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Q2.16 Financial Results

August 31, 2016

1 National Bank of Greece Q2.16 results

No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be

accepted by National Bank of Greece (the Group) as to the accuracy or completeness of the information contained in

this presentation and nothing in this presentation shall be deemed to constitute such a representation or warranty.

Although the statements of fact and certain industry, market and competitive data in this presentation have been

obtained from and are based upon sources that are believed to be reliable, their accuracy is not guaranteed and any

such information may be incomplete or condensed. All opinions and estimates included in this presentation are

subject to change without notice. The Group is under no obligation to update or keep current the information

contained herein.

In addition, certain of these data come from the Group’s own internal research and estimates based on knowledge

and experience of management in the market in which it operates. Such research and estimates and their underlying

methodology have not been verified by any independent source for accuracy or completeness. Accordingly, you

should not place undue reliance on them.

Certain statements in this presentation constitute forward-looking statements. Such forward looking statements are

subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties

include, among other factors, changing economic, financial, business or other market conditions. As a result, you are

cautioned not to place any reliance on such forward-looking statements. Nothing in this presentation should be

construed as a profit forecast and no representation is made that any of these statement or forecasts will come to

pass. Persons receiving this presentation should not place undue reliance on forward-looking statements and are

advised to make their own independent analysis and determination with respect to the forecast periods, which reflect

the Group’s view only as of the date hereof.

Legal

Important Notice – Forward Looking Information

Table of Contents

1 Financial Highlights

2 Liquidity

3 Profitability

4 Asset quality

5 Capital

6 Macro

7 Appendix

Financial Highlights

1


€ m 1H16 1H15 yoy 2Q16 1Q16 qoq

NII 961 959 0% 482 479 +1%

Fees & Commissions1 149 150 -1% 76 73 +4%

Pillar-2 costs (45) (91) -51% (15) (30) -50%

Insurance income 41 63 -35% 23 18 +30%

Trading & other income (49) (30) 63% (43) (6) >100%

Income 1,058 1,051 1% 524 534 -2%

Operating Expenses (628) (641) -2% (319) (309) +3%

Core PPI 478 440 9% 247 231 +7%

PPI 429 410 5% 205 225 -9%

Provisions (365) (2,680) -86% (208) (158) +32%

Operating Profit 64 (2,271) n/m (3) 67 n/m

Other impairments (46) (171) -73% (12) (34) -66%

PBT 18 (2,442) n/m (15) 33 n/m

Taxes (15) 535 n/m (9) (7) +34%

PAT (cont. ops) 3 (1,908) n/m (23) 26 n/m

PAT (discount. ops) (2,957) 150 n/m (3.028) 71 n/m

Minorities (21) (15) 34% (10) (10) 0%

Other one-offs - - n/m - - n/m

Attributable PAT2 (2,975) (1,773) 68% (3.062) 87 n/m

P&L Highlights

1. Excludes Pillar-2 costs

2. Group attributable income includes a loss of €3,095m which reflects the recycling of losses recognized in other comprehensive income related to Finansbank. This loss has already been recognized in the Group’s equity and CET1 capital in prior periods, therefore has

no impact on the Group’s equity and CET1 capital in Q2.16

H1.16 Group PAT from continued operations breaks even at € 3m

Highlights

Group P&L

Q2 Group core PPI at €247m, driven by domestic core PPI, up by

10% qoq

• Domestic core income is driven by funding cost improvements as time

deposit repricing continued unabated in Q2 (-19bps qoq), ELA was

reduced further (-€4.9bn qoq) and Pillar II exposure dropped further

and was eliminated in July allowing for the Government representative

to leave the Board

• H1.16 OpEx in Greece, down by 3% yoy, driven by both personnel

(-2.9% yoy) and G&A (-4.3%); future VRS savings will provide further

cost containment

• Q2 domestic provisioning run rate at 231bps vs 164bps in Q1, due to

credit charges relating to a limited number of corporate defaults

during Q2. H1.16 CoR at 197bps, or 189bps at Group level

• Q2 trading income includes €35m related to the VISA transaction

H1.16 Group PAT2 from continued operations breaks even at €3m,

reflecting domestic core income growth and CoR reduction relative

to 2015

Positive recurring PAT contribution from our SEE international

business rises to €52m in H1, +98% yoy


Improving liquidity profile, substantially reduced NPE stock, strong capital position

Liquidity, Asset Quality & Capital Highlights Key Ratios - Group

2Q16 1Q16 4Q15 3Q15 2Q15

Liquidity

L/D ratio 91% 92% 91% 96% 99%

ELA exposure (€ bn) 6.1 11.0 11.5 15.6 17.6

o/w Pillar exposure (nominal)2 2.4 7.1 11.8 18.0 16.9

Profitability

NIM (bps) 285 280 280 279 264

Cost / Core income 56% 57% 64% 64% 62%

Asset quality

NPE ratio 45.8% 47.3% 46.8% 45.1% 43.5%

NPE coverage ratio 54.3% 53.0% 52.8% 52.2% 52.4%

Cost of Risk (bps) 216 162 746 251 2 195

Capital

CET1 phased-in 16.8%1 17.2%3 17.5%3 9.6% 9.5%

CET1 ratio CRD4 FL 16.2%1 16.7%3 16.8%3 8.8% 8.7%

RWAs (€ b) 40.51 40.43 40.33 60.7 62.9

1. Pro-forma for Astir Palace and NBGI divestments and CoCos repayment,

2. Pillar II zero as of July 2016

3. Pro forma for Astir Palace, NBGI divestments, Finansbank sale and CoCos repayment,

Significant ELA reduction and elimination of Pillar II and III exposure

• ELA reduced by an impressive €6b from end Q1.16, resulting into a current exposure of just

€5.0b, underscoring NBG’s unique liquidity profile

• Elimination of Pillar II and III exposure, reduces fee costs by half in Q2.16; implies an

annualized funding cost saving of ca €200m compared with 2015

• Regain access to repo market with EFSF bonds currently at €3.4b

• L:D ratio at 91% in Greece and the Group

• Domestic deposits broadly stable in Q2, +€300m qtd

1st Quarter of NPE stock reduction, excluding write offs

• The stock of NPEs contracts for the first time (-€0.9bn qoq) reflecting the combined positive

impact of favourable formation trends, curing and write offs

• Domestic 90dpd retail formation remains negative (-€98m); all retail segments, including SB,

recorded negative formation

• Domestic 90dpd corporate formation edges sharply lower qoq but remains elevated due to a

small number of corporate exposures lapsing into default

• H1.16 domestic CoR at 197bps; NPE coverage at an industry leading 55% (+140bps qoq)

• UBB ranked top among peers with excellent results in both the AQR and the ST, confirming a

solid capital position with CET1 adjusting by just 40bps to 25.7%.

CET 1 pro forma1 ratio at 16.8%

• CET1 ratio on a CRD IV FL basis at 16.2%1, including CoCos, CET 1 at 21.6%

• Group RWAs at 40.5b1 of which €34.7b in Greece (phased in)

• Capital adequacy to be further enhanced by implementation of the restructuring plan

Highlights

Liquidity

2


Eurosystem funding (€ bn)

1. Latest available data

2. Excl. EFSF & ESM bonds

ELA drops by €6bn to just €5bn, underscoring NBG’s unique liquidity advantage

Liquidity

Peer group analysis1: liquidity position

14.2

9.8 10.0 10.1

12.5 11.8

8.9 8.2

13.9

17.615.6 11.5

11.0

6.1

5.0

14.2

23.6

27.6

25.6

24.0

22.8

14.9

13.2

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 Aug

€ 3.6bn repo

placed with

the market

over the past

5 months

5.0

13.5

15.4

18.3

NBG Peer 1 Peer 2 Peer 3

8% 24% 29%ELA /

Assets2

L:D ratio 91% 150%144%

20%

127%

ELA

exposure

(€ bn)


Eurosystem collateral cash values (€ bn) | Aug 2016

Pillar II and III exposure fully repaid

Liquidity

Pillar II & Pillar III eliminated

9.9

6.4

3.8

1.8

5.7

5.1

7.2

4.3

15.6

11.511.0

6.1

5.0

9.8

ELA Sep-15 ELA Dec-15 ELA Mar-16 ELA Jun-16 ELA Aug-16 Undrawn

liquidity

Other ELA

collateral

(cash value)

Pillar-2 & 3

bonds

(cash value)

No Pillar

exposure

EFSF / ESM

6.3

Other

1.91.2

11.0

2.4

14.6

Cov. bonds

Credit claims

Other

ECB:

€ 8.2bn

Cash value of eligible collateral:

€ 22.9bn


-2.2

-4.8

-3.6

0.30.8

-0.9

0.00.3

4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 qtd

Deposit evolution by geography (€ bn)

35.5 35.836.6 35.7 35.7

6.0 6.1 6.3 6.3 6.5

2Q15 3Q15 4Q15 1Q16 2Q16

Deposits stabilize in Q2, increasing in Q3

Liquidity

Greek deposit flows per quarter (€ bn)

YoY

+0.6%

+8.1%

Group

ex-TUR

SEE &

Other

Greece

41.5 41.9 43.0 42.0 42.2 +1.7%

+0.9%+2.2%

-2.5% 0%

-€10.6 bn +€0.5 bn


45.8 44.9 44.7 44.3 44.0

7.6 7.6 7.3 7.2 7.1

2Q15 3Q15 4Q15 1Q16 2Q16

98%

94%

90%91%

91%

99%

96%

91%92%

107%

104%

97%96%

92%

2Q15 3Q15 4Q15 1Q16 2Q16

L:D ratio evolution

L:D ratio steady at 91%

Gross loan evolution by geography (€ bn)

Liquidity

Group

Greece

SEE & Other

SEE &

other

Greece

53.4 52.5 52.0 51.5 51.1

YoY

-3.9%

-7.0%

-4.3%Group

ex-TUR

-0.5%-2.0% -0.9% -0.7%

Profitability

3


Group Core PPI decomposition by region (€ m)

155139

153

189207

43

41

37

42

40

198

180190

231

247

2Q15 3Q15 4Q15 1Q16 2Q16

Domestic Core PPI recovery (+10% qoq, €207m), is driven by funding cost

reduction and fee income growth

Profitability

Domestic Core PPI bridge

189+4

+8

+15

-9

207

1Q16 ΔNII Δfees &

Insurance

Δ Pillar II

costs

ΔOpEx 2Q16

Greece

SEE &

Other

-5%

+10%

qoq

+10%

qoq

+7%


SEE & Other

Greece

379 389 392 396 400

249267 269 268 274

2Q15 3Q15 4Q15 1Q16 2Q16

NII (€m) NIM (bps)

Domestic NII picks up on the back of improving funding costs

Profitability

Domestic NII quarterly evolution (€ m)

Domestic NII breakdown

396

-11

+9 +4

-2

3400

1Q16 Δloans Δdepos ΔEurosystem

& wholesale

ΔSecurities Subs & other 2Q16

84 83 82 83 83

354 356 355 361 355

2Q15 3Q15 4Q15 1Q16 2Q16

NII (€m) NIM (bps)

2Q15 3Q15 4Q15 1Q16 2Q16

Loans 430 434 411 395 384

Deposits -94 -80 -69 -55 -46

Bonds 83 85 86 85 83

Eurosystem & wholesale -54 -58 -49 -40 -36

Subs & other 12 10 13 11 14

Total 379 389 392 396 400

NII +€4m qoq,

excludes

+€15m funding

cost saving

qoq from Pillar

II exposure

accounted for

in fees


14.216.4 17.4 17.7 17.8

6.2

6.57.4 6.6 6.8

15.113.0

11.8 11.5 11.1

35.5 35.8 36.635.7 35.7

2Q15 3Q15 4Q15 1Q16 2Q16

Time

Sight &

other

Savings

-0.1% qoq

Greek deposit yields (bps)

25 25 24 2420

185 185

163

132

113

101

90

77

62

51

2Q15 3Q15 4Q15 1Q16 2Q16

Time deposit yields drop by 19bps qoq, new production at 85bps

Profitability

Greek deposits evolution (€ bn)

Time

Total

New production

yield

at 85 bps

57% 64% 68% 68% 69% Core deposits/total

Mkt share 35%

Core


Greek lending yields (bps)

263 262 264 261 258

933 934956 953 947

652673

658672

650

430 421 420 421 417

2Q15 3Q15 4Q15 1Q16 2Q16

Corporate lending yields resilient, despite market rates moving deeper into

negative territory

Profitability

Greek loan evolution (€ bn)

18.0 17.8 17.7 17.5 17.3

5.5 5.5 5.5 5.4 5.4

4.2 4.1 4.1 4.0 4.0

18.1 17.6 17.5 17.4 17.4

45.8 44.9 44.7 44.3 44.0

411 408 408 409 404

2Q15 3Q15 4Q15 1Q16 2Q16

Corporate

SBL

Consumer

Mortgages

Consumer

SBLs

Corporate

Mortgages

Total lending yield (bps)

-0.7% qoq

34.8 33.8 33.0 32.5 32.4 Net loans

Gross loans


82 4 4 5

3

56 5 5

24

20

2422 23

15

13

1517

17

3

3

2 33

29

1926

1622

2Q15 3Q15 4Q15 1Q16 2Q16

Insurance

Fund management

Banking fees

Corporate lending

Retail lending

Custody, brokerage

inv. Banking

53

4250 50 52

30

21

29

1823

25

23

24

23

24

108

86

103

91

99

2Q15 3Q15 4Q15 1Q16 2Q16

Greece1

SEE &

Other

Insurance

Group fees & insurance income (€ m)

1. Excl. Pillar fee charges

Fee line recovery reflects Pillar II and III repayment as well as a pick-up in core fees

Profitability

Domestic fees1 & insurance decomposition (€ m)

-48 -53 -54 -30 -15 Pillar 2 cost

0.52% 0.42% 0.50% 0.44% 0.47% Fees1/Assets

50

42

53

82 62 76 66 74

+4%

+37%

qoq

Total

Total1

5250

+12%


62%

65%

63%

56%55%

2Q15 3Q15 4Q15 1Q16 2Q16

Domestic OpEx evolution (€ m)

Group OpEx by category (€ m)

Domestic H1.16 costs, down by 3% yoy, support C:I recovery; upcoming VRS will

provide further improvement

Profitability

Headcount evolution (‘000)

Domestic cost-to-core income evolution

Greece Group

1H16 1H15 yoy 1H16 1H15 yoy

Personnel 324 334 -2.9% 393 401 -1.9%

G&As 122 127 -4.3% 176 181 -2.9%

Depreciation 49 48 +2.3% 60 59 +0.5%

Group 495 509 -2.8% 628 641 -2.0%

167 163 168 161 163

90 96 9482 88

257 259 262243 251

2Q15 3Q15 4Q15 1Q16 2Q16

15.012.2 12.0 12.3

10.1

7.9 7.8 7.7

25.1

20.1 19.8 20.0

FY09 1 FY14 FY15 2Q16

G&A &

other

Staff

SEE &

Other

Greece

Includes Astir

Palace

seasonal

employment


Operating profit evolution (€ m)

SEE contributes €52m in Group PAT for H1.16, +98% yoy

Profitability

SEE headline figures

P&L items (€ m) 2Q16 1Q16 qoq 1H16 1H15 yoy

NII 83 83 -1.0% 166 167 -0.8%

Core income 107 108 -0.4% 215 216 -0.4%

OpEx (67) (66) 2.6% (133) (132) 1.1%

PPI 50 55 -8.9% 105 90 16.9%

Provisions (20) (24) -15.3% (44) (55) -21%

Operating profit 30 31 -4.1% 62 35 77.2%

Net profit after min. 25 27 -6.3% 52 26 98.1%

3942 40

5550

-27-23

-68

-24-20

2Q15 3Q15 4Q15 1Q16 2Q16

Pre-provision income Provisions

1218

-28

31 30Operating

profit

Selective ratios 2Q16 1Q16 1H16 1H15

Liquidity

L/D ratio 92% 96% 92% 107%

Profitability

NIM (bps) 355 361 357 341

Cost / Core income 63% 61% 62% 61%

Asset quality

90dpd ratio 26.5% 27.0% 26.5% 28.0%

90dpd coverage ratio 59.1% 58.3% 59.1% 54.1%

Cost of Risk (bps) 133 155 144 177

Asset quality

4


75% 67% 69%64%

33%39% 38%

35%


41

40686 127 2

2,302

232

671

134 188

2Q15 3Q15 4Q15 1Q16 2Q16

90dpd flows (€ m) Provisions (€ m)

Greece: 90dpd formation and provisions

Greece: 90dpd ratio and coverage

74.9% 73.4%76.8% 76.5% 76.6%

32.1%33.8% 34.1% 34.7% 34.4%

2Q15 3Q15 4Q15 1Q16 2Q16

1. CoR (bps) adjusted for AQR charges, calculated on net loans

2. Texas Ratio: (NPLs-Provisions)/TBV

3. Peer comparison is based on latest available data

90dpd ratio levels off as formation trends improve

Asset Quality

Peer Group analysis3: asset quality (Group)

Group: 90dpd ratio and coverage

72.3% 71.3% 74.6% 74.5% 74.7%

31.5%33.0% 33.1% 33.6% 33.3%

2Q15 3Q15 4Q15 1Q16 2Q16

400 271 329 164 231CoR1(bps)

SEE & other:

90dpd ratio: 26.5%

Coverage: 59.1%

Coverage

ratio

90dpd

ratio

0.6x 1.2x 0.9x 1.2xTexas

ratio2

Includes

AQRIncludes

AQR

Quarterly credit

charges relate to a

limited number of

corporate defaults

Stable excl.

write-offs


71121

154

281

37

122

-133 -117-70

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

SBLs (€ m)

Mortgages1 (€ m)

6 31 36 5385

35

-3

10

-13

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

1. Mortgage formation up to 3Q14 Is on 180dpd basis; 4Q14 onwards is on a 90dpd basis

Retail formation remains negative, corporate formation decelerates but remains

affected by limited corporate defaults

Asset quality

Corporate (€ m)

Consumer (€ m)

22 14 15 42 2176

-22 -26 -19

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

16381

28

-42-101

173246 260

106

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16


Domestic 90dpd restructuring flows (€ m)

Domestic NPE stock evolution (€ bn)Mortgage roll-rates

14.7 15.2 15.3 15.4 15.1

6.16.1

6.7 6.65.9

20.821.3

22.0 22.0

21.1

2Q15 3Q15 4Q15 1Q16 2Q16

FNPEs & other

impaired

90dpd

Q2 NPEs contract by almost €1bn reflecting favourable collection trends, curing

and write-offs

Asset quality

831

627

485

356

1,072

510

812

609

381

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

Benefits from

€0.3bn of Q2

write-offs10%

20%

30%

40%

50%

1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

RR1-->2 RR2-->3 RR3-->4

45.4% 47.4% 49.2% 49.6% 47.9%NPE ratio


Domestic NPE ratios and coverage per segment

Domestic 90dpd ratios per segment

1. Bank level

Coverage of 90dpd loans at 77%; most of FNPEs are less than 30dpd

Asset quality

Domestic forborne stock breakdown (€ bn)

Domestic 90dpd – NPE bridge (€ bn)

Cash

coverage

Cash

coverage

13% 55% 47% 25% 26%LLAs/

Gross loans

15.1

4.0 0.71.3 21.1

90dpd FNPE <30 FNPE 31-90 Other impaired NPEs

42%

97%

76%

102% 77%

31%

57%62%

25%

34%

Mortgages Consumer SBL Corporate Total GRE

29%

82%67%

62% 55%

44%

67%71%

40%48%

Mortgages Consumer SBL Corporate Total GRE

FNPE<30 dpd

4.0

FNPE 31-90dpd

0.7

FNPE >90dpd

2.9

FPE 2.1

9.7

Collateral

coverage178% 7% 52% 53% 54%

Capital

5


17.2%16.8%

16.2%

1Q16 2Q16 CRD 4 fully loaded

Peer Group analysis2: CET1 Capital ratios3

Ordinary equity to CET 1 reconciliation (€ bn)CET 1 ratio

7.0 6.8

2.0

-0.1

0.2

-0.3

2.0

9.1 8.8

Ordinary

equity

GW &

intangibles

Minority

interest

Other CET1

1. Pro-forma for Astir Palace and NBGI divestments, and CoCos repayment

2. Peer comparison is based on latest available data

3. Excl. CoCos and State prefs.

CET1 ratio at 16.8%1; adding CoCos boosts ratios by 530bps

Capital

RWAs

(€ bn)

CET1:

€7.0bn

16.2%

12.7%

16.2%13.1%

16.8%

13.6%

16.6%

14.1%


CoCosExcluding CoCos

(+530ps)

TBV: €6.9bn

Phased-in

Fully loaded

40.4 40.5

CET1:

€6.8bn

40.4

CET1:

€6.6bn

QoQ delta due to:

CoCo div, 2Q16 PAT

and Reg. adj. &

other

Macro

6


GDP growth (y-o-y and q-o-q)

Source: EL.STAT., Greek MinFin, EU Commission, Bank of Greece

Unemployment rate and employment growth

+0.2% q-o-q &

-0.9% y-o-y in Q2:16

and positive y-o-y

growth in H2:2016

according to EU

Commission forecasts

GDP deflator, HICP, core inflation & house prices (y-o-y)

-4

-3

-2

-1

0

1

2

-12

-9

-6

-3

0

3

6

200

9:Q

2

200

9:Q

4

201

0:Q

2

201

0:Q

4

201

1:Q

2

201

1:Q

4

201

2:Q

2

201

2:Q

4

201

3:Q

2

201

3:Q

4

201

4:Q

2

201

4:Q

4

201

5:Q

2

201

5:Q

4

201

6:Q

2

GDP (q-o-q, s.a., right axis) GDP growth (y-o-y, s.a., left axis)

%

0

5

10

15

20

25

-10

-6

-2

2

6

May-08

Jan-0

9

Sep

-09

May-10

Jan-1

1

Sep

-11

May-12

Jan-1

3

Sep

-13

May-14

Jan-1

5

Sep

-15

May-16

Employment growth (left axis) Unemployment rate (right axis)

%y-o-y

GDP trends in H1:2016 bode well for a pick-up in economic activity in 2H, as deflation lowers,

labor market conditions improve, and property price drops abate

-85

-75

-65

-55

-45

-35

-25

-15

-5

5

-50

-40

-30

-20

-10

0

10

20

Sep

-11

No

v-1

1Ja

n-1

2M

ar-

12

May-1

2Ju

l-1

2S

ep

-12

No

v-1

2Ja

n-1

3M

ar-

13

May-1

3Ju

l-1

3S

ep

-13

No

v-1

3Ja

n-1

4M

ar-

14

May-1

4Ju

l-1

4S

ep

-14

No

v-1

4Ja

n-1

5M

ar-

15

May-1

5Ju

l-1

5S

ep

-15

No

v-1

5Ja

n-1

6M

ar-

16

May-1

6Ju

l-1

6

Industrial (left axis) Services (left axis)

Retail (left axis) Consumer (right axis)

Greece - Business & consumer confidence indicators

-15

-10

-5

0

5

-15

-10

-5

0

5

200

8:Q

2

200

8:Q

4

200

9:Q

2

200

9:Q

4

201

0:Q

2

201

0:Q

4

201

1:Q

2

201

1:Q

4

201

2:Q

2

201

2:Q

4

201

3:Q

2

201

3:Q

4

201

4:Q

2

201

4:Q

4

201

5:Q

2

201

5:Q

4

201

6:Q

2

HICP (y-o-y) Core inflation (y-o-y)

House prices (total, y-o-y) GDP deflator (y-o-y)

y-o-y


Current account balance (% GDP)

-20

-15

-10

-5

0

5

-20

-15

-10

-5

0

5

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6f

Greece Euro area

% GDP

Manufacturing production and capacity utilizationGoods and services exports (y-o-y)

Source: EL.STAT., Bank of Greece, OECD, NBG Estimates

Economic rebalancing continues, driven by healthy exports and a further import adjustment,

albeit capital controls constrain liquidity stressing smaller, domestically-oriented enterprises

60

65

70

75

-15

-10

-5

0

5

10

Jun

-09

Oct-

09

Feb

-10

Jun

-10

Oct-

10

Feb

-11

Jun

-11

Oct-

11

Feb

-12

Jun

-12

Oct-

12

Feb

-13

Jun

-13

Oct-

13

Feb

-14

Jun

-14

Oct-

14

Feb

-15

Jun

-15

Oct-

15

Feb

-16

Jun

-16

Capacity utilization (right axis)

Manufacturing production (y-o-y, 3m m.a., left axis)

% %

-55-45-35-25-15-551525

-55-45-35-25-15-55

1525

Jun

-12

Sep

-12

Dec-1

2

Mar-

13

Jun

-13

Sep

-13

Dec-1

3

Mar-

14

Jun

-14

Sep

-14

Dec-1

4

Mar-

15

Jun

-15

Sep

-15

Dec-1

5

Mar-

16

Jun

-16

Tourism receipts (y-o-y, 12m m.a.)

Transportation (y-o-y, 12m m.a.)

Other services (y-o-y, 12m m.a.)

Exports of goods (excl.oil & ships, 12m m.a.)

% %

70

80

90

100

110

120

70

80

90

100

110

120

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6f

Germany Ireland Greece Spain Portugal

Cost competitiveness – ULC based exchange rate

Index 2004=100,Performance relative to 37 industrial countries

Capital controls


Source: EL.STAT., Greek MinFin, EU Commission (Compliance Report), Bloomberg,

Gen. Government: Total and primary balance

-9

-7

-5

-3

-1

1

3

-9

-7

-5

-3

-1

1

3

Jan

Feb

Mar

Ap

r

May Jun

Jul

Au

g

Sep

Oct

No

v

De

c

2009 2010 2012 2013

2014 2015 2016

% GDP

surplus

deficit

excluding SMP &

ANFA revenue

EU funding and Gov. arrears clearance

-12

-10

-8

-6

-4

-2

0

-12

-10

-8

-6

-4

-2

0

201

0

201

1

201

2

201

3

201

4

201

5

201

6

Gen. Government Total balance

Gen. Government Primary balance

Primary balance (Programme target)

% GDP

The fiscal adjustment remains credible and official funding inflows, along with other positive

effects from the completion of the 1st review, will offset the fiscal drag

Primary balance,

2015 (as % of

GDP): +0.7% vs.

target of -0.25%

State budget primary balance (% GDP)

Greek & Portuguese 10y Gov. Bond yields

0

5

10

15

20

25

30

35

Aug

-10

Dec-10

Apr-

11

Aug

-11

Dec-11

Apr-

12

Aug

-12

Dec-12

Apr-

13

Aug

-13

Dec-13

Apr-

14

Aug

-14

Dec-14

Apr-

15

Aug

-15

Dec-15

Apr-

16

Aug

-16

Greece: 10y Government bond yield Portugal: 10y Government bond yield

%1st Review completion, ECB

waiver reinstatement, Brexit

-1,0

0,0

1,0

2,0

3,0

4,0

H2:2015 H2:2016-2017 2018

Clearance of government arrears (negative sign stands for new arrears

accumulation)EU funds

% GDP

Appendix

7


Balance Sheet | Group

Group Balance Sheet & P&L

P&L | Group

€ m 2Q16 1Q16 4Q15 3Q15 2Q15

Cash & Reserves 1 974 1 873 2 208 1 982 2 074

Interbank placements 2 909 2 753 2 799 2 788 3 002

Securities 24 187 25 337 24 852 22 233 22 584

Loans (Gross) 51 133 51 512 51 969 52 477 53 444

Provisions (12 712) (12 909) (12 843) (12 357) (12 204)

Goodwill & intangibles 143 142 147 259 273

Tangible assets 1 311 1 315 1 325 1 384 1 413

DTA 5 087 5 093 5 096 5 104 4 582

Other assets 9 143 8 686 7 912 8 089 7 791

Assets held for sale 742 27 941 27 767 28 580 30 233

Total assets 83 916 111 743 111 232 110 538 113 192

Interbank liabilities 20 278 25 003 25 166 26 948 28 963

Due to customers 42 184 42 047 42 959 41 890 41 496

Debt securities 1 276 1 279 1 252 1 960 1 874

Other liabilities 10 113 9 621 8 387 8 836 8 535

Hybrids - - - 83 83

Liabilities held for sale 301 23 931 23 643 23 555 24 028

Minorities 701 735 725 724 714

Equity 9 064 9 128 9 100 6 543 7 500

Total liabilities and equity 83 916 111 743 111 232 110 538 113 192

Appendix

€ m 2Q16 1Q16 4Q15 3Q15 2Q15

NII 482 479 474 472 463

Net fees 61 43 21 13 30

Insurance income 23 18 29 21 30

Core Income 567 540 524 506 523

Trading & other income (43) (6) 108 (178) 80

Income 524 534 632 328 603

Operating Expenses (319) (309) (333) (325) (325)

Core Pre-Provision Income 247 231 190 180 198

Pre-Provision Income 205 225 298 3 278

Provisions (208) (158) (739) (256) (2 329)

Operating Profit (3) 67 (441) (253) (2 051)

Other impairments (12) (34) (247) (51) (134)

PBT (15) 33 (688) (304) (2 185)

Taxes (9) (7) (62) 518 540

PAT (cont. ops) (23) 26 (750) 214 (1 645)

PAT (discount. ops) (3 028) 71 (1 160) (595) 34

Minorities (10) (10) (2) (12) (5)

Other one-offs - - (138) (9) -

Attributable PAT (3 062) 87 (2 050) (401) (1 616)

Group attributable income includes a loss of €3,095m which reflects the recycling of losses recognized in other comprehensive income in previous periods and relates mainly to foreign currency translation differences from the

translation of Finansbank’s assets and liabilities in Euro, in accordance with IFRS. This loss has already been recognized in the Group’s equity and CET1 capital in prior periods, therefore has no impact on the Group’s equity and CET1

capital in Q2.16


Greece

Regional P&L: Greece, SEE & other

Appendix

SEE & Other

€ m 2Q16 1Q16 4Q15 3Q15 2Q15

NII 400 396 392 389 379

Net fees 37 20 (3) (10) 5


Core Income 459 432 415 398 413

Trading & other income (52) (19) 105 (178) 84

Income 407 413 520 219 497



Pre-Provision Income 155 170 258 (39) 240

Provisions (188) (134) (671) (232) (2 302)

Operating Profit (33) 35 (413) (271) (2 062)


PBT (44) 2 (655) (322) (2 196)

Taxes (5) (3) (62) 521 543

PAT (49) (1) (717) 199 (1 653)

€ m 2Q16 1Q16 4Q15 3Q15 2Q15

NII 83 83 82 83 84

Net fees 24 23 24 23 25


Core Income 107 108 109 108 110

Trading & other income 10 13 3 1 (4)

Income 118 121 112 109 106



Pre-Provision Income 50 55 40 42 39

Provisions (20) (24) (68) (23) (27)

Operating Profit 30 31 (28) 18 12


PBT 29 31 (33) 18 11

Taxes (3) (4) (0) (2) (3)

PAT 26 27 (33) 15 9

Contact details

Paul Mylonas

Deputy CEO

+30210 334 1521

[email protected]

Greg Papagrigoris

Head of IR

+30210 334 2310

[email protected]

[email protected]

Anthony Kouleimanis

Investor Relations

+30210 334 3037

[email protected]

[email protected]

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 construed as constituting investment advice or 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 to transact any securities will

conform to any terms that may be contained herein. Before entering into any transaction, investors should determine any economic risks and benefits, as well as

any legal, tax, accounting consequences of doing so, as well as their ability to assume such risks, without reliance on the information contained in this presentation.

Ioannis Kyriakopoulos

Group CFO

+30210 334 3051

[email protected]

Maria Kanellopoulou

Investor Relations

+30210 334 1537

[email protected]

[email protected]

Ilias Katsikalis

Investor Relations

+30210 334 1401

[email protected]

[email protected]

mailto:[email protected]










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