#1Bank of Cyprus Group Group Corporate Presentation For the year ended 31 December 2022 Bank of Cyprus Holdings KOINO WKYMPI WN اد#2DISCLAIMER 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. 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. Russia's invasion of Ukraine has led to heightened volatility across global markets and to the coordinated implementation of sanctions on Russia, Russian entities and nationals. Russia's invasion of Ukraine already has caused significant population displacement, and as the conflict continues, the disruption will likely increase. The scale of the conflict and the speed and extent of sanctions, as well as the uncertainty as to how the situation will develop, may have significant adverse effects on the market and macroeconomic conditions, including in ways that cannot be anticipated. This creates significantly greater uncertainty about forward-looking statements. 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. 2#3Diversified Leading Financial and Technology hub in Cyprus • • Leading full-service Bank 41% market share in loans and 37% in deposits c.650k private individual customers (c.3/4 of population) • Profitable Life and Non- Life insurance business Market leader in Life insurance, with 27% market share in total regular income Strong player in Non-Life business in a market with over 20 competitors Strong Technology Hub 412k active digital users³; 94% digital transactions4 75% shareholder in largest payment processing company Launch of Ecosystem (Jinius) to drive the digital economy, leveraging digital capabilities and market footprint 7237 1) Based on data from the Central Bank of Cyprus as at 31 December 2022 2) As at 31 December 2022 based on draft preliminary market statistics 3) Active users of mobile and internet banking 4) BOCH strengths Ratio of the number of digital transactions performed by individuals and legal entity customers to the total number of transactions. Transactions include deposits, withdrawals, internal and external transfers. Digital channels include mobile, browser and ATMs. Digital transactions have been adjusted to include Payroll & Group Transfers performed through 1Bank at transaction level 3#4Leading provider of banking and broader financial products & services in Cyprus Bank of Cyprus KOINO KYMPI Life insurance eurolife € bn 10.2 Gross loans € bn Deposits 6.2 Loan 2.6 Market Share1 1.3 0.9 BOCH Peer 1 Peer 2 Peer 3 Peer 4 19.0 15.9 7.2 2.3 2.2 BOCH Peer 1 Peer 2 Peer 3 Peer 4 1) 2) As at 31 Dec 2022; information about peer 4 as at 31 December 2021 As at 31 December 2022 based on draft preliminary market statistics 3) As at 31 December 2022 based on market statistics Deposit Market Share1 41% 28% Market share² (total regular income) BOCH Peer 1 37% 31% BOCH Peer 1 Non-Life insurance 2 Market share (Gross Written Premium) 27% 22% 16% Eurolife Peer 1 Peer 2 Genikes Insurance 15% 14% 10% 9% Peer 1 GI Peer 2 Peer 3 Payment solutions JCC business PAYMENT SYSTEMS 85% Market Share3 4#5What we have achieved: from restructuring... Delivered NPE ratio of 4.0%; 97% NPE reduction since peak NPE ratio 63% 72 1) 2) NPES 15.0 (4.7) 4.0% (9.9) 0.4 Dec 14 NPE trades Net organic Dec 22 reduction Strengthened capital whilst absorbing restructuring costs Strong liquidity position restored -97% CET1 ratio1 15.4% 15.1% 14.8% 14.0% Dec 14 Dec 20 Dec 21 Dec 22 Allowing for IFRS 9 and temporary treatment for certain FVOCI instruments transitional arrangements Cash and balances with Central banks, placements with Banks and debt securities, treasury bills and equity investments Liquid assets² as % of total assets 20% 37% 49% 47% Dec 14 Dec 20 Dec 21 Dec 22 ST 5#6... to sustainable shareholder value Delivered recurring ROTE1 of >10% in 2022 NII significantly improved with low contribution from legacy Recurring ROTE¹ <0% <0% 5.5% 11.3% FY2014 FY2020 FY2021 FY2022 Strong non-NII covering >95% of total operating expenses² 96% 82% 70% 49% Non-NII to total operating expenses² FY2014 FY2020 FY2021 FY2022 1) Calculated as Profit after Tax and before non-recurring items divided by Shareholders' equity minus Intangible assets Excluding special levy on deposits and other levies/contributions 323 2) 3) Full time employess Legacy Performing € mn 686 370 330 411 33 296 77 53 337 91% 40% 275 253 243 FY2016 FY2020 FY2021 Achieved a lean operating model FY2022 FTES3 of Bank 6,726 Branches 3,573 3,438 2,889 259 84 80 60 60% 60% 49% -11 p.p. 35% 2 C/I ratio FY2014 FY2020 FY2021 FY2022 6#7723 1) 2) 3) 2022 Targets exceeded Net interest income Cost to income ratio 1 Recurring ROTE² NPE ratio 2022 guidance (November 2022) >€350 mn FY2022 €370 mn Low-50s 49% c.10% 11.3% <5% 4.0% Cost of risk Mid-40 bps 44 bps CET1 ratio ³ Supported by a CET1 ratio of 13.5%-14.5% 15.4% Excluding special levy on deposits and other levies/contributions Recurring ROTE: calculated as Profit after Tax and before non-recurring items divided by (average Shareholders' equity minus Intangible assets) Allowing for IFRS 9 and temporary treatment for certain FVOCI instruments' transitional arrangements 7#8Strong performance to continue in 2023, upgraded ROTE to >13% from >10% 2022 2023 Previous targets (November 2022) 2023 Updated targets NII Cost to income ratio 1 ROTE2 NPE ratio €370 mn €450-€470 mn +40-50% yoy (€520 €550 mn) Mid-40s 49% c.50% 4.3% 11.3% (recurring) >10% > >13% > 13% ROTE² in 20244 4.0% <5.0% <5.0% Cost of risk 44 bps 50-80 bps 50-80 bps Intention to commence dividend distributions from 20233 onwards 72 1) Excluding special levy on deposits and other levies/contributions 3) Subject to regulatory approval and market conditions 2) ROTE: calculated as Profit after Tax divided by (average Shareholders' equity minus Intangible assets) 4) Based on current forward curves and constant capital 8#9Key strategic pillars to deliver shareholder value 1 Revenue growth in a more capital efficient way • • Grow high quality new lending . Drive growth in niche areas for further market penetration Diversify through non-banking products and services (insurance and digital) 4 Organisational resilience & ESG Continue to embed ESG sustainability in the Bank's culture Continue to focus on the delivery of ESG targets with a shift of focus to the Environment Invest in our people and promote talent 2 Lean operating model 3 Ongoing focus on efficiency whilst funding digital transformation and investing in the business. Asset Quality • . Maintain high quality new lending Prevent asset quality deterioration following the ongoing macroeconomic uncertainty Normalise Cost of Risk and reduce other Impairments 9#10Market leading Bank, driving incremental ROTE Strong Macro • Small, open economy outgrowing Eurozone • Healthy recovery in tourism post COVID-19 • Resilient to energy stress given no gas imports from Russia • • • Sustainable Business Model One of the most liquid banks in Eurozone with strong NII benefit from rising interest rates and limited funding pressure Diversified model with meaningful capital light non-interest income contribution Lean operating model with sub 50% C/I ratio¹ Why Bank of Cyprus . Legacy asset quality issues firmly behind (NPEs at 4%) • On track to achieve ROTE4>13% in 2023 • 41% loan market share Market Leader • Leader in insurance, card processing and payment solutions business • Liquid and consolidated banking sector; total market share of c.70% for two main players Shareholder Returns • Strong CET1 of 15.4%³ as at Dec 2022 • Strong capital generation (>13% ROTE for 2023, following 11.3% ROTE (recurring) in 2022) Intention to commence dividend distributions from 2023 onwards² 72 1) Excluding special levies on deposits and other levies/contributions 3) 2) Subject to regulatory approval and market conditions 4) Allowing for IFRS 9 and temporary treatment for certain FVOCI instruments' transitional arrangements ROTE: calculated as Profit after Tax divided by average Shareholders' equity minus Intangible assets 10 10#11HICP index (yoy% change) 4.8% Quarterly Real GDP -14.2% Resilient Cypriot economy delivering strong growth notwithstanding headwinds GDP grew by 4.5% in 4Q2022 (yearly average at 5.7%) Strong tourism performance in 2022 despite challenges 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 (yoy % change) 12.9% 5.3% 4.5% 3,977 899 2.2% -2.8% -10.6% Cyprus Euro area 14.3% 3,201 60 -20% 1.9% GDP expected to grow by c.3.0% in 2023, well above eurozone average 1,937 3,078 3,141 1Q22 Inflation peaked in 3Q2022; starting to reduce Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 10.6% 10.6% Jul-22 Aug-22 Sep-22 Oct-22 Source: Cystat, Eurostat 1) 2) Projections in accordance with Ministry of Finance According to Winter 2023 Forecasts of European Commission Nov-22 Dec-22 Jan-23 Feb-23 2Q22 3Q22 4Q22 2019 Tourism arrivals 2021 Russian, Belarus & Ukraine 2022 Unemployment rate at 6.8% in 3Q2022 Quarterly (%) (seasonally adjusted) Tourism revenues FY2022: 91% of 2019 levels 9.2% 8.1 8.5% 7.6 7.4% 8.9% 8.6% 7.6% 6.7% 5.0% 6.2% Cyprus Euro area 2022 average inflation rate at 8.1% (vs 2.5% in 2021) 2023 average inflation rate expected to drop to c.4%2 7.5 8.0 6.8 6.7 6.8 7.1 6.7 6.4 6.6 6.7 2022 unemployment rate expected at 6.7%1 (vs 7.5% in 2021) 2Q2019 3Q2019 4Q2019 1Q2021 2Q2021 3Q2021 4Q2021 1Q2022 2Q2022 3Q2022 Cyprus Euro area 11#12Cypriot economy is investment grade; recent sovereign upgrades Sovereign upgrades recently demonstrates economic resilience S&P Global Cyprus Public Debt to GDP in line with European average As at September 2022 expected to decline to c.87% by the end of 20221 Feb 21 May 21 Aug 21 Nov 21 Feb 22 May 22 Aug 22 Nov 22 Sales contracts (excl. DFAs) ³ for FY2022 up 30% yoy 13,409 10,366 10,347 +30% 8,734 9,242 7,968 7,481 4,875 5,885 6,656 6,328 4,983 5,928 4,367 4,481 2,406 2,985 3,691 2017 2018 2019 2020 2021 2022 Source: Cystat, Eurostat 723 1) 2) 3) Projections in accordance with Ministry of Finance. Based on Residential price index published by Central Bank dated on 3 February 2023 Based on data from Land of Registry- Sales contracts Feb 23 AA- A BBB+ BBB Investment grade BB+ Sales to Cypriots Sales to non-Cypriots 178% • c.84% by end of 20231 147% 120% 116% 93% 92% Real estate property prices up 6.3% yoy in 3Q20222 100.0 99.1 3.2 49% 6.3 4.7 81.9 83.2 85.0 1Q2010 4Q2010 4Q2012 4Q2013 4Q2014 4Q2015 4Q2016 4Q2017 4Q2018 4Q2019 4Q2020 4Q2021 1Q2022 2Q2022 3Q2022 Residential Propert Price index (2010Q1=100) % change yoy 12#13Liquid banking sector in Cyprus Deposits steadily increasing... Net L/D ratio (€ bn) 46.1 51.7 51.5 48.2 ... whilst loans declined following deleveraging NPE ratio 48% (€ bn) 57.2 11% 28.9 27.0 25.6 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Nov 22 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Nov 22 ⚫Deposits Gross Loans Cypriot banks have lower L/D ratio compared to Euro area 102% 97% 96% 91% 79% 79% 77% 77% 73% 62% 59% 52% 38% Source; Central Bank of Cyprus • The Cyprus banking system has one of the lowest loan to deposit ratios among EU countries, below 55% 13#14AS- BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC+ CCC CCC- CC C+,C,C- Dec 14 Apr 15 Sep 15 Feb 16 Jun 16 Nov 16 Steadily improving credit ratings for BOC Moody's upgraded rating to Ba2 with positive outlook A3 Baa1 Baa2 Baa3 Ba1 Ba2 Ba3 B1 B2 B3 Caa1 Caa2 Caa3 Ca C Moodys long-term deposit rating Fitch upgraded rating to B+ with positive outlook Fitch Long-term Issuer Default Rating 13 Apr 17 Aug 17 Jan 18 81. սոՐ Nov 18 Apr 19 Sep 19 Feb 20 B+ Investment grade S&P upgraded rating to BB+; with stable outlook A- BBB+ BBB Investment grade BBB- BB+ Ba2 BB BB- B+ B B- CCC+ CCC CCC- CC C+,C,C- S&P Long-term Issuer Credit Rating 23 Oct 17 Dec 17 Mar 18 Jun 18 Aug 18 Nov 18 Feb 19 May Aug 19 Nov Nov 19 Feb 20 May 20 May 20 Aug 20 Aug 20 Nov 20 Feb 21 May 21 Aug 21 Nov 21 Bank of Cyprus LT KOINO KYNPI LT Cyprus Sovereign Credit rating Deposit Counterparty rating Risk Rating Outlook Senior Unsecured Debt Subordinate (Tier 2) MOODY'S Ba1 Ba2 Ba1 Positive B1 B2 S&P Global Ratings BBB N/A BB+ Stable BB- CCC Fitch Ratings BBB BB- N/A Positive N/A N/A 14 BB- Investment grade#15Shareholder Structure Bank of Cyprus Holdings PLC Shareholder Structure1 Other 46% Lamesa Investments Limited 9% 9% Carval Invetsors Listing: Trading in London Stock Exchange (LSE) since January 2017 and Cyprus Stock Exchange (CSE) ISIN: IE00BD5B1Y92 Senvest 8% Management LLC Number of ordinary shares: 446,199,933 6% Caius Capital LLP 2 5% EBRD 5% 5% Cyprus Popular Bank Public Co Ltd 3% 4% Osome Investments Limited Provident Fund of the Cyprus Bank Employees Eaton Vance 1) As per latest update from the Shareholders 2) Including financial instruments with similar economic effect according to Regulation 17(1)(b) of the Transparency (Directive 2004/109/EC) Regulations 2007 of Ireland as amended 15