PIRAEUS BANK H1.2020 FINANCIAL RESULTS 04 August 2020 H1.2020 - - PowerPoint PPT Presentation

PIRAEUS BANK H1.2020 FINANCIAL RESULTS

04 August 2020

01 Executive Summary 02 Financial Performance 03 Appendix

H1.2020 FINANCIAL RESULTS

H1.2020 FINANCIAL RESULTS

01 Executive Summary

1,000 2,000 3,000 4,000 5,000

January February March April May June July August September October November December 2019 2020 59% of total 12% of total 25% of total (average ‘17-19) March-May.20

• €2.3bn yoy

75% reduction in passenger arrivals to Greek airports in H1.20

GREEK ECONOMY POST LOCKDOWN: CAUTIOUSLY OPTIMISTIC

01

Executive Summary

Source: Bank of Greece, European Commission DG-ECFIN, Piraeus Bank Research

Economic sentiment evolution Travel revenues’ distribution across quarters

• The economy has restarted as of early May post lockdown
• Unprecedented policy response to address Covid-19

impact

• Economic sentiment index points to a milder vs Euroarea

impact for the Greek economy

• The tourism revenue evolution during the summer period

will be a catalyst for Greece’s 2020 GDP. Q2.20 was weak, yet improvement is expected in Aug.20

• Available funds of €80bn for the period 2021-2027 will

support recovery, boosting jobs and growth

€mn Jul.20 90.8 Jul.20 82.3 60 70 80 90 100 110 120

May-12 Dec-12 Jul-13 Feb-14 Sep-14 Apr-15 Nov-15 Jun-16 Jan-17 Aug-17 Mar-18 Oct-18 May-19 Dec-19 Jul.20

ESI - Greece ESI- Εuroarea

Previous estimates Revised estimates

GREEK ECONOMY: OUTLOOK POST COVID-19

02

Executive Summary

1.9 2.5 2.6

• 8.0

7.0 2019 2020 2021 17 15 14 22 17 2019 2020 2021

Real GDP

% annual change

Unemployment

% of labor force

Residential Real Estate

% annual change

• Baseline scenario for a total -1% contraction

in the period 2020-2021

• Q1.20 released data for real GDP,

unemployment and residential real estate show a mild recession effect for the quarter

• Short term economic indicators point to

recessionary Q2 and Q3.20

• New estimates impact has been

incorporated in the ECL of Piraeus Bank during H1.20

Commercial Real Estate

% annual change

7.3 0.8 5.1

• 15.0
• 10.0
• 5.0

0.0 5.0 10.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (f) 2021 (f)

Source: Bank of Greece, Piraeus Bank Research; 2019-2020 outlook: Piraeus Bank Research 4.2

• 3.9

4.1

• 15.0
• 10.0
• 5.0

0.0 5.0 10.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 (f) 2021 (f)

2020- 2021

• utlook

2020- 2021

• utlook

FUNDING WORTH ~40% OF GREEK GDP AVAILABLE IN THE NEXT 7 YEARS

03

Executive Summary

amounts in €bn

TOTAL Next Generation EU (N GEU) National Strategic Reference Framework (ESPA) Common Agricultural Policy 2021-2027 National Development Programme Competitive economy & digital transition 29 24 4

• 1

Direct payments 14

• 14
• Environment, energy

10 4 5

• 1

Infrastructure & transportation 9 3 3

• 3

Employment, education & social protection 9 1 6

• 1

Rural development 4

• 4
• Regional programmes

2

• 2

Spatial interventions & urban development 2

• 1
• 1

Reserve 1

• 1

Market measures 1

• 1
• Total

80 32 20 19 10

Source: Ministry of Development, Ministry of Rural Development & Food, Piraeus Bank Research

• The EU Recovery Fund will allow Greece, to cover the ground lost due to the Covid-19 pandemic, and also to lift its long-term growth

trend, as well to proceed structural reforms, through a specific plan required by EC, and targeted productivity enhancing investments

• The support can be up to 17%-18% of GDP, approximately €32bn. As this initiates, it will mean that starting from Q4 this year and

spread over the next 4 years, the Greek economy’s public investment resources may expand by more than 4% of GDP per annum

• Impact to GDP growth for the forthcoming years expected to be 1.5%-2.5% per annum

EXECUTIVE SUMMARY

RESPONSIVENESS TO SUPPORT CLIENTS AND EMPLOYEES

04

Executive Summary

€3.5bn €4.0bn €1.5bn

• new loans to clients

year-to-date

• implemented debt

moratoria for PEs

• allocation to client

financing programs sponsored by the State

524 (100%)

• branches fully
• perational throughout

Q2.20 lockdown

5.5mn

• active customers, with

+52k additions in H1.20

94% digital

transactions

• 500k customers

transacting online per week, +26% yoy

86 TRI*M

index

• client satisfaction

ranking in the top 10%

• f European banking

benchmark

81% pulse

survey

• employee satisfaction

with Bank’s responsiveness to Covid-19 crisis

*data as of late July 2020; TRI*M index measures the strength of the relationship between the customer and the Bank

05

NOTABLE PROGRESS IN PERFORMANCE

Executive Summary

Performing Exposures

Group, €bn

New Loan Production

Group, €bn

NII & NFI

Group-recurring, €mn

Total Capital Ratio

Phased-in, %

NPEs

Group, €bn

Deposits (private sector)

Group, €bn

Operating Expenses

Group-recurring, €mn

Employees

Greece, # 24.4 24.7

25.0

H1.18 H1.19 H1.20 29.4 26.1

23.3

H1.18 H1.19 H1.20 1.4 2.1

2.6

H1.18 H1.19 H1.20 41.1 43.5

45.6

H1.18 H1.19 H1.20 12.4k 12.0k

10.9k

H1.18 H1.19 H1.20 706 719

727

139 146

151

H1.18 H1.19 H1.20 13.6% 14.9 %

16.1%

H1.18 H1.19 H1.20 517 476

428

H1.18 H1.19 H1.20

844 865 878

NII NFI

* capital ratio on a pro-forma basis; H1.20 OpEx excludes fixed fee paid to NPE servicer; employee number for continued operations

Η1.2020 FINANCIAL TAKEAWAYS

06

Executive Summary

Business Performance

• NIM of 2.3%
• New loan production at

3.8% yield

• Funding costs

substantially improved

• NFI over assets at 0.5%
• 95% of revenues from

NII & NFI

Cost Efficiency

• OpEx decrease 10% yoy
• Improved C:I at 49%
• Tight control of Covid-19

related expenses

• Additional cost savings to

be implemented during 2020-2022 period

Covid-19 Impact

• Covid-19 impairments of

€341mn

• Reflection of the revised

macroeconomic estimates to IFRS impairment assessment during H1.20

Capital & Liquidity

• LCR 169%, LDR 83%
• Capital ratio 16.1%
• Increase of capital ratio

by 0.9% qoq; 0.5% from

• rganic generation and

0.4% from amendments to the capital regime as introduced by EC

* OpEx decrease on a like-for-like basis; capital ratio pro-forma; both metrics defined in the APMs section

412

• 227

185

• 525
• 340

Net Revenues Operating Costs PPI Impairments Pre Tax Result

• 202
• 324

07

RETURN TO PROFITABILITY IN Q2.20 DRIVEN BY IMPROVEMENT ACROSS THE BOARD

Executive Summary

Q1.20 Result | €mn Q2.20 Result | €mn

510

• 225

285

• 160

125

Net Revenues Operating Costs PPI Impairments Pre Tax Result 71

• 19

NII NFI Other Covid-19 Other* * includes associates’ result

• 143
• 17

Other

63 80

NII NFI Other Covid-19

360 367

FINANCIAL PERFORMANCE

08

H1.20 EXHIBITS SOLID OPERATING TRENDS, WHILE IT REFLECTS REVISED MACRO ESTIMATES IN IMPAIRMENT

Group (€mn) H1.19 H1.20 yoy Net Interest Income 719 727 1% Net Fee Income 146 151 3% Core Banking Income 865 878 2% Trading & Other Income 28 43 53% Total Net Revenues 893 922 3% Total Operating Costs (492) (452)

• 8%

Total Operating Costs (like-for-like) (476) (428)

• 10%

Pre Provision Income 402 470 17% Pre Provision Income (like-for-like) 417 493 18% Impairments (334) (670) >100%

• /w related with CVD-19
• (341)
• Associates Income

(11) (16) 45% Pre-Tax Result 57 (215)

• Pre-Tax Result excl. CVD-19 impact

57 126 >100%

Note: like-for-like items are displayed in the APM section of the presentation

Executive Summary

• Νet interest income at €727mn, +1% yoy, mainly on the

back of improving funding costs

• Net fee income at €151mn, +3% yoy, on the back of loan

generation, asset management and investment banking fees

• Operating costs continued their downward trend as per the

Bank’s strategy (-10% yoy like-for-like)

• 162bps of underlying cost of risk in H1.20
• 73bps Covid-19 loan impairment (non-annualised),

incorporates the impact of the revised macroeconomic assumptions

• Excluding Covid-19 impact of €341mn, pre tax profit

amounted to €126mn in H1.20, while incorporating this, it stood at a loss of €215mn

(0.7) (0.7) (0.5) (0.5) (0.3) (0.4) (0.3) (0.3)

09

CONTAINED NPE INFLOWS LED TO €0.4BN NEGATIVE FORMATION IN Q2.20

Executive Summary

10.5 11.8

collateral provisions

0.3 0.2 0.2 0.1 0.3 0.2 0.2 0.1

96% 37.7 36.5 35.8 32.9 27.3 24.5 24.1 23.3

Sep.15 Dec.15 Dec.16 Dec.17 Dec.18 Dec.19 Mar.20 Jun.20

Group NPE development | €bn

Coverage

• €14.4bn

Bank NPE movement | €bn

Re-defaults Defaults Curings, Collections, Liquidations Write-offs Q1.19 Q2.19 Q1.20

NPE 25.9 25.2 23.7 23.0

Q2.20

• curings on track
• lower liquidations

peak €130mn inflows

10

DEBT MORATORIA OVERVIEW

Executive Summary

€bn

May.20 Jun.20 May.20 Jun.20 Retail 1.8 2.3 1.7 2.2 Business 2.2 3.3 1.3 2.5 Total 4.0 5.5 3.0 4.8

Debt moratoria offered to clients due to Covid-19 crisis

approved implemented

Retail moratoria

(performing exposures Jun.20)

4.8 1.8 2.0 0.9

Implemented moratoria PE retail PE business FNPE % PE retail 18% % PE business 14% % FNPE 13% % PE+FNPE loans 15% Consumer Mortgages 0.9 0.2 SME Corporate SB 0.2

€1.8bn €2.0bn

• New demand for debt moratoria is gradually flattening out
• Significant portion of business clients under moratoria have applied

for Government financing support schemes

• Installment subsidy programme “Gefyra” for primary residence

mortgages is expected to provide further support to eligible impacted individuals (estimated at ~€1.2-1.4bn out of €1.6bn implemented moratoria)

Business moratoria

(performing exposures Jun.20)

Implemented debt moratoria decomposition

1.6 0.9 Post Jun.20 ~€1bn debt moratoria have expired,

• f which ~80% currently in payment status

11

AFFECTED BUSINESS SECTORS DUE TO COVID-19

€7.5bn

AFFECTED BUSINESS EXPOSURES

Executive Summary

~€0.2bn principal payment suspension

€1.6bn €2.1bn €1.8bn €2.1bn

Hospitality Transport & Logistics Trade Manufacturing

Total Performing Exposures Exposures Under Moratoria

€1.6bn €0.8bn €1.2bn €1.7bn

Potentially Impacted

€0.7bn €0.4bn €0.2bn €0.2bn €14.7bn

TOTAL BUSINESS EXPOSURES

€5.2bn €9.5bn €1.5bn €2.0bn

* all data refer to PEs as of Jun.20

0.6

2.0 0.9

5.0

2020

STATE FINANCING SUPPORT FOR ECONOMIC RECOVERY

12

Executive Summary

New Loan disbursements in Greece | €bn

3.9

2019

Jan.-Feb.20 Mar.-Jun.20

2020 target

Programme Sponsor Programme Beneficiaries Piraeus Bank share Hellenic Development Bank Entrepreneurship Fund II (“ΤΕPΙΧ ΙΙ”): Interest rate subsidy (“new money”) Impacted SMEs ~€0.4bn funding Guarantee Fund (“new money”) SMEs & Corporates ~€1.0bn funding Ministry of Development & Investments Interest rate subsidy

• utstanding lending

facilities Impacted SMEs ~€70mn subsidy to-date Ministry of Finance Installment Subsidy (“Gefyra”)

• utstanding primary

residence mortgages Eligible impacted individuals, professionals ~€0.2bn subsidy

State schemes for financing support to clients

including €0.6bn from State schemes

post Jun.20

€1.7bn

TOTAL

EXECUTIVE SUMMARY

STRONG LIQUIDITY & FUNDING POSITION

13

Executive Summary

Domestic deposits | €bn Interbank funding | €bn

• Domestic private sector deposit balances increased by

€0.8bn year-to-date in H1.20

• Domestic private sector deposits grew 5% yoy at the end
• f Jun.20
• New time deposit costs <0.20% from ~0.40% at the

beginning of 2020

• LCR 169% in Jun.20, further improved from 131% at the

end of Mar.20

• Outstanding ECB TLTRO III utilisation at €7bn
• Outstanding Tier 2 issues of total €0.9bn, further

enhancing capital buffers

42.7 Dec.18 Dec.19 Mar.20 Jun.20

State Private

44.6 44.5 47.1 46.5 45.5 45.0 45.4 7.0 2.0 2.4 0.1 0.1 Dec.18 Dec.19 Mar.20 Jun.20

Repos ECB

2.4 3.2 5.2 0.4 2.7 2.5 7.1

14

IMPROVEMENT IN CAPITAL ADEQUACY

Executive Summary

• Post supervisory flexibility provided to

European banks to operate below combined buffers in reaction to Covid-19, the capital requirement is reduced from 14.25% to 11.25%

• The change of P2R mix as per CRD V

provides European banks with more flexibility

€bn | % Jun.20 Jun.20 Jun.20 Jun.20 CET-1 Capital 6.1 4.9 6.2 4.9 Total Capital 7.0 5.8 7.1 5.8 RWAs 43.9 42.7 43.7 42.5 CET-1 ratio 14.0% 11.5% 14.1% 11.6% Total ratio 16.0% 13.5% 16.1% 13.7%

Capital ratio SREP capital requirement

• Notable increase of capital ratio by ~95bps

in Q2.20 to 16.1%

• Significant improvement of RWA density

to 68% vs 79% a year ago % 2019 2020 2020

Pillar 1 CET1 4.50% 4.50% 4.50% Pillar 2 Requirement (P2R) 3.25% 3.25% 1.83% Capital Conservation Buffer (CCB) 2.50% 2.50%

• Other Systemically Important Institutions

0.25% 0.50%

• CET-1 Requirement

10.50% 10.75% 6.33% Additional Tier 1 1.50% 1.50% 2.11% Tier 2 2.00% 2.00% 2.81% Overall Capital Requirement (OCR) 14.00% 14.25% 11.25% Note: pro-forma ratios for the anticipated prudential valuation of software and the expected RWA relief of the Held For Sale portfolios (€0.2bn)

Phased-In Fully Loaded Phased-In Fully Loaded

reported pro-forma

effective requirement post July 2020 ECB communication

* fully phased systemic buffer level to remain at 50bps in 2021 as per BoG assessment

16.1% 15.7%

• 0.7%
• 0.9%

+1.1% 15.2% +0.3% +0.2% +0.4%

Dec.19 Q1.20 result & CVD-19 impact IFRS9, reserves & other T2 issue Mar.20 Q2.20 result Reserves Regulatory amendments Jun.20

RESILIENT REGULATORY CAPITAL LEVEL

15

10.9% 12.3% 13.0% 13.7% 10.6%

Jun.18 Dec.18 Jun.19 Dec.19 Jun.20

Total regulatory capital (fully loaded) +310bps

• Q2.20 regulatory capital ratio drivers

mainly include:  €0.2bn organic capital generation from P&L and reserves  €0.7bn RWA relief (SME & infrastructure lending factors) Total regulatory capital (phased in)

• Capital enhancement plan executed

since mid-2018 included internal generating actions, NPE servicer deal & Tier 2 issues, adding 310bps to capital  +210bps from T2 issuance  +100bps from organic actions

Executive Summary

EXECUTIVE SUMMARY

NPE INORGANIC ACTIONS IN PROGRESS

16

Trinity Phoenix Iris

€0.6bn €0.3bn ~€2.0bn

• Personal loans &

credit cards, SBL, leasing

• Binding offer received

in late July

• Secured large

corporate loans

• €0.1bn concluded (the

rest expected to conclude in the following months)

Securitisations / HAPS Outright Sales

• Residential mortgage

portfolio

• Finalised perimeter
• Pre-rating assigned

binding offer under way

Vega

~€5.0bn

• Commercial and

residential portfolio

• Finalised perimeter
• Business plan under way
• Pre-rating phase under

way

Executive Summary

Note: amounts correspond to Gross Book Value; Iris was classified as HFS in Q3.19 and Trinity in Q4.19

under way under way

17

PREPARATIONS FOR €7BN NPE SECURITISATIONS

Executive Summary

“Vega” “Phoenix”

Note: senior tranches estimated based on latest perimeter information, pending rating confirmations

Retain 100% Senior Note

Gross Loans ~€5.0bn

Junior Mezzanine Senior ~€1.4bn

Retain at least 5% of Mezz & Junior Notes Retain 100% Senior Note

Gross Loans ~€2.0bn

Junior Mezzanine Senior ~€0.96bn

Retain at least 5% of Mezz & Junior Notes

• The transaction will apply for the HAPS guarantee
• €1bn relates to mortgages and €4bn to commercial exposures
• The portfolio securitised in 3 SPVs (Vega I - II - III) to provide flexibility
• The perimeter is comprised 18k borrowers, 53k loans
• 70% of the perimeter refers to denounced portfolios
• 43k real estate properties underlying collateral
• The transaction will apply for the HAPS guarantee on the Senior Note
• The perimeter comprises 22k borrowers, 58k loans
• The average borrower exposure is €90k
• 67% of the perimeter refers to denounced portfolios
• Approx. 20 years of remaining tenor for the portfolio

EXECUTIVE SUMMARY

CORPORATE HIVE-DOWN PROCESS UNDER WAY

The corporate hive-down plan includes:

 Piraeus banking operations will be hived-down to a new wholly owned banking subsidiary (“NewCo”)  Certain non-banking activities will remain with the parent entity, which will evolve into a financial holding company (“HoldCo”)  In the context of the hive-down, all necessary preparations for €7bn NPE securitisations are taking place  The HoldCo will hold not more than 95% of the Junior and Mezzanine Notes of the securitisations  The transformation balance sheet is expected to be based on the 31 July 2020 financial data  The corporate hive-down plan is subject to all the approvals by the relevant regulatory bodies and the GM of the Bank’s shareholders’  Elaboration of the Bank’s de-risking strategy

18

Key steps

SPV setup Jul.20 Hive-down completion 30 Nov.20 Derecognition of NPEs Q4.20-Q1.21

Executive Summary

Transformation B/S 31 Jul.20

19

PIRAEUS BANK’S NEW TRANSFORMATION PLAN

Executive Summary

Implementation of a new plan, capitalizing on the progress of 2017-2019 period, based on a fresh & agile business model

• Step up the commercial proposition,

boosting origination via digital and automation, fully exploiting high-potential businesses

• Become the Bank of choice, through a

customer centric, digitally enabled and targeted segment value proposition

• Enhance and empower the Bank’s talent

through a leaner and more rewarding staffing profile

• Promote simplification and end-to-end

automation across the board to lower cost to serve and free-up commercial focus

Design phase concluded end July 2020

HR R and nd talen ent manage gement nt Techn hnol

• log
• gy

y and nd da data managem emen ent Fundi unding ng struc ructure re and nd secu ecurities es po port rtfolio

5 6 7

Efficiency and simplification Commercial customer proposition Retail customer proposition

2 3 4

Asset quality and de-risking

1

Strategic initiatives already under way

BOTTOM-UP DESIGN FOR PIRAEUS BANK’S MEDIUM-TERM ASPIRATION

20

Leaner

>€150mn cost reduction (~20% drop)

Diversified

~30-70% NFI/NII mix (from ~20-80%)

Productive

Growth in volumes and core revenues / FTE

Focused

>50% of branch time dedicated to revenue generating activities

Digital

3x increase in remote sales (from ~7% to >20%)

De-risked

Single-digit NPE ratio (from ~48%)

Innovative

Increase IT time invested in change initiatives by 35%

Executive Summary

21

DIGITAL BANKING BEHAVIOUR STANDING OUT

Executive Summary

Online registrations per week Customers transacting online per week winbank transactions penetration

89% 90%

94%

1-year before 2020 pre lock-down 2020 post lock-down 400k 440k

500k

1-year before 2020 pre lock-down 2020 post lock-down

Increase in winbank online registrations

x4 to 200k ytd

More people transacting

• nline and more often

1 login per 2 days

Increasing winbank penetration to cash transactions

+22% in payments

0.7k 0.9k

3.3k

1-year before 2020 pre lock-down 2020 post lock-down

• Donation to National Health System emergency health equipment (20 ventilators)
• Engagement of customers to participate in the collective effort utilizing the online Pay & Save service (€0.4mn Bank’s contribution)
• Offering of 26 equipped and functional homes in Attica, Thessaloniki and Patras for the accommodation of cancer patients
• Project Future’s 4th cycle took place amid Covid-19 lockdown, in a totally virtual environment (c.250 young graduates participated)
• Strong responsiveness to support customers in need
• Active participation in the execution of financing programs of the Greek State
• Tailor-made customer solutions for the impacted clientele base
• Piraeus Bank has provided debt moratoria for ~€4bn loans and is participating with €1.5bn, to financing assistance programs

sponsored by the State

• Digital communication tools are used and effective remote work practices
• Effective practices are developed for work from home, aiming at performance and accountability
• Digital learning platform is being upgraded, utilizing new technologies and ensuring access to all
• New learning environment launched: “The Upgreat Digital Platform”
• A pulse survey was carried out in response to the current period’s challenges with very positive results

EXECUTIVE SUMMARY

UNFOLDING A LEADING ESG STRATEGY THAT SUPPORTS TOMORROW

22

Executive Summary

Customers Community Employees

23

SELECTED PRIORITIES FOR 2020

Executive Summary

Management of PE/FPE portfolios Operating efficiency improvement Loan generation to support economy/employment Hive-down process execution NPE securitisation execution

H1.2020 FINANCIAL RESULTS

02 Financial Performance

24

ASSETS & LIABILITIES OVERVIEW

• Loan-to-Deposit ratio at 83% and Liquidity

Coverage ratio at 169%

3.9 6.5 0.3 2.1 37.8 1.3 6.4 5.9 2.1 7.6 45.7 1.4 0.6 7.0

Other* Cash

Asset Mix

Total

Securities Net Loans Fixed Assets

64.4

amounts in €bn Total

ECB Interbank Repos Deposits Total Equity Other

64.4

Funding Mix

Jun.20 Jun.20

Debt Securities

• Funding mix enhanced on the back of the

decision to take advantage

• f

lower Eurosystem funding costs and switch interbank repo positions to ECB TLTRO funding

• Customer deposits comprise 71% of liabilities

and total equity

• Customer loans comprise 59% of assets

(*) Other includes “other assets” (€3.6bn) and “goodwill & intangible assets” (€0.3bn)

Interbank Loans DTA Disc’d Ops & Held for Sale

Financial Performance

• Increase of ~€2bn ytd in fixed income portfolio;

higher GGB holdings post the lift of the 2015 supervisory cap in early Mar.20

• €0.9bn Tier 2 issued in 2019 & 2020 with a

focus on capital enhancement

25

BALANCE SHEET EVOLUTION

Group, €mn Jun.19 Mar.20 Jun.20 yoy Cash/Interbank 3,413 4,585 7,267 >100% Net Loans 38,176 37,686 37,792

• 1%

Securities 4,610 5,151 6,428 39% Other Assets 13,039 12,957 12,895

• 1%

Total Assets 59,238 60,378 64,382 9% Interbank 3,716 2,884 7,583 >100% Deposits 44,890 46,697 45,706 2% Debt Securities in circulation 917 1,400 1,369 49% Other Liabilities 1,978 1,889 2,077 5% Equity 7,651 7,509 7,648 0% Total Liabilities & Equity 59,238 60,378 64,382 9%

4.9 5.1 5.1 5.2 5.3 5.3 5.1

5.2

Sep.18 Dec.18 Mar.19 Jun.19 Sep.19 Dec.19 Mar.20 Jun.20

Tangible Book Value | €bn Liquidity Coverage Ratio | %

28% 61% 67% 99% 107% 117% 131%

169%

Sep.18 Dec.18 Mar.19 Jun.19 Sep.19 Dec.19 Mar.20 Jun.20

Financial Performance

impacted by Covid-19 impairments

LIQUIDITY 40.9 +0.5 +0.5 +0.8 +1.8 44.5

• 0.9

+1.1 +0.2 +2.2 47.1

• 0.6
• 0.9

45.5

Dec.17 Δ Q1.18 Δ Q2.18 Δ Q3.18 Δ Q4.18 Dec.18 Δ Q1.19 Δ Q2.19 Δ Q3.19 Δ Q4.19 Dec.19 Δ Q1.20 Δ Q2.20 Jun.20

25% 24% 75% 76%

Jun.20 Jun.20 Business Retail

33% 32% 67% 68%

Jun.20 Jun.20 Time deposits Savings-Sight deposits

Domestic deposit mix (%) Deposit movement by segment (€bn)

Greek market Piraeus - Greece Greek market Piraeus - Greece

Customer deposit movement in Greece (€bn)

Piraeus FY.18 delta FY.19 delta Q1.20 delta Q2.20 delta Jun.20 balance Mass|Farmers +1.1 +1.1

• 17.9

Affluent|Private Banking +1.0

• 15.4

SB

• 0.1

+0.7 +0.1 +0.3 4.2 SME

• +0.2

+0.2

• 0.1

1.4 Corporate

• +0.1

+0.3 +0.1 3.1 Govt & Other +1.6 +0.5

• 1.2
• 1.2

3.5 Total +3.6 +2.6

• 0.6
• 0.9

45.5

26

DOMESTIC DEPOSITS

Financial Performance

• €2.4bn ytd from

State deposits

27

NET INTEREST INCOME BENEFITING FROM LOWER FUNDING COSTS

Νet interest income resilient in Q2.20 at €367mn, increase by 2% qoq. NII, on a yearly basis, increased by 1% in H1.20 Customer deposit costs trending lower, as well as reduced cost of wholesale funding (Eurosystem and market repo) more than compensated for the increased cost derived from the Tier 2 issues Improvement mainly from the liability side and funding costs Impact from loan portfolio de-risking and mild yield compression is reflected in loan interest income, yet front book comes at higher rates vs stock Increase of fixed income portfolio in Eurozone sovereign bonds supports NII NIM slightly lower qoq on the back of the inflated asset size Q1.20 Q2.20 Net Loans 402 395 Fixed Income Securities 18 25 Other Assets 31 32 Interest Income 452 452 Customer Deposits 30 24 Due to Banks 2 1 Debt Securities 15 19 Other Liabilities 45 42 Interest Expense 92 85 Net interest Income 360 367 NIM 1 2.4% 2.3%

• 1. on assets excluding discontinued operations

Net interest income decomposition (€mn)

• Financial Performance

FINANCIAL PERFORMANCE

Q2.19 Q3.19 Q4.19 Q1.20 Q2.20 Deposits 0.40% 0.39% 0.33% 0.24% 0.18% Sight 0.49% 0.46% 0.44% 0.27% 0.19% Savings 0.05% 0.05% 0.05% 0.04% 0.03% Time 0.67% 0.65% 0.51% 0.43% 0.35% avg 3m euribor

• 0.33%
• 0.40%
• 0.40%
• 0.41%
• 0.30%

Loans 3.32% 3.27% 3.29% 3.35% 3.29% Mortgages 2.00% 1.97% 1.93% 1.92% 1.91% Consumer 6.76% 6.97% 7.33% 7.43% 7.56% Business 3.58% 3.46% 3.50% 3.59% 3.49%

Actual rates shown above refer to total Greek banking operations, quarterly averages

Time deposit rate declines further, resiliency in loan rates Loan Rates Q2.20 Total Stock Front Book Mortgages 1.9% 2.5% Consumer 7.6% 9.8% Business 3.5% 3.4% Total 3.3% 3.6% Loan rates: front book rates above legacy book Business Loan Rates Q2.20 Total Stock Front Book Corporate & SME 3.3% 3.1% SBL 5.2% 6.1% Total 3.5% 3.4%

28

DOMESTIC LOAN PORTFOLIO YIELDS: FRONT BOOK LOAN PRICING HIGHER VS STOCK

Financial Performance

29

NET FEE & COMMISSION INCOME GROWING

(€mn) Q1.20 Q2.20 % Assets Loans & Cards Business 34 42 0.26% Funds Transfer 12 12 0.08% Asset Management & Brokerage 10 8 0.05% Bancassurance 10 10 0.06% Letters of Guarantee 8 8 0.05% Payments 8 8 0.05% FX Fees 6 4 0.02% Other 7 7 0.04% Gross Fee Income 94 99 0.62% Fee Expense (23) (19)

• 0.12%

Net Fee Income 71 80 0.50% NFI in Q2.20 increased to €80mn, 12% qoq despite a significant fall in transaction volumes during lockdown. In H1.20 NFI increased by 3% yoy to €151mn Fees stemming from asset management, bancassurance and investment banking were the key contributors of the increasing trend witnessed in H1.20

• Financial Performance

30

STAFF COSTS SOLID REDUCTION

(€mn) H1.19 H1.20 yoy Staff costs 259 212

• 18%

G&A costs 172 182 6% Taxes & Duties 18 19 5% Fees & Third Parties 21 16

• 21%

Products (cards, insurance, collections, etc.) 5 13 >100% Promotion & Advertising 6 4

• 32%

Rents 2 2

• 8%

Other 41 37

• 13%

Depreciation 61 58

• 4%

Total operating costs (reported) 492 452

• 8%

Total operating costs (like-for-like)* 476 428

• 10%

H1.20 performance in line with Bank’s budget Staff costs declined by 18% yoy (-13% yoy adjusted for 2019 VES), as the Bank realised the benefits of the carve-out of the NPE servicing platform and the 2019 voluntary exit scheme programme Cost to income in H1.20 stood at 49% vs 53% the same period last year Efficiencies to be further increased along with ongoing digitalisation, as well as the implementation of the new transformation plan

• Costs running at -10% rate, supporting the Bank’s efficiency ratio
• Financial Performance
• Note: like-for-like items are displayed in the APM section of the presentation

31

CREDIT ORIGINATION IN GREECE PICKING-UP

33.9 31.7 26.5 23.7 23.4 22.6

Dec.16 Dec.17 Dec.18 Dec.19 Mar.20 Jun.20

27.4 24.9 23.9 23.7 24.1 24.5

Dec.16 Dec.17 Dec.18 Dec.19 Mar.20 Jun.20

Performing exposures | €bn Non-performing exposures | €bn 14.0 13.7 13.8 14.3 14.7

Dec.17 Dec.18 Dec.19 Mar.20 Jun.20

PE business loans | €bn PE individuals loans | €bn 10.9 10.2 9.8 9.8 9.9

Dec.17 Dec.18 Dec.19 Mar.20 Jun.20 * year-end loan figures exclude seasonal agri-loan

Following the positive developments of FY.19, H1.20 marked a clear increase in the performing book coming from business lending, while households’ loans stabilised Looking forward, the trend is expected to remain upward, with business loans contributing the majority of new loan generation

• Financial Performance

32

GROUP NPE & NPE COVERAGE RATIO

NPEs (€mn) Jun.20 Mix Business 15,454 66% Mortgages 5,737 25% Consumer 2,142 9% TOTAL 23,333 100%

Group NPE ratio per product category Group NPE mix

50% 52% 43% 53%

48% 51% 42% 52%

Total Business Mortgages Consumer Mar.20 Jun.20

Financial Performance

NPE coverage ratio per product

LLRs (€mn) Jun.20 LLR/ Loans Business 7,153 23% Mortgages 1,761 13% Consumer 1,600 39% TOTAL 10,514 22% LLRs (€mn) Jun.20 LLR/ Loans Greece 9,995 21% International 519 44% TOTAL 10,514 22%

Group LLRs at 22% over loans

46% 47% 31% 74%

45% 46% 31% 75%

Total Business Mortgages Consumer Mar.20 Jun.20

33

CURING POTENTIAL FROM FORBORNE LOANS UNDER PROBATION

(€bn) 0 dpd 1-89dpd >90dpd Denounced NPEs Business 3.6 1.2 2.4 8.2 15.5 Mortgages 0.6 0.4 0.7 4.0 5.7 Consumer 0.1 0.1 0.5 1.4 2.1 TOTAL 4.4 1.7 3.6 13.6 23.3

NPEs per bucket (Jun.20) Forborne loans (Jun.20, €9.9bn)

NPΕ mix 19% 8% 16% 58% 100% [1] [2] [3] [1+2+3+4] [4]

NPEF 0dpd 34% NPEF 1-30dpd 6% NPEF 31-90dpd 8% NPEF >90dpd 21% PF 31%

Financial Performance

46%

47%

Cash coverage Collateral coverage 75%

23%

Cash coverage Collateral coverage * pre-haircut tangible collateral (guarantees not included) capped at loan amount

Mortgages Business Consumer

Total 93% Total 102% Total 98%

31%

71%

Cash coverage Collateral coverage

Cash & collateral coverage

34

PRE WRITE-OFF NEGATIVE FORMATION IN Q2.20

• 187
• 740
• 612
• 381
• 247
• 460
• 189
• 143-124
• 272
• 53

56 31

• 63 -9
• 55 -28
• 133-69
• 149
• 61 -38 -2
• 21

18

• 52 -29 -26 -6
• 39

Q1.18 Q2.18 Q3.18 Q4.18 Q1.19 Q2.19 Q3.19 Q4.19 Q1.20 Q2.20 Q1.18 Q2.18 Q3.18 Q4.18 Q1.19 Q2.19 Q3.19 Q4.19 Q1.20 Q2.20 Q1.18 Q2.18 Q3.18 Q4.18 Q1.19 Q2.19 Q3.19 Q4.19 Q1.20 Q2.20

Greek NPE Formation by Segment |€mn

Business Mortgages Consumer

NPE Greece | €mn

NPE formation continued its negative pace in Q2.20 in all segments

Financial Performance

24,838 26,473

• 238
• 215

26,020

• 567
• 211

25,242

• 246
• 176
• 658

675

• 302
• 400
• 405

23,730

• 199
• 150

23,381

• 461
• 333

22,587

Dec.18 NPE formation W/O clean-up Mar.19 NPE formation W/O clean-up Jun.19 NPE formation W/O clean-up Sales (NPE portion) Technical adjustment Sep.19 NPE formation W/O clean-up Sales (NPE portion) Dec.19 NPE formation W/O clean-up Mar.20 NPE formation W/O clean-up Jun.20

H1.2020 FINANCIAL RESULTS

03 Appendix

35

GROUP RESULTS | QUARTERLY EVOLUTION

Appendix

(€mn) Q2.17 Q3.17 Q4.17 Q1.18 Q2.18 Q3.18 Q4.18 Q1.19 Q2.19 Q3.19 Q4.19 Q1.20 Q2.20 Net Interest Income 414 415 390 353 352 349 355 360 359 353 363 360 367 Net Fee Income 72 112 76 69 70 124 76 69 77 81 91 71 80 Net Fee Income (recurring) 72 77 76 69 70 76 76 69 77 81 91 71 80 Trading & Other Income 69 24

• 1

26 36 26 45 15 13 33 359 (19) 63 Total Net Revenues 556 551 464 448 458 499 477 445 449 467 813 412 510 Total Net Revenues (recurring) 510 516 454 448 458 451 477 445 449 467 462 412 510 Staff Costs (133) (128) (153) (259) (125) (117) (114) (120) (139) (135) (110) (107) (105) Staff Costs (recurring) (133) (128) (137) (130) (125) (120) (121) (120) (123) (115) (115) (107) (105) Administrative Expenses (102) (108) (145) (97) (113) (103) (129) (80) (92) (92) (121) (91) (91) Depreciation & Other (23) (24) (28) (27) (25) (26) (26) (30) (30) (30) (32) (29) (29) Total Operating Costs (258) (260) (325) (383) (262) (246) (269) (231) (261) (257) (264) (227) (225) Total Operating Costs (recurring) (258) (260) (309) (254) (262) (249) (275) (231) (245) (237) (269) (227) (225) Pre Provision Income 298 291 139 64 196 253 208 214 188 210 549 185 285 Pre Provision Income (recurring) 252 256 144 193 196 203 202 214 203 230 193 185 285 Result from Associates (19) 4 (8) (8) (16) 11 28 (10) (0) 11 5 (16) Impairment on Loans* (264) (310) (1,189) (163) (149) (149) (137) (186) (146) (157) (221) (438) (142) Impairment on Other Assets (16) (7) (118) (8) 20 (4) (64) 5 (7) (11) (55) (72) (18) Pre Tax Result (2) (21) (1,176) (115) 51 110 34 23 34 53 279 (340) 125 Tax 10 2 1,181 35 (29) (17) 103 (9) (16) (9) (88) 110 (41) Net Result Attributable to SHs 10 (18) 6 (79) 24 94 145 14 20 44 192 (230) 85 Minorities (1) (1) (2) (1) (2) (1) (7) (2) (2) (1) Discontinued Operations Result (77) 5 (119) (3) (310) (27) (4) 5 1 5 (2) (2) (2)

* for 2019 and onwards loan impairment includes net modification loss

36

PIRAEUS CORE BANK AND PIRAEUS LEGACY UNIT KPIs | H1.20

Appendix

* Legacy includes NPE, international operations, REO, holdings, discontinued operations and non-core Greek assets ** Including net modification loss & associates’ income. The illustration refers to underlying impairment, excluding Covid-19 impact of €341mn

PIRAEUS GROUP

727 151 922 (452) 470 (344) 126 2.3% 0.5% 49% 1.6% 0.4% 68%

LEGACY*

188 6 209 (61) 147 (195) (47) 2.2% 0.1% 29% 2.8% <0% 96%

PIRAEUS CORE BANK

539 145 713 (390) 323 (149) 173 2.3% 0.6% 55% 0.9% 0.7% 58% A. P&L (€mn)

1

NII

2

NFI

3

Net revenues

4

Operating costs

5

PPI

6

Total impairment**

7

Pre-tax income B. Ratios

8

NIM over assets

9

NFI over assets

10

Cost-to-income

11

Cost of risk**

12

Pre-tax RoA

13

RWA density

37

FOCUS ON CORE ACTIVITIES

Appendix

* Legacy includes NPE, international operations, REO, holdings, discontinued operations and non-core Greek assets ** Including net modification loss & associates’ income. The illustration refers to underlying impairment, excluding Covid-19 impact of €341mn n.m.: non-meaningful

CORE BANK

H1.20 | €mn Retail CIB Markets Corp.Center CORE TOTAL Legacy* GROUP NII 228 223 69 19 539 188

727 NFI 86 57 3 145 6 151 Other Income 3 9 16 28 15 43

Net Revenues 317 280 81 35 713 209 922 OpEx (222) (68) (15) (85) (390) (61) (452) PPI 95 212 66 (50) 323 147 470 Impairment** (59) (53) (15) (24) (149) (195) (344) PBT 36 160 51 (74) 173 (47) 126 NIM over Assets 4.6% 3.2% 1.1% 0.3% 2.3% 2.2% 2.3% NFI over Assets 1.7% 0.8% 0.0% 0.0% 0.6% 0.1% 0.5% Cost to Income 70% 24% 18% n.m. 55% 29% 49% Cost of Risk** 1.3% 0.8% n.m. n.m. 0.9% 2.8% 1.6% PPI over RWA 3.4% 3.7% 6.5% <0% 2.3% 1.8% 2.1% Pre-tax RoA 0.7% 2.3% 0.8% <0% 0.7% <0% 0.4% RWA Density 56% 81% 17% 78% 58% 96% 68%

38

LOAN & DEPOSIT PORTFOLIOS

Appendix

Gross Loans Evolution (€mn)

Dec.17 Dec.18 Jun.19 Dec.19 Mar.20 Jun.20 qoq yoy Group 58,627 51,475 50,757 48,600 48,676 48,306

• 1%
• 5%

Business 37,962 32,144 31,839 30,498 30,744 30,489

• 1%
• 4%

Mortgages 15,183 14,523 14,179 13,914 13,781 13,669

• 1%
• 4%

Consumer 5,482 4,808 4,739 4,188 4,151 4,149 0%

• 12%

Greece 56,597 50,382 49,521 47,399 47,481 47,126

• 1%
• 5%

Business 36,317 31,215 30,760 29,413 29,664 29,423

• 1%
• 4%

Mortgages 14,973 14,474 14,134 13,879 13,747 13,635

• 1%
• 4%

Consumer 5,307 4,693 4,627 4,106 4,069 4,068 0%

• 12%

Int’l 2,030 1,093 1,236 1,201 1,196 1,180

• 1%
• 5%

Business 1,645 928 1,079 1,084 1,078 1,066

• 1%
• 1%

Mortgages 210 49 44 35 34 33

• 3%
• 25%

Consumer 175 116 112 82 83 81

• 3%
• 28%

Deposits Evolution (€mn)

Dec.17 Dec.18 Jun.19 Dec.19 Mar.20 Jun.20 qoq yoy Group 42,715 44,739 44,890 47,351 46,697 45,706

• 2%

2% Savings 15,134 15,323 15,251 16,660 17,198 17,705 3% 16% Sight 11,682 12,013 12,238 12,656 12,648 13,402 6% 10% Time 15,900 17,402 17,401 18,035 16,851 14,598

• 13%
• 16%

Greece 40,889 44,536 44,685 47,099 46,452 45,504

• 2%

2% Savings 14,825 15,309 15,237 16,647 17,185 17,693 3% 16% Sight 11,125 11,927 12,153 12,567 12,564 13,311 6% 10% Time 14,938 17,300 17,295 17,885 16,703 14,499

• 13%
• 16%

Int’l 1,826 203 204 251 245 202

• 17%
• 1%

Savings 309 14 14 13 13 12

• 5%
• 15%

Sight 556 86 85 89 83 91 10% 7% Time 961 102 105 150 149 99

• 33%
• 6%

Notes: loan balances exclude seasonal agri-loan of €1.6bn for Dec.17 & Dec.18 and €1.5bn for Dec.19

39

IFRS9 STAGE ANALYSIS | GROUP

Appendix

Gross Loans (€bn) Dec.171 Mar.18 Jun.18 Sep.18 Dec.181 Mar.19 Jun.19 Sep.19 Dec.191 Mar.20 Jun.20 Δ yoy Stage 1 19.1 18.9 18.6 18.4 17.6 18.2 18.2 18.2 18.4 18.5 18.6 2% Stage 2 6.9 7.0 5.9 5.9 5.9 5.9 5.8 5.2 5.0 5.4 5.7

• 2%

Stage 3 32.3 31.8 29.3 28.5 28.0 27.5 26.7 26.3 25.2 24.8 24.0

• 9%

Total 58.3 57.7 53.7 52.8 51.5 51.6 50.8 49.8 48.6 48.7 48.3

• 5%

Coverage (%) Jun.20 Mortgages Consumer Business Total Stage 1 0% 2% 1% 1% Stage 2 2% 13% 7% 5% Stage 3 28% 66% 44% 42% Total 13% 39% 23% 22%

(1) excluding seasonal agri-loan of €1.6bn for Dec.17 & Dec.18 and of €1.5bn for Dec.19 Loans for all periods exclude balances accounted for at FVT P&L

GLOSSARY

GLOSSARY | DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES

40

1 Adjusted total assets Total assets excluding assets amounting to: 1) €1.2bn as at 31 March 2019 of discontinued operations in Bulgaria and other discontinued

• perations 2) €1.7bn as at 31 December 2019 of discontinued operations and seasonal OPEKEPE agri-loan 3) €0.1bn of discontinued operation as at

30 June 2019, 31 March 2020 and 30 June 2020 2 CET1 Capital Ratio pro-forma CET1 capital as defined by Regulation (EU) No 575/2013, with the regulatory transitional arrangements for IFRS 9 impact adding (+) the anticipated change in the prudential valuation of software (c.€30mn) in the numerator (capital) and subtracting (-) €0.2bn from the denominator for the expected RWA relief from the held-for-sale NPE portfolios 3 Core Banking Income or NII+NFI Net interest income plus (+) net fee and commission income 4 Cost of Risk (CoR) ECL impairment losses on loans and advances to customers at amortised cost of the period annualised over (/) Net Loans, with the exception of the Covid-19 impact element that is not annualised in the ratio 5 Cost of Risk Underlying Cost of risk minus (-) ECL impairment losses due to Covid-19, as per item #7, minus (-) ECL impairments losses corresponding to NPE sales, minus (-) success fee paid to NPE servicer over (/) Net loans 6 Cost to Income Ratio (C:I) Total operating expenses before provisions over (/) total net income excluding one-off items related to the corresponding period as per item #29 7 Covid-19 impact Covid-19 impact of €324mn for Q1.2020 and €17mn for Q2.2020, referring to incremental ECL impairment losses on loans and advances to customers and on other assets, to reflect worsening economic outlook as a result of Covid-19 8 Cumulative provisions (LLRs) over gross loans Cumulative provisions over (/) Gross Loans 9 Cumulative provisions (Loan loss reserves – LLR) Accumulated ECL allowance on loans and advances to customers at amortised cost 10 Deposits or Customer Deposits Due to customers 11 Private Sector Deposits Deposits minus (-) Greek Ministry of Finance deposits with the Bank 12 DTAs Deferred Tax Assets 13 Gross Book Value (GBV) Gross loans 14 Gross Loans Loans and advances to customers at amortised cost before ECL allowance 15 Liquidity Coverage Ratio (LCR) Liquidity coverage ratio is the amount of sufficient liquidity buffer for a bank to survive a significant stress scenario lasting one month 16 Loan impairment charges (Provision Expenses)/impairments ECL impairment losses on loans and advances to customers at amortised cost 17 Loans to Deposits Ratio (LDR) Net loans over (/) Deposits 18 Net Fee Income (NFI or NFCI) Net Fee and Commission Income 19 Net Interest Margin (NIM) Net interest income annualised over (/) Adjusted total assets 20 Net Loans Loans and advances to customers at amortised cost 21 Net Results or Net Profit Profit / (loss) for the period attributable to shareholders of the Bank 22 Net Stable Funding Ratio The portion of liabilities and capital expected to remain with the Bank for more than one year over (/) The amount of stable funding that the Bank is required to hold given the liquidity characteristics and residual maturities of its assets and the contingent liquidity risk arising from its off- balance sheet exposures

GLOSSARY

GLOSSARY | DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES (cont’d)

41

23 Net Revenue(s) Total Net Income 24 New Loan Generation New loan disbursements that were realised after previous end period 25 NFI over Assets Net fee and commission income annualised over (/) Adjusted total assets 26 NII Net Interest Income 27 Non Performing Exposures (NPEs) On balance sheet credit exposures before ECL allowance for impairment on loans and advances to customers at amortised cost that are: (a) past due over 90 days; (b) impaired or those which the debtor is deemed as unlikely to pay (“UTP”) its obligations in full without liquidating collateral, regardless of the existence of any past due amount or the number of past due days; (c) forborne and still within the probation period under EBA rules; (d) subject to contagion under EBA rules or other unlikely to pay (UTP) criteria 28 Bank Non Performing Exposures (NPEs) Non Performing Exposures of the parent entity excluding intragroup lending NPEs 29 Non Recurring (One-off) Items Non Recurring Items for FY.18 include €48mn extraordinary quality commission (reported in Net Fee Income), €154mn VES costs and €34mn other

• ffsetting cost adjustments (both reported in OpEx)

Non Recurring Items for FY.19 include €351mn capital gain from the NPE servicing platform carve-out (included in trading Income), €36mn related with VES costs (out of which €16 mn in Q2.2020) and €5mn other offsetting cost adjustments (both reported in OpEx) 30 NPE (Cash) Coverage Ratio Accumulated ECL allowance over (/) NPEs 31 NPE Formation Change of the stock of NPEs after adding back write-downs or other adjustments i.e. loan sales or debt to equity transactions 32 NPE Ratio Non Performing Exposures over (/) Gross Loans 33 Operating Costs - Expenses (OpEx) Total operating expenses before provisions 34 OpEx/Assets Total operating expenses over (/) Adjusted total assets 35 OpEx (like for like) Operating costs, minus (-) non-recurring VES costs in H1.2019, minus (-) the cost of the assets under management fee paid to the NPE servicer 36 Performing Exposures (PE) Gross Loans minus (-) Non Performing Exposures 37 Pre Provision Income (PPI) Profit before provisions, impairments and income tax 38 PPI, like for like PPI minus (-) non-recurring VES costs in H1.2019, minus (-) assets under management fee paid to the NPE servicer in H1.2020 39 Pre Tax Results/Pre Tax profits (PBT) Profit / (loss) before income tax 40 Recurring Operating expenses (Recurring OpEx) Operating Expenses excluding "Non Recurring (One-off) Items“ as per item #29 41 Recurring Pre Provision Income (Recurring PPI) PPI excluding one-off items related to the corresponding period as per item #29 42 Recurring Total Net Revenues Total net income minus (-) one-off income related to the corresponding period as per item #29 43 Return on Assets (RoA) Profit before income tax for the period annualised over (/) Adjusted total assets 44 RWA density Risk Weighted Assets over (/) Adjusted total Assets 45 Tangible book value Total equity minus the nominal value of cocos minus intangible assets. 46 Total Capital Ratio (Pro-forma) Total capital, as defined by Regulation (EU) No 575/2013, with the application of the regulatory transitional arrangements for IFRS 9 impact adding (+) the anticipated change in the prudential valuation of software (c.€30mn) in the numerator (capital) and subtracting (-) €0.2bn from the denominator for the expected RWA relief from the held-for-sale NPE portfolios

Disclaimer

The accompanying presentation has been prepared by Piraeus Bank S.A. and its subsidiaries and affiliates (the “Bank” or “We”) solely for informational purposes. For the purposes of this disclaimer, the presentation that follows shall mean and include materials, including and together with any oral commentary or presentation and any question-and-answer session. By attending a meeting at which the presentation is made, or otherwise viewing or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation or any information contained herein. This presentation does not constitute an offer to sell or a solicitation of an offer to buy or a recommendation to buy or invest in any form of security issued by the Bank or its subsidiaries or affiliates nor does it constitute an offer

• r commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or to commit capital. This presentation is not intended to

provide a basis for evaluations and does not constitute investment, legal, accounting, regulatory, taxation or other advice and does not take into account your objectives or legal, accounting, regulatory, taxation or financial situation or particular needs. No representation, warranty or undertaking is being made and no reliance may be placed for any purpose whatsoever on the information contained in this presentation in making any investment decision in relation to any form of security issued by the Bank or its subsidiaries or affiliates or for any other transaction. You are solely responsible for forming your own opinions and conclusions on such matters and for making your own independent assessment of the Bank. You are solely responsible for seeking independent professional advice in relation to the Bank and you should consult with your own advisers as to the legal, tax, business, financial and related aspects and/or consequences of any investment decision. No responsibility or liability is accepted by any person for any of the information or for any action taken by you or any of your officers, employees, agents or associates on the basis of such information. This presentation does not purport to be comprehensive and no representation, warranty or undertaking is made hereby or is to be implied by any person as to the completeness, accuracy or fairness of the information contained in this presentation. The Bank, its financial and other advisors, and their respective directors, officers, employees, agents, and representatives expressly disclaim any and all liability which may arise from this presentation and any errors contained herein and/or omissions therefrom or from any use of this presentation or its contents or otherwise in connection therewith. The Bank, its financial and other advisors, and their respective directors, officers, employees, agents, and representatives accept no liability for any loss howsoever arising, directly or indirectly, from any use of the information in this presentation or in connection therewith. Certain information contained in this presentation is based on estimates or expectations of the Bank, and there can be no assurance that these estimates or expectations are or will prove to be accurate. This presentation speaks only as of the date hereof and neither the Bank nor any other person gives any undertaking, or is under any obligation, to update any of the information contained in this presentation, including forward-looking statements, for events or circumstances that occur subsequent to the date of this presentation. Each recipient acknowledges that neither it nor the Bank intends that the Bank act or be responsible as a fiduciary to such attendee or recipient, its management, stockholders, creditors or any other person. By accepting and providing this document, each attendee or recipient and the Bank, respectively, expressly disclaims any fiduciary relationship and agrees that each recipient is responsible for making its own independent judgment with respect to the Bank and any other matters regarding this document. The Bank has included certain non-IFRS financial measures in this presentation. These measurements may not be comparable to those of other companies. Reference to these non-IFRS financial measures should be considered in addition to IFRS financial measures, but should not be considered a substitute for results that are presented in accordance with IFRS. Certain statements contained in this presentation that are not statements of historical fact, including, without limitation, any statements preceded by, followed by or including the words “targets,” “believes,” “expects,” “aims,” “intends,” “may,” “anticipates,” “would,” “could” or similar expressions or the negative thereof, constitute forward-looking statements, notwithstanding that such statements are not specifically identified. Examples of forward- looking statements include, but are not limited to, statements which are not statements of historical fact and may include, among other things, statements relating to the Bank’s strategies, plans, objectives, initiatives and targets, its businesses, outlook, political, economic or other conditions in Greece or elsewhere, the Bank’s financial condition, results of operations, liquidity, capital resources and capital expenditures and development of markets and anticipated cost savings and synergies, as well as the intention and beliefs of the Bank and/or its management or directors concerning the foregoing. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and outside of the control of the Bank. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking

• statements. We have based these assumptions on information currently available to us, and if any one or more of these assumptions turn out to be incorrect, actual market results may differ significantly. While we do not know

what impact any such differences may have on our business, if there are such differences, our future results of operations and financial condition, could be materially adversely affected. You should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made. The Bank expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.

H1.2020 FINANCIAL RESULTS

Investor Relations Contacts

Chryssanthi Berbati Antonis Sagris Xenofon Damalas,CFA George Doukas Amalia Missailidi

4 Amerikis St., 105 64 Athens

• Tel. : (+30 ) 210 3335026

investor_relations@piraeusbank.gr Bloomberg: TPEIR GA | Reuters: BOPr.AT ISIN: GRS014003024 www.piraeusbankgroup.com

H1.2020 FINANCIAL RESULTS

PIRAEUS BANK GROUPHEADQUARTERS

4, Amerikis Str., 105 64 Athens, Greece

• T. +30 210 333 5026

www.piraeusbankgroup.com