Investor Presentaiton

Group Financial Results for the nine months ended 30 September 2020 3 Operating efficiency: Revamping operating model to further improve efficiency Initiatives . Exit solutions to release FTES □□ . Further branch footprint rationalisation € mn Reduction of total operating expenses¹ by ~10% -10% C/I ratio¹ expected to rise to mid 60s% before improving in the medium-term • Contain restructuring costs following completion of balance sheet de-risking 385 mid 60s% <350 59% 59% mid 50s% Staff cost 220 249 Enhance procurement control 145 · Reduction of total operating expenses¹ by ~10% despite inflation Other opex 165 FY2019 104 9M2020 FY2019 9M2020 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 13 <10 FY2019 9M2020 Medium-term target 42

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