TransferofSelected Transfer of Selected Assets&LiabilitiesofATEbank toPiraeusBank to Piraeus Bank

30July2012

PiraeusandATEJoiningForces
1.

TwohighlyrecognisablebankingbrandnamesinGreece,Piraeus&ATE,arejoiningforces Supplementaryfinancialservicesmodel,targetingcollateralisedSMEloans,mortgageloansegmentandagriculturalsector 2nd largest Greek banking Group in terms of assets (74 bn), c.1,230 branches, c.17,000 employees, presence in 10 countries largestGreekbankingGroupintermsofassets(74bn),c.1,230branches, c.17,000employees,presencein10countries Wideandloyalcustomerbase;significantcrosssellpotential Nationwidenetworkofbranches,ATMs,paymentmachines,advancedebankingplatforms Employees:highlevelofhighereducation(67%Piraeus/62%ATE),strongexperience&specializedbankingknowledge EfficientbranchmodelinGreece:7peopleperbranch(Piraeus)/8peopleperbranch(ATE)onaverage Improvedfundingprofile:proformaGroupL/Dat124%(118%inGreece);lowcostdepositsat43%ofproformadeposits Morethan25%ofproformaloansaremortgageloans,enhancingcollateralisationlevelofloanportfolio ProformaNPLsratioat13%;coverageat56%;cumulativeprovisionsoverloansat7.4% Pro forma NPLs ratio at 13%; coverage at 56%; cumulative provisions over loans at 7 4%

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3.

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5.

6. 6

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8.

9. 9

TransactionOverview
ATEbankTransferredAssets*&Liabilities
SelectedNetLoans 10.6bn OtherAssets 4.2bn CustomerDeposits 14.3bn 14 3bn OtherLiabilities 7.1bn

3 Overview
Piraeus BankacquiresselectedhealthyATEbankassetsandliabilities:

ATEbankbranchnetwork,premisesandtrademarks ATEInsuranceSA ATEMutualFundsSA ATEbankRomania 1branchinGermany

AllofATEbankemployeeswillbetransferredtoPiraeusBank

Total Assets 14 7bn TotalAssets 14.7bn

Total Liabilities 21 4bn TotalLiabilities21.4bn

ProformaPiraeusGroupBalanceSheet Pro forma Piraeus Group Balance Sheet

PiraeusAssets 52.1bn PiraeusLiabilities 49.1bn PiraeusEquity 3.0bn ATEbankLiabilities 21.4bn NewEquity 0.5bn

HFSFprovidestheassociatedcashtocoverthefundinggapandthe necessaryequitytomaintaincapitaladequacyratioabove8% PiraeusBankpays95millionincashconsideration TransactionhasbeenapprovedbytheHellenicFinancialStability Fund(HFSF)andtheBankofGreece(BoG),aswellastheECDG Competition AccordingtotheprovisionsofLaw3601/07,thetransactionhasbeen agreedbasedonproformafinancialdataasofJuly27th 12 g p y Thefinalclosingissubjecttoaduediligenceprocessthatwillbe carriedoutbyanauditor(s)appointedbytheBankofGreeceandany valuationdifferenceswillbeadjustedthroughthefundinggapcash injectionmadebytheHFSF injection made by the HFSF LazardFrresactedasfinancialadvisortoPiraeusforthetransaction

ATEbankAssets 14.7bn HFSFFunding& Capital7.2bn C it l 7 2b

TotalAssets 74.0bn Employees c.17,000

TotalLiabilities74.0bn Branches c.1,230

PiraeusdataasatMar12(incl.HFSFadvanceof4.7bn) Piraeus data as at Mar12 (incl HFSF advance of 4 7bn)

*notincludingassetsofATEInsurance,ATEM/FsSA&ATEbankRomania

StrategicRationale
1
Significantly ImprovesMarket PositioninGreece LargestbranchnetworkinGreece Leadingpositionsinkeyproductsegments Combinationoftwolongstandingandwellrecognised franchises Estimated155mnfully realized aftertaxsynergies aftera3yearperiod(mid2012mid2015) ProformaDeposits MarketShare 19%(a) #2inGreece ProformaLoans MarketShare 16%(b) #2inGreece

2
SubstantialCosts, Substantial Costs Funding& RevenuesSynergies

materialadministrativecostsavings i l d i i i i lowerfundingcoststhroughimproveddepositmix revenuesynergiesexploiting opportunities,

suchascrosssellingtoATEbankcustomers

CostsSynergies 94mn

Funding&Revenue Synergies 61mn

3
Significant Value Creation ContributionofATEbank selectedhealthyparthaspositive impactonproforma futureprofitabilityofnewGroup ATEbanks selectedtransferredpartdepositoverhang p p g improvesnewGroupsfundingprofile StandaloneL/D (Mar12) 158% ProformaGroupL/D (Mar12) 124%

4
Diversification Benefitsand Opportunities

Improveddepositmix p p RebalancedGreekloanbook,withenhancedmortgageloans contribution IntroductionofPiraeusbestpracticestobroadenclientbase 28% 28% SavingsDeposits Mortgages as%ofProformaDeposits as%ofProformaNetLoans

a b

Dataasof31March2012 Piraeusasof31March2012.ATEbankperimetertransferredgrossloans(11.3bn)

1Bank,2BrandNamesinGreece
InGreece,theBankwilloperate underbothestablishedbrandnames:PiraeusBankandATEbank

328branches 690ATMs 328 branches 690 ATMs (a) 2.6millioncustomers(a)

1916:PiraeusBankisestablished g 1918:theBankssharesarelistedonAthensStockExchange 1963:theBankisintegratedintoEmporikiBankGroup,underwhichitcame understatecontrolin1975 1991:PiraeusBankisprivatised 2000:unique3waymerger,i.e.PiraeusBank,MacedoniaThraceandXios 2000: unique 3 way merger i e Piraeus Bank Macedonia Thrace and Xios PiraeusBankeffectivelyformedthrough14acquisitionsinthepast15years, whileitexpandedinanumberofcountriesoutsideGreece,withemphasison promisingmarketsinSoutheasternEurope

468branches 907ATMs 468 branches 907 ATMs (b) 2.0millioncustomers(b)

1929:AgriculturalBank ofGreeceisfoundedasannonprofitorganisation, providingcredittotheagriculturalsector 1991:theBankbecameasocietanonyme 2000:theBankssharesarelistedontheAthensStockExchange 20042006:implementationofwiderangereformsandstructuralchangesand developmentofbranchnetworkcompetitivenessandproductivity July2012:PiraeusBankabsorbsthegoodpartofATEbank

IntroductionofPiraeuscommercialbusinesspracticesintheagriculturalsector IncorporationofPiraeusexpertiseintheSMEsegmentaswellasPiraeuscreditculturetomanageATEbankloanportfolio IntegrationofwinbankebankingplatformwithATEbankebankingplatform,providingstateoftheartservicestocustomers LeverageofPiraeusknowhowingreenbankingtobecomethebankofchoiceforoneofmostpromisingsectoroftheeconomy, GreenBusiness ServicingofATEbankscustomerbasecombiningexperiencewithcustomercentricapproach PiraeustopcustomersatisfactionrateinGreece(96%in2011)

a b asof31March2012 asof30July2012

LeadingBranchNetworkinGreece
RankingbyTotalBranchesinGreece asof31Dec2011(#)
814

RankingbyGroupTotalAssets asof31Mar2012( bn)

#1
104,1

542

74.0

#2

468

73,6

414

57,6 57 6

(d)

402

52,1

346

(a)

21.9

3 3 323

(b)

21,7 ,

(c)

150

15,9

Source:Companydata,HBAdataforbranches Notes: aATEbank perimeter,HBAforbranches basof31Dec2011 casof30Sep2011 dincludingHFSFcapitaladvanceof4.7bn

SecondLargestDepositBase
RankingbyGroupCustomerDeposits asof31Mar2012( bn)
57,4

RankingbyGroupTotalNetLoans asof31Mar2012( bn)

64,3

35.2

#2

45,4

30,5

43.7

#3(#2inGreece)

27,9

43,7

20.9
(b)

33.1

(a)

14.3

transferreddeposits
(a)

19,1

(b)

11,3 11 3
(c)

10.6 10 6
transferredloans

(c)

10,9

7,7

Source:Companydata Notes: aATEbankperimeter basof31Dec2011 casof30Sep2011

EfficiencyPotential
Comments
Estimateforc.194mninannualpretax fullyrealizedsynergies(155mnaftertax) f ll li d i (155 ft t ) in3yearperiod(mid2012mid2015)

GrossExpectedCostsandSynergies

materialadministrativecostsavings
andbranchnetworkoptimisation

4.0%

14.4%

25.9%

CostSavingsas% ofATECostBase

lowerfundingcoststhroughimproved
depositpricingandmix

Fundingsynergies F di i

Costsavings C i

IntegrationCosts I i C

IntegrationCosts I i C

revenuesynergiesfromnewcrossselling
opportunities(Piraeuscross sellratio opportunities (Piraeus crosssell ratio at2.9x,ATEbankat1.8x) Fullrealisationofsynergiesachievablegiven Piraeusextensivetrackrecordinsuccessful M&A transactions and post merger M&Atransactionsandpostmerger integration Integrationcostsexpectedtobeca.134%of fullyrealisedpretaxcostsynergies (integrationcostsareincurredover3years (i t ti t i d 3 afteracquisition)
(69)mn (26)mn 33mn
12 3 18

194mn 126mn
46 14 65 47 29

(64)mn
118

1st Year
(est.)

2nd Year
(est.)

3rd Year
(est.)

DiversifiedLoan&FundingProfile
31Mar2012 Group data
Consumer Consumer loans 9% Residential mortgages 20% Businessloans 40% Business loans 71% Residential mortgages 51% Businessloans 63%

TransferredPerimeter
C Consumer loans 9% Consumer Consumer loans 9%

LOANSBY CUSTOMER SEGMENT

Residential mortgages 28%

Totalnetloanstocustomers:33.1bn
Sight 8% Savings 5%

Totalnetloanstocustomers:10.6bn
Sight 6% Interbank 32% Savings 35%

Totalnetloanstocustomers:43.7bn
Sight 7% Savings 15% Interbank 46%

FUNDINGBYTYPE

Interbank 53%

Term 31% Debt securities 3% Debt securities 2% Term 30%

Term 27%

Totalfunding:46.9bn

Totalfunding:21.0bn

Totalfunding:67.9bn

Proformaloanportfoliostillbeskewedtowardsbusinessloans,butbenefitfrombroaderdiversification,especiallytowards residentialmortgages banksloanstoagriculturalsectorat1.8bn

IndicativeIntegrationTimetable
August2012 July2013(t+12m)
INTEGRATIONPHASE Preparation
Steeringcommitteetocoordinateintegrationproject Establishmentofappropriateteamswithmembersfrom 2bankstodesignandpreparedetailedintegrationplan 2 banks to design and prepare detailed integration plan Frontofficeintegration homogenisationofproducts Preparebackofficeoptimisation(e.g.IT,internal proceduresetc) Coordinationofmarketingefforts Finalisationofconsolidation&process

10

Implementation
IntegrationofITinfrastructure(ATEcurrentlyusesthe samecoreITsystem Profit thatwasusedby MacedoniaThraceBank,whichwassuccessfully mergedin2000intoPiraeusITsystem) Customerandotherdatamigration Consolidationofriskmanagementsystems,origination policies,internalauditandarrearsmanagement p , g Mergerofproductfactories Introductionofneworganisationalstructure

Communication Disclaimer
Disclaimer
This presentation has been prepared solely for informational p p p y purposes. Any projections or other estimates in this presentation, including estimates of returns or performance, comments with respect to our objectives and strategies, or the results of our operations and business, are forward-looking statements based upon certain assumptions that may be wrong. These assumptions may be influenced by factors within or beyond our control, and actual results may differ materially from any estimates and projections. Factors influencing actual results include but are not limited to fluctuations in interest rates and stock indices, the effects of competition in the areas in which we operate and changes in operate, economic, regulatory and economic conditions. This presentation is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any trading strategy. No part of this presentation may be y g gy p p y construed as constituting investment advice or a recommendation to enter into any transaction. No representation or warranty is given with respect to the accuracy or completeness of the information contained in this presentation, and no claim is made that any future offer to transact any securities will conform to any terms that may b ii ill f h be contained herein. Before entering into any transaction, investors should determine any economic risks and benefits, as well as any legal, tax and accounting consequences of doing so, as well as their ability to assume such risks, without reliance on the information contained in this presentation presentation.

11

Piraeus BankInvestorRelations
GeorgePoulopoulos,CFO George Poulopoulos CFO GeorgeMarinopoulos,Director ChryssanthiBermpati,SeniorManager VickyDiamantopoulou,SeniorManager Vicky Diamantopoulou Senior Manager

4,AmerikisSt.,PC:10564,Athens Tel.:(+30)2103335026 5027 5062 5739 Fax:(+30)2103335079 investor_relations@piraeusbank.gr Bloomberg:TPEIRGA<F8> Reuters:BOPr.AT www.piraeusbank.gr