Piraeus Bank S A : 2020 FINANCIAL RESULTS & STRATEGY UPDATE

2020 Financial Results & Strategy Update

Sunrise Plan: New Piraeus, Single-Digit NPE Ratio in 12 Months, Profitable & Strong

Sunrise Plan: the New Piraeus Bank

Piraeus Financial Holdings announces today a series of concerted and comprehensive actions to drastically accelerate Piraeus Bank's NPE reduction plan and further enhance its capital position (the "Sunrise Plan"). The plan comprises three pillars:

• 1. The acceleration of NPE reduction to reach a single-digit NPE ratio in the next 12 months, through the securitization and subsequent de-recognition of NPEs with a total estimated gross book value of up to €19bn (including the previously announced NPE securitizations, namely Projects Phoenix and Vega); moving to the next significant milestone in this accelerated plan, Piraeus Bank submitted today an application for the inclusion of its new c.€7bn Sunrise 1 NPE securitization in the "Hercules" Scheme;

• 2. A share capital increase of circa €1.0bn of Piraeus Financial Holdings via a non-pre-emptive fully marketed offering, which, along with the non-dilutive capital enhancing actions already completed or under way, will result in a cumulative capital benefit of approximately €2.6bn, including potential Additional Tier 1 issuance of up to €0.6bn;

• 3. A detailed transformation plan of Piraeus Bank to enhance pre provision income by a combination of top-line strengthening and a reduction in operating costs through efficiency improvements and digitization.

The execution of the aforementioned strategic pillars will enable Piraeus Group to achieve its medium term financial aspirations, namely:

•  Single-digit NPE ratio in the next 12 months and below 3% in the medium term, via ongoing organic and inorganic NPE management, incorporating any COVID-19 related inflows. NPEs are expected to decrease from €22.5bn at the end of 2020 to c.€3.6bn in the next 12 months and to c.€1bn in the medium term;

•  Total capital ratio above 16%, following improved organic capital generation and debt issuance as per MREL compliance strategy;

•  RoATE above 10%, unlocking the underlying business potential post NPE clean-up.

1 | 16 March 2021

Μanagement Statement

"In 2020 we managed to navigate a number of headwinds, achieving significant milestones that set the foundations of the next day for Piraeus Bank.

Our solid operational progress of 2020 is reflected in the €6.3bn new loans, €5.1bn new private sector deposits and the defence of our core organic income lines. At the same time, we attained further cost efficiencies thanks to our well rolled-out transformation plan. This progress signifies the potential that Piraeus can realize once the macroeconomic environment recovers.

Today we are taking another major step forward in the de-risking agenda we have been rigorously pursuing over the past years, allowing us to focus on our core strengths and fund the Greek economy.

The Sunrise Plan consists of a series of landmark transactions that will definitively normalize the balance sheet of Piraeus and support an attractive financial outlook, built on sustainable profitable growth.

The €7bn Phoenix-Vega transactions, which are expected to culminate in mid-2021 facilitated by HAPS, provide us with the execution capacity to proceed at a higher pace with our NPE clean-up. An incremental €12bn NPE reduction is scheduled for the next 12 months that will bring us faster to a single-digit NPE ratio, enabling us to attain a return on tangible equity above 10% in the medium term.

To facilitate this plan, a series of concerted and comprehensive capital enhancing actions with cumulative benefit of approximately €2.6bn are sequenced in the following period, of which c.€1bn via a share capital increase through a non-pre-emptive fully marketed offering. Actions on top of the share capital increase are either completed or well under way, generating approximately €1bn of capital: (a) €0.4bn gains from our sovereign bond portfolio already booked in Q1.2021, (b) €0.3bn from the sale of our cards merchant acquiring platform and (c) €0.3bn capital benefit from synthetic securitizations of select performing loans. For the cards acquiring sale, as well as the first synthetic securitization, both of which comprise inaugural transactions for the Greek market, we are happy to announce today the signing of binding agreements with prominent strategic international players. In addition, we submitted today an application for the inclusion of our new €7bn Sunrise 1 NPE securitization in the "Hercules" Scheme.

From a position of strength and with a legacy-free balance sheet, we are opening the door to a new chapter in the Bank's history. The anticipated support of our shareholders on the planned share capital increase will be a testimony to the prosperous future that lies ahead for Piraeus, and the attractive returns that our Bank will be able to deliver in the coming years."

Christos Megalou, Chief Executive Officer

Capital Actions of €1bn Presented in Nov.2020, To Be Finalized Ahead of Schedule

Q1.2021 profit realization from securities portfolio amounting to €0.4bn

•  Gains from Greek Government Bond portfolio already executed in Q1.2021 - €0.2bn realized capital gain

•  Other sovereign bond-related and trading transactions already executed in Q1.2021 - €0.2bn realized capital gain

Carve-out and sale of cards merchant acquiring business with a consideration of €0.3bn

•  The first Greek bank to execute such transaction, in line with the global best practices

•  Carve-out of cards merchant acquiring platform, one of the leading platforms with market share >20% and >170k merchants, and a strong footprint with SMEs and in e-commerce

•  Long-term exclusive commercial partnership established with Euronet Worldwide

•  Binding agreement signed on 16 March 2021

•  Agreed cash consideration of €0.3bn

Synthetic securitizations with expected positive capital impact of €0.3bn

•  Inaugural transaction for the Greek market

•  Purchase of credit protection from private market participant on select performing loan portfolios

•  Target size c.€2bn RWA scheduled in two transactions

•  1st transaction of c.€0.8bn RWA signed on 11 March 2021 with Christofferson Robb & Company ("CRC"); 2nd transaction of c.€1.2bn scheduled for late 2021

•  Implied positive capital impact from 1st transaction of €0.1bn; c.€0.3bn including 2nd transaction

2020 Financial Performance Demonstrates Piraeus is in a Pole Position

Business performance progress with €1.9bn net revenues

•  Net interest income up 4% yoy at €1,486bn on the back of funding cost improvement and €6.3bn new loans

  (up 62% yoy)

•  Stable net fee income yoy at €317mn or 0.5% over assets despite the challenging external environment

•  Approximately 95% of total revenues generated from core sustainable banking income sources

Cost efficiency with €0.9bn recurring cost base

•  Operating expenses at €891mn decreased 7% yoy like-for-like

•  Cost efficiency effort displayed in cost-to-income ratio at 47% down from 53% a year ago

•  Approximately 1,200 employees opted for voluntary exit in late 2020, resulting in c.€45mn annual savings

Recurring results showing resilience

•  Pre-tax profit of €312mn in 2020 adjusted for staff restructuring costs and one-off impairments

•  One-off costs of €147mn associated with the implementation of voluntary exit schemes for employees

•  Approximately €695mn of COVID-19 related impairments and other impairments in the context of the new NPE reduction plan

•  Reported pre-tax result of -€530mn

Ample liquidity and satisfactory capital

•  Total capital ratio at 15.8% against a current requirement of 11.25%

•  CET1 capital ratio at 13.8% against a current requirement of 6.33%

•  Liquidity coverage ratio at 175%, and net loan-to-deposit ratio at 77%

Asset Quality

•  Organic NPE reduction by €2bn or 8% amidst COVID-19 crisis

•  Solid outflows despite auction suspensions

•  35% pro forma NPE ratio from 49% in 2019 taking into account the already signed Phoenix & Vega €7bn NPE securitizations sponsored by Hellenic Asset Protection Scheme ("Hercules"), pending customary and regulatory approvals

Sunrise Plan: the New Piraeus Bank

The Board of Directors of Piraeus Financial Holdings has today approved a holistic strategic plan to drastically accelerate its NPE reduction effort and to further enhance Piraeus Bank's capital position through a combination of certain concerted actions (the Sunrise Plan). The Sunrise Plan is expected to significantly de-risk the balance sheet of Piraeus Bank from its legacy non-performing exposures, while preserving a strong capital position and substantially improving Piraeus Bank's financial outlook.

The Sunrise Plan

The Sunrise Plan comprises three conjunct pillars:

• 1. The acceleration of the NPE reduction plan of Piraeus Bank through the securitization and subsequent de-recognition of NPEs with a total estimated gross book value of up to €19bn

  (including the previously announced NPE securitizations, namely Projects Phoenix and Vega). The incremental NPE securitizations, Projects Sunrise 1 and Sunrise 2 with gross book value of €7bn and €4bn respectively, are envisaged to be executed utilizing the Hellenic Asset Protection Scheme 2 (HAPS2). Piraeus Bank plans to retain the senior notes of approximately €6.5bn from all four

  HAPS transactions and is contemplating to distribute the majority of the mezzanine and junior notes to the shareholders of Piraeus Financial Holdings (subject to customary and regulatory approvals). Additionally, in an effort to complement the balance sheet de-risking, NPE portfolios outside of the HAPS framework, are considered to be sold in 2021. We expect the gross book value of these loans to come up to €1.5bn in 2021. Piraeus Bank is targeting to achieve a single-digit NPE ratio post completion of these disposals, within the next 12 months.

• 2. A series of capital enhancing actions, with cumulative benefit of approximately €2.6bn:

−

A share capital increase of Piraeus Financial Holdings via a non-pre-emptive fully marketed offering of around the €1.0bn mark (the Equity Issue). The Equity Issue, along with the rest of the capital enhancing corporate actions, would boost Piraeus Bank's ability to absorb losses stemming from the additional c.€12bn accelerated NPE reduction. The terms of the Equity Issue are expected to be determined by the Board of Directors of Piraeus Financial Holdings (subject to customary and regulatory approvals including HFSF consent);

− Additional Tier 1 issuance of up to €0.6bn by Piraeus Financial Holdings; and

−

Certain other non-dilutive capital accretive actions, including: (i) profit realization from securities portfolio already completed in Q1.2021; (ii) the carve-out and sale of Piraeus

Bank's cards merchant acquiring platform announced today; and (iii) the purchase of credit protection for select on-balance sheet performing loan portfolios (synthetic securitization), also announced today; and

3.

A robust operational streamlining plan of Piraeus Bank to enhance pre-provision income by a combination of top-line strengthening and a reduction in operating costs through efficiency improvements and digitization. This elevated performance will be further supported by an anticipated strong macroeconomic tailwind.

The Hellenic Financial Stability Fund, as the largest shareholder of Piraeus Financial Holdings, has confirmed their intention to fully support the capital increase. In line with their communication in November 2020, HFSF plans to reduce its participation to a non blocking minority shareholding.

Transaction rationale

The implementation of the Sunrise Plan will allow us to:

•  Drastically accelerate Piraeus Bank's NPE reduction plan and achieve a single-digit NPE ratio in the next 12 months;

•  Strengthen the Group's capital position firmly above regulatory requirements in the short and medium term;

•  Significantly improve the Group's organic capital generation capacity and ability to pursue sustainable profitable growth going forward; and

•  Enhance Piraeus Bank's position as a domestic market leader, fully-equipped to support the recovery of the Greek economy

EGM convocation and expected timeline

In the context of the Sunrise Plan, the Board of Directors of Piraeus Financial Holdings decided today to convene an Extraordinary General Meeting (the EGM) seeking to be granted authorization to approve capital increases, including the Equity Issue. The EGM will be held on 7 April 2021. Subject to shareholder approval, the Equity Issue is envisaged to be launched around mid-April and to be completed by early-May 2021. The Equity Issue is expected to be carried-out via an offering to international institutional investors and a public offer in Greece.

Goldman Sachs Bank Europe SE and UBS Europe SE are acting as financial advisors to the Company in the context of the Equity Issuance.

Piraeus Bank has filed an application for inclusion of the "Sunrise 1"

securitization under the "Hercules" Asset Protection Scheme

Piraeus Financial Holdings is proceeding with the immediate implementation of the new Sunrise 1 non-performing loan securitization transaction announced today, with a total gross book value of c.€7bn and comprising mainly denounced loans.

In this context, Piraeus Bank has filed an application seeking inclusion of the Sunrise 1 securitization under the "Hercules" Asset Protection Scheme pursuant to Law 4649/2019.

The application relates to the granting of the Greek State guarantee on Senior Notes with a total gross value of €2.4bn.

2020 P&L Highlights: Healthy Trends in All Core Lines

Healthy NII trends

Net Interest Income (NII) in FY.2020 reached €1,486mn, +4% yoy. Funding costs (i.e.

interest expenses) have been particularly supportive -19% yoy, due to the significant containment of deposit costs and the utilization of the ECB TLTRO III facility, which absorbed the increased cost of Tier 2 debt servicing. The €3.9bn and €6.3bn of new loans disbursed in 2019 and 2020 respectively, as well as the increased fixed income holdings, have contributed to the growth in the NII line. ΝΙΜ in FY.2020 stood at 2.2% compared to 2.3% in FY.2019, on the back of a significantly increased asset base.

Stable NFI despite lockdown headwinds

Net Fee and Commission Income (NFI) in FY.2020 stood at €317mn, flat yoy, a resilient performance given the lockdown headwinds during most of the year. Main contributors to this performance were bancassurance, asset management & brokerage and Investment Banking & Financial Advisory. Net fee income over assets stood at the level of 0.5%, stable compared to 2019.

OpEx further down 7% yoy like-for-like

Operating expenses in FY.2020 reached €891mn (-7% yoy) on a like-for-like basis; including one-off items and the fees paid to the NPE servicer, total operating expenses increased by 7% at €1,084mn. The like-for-like cost-to-income ratio stood at 47% vs 53% in 2019. Recurring staff costs declined by 10% yoy as the Bank is reaping the benefits of the carve-out of the NPE servicing platform and the 2019 VES. Administrative costs (including gains from sale of property) increased by 3% yoy at €399mn, as NPE servicer related costs accrued in 2020 for the whole year compared to 3.5 months in 2019.

PPI +16% yoy like-for-like

Like-for-like pre provision income reached €1,001mn in FY.2020 compared to €860mn in 2019, an increase of 16% yoy. In addition, NII plus NFI minus recurring OpEx in 2020 stood at €865mn, 12% higher yoy, demonstrating the strength of the Bank's core franchise.

Higher CoR due to COVID-19 related impairments & clean-up effort

The FY.2020 loan impairment charges stood at €1,104mn from €710mn during 2019. One-off impairments attributed to the COVID-19 pandemic and other impairments booked in the context of the new NPE reduction plan amounted to €695mn in 2020. Underlying cost of risk as a percentage of net loans stood at 1.5% in 2020, compared to 1.7% in 2019. Additionally, in order to capture the uncertainty derived from the COVID-19 pandemic, the Group increased the Stage 2 loans by €0.8bn in Q4.2020.

Bottom line burdened by increased CoR

Pre-tax losses in 2020 stood at a €530mn compared to a profit of €389mn in 2019.

Adjusting for one-off staff restructuring costs and impairments related to COVID-19 and the NPE clean-up preparation, the Group would have booked a pre-tax profit of €312mn from its recurring operating lines, against a recurring pre-tax profit of €74mn in 2019.

Group net results stood at a loss of €668mn, compared to €276mn net profit in 2019.

FY.2020 tax stood at €128mn, mainly attributable to the tax impact of Phoenix and Vega securitizations.

2020 Balance Sheet Highlights: Growth in Performing Loans & Deposits

Private sector	Customer deposits amounted to €49.6bn at the end of December 2020, up 5% yoy. Private sector
deposits up	deposits increased by €5bn in 2020, with improvement in all customer segments. Deposit cost
10% yoy at	continued to decline to 12bps in Q4.2020 vs 15bps in Q3.20 and 33bps in Q4.2019. The significant
improvement in liquidity has allowed the Group to reduce its deposit rates in the last quarters, in
lower cost
its effort to reach a balance between attracting deposits and reducing its interest expenses.
Improved	Eurosystem funding increased to €11bn as at December 2020 from €0.4bn as at 31 December 2019,
liquidity and	through the utilization of ECB's targeted long-term refinancing operations (TLTRO III) funding.
funding profile	Utilization of the interbank repo market stood at €0.1bn at the end of 2020. Piraeus Bank further
improved its Liquidity Coverage Ratio (LCR) to the level of 175% at the end December 2020. The
Group's net loan-to-deposit ratio further improved to 77% vs 79% a year earlier.
Performing	Gross loans before impairments and adjustments amounted to €49.5bn at the end of December
loan book	2020, while net loans amounted to €39.6bn. The Bank's domestic performing loan book increased
expands 6% in	by €1.5bn in FY.2020, with business lending as main driver. Loan disbursements reached €6.3bn in
2020, from €3.9bn in 2019. State Support Programs utilization reached €1.7bn in 2020 to assist
2020
COVID-19 affected customers. The Group actively participates in the execution of financing
programmes of the Greek State through the provision of guarantees and interest rate subsidies.
Within the framework of the sub-program of the Hellenic Development Bank "Guarantee Fund for
COVID-19" aiming to facilitate SMEs and corporates with working capital, Piraeus Bank has been
allocated with €1.6bn. In parallel, in the program sponsored by the Ministry of Development with
a 2-year interest rate subsidy for new financing to medium-sized and small enterprises affected by
the pandemic, the Bank participated for an amount of €0.6bn. In addition, the programme
sponsored by the Greek Ministry of Finance for the support of mortgage loan borrowers ("Gefyra")
has received a total of approximately 160 thousand applications and has entered the
implementation phase. Piraeus Bank applications stand at approximately 40 thousand, with
balances to receive support expected to reach c.€1.2-1.4bn.
Capital ratios	The Common Equity Tier 1 (CET1) ratio of the Group as at the end December 2020 was at 13.8%,
at satisfactory	while total capital ratio stood at 15.8%, improved by 23bps during 2020 and comfortably above the
level	total capital requirement including COVID-19 flexibility of 11.25%. Fully loaded CET1 and total
capital ratio stood at 11.3% and 13.4% respectively. The capital position of the Group will be further
enhanced by additional capital actions already underway, summing up to c.€2.6bn.
NPE reduction	NPEs stood at €22.5bn at the end of December 2020 down from €24.5bn a year ago. The NPE
continues	coverage ratio remained stable at the level of 44%. The Phoenix and Vega NPE securitizations of
€7bn total gross book value, which are expected to be completed in mid-2021, will further decrease
the NPE stock of the Group, while additional NPE de-risking transactions are in progress at the
moment, building on the improved capital trajectory of the Group. NPE outflows remained strong
during 2020 despite auctions being suspended for the largest part of the year. On the other hand,
inflows picked up in Q4.2020, mainly due to the first group of moratoria expirations. During
Q4.2020 €3.3bn moratoria expired, reducing active moratoria to c.€1bn at the end of December
2020.
Corporate	Piraeus Bank's corporate transformation was completed with the demerger completion date on
transformation	30.12.2020. An Extraordinary General Meeting of shareholders on 10 December 2020 approved
(Hive-Down)	the Hive-Down and the articles of association of the new holding company and the new operating
company, the latter holding the banking license.
completed

Further information on the financials & KPIs of Piraeus Group can be found on the2020 Financial Results & Strategy Update presentation.

It is noted that the 12M.2020 Annual Financial Report will be available on the company's website by 29 March 2021.

New Loan Disbursements (€bn)	New Private Sector Deposits (€bn)
5.1
1.8	2.8

6.3

2.0

3.9

3.1

2.5

2.0

1.1

1.5

0.6

1.0

0.6

2018 2019 Q1.20 Q2.20 Q3.20 Q4.20 2020

2018 2019 Q1.20 Q2.20 Q3.20 Q4.20 2020

Performing Exposures | Greece (€bn)

Non Performing Exposures | Greece (€bn)

25.1

23.9

23.7

26.5

23.7

21.7

2018

2019

2020

2018

2019

2020

Recurring Core Income: NII + NFI (€mn)

Like-for-like Operating Expenses (€mn)

1,753

1,803

1,701

1,040

963

891

2018

2019

2020

2018

2019

2020

Selected Figures of Piraeus Financial Holdings Group

Consolidated Data (amounts in €mn)
Selected Balance Sheet Figures	31.12.20	31.12.19	Δ yoy	30.09.20
Assets	71,576	61,231	17%	67,693
Customer Deposits	49,636	47,351	5%	47,088
Gross Loans before Adjustments	48,013	48,600	-1%	48,488
Cumulative Provisions	9,904	10,986	-10%	10,208
Total Equity	7,153	7,773	-8%	7,648
Selected P&L Figures	FY.2020	FY.2019	Δ yoy	Q4.2020	Q3.2020	Δ qoq
Net Interest Income	1,486	1,435	4%	378	380	0%
Net Fee & Commission Income	317	318	0%	85	81	6%
Net Gain (Losses) from Financial Instruments	44	371	-88%	12	14	-18%
Other Operating Income & Dividend Income	46	50	-8%	0	21	-100%
Net Income	1,893	2,174	-13%	475	496	-4%
-excluding one-off items 1	1,893	1,823	4%	475	496	-4%
Staff Costs	(571)	(504)	13%	(252)	(107)	>100%
-excluding one-off items 1	(424)	(468)	-10%	(105)	(107)	-2%
Admin. Expenses including Gains from Sale of Property	(399)	(386)	3%	(119)	(98)	21%
Depreciation & Other Expenses	(115)	(123)	-7%	(28)	(28)	1%
Total Operating Expenses	(1,084)	(1,013)	7%	(399)	(234)	70%
- excluding one-off items 1	(937)	(977)	-4%	(252)	(234)	8%
- on a like-for-like basis 2	(891)	(963)	-7%	(240)	(222)	8%
Pre Provision Income	809	1,161	-30%	77	262	-71%
- excluding one-off items on a like-for-like basis 1,2	1,001	860	16%	235	273	-14%
Impairment Losses & Provisions	(1,322)	(778)	70%	(477)	(176)	>100%
-o/w one-off items 1	(695)	0	n/a	(277)	(26)	>100%
Associates' Results	(16)	5	n/a	3	(4)	n/a
Pre-Tax Result	(530)	389	n/a	(397)	82	n/a
- excluding one-off items on a like-for-like basis 1,2	312	74	n/a	27	108	-75%
Income Tax	128	123	4%	118	79	49%
Net Result	(668)	276	n/a	(518)	1	n/a
Net Result Attrib. to SHs from Continuing Operations	(652)	270	n/a	(511)	3	n/a
Non-Controlling Interests for Continuing Operations	(6)	(4)	n/a	(4)	0	n/a
Net Result from Discontinued Operations	(10)	10	n/a	(3)	(2)	n/a

Δ qoq

6%

5%

-1%

-3%

-6%

• (1) One-off items refer to (a) the gain from the disposal of the internal NPE servicing platform to Intrum amounting to €351mn in trading income in 2019, (b) Voluntary Exit Scheme costs of €36mn in 2019 and €147mn in 2020 in staff costs, (c) non-recurring impairment on loans and other assets for COVID-19 affected cases/portfolios and impairment in the context of the new NPE reduction plan of a total amount of €695mn in 2020

• (2) Like-for-like illustration takes into account assets under management fees paid to the NPE servicer in G&A costs included for 3.5months in 2019, while being fully phased in 2020

GLOSSARY / ALTERNATIVE PERFORMANCE MEASURES (APM)

#	Performance Measure	Definition
1	Adjusted Total Assets	Total assets excluding assets amounting to: 1) €1.7bn as at 31 December 2019 of discontinued operations and seasonal OPEKEPE agri-loan 2) €1.6bn of discontinued operations and seasonal OPEKEPE agri-loan as at 31 December 2020
2	Core Banking Income or NII+NFI	Net interest income plus (+) net fee and commission income
3	Cost of Risk (CoR)	ECL impairment losses on loans and advances to customers at amortized cost of the period annualised over (/) Net Loans
4	Cost of Risk Underlying	Cost of risk minus (-) non-recurring impairment impact of €695mn over (/) Net loans
5	Cost to Income Ratio (Recurring)	Total operating expenses before provisions over (/) total net income excluding one-off tems related to the corresponding period as per item #26
6	COVID-19 Impact	COVID-19 impact of €0.3bn for 2020 referring to incremental ECL impairment losses on oans and advances to customers and on other assets, to reflect worsening economic outlook as a result of COVID-19
7	Cumulative Provisions	Accumulated ECL allowance on loans and advances to customers at amortised cost.
8	Deposits or Customers Deposits	Due to Customers
9	Gross Book Value (GBV)	Gross loans and advances to customers at amortised cost
10	Gross Loans before Impairments & Adjustments	Loans and advances to customers at amortised cost before ECL allowances for impairment on loans and advances to customers
11	LCR (Liquidity Coverage Ratio)	Liquidity coverage ratio is the amount of sufficient liquidity buffer for a bank to survive a significant stress scenario lasting one month
12	Impairments	ECL impairments losses on loans and advances to customers at amortized cost plus(+) mpairment losses on other assets plus(+) ECL impairment losses on financial assets plus(+) mpairments on subsidiaries and associates plus(+) Impairment of Property and equipment and intangible assets plus(+) Other impairment losses plus(+) Other provision charges
13	Loan to Deposit Ratio (LDR)	Net loans (excluding seasonal OPEKEPE agri-loan facility) over (/) Deposits
14	Loan Impairment Charges	ECL impairment losses on loans and advances to customers at amortised cost
15	Net Interest Margin (NIM)	Net interest income annualised over (/) Average total assets
16	Net Loans	Loans and advances to customers at amortised cost
17	(Net) Loan to Deposit Ratio (LDR)	Net loans over Deposits
18	Net Results or Net Profit	Profit / (loss) for the period
19	Net Revenues	Total Net Income
#	Performance Measure	Definition
20	NFI	Net Fee and Commission Income = Fee and Commission Income minus (-) Fee and Commission Expenses
21	NFI over assets	Net fee and commission income annualised over (/) Average total assets
22	NII (Net Interest Income)	Net Interest Income = Interest Income minus (-) Interest Expenses
23	ΝPEs - Νοn Performing Exposures	On balance sheet credit exposures before ECL allowances for 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 from (a) under EBA rules and other unlikely to pay (UTP) criteria
24	NPE Ratio	Non-performing exposures over Gross Loans before Impairments & Adjustments
25	NPE (Cash) Coverage Ratio	Cumulative provisions over NPEs
26	One-off (non-recurring) Items	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 reported in OpEx. Non Recurring Items for FY.20 include €147mn related with VES costs and €695mn mpairment charges related with Covid-19 impact and other impairments in the context of the new NPE reduction Plan
27	Operating Expenses (OpEx)	Total operating expenses before provisions
28	Operating Expenses (Like-for-Like)	Operating costs, minus (-) non-recurring VES costs in 2019 and 2020, minus (-) the cost of the assets under management fee paid to the NPE servicer as per item #36
29	Operating Expenses (Recurring)	Operating costs minus (-) non-recurring VES costs in 2019 and 2020
30	Performing Loans (Exposures)	Gross loans adjusted for the seasonal OPEKEPE agri-loan minus (-) Non Performing Exposures
31	Pre Provision Income (PPI)	Profit before provisions, impairments and income tax
32	Pre Provision Income, Recurring	PPI excluding the one-off items, as per item #26
33	Pre Provision Income (PPI), like-for-like	PPI, excluding the one-off items as per item #26 and like-for-like comparison as per item #36
34	Pre Tax Profit / (Loss)	Profit / (loss) before income tax
35	Pre Tax Profit (recurring & excluding COVID-19 impact)	Pre Tax Results, excluding one-off items as per item #26 and COVID-19 impact as per #6 above
36	Like-for-like comparison	Like-for-like illustration excludes assets under management fee paid to the NPE servicer ncluded in G&A costs for 3.5months in 2019 (€14mn), while being fully phased in 2020 (€46mn)

due over 90 days; (b) impaired or those which

Disclaimer

This press release has been prepared by Piraeus Financial Holdings S.A. (formerly known as Piraeus Bank S.A.) and its subsidiaries and affiliates

(the "Group" or "We") solely for informational purposes. References to the "Company", "Piraeus Bank", "Piraeus Bank S.A." or to the "Bank" should be read and construed to be references to Piraeus Financial Holdings S.A. (formerly Piraeus Bank Société Anonyme) both prior to and after the completion of the demerger οn 30 December 2020, where the core banking operations of the former Piraeus Bank Société Anonyme were contributed into a newly-formed credit institution, i.e., "Piraeus Bank Société Anonyme", (the "Demerger"), except to the extent otherwise

specified or the context otherwise requires, including, among others, in the context of references to the entity acting as a credit institution responsible for the Group's core banking operations (in which case, such references shall be deemed to refer to (i) the former Piraeus Bank

Société Anonyme (now renamed Piraeus Financial Holdings S.A.) prior to 30 December 2020, and (ii) the newly-formed banking entity, Piraeus

Bank Société Anonyme, on and after 31 December 2020).

The financial and operational information of the Group as at and for the full year ended 31 December 2020 and forward-looking statements included in this press release is based on preliminary figures and estimates of the management of the Group which are based on a number of assumptions that are subject to inherent uncertainties and changes, which may be both foreseeable and unforeseeable. Such financial and operational information is not intended to be a comprehensive statement of the Group's financial and operational information as at and for the

full year ended 31 December 2020. Such information has been prepared by our senior management and has not been audited, reviewed or verified by our independent auditors. As such, you should not place undue reliance on it. By their very nature, forward-looking statements involve risks and uncertainties. Over the course of the next weeks we will be completing our financial statements for the full year ended 31

December 2020.

For the purposes of this disclaimer, the press release shall mean and include materials, including and together with any oral commentary or presentation and any question-and-answer session. You are deemed to have agreed to the following terms, conditions and restrictions and acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the press release or any information contained herein. You also acknowledge that, if electronically transmitted and delivered, the present is confidential and intended only for you, and you agree that you will not forward, copy, download or publish the electronic transmission or the press release to any other person.

This press release does not constitute or form part of any offer for sale or solicitation of any offer to buy any securities. None of the securities referred to herein have been, or will be, registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia, Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful

(the "Other Countries"), and there will be no public offer of any such securities in the United States. This press release does not constitute or

form a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries. This press release is not intended to provide a basis for evaluating any investment in securities 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 press release in making any investment decision in relation to any form of security issued by the Company 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 Company/Group. You are solely responsible for seeking independent professional advice in relation to the Company/Group 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 press release 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 press release. The Company/Group, its financial and other advisors, and their respective directors, officers, employees, agents, and representatives expressly disclaim any and all liability, whichmay arise from this press release and any errors contained herein and/or omissions therefrom, or from any use of this press release or its contents or otherwise in connection therewith, and accept no liability for any loss howsoever arising, directly or indirectly, from any use of the information in this press release or in connection therewith. Neither the Company/Group nor any other person gives any undertaking, or is under any obligation, to update any of the information contained in this press release, including forward-looking statements, for events or circumstances that occur subsequent to the date of this press release. Each recipient acknowledges that neither it nor the Company/Group intends that the Company act or be responsible as a fiduciary to such attendee or recipient, its management, stockholders, creditors or any other person, and that it expressly disclaims any fiduciary relationship and agrees that is responsible for making its own independent judgment with respect to the Company/Group and any other matters regarding this document.

The Company/Group has included certain non-IFRS financial measures in this press release. 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 information or statements contained in this press release 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 Company/Group's strategies, plans, objectives, initiatives and targets, its businesses, outlook, political, economic or other conditions in Greece or elsewhere, the Company/Group'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 Company/Group 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 Company/Group. 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. The information in this press release also includes rounded numbers. Accordingly, the sum of certain data may not conform to the expressed total.

Group Investor Relations

4 Amerikis St., 105 64 Athens

Tel. : (+30 ) 210 3335818

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