Investor Presentaiton

Cost outlook and drivers Initiatives Group Financial Results for the year ended 31 December 2020 . Exit solutions to release FTES Reduction of total operating expenses ¹ by c.10% . Further branch footprint rationalisation C/I ratio¹ expected to rise to mid 60s% before improving in the medium-term € mn C.-10% • Contain restructuring costs following completion of balance sheet de-risking 385 mid 60s% 340 <350 59% 60% mid 50s% Staff cost 220 195 Enhance procurement control • Reduction of total operating expenses¹ by c.10% over the medium term despite inflation Other opex 165 145 FY2019 FY2020 FY2019 FY2020 Medium term target Medium-term target C/I ratio 1 2021 Outlook C/I ratio¹ expected to rise in the near term as revenues remain under pressure and operating expenses increase due to higher IT/digitisation investment costs Reduction of restructuring expenses to single digit as we successfully complete de-risking € mn >-80% 47 . C/I ratio¹ to reduce to mid 50s% in the medium term 1) Excluding Special Levy and contributions to SRF and DGF Bank of Cyprus Holdings 15 <10 FY2019 FY2020 Medium-term target 24

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