First-half 2008 results

1. First-half 2008 results 28 August 2008

2. Contents

3. Highlights of 1H08 results

4. 1H08 Group results highlights • 1H08 net profit rose 7%(1) y/y to €220.4m; 2Q08 net profit rose 11% q/q to €115.9m • Revenues: 1H08 revenues 9%(2) higher y/y to €587.7m; 2Q08 revenues up 9% sequentially to €187.0m; 1H08 NII up 8% y/y to €359.3m; fee & commission income up 32% to €147.1m • Net Interest Income (NII): Strong progression of NII on a sequential basis reflects: a) stabilization of margins, b) strong balance sheet growth, and c) the leveling off of all technical and cyclical factors having adversely affected operating performance in 4Q07 and 1Q08 • Balance sheet: Group loan (net) and deposit growth of 40% and 19% respectively y/y with strong growth and market share gains evident across all key geographic and product areas • Net interest margin (NIM): 2Q08 NIM stabilizing at 2.49% on a sequential basis; ongoing repricing of loan book in Cyprus and Greece, as well as increasing contribution from international operations are more than offsetting some competition induced compression of deposit spreads • Cost: Operating expenses up 15% y/y to €270.6mand 7% ex-acquisitions, reflecting the impact of an effective cost management strategy and the benefits of the ongoing Group wide cost re-engineering program • Asset quality: Group NPL ratio down from 5.3% in 1H07 to 4.9% in 1Q08 and 4.5% in 1H08, dropping 80 bps y/y and 40 bps on a sequential basis; cost of risk down to 47 bps in 1H08 from 60 in 1H07 • Liquidity: Loan/deposit ratio rose to 89% in 1H08 from 76% in 1H07, but remained stable on a sequential basis; MPB’s loan/deposit ratio remains one of the lowest among the Hellenic Banks and well below the European average • Capital: Tier I capital and total regulatory capital rose 11% and 10% to €2,080m and €2,452m respectively compared to March 2008; in June 2008, MPB’s capital position corresponded to Tier I ratio of 8.9% and total capital adequacy ratio of 10.5%; on a proforma basis adjusting for the strategic partnership of MPB’s insurance operations with CNP Assurances announced in July 2008, Tier I and total capital ratio stand at 9.3% and 11.3% respectively • RoTE at 20.3% in 1H08 improved from 19.1% in 1Q08 (1) Adjusted for exceptional items and profit from discontinued operations (2) Adjusted for exceptional items

5. Key milestones 1H08 // Strategic level • During the first six months of 2008, the Central Bank of Cyprus undertook two important steps as part of an ongoing process towards harmonization of liquidity requirements following the adoption of the Euro as follows: (a) the reduction of the minimum liquidity ratio in € denominated currency from 25% to 20% effective from June 2008, and (b) the reduction of the minimum liquidity requirement from 75% to 70% in foreign currency deposits in Cyprus from August 2008 • On 22 July 2008, MPB and CNP Assurances, France’s leading personal insurer and among the top 5 European life insurers, agreed to enter into a long-term business partnership for the development of insurance and pensions sales by MPB’s banking networks in Greece and Cyprus, with the option to extend this partnership to other countries along with MPB’s international expansion in SEE. Pursuant to this agreement CNP will acquire 50.1% in MPB’s insurance businesses (Laiki Cyprialife, Laiki Insurance, Marfin Life and Marfin Brokers) and will assume management control of these companies; the agreement is subject to relevant regulatory approvals; deal expected to be completed in 2H08 • Approval for acquiring 51% stake in Rosprombank in Russia from the Central Bank of Cyprus and Central Bank of Russia // Operating level • 36 new points of sale have opened in first-half 2008 • 6 new branches and 10 and business centers opened in Greece • 20 new branches opened internationally (5 in Romania, 7 in Serbia, 8 in Ukraine) • Total network currently comprises of 476 branches versus 311 last year with most new openings having taken place in international markets • Successful completion of T24 (new banking system) implementation in Greece • Common operating platform expected to be deployed in all countries by the end of 2009

6. Significant market share gainsin Greece // Total Loans – market share (%) // Total Deposits – market share (%) // Corporate Loans – market share (%) // Household Loans – market share (%)

7. Significant market share gainsin Cyprus // Total Loans – market share (%) // Total Deposits – market share (%) // Corporate Loans – market share (%) // Household Loans – market share (%)

8. Improved positioning among peers // Hellenic Banks – Total Assets (€bn) 1H08 // Cypriot Banks – Total Assets (€bn)1H08 5th largest bank in Greece Leading Bank in our Home market * Figures of NBG & Hellenic Bank refer to 1Q 2008 results

9. First-half 2008 financial statements

10. Group income statement 1 Income from exceptional items: gains from the sale of the stakes in Hellenic Bank and Universal life

11. Key Group balance sheet items & ratios (1) Adjusted for exceptional income (2) Excluding Malta (consolidated in 1Q08 for the first time) (3) Adjusted for write-backs (4) Proforma for the sale of the insurance unit

12. 1H08 vs.1H07: balance sheet dynamics • IBB: International Business Banking • (1) Proforma for the sale of the insurance unit

13. 1H08 vs. 1H07: income statement overview

14. Group level analysis

15. Strong loan volume growth across all regions & products // Loan(1) book by region (€bn) // Loan book by region +40% y/y y/y +51% +39% +38% // Loan book by category (€bn) // Loan book by category y/y +40% y/y Retail 33% +46% +26% +30% * All loans are performing loans unless otherwise stated

16. Retail loans The Group’s retail book surged 28% y/y reflecting robust household lending growth in its two home markets, Greece and Cyprus, combined with market share gains In Greece, the mortgage and consumer books were up 19% and 36% respectively y/y in June 2008, corresponding to a 26% expansion of the overall retail book; the Group has maintained an aggressive marketing and product launching approach, but emphasis has been gradually shifted towards enhanced segmentation and micro marketing In Cyprus, the Group’s retail book expanded by 29% y/y, with the key driver being residential mortgage lending, expanding by 49% y/y reflecting buoyant market trends and market share gains +28% y/y Group – loan volumes // Retail loans (€m) y/y +26% +30% // Business loans (€m) • Business lending • The Group’s business book grew by 46% y/y and 9% q/q with the Greek and Cyprus books posting strong growth rates of 45% and 44% y/y and 7% and 9% q/q respectively • Improving balance sheet size combined with enhanced group coordination has enabled MPB to improve the delivery of its product offering which is focused on a superior value proposition; The above dynamics have been reflected on a) strong client growth acquisition b) improving client quality and c) enhanced client penetration +46% y/y +9%

17. Group – assets under management // Total Group deposits (€bn) Deposit growth has been strong throughout, both on an annual and sequential basis, despite increasing competition and in absence of any aggressive price driven asset gathering strategy Greece • In Greece deposit grew 15% y/y and 13% q/q, as part of a strategy with emphasis on continuous marketing and product launching initiatives combined with an improved segmentation and micro marketing approach • Management’s strong emphasis on a two pillar strategy to expand, but also improve the quality and profitability of the Group’s customer base • Materially improved brand awareness reflecting a) Group’s enlargement and scale, b) improved products offering, and c) integrated business approach Cyprus • Cyprus deposit increased by 15% y/y and 6% q/q • Strong IBB based deposit growth has been driven by a buoyant IBB market and MPB’s successfully improved positioning following a series of important management initiatives commencing in November 2006 and having been executed with great success International • Deposits of international operations expanded by 73% reflecting strong deposit gathering in Romania, Serbia and Ukraine +19% y/y y/y +73% +15% +15% // Assets under management * - AUM (€bn) +9% y/y +4% q/q • * It includes mutual funds, client directly held bonds, equities, and financial products

18. Group NII quarterly evolution // NII quarterly evolution (€m) // NII composition by region +8% y/y // NII quarterly evolution by product (€m) // NII adjusted for write backs (€m) +15% y/y +7% y/y

19. Group net interest margin & spreads //Group spreads (excluding Int’l) (bps) Group asset spread • Negatives • Sustained competition in Greece and emergence of pricing competition from new entrants in Cyprus • Base rate adjustment i.e. from 4.5% in Cyprus pound to 4% based on Euro • Back loading of new loan production • Negative impact on Cyprus asset spreads from rising Euribor rate ahead of ECB rate increase in July • Positives • During 2Q08, MPB has increased its own base rate by a cumulative 100 bps, as part of its repricing strategy in Cyprus Group deposit spread • Negatives • Intensifying competition across all product and geographic areas • Migration from savings in to time deposits • Impact on IBB deposits from declining US$ and declining US interest rates // NIM (%) & total asset (€bn) Assets +22% y/y

20. Strongest F&C income generator among Hellenic peer group MPB not only maintains a well diversified base of F&C income in terms of both geography and product, but it keeps on improving its ranking among its Hellenic peers as the best F&C income generator, as indicated by its 41% ratio of F&C over NII, the highest in the sector The above dynamics reflect a) MPB’s leading investment and brokerage franchise b) MIG advisory fees, and c) strong structured finance expertise within the group’s corporate lending business F&C up 32% y/y in 1H08 driven by both strong commercial and investment banking activities Group fees & commissions // F&C breakdown by region (€m) y/y +32% y/y +103% +22% +31% // F&C breakdown by product y/y +32% y/y -23% +450% +5% +29%

21. Equity business // Market share in ATHEX (cash equities) -Jan-Jun 2008 // Market share in ADEX (FTSE/Athex-20) –Jan-Jun 2008 • MPB’s market share of 23.5% in cash equities and 20.9% in derivatives is well above MPB’s 5% current market share in the Greek banking market • MPB’s leading equity franchise, as it is reflected by the evolution of its market share over the last two years, is the outcome of a focused strategy on delivering the best product offering supported by extensive investment on trading, research and distribution infrastructure • A series of initiatives are under way to transform the existing franchise into a business with regional scope and scale aligned with the Group’s regional aspirations // Market shares in ATHEX & ADEX

22. Group financial & other income // Financial & other income (€m) Key trends • Reported financial & other income was 31% higher q/q at € 46m • 2Q08 financial and other income of €46.1m is above MPB’s €38m average calculated for the last five quarters, despite poor capital markets conditions // Adjusted for exceptional items (€m) Quarter average: €38m

23. On a reported basis cost rose 15% to €270.6m y/y in 1H07; ex- acquisitions costs increased only by 7% to €251.7m Evidenced improved cost efficiency from enhanced operational integration, centralization and enlarged scalability A Group-wide cost reengineering program, combined with continuous human resources reallocation towards more sales oriented functions should continue underpin revenue enhancement and cost efficiencies The above initiatives are being accompanied by Group-wide performance based compensation scheme, introduced in 2007, aiming to instigate a more performance oriented culture and improve delivery on targets Cost dynamics: improving efficiency // Cost development by region (€m) reported 271 +15% 235 +7%(1) ex-acquisitions(1) 252(1) +42% y/y -3% y/y +12% y/y // Cost-to-income ratio(2) (%) by region • (1) Total operating expenses excluding the consolidation of Ukraine and Malta • (2) 1H07 Cost to Income Ratio for the Group and Cyprus has been adjusted for exceptional income

24. Market specific factors strong GDP growth outlook in Greece & Cyprus sustained increase of asset values sustainable disposable income growth positive demographics low corporate and household debt/GDP in Greece understated income levels reflecting the large size of the unofficial economy Company specific factors improving systems for collections, increased focus on risk-based pricing and enhanced segmentation continuous effort to clean up the Cypriot portfolio and reduce NPL generation Group asset quality dynamics // Provision charges (€m) & cost of credit risk // NPLs* & coverage ratio * NPLs are net of interest suspension and in accordance with the Central Bank of Cyprus criteria (three-month rule)

25. Asset quality dynamics in Greece & Cyprus // Provision charges (€m) & cost of credit risk // Provision charges (€m) & cost of credit risk Greece Cyprus // NPLs & coverage ratio // NPLs & coverage ratio Cyprus Greece

26. Key dynamics Despite strong balance sheet growth, the Group has maintained a strong capital position and a highly liquid balance sheet; these two dynamics should enable the Group to sustain its strategy of rapid asset deployment in its key geographical areas RoA, having declined due to a number of technical and cyclical factors (US$ depreciation, US interest rate decline, Cypriot base rate rebased to ECB’s), has started improving, reflecting a combination of stabilizing margins and improving cost and asset quality trends Tier I ratio rose from 8.4% in 1Q08 to 8.9% in 1H08; on a proforma basis adjusting for the strategic partnership of our insurance operations with CNP Assurances announced in July 2008, Tier I ratio stands at 9.3% and total capital ratio at 11.3% Key earnings drivers and capital dynamics // RoA, NIM and Costs over assets evolution (%) NIM RoA OPEX/assets Provisions/assets (1) Adjusted for write-backs (2) Figures are proforma for the strategic partnership of MPB’s insurance operations with CNP Assurances announced in July 2008

27. Regional analysis

28. Greece

29. Greece – retail loans // Outstanding balances, retail Greece (€m) // Consumer loans composition - Greece • Key aspects of MPB’s retail strategy • A continuous shift into a micro-marketing and increasingly segmented approach, as well as, emphasis on client and product profitability and enhanced cross-selling generation • Maintenance of an aggressive product campaigning and product launching • Disbursements up 9% q/q in 2Q08 • In consumer finance expansion is driven by the most profitable segment of personal loans, while the less profitable auto financing business has significantly declined y/y • All above initiatives are combined with improved pricing dynamics y/y +6% +26% +8% +36% +3% +19% // Disbursements, retail Greece (€m)

30. MPB’s 7% q/q expansion in 1H08 is well above the market’s estimated growth of c4%, resulting to sustained market share expansion; MPB’s market share in domestic business lending has risen from 5.2% in Dec 07 to 5.8% in Mar 08 and 6.0% in Jun 08 Strong expansion reflects a superior product offering based on a highly attractive value proposition, combined with an integrated approach to customer i.e. strong investment banking and advisory element Spreads on new production show ability to reprice thus offset elevated funding cost and sustain high levels of return on equity (RoE) Greece – business lending Business loans increased by 45% y/y in 1H08 // Total business loans – Greece (€bn) +45% y/y +7% // Greek loan book composition 1H07 // Greek loan book composition 1H08 Retail 37% Retail 34%

31. Greece – deposits // Total deposits – Greece (€bn) Key deposit dynamics • 1H08 deposits grew by 15% y/y and 13% q/q In Greece; if we adjust 1H07 deposit figure for deposits related to MIG’s rights issue the annual growth rate is 33% • Maintenance of a defensive deposit gathering strategy in 1H08 despite increased competition from banks with elevated loan/deposit ratios • MPB’s strategy primarily reflects its strong liquidity position, which enables it to maintain a far greater degree of flexibility in optimizing its funding structure and minimize its funding cost • Despite its defensive strategy, MPB’s outgrew most of its peer group reflecting a) expanding and deepening of customer base both private individuals and business customers b) enhanced cross selling effectiveness c) improving brand recognition d) effective micro marketing and segmentation, and e) successful strategy of capturing flow on both sides of the balance sheet Ongoing strategic initiatives • Improved coordination within the asset gathering operations of the Group (wealth management and deposit gathering) • Introduction of a far more comprehensive and aggressive performance based and targeted oriented compensation scheme y/y +15% -39% +51% // Greek deposits composition 1H07 1H08

32. Greece – asset spreads // Loan spreads – Greece (bps) • Asset spreads • Assets spreads down 5bps q/q; main drag has been the technical impact of rising Euribor in anticipation of ECB rate increases in July; that has created a lagged repricing effect, which has masked the underlying process of loan book repricing • Consumer: improving consumer spreads, reflect a) improving asset mix, i.e. increasing contribution of consumer finance and credit cards, and relative declining exposure in car financing b) credit crunch induced re-pricing being shown in higher spreads on new production versus existing book • Mortgage spreads: Key drivers behind stable spreads are a) re-pricing with new production commanding spreads of 110bps versus 90 bps of the back book and b) the declining contribution of ECB base rate pricing with all new production being based on Euribor, thus enabling for more effective repricing // Retail loan spreads – Greece (bps)

33. Greece – deposit spreads // Deposit spreads – Greece (bps) • Deposit spreads • The 31 bps widening of sight deposit spread is mainly attributable to movements in Euribor; Euribor rose during 2Q08 partly in anticipation of a 25 bps ECB rate that took place in early July; the underlying sight deposit spread was resilient despite heightened competition • The resilience of sight deposit spreads reflect the deepening of the Group’s customer franchise, enhanced customer segmentation, launching of initiatives, and material improvement of brand awareness • The evidenced spread compression on time deposits is market led and reflects the impact from aggressive asset gathering strategies on pricing upon us from players experiencing liquidity constrains • During 2Q08 the continuation of our defensive deposit gathering strategy has been highly effective resulting to a moderate migration of sight deposits in to term deposits, thus enabling the group to optimize its funding strategy

34. Cyprus

35. Key loan volume drivers Current conditions for household lending remain strong and outlook positive; spill-over effect from IBB driven business is the most important factor underpinning domestic demand International demand for housing stock and household borrowing remains buoyant with Cypriots living abroad, with residents from ex-Soviet union and Middle East countries accounting for the bulk of the demand MPB’s market share in household lending expanded to 13.1% in June 2008 from 11.3% in June 2007 Emphasis on micro-marketing and comprehensive product offering Newly launched “Home Pack Plus” offering mortgage loan, credit card and furniture financing combined in one single product Superior product offering enabled us to improve pricing and sustain market share gains Cyprus – loan volumes // Retail loans – Cyprus (€m) y/y +7% +29% +13% +1% +8% +49% // Business loans – Cyprus (€m) +44% y/y +9%

36. Cyprus based deposits were up 15% y/y and 6% q/q; adjusting for the US$ depreciation the y/y increase was 20% Local deposits System deposit kept on growing in 2Q08 on the back of a robust economy with MPB marginally expanding its market share amid increasing competition from existing and new players MPB’s asset gathering on local deposits remains defensive with a view of protecting its local franchise and optimize its funding structure IBB deposits The very strong growth of IBB based deposits reflects positive market dynamics and company specific factors At market level, Cyprus is developing into an int’l business hub, due to its infrastructure, low tax regime and entry into the Eurozone At company level, MPB is being benefited by its scale as a leading Cyprus based bank, strong links with introducers and the impact of some important initiatives undertaken over the last two years aiming to materially elevate the Group’s positioning in the lucrative IBB space Cyprus – deposits // Total deposits – Cyprus (€m) y/y +15% +17% +13% // Cyprusdeposits composition 1H07 1H08

37. IBB – key drivers // IBB deposits: US$/€ exchange effect (€m) // IBB number of employees • IBB deposits rose 13% y/y and 12% q/q; adjusting for the US$ depreciation, IBB deposits increased 24% y/y • IBB number of accounts and customers showed a 37% and 34% increase respectively • Headcount of IBB division rose to 213, one and a half times bigger than a year earlier // IBB number of accounts & customers IBB key metrics

38. Cyprus – spreads Loan spreads • Asset spreads are stabilizing following an adjustment, due to the change of the base rate in 1Q08 from the introduction of the euro • During 2Q08 the Bank has introduced a cumulative 100 bps increase on its own base rate, as part of its repricing program; part of the repricing impact has been masked by rising Euribor (in anticipation of the latest ECB rate increase), which in turn has led to a lagged re-pricing effect, creating in that way a negative (short-term) drag on spreads // Loans spreads – Cyprus Bank (bps) Deposit spreads • Other deposits: spread pressure driven by new entrants and the ongoing credit crunch is contained as the bulk of deposits are retail products with a high level of stickiness • IBB: In 2Q08, IBB deposits spreads stabilized after the negative impact from falling US rates in 4Q08 and 1Q08 started leveling off // Deposit spreads – Cyprus Bank (bps)

39. International

40. International Operations - Main actions taken in 2Q08

41. International Operations - Main actions taken in 2Q08

42. MPB’s international presence Total network counts 476 branches at the end of 1H08 20 out of 30 branches in Russia are outlets, 46 out of 89 branches in Ukraine are outlets

43. MPB international // Group gross loans breakdown // Group deposits breakdown // Group NII breakdown // Group total revenues breakdown

44. The Group’s international network showed a 52% increase in total gross loan volumes and 73% in deposits in 1H08 vs. 1H07 leading to a 80% rise in NII y/y and 124% q/q NIM showed a healthy increase from 2.36% in 2Q07 to 2.84% in 2Q08, partly attributed to the consolidation of Ukraine Asset mix effect towards increasing contribution from Emerging Europe should continue underpinning a favorable NIM trend International – total volumes, NII, margins // Total volumes – international (€m) // NII – international (€m) +52% y/y +80% y/y +73% y/y // Net interest margin (NIM) – international

45. International– developed countries (Malta, UK & Guernsey, Australia) // Total income (€m) // Net profit (€m) 35.7 +66% +48% +64% +22% -4% +2% // Loan volumes – gross (€m) // Deposit volumes (€m) 1,451 +51% 1,725 +24% 1,390 +8% +11% +1% +7% UK Australia Malta

46. Int’l – emerging markets Europe (Romania, Serbia, Estonia, Ukraine) // Total income (€m) // Net interest income (€m) 38.0 +130% +166% +15% +17% +25% +32% +37% +88% // Loan volumes - gross (€m) // Total deposits (€m) 479 954 +221% +155% +100% +54% +35% +155% +104% +100% Romania Serbia Estonia Ukraine

47. 1H08 results: international operations * Malta is consolidated for the first time since 01 March 2008

48. Regional breakdown 1H08 (1) Malta is consolidated since 01 March 2008 (2) Including one branch in Guernsey (3) Amortization of intangibles also added at Group level (4) Including Russia expected to be consolidated in 3Q08

49. Disclaimer • This presentation contains forward-looking statements, which include comments, statements and opinions with respect to our objectives and strategies, considering environment and risk conditions, and the results of our operations and business. However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. We caution that these statements represent the Group’s judgments and future expectations and that we have based these forward-looking statements on our current expectations and projections about future events. The risk exists that these statements may differ materially from actual future results or events and may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future Group results to differ materially from these targets. Forward-looking statements may be influenced in particular by factors such as movements in local and international securities markets, fluctuations in interest rates and exchange rates, the effects of competition in the areas in which we operate, general market, macroeconomic, governmental and regulatory trends and changes in economic, regulatory and technological conditions. We caution that the foregoing list is not exhaustive. When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events. Any statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. All forward - looking statements are based on information available to Marfin Popular Bank Public Co Ltd. on the date of this presentation and Marfin Popular Bank Public Co Ltd. assumes no obligation to update such statements, unless otherwise required by applicable law.Nothing on this presentation should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.

50. Contacts • Dimitris Spanodimos Group Head of Corporate Strategy tel. +30 210 8170 127 email: dspanodimos@marfinbank.gr • Evelyn Vougessis Head of Investor Relations tel. +30 210 8170 291 email: evougessis@marfinbank.gr • Dimitris Anastassakos Investor Relations tel. +30 210 8170 243 email: danastassakos@marfinbank.gr MARFIN POPULAR BANK ( www.laiki.com)