selected Figures (31 December 2013)

Total assets €92.0 bn

10x tangible assets to tangible book (1)
Tangible book value €7.4 bn
Regulatory EBA CET-1 capital €8.2 bn
RWAs €59.0 bn
EBA CT-1 ratio (excluding State prefs) 12.6%
EBA CT-1 ratio 13.9% Loans down 1% q-o-q (excluding €1.9 bn seasonal funding
facility to farmers, repaid in early 2014)
Gross customer loans €76.1 bn
Loan loss reserves €(13.7) bn
Net loans to customers €62.4 bn Deposits down 1% q-o-q, but up 2% q-o-q
excluding general government deposits depletion of €1.2 bn
Customer deposits €54.3 bn
Customers (#) 6.9 mn
Branches (#) 1,449
Employees (#) 22,509 2 ppts improvement q-o-q,
110% in Greece
Loans / deposits 111%
Loan loss reserves / gross loans 18.5%
NPL ratio 36.6%
+2 ppts q-o-q, 50% in Greece, 55% abroad
Coverage ratio 51%

(1) Excluding EFSF bonds

Note: Ratios are adjusted for OPEKEPE seasonal funding facility Financial Results. 32
Assets and Liabilities Mix

Asset Mix (€ bn) Funding Mix (€ bn) Deposits Breakdown (%)

(Piraeus in Greece vs. Greek Market)

92.0 Total Total 92.0 Core

42%
2.9 Cash
3.3 Securities Net Eurosystem 11.1 Core
EFSF bonds Time 37%
14.3 ECB (EFSF Greek
6.8 58%
Bond Repos)
Market
Interbank Time
7.5 63%
(EFSF Bond
Repos

Sight & Loans Breakdown (%)

Savings 22.2 (Piraeus in Greece vs. Greek Market)
Deposits
Consumer

Business
Net Loans
62.4 Mortgages

Consumer
Time 13%
Deposits 32.1
Business
Greek 55%
Market
Mortgages
Equity, T1, LT2, 32%
2.4 PPE State prefs 8.8
Other Other 3.3 Notes:
6.8
1. For Greek deposit market, State deposits are included in time deposits since
Liabilities & Equity Mix their split per deposit category is not available
Asset Mix 2. For loans, balances of government and private sector are included, excluding
OPEKEPE seasonal loan of €1.9 bn both from Piraeus and market

Financial Results. 33
Low Reliance on Eurosystem Funding, Regained Access to Debt Markets

Eurosystem Refinancing Breakdown (€ bn) Lowest Eurosystem dependency compared to

peers (10% end February 2014)
EFSF Bond Repos with ECB
ECB Significant reduction in Eurosystem funding.
€33 bn €32 bn ELA
Zero ELA (end February 2014)
1
11 Stable funding through interbank repos against
€21 bn EFSF bonds
8 €16 bn €15 bn €18 bn Insignificant ELA utilization (€0.8 bn) at the end
31 €13 bn
5 4
7 of December 2013 due to OPEKEPE seasonal
22 4 EFSF with ECB
loan (related to EU support funds to farmers)
11
11 11 10 Net Eurosystem
9
at €9 bn Operational readiness for tapping issuance
2 0.8
0.5 0 0 opportunities
Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Feb-14

ECB Collateral (cash value mtm, € bn) On 18 March 2014, Piraeus successfully placed
in the international debt capital markets a €500
mn 3-year senior unsecured benchmark note
ECB Collateral Breakdown Dec.2013 with an annual fixed rate coupon of 5.00%

EFSF bonds €6.8 bn Investor demand surpassed €3 bn; over 240

institutional investors from 25 countries
L.3723/2008 securities €9.2 bn participated in the transaction
Other securities €0.3 bn Piraeus regained access to the international
Non marketable assets €0.8 bn debt capital markets after a period of almost 5
years, diversifying its funding sources and
Collateral Value Pledged €17.1 bn validating the prospects and trust to both the
Bank and the Greek economy

Financial Results. 34
Deposit Repricing Continues

Customer Rates (quarterly average)(1)  Cost of time Greek Time Deposit Rates (%)
deposits significantly (quarterly averages)
5.0%
improved bringing
Q1 2013 Q2 2013 Q3 2013 Q4 2013 down the cost of 4.39% -115 bps
(average) (average) (average) (average) total deposits 4.5%
4.22%

Deposits -2.94% -2.83% -2.53% -2.19% 4.0%

3.71%
 Loan rates slightly
Sight -0.78% -0.86% -0.98% -0.93%
decreased to 4.80% 3.5%
3.24%
Savings -0.54% -0.51% -0.53% -0.41% in Q4, at the back of
falling ECB refi rate 3.0%
Time -4.39% -4.22% -3.71% -3.24% Q1 2013 Q2 2013 Q3 2013 Q4 2013

 Loan interest
income affected by
Loans 5.03% 5.09% 5.02% 4.80%
both deleveraging
Mortgages 2.88% 2.95% 2.99% 2.85% as well as NPLs
formation; however,
Consumer 9.55% 9.70% 9.97% 9.57% this is more than
offset by deposit
Business 5.45% 5.53% 5.36% 5.13%
costs improvement

(1) Rates refer to parent level data

Financial Results. 35
Time Deposits Costs Reach New Lows

Piraeus Greek Time Deposit Cost (%)  Significant improvement of time deposits
interest rates due to stabilization of market
5.0%
4.58% and concentration of banking sector
4.41% Stock
4.5% 4.13% New
4.40%
4.0% 4.23%
3.42%
3.5% 3.64% 3.05% Market Deposits in Greece (€ mn)
(Bank of Greece)
3.0%
2.5% 2.82% 2.71% 270,000

250,000
2.0%
Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 230,000

210,000

190,000

Time Deposit Cost Evolution 170,000

150,000

5.5% Greek market

4.59% 4.49%
4.5% 4.17%
3.53%
3.21%
3.5% EMU market Piraeus Deposit Market Share in Greece
2.18% (total deposits)
2.5% 2.06% 1.91% 1.76%
1.58% 29% 29%
1.5% 29% 29%

0.5%
Dec-12 Mar-13 Jun-13 Sep-13 Dec-13

Note: Rates refer to monthly average data, source for market data: ECB and Bank of Greece time Mar.'13 Jun.'13 Sep.13 Dec.'13
deposit rates for duration up to 2 years from households and firms

Financial Results. 36
Increased NPL Coverage in All Segments

Piraeus Group KPIs Total NPL Coverage per Segment - Dec.2013 (%)

5.66% Tangible
LLR
Cost of risk over loans 90dpd collateral Total
December 2013 coverage
Ratio coverage Coverage
3.63% of NPLs
of NPLs
2.81% 2.90%
2.62% Business 40% 53% 54% 108%
3.21% c.2.5%
related to Tangible collateral
2.43% formation Mortgages 23% 17% 83% 100% i.e. excluding
1.78% 1.68% guarantees; adding
NPL formation (% loans) 1.32% guarantees, coverage
Consumer 48% 74% 13% 87%
reaches 126%
Q4.12 Q1.13 Q2.13 Q3.13 Q4.13
Total 37% 51% 53% 104%

Group LLRs Composition - Dec.2013 LLRs over Gross Loans (%)

Dec.2013

LLRs Dec.2013 Sept.2013

LLRs Dec.2013 35.8%
33.1%
Business €10.2 bn Greece €12.5 bn
21.1%19.7%
Mortgages €0.7 bn International €1.3 bn 18.5% 17.1%
Consumer €2.8 bn
TOTAL €13.7 bn TOTAL €13.7 bn 4.1% 3.4%

Total Business Mortgages Consumer

Note: Pre write-off quarterly NPL formation (amount and bps over end-quarter loan balance)

Financial Results. 37
 Piraeus’ New Organizational Structure with Dedicated NPL Management Units

Piraeus Bank has a new organisational NPL management is Piraeus’ top priority
structure, with dedicated NPL management units for 2014

Mission
Piraeus Bank BoD
• Dedicated, fair and consistent management of all borrowers in
financial difficulties
Executive Committee • Value creation for Piraeus Bank through a streamlined NPL
management process, in line with international best practice
• Addressing the systemic importance of Piraeus Bank for the
CEO Greek economy, being the largest bank in the country

Approach
• New dedicated organization and management structure
• Dedicated policies and customer solutions and treatments based
Recovery ‘Non Core’ Retail Banking
on detailed customer segmentation
Banking Bank / Task
Unit (RBU) Force Corporate Banking • Best in class processes to enable customer needs identification
and customer solution selection
Commercial Banking • Appropriate staffing of the units, professional training and new
performance management systems
Financial Markets & Treasury • Development of suite of analytical tools and “test and learn”
capabilities
International Banking • New, detailed MIS and reporting capabilities across all levels
within the organization
• Appropriate IT infrastructure in place to facilitate new structures
and processes

Financial Results. 38
RBU and ‘Non Core’ Bank / Task Force Have Distinct Roles & Responsibilities
RBU is offering end-to-end customer solutions to
borrowers facing financial difficulties across all
portfolios
• Dedicated teams with
Recovery Banking Unit differentiated customer
(RBU) solutions for each segment
• Specialized analytics designed
to support decision making
Retail and Small Business
• Implementation of campaigns
Recovery and Workout
and customer solutions for
specific segments of the
portfolio
Commercial Recovery • Channels in place (branch
(SME) support for Retail and Small
Businesses, dedicated
Recovery Centers for SMEs) to
provide effective solutions to
Wholesale Recovery borrowers
(Corporate & Shipping)
• Dedicated IT and technology
support-continuous investment
• Clear transfer criteria and
Wholesale & Commercial handover processes in place
Workout
‘Non Core’ Bank / Task Force Unit’s mission is to
manage critical exposures in entire sectors of the
Greek economy, as well as all participations
• On the back of market
‘Non Core’ Bank / Task consolidation, Piraeus now
Force Unit has significant share in key
industries / infrastructure
projects, the appropriate
‘Non Core’ Bank / Task restructuring of which will be
Force Unit crucial for the future of the
Greek economy
• Mission of the „Non Core‟ Bank
/ Task Force Unit is to work on
Private Equity and
restructuring solutions for
Participations
those complex exposures in a
dedicated structure
• At the same time, the „Non
Core‟ Bank / Task Force Unit
Real Estate Companies
will own all of the Group‟s
participations and other non
core assets (e.g. real estate),
working to maximize the value
creation for Piraeus Bank
Financial Results. 39
RBU: €22 bn Balances or 425 th Loans Are Being Internally Transferred

• Clear perimeter criteria have been applied

Balances (€ bn) Loans (# th) in-line with regulatory delinquency
definitions:
Retail 7.2 390 - Taking into account arrears status, as
well as other valid early warning
Small Business 1.2 20 indicators
Commercial 13.2 15 - Retail and Small Business customers
enter the RBU from early stage arrears
Total 21.6 425
- Commercial clients enter the RBU
based on a mix of risk flags (one of
which is days in arrears) and indicators
Lawyers of financial weaknesses
• Approximately €22 bn in balances are
Credit being transferred to the new unit,
Evaluators ≈1,300 Restructuring
Officers representing c.425 th loans; 70% of these
Officers, some of the
1,300 balances and more than 95% of the loans
Bank’s most experienced
Restructuring have already been transferred as of March
people, have already been
Officers assigned to RBU 1st; transfer process expected to be
Collection finalized in April 2014
Admin/tion
Officers Officers ≈600 additional Officers
from Credit, Legal,
Other
Third Administration, Collections
Parties have already joined force
with RBU

Note: Figures are based on latest estimates (work in progress), balances of Piraeus Bank SA banking operations in Greece
Financial Results. 40
Macro & Banking Market Update
Greek Macro & Banking Market Update

Macro Environment Banking Environment

 From twin deficits to twin surpluses

(C/A of 0.7% of GDP; primary fiscal balance of 0.4% in 2013; 2014
 Customer deposits
have increased by 12% in the last 18 months (Jun.2012-Dec.2013)
projection 2.0% and 1.6% respectively)
Loans to deposits ratio
 improved to 104% in Dec.2013 vs. 129% in Jun.2012
 GDP recovery from a decelerated contraction of 3.85%
in 2013 to 0.6% in 2014 and 2.9% in 2015 (1)
 Interest rates on new time deposits
decreased by 221 bps since Jun.2012, down to 280 bps in
 Economy has regained lost competitiveness
as measured by the nominal unit labor cost
Dec.2013 (2)

 Eurosystem financing
down to €73 bn in Dec.2013, -46% vs. Jun.2012 peak (€136 bn)
 Travel surplus up 18.1% in 2013 vs. 2012;
increase in tourist receipts by 14.9% y-o-y and tourists arrivals by
15.5% y-o-y respectively  Currency in circulation
down to €35 bn in Dec.2013, -22% vs. €45 bn peak in Jun.2012
(€20 bn level pre crisis)
 PMI shaped at 51.3 in Feb.2014, entering expansion area
LLRs over gross loans ratio
after 4.5 years  increased to14.5% in Dec.2013 vs. 2.8% in Dec.2008

 Greek economic sentiment improved by 2.2 pts to

94.8 in Feb.2014 vs. 92.6 in Jan. 2014, highest since Sep.2008 Greek GDP y-o-y change (%)

 Increased FDIs in sectors such as real estate, energy,

ports, logistics, construction, banking, gaming lottery, retail
-2.3
-3.2
-4.0
-6.0
Q1'13 Q2'13 Q3'13 Q4'13

(1) IMF/ECB/European Commission. Other sources for this slide: EL.STAT., Eurostat, BoG, Markit. Note: PMI>50 level indicates growth
(2) Deposits from households with agreed maturity up to 1 year
Macro & Banking Update. 42
Greek Banking Market Key Figures

Market Volumes Nearly at Trough Level (€ mn) Loan to Deposit Ratio at Healthy Level (%)

290,000 140%
 Deposit market has stabilized;
270,000 130% +2% y-o-y in December 2013
250,000
120%
 Loan deleveraging continues;
110%
230,000 -4% y-o-y in December 2013
100%
210,000
90%  NPLs ratio remains elevated
190,000
Loans 80% (c.33%, est. Dec.2013) post 6
170,000 Deposits 70% years of recession; yet, LLRs
150,000 60% over gross loans have climbed

Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13
Mar-08

Mar-09

Mar-10

Mar-11

Mar-12

Mar-13
Dec-07

Sep-08
Dec-08

Sep-09
Dec-09

Sep-10
Dec-10

Sep-11
Dec-11

Sep-12
Dec-12

Sep-13
Dec-13
Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13
Mar-08

Mar-09

Mar-10

Mar-11

Mar-12

Mar-13
Dec-07

Sep-08
Dec-08

Sep-09
Dec-09

Sep-10
Dec-10

Sep-11
Dec-11

Sep-12
Dec-12

Sep-13
Dec-13
to 14.5%
 Banking market consolidation
High Level of LLRs and NPLs (% over Loans) Household Time Deposit Rates Decrease (%) and deposit conditions
normalization have
5.0%
35.0%
LLRs/Loans contributed to the significant
NPLs/Loans 4.5%
30.0%
Unemployment
reduction of time deposit
4.0%
25.0% rates, providing upward
3.23%
3.5%
20.0% potential for net interest
3.0%
15.0% income
New - GR 2.83%
2.5%
10.0%
Outstanding - GR 1.94%
2.0%
5.0% Outstanding - Euroarea
1.5%
0.0%
Jun-10
Sep-10

Jun-11
Sep-11

Jun-12
Sep-12

Jun-13
Sep-13
Mar-10

Mar-11

Mar-12

Mar-13
Dec-09

Dec-10

Dec-11

Dec-12

Dec-13
Jun-08

Jun-09

Jun-10

Jun-11

Jun-12

Jun-13
Mar-08

Mar-09

Mar-10

Mar-11

Mar-12

Mar-13
Dec-07

Sep-08
Dec-08

Sep-09
Dec-09

Sep-10
Dec-10

Sep-11
Dec-11

Sep-12
Dec-12

Sep-13
Dec-13

Source: Bank of Greece

Macro & Banking Update. 43

Greek Economy Reset Close to Materialize (I)

Economic Climate Indicator (sa, 1990-2012 = 100) Recent Developments...

In Q4 2013 real GDP decreased by 2.3% y-o-y vs.-4.9% y-o-y in Q4 2012. Consequently, in
120.0
2013, the economy contracted by 3.85% on average, according to non-seasonally adjusted
110.0 data, i.e. at a significantly slower pace than 2012 (-7.0%). In nominal terms, GDP shrunk by
100.0
5.8% during 2013

90.0 According to Piraeus estimates for seasonally adjusted data, in Q4 2013 real GDP
decreased by only 0.4% q-o-q
80.0

70.0
The unemployment rate remains above 27% of the labor force, hence it constitutes one of
the major challenges for the Greek economy. Nonetheless, employment decreases at a
60.0
decelerated pace
Oct-06

Oct-07

Oct-08

Oct-09

Oct-10

Oct-11

Oct-12

Oct-13
Feb-06
Jun-06

Feb-07
Jun-07

Feb-08
Jun-08

Feb-09
Jun-09

Feb-10
Jun-10

Feb-11
Jun-11

Feb-12
Jun-12

Feb-13
Jun-13

Feb-14
Despite recent fluctuations, the economic climate indicator remained above its 2010-2012
ESI, Greece ESI, EU-27 Average Level, Greece (2001-2013) average level. In February 2014 it reached 94.8 pts, the highest since September 2008
On the fiscal front, challenges do remain however fiscal consolidation is progressing.
GDP (y-o-y % change, nsa data) Central Budget Execution is on track. According to the latest data from the Ministry of
Finance, a primary surplus of €603 mn was achieved in 2013, while government officials
15.0 reiterated their certainty for a bigger than anticipated primary surplus for the General
10.0
Government as well
Improvement in the current account balance: a significant improvement has been recorded
5.0
in the current account balance, where a surplus of €1.2 bn was recorded in 2013 for the 1st
0.0 time since 1948 (in comparison with a €4.6 bn deficit in 2012)
-5.0
…and Outlook for 2014
-10.0
According to Piraeus forecasts, in 2014 the economic recession will come to an end (0%
-15.0 change in GDP). In general, the composition of economic activity will not change, but the
contraction rates of internal demand will be even more restricted. Consumption and
Q4/02
Q2/03
Q4/03
Q2/04
Q4/04
Q2/05
Q4/05
Q2/06
Q4/06
Q2/07
Q4/07
Q2/08
Q4/08
Q2/09
Q4/09
Q2/10
Q4/10
Q2/11
Q4/11
Q2/12
Q4/12
Q2/13
Q4/13

investments (Gross Fixed Capital Formation) will be reduced, but at a declining rate and
Constant prices Current prices
their reduction will be partially compensated for by the improvement in the external balance

Sources: European Commission DG ECFIN, ELSTAT, Piraeus Bank Economic Research

Macro & Banking Update. 44

Greek Economy Reset Close to Materialize (II)

Structural Balance / Potential GDP (%)  Unemployment rate remains high;

Current Αccount Βalance (cumulative, € mn)
nonetheless, employment decreases at
4y r Cumulativ e Change in General Government Structural 5000
decelerated pace
25 Balance/Potential GDP
0  Continuous improvement in current
20
-5000 account balance where a surplus is
15 -10000 recorded, on a cumulative basis, since
-15000
July 2013
10 Euro area (17 countrie s)

5
Greece -20000  Economic sentiment improved by 2.2 pts
-25000 to 94.8 pts in February 2014 vs. 92.6 pts

Jan.-Mar.
Jan.

Jan.-Jul.

Jan.-Nov.

Jan.-Dec.
Jan.-Aug.

Jan.-Sep.
Jan.-Apr.

Jan.-Oct.
Jan.-Feb.

Jan.-May

Jan.-Jun.
0
in January 2014, highest since
-5 September 2008. Substantial
2010 2011 2012 2013 2010 2011 2012 2013
improvement is apparent in both
industrial and services confidence
Nominal Unit Labor Costs (2005 = 100) Employment (y-o-y %) indicators

 Greek PMI climbed to its highest level

120 4.0
in more than 4 years at 51.3 in
115 2.0
Feb.’14. Output levels and new orders
110
0.0 rising simultaneously for the first time
105
-2.0 since Aug.’09. Car sales up by 1.2% in
100
-4.0 2013
95
-6.0
90 Euro area (17 countrie s)  Primary fiscal balance of 1.6% of GDP
-8.0
85 Greece projected for 2014 (0.4% respectively
80
-10.0 2013 forecast). Structurally adjusted
Sep-07

Sep-08

Sep-09

Sep-10

Sep-11

Sep-12

Sep-13
Mar-07

Mar-08

Mar-09

Mar-10

Mar-11

Mar-12

Mar-13
Dec-06

Jun-07

Dec-07

Jun-08

Dec-08

Jun-09

Dec-09

Jun-10

Dec-10

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13
primary balance c.20 ppts
2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

improvement in 4 years
Sources: Bank of Greece, European Commission DG ECFIN, ELSTAT, AMECO, Piraeus Bank Economic Research

Macro & Banking Update. 45

SEE Macro Outlook

Economic Growth General Comments

The countries in 2013 managed to return to growth but at lower rates than their long-term average,
8 while they tried to redefine their growth models established in the last decade
6
4 The local Central Banks have started in 2013 a monetary policy easing cycle in order to strengthen the
2
0
local economic activity as inflationary pressures subside, but they are expected to halt the easing in
-2 2014
-4
-6 Fiscal measures have proved effective for most countries. However, the IMF has increased, and is
-8 expected to further increase, its involvement in the region
Jun-08

Dec-08

Jun-09

Dec-09

Jun-10

Dec-10

Jun-11

Dec-11

Jun-12

Dec-12

Jun-13

Dec-13
Mar-09

Mar-10

Mar-11

Mar-12

Mar-13
Sep-08

Sep-09

Sep-10

Sep-11

Sep-12

Sep-13
External imbalances persist but have significantly improved as activity and exports gain momentum
Countries with Piraeus Bank Presence, excl. Greece European Union
Country Specifics
Albania: strong ties to Greece and Italy keep economic activity subdued, but still outperforms its peers.
Unemployment Rate The newly established financial assistance from the IMF will help to define the country‟s structural
weaknesses
25 %
Bulgaria: economic activity has rebounded steadily due to strong services, as the country attempts to
20
change the export-driven economic model. Impressive correction of the fiscal and external imbalances
15 Cyprus: the country managed to over-perform the troika‟s expectations on a macro and fiscal level
10 providing visible green shoots, as economic contraction moderates
5 Egypt: growth remains at a standstill due to the ongoing political uncertainty, threatening
0 macroeconomic stability. The financial aid by the Arabic world however in the last months of 2013
re-established the much needed stability in the country
Bulgaria
Albania

Serbia
Egypt

Romania
Cyprus

Ukraine

Romania: economic activity has significantly improved in 2013, while a positive step for a further
2013 2012
improvement was the approval of the SBA by the IMF and from the European Commission (€2.0 bn
Table of Economic Forecasts each)
Real GDP
Inflation
Fiscal Balance Current Account Serbia: the exports growth due to the automotive industry within last year has led to a significant
(% y-o-y) (% GDP) Balance (% GDP)
improvement of the economic activity and the external sector, however domestic final consumption is
2013 2014f 2013 2014f 2013 2014f 2013 2014f expected to counterbalance the positive effects from imports in the current year
Albania 1.7(e) 2.1 1.9 2.7 -4.6 -6.3 -9.3(e) -10.5
Bulgaria 0.6 1.6 0.9 1.5 -1.8 -1.7 2.1 0.3 Ukraine: the ongoing developments in Ukraine remain extremely volatile, as the country has split into 2
Cyprus -5.4 -3.9 -0.4 1.2 -5.2 -7.5 -2.0(e) -0.6 fronts - the 1st that is pro-European and is concentrated in Kiev and the 2nd that is pro-Russian and is
Egypt 1.8 2.8 6.9 10.3 -14.7 -13.2 -2.6 -0.8
concentrated in the Crimea region. In recent weeks, the 3 major rating agencies downgraded Ukraine‟s
Romania 3.3 2.1 4.0 2.8 -2.5 -2.0 -1.1 -2.5
Serbia 2.4 2.0 7.9 5.0 -4.8 -6.2 -7.5 -6.5 sovereign credit rating noting the increasing political uncertainty. A key challenge the country will have
Ukraine 0.0 n/a -0.3 n/a -4.5(e) n/a -7.3(e) n/a to face, apart from the socio-political turmoil is the debt service and the depreciation of the Ukrainian
Sources: Piraeus Bank Research, IMF World Economic Outlook, National Statistical Sources
currency against the dollar

Macro & Banking Update. 46

Appendix
Piraeus History at a Glance

Assets:
€92bn
• 2013 - Migration of 6 banks - Recap €8.4 bn - Acquisition of
2012-2013 Greek carve-out of Bank of Cyprus, Cyprus Popular
Consolidation, Piraeus Bank & HellenicBank, as well as Millennium Bank
Commercial Leadership • 2012 - Acquisition of “good” ATEbank and Geniki Bank

€49bn
2009-2011 • 2012 - OPEX containment FTE rationalization branches optimization,
Weathering participation in the PSI, sale of subsidiary Marathon Bank NY
the Economic Crisis • 2011 - Rights Issue of €0.8bn

€55bn
2004-2008 • 2008 - Establishment of Piraeus Bank Cyprus
• 2007 - Acquisition of ICB Ukraine
Strong Domestic and
International Expansion • 2005 - Acquisition of Eurobank in Bulgaria (Piraeus Bank Bulgaria), Atlas Banka in Serbia
(Piraeus Bank Beograd), Egyptian Commercial Bank in Egypt (Piraeus Bank Egypt)
Assets:
€15bn
• 2003 - ETBAbank
1992-2003 • 2000 - Xiosbank, Macedonia-Thrace (triple merger)
Critical Mass Attainment & • 1999 - NatWest Greece
Operational Overhaul • 1998 - Credit Lyonnais Greece
• 1997 - Chase Manhattan Greece
• 1996 - Establishment of Tirana Bank in Albania
• 1993 - 1st foreign branch in Bulgaria
Note: asset size refers to Dec.2003, Dec.2008, Dec.2011 and Dec.2013 respectively for each period illustrated
Appendix. 48
Record-Time Integration of Legacy Banks

Proven track record in post acquisition

Integration Roadmap integration
 More than 20 mergers and acquisitions in the last „One Bank-
15 years
Piraeus Market Shares in Greece
 6 fully successful banking migration projects in
One Platform‟
the last 6 months
Loans 30.1%
 Last 2 migrations in December 2013 (Millennium
Deposits 28.5% and ATEbank Romania) have completed the
integration program, 6 months ahead of original
Branches 33.4% timeline
ATMs 32.8% Superior infrastructure & project
management culture
€5bn  „Best in class‟ business and technology
€13bn assets infrastructure
loans  Brand new, highly scalable Data Center in
€9bn
loans Athens; state-of-the-art Disaster Data Center in
€1bn December 2013 Salonica
November 2013
loans Millennium  Data Center certified by Uptime Institute (Tier 4):
October 2013 Cyprus Bank
€22bn Popular Greece only bank in Greece and among 50 top
assets Bank of Bank in Greece companies worldwide to have this certification
July 2013 Cyprus in
Hellenic Greece  Employees‟ training and culture homogenization
Bank in among key priorities in the integration agenda,
June 2013 Greece with emphasis in the front line #1 web bank
Good
ATEbank
Customer centric business approach in Greece
 Customer satisfaction and perception rates
further improved as Piraeus has emerged as the
#1 bank in the country

Appendix. 49
Premiere Franchise in Greece by Loans, Deposits and Footprint

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

1 1 1

30% 29% 1,037

4
2 2

23% 26% 655

3 2 3

20% 20% 614

4
3 4

19% 19% 540

2% 2% 80

Dec.2013 Piraeus & Alpha (Sept.2013 other peers). Source: solo financial statements including adjustments for volumes booked in branches abroad, BoG for market, HBA for branches
(1) Includes Geniki, good ATEbank, Greek operations of Cypriot banks and Millennium.
(2) Includes Emporiki Bank and the deposits of the 3 co-operative banks of West Macedonia, Dodecanese and Euboea
(3) Includes new Hellenic Postbank and new Proton Bank
(4) Includes new FBB and new Probank

Appendix. 50
Shareholder Structure - Piraeus Stock Data

Shareholder Structure - 31 December 2013 (%)  Shareholder structure of Piraeus Bank presents great
diversity; total number of common shareholders 163 th
Private
Total
Sector  The Hellenic Financial Stability Fund holds 81% of
Greek
institutions outstanding common shares
9%
 The remaining 19% is held by the private sector and in
Foreign
HFSF 75% institutions
Individuals
16%
particular 16% by legal entities and 3% by individuals
(with 15%
warrants)
Individuals
 Largest private sector participation in June 2013 rights issue
Greek
3% in absolute and relative terms (€1.4 bn or 20%); strong
institutions Foreign
institutions
international presence
1%
75%
HFSF
6% (no
 Post equity offering, HFSF percentage will stand at 67.3%
warrants)

Piraeus Stock & Warrant Data

 For each share subscribed by a private investor in the rights
Common shares Warrant information issue, 1 warrant granting the right to acquire 4.48 common
HFSF 4.106 bn Exercise Date Strike price Piraeus shares from the HFSF has been provided
Jan 2nd 2014 €1.7340
Private sector 0.966 bn
Jul 2nd 2014 €1.7680
 Warrants can be exercised within 4.5 years following the share
Total 5.073 bn Jan 2nd 2015 €1.8105
offering; second strike date July 2nd 2014 at €1.768
Jul 2nd 2015 €1.8530
 Strike price = subscription price + interest accruing at 4% in
Jan 2nd 2016 €1.9040
Warrant information year 1, with an annual 1% step-up thereafter
Jul 2nd 2016* €1.9550
Issued warrants 849 mn Jan 2nd 2017 €2.0145  Warrants are traded on the ATHEX, detached from Piraeus
Jul 2nd 2017 €2.0740 Bank shares
Shares per warrant 4.48 Jan 2nd 2018 €2.1420
* end of HFSF lock-up period

Appendix. 51
Loan Portfolio

Gross Loans Like-for-Like Evolution (€ mn) Piraeus Bank Greek Loan Market Shares

Dec.’12 Mar.’13 Jun.’13 Sept.’13 Dec.’13 35.2%

30.1%
GROUP 78,624 76,535 75,679 74,787 76,114
24.6%
Business 51,325 49,881 21.8%
49,116 48,582 50,167

Mortgages 18,940 18,690 18,528 18,349 18,084

Consumer 8,359 7,964 8,034 7,856 7,862

GREECE 71,286 69,220 68,472 67,660 69,063 Business Mortgages Consumer Total

Business 45,945 44,474 43,759 43,278 44,916 Source: solo financial statements of banks incl. adjustments for
volumes booked in branches abroad, Bank of Greece for market
Mortgages 18,213 17,975 17,820 17,651 17,392
Group Loans Breakdown (%) Greek Portfolio Mix (%)
Consumer 7,127 6,771 6,893 6,732 6,756 (per sector, NACE II)
Education 0.1%
Water & Waste 0.2%
Entertainment 0.3% 26% Mortgage
INTERNATIONAL 7,338 7,315 7,207 7,127 7,050 Public 0.4%
Mining 0.5%
Admin. Services 0.8%
Business 5,380 5,407 5,358 5,304 5,252 Health 0.9% 10% Consumer
Technical 1.4% 6%
IT 1.5%
Mortgages 727 715 708 699 692 Agriculture 1.6% SBLs
Energy 2.5%
Other Service 4.0% 29%
Consumer 1,232 1,193 1,141 1,124 1,106 Tourism 4.8% SMEs
Fin. Service 4.9% Mortgages 24.4%
Note: December 2012 and 2013 included OPEKEPE seasonal loan of €2.1 bn and €1.9 bn respectively Real Estate 5.0% Consumer 10.6% 5%
Transport 6.1% Shipping
Construction 9.3%
Trade 9.9% 24%
Manufacturing 10.8% Large
Retail 35.0%
 Group loans -3% y-o-y like for like and -1% q-o-q (excl. OPEKEPE seasonal facility)
Shipping at 4% (included in transport); data exclude OPEKEPE

Appendix. 52
Deposit Portfolio

Deposits Like-for-Like Evolution (€ mn) Piraeus Bank Greek Deposit Market Shares

Dec.’12 Mar.’13 Jun.’13 Sept.’13 Dec.’13 30.3%

27.3% 28.5%
GROUP 54,852 56,254 54,733 54,692 54,279
Savings 12,923 12,412 12,113 12,346 12,870

Sight 8,327 8,768 8,498 9,255 9,337

Time 33,602 35,074 34,123 33,091 32,072

GREECE 50,293 51,627 50,243 50,173 49,650 Sight-Savings Time Total

Savings 12,650 12,145 11,838 12,036 12,550 Source: solo financial statements of banks incl. adjustments for
volumes booked in branches abroad, Bank of Greece for market
Sight 7,350 7,760 7,578 8,305 8,421

Time 30,293 31,722 30,828 29,831 28,679  Group deposit portfolio down 1% y-o-y on a
like-for-like basis; same change q-o-q
INTERNATIONAL 4,559 4,627 4,490 4,519 4,629
 Same changes for Greek deposit portfolio;
Savings 273 266 275 310 320
excluding deposits from general
Sight 977 1,008 920 950 916 government, group deposits portfolio
Time 3,309 3,353 3,294 3,259 3,393 increased +2% q-o-q

Appendix. 53
Selective Presence in the Region

Market Shares (December 2013)

Loans Deposits
Romania Bulgaria Albania
Branches (#) 140 Branches (#) 83 Branches (#) 53
Albania 8.0% 8.3%
Employees (#) 1,690 Employees (#) 920 Employees (#) 474
Bulgaria 4.3% 2.9% Assets (€ mn) 1,851 Assets (€ mn) 1,773 Assets (€ mn) 732
Cyprus 1.3% 2.0%
Egypt 0.8% 0.5%
Romania 3.6% 2.0% Net funding €0.1 bn Ukraine Serbia
Capital €0.04 bn
Serbia 2.8% 2.0% Branches (#) 37 Branches (#) 42
Employees (#) 629 Employees (#) 577
Ukraine 0.2% 0.2%
Assets (€ mn) 231 Assets (€ mn) 519

Piraeus Bank volumes as per IFRS local books

and Central Banks for market volumes Egypt Cyprus
• 7 subsidiaries Branches (#) 41 Branches (#) 14
• 2 branches (London, Frankfurt) Employees (#) 1,318 Employees (#) 307
Assets (€ mn) 843 Assets (€ mn) 1,100

London Frankfurt
Branch (#) 1 Branch (#) 1
Employees (#) 23 Employees (#) 15
Assets (€ mn) 1,814 Assets (€ mn) 122

Appendix. 54
Group P&L and Balance Sheet

PROFIT & LOSS* (€ mn) BALANCE SHEET (€ mn)

FY 2013 Dec. 2013

Net interest income 1,662 Cash/balance with central banks 2,875
Net fee income 287 Loans & advances to banks 293
Trading & other income 186 Gross Loans 76,114
Total net revenues 2,135 (Cumulative provisions) (13,748)
- o/w one-off items (148) Securities 17,583
Employee costs (885) - o/w EFSF bonds 14,293
Administrative expenses (626) Intangibles & goodwill 300
Depreciation & other (127) Fixed assets 2,354
Total operating costs (1,637) Deferred tax assets 2,862
- o/w one-off items (233) Other assets 3,019
Pre Provision Income 498 Assets from discontinued operations 358
- PPI normalized for one-off items** 945 Total assets 92,010
Income from associates (29) Due to banks 26,275
Impairment charges on loans (2,218) Deposits 54,279
Impairment charges on other assets (314) Debt securities 561
Negative goodwill from acquisitions 3,810 Other liabilities 1,794
Profit Before Tax 1,748 Liabilities from discontinued operations 557
Tax 769 Total liabilities 83,467
Net Profit attributable to SHs 2,532 Total equity 8,543
Discontinued Operations*** 30 Total liabilities & equity 92,010

* includes good ATEbank, Geniki, the Greek operations of Cypriot banks (as of 16 March 2013) and Millennium Bank Greece (as of 20 June 2013)
** including PPI from Cypriot carve-out 01.01.13-16.03.13, excluding Millennium and Geniki PPI loss Appendix. 55
*** discontinued operations refer to ATE Insurance and ATE Insurance Romania
Group Results: Domestic / International

GREECE (€ mn) INTERNATIONAL (€ mn)

FY 2013 FY 2013
Net interest income 1,338 Net interest income 324
Net fee income 237 Net fee income 50
Trading & other income 162 Trading & other income 25
Total net revenues 1,737 Total net revenues 399
Employee costs (781) Employee costs (104)
Administrative expenses (520) Administrative expenses (106)
Depreciation & other (94) Depreciation & other (33)
Total operating costs (1,394) Total operating costs (243)
Pre provision income 342 Pre provision income 156
Normalized pre provision income 789 Normalized pre provision income 156
Impairment charges on loans (1,912) Impairment charges on loans (305)
Impairment charges on other assets (218) Impairment charges on other assets (95)
Negative goodwill from acquisitions 3,810 Negative goodwill from acquisitions -
Profit/Loss before tax 1,992 Profit/Loss before tax (244)
Tax 758 Tax 11
Net profit attributable to SHs 2,758 Net profit attributable to SHs (226)
Discontinued operations* 30 Discontinued operations* 0

* discontinued operations refer to ATE Insurance * discontinued operations refer to ATE Insurance Romania

Appendix. 56
Communication

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 Bermpati, Head, IR
Vicky Diamantopoulou, Head, Business Planning Solid in Motion

Panos Tzanetos, Senior Advisor

4 Amerikis St, 105 64 Athens Bloomberg: TPEIR GA <F8>

Tel. : (+30 ) 210 333 5026 Reuters: BOPr.AT
Fax : (+30 ) 210 333 5079 www.piraeusbankgroup.com
investor_relations@piraeusbank.gr

Last modified date: April 3nd 2014

Communication. 57