Corporate Presentation

(9m 2013 financial results)

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.

In late March 2013, Piraeus Bank acquired the Greek banking operations carve-out of Bank of Cyprus, Cyprus Popular Bank and

Hellenic Bank. Therefore, the financials in this presentation contain balance sheet data of the aforementioned acquisition as of 31

March 2013 and onwards and respective results as of 16 March 2013. In mid June 2013, Piraeus Bank acquired 100% of

Millennium Bank Greece (MBG). Therefore, the financials in this presentation contain balance sheet data of the aforementioned

acquisition as of 30 June 2013 and onwards and respective results as of 20 June 2013. Due to the absorption of the Greek carve-

out of Cypriot banks in Q1 2013 and MBG in Q2 2013, as well as ‘good’ ATEbank in Q3 2012 and Geniki Bank in Q4 2012,

comparability of balances and results of Piraeus Group for past financial periods is not always feasible; wherever available, it is

included in this presentation.

Disclaimer

2

1. Highlights 4

2. 9m 2013 Results 20

3. Macro Update 29

4. Appendix 35

Table of Contents

3

The New Group . 4

Highlights

4

Presence in 10 countries:

Highlights.

Piraeus at a Glance

5

Top bank in Greece in terms of loans and deposits (30% & 29% market share)

Universal Bank; 2/3 of loans to businesses & 1/3 retail; focus on SMEs and agri-business

#1 web bank in Greece; high ranking in all customer satisfaction surveys

Series of strategic actions in 2012-2013 enhanced size and market power

EBA CT1 ratio at 13.5%

LLR/Gross Loans ratio at 17%

LTD ratio at 113%

Net Eurosystem/Assets ratio at 12%

Brief Profile & Key Data

2009 - 2013 Sustain the Effects of the Crisis Consolidating the Market

2000 - 2003 Operational Overhaul

1991 - 1999 Attaining of “critical mass”

2004 - 2008 Strong Domestic and International Expansion

2013 - Acquisition of:

Greek carve-out of Bank

of Cyprus, Cyprus Popular

Bank and Hellenic Bank

Millennium Bank

2012 - Acquisition of:

“good” ATEbank

Geniki Bank

2003 - Absorption of ETBAbank

2002 - Acquisition of ETBAbank

2000 - Merger with Macedonia Thrace

Bank and Xiosbank

1999 - Acquisition of Xiosbank, NatWest

Greece

1998 - Acquisition of Macedonia Thrace

Bank, Credit Lyonnais Greece

1997- Acquisition of Chase Manhattan

Greece

1991 - Privatisation of Piraeus Bank

1918 - Listing on ATHEX

1916 - Establishment of Piraeus

Bank

2008 - Establishment of Piraeus

Bank Cyprus

2007 - Acquisition of ICB Ukraine

2005 - Acquisition of:

Eurobank in Bulgaria

(Piraeus Bank Bulgaria)

Atlas Banka in Serbia

(Piraeus Bank Beograd)

Egyptian Commercial

Bank in Egypt (Piraeus

Bank Egypt)

2013 - Sale of ATEbank

Romania

2012 - Sale of Marathon Bank of

New York

1998 - Acquisition of Marathon Bank

of New York

1996 - Establishment of Tirana Bank

in Albania

Domestic International

September 2013 TOTAL Domestic % of

Group Abroad

% of

Group

Assets (€ bn) 92.7 83.8 90% 8.9 10%

Net Loans (€ bn) 62.0 56.1 91% 5.9 9%

Deposits (€ bn) 54.7 50.2 92% 4.5 8%

Branches (#) 1,653 1,218 74% 435 26%

Employees (#) 24,495 18,440 75% 6,055 25%

Customers (# mn) 6.9 5.8 84% 1.1 16%

Highlights.

Pre provision income recovery

Q3 normalized PPI up 35% q-o-q at €242 mn

NII improvement is the main PPI driver (NII +8% q-o-q,

NIM 250 bps)

- time deposit cost down c.70 bps q-o-q, c.135 bps y-t-d

- lower Eurosystem cost 60% q-o-q

Accelerated monetization of synergies

63% of total synergies crystallized already:

- €153 mn funding synergies secured to-date (96%)

- €192 mn cost synergies secured to-date (56%)

Integration costs savings of €45 mn (11%)

NPLs formation decelerates

NPL formation down 7% q-o-q:

- new Greek NPLs down 9%

- new Greek business NPLs down 19%

- formation trend declines for the 3rd consecutive quarter

17% LLRs over loans; 20% for business portfolio

Q3 2013 Highlights

6

Efficiency gains support PPI recovery

Q3 OPEX down 4% like-for-like

- staff costs down 4% q-o-q like-for-like

- other costs down 5% q-o-q like-for-like

Record-time integration

“One bank-one platform” as of January 1st 2014

6 migrations in the last 6 months (5 domestic, 1 abroad)

279 branch closures in 12 months (-23% of total

footprint)

Sound capital adequacy

12.2% CET-1; 13.5% EBA CT-1

Capital buffer of €3.2 bn over an 8% regulatory

threshold

Operating developments

VES concluded (12% of Greek workforce)

279 domestic branches closed in 2013; c.€30 mn annual cost relief

40 HQs premises relocations in Q4; c.€17 mn annual rental cost relief

6 IT migrations (Jun: ATE, Jul: Hellenic, Oct: BoC; Nov: CPB; Dec: MBG & ATE

Romania)

Internal reorganization launched including the establishment of a dedicated

recovery banking unit and a specialized task force unit (internal merchant bank)

Market developments

BCP stake placed to a broad base of institutional investors; >2x

oversubscription

Among the largest additions in MSCI Emerging Markets Index

Bank of the Year 2013 for Greece by FT magazine „The Banker‟

Under way

BlackRock diagnostic assessment concluded; expected result in early 2014

Restructuring Plan: finalization of targets/commitments under way

Recent Developments

7 Highlights.

c.€95mn VES annual payroll relief

private

sector 19%

76%

foreign

investors

Shareholder Base

HFSF

On Free Float

Q3 2013 Normalized PPI (€ mn)

0

50

100

150

200

250

300

Piraeus-ATE-Cypriot ops

PPI

ELA costover ECB

One offcosts

Piraeus-ATE-Cypriot ops

PPI

GenikiPPI

MillenniumPPI

-€11

+€2 2 €199 1

1. Piraeus Group PPI for Q3 2013: Q3 reported €184 mn excluding Geniki and MBG loss of €15 mn

2. ELA cost over ECB cost for Q3 2013; amount has burdened Group NII

3. One off costs for operational integrations and VES

€242

Normalized PPI Recovers on the Back of Declining Funding Costs

-14

-9 -4

Q1 2013 Q2 2013 Q3 2013

-19 -14 -11

Q1 2013 Q2 2013 Q3 2013

Geniki PPI evolution (€ mn) Millennium PPI evolution (€ mn)

+€40 3

-€4

8 Highlights.

-549 -489

179 242

Q2'13 Q3'13

PPI

LoanProvisionCharge

PPI and Provision Charge q-o-q (normalized PPI)

+35%

Piraeus Group normalised PPI for Q3 at

€242 mn up by 35% q-o-q; 1st quarter

incorporating full P&L impact of

acquisitions

PPI to benefit further from funding,

operating costs and revenue synergies

Frontloading of integration expenses so

as to bring forward the synergistic benefit

Geniki and Millennium pre provision

„drag‟ diminishes as both Banks are

rationalized

Recovery of PPI Well in Progress

9 Highlights.

Optimizing Greek Branch Network

Note: ELA over ECB cost is cumulative for each financial period

Accelerated Greek Headcount Reduction

19,238

18,624 18,591 18,440

16,570

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

1,354

1,306 1,280

1,218

1,097

1,037

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

Disengagement from Expensive ELA Tightening of Greek Time Deposit Rates

Total Book

Front Book

€9.5bn €11.2bn €10.6bn

€21.5bn

€31.4bn

€2.3bn €0.5bn

€56 €67 €162

€256

€409

€44 €58 €61

Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 2013 Jun 2013 Sep 2013

Y-t-d- Cost (€ mn)

ELA Balance (€bn)

pro-forma for VES

-149 bps

-175 bps

-15% -317#

-€31.4bn

All graphs pro forma for all acquisitions except for the one with Greek time deposit rates (all apart from Geniki Bank)

(e)

€0bn

4.58% 4.41% 4.13%

3.42% 3.09%

4.40% 4.23%

3.64%

2.82% 2.65%

Dec-12 Mar-13 Jun-13 Sep-13 Dec-13

Q3 Top Line up 13% On The Back of Recovering Core Income

10 Highlights.

Revenues Increase Across the Board (€ mn)

Net Interest Income Decomposition (€ mn)

419 454

67 74 38 66 €524 mn

€593 mn

Q2 2013 Q3 2013

Other

NFI

NII

855 834

122 109

-396 -358

-161 -131

Q2 2013 Q3 2013

€419 mn €454 mn Other

Loans

Deposits

Other

Inte

rest

inco

me

Inte

rest

exp

ense

Net Revenues Recover in Q3

NII increases as funding costs decline from both customer

deposits and lower & cheaper Eurosystem funding

NFI up 10% q-o-q; significant potential for further

improvement as market bottoms out and the Bank

establishes its new market position

Other operating income up 74%, mainly on the back of

recurring operating leasing revenues

Lower Funding Costs Support NII

Lower deposit cost as time deposits rates in Greece

decline substantially (c.70 bps in Q3)

Lower gross loan interest income due to deleveraging

(-1% q-o-q in loan balances) and new NPLs production

c.€15 mn of funding synergies in Q3 (€153 mn

annualized), as deposit rates are harmonized across all

legacy networks (Cypriot carve-out and Millennium)

c.€25 mn lower Eurosystem funding costs (zero ELA)

Note: Q2 2013 interest income-expense pro forma for Millennium (acquired in 19 June 2013)

+8%

+13%

+8%

NII +8% q-o-q

Q3 NIM 250 bps

Rapid Deceleration of OPEX on a Like-for-Like Basis

11 Highlights.

Total Operating Expenses Like-for-Like (€ mn)

Underlying Costs q-o-q (€ mn)

361 346

Q2 2013 Q3 2013

Q3 OPEX Down 4% Like-for-Like

€40 mn integration costs in Q3, out of which c.€24 mn

from VES (the remaining part of VES, c.€105 mn in Q4*)

Cost Cutting Across the Board

Substantial rationalization in HQs premises, as well as

IT, advertisement, servicing and other costs

164

156

197

190

Q2 2013

Q3 2013

Q2 2013

Q3 2013

STAFF

ADMIN

OPEX q-o-q (€ mn) Q2 2013 Q3 2013

Underlying OPEX 361 346

VES - 24

Acquisition-related 8 10

Integration 9 6

One-off costs 17 40

Millennium 3 23

Reported OPEX 380 409

Staff Costs q-o-q (€ mn) Q2 2013 Q3 2013

Underlying staff costs 197 190

VES - 24

Millennium 2 11

Reported Staff Costs 199 225

Admin.Costs q-o-q (€ mn) Q2 2013 Q3 2013

Underlying Other Costs 164 156

Acquisitions/integration 17 16

Millennium 1 12

Reported Admin.Costs 182 184

-4%

Note: Millennium incorporated for 10 days in Q2 and the whole quarter in Q3

-4%

-5%

(*) VES (€105mn) refers to the targeted amount

€14mn

Synergies: Size, Speed, Efficiency

12 Highlights.

Booked in 9m

Actions already

implemented

a. Cost Synergies

Actions taken crystallize 56% of total cost synergies

Fully phased:

€345 mn

€75mn Booked in 9m

Actions already

implemented

b. Funding Synergies

Actions taken crystallize 96% of total funding synergies

Fully phased:

€160 mn

Booked in 9m

Actions already

implemented

Actions taken crystallize 63% of total synergies

Fully phased:

€550 mn

(inc.€45mn revenue synergies)

€92mn

0

420 €57mn booked in 9m 2013

€132 mn additional

actions implemented

45% of integration costs already incurred

vs. 56% crystallization of costs synergies

Total Synergies (a+b)

c. Integration Costs

€45 mn integration

costs savings (11%)

€178 mn €253 mn

€78 mn

Highlights.

Record-Time Integration of Legacy Banks

13

Proven track record in post acquisition integration

More than 20 mergers and acquisitions in the

last 15 years

6 fully successful banking migration projects

in the last 6 months

Last 2 migrations in December 2013

(Millennium and ATEbank Romania) have

completed the integration program, 6 months

ahead of original timeline

Superior infrastructure & project management culture

„Best in class‟ business and technology

infrastructure

Brand new, highly scalable Data Centre in

Athens; state-of-the-art Disaster Data Center

in Salonica

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

Integration Roadmap

June 2013

Good ATEbank

July 2013

Hellenic Bank

October 2013

Bank of Cyprus

November 2013

Cyprus Popular Bank

December 2013

Millennium Bank Greece

€22bn

assets

€1bn

loans

€9bn

loans

€13bn

loans

€5bn

assets

33%

35%

29%

30%

ATMs

Branches

Deposits

Loans

Piraeus Market Shares in Greece

‘One Bank

One Platform’

#1 web bank

in Greece

Note: Cypriot carve-out relates to Greek operations of the 3 Cypriot banks

49% 52%

15%

70%

17% 20%

3%

33%

Total Business Mortgages Consumer

Cash Coverage/NPLs

LLRs/Loans

+€1,449mn

+€1,177mn +€1,267mn +€1,180mn

Q4'12 Q1'13 Q2'13 Q3'13

35% 38%

22%

47%

Total Business Mortgages Consumer

Piraeus Group NPLs Formation 1

13.5

2.0

9.4

1.4 Millennium

BoC-CPB

Geniki

Piraeus-ATE-Hellenic

€26.3bn

Group NPLs Composition - September 2013

NPLs - September 2013 (%)

Coverage of NPLs by LLRs - September 2013 (%)

1. Pre write-off quarterly NPL formation (amount and bps over end-quarter loan balance; Q2 and Q3 2013 excluding Millennium)

Rate of NPL Generation Almost Halved in 4 Quarters

NPLs Sept.2013

Business €18.5 bn

Mortgages €4.1 bn

Consumer €3.7 bn

TOTAL €26.3 bn

excl.Millennium

3.21%

2.43%

1.78% 1.68%

14 Highlights.

109% NPLs coverage

by LLRs & tangible

collateral

275 bps 9m

cost of risk

69% average LTV

for mortgage book

in Greece

PPI Re-Rating Potential

15 Highlights.

-4.2%

+0.6%

+2.9% +3.7% +3.5%

-4.8%

-2.9%

-0.3%

+1.0% +2.2%

2013 2014 2015 2016 2017

Base

Adverse

Real GDP in Greece (%) (baseline and adverse scenario)

Piraeus PPI Cushions (€ mn)

AnnualizedQ3PPI

VESannualpayrollrelief

Annualizedsynergies

implemented

Timedeposit

convergenceof stock

to front book

PPIpost all actionsalready taken

Unrealized

cost

& revenue

synergies

Q3 PPI implies a €1bn annual

level, without any further

re-rating factor

PPI set to test new highs even

before further market

stabilization, the impact of the

recovery cycle or credit growth

Significant PPI potential uplift

from further time deposits

normalization €968 1

€95

€122

1. Piraeus Group normalized PPI (€242 mn) multiplied by 4

€224 €1,409

Annualized

synergies

implemented

& time deposit

repricing at

current level

Further

time

deposit

rate

decline

€166

3yr PPI before further rerating has the potential

to generate a buffer of c.€3 bn

3yr realized synergies could add an additional

€0.7 bn of buffer

CET-I at 13.5%; significant buffer over

regulatory threshold and with DTA cap applied

(€0.9 bn, i.e. DTAs in excess of 20% of CT1,

cap recently lifted by the BoG)

Assuming a coverage of c.50%, Piraeus could

withstand an NPL ratio of up to c.52% and loan

losses equivalent to c.26% of gross loans

Basle III leverage ratio at 9.1%

1. Assuming constant gross loans

2. Refers to synergies of 2014-2016 net of tax (26%) from the acquisition of ATEbank, Geniki, Cypriot carve-out and MBG, after restructuring costs

3. Normalized Q3 PPI, annualized and multiplied by 3

€12.8 €0.7

€2.9

€3.2 €19.6

Sept. 2013LLRs

3-yearsynergies

NormalizedPPI x 3

EBA CT-Iabove 8%

Loan lossbuffer

Cushion to Address Additional Loan Quality Deterioration (€ bn)

% of gross loans 1

17.1% 0.9% 3.9% 4.3% 26.2%

2 3

Significant Capital Buffers

16 Highlights.

Capital Adequacy Data Sept.2013

Tangible book value €8.0 bn

Regulatory EBA CET-I capital €8.0 bn

RWAs €59.2 bn

EBA CET-I ratio 13.5%

CET-I ratio (excl. State prefs) 12.2%

Significant PPI re-rating expected

providing additional buffers

with €0.9 bn

DTA cap

v

80

620

628

670

1,218

2%

19%

20%

26%

29%

3

2%

19%

20%

23%

30%

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

Data as of September 2013. Source: solo financial statements including adjustments for volumes booked in branches abroad, BoG for market, Hellenic Banking Association 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

Gross Loans - Greece (%)

Premiere Franchise in Greece by Loans, Deposits and Footprint

1 1 1

2

2

2

3

4

3

4 4

17 Highlights.

12.2% 11.8%

6.9% 5.5%

13.5% 13.5%

9.4% 8.1%

Peer 1 Peer 3 Peer 2

12% 13%

21% 21%

Peer 3 Peer 2 Peer 1

88%

112% 116% 118%

97%

113% 111%

124%

Peer 3 Peer 2 Peer 1

Greece Group

17.1% 17.0%

13.5%

11.2%

Peer 1 Peer 2 Peer 3

Net Loans / Deposits (%) ‘Net’ Eurosystem / Total Assets (%)

CET-I (%)

Note: peers are the other 3 systemic banks (i.e. NBG, Alpha, Eurobank); ratios refer to September 2013; CET ratios are excluding State preference shares; capital ratios for peers 2 and 3

are derived from peers‟ investor presentations (pro forma); „net‟ Eurosystem is calculated deducting refinancing under EFSF as collateral (for Peer 2 this metric refers to November 2013)

Best in Class Capital, Liquidity and LLR KPIs

LLRs / Gross Loans (%)

EBA

CET-I

CET-I

18 Highlights.

Shareholder Structure - Piraeus Stock Data

19

HFSF 75% (with

warrants)

Foreign institutions

15%

Individuals 3%

Greek institutions

1%

HFSF 6% (no

warrants)

Shareholder Structure - end September 2013 (%)

Foreign institutions

76%

Individuals 15%

Greek institutions

9%

Total Private

Sector

Shareholder structure of Piraeus Bank presents great

diversity; total number of common shareholders 165th

The Hellenic Financial Stability Fund holds 81% of

outstanding common shares

The remaining 19% is held by the private sector and in

particular 16% by legal entities and 3% by individuals

Largest private sector participation in recent rights issue in

absolute and relative terms (€1.4 bn or 20%); strong

international presence

BCP announced on Oct. 30, 2013, that it has sold, through

an accelerated placement, its entire holding of shares and

warrants in Piraeus Bank (235,294,117 respectively). The

placement was more than 2x oversubscribed and was

finalized within few hours

For each share subscribed by a private investor in the rights issue, 1 warrant granting the right to acquire 4.48 common Piraeus shares from the HFSF has been provided

Warrants can be exercised within 4.5 years following the share offering; second strike date July 2nd 2014 at €1.768

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

Piraeus Stock & Warrant Data

Common shares

HFSF 4.106 bn

Private sector 0.966 bn

Total 5.073 bn

Warrant information

Issued warrants 849 mn

Shares per warrant 4.48

Highlights.

Warrant information

Exercise Date Strike price

Jan 2nd 2014 €1.7340

Jul 2nd 2014 €1.7680

Jan 2nd 2015 €1.8105

Jul 2nd 2015 €1.8530

Jan 2nd 2016 €1.9040

Jul 2nd 2016* €1.9550

Jan 2nd 2017 €2.0145

Jul 2nd 2017 €2.0740

Jan 2nd 2018 €2.1420

* end of HFSF lock-up period

The New Group . 20

9m 2013 Results

20

Strong capital position

CET-I at 12.2%, EBA CT-I at 13.5%; buffer of €3.2 bn above the 8% regulatory threshold

Total equity at €9.2 bn (out of which €0.75 or 8% Greek state prefs)

Pre provision income boost

Group normalized PPI up 35% q-o-q at €242 mn

ΝPL formation slowing down while provisions remain robust

Q3 NPL formation down to 168 bps over gross loans (178 bps in Q2); encouraging trend in business NPLs

Group LLR over gross loans at 17%; same ratio for Greece vs. 14% Greek market average (source BoG)

Superior funding profile

LTD ratio further improved by 2 ppts q-o-q at 113% (equal improvement in Greece at 112%)

Zero ELA utilization; best in class net Eurosystem funding support over total assets at 12%

Funding cost contraction

Further drop in time deposit rates (Q3 down c.70 bps for total stock, current rollover < 270 bps)

Synergies’ contribution

c.€14 mn of cost synergies materialized in 9m 2013; c.€78 mn of funding synergies respectively in 9m 2013

Integration process frontloaded

98 branches closed in 9m 2013 in Greece, 279 branches during 2013 in total (more than half way to the end target)

c.€40 mn of integration costs in Q3 (€24 mn from VES); €57 mn in 9m 2013

c.€105 mn for VES will burden Q4; c.€95 mn annual cost relief thereafter

Q3 2013 Financial Highlights

21 9m Results.

Total assets €92.7 bn

Tangible book value €8.0 bn

Regulatory EBA CET-I capital €8.0 bn

RWAs €59.2 bn

CET-I ratio 1 12.2%

EBA CT-I ratio 1 13.5%

Gross customer loans €74.8 bn

Loan loss reserves €(12.8) bn

Net loans to customers €62.0 bn

Customer deposits €54.7 bn

Customers (#) 6.9 mn

Branches (#) 1,653

Employees (#) 24,495

Loans / deposits 113%

Loan loss reserves / gross loans 17%

NPL ratio 35%

Coverage ratio 49%

Selected Figures (30 September 2013)

1. EBA CT-I includes Greek State preference shares of €0.75 bn (L.3723/2008),

while CET-I excludes them

Net interest income €1,187 mn

Net fee income €195 mn

Trading & other income €166 mn

Total net revenues €1,549 mn

Staff costs €(572) mn

Administrative costs €(388) mn

Depreciation & other expenses €(92) mn

Total operating costs €(1,053) mn

Pre provision income €492 mn

Provision expense on loans and other assets €(1,684) mn

Negative goodwill 3 €3,810 mn

Profit Before Tax €2,618 mn

Tax 4 €608 mn

Net Profit attributable to SHs €3,232 mn

Profit from discontinued operations €19 mn

Income Statement (9m 2013) 2

2. 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)

3 Due to acquisitions of good ATE, Cypriot carve-out and Millennium Bank Greece

4. Tax credit of c.€0.5 bn due to change of corporate tax rate to 26% from 20%

9m 2013 Financial Highlights

9m Results. 22

Customer Rates (monthy average) 1

Dec12 (average)

March 2013 (average)

June 2013 (average)

September 2013 (average)

Deposits -2.35% -2.85% -2.70% -2.31%

Savings -Sight -0.57% -0.61% -0.64% -0.69%

Time -4.08% -4.31% -4.02% -3.42%

Loans 5.18% 5.06% 5.09% 4.85%

Mortgages 3.29% 3.10% 3.00% 2.94%

Consumer 9.46% 9.07% 9.37% 9.81%

Business 5.52% 5.42% 5.48% 5.15%

1. Rates refer to parent level data on a month-to-date basis

Deposit Repricing Continues

Deposit cost further down

Cost of time deposits

improved by 60 bps in Q3 for

total stock (70 bps with

Millennium included in June

2013 rate)

Loan rates slightly decreased

to 4.85% in September,

stemming from business

loans

Loan interest income affected

by both deleveraging as well

as NPLs formation; however,

this is more than offset by

deposit costs improvement

9m Results. 23

4.83%

4.74% 4.42%

3.53%

4.59% 4.49%

4.17%

3.64%

3.32%

4.08% 4.01%

3.82%

3.35%

3.15% 3.09%

2.18% 2.06%

1.91% 1.76%

5.16%

4.75%

4.33%

3.70%

3.55%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

Dec-12 Mar-13 Jun-13 Sep-13 Dec-13

Millennium

Time Deposits Costs Test New Lows

9m Results. 24

The difference between Piraeus-ATE, Cypriot carve-out

and Millennium in terms of time deposits cost for existing

book has narrowed substantially;

Current rollover at 265 bps (data of end Dec.2013)

100 bps of time deposit cost reduction in Greece

translates into an annual benefit of c.€300 mn

c.€0.6 bn time deposits from CPB yet to be repriced post

absorption by Piraeus (due to longer contractual maturity)

carrying c.470 bps of interest rate

1. Rates refer to month-to-date data, source for market data: ECB and Bank of Greece time deposit rates

for duration up to 2 years from households and firms

4.40 4.43 4.38 4.23 4.19

4.00 3.64

3.32

2.98 2.82

2.82 2.66 2.65

Dec

-12

Jan-

13

Feb

-13

Mar

-13

Apr

-13

May

-13

Jun-

13

Jul-1

3

Aug

-13

Sep

-13

Oct

-13

Nov

-13

Dec

-13

Stock

New

Time Deposits Cost (%) (stock vs. new production)

Time Deposit Cost Evolution (m-t-d average rates)

EMU market

Cypriot carve-out

Greek market

Piraeus-ATE

Dec’13

Piraeus Bank SA

incl. all acquired

operations

897 747

554 531

522 Acquisitions & Integr.Costs

2008 2012 9m '12 9m '13

Total Operating Expenses (€ mn)

General Administrative Costs Breakdown (€ mn)

Note: FY 2012 costs on a like-for-like basis (i.e. excluding ATEbank for 5 months and Geniki for half a month, restructuring costs and unamortized costs related to closure of branches)

OPEX Rationalization

9m 2013 OPEX down 4% on a like-for like basis,

excluding one-off costs and acquisitions OPEX

Operational one-off costs of €57 mn in 9m 2013 due

to ongoing integrations, out of which c.€24 mn from

VES

Cost Relief Initiatives

Voluntary Exit Scheme (VES) programme launched

for Greece; 12% of Greek workforce, c.€95 annual

payroll relief

Aggressive branch rationalization programme; 279

domestic branches closed in 2013; c.€30 mn annual

cost relief

HQs premises relocations; 55,000 sq/m released in

2013; c.€17 mn of rental benefit per annum

6 IT migrations in 2013 (ATEbank, Hellenic, BoC,

CPB, Millennium, ATEbank Romania)

Substantial rationalization of all other elements of

admin costs, such as advertising, servicing, IT,

training

9m Results.

-17%

-4%

66

74

70

62

58

34

Other

Maintenance-utilities

Rents

Vendor Costs

Tax/VAT

Servicing 9m'13 - €388 mn

25

9m Results. 26

9.5

33.1

21.6

10.2

3.8

11.0

Funding Mix (end September 2013)

ECB (EFSF

Bonds)

Interbank

Repos

Sight &

Savings

Deposits

Time

Deposits

Equity, T1, LT2,

State prefs

Funding Mix (€ bn)

ECB MRO

7.0

62.0

17.9

3.3

Asset Mix (end September 2013)

Securities

(o/w €14.3 bn

EFSF bonds)

PPE

Net Loans

Other

2.4

Asset Mix (€ bn)

Cash

35.0%

10.1%

9.9%

8.8%

6.3%

5.4%

4.9%

4.8%

2.6%

1.6%

1.5%

1.5%

0.9%

0.7%

0.6%

0.5%

0.4%

0.3%

0.1%

4.1%

Retail

Manufacturing

Trade

Construction

Transport

Real Estate

Tourism

Fin. Service

Energy

Technical

IT

Agriculture

Health

Admin. Services

Mining

Entertainment

Public

Water & Waste

Education

Other Service

Mortgages 24.5%

Consumer 10.5%

Core 39%

Time 61%

Core 35%

Time 65%

Market

Deposits Bolster Funding while Loans Drive Assets

Deposits Breakdown (%) (Piraeus vs. market)

Loans Breakdown (%) (per sector, NACE II)

Note: shipping at 4.1% of total book, included in transport industry

22

31

2 0.5 0

11

1

11 11 11

8

5 4

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

EFSF Bonds with ECB

ECB

ELA

ECB Collateral (cash value mtm, € bn)

Eurosystem Refinancing Breakdown (€ bn)

Net Eurosystem

at €11 bn

€33 bn €32 bn

€21 bn

€16 bn

EFSF with ECB

ECB Collateral Breakdown Sep 2013

EFSF bonds €3.8 bn

L.3723/2008 securities €9.3 bn

Other securities €0.9 bn

Non marketable assets €0.7 bn

Collateral Value Pledged €14.7 bn

Lower Reliance on Eurosystem Funding

Over 50% y-t-d reduction in Eurosystem funding

Stable funding through interbank repos against

EFSF bonds

Interbank repo cost trailing ECB base rate.

Further tightening anticipated post recent

reference rate cut.

Lowest Eurosystem dependency compared to

peers (12% at Sep.2013)

Zero ELA utilization.

Operational readiness for tapping issuance

opportunities

€15 bn

281

109 88

70

Dec-12 Mar-13 Jun-13 Sep-13

9m Results. 27

Wholesale and Central Bank Funding (bps)

-211

Customer Penetration and Perception Improve Markedly

28

Face-to-face interviews in Hall Test Centers, 5 waves per year, n=1,000 interviews per wave Sample Profile: males & females, aged between 25 and 55 years old, Bank Customers, Residents of greater urban cities (Athens, Thessaloniki, Patras, Larissa, Iraklio, Katerini) Data have been weighted by gender, age and area, so that the sample is representative of the corresponding population The study is being conducted by an external independent research company

Customer Perception of Piraeus Bank (June-Oct’13) Penetration of Piraeus Bank Over Time

28.225.1

37.9

18.319.317.5

14.8

10.1

17.8

9.68.9

7.1

0

10

20

30

40

50

2008 2009 2010 2011 2012 2013

Penetration

"Main Bank"%

„Penetration KPI‟ answers to the question ‘which bank(s) are you currently banking

with’? And „Main Bank KPI‟ answers to the question ‘which bank is your main bank’?

Note: „penetration‟ and „main bank‟ indices for Piraeus are underestimated as the

study is restricted to respondents up to 55 years old and residents of greater

urban areas. On the contrary, the clientele of ex-ATEbank is represented more

by older ages (55+) and residents of smaller urban and rural areas

76

73

79

86

69

70

68

70

83

83

66

58

64

80

48

61

59

57

74

72

0 10 20 30 40 50 60 70 80 90 100

Reliable

Good Reputation

Economically powerful bank

Wide branch network

Fast service

Informative

Customized Solutions

Innovative

Polite & willing to help personnel

Highly-trained personnel

Piraeus Bank

Peer Average

%

9m Results.

The New Group . 29

Macro Update

29

Greek Banking Market Key Figures

30 Marco Update.

Market Volumes Nearly at Trough Level (€ mn)

High Level of LLRs and NPLs (% over Loans)

150,000

170,000

190,000

210,000

230,000

250,000

270,000

290,000

Nov

-07

Feb

-08

May

-08

Aug

-08

Nov

-08

Feb

-09

May

-09

Aug

-09

Nov

-09

Feb

-10

May

-10

Aug

-10

Nov

-10

Feb

-11

May

-11

Aug

-11

Nov

-11

Feb

-12

May

-12

Aug

-12

Nov

-12

Feb

-13

May

-13

Aug

-13

Nov

-13

Loans

Deposits

Loan to Deposit Ratio at Healthy Level (%)

Greek Time Deposit Rates De-Escalating (%)

60%

70%

80%

90%

100%

110%

120%

130%

140%

Nov

-07

Feb

-08

May

-08

Aug

-08

Nov

-08

Feb

-09

May

-09

Aug

-09

Nov

-09

Feb

-10

May

-10

Aug

-10

Nov

-10

Feb

-11

May

-11

Aug

-11

Nov

-11

Feb

-12

May

-12

Aug

-12

Nov

-12

Feb

-13

May

-13

Aug

-13

Nov

-13

Source: Bank of Greece

Deposit market has stabilized;

+8% y-o-y in November 2013

Loan deleveraging continues;

-4% y-o-y in November 2013

NPLs ratio remains elevated

(c.31%, est.) post 6 years of

recession; yet, LLRs over gross

loans have climbed to 14%

Banking market consolidation

and deposit conditions

normalization have

contributed to the significant

reduction of time deposit

rates, providing upward

potential for net interest

income (a trend that has

already started to boost NII

for Piraeus as of Q3 2013)

2.87%

3.35%

2.02%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

Nov

-09

Feb

-10

May

-10

Aug

-10

Nov

-10

Feb

-11

May

-11

Aug

-11

Nov

-11

Feb

-12

May

-12

Aug

-12

Nov

-12

Feb

-13

May

-13

Aug

-13

Nov

-13

New - GR

Outstanding - GR

Outstanding - Euroarea

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

Nov

-07

Feb

-08

May

-08

Aug

-08

Nov

-08

Feb

-09

May

-09

Aug

-09

Nov

-09

Feb

-10

May

-10

Aug

-10

Nov

-10

Feb

-11

May

-11

Aug

-11

Nov

-11

Feb

-12

May

-12

Aug

-12

Nov

-12

Feb

-13

May

-13

Aug

-13

Nov

-13

LLRs/Loans

NPLs/Loans

Unemployment

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

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

GDP (y-o-y % change, nsa data)

Greek Economy Reset Close to Materialize (I)

Overall, 4 key themes are identified until the year-end namely: fiscal gap, funding gap,

debt sustainability and funding for growth

Positive developments...

Despite recent fluctuations, the economic climate indicator remained above its 2010-2012

average level and relatively close to the level of the EU as a whole

Regarding public finances, challenges do remain however fiscal consolidation is

progressing. The achievement of a primary surplus in 2013 is anticipated by all the involved

parties

Improvement in the current account balance:

Positive developments in tourism led to an improvement in the travel balance.

The overall trade (excl. oil & ships) and services balance has shown further strength

in 2013, reaching a surplus of €9 bn in October (on a cumulative basis)

…but Greece still faces challenges

Greece remains in recession

In Q3 2013 real GDP decreased by 3% y-o-y versus -6.7% y-o-y in Q3 2012. Consequently,

during the first 3 quarters of 2013, the economy contracted by 4% on average, according to

non-seasonally adjusted data. In nominal terms, GDP shrunk by 5.9% in the first 9 months

of 2013. According to our estimates for seasonally adjusted data, in Q3 2013 real GDP

decreased by 0.6% q-o-q

The unemployment rate remains close to 27% of the labor force

….the Greek authorities should:

Continue the strong implementation of the Economic Adjustment Programme

Reinforce the implementation of structural reforms

Accelerate the privatization process, the revenue administration and the public

administration reforms

Macro Update. 31

60.0

70.0

80.0

90.0

100.0

110.0

120.0

Jan-0

6

Jun-0

6

Nov-0

6

Apr-

07

Sep-0

7

Feb-0

8

Jul-08

Dec-

08

May-0

9

Oct

-09

Mar-

10

Aug-1

0

Jan-1

1

Jun-1

1

Nov-1

1

Apr-

12

Sep-1

2

Feb-1

3

Jul-13

Dec-

13

ESI, Greece ESI, EU-27 Average Level, Greece (2001-2012)

-10.0

-5.0

0.0

5.0

10.0

15.0

Q1/0

2

Q3/0

2

Q1/0

3

Q3/0

3

Q1/0

4

Q3/0

4

Q1/0

5

Q3/0

5

Q1/0

6

Q3/0

6

Q1/0

7

Q3/0

7

Q1/0

8

Q3/0

8

Q1/0

9

Q3/0

9

Q1/1

0

Q3/1

0

Q1/1

1

Q3/1

1

Q1/1

2

Q3/1

2

Q1/1

3

Q3/1

3

Constant prices Current prices

Greek Economy Reset Close to Materialize (II)

32 Macro Update.

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

Nominal Unit Labor Costs (2005 = 100) Employment (y-o-y %)

Current Αccount Βalance (cumulative, € mn) Unemployment rate remains high;

nonetheless, employment decreases at

decelerated pace

Continuous improvement in current

account balance where a surplus is

recorded, on a cumulative basis, since

July 2013

Economic sentiment -despite any

fluctuations- has climbed above its 2010-

2012 average level. Substantial

improvement is apparent in both

industrial and services confidence

indicators

Greek PMI climbed to its highest level

in more than 4 years at 49.6 in Dec’13.

Output levels and new orders rising

simultaneously for the first time since

Aug’09. Car sales up by 1.2% in 2013.

Primary fiscal balance of 1.6% of GDP

projected for 2014 (0.4% respectively

2013 forecast). Structurally adjusted

primary balance c.20 ppts

improvement in 4 years

Structural Balance / Potential GDP (%)

Greek Tourism: Record Performance, Recurring Base is Built

33 Macro Update.

16% GDP

contribution

18% employment contribution

3% European

market share

2% world

market share

€650 average per

capita tourism

expenditure

17mn arrivals in 2012

2013 Greek tourism’s record year with:

- c.11% increase in arrivals at the main

airports (FY 2013)

- c.15% increase in revenues (10m 2013)

c.1.7 mn international cruise passenger arrivals in

2012; further increase in 2013

Upward trend in average tourism expenditure per

capita

International arrivals from new -for Greece-

destinations, such as China and Russia, provide

substantial potential for additional boost to

revenues

2012a 2013e Γ% 2014e Γ% 2021-2023e

Arrivals (mn) 16.9 17.8 +5% > 18.0 +1% c.22-24

Revenues (€, bn) 10.4 11.8 +13% > 13.0 +10% c.18-19

Source: SETE (Association of Greek Tourism Enterprises) for 2012-2014

McKinsey Research, WTTC (World Travel and Tourism Council) for 2021-2023

Arrivals and Revenues

SEE Macro Outlook

Economic Growth

Key Monetary Policy Rates

Table of Economic Forecasts

Real GDP

(% y-o-y) Inflation

Fiscal Balance

(% GDP)

Current Account

Balance (% GDP)

2013f 2014f 2013 2014f 2013f 2014f 2013f 2014f

Albania 1.7 2.1 1.9 2.7 -5.5 -6.3 -9.3 -10.5

Bulgaria 0.5 1.6 0.9 1.5 -1.8 -1.7 1.2 0.3

Cyprus -8.7 -3.9 -0.4 1.2 -6.7 -7.5 -2.0 -0.6

Egypt 1.8 2.8 6.9 10.3 -14.7 -13.2 -2.6 -0.8

Romania 2.0 2.1 4.0 2.8 -2.4 -2.0 -2.0 -2.5

Serbia 2.0 2.0 7.9 5.0 -7.2 -6.2 -7.5 -6.5

Ukraine 0.4 1.5 -0.3 1.9 -4.3 -5.1 -7.3 -7.4

Sources: Piraeus Bank Research, IMF World Economic Outlook, National

Starting from a low base, economic activity in the SEE region is expected to improve in the coming

months, with the exception of Ukraine and Egypt

The local Central Banks have started a monetary policy easing cycle in order to strengthen the local

economic activity as inflationary pressures subside

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 regains momentum

Albania: strong ties to Greece and Italy keep economic activity subdued, but still outperforms its

peers. The completion of the election process in June 2013 is a positive step, marking a new era in

the economic, political and social development of the country

Bulgaria: economic activity has rebounded steadily due to strong services, as the country attempts to

change the export-driven economic model. Impressive correction of the fiscal and external imbalances

Cyprus: there are some visible green shoots, as economic contraction in Q3 2013 moderated and all

the targets of memorandum of understanding have been met until now

Egypt: growth remains at a standstill due to the ongoing political uncertainty, threatening

macroeconomic stability. The discussions with the IMF have resumed as foreign exchange reserves

hit a record low

Romania: economic activity has significantly improved in 2013, while a positive step for a further

improvement was the approval of the SBA by the IMF and from the European Commission (€2.0bn

each)

Serbia: the influx of exports due to the automotive industry within last year has led to a significant

improvement of the economic activity and the external sector

Ukraine: the combination of fiscal and current account deficits, in conjunction with a lack of external

funding creates substantial devaluation risks for the local currency. A new arrangement with the IMF

would provide a positive sign of the determination to enact structural changes, but political and social

tensions delay the process

General Comments

Country Specifics

Macro Update. 34

345678

910111213

Jan

-10

Ap

r-1

0

Jul-

10

Oct

-10

Jan

-11

Ap

r-1

1

Jul-

11

Oct

-11

Jan

-12

Ap

r-1

2

Jul-

12

Oct

-12

Jan

-13

Ap

r-1

3

Jul-

13

Oct

-13

Jan

-14

%

Albania Egypt Romania Serbia Ukraine

-8

-6

-4

-2

0

2

4

6

8

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

Countries with Piraeus Bank Presence, excl. Greece (Weighted Average Real GDP growth)European Union

The New Group . 35

Appendix

35

Dec.’12 (*) Mar.’13 Jun.’13 Sept.’13 y-t-d (*)

GROUP 78,624 76,535 75,679 74,787 -2%

Business loans 51,325 49,881 49,116 48,582 -1%

Mortgage loans 18,940 18,690 18,528 18,349 -3%

Consumer loans 8,359 7,964 8,034 7,856 -6%

GREECE 71,286 69,220 68,472 67,660 -2%

Business loans 45,945 44,474 43,759 43,278 -1%

Mortgage loans 18,213 17,975 17,820 17,651 -3%

Consumer loans 7,127 6,771 6,893 6,732 -6%

INTERNATIONAL 7,338 7,315 7,207 7,127 -3%

Business loans 5,380 5,407 5,358 5,304 -1%

Mortgage loans 727 715 708 699 -4%

Consumer loans 1,232 1,193 1,141 1,124 -9%

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

35%

25% 22%

30%

Business Mortgages Consumer Total

Source: solo financial statements of banks incl. adjustments for

volumes booked in branches abroad, Bank of Greece for market

Loan Portfolio

Group loan portfolio down 2% y-t-d and 1%

q-o-q on a like-for-like basis

Appendix. 36

(*) December 2012 included OPEKEPE seasonal loan of €2.1 bn; y-t-d excludes this loan

Greek Portfolio (%)

24%

5%

29%

6% 10%

26% Mortgage

Consumer

SBLs

SMEs

Shipping

Large

Dec.’12 Mar.’13 Jun.’13 Sept.’13 y-t-d

GROUP 54,852 56,254 54,733 54,692 0%

Savings 12,923 12,412 12,113 12,346 -4%

Sight 8,327 8,768 8,498 9,255 11%

Time 33,602 35,074 34,123 33,091 -2%

GREECE 50,293 51,627 50,243 50,173 0%

Savings 12,650 12,145 11,838 12,036 -5%

Sight 7,350 7,760 7,578 8,305 13%

Time 30,293 31,722 30,828 29,831 -2%

INTERNATIONAL 4,559 4,627 4,490 4,519 -1%

Savings 273 266 275 310 14%

Sight 977 1,008 920 950 -3%

Time 3,309 3,353 3,294 3,259 -2%

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

35%

27% 28% 29%

Sight Savings Time Total

Source: solo financial statements of banks incl. adjustments for

volumes booked in branches abroad, Bank of Greece for market

Deposit Portfolio

Group deposit portfolio flat y-t-d and q-o-q,

on a like-for-like basis

Appendix. 37

Albania 8.1% 8.2%

Bulgaria 4.4% 2.8%

Cyprus 1.3% 2.0%

Egypt 0.8% 0.5%

Romania 3.1% 1.7%

Serbia 2.5% 2.0%

Ukraine 0.3% 0.2%

Market Shares (September 2013)

Loans Deposits

London

Branch (#) 1

Employees (#) 21

Assets (€mn) 1,841

Frankfurt

Serbia

42

563

504

Branches (#)

Employees (#)

Assets (€mn)

Ukraine

38

618

252

Branches (#)

Employees (#)

Assets (€mn)

Romania

158

1,803

1,746

Branches (#)

Employees (#)

Assets (€mn)

Albania

Branches (#) 56

Employees (#) 472

Assets (€mn) 747

83

920

1,737

Branches (#)

Employees (#)

Assets (€mn)

Egypt

42

1,325

832

Branches (#)

Employees (#)

Assets (€mn)

Cyprus 14

319

1,157

Branches (#)

Employees (#)

Assets (€mn)

Piraeus Bank volumes as per IFRS local books

and Central Banks for market volumes

• 7 subsidiaries

• 2 branches (London, Frankfurt)

Bulgaria

Selective Presence in the Region

Appendix. 38

Branch (#) 1

Employees (#) 15

Assets (€mn) 121

Unparalleled Value Extraction from Acquisitions

Appendix. 39

Costs Funding Revenue Sum %

118 47 29 194 35%

43 2 5 50 9%

150 100 0 250 46%

30 13 10 53 10%

TOTAL 341 162 44 547 100%

% 62% 30% 8% 100%

Synergies Breakdown (€ mn)

Cost synergies through

HR and branch

optimisation, elimination

of overlapping

infrastructure (IT,

operations, promotion,

back office, corporate

functions, shared

services etc)

Improved funding costs,

through reduction in time

deposit rates

Modest additional

revenue synergies via

combined initiatives in

bancassurance, asset

management and

alternative distribution

channels

Branches in Greece - Mar.2013 to Dec.2013

from 1,316

to 1,037 units

in 9 months

Thessaly

71 to 52

Macedonia-Thrace

322 to 250

Epirus

41 to 33

Peloponnese,

West Greece

159 to 122

Aegean

Islands

73 to 53

Crete

78 to 61

Central Greece

64 to 51 Ionian

Islands

24 to 21 Attica

484 to 394

x-sell

Retail & Web Banking Premier Services to Boost Fee Income

Appendix. 40

Winbank

By the end of 2013:

360th active individual customers and 40th active legal entities will be enjoying the

services of the best web banking platform in Greece

5.5 mn monetary transactions will have been performed through internet banking, an

increase of 33% vs. 2012

mobile banking users of Piraeus Bank will reach 35% of the domestic mobile banking

market

Bancassurance

2012 gross premia of €210 mn, commissions €22 mn

2013 gross premia of €323 mn, commissions €37 mn

Substantial growth potential due to wide branch coverage and structural changes of

health & pension infrastructure in Greece

Personal banking

Affluent customers serviced through Piraeus Bank‟s personal banking program were

20th in 2012

In 2013, personal banking programs serve more than 45th customers

In 2014 the new, re-launched personal banking platform is expected to serve more than

100th affluent customers

2.5

2.1

0.7

0.2 0.3

5.8

Piraeus ATEbank CypriotBanks

Millennium Geniki Total

3.10

# number

of active

customers

in Greece

Active Customers in Greece (mn) & Cross Sell Ratios (per acquired franchise)

1.89 1.81 3.37 2.00 2.47

IT and Operations Expertise

Appendix. 41

20 M&As in the last

2 decades

1. Proven Expertise in M&A and Integrations

Extensive track record in integrating banking systems and proven experience in merging banks (11 integrations executed

by end-2011, e.g. Macedonia-Thrace Bank, Xiosbank, ETVAbank, Natwest Greece, Credit Lyonnais Greece etc)

State-of-the-art methodology crafted and refined throughout the last 2 decades

Core IT and Operations teams have been working together for 15 years and have developed a very efficient cooperation

Project Management culture is widely adopted

Swift and efficient reallocation of staff of merged banks, facilitating transfer of know-how and cultural homogenization

2. Open IT Systems Architecture Best-of-breed approach adopted for IT Systems architecture

High degree of applications parameterization

Tight integration with the use of a robust and reliable middleware

Critical systems have been developed in-house (CRM, internet banking, etc)

High capacity of internal development teams, staff with deep knowledge of all applications developed

3. Flexible and Scalable Infrastructure

Modern, recently built (2013) Group Data Center, currently in the process of certification as Tier IV by the UpTime Institute

(unique in Greece)

Modern Disaster Data Center, located 500km away from primary Data Center for safety reasons. Two Data Centers are

real time synchronized and can load balance

6 migrations

in the last 6 months

Focus on Agri-banking

Appendix. 42

Agricultural Sector in Greece

• Contribution of 2.5% to Greek GDP (higher than the EU-27 average of 1.2%)

• Employment provider to 12.4% of economically active population with upward trend

• Significant contribution to total exports by 17.5% or €4 bn

• Important factor of economic and social cohesion in Greece; period of intense change with significant challenges

(e.g. reformed Common Agricultural Policy, climate change, new methods etc)

• Great growth potential (high-quality agricultural products, lower than EU average yield per hectare, input

productivity and penetration of technology and innovation, younger farmers with higher level of education entering

the agricultural profession)

• Sector associated with a large number of processing companies and cooperatives, which are investment stimulant,

export oriented, use new technologies and innovation in all their stages, adding value to Greek products

Piraeus Agri-banking

• Undisputable leader in the agricultural sector in Greece with market share of c.90%; extensive focus on all sectors

related to agriculture (processing, retail, marketing); > 660th farmers bank with Piraeus

• Contract farming: > 20 agreements in the field of animal production (livestock, dairy) and crop production

(peaches, energy crops, cotton, tobacco, vegetables, etc), in order to strengthen the food supply chain and rural

economy

• Substantial sticky deposit portfolio from farmers, inherited mainly from ATEbank; wide and loyal customer base

• The bank contributes to the design and implementation of Rural Development Programmes (in cooperation with the

Ministry of Rural Development and Food)

• Extensive expertise and experience in the banking sector of financial tools for primary production (in farming as well

as in processing and trading)

2.5 ppts contribution

to Greek GDP with an

upward trend

>20 contract farming

agreements up to now

Sept. 2013

Cash/balance with central banks 3,297

Loans & advances to banks 381

Gross Loans 74,787

(Cumulative provisions) (12,790)

Instruments at FV through P&L

233

Debt securities & receivables 15,818

Available for sale portfolio 1,820

Held to maturity portfolio 64

Intangibles & goodwill 309

Fixed assets 2,445

Other assets 6,012

Assets from discontinued operations 343

Total assets 92,719

Due to banks 25,777

Deposits 54,692

Debt securities 620

Other liabilities 1,816

Liabilities from discontinued operations 591

Total liabilities 83,496

Total equity 9,222

Total liabilities & Equity 92,719

* 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)

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

9m 2013

Net Interest Income 1,187

Net Fee Income 195

Trading & Other Income 166

Total Net Revenues 1,549

Employee Costs (572)

Administrative Expenses (388)

Depreciation & Other (92)

Total Operating Costs (1,053)

o/w One-off Integration Costs (57)

Revenues from associates (4)

Pre Provision Income 492

Impairment Charges on Loans (1,544)

Impairment Charges on Other Assets (140)

Negative Goodwill from Acquisitions 3,810

Profit Before Tax 2,618

Tax (608)

Net Profit attrib. to SHs 3,232

Discontinued Operations** 19

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

Group P&L and Balance Sheet

Appendix. 43

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

9m 2013

Net Interest Income 955

Net Fee Income 159

Trading & Other Income 127

Total Net Revenues 1,241

Employee Costs (496)

Administrative Expenses (309)

Depreciation & Other (68)

Total Operating Costs (873)

Revenues from associates (5)

Pre Provision Income 363

Impairment Charges on Loans (1,282)

Impairment Charges on Other Assets (110)

Negative Goodwill 3,810

Profit/Loss Before Tax 2,782

Tax (594)

Net Profit attrib. to SHs 3,378

Discontinued Operations* 19

GREECE (€ mn) INTERNATIONAL (€ mn)

9m 2013

Net Interest Income 233

Net Fee Income 36

Trading & Other Income 40

Total Net Revenues 308

Employee Costs (77)

Administrative Expenses (79)

Depreciation & Other (24)

Total Operating Costs (180)

Revenues from associates 1

Pre Provision Income 129

Impairment Charges on Loans (262)

Impairment Charges on Other Assets (30)

Negative Goodwill -

Profit/Loss Before Tax (164)

Tax (14)

Net Profit attrib. to SHs (146)

Discontinued Operations* 0

Group Results: Domestic / International

Appendix. 44

Communication

Anthimos Thomopoulos, CEO

George Poulopoulos, CFO

Kostas Adamopoulos, Head, Business Planning, IR & Economic Analysis

George Marinopoulos, Director, Business Planning & IR

Chryssanthi Bermpati, Senior Manager, IR

Vicky Diamantopoulou, Senior Manager, IR

4 Amerikis St, 105 64 Athens

Tel. : (+30 ) 210 333 5026

Fax : (+30 ) 210 333 5079

investor_relations@piraeusbank.gr

Bloomberg: TPEIR GA <F8>

Reuters: BOPr.AT

www.piraeusbankgroup.com

Communication. 45

Last modified date: January 15th 2014