Eurobank S.a. · ATHEX:EUROB

Eurobank — Eurobank Ergasias — Investor Presentation (October 2015)

76 slides from Eurobank's investor presentation, October 2015

1. Slide 1: Eurobank Presentation

   Eurobank Presentation October 2015

2. Slide 2: Disclaimer

   Disclaimer By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: This presentation has been prepared by Eurobank Ergasias S.A. (“Eurobank”). The material that follows and any material discussed verbally (t

3. Slide 3: Table of Contents

   Table of Contents Macroeconomic Update 3 Eurobank Highlights 14 Levers to Restore Profitability 18 Eurobank Key Strengths 28 Eurobank’s Internal Bad Bank 39 Appendix 45 Appendix I – 2Q Trading Update 46 Appendix II – Additional Financial Information (1Q2015) 56 Appendix III – Fee-Generating Business

4. Slide 4: Macroeconomic Update

   Macroeconomic Update | Page 3

5. Slide 5: Greek Macroeconomic Outlook and Themes

   Greek Macroeconomic Outlook and Themes  Significant progress in recent years in correcting acute macro imbalances and restructuring the Greek economy  ~19pps improvement in structural primary balance since 2009 (vs. ~3pps for the Euro Area)  Surplus current account in 2013 and 2014 (0.6% and 0.9%

6. Slide 6: Pre-crisis Macro Imbalances Correction and Economic Restructuring

   Pre-crisis Macro Imbalances Correction and Economic Restructuring Fiscal Adjustment Surplus Current Account in 2013 and 2014 (% GDP) 18.5pps Improvement in Structural Primary Balance Since 2009 (% Potential GDP) 5.8% 5.3% 0.6% 0.9% 2.6% 1.2% 1.3% - (2.4%) (1.0%)(1.1%) (2.1%) (2.4%) (6.0%) (9.9%) (9.

7. Slide 7: Economy Resilient in 1H2015; Full-year GDP Contraction May Prove Milder than Expected

   Economy Resilient in 1H2015; Full-year GDP Contraction May Prove Milder than Expected  Positive output growth in 1H, despite tightened liquidity conditions and heightened frictions with official creditors  Real GDP up 1.1% YoY, mainly on the back of strengthened private consumption (c. 70% of GDP)

8. Slide 8: New Program Fully Covers Projected Borrowing Needs Over a 3-year Horizon

   New Program Fully Covers Projected Borrowing Needs Over a 3-year Horizon; Debt Relief to be Considered after First Review  New financing envelope aims to fully cover government borrowing needs over a 3-year period (Aug. 2015 – Aug. 2018)  Committed/agreed financing sources include: up to €85.5bn i

9. Slide 9: Untapped Potential for Medium – Term Growth

   Untapped Potential for Medium – Term Growth Potential Growth Drivers  Ample liquidity from EU structural funds and the new bailout program (c. €70bn until 2020)  Strong implementation of reforms agenda to boost medium-term GDP by c. 10pp (IMF, 2013) ‒ Emphasis in new program on fiscal, public admi

10. Slide 10: Selected Macroeconomic Forecasts for Greece

    Selected Macroeconomic Forecasts for Greece Key Macroeconomic Variables: Realizations & Forecasts 2014 2015F 2016F 2017F Nominal GDP (€ bn) 179 173 172 178 Nominal GDP growth (1.8%) (3.2%) (0.7%) 3.40% EC forecasts (Aug 2015) Real GDP (€ bn) 187 182 180 185 Real GDP growth 0.8% (2.3%) (1.3%) 2.7% Un

11. Slide 11: ECB to Support Greek Liquidity and Economic Activity

    ECB to Support Greek Liquidity and Economic Activity A successful 1st Programme Review May Lead to: Economic Impact  ECB waiver on Greek sovereign debt reinstatement  ECB quantitative easing (QE) programme: ECB’s capacity to hold Greek debt to increase by c. €7bn  Lower sovereign rates  Positive

12. Slide 12: Impact and Implications of Capital Controls

    Impact and Implications of Capital Controls  Early delinquency increased in July as customer contacts, cash deposits in bank branches or loan modifications were forbidden during the bank holiday  Right after the reopening of branches, payments recovered at a quick pace, indicating this was a one-o

13. Slide 13: Expected Benefits to Greek Banks from 3rd Support Programme

    Expected Benefits to Greek Banks from 3 rd Support Programme Actions from MoU divided into four pillars: 1 Restoring fiscal 2 Safeguarding 3 Enhancing growth, 4 Strengthening a sustainability financial stability competitiveness and modern state and investment public administration  Target a primary

14. Slide 14: Greek Political Elections Outcome

    Greek Political Elections Outcome Parliamentary Elections of May-2012 Parliamentary Elections of Jun-2012  Election’s outcome point to a stable coalition government  Newly elected government has 41 108 33 129 19 17 clear mandate to implement recently agreed 3rd Support 52 71 33 Programme, vs. nego

15. Slide 15: Eurobank Highlights

    Eurobank Highlights | Page 14

16. Slide 16: Eurobank at a Glance

    Eurobank at a Glance Key Highlights Key Figures  One of the four systemic banks in Greece, with over 20% market (€bn, Unless Otherwise Stated) 31 March 2015 share in loans  Established in 1990, 65% owned today by private investors Customer loans (net) 42.9 (institutional and retail) and 35% by the

17. Slide 17: Eurobank Positioning in the Greek Banking Sector

    Eurobank Positioning in the Greek Banking Sector Gross Loans Market Share - Greece only Greek Banking Sector in the European Context As of December 2014 Market Share of Top Four Banks (1) Greece as of 2014 97% Other Greek Banks Ireland 90% 3% (2) +38pps Portugal 60% 21% / €44.3bn 30% / €64.3bn Greec

18. Slide 18: Eurobank Highlights

    Eurobank Highlights Well positioned to benefit from the recovery of the economy in the consolidated Greek Banking Sector 1 Solid corporate governance framework, with highly experienced management team  Compliant with CRD IV and international best practice  9 of 12 (75%) BoD non-executive members (

19. Slide 19: Levers to Restore Profitability

    Levers to Restore Profitability Page 18

20. Slide 20: Pre-provision Income and Asset Quality Evolution

    Pre-provision Income and Asset Quality Evolution in 2014 2014 PPI Evolution (€ m) 90dpd Coverage +640bps 56.3% 53.6% 51.1% +68% 835 863 50.3% 119 49.9% 67 142 10 4Q13 1Q14 2Q14 3Q14 4Q14 496 Highlights  NII improved by 10% y-o-y, mainly due to lower time deposits 216 spreads (by 100bps) and Eurosys

21. Slide 21: Clear and Actionable Levers to Restore Profitability

    Clear and Actionable Levers to Restore Profitability PPI Comparison 2007 vs. 2014 and 1Q2015 (€ m) Profitability Levers Key Considerations 1,455  Return of deposits to replace the most A Funding cost reduction expensive ELA funding  Further reduction in deposit rates  Increase in commission incom

22. Slide 22: Time Deposits Pricing - Greece

    Time Deposits Pricing - Greece Deposits and Mix (€bn) Time Deposits Spreads (bps) Time as % 65% 74% 68% 72% 69% 71% 68% 64% 58% 54% of total 36.9 37.1 17 33.1 32.9 (41) 30.8 31.0 (79) 23.9 25.6 (165) (161) 25.1 21.6 22.1 (228) 27.2 (185) 20.1 23.9 22.4 19.8 (204) 14.9 Core Time 16.4 12.0 15.3 (289)

23. Slide 23: Deposits Strategy

    Deposits Strategy Deposit Strategy Highlights Currency Outside the Greek Banking System  Opportunity to capture leading share from the return of cash in circulation M0 Monetary Aggregate (€bn) and deposits repatriation  Over €115bn of reduction in deposits for the Greek banking sector since Greece

24. Slide 24: Eurosystem Funding Exposure

    Eurosystem Funding Exposure Eurosystem Funding Evolution (€ bn) Drivers to Reduce ELA Dependency and Pillar II Guarantees  Gradual return of deposits 32.7 31.8 29.0 29.1  Repos with financial institutions 7.6 22.4 21.8 9.3 Pillar II / ELA  GGBs, GTBs and Pillar III bonds of €2.5bn (used for ELA)

25. Slide 25: Commission Income

    Commission Income Commission Income (€m) (1) Crisis Impact on Domestic Market Activity 1.01% 479 0.74% 0.58% 0.53% Fees/ (73%) 0.50% 0.47% 0.45% 0.45% 0.46% avg. 7,140 127 Athens stock 592 Assets exchange avg. daily 510 turnover (€ m) 435 417 (60%) 387 332 325 341 2,882 Eurobank AuM 88 88 (€ m) 2007

26. Slide 26: Cost Containment

    Cost Containment Track Record of Organic Operating Expense Reduction (€m) Cost-to-Income Ratio (%) 72.7 Costs decreased by 28% over Group Greece the period 2008 – 2013 (1) 59.4 59.9 67.5 57.3 56.0 1,173 (10.1%) (3) 58.7 54.2 1,054 55.8 990 48.4 48.4 47.7 47.9 53.4 49.2 495 44.6 40.0 Acquisitions, 41

27. Slide 27: Cost of Risk Normalization - Greece

    Cost of Risk Normalization - Greece 90dpd Coverage Ratio  Cost of risk in Greece from 1.0% of net loans pre-crisis, at 55.4% 54.7% 5.1% in 2014 (€1.9bn provisions) 52.8% 50.1% 51.0%  90dpd coverage in Greece reached 54.7% in Q1 2015 For every 100bps change in cost of risk ratio in Greece pre-tax i

28. Slide 28: Other Earnings Drivers

    Other Earnings Drivers Total Lending Spreads (Greece, bps) Core Deposits Spreads (Greece, bps) 460 449 451 452 447 (29) (29) (36) (42) (42) 2Q14 3Q14 4Q14 1Q15 2Q15 2Q14 3Q14 4Q14 1Q15 2Q15 For every 10bps change in Greece, PPI changes by €36m For every 10bps change in Greece, PPI changes by €10m Gr

29. Slide 29: Eurobank Key Strengths

    Eurobank Key Strengths Page 28

30. Slide 30: Innovative Bank with a Proven Execution Track Record

    Innovative Bank with a Proven Execution Track Record Highly Innovative Culture and Model Proven Track Record of Execution  Business model innovator creating new segments and market standards Transformation journey well on track…  First bank to establish business unit fully dedicated to SB (1)  Fi

31. Slide 31: A Comprehensive Bank Transformation Strategy Intended to Deliver Sustainable Growth & Profitability…

    A Comprehensive Bank Transformation Strategy Intended to Deliver Sustainable Growth & Profitability…  The Bank embarked on a transformation journey in 2013 and is well on track  Already completed the first phase of initiatives focused on securing the Bank during the crisis  In the second phase, t

32. Slide 32: … Articulated Through Five Key Strategic Pillars

    … Articulated Through Five Key Strategic Pillars Focus on segments with sustainable liquidity and profitability potential, aiming to become clients’ primary bank  Leverage on current strengths and on segments where we are well-positioned  Within segments, manage clients “up or out” based on liquid

33. Slide 33: Track Record of Outperformance in a Growth Environment

    Track Record of Outperformance in a Growth Environment Historical Loan Growth Y-o-Y (Greece)(1) Historical Deposits Growth Y-o-Y (Greece)(2) 43% 39% 32% 23% 23% 22% 20% 21% 16% 16% 20% 19% 17% 16% 15% 12% 9% 13% 9% 4% 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 Eurobank Market Eurobank Market

34. Slide 34: Leading Positioning in Fee-Generating Businesses

    Leading Positioning in Fee-Generating Businesses Asset Management Equity Brokerage  Mutual funds and investment savings products  Market leader with full service equity brokerage and research firm  As of 1H 2015, ~51% of market share (No.1) by AuM in mutual funds(1)  Voted best brokerage firm in

35. Slide 35: Leading Positioning in Fee-Generating Businesses (Cont.)

    Leading Positioning in Fee-Generating Businesses (Cont.) Greek Ranking and Market Share for Selected Business Lines Asset Management Insurance (1) Equity Brokerage By AuM in Mutual Funds Life & Non-life, by GWP By total value of stocks traded #1 #1 #1 #1 #1 #1 #1 #3 #3 #4 #3 #3 #3 #1 #1 #1 50.6% 10.

36. Slide 36: Asset Quality Profile in the Greek Banking Sector

    Asset Quality Profile in the Greek Banking Sector NPEs Ratio NPEs Coverage Ratio 1Q 2015 NPEs Cash Coverage 21.2 20.0 29.4 36.9 1Q 2015 NPEs Amount (€bn) 10.0 13.5 9.0 15.7 Amount (€bn) 85% 76% 72% 74% 1Q 2015 NPLs as % of NPEs 50.9% 51.7% 47.8% 47.2% 46.0% 46.6% 44.5% 45.6% 44.5% 45.0% 43.5% 42.5%

37. Slide 37: Consolidation in the Greek Banking Sector

    Consolidation in the Greek Banking Sector Eurobank acquired mostly “Good” banks, only c. 15% of current loans acquired during sector consolidation Acquisitions as % (1) of Customer Loans (2) NBG 95% 5% (3) Eurobank 85% 15% (4) Alpha Bank 72% 28% Acquired banks (5) Piraeus 45% 55% CPB Acquired loans

38. Slide 38: Forborne Loans in the Greek Banking Sector

    Forborne Loans in the Greek Banking Sector Forborne Loans as % of Total Loan Portfolios (1Q 2015) Total Forborne Loans €12.1bn €10.1bn 16.9% (2) 16.0% (2) €6.5bn 9.0% €6.1bn 7.4% €4.7bn 13.3% €5.6bn €2.2bn 4.8% (1) 10.4% €3.3bn 6.2% €3.9bn 8.5% €5.4bn 8.6% €5.6bn 7.9% €2.2bn 4.2% Eurobank Peer 1 Pee

39. Slide 39: International Presence

    International Presence  Banking subsidiaries self-funded and fully ring-fenced, with deposit gathering outpacing loan growth Total Assets (€ bn) 1.3  Significant provisioning exercise with cash coverage ratio increased across jurisdictions Net Loans (€ bn) 0.8  Cost base reduction through efficie

40. Slide 40: Eurobank’s Internal Bad Bank

    Eurobank’s Internal Bad Bank Page 39

41. Slide 41: Fully Operational Internal Bad Bank

    Fully Operational Internal Bad Bank O/B  Dedicated and independent unit (“Troubled Assets Unit FTEs # of Clients 31/3/2015 Group – TAG”) with full autonomy, accountability Management & Policies 9 and transparency Corporate Remedial 37 230 €2.7bn  Centralized top-management monitoring body Consumer

42. Slide 42: NPL Management Execution Strategy

    NPL Management Execution Strategy NPL Management Execution Strategy Conversion to P&L Unit  Conversion from a cost centre to a fully-fledged P&L Unit  Clear financial targets and results In-house Management Strategic Partnerships Portfolio Sales Repossessed Assets  Optimization and prioritization

43. Slide 43: NPL In-house Management – Shifting to Long Term Solutions

    NPL In-house Management – Shifting to Long Term Solutions Planned Modification Activity for 2016 Split in Short Term (ST) and Long Term (LT) Solutions  Introduced new Solutions (Split Balance, Partial Debt Forgiveness) ML 44% 14% 34% 8%  Second generation of sustainable solutions, such as “Forgive

44. Slide 44: Enhanced Legal Framework to Facilitate NPL Management

    Enhanced Legal Framework to Facilitate NPL Management  Introduction of a more efficient legal framework from January 2016:  Faster process with shortened enforcement period (12-18 months vs. 30-36 months)  Significantly enhanced recoverability, with 65% of auction proceeds guaranteed to lenders w

45. Slide 45: Enhanced Legal Framework to Facilitate NPL Management (Cont’d)

    Enhanced Legal Framework to Facilitate NPL Management (Cont’d) 3rd Support Programme on NPL Resolution Framework Implementation Timeline By end-October 2015  BoG NPLs segmentation report  New agreement incorporates significant changes in the Greek and assessment of banks' legal framework and the N

46. Slide 46: Appendix

    Appendix | Page 45

47. Slide 47: Appendix I – 2Q 2015 Trading Update

    Appendix I – 2Q 2015 Trading Update Page 46

48. Slide 48: 2Q15 Trading Update

    2Q15 Trading Update Highlights Core Pre-Provision Income (PPI, €m) 1 Core PPI (excluding trading and other income) at €204m, up 1.1% q- 211 204 192 202 o-q 178 64 Int'l 63 67 61  NII up 1.4% at €378m, mainly driven by lower deposit cost and 58 higher lending spreads  Commission income grew 10.8% y

49. Slide 49: Net Interest Income

    Net Interest Income NII Breakdown (€m) NII Per Region (€m) 375 379 394 373 378 102 103 106 104 International 105 288 274 274 275 268 Greece Loan margin 519 525 521 517 509 2Q14 3Q14 4Q14 1Q15 2Q15 NII Evolution q-o-q (€m) 37 20 22 16 32 9 Capital & bonds 15 (1) 19 378 373 (38) Market & Eurosystem (1

50. Slide 50: Commission Income

    Commission Income Commission income breakdown (€m) Commission income per region (€m) Total fees excluding 86 85 90 88 88 Govt. guarantees expense 79 77 79 72 70 77 72 70 71 71 14 12 Rental & other income 26 12 12 13 23 11 7 Insurance 25 25 26 International 8 8 10 9 10 11 Mutual funds 10 12 6 6 Capit

51. Slide 51: Operating Expenses

    Operating Expenses OpEx per Region (€m) OpEx Breakdown (€m) 248 247 23 20 Depreciation 90 90 268 262 258 Administrative 248 247 68 68 68 135 136 65 63 International Staff 1Q15 2Q15 Headcount and Network Evolution (#) Greece Retail 200 194 977 969 956 884 872 Branches (#) 190 183 183 17,575 17,527 17

52. Slide 52: Loans and Deposits

    Loans and Deposits Gross Loans (€bn) Deposits (€bn) Δ €m before FX impact, write-offs 164 40 (41) 52.9 52.8 51.8 51.8 51.9 8.0 7.9 International 7.8 7.6 7.6 42.7 41.9 40.9 Greece 8.8 9.2 9.9 34.9 2.1 2.3 31.0 22.4 22.5 Business 21.4 21.8 22.1 1.2 9.4 International 8.9 0.8 0.5 Greece Mortgages Public

53. Slide 53: New Time Deposits Spreads and Client Rates (Greece)

    New Time Deposits Spreads and Client Rates (Greece) New Time Deposit Spreads (bps) Deposits Mix Core (113) 46% Time 54% (129) (167) (174) (181) (172) (190) (193) (177) (173) (173) (176)  Core deposits share in the mix increased by 10ppt since 31/12/2014 (184) (208) (215) (200) (240) (234) Time Depo

54. Slide 54: Loan and Deposit Spreads

    Loan and Deposit Spreads Lending Spreads (Greece, bps) Deposit Spreads (Greece, bps) 509 508 503 501 Savings 489 and sight Corporate (29) (29) (36) 460 (42) (42) 447 449 451 452 Total 433 435 425 Retail 418 418 Total (107) (110) 2Q14 3Q14 4Q14 1Q15 2Q15 (138) (151) Retail Lending Spreads (Greece, bp

55. Slide 55: Asset Quality

    Asset Quality 90dpd Gross Formation (€m) 90dpd per Region % 2Q14 3Q14 4Q14 1Q15 2Q15 0.7% 0.7% 0.5% 0.5% 90dpd ratio 0.2% % of gross loans Greece 33.6 34.9 35.4 36.3 36.6 International 21.7 21.9 21.5 20.9 21.0 391 Group 31.8 33.0 33.4 34.0 34.3 382 22 83 239 90dpd per Segment 236 5 >90dpd ratio >90d

56. Slide 56: 90dpd Gross Formation per Segment (Greece)

    90dpd Gross Formation per Segment (Greece) Mortgages (€m) Consumer (€m) 245 221 216 205 201 190 171 160 164 138 147 149 143 129 135 117 122 119 115 109 103 94 100 79 76 84 82 72 72 66 56 54 43 55 41 35 35 17 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q14 2Q15 4Q10 2Q11 4Q11 2Q12 4Q12 2Q13 4Q13 2Q14 4Q

57. Slide 57: Appendix II – Additional Financial Information (1Q2015)

    Appendix II – Additional Financial Information (1Q2015) Page 56

58. Slide 58: Capital Position

    Capital Position Phased-in CET1 Ratio Fully Loaded Basel III CET1(1) (FLB3) 15.2% 14.6% 14.2% 14.2% (52bps) (23bps) (25bps) (45bps) 12.6% (98bps) (17bps) 10.2% (240bps) FLB3 incl. pref. FLB3 DTA phase out Minorities Preference 1Q15 adjustments result 1Q15 phase-out Minorities Other FY15 DTA, phase-o

59. Slide 59: Asset Quality Metrics, 1Q2015

    Asset Quality Metrics, 1Q2015  90dpd formation in Greece at €369m, due to Jan / Feb spike. Significant 90dpd Coverage slow down in March 47.8% 47.2% NPEs coverage  90dpd formation in Greece driven higher by retail portfolio 56.3% 55.6% 53.6%  NPE ratio at 40.1%, 90dpd ratio at 34.0% 51.1% 50.3% 

60. Slide 60: Asset Quality Metrics, 1Q2015 (cont’d)

    Asset Quality Metrics, 1Q2015 (cont’d) 90dpd & Coverage per Segment Non Performing Exposures (EBA) >90dpd ratio >90dpd 90dpd Coverage NPF(1) Other Total NPEs Provisions Provisions and >90dpd (%) (€bn) (%) 0-89dpd Impaired NPEs ratio over NPEs collaterals (€bn) (€bn) (€bn) (2) (€bn) (%) (3) (%) over

61. Slide 61: Consolidated Quarterly Financials

    Consolidated Quarterly Financials Income Statement (€m) 1Q15 4Q14 3Q14 2Q14 1Q14 Net Interest Income 372.8 394.0 378.6 375.3 367.2 Commission Income 76.5 79.0 70.9 69.9 64.5 Other Income 13.9 (9.4) 25.3 44.6 29.2 Operating Income 463.2 463.6 474.8 489.8 460.9 Operating Expenses (247.6) (262.4) (257.

62. Slide 62: Consolidated financials

    Consolidated financials Income Statement (€ m) 3M15 3M14 Δ y-o-y (%) Net Interest Income 372.8 367.2 1.5 Commission income 76.5 64.5 18.6 Other Income 13.9 29.2 (52.3) Operating Income 463.2 460.9 0.5 Operating Expenses (247.6) (266.6) (7.1) Pre-Provision Income 215.7 194.3 11.0 Loan Loss Provisions

63. Slide 63: Appendix III – Fee-Generating Businesses (1Q2015)

    Appendix III – Fee-Generating Businesses (1Q2015) Page 62

64. Slide 64: Private Banking

    Private Banking Market leader in Greece with holistic servicing model in 3 countries AuM (€bn) Data as of March 2015 Relationship 6.5 AuM (€m) Clients (#) 6.2 6.3 6.3 6.0 Managers (#) 0.9 0.9 1.0 1.3 1.1 2.2 2.3 2.2 Greece 2,748 3,592 47 2.3 2.1 3.1 Luxembourg 2,082 1,090 11 3.1 3.1 2.9 2.7 Cyprus 1

65. Slide 65: Asset Management

    Asset Management Market leader in Greece with 44.9% market share in mutual funds AuM (€ m) Net Flows (€m) 1,055 4,035 77 Institutional 249 Asset Equity Management 540 Fund of funds 978 Mutual Funds 352 Special 227 2,882 30 purpose 74 20 151 246 107 76 13 20 54 (13) 303 Balanced (6) 318 Mutual (36) (

66. Slide 66: Securities Services and Equity Brokerage

    Securities Services and Equity Brokerage Securities Services Eurobank Equities  Clear market leader in institutional custody in domestic capital markets, over  Dominant position in domestic capital markets, consistently ranking the past 10 years number one over the past 5 years  The only Greek pr

67. Slide 67: Eurolife ERB Insurance

    Eurolife ERB Insurance Insurance Operations Overview Key Consolidated Financials (IFRS basis)  3rd largest insurance provider in Greece in 2014, operating both in life and non-life segments, focused on retail €m 1Q15 1Q14  Wholly-owned holding company created in 2014 to streamline ownership Gross

68. Slide 68: Appendix IV – International Operations (1Q2015)

    Appendix IV – International Operations (1Q2015) Page 67

69. Slide 69: Income Statement Highlights

    Income Statement Highlights Core PPI (€m) Pre Provision Income (€m) 1Q14 11 2Q14 15 68 63 2 ROM 1 62 61 61 3Q14 14 14 1 4 LUX 5 4Q14 13 12 14 10 15 13 CYP 1Q15 14 10 9 9 10 SER 1Q14 17 17 22 22 BUL 2Q14 20 24 22 ROM BUL 3Q14 22 23 21 4Q14 23 15 11 10 1Q15 22 1Q14 2Q14 3Q14 4Q14 1Q15 1Q14 10 2Q14 9 N

70. Slide 70: Net Profit

    Net Profit Total (€m) Romania (€m) Bulgaria (€m) 15.2 2.3 4.6 (4.4) (4.0) (5.4) (10.8) (16.1) (20.1) (27.2) (27.7) (47.4) (46.3) (78.0) (101.7) 1Q14 2Q14 3Q14 4Q14 1Q15 1Q14 2Q14 3Q14 4Q14 1Q15 1Q14 2Q14 3Q14 4Q14 1Q15 Serbia (€m) Cyprus (€m) Luxembourg (€m) 7.7 8.0 7.3 7.3 5.7 4.3 4.2 1.0 1.9 2.2 0

71. Slide 71: Operating Expenses

    Operating Expenses OpEx per Country (€m) OpEx Breakdown (€m) 70 (8.0%) 70 69 68 69 65 3 3 4 4 65 LUX 9 6 6 6 4 8 5 12 13 6 CYP Depreciation 13 12 11 30 20 SER 29 20 20 19 19 BUL Administrative 30 27 27 28 25 ROM 31 28 Staff 1Q14 2Q14 3Q14 4Q14 1Q15 1Q14 1Q15 Cost-to-Income Ratio (%) Cost-to-Average

72. Slide 72: Gross Loans

    Gross Loans Romania (€m) Bulgaria (€m) 2,659 2,629 2,575 2,595 2,631 2,598 2,547 2,546 2,516 2,542 405 404 642 641 606 400 395 389 Consumer 631 606 16% Consumer 23% 45% 802 797 785 54% 792 784 31% 793 781 779 772 826 Mortgage Mortgage 32% 3M15 1,424 3M15 1,224 1,207 Business 1,397 1,354 1,337 1,368

73. Slide 73: Deposits

    Deposits Romania (€m) Bulgaria (€m) 2,512 2,542 2,572 2,454 2,387 876 842 775 1,898 1,875 1,879 951 Time 1,804 1,820 921 32% 33% Time 1,257 1,328 1,303 1,248 1,224 68% 67% 1,561 1,666 1,731 1,679 Core 1,466 Core 547 571 573 631 595 3M15 3M15 3M14 1H14 9M14 FY14 3M15 3M14 1H14 9M14 FY14 3M15 Serbia (

74. Slide 74: Asset Quality

    Asset Quality Romania Bulgaria 69.2% 62.9% 63.0% Coverage 65.5% 67.5% 59.5% Coverage 56.1% 55.4% 52.5% 52.2% 31.2% 31.9% 31.4% 31.8% 90dpd 29.4% 22.6% 23.0% 23.4% 23.2% 23.0% 90dpd 57 90dpd gross 90dpd gross formation 32 24 formation 20 5 (€ m) 16 14 (€ m) (7) (1) (7) 1Q14 2Q14 3Q14 4Q14 1Q15 1Q14 2

75. Slide 75: Key Figures

    Key Figures Romania Bulgaria Serbia Cyprus Lux Sum Assets 3,305 3,296 1,304 3,574 1,386 12,865 Gross loans 2,595 2,542 903 1,576 337 7,953 Balance Sheet (€m) Net loans 2,038 2,174 810 1,521 336 6,879 Balance Sheet 90dpd Loans 825 585 147 101 2 1,660 Deposits 1,820 2,454 750 3,215 1,124 9,363 Operati

76. Slide 76: Investor Relations Contacts

    Investor Relations Contacts Dimitris Nikolos +30 210 3704 754 E-mail: dnikolos@eurobank.gr Yannis Chalaris +30 210 3704 744 E-mail: ychalaris@eurobank.gr Christos Stylios +30 210 3704 745 E-mail: cstylios@eurobank.gr Ariadni Kranidioti +30 210 3704 764 E-mail :akranidioti@eurobank.gr Group E-mail: i

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