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ANNUAL REPORT 2007 Eurobank EFG Group: More Than 1,500 Servicing Units and 22,000 Personnel, in a Market of 200 Million People

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ANNUAL REPORT 2007 Eurobank EFG Group: More Than 1,500 Servicing Units and 22,000 Personnel, in a Market of 200 Million People ANNUAL REPORT 2007 Eurobank EFG Group: More than 1,500 servicing units and 22,000 personnel, in a market of 200 million people. GREECE 400 Branches 558 Total servicing units €37.4 bn. Loans BULGARIA 224 Branches 233 Total servicing units €2.4 bn. Loans ROMANIA 237 Branches 255 Total servicing units €3.1 bn. Loans SERBIA 101 Branches 106 Total servicing units €848 m. Loans POLAND 248 Branches 254 Total servicing units €1.7 bn. Loans UKRAINE 75 Branches 78 Total servicing units €334 m. Loans TURKEY 36 Branches €715 m. Loans CYPRUS 1 Branch €106 m. Loans LONDON Branch LUXEMBOURG Subsidiaries Data as at 31.12 2007 Contents 2 THE YEAR IN REVIEW 4 Members of the Strategic Planning Committee and the Executive Committee Financial Highlights Review of the Year Letter to Shareholders Financial Review The Eurobank EFG Share RETAIL BANKING 19 Retail Banking Service Networks Consumer Lending Mortgage Lending Small Business Banking CORPORATE BANKING 25 Lending to Large Corporates Lending to Medium-Sized enterprises Shipping Leasing Factoring INVESTMENT BANKING AND CAPITAL MARKETS 32 Investment Banking Equity Brokerage Treasury WEALTH MANAGEMENT 36 Mutual Funds Insurance Asset management Private Banking INTERNATIONAL PRESENCE 41 Bulgaria Romania Serbia Turkey Poland Ukraine Cyprus OTHER ACTIVITIES OF THE GROUP 48 Securities Services Payment Services Payroll Services e-Banking, e-Commerce and internet services Real Estate RISK MANAGEMENT 50 CORPORATE GOVERNANCE 54 APPENDICES 57 Consolidated Financial Statements 2007 Eurobank EFG Group and EFG Group ANNUAL REPORT 2007 3 Members of the Strategic Planning Committee and the Executive Committee 10 11 8 9 7 5 6 4 3 2 1 4 13 Members of the Strategic Planning Committee 12 and the Executive Committee George C. Gondicas* (1) Honorary Chairman of the Board Xenophon C. Nickitas * (2) Chairman of the Board Nicholas C. Nanopoulos (7) Chief Executive Officer and Board Member Michael H. Colakides (6) Deputy Chief Executive Officer - Risk Management Members of the Executive Committee and Board Member Byron N. Ballis (4) Fokion Chr. Karavias (11) Deputy Chief Executive Officer General Manager – Global Markets - Retail Banking and Board Member Evaggelos I. Kavvalos (8) General Manager – Nikolaos B. Karamouzis (3) Small Business Banking Deputy Chief Executive Officer - Wholesale Banking and Board George P. Marinos (10) Member General Manager – Corporate Banking Paula N. Hadjisotiriou (5) Nikos K. Pavlidis (12) General Manager Finance & General Manager – Operations, Strategy and Board Secretary Technology & Organization and Board Member P. Giorgio Pradelli (13) General Manager – International Division * Strategic Planning Committee Members only Michael G. Vlastarakis (9) General Manager – Branch Network ANNUAL REPORT 2007 5 Financial Highlights Group Net Profit (f m.) CAGR 34% 851 644 501 340 273 196 2002 2003 2004 2005 2006 2007 New Europe Net Profit (f m.) 303% 115.2 28.7 72.6 (3.5) 2006 2007 Total Net Profit Excluding Poland & Ukraine Ratings Eurobank EFG Ratings Outlook Greece Sovereign Rating MOODY’S Aa3 / P-1 / C+ Positive Α1 STANDARD & POOR’S A- / A-2 Stable Α FITCH A / F1 / B-2 Stable Α 6 Eurobank EFG - Consolidated Financial Figures 2007 2006 % Change New Europe Total Assets x68.4bn. x53.8bn. 27.1% x14.3bn. Balance Total Loans x46.7bn. x34 9bn. 33.7% x9.3bn. Sheet Total Deposits x36.2bn. x27.7bn. 30.5% x5.4bn. 2007 2006 % Change New Europe Net Interest income x2,004 x1,597 25.5% x443 Net Banking Fees & Commissions x558 x447 24.9% x177 Non Banking Fees x78 x57 32.4% x2 Profits Total Operating Income x2,817 x2.233 26.1% x638 & Loss Operating Expenses x1,354* x1.062 27.5% x484 (Amounts in x m.) Impairment losses on loans x401 x344 16.3% x70 Profit before Tax & after Minorities x1,053* x825 27.6% x75 Net Profit x8511 x6442 x32.1% x73 2007 2006 Net Interest Margin 3.3% 3.3% Cost to Income 48.1% 47.5% NPLs (% of loans) 2.40% 2.76% NPLs Coverage 92.1% 89.3% Provisions to Loans 1.01% 1.14% Tier I Ratio 9.2%3 8.5% Financial 3 Ratios Risk Asset Ratio 12.2% 10.4% ROA after Tax 1.4%1 1.3%2 ROE after Tax and Minorities 23.5%1 23.0%2 EPS (x) 1.67 1 129 2 2007 2006 Branches and other Client Service Units 1,523 1,312 Greece 558 520 New Europe 963 790 London 1 1 Networks Luxembourg 1 1 & Resources Human Resources 22,109 17,866 Greece 10,284 9,701 New Europe 11,825 8,165 1 Excluding trading gains tax (x16.6m.) and one-off wildfire donations (x20 m.) 2 Excluding reserves tax (x43 m.) 3 Under Basle II regulations * Excluding one-off wildfire donations (x20 m.) ANNUAL REPORT 2007 7 Review of the Year January Eurobank EFG is named “Best Bank in Greece 2007” by the internationally acclaimed Global Finance magazine, and “Best Bank in Greece (2007) in Private Banking” by Euromoney for a third consecutive year. February Acquisition of a 99.34% stake in Ukraine’s Universal Bank. Launching of the Free Banking Transactions programme, which abolishes banking charges to households and professionals/small businesses in Greece. March The Eurobank EFG and Tekfen groups form a strategic alliance, following the former’s acquisition of a 70% stake in Tekfenbank. In December, Tekfenbank was renamed to Eurobank Tekfen. April The annual General Meeting authorized the distribution of a total dividend of x0.92 per share for the fiscal year 2006, increased by 23% as compared to the previous year. Completion of the legal merger between Eurobank EFG and Nationalna Štedionica Banca in Serbia the new entity is renamed Eurobank EFG Štedionica. May Eurobank EFG re-launches and upgrades the Savings Account concept in Greece. The new “Mega Savings” product offers 3% interest from the very first Euro deposited, irrespective of the deposit amount, and without any charges or expenses. June The Bank’s Board of Directors appoints Mr. Spiros Lorentziadis as an independent non-executive director, to replace the late Panayotis Lambropoulos. Eurobank EFG relocates its headquarters to the Bodosakis Foundation Building. 8 July Postbank is named “Bank of the Year” in Bulgaria by the “Pari” newspaper. August The Group initiates its organic growth in Cyprus, through the opening of a Eurobank EFG branch in Nicosia. This was followed by the incorporation of Eurobank EFG Cyprus, a subsidiary focused on wholesale, interna- tional and private banking, as well as institutional asset management operations. The John S. Latsis Public Benefit Foundation and Eurobank EFG announce a x60 million programme for the support of fire-stricken citizens and prefectures. September Successful completion of the Bank's share capital increase by payment in cash, with preemptive rights in favor of existing shareholders at a ratio of 2 new shares for every 15 existing shares, and an issue price of x20 per share. The issue raised a total of x1.2 billion. October The Board of Directors appoints Mr. Michael Colakides as Deputy CEO. November The extraordinary General Meeting of the Bank’s shareholders authorizes the distribution of an interim dividend of x0.32 per share, for the fiscal year 2007. The total interim dividend amounts to x167 million, and is 23% larger than the total interim dividend distributed in 2007. This is the first time that shareholders had the option to re-invest their interim dividends. Completion of the legal and operational mergers between Postbank and DZI bank in Bulgaria, under the Postbank brand. December For the fifth time, Eurobank EFG is named “Bank of the Year 2007” in Greece by the internationally acclaimed “The Banker” magazine, a member of the Financial Times publishing group. Bancpost is named “Bank of the Year” in Romania by the Bucharest Business Week magazine, as well as one of the “Best Managed Banks in Central & Eastern Europe” by the Euromoney magazine. ANNUAL REPORT 2007 9 Letter to Shareholders Dear Shareholders, In 2007, the global financial environment was marked by uncertainty and volatility, with intense fluctuations in stock markets. The problems that were triggered by the crisis in the US sub-prime mortgage loan market had an adverse effect on the international securitizations market and the evaluation of the relevant bonds, causing further negative chain reactions in the US real estate market, and eroding US consumer confidence. As a result, large US invest- ment banks, as well as other European financial institutions, were forced to make significant write-offs and post negative valuations. The repercussions of the financial crisis, in conjunction with oil, and other basic raw materials, price hikes, which fuel inflationary pressures, have stirred up concerns about a possible slowdown, or recession, of the American economy that will significantly affect global economic growth. In particular, estimates concerning the Euro zone’s growth rate during 2008 have been revised downwards. Nevertheless, the strong growth rates and dynamism shown by large emerging economies, such as China, India and Brazil, underpin the growth prospects of the global economy, and provide a significant counterbalance to the slowdown experienced by more mature economies. The Greek economy, inextricably intertwined with the global economy, did not remain unaffected by developments. The increased prices of oil and other raw materials have driven production and distribution costs upwards, causing severe inflationary pressures. Such an environment generates the conditions for a deterioration of the Greek economy’s international competitiveness, which is evident in the substantial widening of the current account deficit, which rose to 14.1% of GDP in 2007.However, in 2007 the Greek economy managed to sustain the great advan- tage of its strong growth rate, which stood to approximately 4%, once again clearly outperforming the already decelerating growth rate of the Euro zone.
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