GreekBanks Deloitte 30 9

Highlights of the
Greek Banking Sector (extracts)
30th SEPTEMBER 2009 &

31st DECEMBER 2008
FIGURES
For more information on this

report please contact:
Deloitte Business Solutions S.A.
Michael Hadjipavlou 8th January 2010 250-254. Kifissias Ave.
GR-152 31 Halandri, Athens
CEO Tel: +30 210 6781100
mhadjipavlou@deloitte.gr Fax: +30 210 6776190
IMPORTANT NOTICE
1. The information included herein is based on the annual published and audited consolidated group financial
statements, other third party information and Deloitte calculations. Where reference is made to the 30th
September 2009 financial information, this is based on the published non-audited consolidated group
accounting statements regarding the 9-month results of 2009 and consolidated group balance sheet as of
that date. No adjustments have been made on the basis of notes to the banks’ financial statements and
auditors’ qualifications.
2. Deloitte does not make any representation of any kind regarding the accuracy or completeness of the
enclosed data, or any other information, contained in this presentation, nor does it assume any responsibility
or liability of any kind with respect thereto.
3. This report is a presentation of the main financial highlights and trends of the Greek Banking market. It is not
intended to form the basis of any investment decision relating to the Banking sector in any jurisdiction. Each
recipient must rely solely on its own independent appraisal and its own independent verification of the
information in this presentation, as well as any other investigation it may deem necessary.
4. This presentation may not be photocopied, reproduced or distributed to others at any time without the prior
written consent of Deloitte.
2
TABLE OF CONTENTS
1.0 Greek Banking Sector Compared to Euro Zone Banking Sector……………………. 8
1.1 Introduction……………………………………………………………………………………………………………… 9
1.2 Total Lending Penetration in Greece and the Euro Zone (2007)………………………………………………….. 10
1.3 Income mix of Greek and European banks (2008)………………..................................………………………… 11
1.4 Efficiency ratios of Greek and European banks (2008)…....……..................................………………………… 12
1.5 Capital adequacy of Greek and European banks (2008)….……..................................………………………… 13
1.6 Profitability ratios of Greek and European banks (2008)….……..................................………………………… 14
2.0 Greek Banking Sector Highlights…………………………………………………………. 15

2.1 Evolution of Total Lending in Greece and Breakdown by Type (2004-Oct. 2009)..…………………………….. 16
2.2 Evolution of Deposits in Greece and Breakdown by Type (2004-Oct.2009)...………………………………….. 17
2.3 Evolution of Interest Rate Spreads in Greece (2003 – Aug. 2009)...........……………………………………….. 18
2.4 Evolution of Greek Banks’ Non-Performing Loans (2003-2008)...........................................…………………. 19
2.5 Evolution of Greek Banks’ Capital Adequacy (2003 – 2008)....………………………………………………….. 20
2.6 Listed Banks’ on ASE Share Capital Increases in 2009..………………………………………………………… 21
4
TABLE OF CONTENTS
2.0 Greek Banking Sector Highlights (continued)

2.7 Competitive Positioning……………………………………………………………………………………………….. 22
2.8 Balance Sheet Highlights as of 30.09.2009 / Consolidated Figures…………………………………………….. 23
2.9 Balance Sheet Highlights as of 31.12.2008 / Consolidated Figures……………………………………………… 24
2.10 Growth & Comparison Relative to Largest Player (Assets, Loans, Deposits)………………………………….. 25
2.11 Profitability Highlights……………………………………………………………………………..…........................ 31
2.12 Key Financial Ratios………………………………………………………………………………………………….. 33
2.13 Operational Efficiency Comparison & Ratios ……………………………………………………………………… 40
5
TABLE OF CONTENTS
3.0 Performance of Greek Banking Stocks Listed on ASE……………………………….. 43

3.1 Athens Stock Market Performance (01.01.2004 – 31.12.2009)…………………………………………………… 44
3.2 Major Banks’ Stock Market Performance (01.01.2004 – 31.12.2009)……………………………………………. 45
3.3 Small & Medium Banks’ Stock Market Performance (01.01.2004 – 31.12.2009)……………………………….. 46
6
1.0 Greek Banking Sector Compared
to Euro Zone Banking Sector
1.0 Greek Banking Sector Compared to Euro Zone Banking Sector
1.1 Introduction
 The credit turmoil and the subsequent sharp deterioration of global markets added stress to the banking sector
as a whole, causing Greek banks to use part of the €28 bn. support package of the Bank of Greece (Central
Bank) and proceed also to share capital increases to bolster their capital strength in view of the need for higher
provisioning.
 The inherent weakness of the Greek economy with rising deficits and the highest debt to GDP ratio among
the E.U. countries leading to the successive downgrading of the country, had an additional unavoidable impact
on the banking sector itself and how international capital markets see it.
 Despite the above, Greek banks managed to weather the crisis so far, largely due to their operational model,
their substantial capital adequacy plus the fact that Greek banks were little or not exposed at all to toxic
assets or structured products, because in the “good times” they were using their reserves to acquire banks in
S. E. Europe, as opposed to investing in problematic products.
 Notwithstanding reduced profitability and increased regulatory requirements, following Basel II implementation,
the financial condition of the Greek banking system is sound, as confirmed also by recent credit ratings.
Recent increases of share capital bolstered even further their capital adequacy ratios, thus supporting the
stability of the banking system and facilitating future asset growth.
 As illustrated in the following slides, there is still considerable favourable gap between Greek banks and
the average of the EU27 and no doubt the banking sector, is one of the healthiest sectors of the Greek
economy.
 The recent turmoil unavoidably created much stress on the smaller banks, so 2010 and 2011 are expected to be
years of further consolidation in the Greek banking market with smaller banks expected either to be absorbed
by bigger banks or merged amongst themselves, notwithstanding the possibility of seeing also some “mega
mergers” amongst the larger banks. It takes one “mega merger” to fuel a chain reaction amongst the rest of
the group.
9
1.2 Total Lending Penetration in Greece and the Euro Zone (2007)
Although total lending in Greece has grown rapidly over the last years, there is still room for considerable
growth, as total lending penetration lags behind the EU average. Of course the increasing defaults, the need
Highlight:
for more provisioning and the need for stronger balance sheets, makes (correctly) Greek Banks more
apprehensive on lending in these times.
Total Lending as % of GDP (2007)

350%
300% 288%
257%
250%
221%
200%
177%
158% 157%
150% 136% 134% 130%
114% 112%
100% 87% 82%
50%
0%
UK Ireland Denmark Spain Portugal EU27 MU13 Sweden Germany France Italy Greece Finland
Source: ECB (Report on EU Banking Structures - October 2008)

Notes: MU13 stands for the 13 EU countries that are part of the Monetary Union (Euro Zone).
10
1.3 Income mix of Greek and European banks (2008)
Unlike other European banks, net interest income accounts for more than 75% of Greek banks operating
income. This is no surprise, given their operational model. Greek banks focused traditionally on commercial
Highlight: banking and penetration in S.E. Europe, as opposed to trading and investment banking. Hence, their
substantial income from interest, but also their lack of exposure to toxic assets and structured products!
Breakdown of Income (2008)
100% 1% 2% 2%
5% 10%
13% 14% 14% 13%
21% 20%
22% 18%
80% 31%
% of Total Operating Income
35% 24% 23% 26% 31%
60% 37%
40% 85%
85% 78% 77%
79% 63% 66% 63% 61% 59%
20% 43%
0%
-15% -7%
-20%
Germany Denmark Spain Finland France Greece Ireland Italy Portugal Sweden UK
Net Interest Income Net Fee Income Other Income

Source: ECB (Report on EU Banking Sector Stability – August 2009)
11
1.4 Efficiency ratios of Greek and European banks (2008)
Despite asset growth, their large scale investments in S.E. Europe and increased statutory requirements,
Highlight: Greek banks managed to quickly streamline operations, thus exhibiting better than average efficiency ratios
compared to their major EU counterparts.
Cost / Income (2008)
80% 75% 74%
70% 67%
59% 55% 55%

60%
54% 53%
Cost / Income (%)
50% 48% 47%
40%
30%
20%
10%
0%
France Denmark Italy UK Sweden Greece Portugal Finland Spain Ireland
12
1.5 Capital adequacy of Greek and European banks (2008)
The sharp deterioration of global macroeconomic outlook in 2008 added much stress to the European banking
sector. Many European banks had to participate in State bailout plans in 2008 & 2009 to support their capital
Highlight: adequacy levels, and this is already reflected in their 2008 figures. The picture at the end of the 2009 is
expected to be very much different from 2008, in favour of Greek banks.
Capital Adequacy Ratio (2008)
16.0
13.7
14.0 13.1 13.0 13.0
Capital Adequacy Ratio (%)
12.0
12.0 11.3
10.5 10.4 10.3 10.3
10.0 9.4
8.0
6.0
4.0
2.0
0.0
Finland Denmark Germany UK Ireland Spain Sweden Italy France Portugal Greece
13
1.6 Profitability ratios of Greek and European banks (2008)
Improved efficiency, accelerated credit expansion (also in emerging markets) and large spreads resulted in
Highlight:
Greek banks exhibiting one of the highest profitability ratios, even in hard times.
Return on Equity (2008)
15.0
12.2 12.1
10.7
10.0 8.3 8.1
5.0 3.5 2.9

0.4
ROE (%)
0.0
Spain Sweden Greece Finland Portugal Italy France Ireland Denmark UK Germany
-5.0 -3.4
-10.0
-9.7
-15.0
-20.0
-22.3
-25.0
14
2.0 Greek Banking Sector Highlights
2.1 Evolution of Total Lending in Greece and Breakdown by Type (2004 – Oct. 2009)
For years, Greek banks witnessed an unprecedented domestic credit expansion on the back of strong credit
demand, low interest rates and favorable economic environment. Mortgage and consumer lending, were the
Highlight: main drivers. However, economic slowdown, increasing provisioning and pressures to improve capital
adequacy, have led to more stringent credit criteria and a virtual halt on credit expansion.
Breakdown of Credit in Greece only (2004 – Oct. 2009)
300.0
Credit to Enterprises & Households (€ bn.)
y-o-y growth rate

20.9% 249.7 251.6
250.0 19.4% 19.7%
20.0%
39.5 39.3
215.4
200.0 179.5 34.8
15.9%
149.9 77.7 79.7
28.7
150.0 69.4
124.0 23.5
57.1
18.5
100.0 45.4
34.1
132.5 132.6
50.0 111.3
81.0 93.6
71.4
0.9%
0.0
2004 2005 2006 2007 2008 Oct-2009
Corporate Housing Consumer & Other % growth rate
Source: Bank of Greece (October 2009)

Note: Amounts include securitized loans. Growth rate for the 10-month period 2008 – Oct. 2009 is annualized. Corporate credit includes corporate bonds
16
2.2 Evolution of Deposits in Greece and Breakdown by Type (2004 – Oct. 2009)
Deposits also increased, albeit at a lower pace, which indicates that Greek banks have been leveraging up
Highlight: to continue their lending spree in this period. Following the interbank liquidity crunch, deposit gathering
accelerated, though at a higher cost. Indicatively, time deposits rose to c. 60% of total deposits in 2008 from
c. 35% in 2005.
Breakdown of Deposits in Greece only (2004 – Oct. 2009)

Deposits from Enterprises & Households (€ bn.)
250.0 235.5
227.6
16.0%
24.1
y-o-y growth rate 21.8
197.9
200.0 15.0%
174.9 25.0 13.1%
159.6
23.5
150.0 137.5 22.2
9.0% 9.6% 138.3
138.5
18.3 99.3
73.6
57.6
100.0 45.3
4.2%
50.0
74.0 79.8 77.9 73.6 73.1
67.3
0.0
2004 2005 2006 2007 2008 Oct-2009
Savings Deposit Time Deposits & Repos Sight Deposits % growth rate

Note: Growth rate for the 10-month period 2008 – Oct. 2009 is annualized.
17
2.3 Evolution of Interest Rate Spreads in Greece (2003 – Aug. 2009)
Competition dynamics, as well as the liquidity crunch, resulted in decreasing interest rate spreads in the
Highlight: period 2003 - 2008. Spreads started increasing again, beginning 2009, following the liquidity crunch and
increasing cost of deposits, plus of course some credit risk premium pricing.
Interest Rate Spreads in Greece only (2003 – Aug. 2009)
5.00% 4.72% 4.72%

4.52% 4.51%
4.50%
4.14%
3.87% 3.85%
4.00%
Greece
3.45%
3.50%
3.00%
3.09%
2.89%
2.50% 2.77% EU
2.53% 2.56% 2.63%
2.35% 2.39%
2.00%
1.50%
1.00%
0.50%
0.00%
2003 2004 2005 2006 2007 2008 Jul-2009 Aug-2009
18
2.4 Evolution of Greek Banks’ Non-Performing Loans (2003 – 2008)
The loan portfolio quality is probably the major concern of all at the moment.
Economic slowdown coupled with anticipated increase in the cost of funding due to the expected interest
Highlight: rates increase by the ECB and the downgrading of Greece’s credit rating, will likely deteriorate the loan
portfolio quality further, through an expected deepening of the crisis in early 2010.
To this end all banks have been increasing their impairment provisions drastically in 2008 and 2009 and
proceeded to restructurings to avoid defaults.
NPL Ratio (2003 – 2008)

9.0%
8.0%
7.0%
7.0% 7.0%
6.0%
6.3%
5.0% 5.4%
5.0%
4.0% 4.5%
3.0%
2.0%
1.0%
0.0%
2003 2004 2005 2006 2007 2008
Total Consumer Housing Corporate
Source: Bank of Greece (Governors reports 2004 – 2008)
19
2.5 Evolution of Greek Banks’ Capital Adequacy (2003 – 2008)
Reduced profitability or losses (particularly in 2008), Basel II implementation (effective from Jan. 2008) and
an increase in risk weighted assets due to credit expansion, all had a negative impact on capital adequacy
Highlight: ratios. Concerns over loan portfolio quality deterioration, adds significant stress to banks’ solvency. The
picture is expected to be better at the end of 2009 for the larger banks due to ensuing share capital
increases shown on the next page.
Capital Adequacy & Tier 1 Ratio (2003 – 2008)
14.0% 13.2%
12.2%
12.0% 11.2%
10.9%
9.9%
10.0% 9.2% 9.5%
7.9%
8.0%
6.0%
4.0%
2.0%
0.0%
2005 2006 2007 2008
Tier
Tier 11 &
& 22 Tier
Tier 11
Source: Bank of Greece (Governors reports 2006 – 2008)
Note: Capital adequacy ratios reported on a Group level
20
2.6 Listed Banks’ on ASE Share Capital Increases in 2009
 In order to weather the storm, the majority of the banks decided to participate in the state bailout plan, by
issuing preferred shares.
 Additionally, banks increased their efforts to raise equity capital despite adverse market conditions.
 It is expected that Government injections alone will increase capital adequacy ratios by c. 190 bps.
Preferred shares issue Common shares issue Total share capital increase
Amounts in € mn. 0 500 1,000 1,500 0 500 1,000 1,500
NATIONAL 350 NATIONAL 1,247 1,597

EUROBANK 950 EUROBANK 950
ALPHA 940 ALPHA 986 1,926
PIRAEUS 370 PIRAEUS 32 402
ATE BANK 675 ATE BANK 675
1
EMPORIKI EMPORIKI 849 849
MARFIN EGNATIA MARFIN EGNATIA 0 Grand total
HPB 2
225 HPB 526 751 € 7.9 bn
ATTICA 100 ATTICA 152 253
GENIKI GENIKI 176 176
PROTON 80 PROTON 80
3
ASPIS 90 ASPIS 120 210
4
MPB MPB 27 27
BANK OF CYPRUS BANK OF CYPRUS 28 28
Source: Published & Consolidated Financial Statements under IFRS, Press releases
Notes: Common shares capital increases were made with cash injection except for Piraeus, MPB and Bank of Cyprus where dividends were reinvested 3: Aspis’ share capital increase has not yet been
concluded
1: Emporiki announced in late November an additional share capital increase of € 1 bn, which is pending Shareholders’ General Assembly approval
4: MPB: Marfin Popular Bank
2:: HPB: Hellenic PostBank
21
2.7 Competitive Positioning
In the following slides we present the performance of Greek Banks’ during the periods 31.12.2005 – 30.09.2009 and
31.12.2005 – 31.12.2008, in terms of their main financial & operating figures. i.e.:
 Total Assets
 Loans
 Deposits
 Return on Average Equity (ROAE)
 Return on Average Assets (ROAA)
 Cost to Income Ratio
 Branch and Employee Network Productivity Ratios
Financial Information is based on the annual published and audited consolidated group financial statements.
Where reference is made to the 30th September 2009 financial information, this is based on the published non-audited
consolidated group accounting statements regarding the 9-month results of 2009 and consolidated group balance sheet
as of that date.
No adjustments were made on the basis of the notes to the financial statements and auditors qualifications.
22
2.8 Balance Sheet Highlights as of 30.09.2009 / Consolidated Figures
Assets Deposits Loans Total Equity

# Bank Name 30.09.2009 Rank 30.09.2009 Rank 30.09.2009 Rank 30.09.2009 Rank
(€ mn.) (€ mn.) (€ mn.) (€ mn.)
1. NATIONAL 112,241 1 69,939 1 75,543 1 9,116 1
2. EUROBANK 84,263 2 47,394 2 55,215 2 4,467 2
3. ALPHA 68,806 3 41,919 3 51,012 3 4,413 3
4. PIRAEUS 52,252 4 30,266 4 37,451 4 3,600 4
5. ATE BANK 29,334 5 21,781 5 21,572 6 1,782 5
6. EMPORIKI 29,079 6 16,106 6 23,049 5 682 8
7. MARFIN EGNATIA 21,468 7 11,248 8 13,380 7 827 7
8. HPB 16,000 8 12,542 7 7,622 8 1,494 6
9. ATTICA 5,149 9 3,491 9 3,847 10 591 9
10. GENIKI 4,804 10 2,610 10 4,002 9 351 11
11. PROTON 2,788 11 1,426 12 1,050 12 360 10
12. ASPIS 2,576 12 1,924 11 1,949 11 88 12
MPB*
13. 40,192 n/a 24,552 n/a 24,358 n/a 3,584 n/a
(based in Cyprus)
BANK OF CYPRUS
14. 37,194 n/a 28,576 n/a 24,816 n/a 2,359 n/a
(based in Cyprus)
Source: Published & Consolidated Financial Statements under IFRS. BANK OF CYPRUS & MPB’s Published & Consolidated Financial Statements under IFRS in €.
Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments to the equity of the banks made on the basis of notes to the financial statements and auditors’ qualifications.
* MPB : On the basis of the published financial information as at 30 September 2009, MPB accounts also for MARFIN EGNATIA BANK that resulted from the merger of EGNATIA BANK, MARFIN BANK and
LAIKI BANK (Hellas) Branch.
23
2.9 Balance Sheet Highlights as of 31.12.2008 / Consolidated Figures
Assets Deposits Loans Total Equity
# Bank Name 31.12.2008 Rank 31.12.2008 Rank 31.12.2008 Rank 31.12.2008 Rank
(€ mn.) (€ mn.) (€ mn.) (€ mn.)
1. NATIONAL 101,839 1 67,657 1 73,076 1 5,972 1
2. EUROBANK 82,202 2 45,656 2 55,878 2 3,587 2
3. ALPHA 65,270 3 42,547 3 50,705 3 3,021 3
4. PIRAEUS 54,890 4 28,381 4 38,313 4 2,876 4
5. EMPORIKI 30,029 5 18,364 6 23,710 5 227 12
6. ATE BANK 28,474 6 20,965 5 20,854 6 867 5
7. MARFIN EGNATIA 19,403 7 11,731 7 13,003 7 760 6
8. HPB 14,898 8 11,211 8 7,004 8 532 7
9. MILLENNIUM 6,104 9 3,234 9 4,794 9 314 9
10. GENIKI 4,967 10 2,535 12 4,109 10 226 13
11. ATTICA 4,520 11 2,951 10 3,386 11 324 8
12. PROBANK 3,174 12 2,692 11 2,385 12 264 11
13. ASPIS 2,624 13 1,986 13 2,136 13 122 15
14. PROTON 1,980 14 918 15 1,182 15 268 10
15. FBB 1,800 15 1,349 14 1,467 14 145 14
16. PANELLINIA 834 16 494 16 634 16 79 16
MPB*
17. 38,367 n/a 24,828 n/a 23,427 n/a 3,430 n/a
(based in Cyprus)
BANK OF CYPRUS
18. 36,107 n/a 27,936 n/a 24,449 n/a 2,041 n/a
(based in Cyprus)
Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments to the equity of the banks made on the basis of notes to the financial statements and auditors’ qualifications.
* MPB : On the basis of the published financial information as at 31 December 2008, MPB accounts also for EGNATIA and MARFIN BANK following the triple merger effective from 12th December 2006.
24
2.10 Growth & Comparison Relative to Largest Player (Assets)
A. Growth in Assets (31.12.2005 – 30.09.2009 ) / Consolidated Figures
Successive share capital increases, increased borrowing from capital markets for more aggressive lending, expansion
in S.E. Europe and high profitability in this nearly 4 - year period have shown a substantial increase in the balance
Highlight: sheets of most banks, but especially the larger ones. Comparing this slide to the following one which is the real-year
period to the end of 2008, shows the “stress” of the first 9 months of 2009 on the growth of banks achieved in
this period.
50.0%
PROTON *
MARFIN Large Banks
Total Assets
EGNATIA *
45.0% 86.0% Medium Banks
63.5%
Small Banks
40.0%
Compounded Annual Growth (CAGR)
€ 20 bn. Cyprus Banks

in Assets (31.12.2005 – 30.09.2009)
MPB*
35.0% 37.1%
30.0%
25.0% PIRAEUS
ATTICA
23.7%
21.1%
20.0% EUROBANK NATIONAL
BANK OF CYPRUS 18.6% 18.0%
15.0% 14.8% * Extraordinary growth
HPB ATE BANK ALPHA rates exhibited by
GENIKI
9.0% 12.7% PROTON and MARFIN
10.0% 8.8% 9.6%
EGNATIA & MPB are
driven by the mergers
5.0% ASPIS EMPORIKI with OMEGA and
4.3% 10.5% MARFIN & LAIKI BANK
0.0% (Hellas) branch,
0.0% 5.0% 10.0% 20.0% 40.0% 60.0% 80.0% 100.0% respectively.
Total Assets as % of Total Assets of Largest Player

Source: Published & Consolidated Financial Statements
25
2.10 Growth & Comparison Relative to Largest Player (Assets)
B. Growth in Assets (31.12.2005 – 31.12.2008 ) / Consolidated Figures
• Large Greek banks have also established their footprint into the Balkan region; a strategy with certain
Highlight: evident merits as well as risks
• Notably, some of them have transformed through strategic acquisitions, into eminent regional players.
• As a result the gap between “large” and the rest of the banks increased
50.0%
Total Assets Large Banks
PROTON * MPB*
45.0% 93.8% MARFIN 46.1%
Medium Banks
EGNATIA* Small Banks
78.8% € 20 bn. Cyprus Banks

in Assets (31.12.2005 – 31.12.2008)
40.0%
PANELLINIA
35.0% 22.3%
PIRAEUS
MILLENNIUM 32.6%
30.0% 28.7%
PROBANK
25.0% 23.3% EUROBANK
BANK OF CYPRUS
ATTICA 22.7%
20.0% 17.7% NATIONAL
FBB 21.6% * Extraordinary growth
19.0%
18.0% EMPORIKI rates exhibited by
15.0% 14.5% ALPHA PROTON and MARFIN
GENIKI
14.0%
12.4% EGNATIA & MPB are
10.0% driven by the mergers
ATE BANK with OMEGA and
ASPIS
11.0%
5.0% 6.0% MARFIN & LAIKI BANK
HPB
8.8% (Hellas) branch,
0.0% respectively.
0.0% 5.0% 10.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Total Assets as % of Total Assets of Largest Player
26
2.10 Growth & Comparison Relative to Largest Player (Loans)
C. Growth in Loans (31.12.2005 – 30.09.2009 ) / Consolidated Figures
• For many years, following consumer credit liberalization, banks exhibited an aggressive credit expansion culture,
leveraging up their balance sheets and enhancing their earnings through such a strategy.
Highlight: • Notwithstanding competition in loans, interest rate spreads are still considerably higher than EU averages.
• Again, interesting to compare this slide which goes to 30/09/2009 with the next one which goes to 31/12/2008,
to see drastic reduction in lending in the first 9 months of 2009.
MARFIN
PROTON EGNATIA Total Loans Large Banks
45.0%
MPB Small Banks
40.0%
39.9% € 10 bn. Cyprus Banks

in Loans (31.12.2005 – 30.09.2009)
35.0%
30.0% NATIONAL
HPB
PIRAEUS 28.5%
27.7%
25.0% 26.6%
BANK OF CYPRUS EUROBANK
21.2% 21.5%
20.0% ATTICA ALPHA
22.7% 18.1%
ATE BANK
15.0% 15.5%
GENIKI
10.0% 11.7% EMPORIKI
10.9%
5.0% ASPIS
5.0%
0.0%
0.0% 10.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Loans to Customers as % of Loans to Customers of Largest Player

27
2.10 Growth & Comparison Relative to Largest Player (Loans)
D. Growth in Loans (31.12.2005 – 31.12.2008 ) / Consolidated Figures
Highlight:
• Consumer and SME financing have been offering large spreads and growth opportunities both in Greece
and in the Balkans
PROTON MPB Large Banks

45.0%
40.0% Small Banks
PROBANK MILLENNIUM Cyprus Banks

in Loans (31.12.2005 – 31.12.2008)
34.4% MARFIN
32.1% PIRAEUS NATIONAL
35.0% EGNATIA 35.4% 35.3%
76.5% Total Loans
HPB
PANELLINIA BANK OF CYPRUS 28.0%
27.9% 26.5%
25.0%
ATTICA ALPHA € 10 bn.
23.7% 22.8%
FBB ATE BANK
20.0%
23.3% 18.4%
GENIKI
15.0% 15.8% EMPORIKI
14.9%
10.0% ASPIS
9.6%
5.0%
0.0%
0.0% 10.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Loans to Customers as % of Loans to Customers of Largest Player
28
2.10 Growth & Comparison Relative to Largest Player (Deposits)
E. Growth in Deposits (31.12.2005 – 30.09.2009 ) / Consolidated Figures
• Balance sheet leveraging increased dependence on financial markets and a more aggressive competition for deposits.
As a result, competition in attracting deposits peaked up in 2008 and so did their cost!
Highlight:
• The liquidity crunch and the increasing difficulty to attract funds from international markets (especially at a time when
the country itself is downgraded), proved that such a strategy is not sustainable in the long-term.
MARFIN
40.0% EGNATIA Total Deposits Large Banks
PROTON 46.9% Medium Banks
161.7%
35.0% Small Banks
in Deposits (31.12.2005 – 30.09.2009)
€ 10 bn. Cyprus’ Banks

30.0% MPB
27.4% EUROBANK
27.1%
25.0% PIRAEUS
24.8%
20.0% ALPHA
19.3%
ATTICA BANK OF CYPRUS
15.0% 16.7% NATIONAL
12.2%
13.6%
10.0% HPB
ASPIS 6.4%
ATE BANK
5.6% 5.9%
5.0%
EMPORIKI
GENIKI 2.0%
1.6%
0.0%
0.0% 10.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Deposits as % of Deposits of Largest Player

29
2.10 Growth & Comparison Relative to Largest Player (Deposits)
F. Growth in Deposits (31.12.2005 – 31.12.2008 ) / Consolidated Figures
• The global crisis in the second part of 2008 and the need of major international financial institutions to draw
on State aid to avert failure, created a “confidence issue” in Greece also, with a large shift of deposits
Highlight: from the smaller to the larger banks as evidenced by the difference in growth rates in this slide.
• Large and State affiliated banks benefited most from this development.
40.0%
PROTON Total Deposits Large Banks
MPB Medium Banks
187.4% MARFIN
EGNATIA Small Banks
in Deposits (31.12.2005 – 31.12.2008)
PANELLINIA 33.3%
64.1% Cyprus’ Banks
21.4%
PIRAEUS
€ 10 bn.
30.0%
FBB 29.1%
21.0%
ALPHA
25.0% PROBANK 25.3%
22.2%
20.0% MILLENNIUM
21.1%
NATIONAL
15.0% ATTICA BANK OF CYPRUS
16.0%
14.7% 14.6%
EMPORIKI
10.0% ASPIS
7.1%
8.1%
ATE BANK
5.0% 6.0%
HPB
GENIKI 4.0%
0.0% 1.0%
10.0%
0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

Deposits as % of Deposits of Largest Player
30
2.11 Profitability Highlights
A. Profitability Highlights for the 9 months to 30.09.2009
Operating Operating Operating Profit Cost / Income Earnings

Income Expenses Before Provisions Ratio After Tax
# Bank Name
01.01. - 30.09.2009 01.01. - 30.09.2009 01.01. - 30.09.2009 01.01. - 30.09.2009 01.01. - 30.09.2009
(€ mn.) (€ mn.) (€ mn.) (%) (€ mn.)
1. NATIONAL 3,868 1,814 2,054 46.9% 1,010

2. EUROBANK 2,253 1,087 1,166 48.2% 280
3. ALPHA 1,804 869 935 48.2% 345
4. PIRAEUS 1,229 641 588 52.1% 219
5. ATE BANK 822 457 365 55.6% 82
6. EMPORIKI 577 500 77 86.7% (472)
7. MARFIN EGNATIA 336 202 134 60.2% (7)
8. HPB 378 192 186 50.8% 123
9. ATTICA 110 74 36 67.5% 9
10. GENIKI 147 119 28 81.2% (51)
11. PROTON 108 48 61 44.0% 16
12. ASPIS 54 74 (19) 135.4% (42)
MPB*
13. 802 443 359 55.2% 144
(based in Cyprus)
BANK OF CYPRUS
14. 949 495 454 52.2% 265
(based in Cyprus)
Notes: No adjustments made on the basis of notes to the financial statements and auditors’ qualifications.
1: Operating Income includes: Net Interest Income. Net Commission Income. Income from Financial Transactions & Other Operating Income.
2: Operating expenses include Personnel, Administration Expenses & Depreciation.
31
2.11 Profitability Highlights
B. Profitability Highlights for the year ended 31.12.2008
Operating Operating Operating Profit Before Cost / Income Earnings
Income Expenses Provisions Ratio After Tax
# Bank Name
01.01. - 31.12.2008 01.01. - 31.12.2008 01.01. - 31.12.2008 01.01. - 31.12.2008 01.01. - 31.12.2008
(€ mn.) (€ mn.) (€ mn.) (%) (€ mn.)
1. NATIONAL 4,908 2,410 2,498 49.1% 1,546
2. EUROBANK 3,277 1,566 1,711 47.8% 652
3. ALPHA 2,339 1,178 1,160 50.4% 512
4. PIRAEUS 1,652 902 750 54.6% 315
5. EMPORIKI 757 666 90 88.1% (492)
6. ATE BANK 807 600 206 74.4% 28
7. MARFIN EGNATIA 438 283 155 64.6% 39
8. HPB 302 232 70 76.9% 3
9. MILLENNIUM 174 132 41 76.2% 15
10. GENIKI 194 164 30 84.4% (37)
11. ATTICA 145 96 49 66.0% 13
12. PROBANK 125 77 47 62.0% 20
13. ASPIS 73 109 (36) 149.5% (48)
14. PROTON 41 56 (15) 137.6% (62)
15. FBB 40 28 12 70.1% 0
16. PANELLINIA 29 22 7 75.3% 0
MPB*
17. 1,085 591 494 54.5% 395
(based in Cyprus)
BANK OF CYPRUS
18. 1,205 552 654 45.8% 502
(based in Cyprus)
Notes: No adjustments made on the basis of notes to the financial statements and auditors’ qualifications.
1: Operating Income includes: Net Interest Income. Net Commission Income. Income from Financial Transactions & Other Operating Income.
2: Operating expenses include Personnel, Administration Expenses & Depreciation.
32
2.12 Key Financial Ratios
A. Key Financial Ratios as of 30.09.2009 / Consolidated Figures
Return on Average Return on Average

Equity / Assets (%) Loans / Deposits (%) Assets (after tax) Equity (after tax)
Bank Name
30.09.2009 30.09.2009
# ROAA* (%) ROAE* (%)
1. NATIONAL 8.1% 108.0% 1.3% 17.8%
2. EUROBANK 5.3% 116.5% 0.4% 9.3%
3. ALPHA 6.4% 121.7% 0.7% 12.4%
4. PIRAEUS 6.9% 123.7% 0.5% 9.0%
5. ATE BANK 6.1% 99.0% 0.4% 8.3%
6. EMPORIKI 2.3% 143.1% (2.1%) (138.5%)
7. MARFIN EGNATIA 3.9% 119.0% (0.0%) (1.2%)
8. HPB 9.3% 60.8% 1.1% 16.2%
9. ATTICA 11.5% 110.2% 0.2% 2.6%
10. GENIKI 7.3% 153.3% (1.4%) (23.8%)
11. PROTON 12.9% 73.6% 0.9% 6.6%
12. ASPIS 3.4% 101.3% (2.2%) (53.4%)
MPB*
13. 8.9% 99.2% 0.5% 5.5%
(based in Cyprus)
BANK OF CYPRUS
14. 6.3% 86.8% 1.0% 16.0%
(based in Cyprus)
Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments to the equity of the banks made on the basis of notes to the financial statements and auditors’
qualifications.
*. ROAA and ROAE have been calculated on annual basis.
33
B. Key Financial Ratios as of 31.12.2008 / Consolidated Figures
Return on Average Return on Average
Equity / Assets (%) Loans / Deposits (%) Assets (after tax) Equity (after tax)
# Bank Name
31.12.2008 31.12.2008
ROAA (%) ROAE (%)
1. NATIONAL 5.9% 108.0% 1.6% 24.9%
2. EUROBANK 4.4% 122.4% 0.9% 16.6%
3. ALPHA 4.6% 119.2% 0.9% 16.0%
4. PIRAEUS 5.2% 135.0% 0.6% 10.6%
5. EMPORIKI 0.8% 129.1% (1.7%) (88.7%)
6. ATE BANK 3.0% 99.5% 0.1% 2.4%
7. MARFIN EGNATIA 3.9% 110.8% 0.2% 4.9%
8. HPB 3.6% 62.5% 0.0% 0.5%
9. MILLENNIUM 5.1% 148.2% 0.3% 4.9%
10. GENIKI 4.6% 162.1% (0.8%) (14.2%)
11. ATTICA 7.2% 114.7% 0.3% 3.9%
12. PROBANK 8.3% 88.6% 0.7% 7.8%
13. ASPIS 4.6% 107.5% (1.7%) (31.5%)
14. PROTON 13.5% 128.7% (2.8%) (19.5%)
15. FBB 8.1% 108.7% 0.0% 0.3%
16. PANELLINIA 9.5% 128.4% 0.0% 0.1%
MPB*
17. 8.9% 94.4% 1.1% 11.6%
(based in Cyprus)
BANK OF CYPRUS
18. 5.7% 87.5% 1.5% 25.1%
(based in Cyprus)
Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments to the equity of the banks made on the basis of notes to the financial statements and auditors’
qualifications.
34
C. Return on Average Assets (ROAA) (01.01.2009 – 30.09.2009 ) / Consolidated Figures
• Higher cost of funding, decreasing spreads, higher impairment provisions, lower or negative trading income,
Highlight: credit deceleration and marked to market losses, resulted in lower profitability ratios both for the 9-months
ended on 30.09.2009 and for 2008.
MARFIN PROTON
EGNATIA 0.9% Total Assets Large Banks
(0.0%) {86,0%}
{63.5%}
Medium Banks
50.0% Small Banks
in Assets (31.12.2005 – 30.09.2009)
40.0%
MPB
0.5%
30.0% BANK OF CYPRUS

1.0%
PIRAEUS
ATTICA
0.5%
0.2%
20.0% NATIONAL
EMPORIKI EUROBANK 1.3%
0.4%
(2.1%)
ALPHA
GENIKI 10.0% 0.7%
HPB
(1.4%) ATE BANK 1.1%
0.4%
ASPIS
(2.2%) 0.0%
(1.5%) (1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% 2.0%
Annualised After Tax Return on Average Assets (%)

ROAA (01.01. – 30.09.2009)
35
D. Return on Average Assets (ROAA) (01.01.2008 – 31.12.2008 ) / Consolidated Figures
Highlight: • Yet, Greek banks exhibited higher profitability ratios than their European peers on average!
PROTON MARFIN
(2.8%) EGNATIA Total Assets Large Banks
50.0%
{93.8%} 0.2% Medium Banks
{78.8%} MPB
45.0% 1.1%
Small Banks
40.0%
in Assets (31.12.2005 – 31.12.2008)
35.0%
PIRAEUS
MILLENNIUM 0.6%
30.0% 0.3%
25.0% PROBANK
EUROBANK
PANELLINIA 0.7%
0.9% NATIONAL
22.3%
EMPORIKI 20.0% ATTICA 1.6%
(1.7%) FBB 21.6%
18.0% 15.0% BANK OF CYPRUS
ALPHA 1.5%
ATE BANK 0.9%
GENIKI 10.0% 0.1%
(0.8%)
HPB
5.0%
ASPIS 0.0%
(1.7%)
0.0%
(1.0%) (0.5%) 0.0% 0.5% 1.0% 1.5% 2.0% 2.5%
Annualised After Tax Return on Average Assets (%)
Source: Published & Consolidated Financial Statements ROAA (01.01. – 31. 12.2008)
36
E. Return on Average Equity (ROAE) (01.01.2009 – 30.09.2009 ) / Consolidated Figures
• Shareholders cannot complaint with such returns in the middle of the crisis. The question is how
Highlight: sustainable they are in 2010 with, no doubt, more defaults and an increased need for provisions.
MARFIN Total Assets

EGNATIA
Large Banks
PROTON Medium Banks
50.0% (1.2%)
6.6%
{63.5%}
{86.0%}
Small Banks
€ 20 bn. Cyprus’ Banks
in Assets (31.12.2005 – 30.9.2009)
40.0%
MPB
5.5%
BANK OF CYPRUS
30.0%
16.0%
PIRAEUS
9.0%
ATTICA NATIONAL
EMPORIKI 20.0% 2.6% 17.8%
(138.5%) EUROBANK
9.3%
ALPHA
10.0% 12.4%
GENIKI ATE BANK HPB
(23.8%) 8.3% 16.2%
ASPIS 0.0%
(53.4%)
(5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
(10.0%)
Annualised After Tax Return on Average Equity (%)
Source: Published & Consolidated Financial Statements ROAE (1.1. – 30.09.2009)
37
F. Return on Average Equity (ROAE) (01.01.2005 – 31.12.2008 ) / Consolidated Figures
50.0% Total Assets Large Banks

MPB
PROTON MARFIN 11.6%
Medium Banks
45.0%
(19.5%) EGNATIA Small Banks
{93.8%} 4.9% € 20 bn.
40.0% Cyprus’ Banks
{78.8%}
in Assets (31.12.2005 – 31.12.2008)
35.0%
PANELLINIA PIRAEUS
22.3% MILLENNIUM 10.6%
30.0% 4.9%
25.0% NATIONAL
EUROBANK 24.9%
PROBANK
ATTICA 16.6%
EMPORIKI 20.0% 7.8%
(88.7%) 3.9%
FBB
18.0% BANK OF CYPRUS
15.0% ALPHA 25.1%
16.0%
GENIKI ATE BANK
(14.2%) 10.0% 2.4%
HPB
5.0% 0.5%
ASPIS
(31.5%)
0.0%
(5.0%) 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Annualised After Tax Return on Average Equity (%)
Source: Published & Consolidated Financial Statements ROAE (1.1. – 31.12.2008)
38
G. Evolution of Cost to Income Ratio (1.1 - 30.09.2009,2008,2007)
• Major banks are more efficient, exhibiting cost to income ratios below 50% and illustrating that “scale matters”!
Highlight: • Deterioration in efficiency ratios in 2008 and in 2009 is driven mainly by reduced operating income.
• Should this trend sustain, banks will need to focus on streamlining their operations and costs further.
Cost to Income Ratio* (1.1 – 30.09.2009, 2008, 2007)
138
135
149
>50% < 50%

120
99
30.09.2009
100
Cost to Income Ratio (%)
2008
88
87
84
81
80
2007
77
74
80
73
70
68
66
65
* Cost to Income Ratio expressed
61
60
60
60
as Operating Expenses including
56
55
55
54
60 Depreciation, over Operating
52
52
51
51
50
50
Income.
49
49
48
48
48
47
46
46
46
45
44
44
40
20
0
Source: Published & Consolidated
MPB
GENIKI
PROTON
HPB
EMPORIKI
ALPHA
BANK OF
ATE BANK
EGNATIA
PIRAEUS
EUROBANK
ATTICA
NATIONAL
CYRPUS
ASPIS
MARFIN
Financial Statements under IFRS.

Notes: No adjustments made on
the basis of notes to the financial
statements and auditors’
qualifications.
39
2.13 Operational Efficiency Comparison & Ratios
A. Highlights as of 30.09.2009 / Consolidated Figures
Loans per Employee Loans per Branch Deposits per Employee Deposits per Branch
# Bank Name
(€ mn.) (€ mn.) (€ mn.) (€ mn.)
1. NATIONAL 2.1 42.9 1.9 39.7
2. EUROBANK 2.3 31.7 2.0 27.2
3. ALPHA 3.4 47.9 2.8 39.3
4. PIRAEUS 2.7 41.8 2.2 33.8
5. ATE BANK 2.0 42.5 2.0 43.0
6. EMPORIKI 3.3 50.1 2.3 35.0
7. MARFIN EGNATIA 3.7 69.7 3.1 58.6
8. HPB 3.0 49.5 4.9 81.4
9. ATTICA 3.3 51.3 3.0 46.6
10. GENIKI 2.1 28.4 1.4 18.5
11. PROTON 1.9 32.8 2.6 44.6
12. ASPIS 1.8 27.1 1.8 26.7

Source: Published & Consolidated Financial Statements under IFRS, Hellenic Banking Association, Banks’ Annual Reports
Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments made on the basis of notes to the financial statements and auditors’ qualifications. Branches include all
branches both in Greece and of subsidiaries abroad. Number of Branches as of 31.12.2008. Employees include all Group employees.
Circled figures indicate best performance in the sample
40
B. Employee Productivity Ratios as of 30.09.2009 / Consolidated Figures
Assets, Deposits & Loans per Employee (30.09.2009)

6.3
6.0
6.0
5.1
4.9
Assets per Employee

5.0
4.6
4.5
4.4
Deposits per Employee
(Amounts in € mn.)
4.2
Loans per Employee
3.8
3.7
4.0
3.6
3.4
3.3
3.3
3.1
3.1
3.1
3.0
3.0
2.8
2.8
2.8
2.8
2.7
3.0
2.6
2.6
2.4
2.4
2.3
2.3
2.2
2.1
2.1
2.0
2.0
2.0
2.0
1.9
1.9
1.8
1.8
2.0
1.4
1.0
0.0
MPB
GENIKI
PROTON
HPB
EMPORIKI
BANK OF
ALPHA
ATE BANK
EGNATIA
PIRAEUS
EUROBANK
ATTICA
NATIONAL
CYRPUS
ASPIS
MARFIN
Source: Published & Consolidated Financial Statements under IFRS.

Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments made on the basis of notes to the financial statements and auditors’ qualifications. Employees figures include
all Group employees.
41
C. Branch Productivity Ratios as of 30.09.2009 / Consolidated Figures
Assets, Deposits & Loans per Branch (30.09.2009)

111.8
120.0
103.9
Assets per Branch

100.0
87.1
Deposits per Branch

(Amounts in € mn.)
81.4
78.5
Loans per Branch
80.0
69.7
68.7
64.8
64.5
63.7
63.2
58.6
58.4
57.9
51.3
60.0
50.1
49.8
49.5
48.4
48.0
47.9
47.6
46.6
44.6
43.2
43.0
42.9
42.5
41.8
39.7
39.3
35.8
35.0
34.1
33.8
32.8
31.7
40.0
28.4
27.2
27.1
26.7
18.5
20.0
0.0
MPB
EMPORIKI
HPB
GENIKI
PROTON
ALPHA
ATE BANK
BANK OF
PIRAEUS
EGNATIA
EUROBANK
NATIONAL
ATTICA
CYRPUS
ASPIS
MARFIN
Source: Published & Consolidated Financial Statements under IFRS.

Hellenic Banking Association, Banks’ Annual Reports
Notes: Loans are net of provisions. Deposits include all liabilities due to customers. No adjustments made on the basis of notes to the financial statements and auditors’ qualifications. Number of branches as of
31.12.2008. both in Greece and abroad.
42
3.0 Performance of Greek Banking
Stocks Listed on ASE
3.0 Performance of Greek Banking Stocks Listed on ASE
3.1 Athens Stock Market Performance (01.01.2004 – 31.12.2009)
The Banking Sector Index has considerably outperformed the ASE General Index over the period 2004 -2008,
Highlight: whereas from 2009 the Banking Index bears a strong pressure due to the economic turmoil.
However, following the capital markets turmoil, the correlation of the two indices has increased considerably.
ASE General Index Vs FTSE / ATHEX Bank Index Performance

Period: 01.01. 2004 – 31.12.2009
300,0
250,0
Base Date: 1.1.2004 = 100
200,0
FTSE / ATHEX
BANK Index
150,0
100,0 ASE General

Index
50,0
0,0
Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Dec-09
Source: Bloomberg
Note: FTSE / ATHEX Bank Index composition changed as of 2.1.2006
44
3.2 Major Banks’ Stock Market Performance (01.01.2004 – 31.12.2009)
The FTSE ATHEX Bank Index presented a sharp deterioration from January 2008 and onwards.
Highlight:
Only two banks outperformed the Bank index.
Except for ATE Bank and Emporiki all banks exhibited high volatility.
Major Banks’ Stock Market Performance

Period: 01.01. 2004 – 31.12.2009
400,0
NATIONAL
350,0
PIRAEUS
Base Date: 1.1.2004 = 100
300,0
FTSE / ATHEX
250,0 BANK Index
200,0 ASE General

Index
150,0
EUROBANK
100,0 ALPHA BANK
50,0
ATE BANK
EMPORIKI
0,0
Source: Bloomberg
45
3.3 Small & Medium Banks’ Stock Market Performance (01.01.2004 – 31.12.2009)
None of the medium sized banks managed to outperform the ASE General Index over the period under
Highlight: consideration.
Small & Medium Banks’ Stock Market Performance

Period: 01.01. 2004 – 31.12.2009
300,0
250,0
Base Date: 1.1.2004 = 100
FTSE / ATHEX
200,0
BANK Index
150,0 ASE General

Index
100,0
ATTICA
50,0 ASPIS BANK
GENIKI
0,0
Source: Bloomberg
46
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Highlights of the

Greek Banking Sector (extracts)

30th SEPTEMBER 2009 &

For more information on this

2.0 Greek Banking Sector Highlights…………………………………………………………. 15

2.0 Greek Banking Sector Highlights (continued)

3.0 Performance of Greek Banking Stocks Listed on ASE……………………………….. 43

Total Lending as % of GDP (2007)

Source: ECB (Report on EU Banking Structures - October 2008)

Breakdown of Income (2008)

35% 24% 23% 26% 31%

Net Interest Income Net Fee Income Other Income

Cost / Income (2008)

80% 75% 74%

59% 55% 55%

50% 48% 47%

Source: ECB (Report on EU Banking Sector Stability – August 2009)

Capital Adequacy Ratio (2008)

Source: ECB (Report on EU Banking Sector Stability – August 2009)

Return on Equity (2008)

5.0 3.5 2.9

Source: ECB (Report on EU Banking Sector Stability – August 2009)

Breakdown of Credit in Greece only (2004 – Oct. 2009)

y-o-y growth rate

Corporate Housing Consumer & Other % growth rate

Source: Bank of Greece (October 2009)

Breakdown of Deposits in Greece only (2004 – Oct. 2009)

Source: Bank of Greece (October 2009)

Interest Rate Spreads in Greece only (2003 – Aug. 2009)

5.00% 4.72% 4.72%

Source: Bank of Greece (October 2009)

NPL Ratio (2003 – 2008)

Total Consumer Housing Corporate

Source: Bank of Greece (Governors reports 2004 – 2008)

Capital Adequacy & Tier 1 Ratio (2003 – 2008)

Amounts in € mn. 0 500 1,000 1,500 0 500 1,000 1,500

NATIONAL 350 NATIONAL 1,247 1,597

 Return on Average Equity (ROAE)

 Return on Average Assets (ROAA)

 Cost to Income Ratio

 Branch and Employee Network Productivity Ratios

Assets Deposits Loans Total Equity

€ 20 bn. Cyprus Banks

Total Assets as % of Total Assets of Largest Player

78.8% € 20 bn. Cyprus Banks

39.9% € 10 bn. Cyprus Banks

Loans to Customers as % of Loans to Customers of Largest Player

PROTON MPB Large Banks

PROBANK MILLENNIUM Cyprus Banks

€ 10 bn. Cyprus’ Banks

Deposits as % of Deposits of Largest Player

Source: Published & Consolidated Financial Statements

Operating Operating Operating Profit Cost / Income Earnings

1. NATIONAL 3,868 1,814 2,054 46.9% 1,010

Return on Average Return on Average

30.0% BANK OF CYPRUS

Annualised After Tax Return on Average Assets (%)

MARFIN Total Assets

50.0% Total Assets Large Banks

Cost to Income Ratio* (1.1 – 30.09.2009, 2008, 2007)

>50% < 50%

* Cost to Income Ratio expressed