Eurobank S.a. · ATHEX:EUROB

Eurobank — IPO Roadshow (April 2014)

79 slides from Eurobank's IPO roadshow presentation, Apr 12, 2014

1. Slide 1: €2,864m Share Capital Increase

   €2,864m Share Capital Increase 12 April 2014

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. The material that follows is a presentation of general background information about Euroban

3. Slide 3: Agenda

   Agenda Transaction overview and capital position 3 Key investment highlights 14 Appendix Eurobank at a glance 30 2013 pre-provision income 33 Balance sheet 42 Asset quality 48 BoG / BlackRock capital assessment 59 Summary financials 62 Macro update 67 Page 2

4. Slide 4: Transaction overview and capital position

   Transaction overview and capital position

5. Slide 5: Transaction overview

   Transaction overview  €2,864m share capital increase to address capital needs as assessed by the Bank of Greece €2,864m under the baseline scenario following the BlackRock Diagnostic Exercise Capital  Strengthening of capital position by 771bps to a Basel II CT1 ratio of 19.0% (pro-forma 2013) Inc

6. Slide 6: Cornerstone Investors

   Cornestone Investors  Eurobank has signed an agreement in relation to its Capital Increase with a group of investors for an amount of c. €1,332m The Group of Investors includes:  Fairfax Financial Holdings Limited (“Fairfax”)  WLR Recovery Fund V, L.P. and/or other investment vehicles managed by

7. Slide 7: Cornerstone Investors: key terms and conditions

   Cornestone Investors: key terms and conditions  Should the final offering price resulting from the bookbuilding process be equal to €0.30 per share, each Investor has a guaranteed allocation for its own Commitment Amount  Should the final offering price be higher than €0.30 per share, each Investo

8. Slide 8: Fairfax and WLR Funds: overview and track record

   Fairfax and WLR Funds: overview and track record Fairfax WL Ross & Co. LLC  Fairfax is a Toronto-based financial  Leading private equity firm specialized in services holding company which, through distressed and turnaround investments its subsidiaries, is engaged in property and casualty insurance

9. Slide 9: 2013 pro-forma capital position

   2013 pro-forma capital position Capital increase impact (Basel II) Greek banks capital ratios 2013 CT1 ratio pro forma for capital increase, excl preference shares Pro-forma for capital increase, Core Tier 1 ratio at 19.0% (incl. preference Preference shares shares) and this capital will be the basi

10. Slide 10: Eurobank's capital needs according to BoG stress test

    Eurobank’s capital needs according to BoG stress test Bank of Greece estimated capital needs in the baseline scenario (€ m)  Bank of Greece (“BoG”) + 7,000 estimated Eurobank’s capital needs at €2,945m 3.5 years CLP according to  Includes a buffer of €3.4bn BlackRock applied by Bank of (6,096) Gre

11. Slide 11: BlackRock credit loss projections

    BlackRock credit loss projections Greek¹ and international² lifetime CLP/Loans Comments Greece International 30.4% Eurobank portfolio quality improved by the 28.2% 23.2% 22.2% acquisition of TT and Proton, which have been 21.8% 20.4% 18.1% acquired as “clean” banks following carve out of non 15.3% p

12. Slide 12: PPI assessment by BoG

    PPI assessment by BoG Cumulative 3.5 years PPI based on 4Q 2013 vs. BoG assessment (€ m) +325 2,731 2,406 1,806 Implied €516m annually +61 +33 802 Implied €129m quarterly 708 4Q 2013 reported PPI x 4 Annual Voluntary Exit Cost synergies on actions 4Q 2013 annualized PPI 4Q 2013 annual. PPI incl. 3Q

13. Slide 13: Capital buffer in the adverse scenario

    Capital buffer in the adverse scenario Baseline scenario (€ bn) Adverse scenario (€ bn) Even in the adverse scenario, 15.3 including the €2.9bn capital 14.4 increase, the capital buffer 14.7 would fully cover the credit 2.9 2.3 2.6 losses estimated by BoG 2.9 11.8 2.4 1.9 2.4 2.1 1.2 7.9 7.9 0.9 0.9

14. Slide 14: Capital position under Basel III post capital increase

    Capital position under Basel III post capital increase Basel III pro forma Common Equity Tier 1 ratio (%) 19.0% -430 bps 14.7% Including €950m +771 bps preference shares Main capital impact due to -403 bps 10.6% (i) ~330bps DTA phase out (ii) ~100bps minorities and other Main capital impact due to 1

15. Slide 15: Key investment highlights

    ye urobank Key investment highlights

16. Slide 16: Key investment highlights

    Key investment highlights Opportunity to benefit from the recovery of the Greek economy in a consolidated banking market Well positioned in the new consolidated Greek banking market (top 4-banks with 93%(1) cumulative market share)  Lending: 20% market share. Deposits: 18%(2) market share Enhanced

17. Slide 17: Highest free float among Greek banks post capital increase

    Highest free float among Greek banks post capital increase Free float Free float and index participation Free float % of total shares pro forma for capital increases  Eurobank to be the Greek bank with the highest 3.0 3.7 2.8 1.5 free float (>50%) >50%¹  Potential index inclusion and/or increased

18. Slide 18: 2014 Management priorities

    2014 Management priorities Key strategic objectives Business targets 1 1 Focus on NPL recoveries Operational integration of TT – completed April 2014  Set up and/or strengthen dedicated Remedial Units  Dual brand strategy implementation  Enhance Non-Performing Customers General Division  Synergi

19. Slide 19: Greek banking sector concentration

    Greek banking sector concentration Market share of top four banks(1) Gross loans market share (Greece only) Gross domestic loans (€ bn) Market share Greece as of YE 2013 93% BOP 69.1 30% Ireland 90% +34pps Portugal 60% Alpha 52.4 23% Greece as of 2005 59% Turkey 53% Italy 51% NBG 46.5 21% Germany 42

20. Slide 20: Impact of acquisitions of TT and Proton

    Impact of acquisitions of TT and Proton Gross loans (3Q 2013, € bn) ELA (€ bn)(3) Market 16% 20% share(1) -87% 7.5 1.3 54.4 45.6 15.0 8.4 5.6 2.0 Eurobank TT Proton Eurobank+TT+Proton Eurobank Eurobank Eurobank +TT+Proton Eurobank +TT+Proton Jun 2012 Aug 2013 Dec 2013 1Q 2014 Deposits (3Q 2013, € bn

21. Slide 21: Modern bank with entrepreneurial culture and spirit of innovation

    Modern bank with entrepreneurial culture and spirit of innovation Entrepreneurial culture with an innovation track record Highly qualified personnel  Business model innovator creating new segments and market standards  Young, multi - skilled, highly educated and fully certified personnel – First b

22. Slide 22: Leading positions in fee generating activities

    Leading positions in fee generating activities Insurance Securities Services • #3 in total insurance market (€334m • Market leader in Institutional GWP in life and non-life) with over Custody 8% share I • The sole provider in Greece offering • Market leading Bancassurance a full suite of securities

23. Slide 23: 2013 results do not reflect our full potential

    2013 results do not reflect our full potential PBT: 2013 vs. 20072 (€ m) Comments Sharp deterioration of profitability since 2007 peak mainly 1,075 -626 driven by:  Impairments: cost of risk increased from 100bps in 2007 -322 to 402bps in 2013 +152 -1,532  Lower NII mainly driven by increased cost

24. Slide 24: Multiple operating levers provide scope for further improvements in profitability

    Multiple operating levers provide scope for further improvements in profitability going forward PPI comparison 2007 vs. 2013 (€ m) Main operating levers Synergies from the TT and Proton A acquisitions 1,455  €649m represents 4Q 2013 PPI before synergies realized  Does not include expected synergie

25. Slide 25: Integration of TT & Proton

    A Integration of TT & Proton TT & Proton integration program Targeted pre-tax synergies 2015 (€ m) Phase 2: completed Funding 56 33 89 44% Already achieved oPhase 3: April 2014 Cost 33 53 86 42% Completed relevant actions Phase 1: completed Revenue 18 9% €203m targeted pre-tax synergies in 2015 

26. Slide 26: Continued cost containment

    B Continued cost containment Track record of organic operating expense reduction (€ m) Operating expenses (incl. TT & Proton) (€ m) 1,256 Completed 1,358 -28%(1) relevant actions 977 (61) (33) 1,069 (86) (40) 4Q 2013 VES benefit Cost synergies Other cost 4Q 2013 annualized initiatives annualized pos

27. Slide 27: Time deposit spreads reduction

    C Time deposit spreads reduction Eurobank Greek time deposits spreads (bps)(1)  Crisis resulted in material deposit outflows and Incl. TT, Proton subsequent pricing deterioration  Time deposit pricing deteriorated by 306bps since 17 4Q 2007 -41 -79  Pricing being restored due to: -204 -228  Macr

28. Slide 28: Fee & commission income recovery

    D Fee & commission income recovery Net fee & commission income (€ m) (1)  Due to the crisis, fee and commission income As % of 0.92% 0.52% 0.35% Total contracted from 0.92% of total assets in 2007 to Assets 0.35% in 2013 595 515  Commission income is highly dependent on macro 438 413 333 environme

29. Slide 29: Cost of risk normalisation

    E Cost of risk normalisation 90dpd formation (€ m)  Cost of risk in Greece increased by 317bps on average net loans between 2007-2013 90dpd ratio 17.6% 19.6% 21.3% 22.8% 24.6% 26.4% 27.7% 29.4%  Full year 2013 provision charge in Greece of €1,651m 874 811  Continuous effort to improve coverage ra

30. Slide 30: Appendix

    ye urobank Appendix

31. Slide 31: Appendix – Eurobank at a glance

    Appendix – Eurobank at a glance

32. Slide 32: The Eurobank Group at a Glance

    The Eurobank Group at a Glance Eurobank at a Glance Key Figures (€bn)  One of four systemic banks in Greece, with 20% and 18%(1) 2013 market share in loans and deposits respectively Customer loans (net) 45.6 – Established in 1990, 95.2% owned by the Hellenic Financial Customer deposits 41.5 Stabili

33. Slide 33: Fee generating businesses

    Fee generating businesses  Strong position in Life and non-Life insurance: Ranks #3 in total  Market leader in Institutional Custody insurance market with over 8% share and increasing trend Securities Services  Regional offering with local operations and centralized strategy in 5  Market leading

34. Slide 34: Appendix – 2013 pre-provision income

    Appendix – 2013 pre-provision income

35. Slide 35: Continued recovery of PPI

    Continued recovery of PPI Quarterly pre-provision income (€ m) Cost-to-income ratio excluding TT (%) 110% 177 148 68 75.0 International 53 72.6 72.0 94 97 84 47 54 63 110 Greece 95 62.3 60.6 37 40 34 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 PPI evolution (€ m) Key profit

36. Slide 36: Spread improvement supports higher revenues

    Spread improvement supports higher revenues Core revenues evolution (€ m) Spreads (Greece, bps) 3Q13 Partially due to 464 4Q13 Δ loan recoveries pro-forma and remedial Fees & 394 71 Commissions Corporate 498 554 56 374 Retail 432 427 -5 368 342 Total lending 456 472 16 70 393 71 67 Core -49 -43 6 65

37. Slide 37: Net interest income

    Net interest income NII breakdown (€ m) NII per region (€ m) 303 393 277 301 323 393 303 301 323 277 125 International 104 101 118 102 605 605 571 558 563 267 Greece Loan margin 199 174 200 205 (1) (2) 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 Capital & bonds 10 4 23 23 NII evolution (€ m) 49 -44 Volume +9

38. Slide 38: Spreads & NIMs

    Spreads & NIMs Lending spreads (Greece, bps) Deposit spreads (Greece, bps) Partially due to loan recoveries and Savings remedial and sight Corporate -51 -50 -49 -43 554 -55 509 494 498 501 Total 490 486 487 -213 Total -240 472 -263 474 -279 -271 -289 456 Time -326 427 -352 -359 -353 432 Retail (1) (

39. Slide 39: Commission income

    Commission income Commission income breakdown (€ m) Commission income per region (€ m) Total fees excluding 89 82 77 83 86 Govt. guarantees expense 71 70 71 71 70 71 65 67 8 8 8 Non-banking 65 67 10 services 9 6 14 13 Insurance 26 26 28 7 11 11 26 27 9 6 Intrnational Mutual funds 12 7 8 8 10 4 5 3 5

40. Slide 40: Operating expenses

    Operating expenses OpEx down 7% yoy on a l-f-l basis OpEx breakdown on a l-f-l basis TT, Proton costs Eurobank excl. TT, Proton & TEKE (1) Δ 2013/ 2012 proforma for the QoQ (1) entire quarter TEKE 35 295** Greece -7.6% 279 50 44 -12% TT & Proton Int’l Operations -6.4% 245 235 -4% Eurobank standalone

41. Slide 41: P&L Greek operations

    P&L Greek operations Operating income (€ m) Operating expenses (€ m) 229 339 275 180 167 167 166 204 207 200 (1) (2) 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 (1) (2) Provisions (€ m) Net result before one-offs (€ m) 557 376 366 353 328 -207 -235 -238 -257 -321 (1) (2) 4Q

42. Slide 42: P&L International operations

    P&L International operations Operating income (€ m) Operating expenses (€ m) 87 85 152 82 82 81 144 136 134 134 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 Provision charge (€ m) Net result before one-offs (€ m) 12 114 103 -5 -3 69 54 -29 42 -59 4Q2012 1Q2013 2Q2013 3Q2013

43. Slide 43: Appendix - balance sheet

    ye urobank Appendix - balance sheet

44. Slide 44: Total assets breakdown

    Total assets breakdown 2013 Total assets breakdown (€ bn) 2013 Loans breakdown Consumer 11% 77.6 Wholesale 37% Mortgages 39% SB Net loans and advances to customers 45.6 13% 2013 Securities portfolio breakdown Unit linked & equity GGBs 3% 11% 19.1 Corporate Securities 6% T-Bills 17% PP&E, intangibles

45. Slide 45: Funding and liquidity

    Funding and liquidity 2013 Funding breakdown (€ bn) Eurosystem funding (€ bn) 69.4 Wholesale 0.8 -52% Interbank 0.8 Subordinated Repos 9.4 26% 34.0 EMTNs 37% ELA funding 5.6 ELA ECB funding 11.4 ECB Securitised 37% 15.0 19.9 16.3 8.4 2.0 Deposits 41.5 Sight Time & other 14% 19.0 67% 14.3 11.5 Saving

46. Slide 46: Loans and deposits

    Loans and deposits Gross loans (€ bn) Deposits (€ bn) Group deposits (€ bn) 2013 Δ QoQ Deposits up by €0.3bn 54.4 53.5 net of public sector Core 13.7 +0.3 Time 27.9 -1.0 47.8 47.4 8.8 8.5 Total 41.5 -0.7 46.2 Int'l Operations of which: public sector 2.0 -1.0 42.3 41.5 Int'l 9.4 9.3 8.5 Operations 9.

47. Slide 47: International operations

    International operations Deposit gathering outpaces loan growth 7x (€ bn) L/D ratio (%) 143.2 +3.6 8.6 +73% +0.5 102.5 +7% 7.6 93.3 92.8 88.4 7.1 2007 2011 2012 3Q2013 4Q2013 5.0 Δ Net loans & Δ deposits YE 2007-YE 2013 (€ bn) Δ Net loans 2,187 Δ Deposit 990 612 440 268 134 138 185 96 -83 -61 -782 2

48. Slide 48: Preference shares

    Preference shares Amount and  Amount: €950m; term: perpetual regulatory  Fully eligible as Core Equity Tier 1 capital until 2017, under Basel III rules (“Grandfathered State treatment Aid”)  10% non-cumulative; with 2% step up every year after 2014  Dividend payment not allowed under Corporate L

49. Slide 49: Appendix – asset quality

    ye urobank Appendix — asset quality

50. Slide 50: Asset quality

    Asset quality 90dpd formation (€ m) Loan loss provisions (€ m) 660 442 418 422 420 103 874 Int'l 114 42 69 54 Operations 811 69 768 80 757 50 376 366 557 710 695 60 328 353 Greece 77 136 83 594 601 TT & Proton 563 553 4Q2012 1Q2013 2Q2013 3Q2013 4Q2013 (1) 69 67 542 70 3 94 90dpd ratio & coverage 80

51. Slide 51: 90dpd formation per segment (Greece)

    90dpd formation per segment (Greece) Mortgages (€ m) Consumer (€ m) TT & Proton TT & Proton Eurobank 241 Eurobank 227 234 210 214 201 190 173 164 205 162 147 149 143 89 135 160 170 117 108113 138 100 117 122 119 115 82 84 82 100 92 103 133 78 78 75 79 54 15 43 76 56 43 33 37 12 6 40 -35 Small busine

52. Slide 52: 90dpd formation (International operations)

    90dpd formation (International operations)  The trend of the asset quality for the international business remains varied, with some countries showing signs of stabilization Romania Bulgaria 26.6% 28.0% 24.8% 22.7% 23.3% 23.6% 21.9% 21.8% 20.4% 21.8% 22.1% 90 20.5% 19.7% 19.0% 18.6% 17.7% 15.2% 16.4

53. Slide 53: Coverage per segment analysis (Greece)

    Coverage per segment analysis (Greece) Value of 90dpd As of 30 Dec 2013 90dpd Total 90dpd Coverage Collaterals Consumer 90dpd ratio 45% Coverage 78% 3% 81% Mortgages 90dpd ratio 20% Coverage 29% 130% >100% Small Business 90dpd ratio 48% Coverage 42% 70% >100% Corporate 90dpd ratio 30% Coverage 53% 4

54. Slide 54: Greek loan portfolio - Corporate

    Greek loan portfolio - Corporate 2013 Greek Corporate portfolio Breakdown by sector Sea Farming Electrical Equip. IT, Media, Public Sector 1% 1% Telecoms Supermarkets 1% 3% 1% Other 3% Industry Trade - Automotive 12% 3% Total Corporate Oil 3% Retail Trade portfolio: €15.4bn Clothes & Apparel 10% 4%

55. Slide 55: Greek loan portfolio – Small Business

    Greek loan portfolio – Small Business 2013 Greek Small Business portfolio Breakdown by sector Agriculture IT Health Energy 2% 1% 3% 0% Tourism 4% Retail trade Manufacturing 29% Total Small Business 8% portfolio: €6.6bn Construction 12% Small Business 14% Wholesale trade Corporate 14% Services 34% 26

56. Slide 56: Greek loan portfolio – Household

    Greek loan portfolio – Household 2013 Greek Consumer and Mortgage portfolio Greek residential real estate indices(1),(2),(3) Total Consumer portfolio: €6.0bn 105 Small Business Consumer 100 14% 14% BoG 95 EPS 90 PropIndex 85 80 75 Mortgages 70 38% 65 60 2007 2008 2009 2010 2011 2012 2013 Total Mortg

57. Slide 57: Asset quality initiatives and metrics

    Asset quality initiatives and metrics Group 90dpd ratios & coverage Breakdown of Collateral Provision 90dpd ratio coverage Corporate Consumer 40.9% 77.4% Loans Mortgages 19.4% 29.7% 32% Small Business 47.3% 42.4% Retail Corporate 27.7% 53.4% Loans 68% Total 29.4% 50.1% Group restructured loans per s

58. Slide 58: Household collection & servicing subsidiary

    Household collection & servicing subsidiary  Eurobank Financial Planning Services (‘Eurobank FPS’): household loans collection Eurobank FPS key metrics (2012) and servicing subsidiary 717 internal FTEs and 400 FTEs in Branch network  Eurobank is the only Greek Bank with a wholly 282 FTEs in extern

59. Slide 59: Setup of Corporate Special Handling Sector

    Setup of Corporate Special Handling Sector Corporate Special Handling Unit aims to:  Enhance corporate remedial capabilities bringing together the necessary know how  Release capacity of corporate Relationship Managers to pursue profitable clients Strategic initiatives implemented:  Establishment

60. Slide 60: Appendix – BoG / BlackRock capital assessment

    Appendix – BoG / BlackRock capital assessment

61. Slide 61: Eurobank's capital needs according to BoG stress test

    Eurobank’s capital needs according to BoG stress test Bank of Greece estimated capital needs in the baseline scenario (€ m)  Bank of Greece estimated + 7,000 (9,519) Eurobank’s capital needs at €4,980m assuming 5.5% Core Tier 1 ratio in December 2016 PPI & other(1) +2,106 +2,945  €2.1bn of additio

62. Slide 62: Credit loss projections: Eurobank vs. Greek market

    Credit loss projections: Eurobank vs. Greek market Baseline scenario Adverse scenario Greek¹ and international² CLP/Loans Greek¹ and international² CLP/Loans Greece International Greece International 36.7% 30.4% 31.1% 28.2% 29.1% 28.5% 27.2% 23.2% 25.1% 24.1% 22.2% 21.8% 20.4% 18.1% 15.3% 17.1% Peer

63. Slide 63: Appendix – summary financials

    Appendix – summary financials

64. Slide 64: Summary 2013 performance and key figures

    Summary 2013 performance and key figures Balance sheet Income statement €m 2013(2) 2012 €m 2013(2) 4Q2013(2) 3Q2013 (3) Gross customer loans 53,498 47,841 Net interest income 1,293.5 392.5 323.3 Stock of provisions (7,888) (4,670) Fee income 273.2 71.0 70.3 Net customer loans 45,610 43,171 Total ope

65. Slide 65: Quarterly financials

    Quarterly financials Income Statement (€ m) 1Q2012 2Q2012 3Q2012 4Q2012 1Q2013 2Q2013 3Q2013(1) 4Q2013(2) Net Interest Income 426.4 373.4 358.3 302.8 276.7 301.0 323.3 392.5 Net Fees & Commissions 68.5 60.5 62.4 70.6 65.3 66.5 70.3 71.0 Other Income 41.5 50.0 -23.4 -35.4 0.6 -23.3 15.7 27.4 Total Op

66. Slide 66: International key figures – 2013 (€m)

    International key figures – 2013 (€m) Romania Bulgaria Serbia Cyprus Ukraine LUX TOTAL Total Assets 3,854 3,068 1,591 2,955 665 1,106 12,988 Total Loans (Gross) 2,709 2,607 1,021 1,132 589 488 8,546 Balance Sheet Balance Total loans (Net) 2,286 2,310 964 1,091 462 486 7,599 Sheet Loans +90dpd 758 56

67. Slide 67: One-off items analysis

    One-off items analysis Amount One off items Description (after tax) Provision for withholding taxes (€54m), new tax treatment of gains/losses from One-off tax provision -176 equities and derivatives (€92m), other tax-related provisions Goodwill impairment -142 Bulgaria (€97m), Serbia (€35m), Romania

68. Slide 68: Appendix – macroeconomic update

    Appendix – macroeconomic update

69. Slide 69: Summary

    Summary Real economy: Recent improvement in a range of key real-activity and sentiment indicators points to an ongoing stabilization of domestic economic conditions, with a switch to positive year-on-year GDP growth expected from Q3 2014 onwards Fiscal position: Greece’s fiscal adjustment has been u

70. Slide 70: Adjustment program success stories & costs

    Adjustment program success stories & costs Adjustment program success stories 2009 2013 Improvement General government (% GDP) (15.6) (2.2) 13.4 ppts General government primary balance (% GDP) (10.5) 1.6 12.1 ppts Interest expense (€ bn) 12.3 7.8 4.5 billion Current account balance (% GDP) (11.6) 0.

71. Slide 71: Greece's economic sentiment indicator at a ½ year high

    Greece’s economic sentiment indicator at a 5 ½ year high; PMI manufacturing above the boom-or-bust threshold of 50 for the first time since mid-2008  Visible improvement in investor sentiment towards Greece reflected in the sharp compression of sovereign credit spreads and the recent rally in the d

72. Slide 72: Recession in domestic residential house market seen bottoming out in 2014/2015

    Recession in domestic residential house market seen bottoming out in 2014/2015  In both the baseline and adverse scenario 2016 is the turning point year  House prices expected to show a steeper recovery than GDP in the next years Real GDP (%, YoY) Residential house price index (%, YoY) Baseline Ad

73. Slide 73: External deficit closing rapidly while real GDP is slightly recovering

    External deficit closing rapidly while real GDP is slightly recovering  Benefiting from sharp decline in goods imports, recovering exports & lower interest payments Real GDP forecast Ratio of exports to imports of goods and services Real GDP YoY 1.0 10% 8% 0.9 6% 4% 2% 0.8 0% (2%) 0.7 (4%) (6%) (8%

74. Slide 74: Greek real GDP growth and components (%, YoY)

    Greek real GDP growth and components (%, YoY) Realizations & forecasts 2007 2008 2009 2010 2011 2012 2013 2014F 2015F a1. Private consumption 3.6% 4.3% -1.6% -6.2% -7.7% -9.3% -6.0% -1.4% 1.5% a2. Public consumption 7.1% -2.6% 4.9% -8.7% -5.2% -6.9% -4.1% -4.0% -1.5% Final consumption (a1+a2) 4.3% 2

75. Slide 75: Key domestic product markets further facilitate the price adjustment process

    Key domestic product markets further facilitate the price adjustment process  Post-EMU entry cumulative losses in labor cost competitiveness already eliminated  Wage pass-through to domestic consumer inflation still incomplete, but accelerating lately ULC-based REER Greece’s REER cumulative growth

76. Slide 76: Labor market reform and the domestic recession lead to rapid wage adjustment

    Labor market reform and the domestic recession lead to rapid wage adjustment Minimum wage (€ per month) Average earnings growth–total economy (% YoY) 1900 Greece Eurozone 1750 1600 7.2 Greece 6.6 1450 6.2 2011 5.6 5.7 5.2 1300 Now 4.7 4.6 1150 4.4 1000 3.4 € 877 2.8 2.7 2.9 2.6 2.5 2.5 850 2.2 2.0 2

77. Slide 77: Destruction of physical (and human) capital risks a decline of potential output

    Destruction of physical (and human) capital risks a decline of potential output in the initial post-crisis years Gross fixed capital formation (% GDP) Unemployment rate (yearly average) Greece EU-18 Greece Euro Area 30.0 30.0% 28.0 26.6 25.0% 26.0 24.0 20.0% 22.0 21.9 20.0 15.0% 18.0 17.9 10.0% 16.0

78. Slide 78: Key items agreed with the troika in the last program review

    Key items agreed with the troika in the context of the last (4th) program review 3.9% reduction in social security contributions in a single step (July 1, 2014) Adoption of majority of product market reforms proposed by the OECD Distribution of the main bulk of windfall revenues in excess of the agr

79. Slide 79: Contacts

    Contacts Eurobank Ergasias, 20 Amalias Avenue, 105 57 Athens, Greece Fax: +30 210 3337 160 E-mail: investor_relations@eurobank.gr Internet: www.eurobank.gr Reuters: EURBr.AT Bloomberg: EUROB GA Investor Relations  Dimitris Nikolos Tel: +30 210 3337688 E-mail: dnikolos@eurobank.gr  Yannis Chalaris

Eurobank — IPO Roadshow (April 2014) on 6ix