Group Financial Results H1 2016

0 0,05 0,1 0,15 Jan-10 May-10 Sep-10 Jan-11 May-11 Sep-11 0,2 Growth accelerated in 1H2016 and fiscal conditions are improving Real GDP continued to expand in the first quarter -0,4% -0,8% 1,2% 2Q2012 3Q2012 -1,2% -2,4% -2,3% 4Q2012 -3,7% 1Q2013 -5,3% 2Q2013 -6,0% 3Q2013 -5,5% 4Q2013 -4,7% 1Q2014 2Q2014 3Q2014 4Q2014 -3,2% -1,8% 1Q2015 -2,1% -1,8% 0,1% 2Q2011 3Q2011 4Q2011 1Q2012 1,2% 2,3% 2,8% 2,7% 2,7% 2Q2015 3Q2015 4Q2015 1Q2016 2Q2016 ... with broad sector participation particularly from trade, tourism, professional services, whilst.... 0,0 Contribution to growth by sector in percentage 0,1 0,2 0,4 0,8 0,8 0,7 points 0,40,4 ... on the expenditure side growth came from net exports reflecting exceptional items such as ships deregistering. Contribution to growth by category of expenditure in percent points 1,4 4,0 12,8 0,4 1,9 1,5 2,7 0,6 0.2 1,8 0,2 0,2 -1,2 0,2 -1,3 0,1 0,0 -4,2 -4,6 -1,2 -11,9 0,0 -3,2 -4,0 -1,5 -0,2 Agriculture Construction Professional & admin -0,3 Financial Other 2011 2012 2013 2014 2015 2016Q1 2015 (growth 1,6%) ■Consumption Investment ■Net Exports Improved rating and credit outlook as demonstrated by benchmark sovereign bond issue Cyprus 2019 (issued 06/2014) Cyprus 2022 (issued 04/2015) Cyprus 2025 (issued 11/2015) Cyprus 2020 (issued 02/2010) Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 (1) Based on the Statistical Service of the Republic of Cyprus ======= ============= SOURCE: Statistical Service of Republic of Cyprus, Bloomberg, and statistics based on Central Bank of Cyprus 2008Q4 2009Q2 2009Q4 2010Q2 2016Q1 (growth 2,6%) The budget was totally balanced in 2015 on a yearly basis excluding recapitalisation costs, and 6 3,5 4 2,2 2 0,9 0 -2 -0,3 -4 was positive in Q1 2016 Budget balance and primary balance as 4 quarter moving sums -5,9-5,7 -4,5 -6,0 Expenditures dropped by 18,6% and revenues only by 3,6% between 2011Q4 and 2016Q1 on a 4Q moving sums basis Government expenditures and revenues index: 100-2011Q4 of 4 Q moving sums 3,7 2,8 105,0 2.1 0,9 100,0 100,0 TT -0,2 0.0 95,0 -0,9 90,4 90,0 92,3 89,3 85,0 Gov. Expenditure index Gov. Revenue index 97,6 96,4 81,4 2010Q4 2011Q2 2011Q4 2012Q2 2012Q4 Budget balance % of GDP2 2013Q2 2013Q4 2014Q2 2014Q4 2015Q2 2015Q4 80,0 2011Q4 2012Q1 2012Q2 2012Q3 2012Q4 2013Q1 2013Q2 2013Q3 2013Q4 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 Bank of Cyprus 27 2015Q3 2015Q4 2016Q1 KOINO ΚΥΠΡΙ

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