#1Bank of Cyprus Group Group Financial Results For the nine months ended 30 September 2021 Bank of Cyprus Holdings KOINO WKYMPI WN اد#2DISCLAIMER Group Financial Results for the nine months ended 30 September 2021 The financial information included in this presentation is neither reviewed nor audited by the Group's external auditors. This financial information is presented in Euro (€) and all amounts are rounded as indicated. A comma is used to separate thousands and a dot is used to separate decimals. Important Notice Regarding Additional Information Contained in the Investor Presentation The presentation for the Group Financial Results for the nine months ended 30 September 2021 (the "Presentation"), available on https://www.bankofcyprus.com/en-GB/investor-relations-new/reports- presentations/financial-results/, includes additional financial information not presented within the Group Financial Results Press Release (the "Press Release"), primarily relating to (i) NPE analysis (movements by segments and customer type), (ii) rescheduled loans analysis, (iii) details of historic restructuring activity including REMU activity, (iv) analysis of new lending, (v) Income statement by business line, (vi) NIM and interest income analysis and (vii) Loan portfolio analysis in accordance with the three-stages model for impairment of IFRS 9. Moreover, the Investor Presentation includes additional financial information not presented in the Results Announcement of current and expected medium term levels for (i) NPE coverage and (ii) ESG performance metrics. Except in relation to any non-IFRS measure, the financial information contained in the Investor Presentation has been prepared in accordance with the Group's significant accounting policies as described in the Group's Annual Financial Report 2020 and updated in the Interim Financial Report 2021. The Investor Presentation should be read in conjunction with the information contained in the Press Release and neither the financial information in the Press Release nor in the Investor Presentation constitutes statutory financial statements prepared in accordance with International Financial Reporting Standards. Forward Looking Statements This document contains certain forward-looking statements which can usually be identified by terms used such as "expect", "should be", "will be” and similar expressions or variations thereof or their negative variations, but their absence does not mean that a statement is not forward-looking. Examples of forward- looking statements include, but are not limited to, statements relating to the Group's near term, medium term and longer term future capital requirements and ratios, intentions, beliefs or current expectations and projections about the Group's future results of operations, financial condition, expected impairment charges, the level of the Group's assets, liquidity, performance, prospects, anticipated growth, provisions, impairments, business strategies and opportunities. By their nature, forward-looking statements involve risk and uncertainty because they relate to events, and depend upon circumstances, that will or may occur in the future. Factors that could cause actual business, strategy and/or results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements made by the Group include, but are not limited to: general economic and political conditions in Cyprus and other European Union (EU) Member States, interest rate and foreign exchange fluctuations, legislative, fiscal and regulatory developments, information technology, litigation and other operational risks, adverse market conditions, the impact of outbreaks, epidemics or pandemics, such as the COVID-19 pandemic and ongoing challenges and uncertainties posed by the COVID-19 pandemic for businesses and governments around the world. Should any one or more of these or other factors materialise, or should any underlying assumptions prove to be incorrect, the actual results or events could differ materially from those currently being anticipated as reflected in such forward looking statements. The forward-looking statements made in this document are only applicable as at the date of publication of this document. Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward looking statement contained in this document to reflect any change in the Group's expectations or any change in events, conditions or circumstances on which any statement is based. Bank of Cyprus Holdings 2#3Highlights Bank of Cyprus Holdings Group Financial Results for the nine months ended 30 September 2021 3#43Q2021 - Highlights Strong recovery continues €1.3 bn New lending ytd Group Financial Results for the nine months ended 30 September 2021 • 5.3% GDP growth in 3Q2021, well above the eurozone average of 3.7% . GDP expected to grow by c.5.5%¹ in FY2021 and recover to pre-pandemic levels by year-end Continuing to support the recovery; new lending of €1.3 bn in 9M2021, up 35% yoy Positive Operating Performance €41 mn Operating Profit . • • Total income of €139 mn for 3Q2021, down 8% qoq partly impacted by Helix 2 completion Strong net fees and commissions at €44 mn for 3Q2021; 32% of total income Profit after tax and before non-recurring items of €13 mn for 3Q2021 and €64 mn for 9M2021 Profit after tax of €19 mn for 3Q2021 and €20 mn for 9M2021 64% Cost/Income² . Total operating expenses² of €89 mn for 3Q2021, flat qoq • Cost to income ratio² at 64% for 3Q2021, up 6 p.p. qoq, mainly impacted by Helix 2 completion Operating Efficiency Strong Capital and Liquidity 15.3% CET1 ratio 3,4 • Single digit NPE ratio4 3.6%4 Net NPE ratio • • CET1 ratio of 15.3% 3,4 and Total Capital ratio of 20.4% 3,4 Deposits at €17.1 bn up 2% qoq; significant surplus liquidity of €6.0 bn (LCR 294%) NPE sale signed in November 2021 (Helix 3), reducing NPE ratio to 8.6%4 (3.6%4 net), already in line with 2022 target . NPES reduced to €0.9 bn4 (€0.4 bn4 net) Organic NPE reduction of c. €300 mn in 9M2021 • 96% of performing loans 5 under expired payment deferrals with an instalment due by 22 November 2021, presented no arrears On-track to achieve our Medium Term Targets 1) Source: Ministry of Finance 2) 3) Excluding special levy on deposits and other levies/contributions Allowing for IFRS 9 and temporary treatment for certain FVOCI instruments transitional arrangements Bank of Cyprus Holdings 4) Pro forma for Helix 3. 5) As at 30 September 2021 4#5Group Financial Results for the nine months ended 30 September 2021 Significant progress achieved on strategic priorities Single digit NPE ratio achieved New lending recovering towards pre-pandemic levels Preserved strong capital CET1 ratio 1 31.3% 26.3% -78% € bn 4.1 3.2 Sep 19 Sep 20 NPE ratio 8.6% 0.9 Sep 21 pro forma for Helix 3 -18% € bn 1.6 1.3 1.0 9M2019 9M2020 9M2021 15.2% 14.6% 15.3% Sep 19 Sep 20 Sep 21 pro forma for Helix 3 Cost of Risk normalizing post NPE sales NII impacted by de-risking and rates Net fees above pre-pandemic levels Focus on further improving efficiency 58% 59% 61% +15% € mn -14% -10% € mn € mn 1.19% 1.25% 260 128 289 250 223 111 106 249 260 Legacy 83 59 43 122 104 108 0.66% 9M2019 9M2020 9M2021 177 191 180 167 145 152 9M2019 9M2020 9M2021 9M2019 9M2020 9M2021 9M2019 9M2020 9M2021 Operating expenses² Staff costs C/I ratio² 1) Allowing for IFRS 9 and temporary treatment for certain FVOCI instruments transitional arrangements Excluding special levy on deposits and other levies/contributions 2) Bank of Cyprus Holdings 5#6New lending' of €1.3 bn in 9M2021, up 35% yoy New lending recovering towards pre-pandemic levels € mn 1,602 +35% 297 1,321 112 977 708 64 583 422 169 144 111 270 335 246 158 134 147 9M2019 9M2020 9M2021 Shipping & International loans Corporate 39% Market share in loans 1) 2) Refer to slide 69 for definition of new lending Includes syndicated loans Bank of Cyprus Holdings 2 SME Retail other Retail Housing Group Financial Results for the nine months ended 30 September 2021 New lending remained strong in 3Q2021 • 487 451 37 32 427 407 374 31 49 7 288 206 238 88 233 9 162 174 188 18 117 63 42 62 99 33 39 24 79 25 117 102 124 109 98 69 67 27 40 43 57 48 42 1Q2020 2Q2020 3Q2020 4Q2020 1Q2021 2Q2021 3Q2021 New lending for 9M2021 reached c. 80% of 9M 2019 levels • • Demand for housing loans remains strong, supported by government interest rate subsidy scheme; c.€265 mn new housing loans approved since the beginning of the scheme; pipeline of €127 mn as at mid-Nov 2021 Corporate new lending at €188 mn for 3Q2021, up 60% yoy as economic activity continues to improve Meticulous assessment of repayment capability and strict origination standards 6#7€0.6 bn NPE sale agreed, reducing NPE ratio to 8.6%¹ Helix 3 NPES • Corporate Re-performing NPES 4 SMEs Agreement for the sale of €568 mn² NPEs and €120 mn² REMU properties 5% 1% 1% Gross cash consideration of c.€385 mn Completion expected in 1H2022 €568 mn 49% Retail Housing 44% Accounting profit of c.€10 mn recorded in 3Q2021; +8 bps on CET1 Retail other Overall by completion, total positive impact of 67 bps on the CET1 ratio and c.€21 mn on the Group's income statement 39% reduction of NPES (€ bn) 1.45 -39% Group Financial Results for the nine months ended 30 September 2021 REMU properties Commercial 26% Residential 42% €120 mn 32% Land 5 p.p. reduction in NPE ratio 10% reduction of REMU stock Book value (€ bn) Overall, by completion 67 bps capital accretive CET1 ratio³ -5 p.p. 13.3% 0.88 Sep 21 Sep 21 pro forma for Helix 3 1) Pro forma for Helix 3 2) With reference date 30 September 2021 3) -10% 1.40 1.26 8.6% Sep 21 Sep 21 pro forma for Helix 3 Allowing for IFRS 9 and temporary treatment for certain FVOCI instruments transitional arrangements Bank of Cyprus Holdings 4) 5) 14.2% 14.7% 15.3% Jun 21 Sep 21 Jun 21 Sep 215 Sep 21 pro forma for Helix 3 In pipeline to exit NPEs subject to meet all exit criteria; the analysis is performed on a customer basis (formerly called Non-core NPEs) CET1 (includes unaudited/un-reviewed profits for the nine months ended 30 September 2021) 5 7#8NPE sales of €4.7 bn since 2018 Group Financial Results for the nine months ended 30 September 2021 Helix 1 ✓ Completed Velocity 1 ✓ Completed Velocity 2 ✓ Completed Helix 2 ✓ Completed Helix 3 ✓ SPA signed Sale of €2.7 bn NPES • Mainly secured large Corporate and SME NPES ⚫c.60 bps capital accretive • Completed in 2Q2019 Sale of €34 mn NPES •Retail unsecured NPES ⚫Capital neutral •Completed in 2Q2019 1) 2) With reference date 30 June 2021 Assumes legal completion Bank of Cyprus Holdings Sale of €133 m n NPES • • Retail unsecured NPES Capital neutral Completed in 2Q2020 Sale of €1.3 bn NPES •Mainly secured Retail and SME NPES ⚫-48 bps capital impact in by completion +64 bps capital impact upon full payment of deferred consideration1 •Completed in 2Q2021 Sale of €0.6 bn NPEs² Mainly Retail NPES •Sale of €120 mn REMU properties² ⚫67 bps capital accretive by completion •Completion expected in 1H2022 80#9Single digit NPE ratio achieved On track to deliver NPE ratio of 5% in the medium term NPE ratio 62.9% € bn 15.0 (4.7) (9.4) Group Financial Results for the nine months ended 30 September 2021 8.6% c.5% 0.9 Dec 2014 NPE Sales Net Organic Reduction Sep 20211 Net Organic Reduction Medium-term target Coverage 34% COR (bps) 365 1) Pro forma for Helix 3 Bank of Cyprus Holdings 60% 66 >50% c.70-80 9#10Group Financial Results for the nine months ended 30 September 2021 Strong performance of moratorium portfolio continues, 11 months after deferral expiry 4% 13% Resumed payments as per original schedule Restructured In arrears €4.66 bn 83% 96% no arrears Private Individuals 3% 8% €1.72 bn 89% 92% no arrears Businesses 1% 19% €2.94 bn 80% 99% no arrears • 96% of performing loans 1 under expired payment deferrals² present no arrears, of which €0.59 bn have been restructured • Just 4% (€186 mn) in arrears of which €178 mn in early arrears (<30 dpd) Strong track record in dealing with restructurings • Targeted restructuring solutions to alleviate pandemic-related short-term cash flow burden, following rigorous assessment of repayment ability Private Individuals: • 92% of performing loans¹ under expired payment deferrals² present no arrears of which c.€36 mn have been restructured • €142 mn (8%) in arrears of which €135 mn in early arrears (<30 dpd) Businesses: • 99% of performing loans¹ under expired payment deferrals² present no arrears of which €556 mn have been restructured; mostly in the tourism sector Just 1% (c.€44 mn) in arrears 1) As at 30 September 2021 2) With instalment due by 22 Nov 2021 Bank of Cyprus Holdings 10#11Income Statement € mn Net Interest Income 9M2021 9M2020 3Q2021 2Q2021 qoq% yoy% 223 250 71 76 -6% -11% Non interest income 204 175 68 76 -10% 16% Total income 427 425 139 152 -8% 0% • Total operating expenses¹ (260) (249) (89) (89) 1% 4% Operating profit 143 152 41 57 -29% -6% Total loan credit losses, impairments and (76) (158) (26) (24) 3% -52% provisions Profit/(loss) after tax and before non- 64 recurring items² (9) 13 34 -59% Advisory and other restructuring costs -organic (19) (9) (1) (15) -93% 102% Profit/(loss) after tax-Organic² 45 (18) 12 19 -31% Provisions/net (loss)/profit on NPE sales³ (6) (87) 10 (14) -94% Restructuring and other costs³ (19) (17) (3) (12) -71% 22% Profit/(loss) after tax² 20 (122) 19 (7) Key Ratios Group Financial Results for the nine months ended 30 September 2021 • • • • NII for 3Q2021 decreased to €71 mn following Helix 2 completion in June 2021 (c.€8 mn in 2Q2021) NIM reduced to 1.34% for 3Q2021 following Helix 2 completion and 3 p.p. increase of AIEA held in liquids (53%) Non interest income for 3Q2021 amounted to €68 mn, mainly due to lower net insurance income; net insurance income mostly impacted by seasonality, higher claims and changes in the discount rate Total operating expenses¹ at €89 mn for 3Q2021, flat qoq Provisions and impairments for 3Q2021 amounted to €26 mn, up 3% qoq; cost of risk at 78 bps Profit after tax and before non-recurring items² of €13 mn for 3Q2021 and €64 mn for 9M2021 Profit after tax2 for 3Q2021 amounted to €19 mn and €20 mn for 9M2021 ROTE 4 before non-recurring items of 3.3% for 3Q2021 and 5.2% for 9M2021 Net Interest margin (annualised) 1.49% 1.87% 1.34% 1.49% -15 bps Cost to income ratio 66% 64% 71% 62% 9 p.p. -38 bps 2 p.p. Cost to income ratio excluding special levy on deposits and other 61% 59% 64% 58% 6 p.p. 2 p.p. • levies/contributions Cost of Risk (annualised) 0.66% 1.25% 0.78% 0.52% 26 bps -59 bps EPS before non-recurring items 14.31 (1.99) 3.08 7.48 -4.40 16.30 (€ cent) 1) 2) Excluding special levy on deposits and other levies/contributions Attributable to the owners of the Company 3) 4) Please refer to section A.2.4 "Profit/(loss) after tax (attributable to the owners of the Company)" of the 9M2021 FR Press Release Calculated using Profit/(loss) after tax and before non-recurring items Bank of Cyprus Holdings 11#12Group Financial Results for the nine months ended 30 September 2021 Leverage leading Digital Capabilities to serve customers and the economy Vision Digital Transactions ratio¹ Oct 20192 Oct 20202 Oct 2021 . Leverage technology to sustain a competitive advantage through digital banking Serve customer needs anywhere and at any time, through an agile technology ecosystem Be the driver of digital economy, in support of national efforts for structural economic reform Creating shareholder value Improving operational efficiency through: • further automation • further branch rationalisation Opportunities to cross-sell through: • modelling customers' needs and behaviours ⚫ offering tailored products and services 1) 2) Please refer to slide 68 for the definitions Comparative figures have been revised in order to include data for the transactions of "Payroll & Group Transfers" through 1Bank. Bank of Cyprus Holdings 75.9% 84.4% 88.0% Digitally Engaged Customers1 Oct 20192 Oct 20202 Oct 2021 68.4% 74.0% 78.1% Average mobile logins per month ☐ Oct 2019 Oct 2020 15.2x Oct 2021 16.9x 18.8x Active users of Internet and/or Mobile Banking Oct 2019 246K Oct 2020 Oct 2021 285k 326k 12#13Group Financial Results for the nine months ended 30 September 2021 Organizational resilience & ESG agenda: ESG Performance Environmental 昌 1,544k kWh of energy savings in 9M2021 €228k investment in energy-saving in 9M2021 278k kg paper recycled in 9M2021 Introduction of environmentally friendly loan products People >3,500 employees * >34 ths hours of training conducted in 9M2021 Certificate by the Ministry of Labour, Welfare and Social Insurance for applying good practices for gender equality in the working environment Social >16 ths cancer patients received treatment and other services at the Bank of Cyprus Oncology Centre for 9M2021 c. €70 m n cumulative investment for the Bank of Cyprus Oncology Centre >30 entrepreneurs educated in 9M2021 via IDEA innovation centre, a non-profit organization, established in 2015, acting as incubator accelerator for start-ups (>5,700 since establishment) Responsible services יון €1.3 bn new lending for 9M2021 88% of total transactions in Jan-Oct 2021 are through digital channels 78% of customers are digitally engaged as at 30 Oct 2021 Governance 30% of the board of directors are female as at 30 Sep 2021 37% of the key positions below extended EXCO are female 36 internal audits finalised in 9M2021 2,616 customer relationships terminated/suspended for compliance reasons in 9M2021 SupportCy1 Network Initiative >€650k total contribution to the Society by all members (monetary, products and services) since March 2020 MSCI ESG Ratings MSCI ESG Ratings² Scale: AAA to CCC ESG RATINGS A Rating action date: Jun 2020 CCC B BB BBB A AA AAA A SupportCY is a network of 130 companies and NGOs, initiated by Bank of Cyprus, during March 2020, with the aim to support the public services performing frontline duties during the Pandemic and the Society, in general 1) 2) Please refer to slide 69 in the definitions Bank of Cyprus Holdings 13