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Investor Presentaiton

Group Financial Results for quarter ended 31 March 2021 Total Operating Expenses down 9% qoq Total operating expenses ¹ down 9% qoq and broadly flat yoy Cost to income ratio¹ at 60% for 1Q2021 (€ mn) 62% 64% 58% 60% 57% 91 84 81 84 82 35 34 35 41 32 49 47 49 50 50 1Q2020 2Q2020 3Q2020 4Q2020 1Q2021 1 1 Other operating expenses Staff costs C/I ratio • Staff costs of €50 mn for 1Q2021, flat qoq Operating expenses of €32 mn for 1Q2021, down 21% qoq, mainly due to seasonally lower marketing, consultancy and professional fees C/I ratio of 60%¹ for 1Q2021 down 4 p.p. qoq, mainly due to lower operating expenses C/I ratio¹ for 1Q2021 pro forma for Helix² at 64% 1) Excluding Special Levy and contributions to SRF and DGF 2) Pro forma for Helix 2 (Portfolio A and B). Calculations on a pro forma basis assume legal completion of the transaction Bank of Cyprus Holdings 64% Mid 60s% 60% 60% 58% 57% Mid 50s% 1Q2020 1H2020 FY2020 1Q2021 1Q2021 pro forma FY2021 Medium term for Helix 22 • • 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 C/I ratio¹ to reduce to mid 50s% in the medium term 17
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