The document describes the "Piraeus Cyprus International Managed Risk Fund Ltd", a fund domiciled in Cyprus that aims to protect capital in volatile markets while exploiting returns in rising markets. It is managed by the Fund Management Department of Piraeus Bank Cyprus, which has experience managing third party mandates. The management team has extensive experience in investments and risk management. The fund uses dynamic rebalancing strategies to optimize returns within preset risk boundaries in changing market conditions.

1. “Piraeus Cyprus International Managed
Risk Fund Ltd”
A unique fund domiciled in Cyprus which aims to shield capital in volatile
markets and to exploit the returns of rising markets

2. Who we are
FUND MANAGEMENT DEPARTMENT 2
PIRAEUS BANK CYPRUS

3. Piraeus Bank Group: Corporate Profile
Latest Figures & Rating
Assets of €52,3 bn, 895 branches, 14,255 employees
Loan portfolio of €38.3 bn, deposits & retail bonds at €31.4 bn
Capital base €3.7 bn, CAD ratio of 10.3%, with Tier I ratio at 9.5% under Basle II
Tangible Equity / Assets ratio at 5.9%, amongst the highest in Europe
Ratings: Fitch BBB+ , Moody’s A2
The Piraeus Bank logo
represents the front section of
the ‘’trireme” (Greek: Trieres),
renowned ancient battleship that
appeared in the Greek seas Shareholders Structure, 31st Dec. ‘08
around 700 BC. Its name is
derived from the three rows of Companies
18.0% Greek state
oars on each side. It was
designed to cover long distances
2.5%
Treasury
quickly under oar and sail and
shares
the design of the front part
allowed it to ram enemy ships
3.8%
Individual
Investors
38%
Foreign
institutional Greek
investors institutional
26.4% investors
11.3%
FUND MANAGEMENT DEPARTMENT 3
PIRAEUS BANK CYPRUS

4. Piraeus Bank (Cyprus) Ltd
Strategic Objective
The development of Cyprus as a financial centre for the region, providing high level
banking services, focusing in particular on all aspects of :
Fund Management - Wealth Management
Facilitation of investments in the European Union and the Middle East through
Cyprus holding companies
Creation of synergies among the economies of the region.
Responsible for the development of Group operations in Russia, Egypt, US and the
Middle East
Main Activities in Cyprus
Corporate Banking
International Banking Services for non – Cypriots
Asset Management & Trust / Custodian / Escrows
Wealth Management
Treasury Sales
Investment Banking
FUND MANAGEMENT DEPARTMENT 4
PIRAEUS BANK CYPRUS

5. Fund Management Department
Offers discretionary management services
Comprises professionals with wide range of experience in the field of
fund management services
Manages a number of third party mandates covering regional and
worldwide markets
Close cooperation with Piraeus Group fund management teams in
Greece and Egypt
FUND MANAGEMENT DEPARTMENT 5
PIRAEUS BANK CYPRUS

6. Management Team
A dynamic, motivated, capable team combining strong
quantitative and qualitative capabilities.
Former Head of Asset Management Company with total Funds Under Management
in excess of EUR250mil
Marios Demetriades
Fifteen years total experience
CFA, ACA, BSc
Extensive experience in the Cyprus, Greek and world markets
Chief Investment Officer
Managed the WIOF Greece – Cyprus Opportunities fund, the first ever Luxembourg
fund to invest in these markets
Six years experience in portfolio strategy and use of derivatives in portfolio
Costas Mesaritis
management (Watson Wyatt UK), advising mostly FTSE100 companies
CAIA, BSc (LSE),
Former head of portfolio management in an asset management company (Total
Fund Manager
FUM of USD100mil)
Senior analyst with six years experience in equity, fixed income and derivatives
Panayiotis Apseros
research
CFA, MSc, BSc
Development of company valuation models and recommendation of securities to
Senior Analyst
Asset Managers
FUND MANAGEMENT DEPARTMENT 6
PIRAEUS BANK CYPRUS

7. Description of the Fund
FUND MANAGEMENT DEPARTMENT 7
PIRAEUS BANK CYPRUS

8. Why the Managed Risk Strategy
Current Market Conditions
After the significant shocks experienced over the last two years, the financial
markets remain uncertain and volatility is likely to be high for the foreseeable
future.
Objective
To develop a strategy that mitigates the high risk of volatile economic periods
and simultaneously aims to exploit the rising markets.
Our solution
“Piraeus Cyprus International Managed Risk Fund” is an equity fund which
aims to optimize investment returns for a pre-set risk strategy through the use
of dynamic rebalancing methodologies.
FUND MANAGEMENT DEPARTMENT 8
PIRAEUS BANK CYPRUS

9. Fact Sheet
To optimize investment returns for a pre-set risk strategy through
Investment Objective
the use of dynamic rebalancing methodologies.
Benchmark Absolute return fund that aims to achieve 8% per year.
Initial Subscription Amount € 100,000 min
Additional Subscription Amount € 10,000 min
Frequency of Subscriptions /Redemptions Monthly
Subscription /Redemption Fee 0%
NAV calculation Monthly
Management Fee 0.75% per year
20% of any increase in the Net Asset Value per share above the
Incentive Fee
Benchmark (High Water Mark)
Investment Manager Piraeus Bank (Cyprus) Ltd
Custodian Piraeus Bank (Cyprus) Ltd
Auditors KPMG (Cyprus)
Regulated by Central Bank of Cyprus
A Company approved by the Central Bank of Cyprus as a Private
International Variable Capital Company registered in Cyprus and
Legal Structure acting as an International Collective Investment Scheme
recognized under the International Collective Investment Scheme
Law 47(1) / 1999
FUND MANAGEMENT DEPARTMENT 9
PIRAEUS BANK CYPRUS

10. Methodology and Strategy
Pre-set Risk
Invest Monitor Risk Take Action
boundaries
Adjustment of
Establishment of
exposure
unit of risk
to asset classes
measurement Allocation of funds Monitoring of the
limiting risk within
& based on volatility measure of Risk
the pre-set boundaries
setting of upper and selection criteria on a daily basis
and taking advantage
and lower
of the dynamics of
level boundaries
the market
Bounded low risk strategy with optimized investment returns at all times.
FUND MANAGEMENT DEPARTMENT 10
PIRAEUS BANK CYPRUS

11. International Managed Risk Fund Vs Capital Guaranteed Products
Vs Fixed Deposit
International Managed Risk Fund Capital Guaranteed Products Fixed Deposit
Early redemption generally
Large penalty fees in case of
Early Redemption Fees No penalty fees allowed with penalty fees and
exit before maturity
loss of capital guarantee
Monthly liquidity with no bid-offer Not very liquid and with large
Liquidity No liquidity. Locked in for a
spread bid-offer spread
fixed period
Attractive premium over deposit Cannot be negative but limited
Potential Return Fixed at inception
rates upside
Fixed fee with performance related Generally fixed % irrespective of
Fees No fees
top-up subject to High Water Mark performance
Flexible to the investor’s investment Flexible to the investor’s
Duration 3 - 7 years
horizon investment horizon
Taxation on Capital Gain Non-Taxable Generally Non-Taxable N/A
Conservative active management Capital locked in a strategy with
that limits risk at relatively low levels, no active management thereafter
aims to take advantage of rising which limit potential returns
Investment Strategy markets and protects capital when N/A
markets are falling
FUND MANAGEMENT DEPARTMENT 11
PIRAEUS BANK CYPRUS

12. Results indicate a successful
investment strategy
FUND MANAGEMENT DEPARTMENT 12
PIRAEUS BANK CYPRUS

13. Back-Testing the investment strategy
99% “A unique fund domiciled in
Cyprus that aims to shield the
capital in volatile markets
and to exploit rising markets”
-13%
Strategy was back-tested for 10
years (Dec 1999 to Dec 2010)
and produced a return of 9.91%
pa with volatility of 6.71% pa.
The MSCI World index
produced a return of -1.77% pa
with volatility of 15.77% pa over
the same period.
FUND MANAGEMENT DEPARTMENT 13
PIRAEUS BANK CYPRUS

14. Real case: strategy tested in practice
WIOF Global Strategy Risk 10% is a fund registered in Luxembourg and
managed by Piraeus Bank (Cyprus) since October 2008.
Utilizes a similar investment strategy and methodology as Piraeus Cyprus
International Managed Risk Fund.
Invests in global emerging markets and aims to achieve 8% pa with an
average volatility of 10% pa.
21.1%
14.6%
FUND MANAGEMENT DEPARTMENT 14
PIRAEUS BANK CYPRUS

15. Summary
A Managed Risk Strategy with the objective to:
Limit risk within fixed pre-set boundaries.
Benefit from rising markets and protect capital in falling markets.
Achieve higher returns than money-market instruments.
Back-testing the strategy over the last ten years produces
exceptional results:
9.9% annualised return; outperformed benchmark by more than 10% per year.
Volatility less than 10% at all times, with annual average volatility of 6.7% per year.
Summary of terms
Regulated by the Central Bank of Cyprus.
Minimum investment €100.000.
Low administration and management fees.
No entry or exit fees
Monthly NAV valuations and subscriptions / redemptions.
FUND MANAGEMENT DEPARTMENT 15
PIRAEUS BANK CYPRUS

16. Contact Details
Fund Management Department
Piraeus Bank (Cyprus) Ltd
General email
cyfundmanagement@piraeusbank.com.cy
Marios Demetriades
Marios.demetriades@piraeusbank.com.cy
Tel: 00357 22575559 Mob: 0035799530688
Costas Mesaritis
Costas.Mesaritis@piraeusbank.com.cy
Tel: 00357 22575618
Panayiotis Apseros
Tel: 00357 22575609
Panayiotis.Apseros@piraeusbank.com.cy
FUND MANAGEMENT DEPARTMENT 16
PIRAEUS BANK CYPRUS

17. Disclaimer
This presentation is intended for information purposes only and is not an invitation to
subscribe for shares in the ICIS described herein. If choosing to buy the ICIS you should
not rely solely on the information contained in this presentation. You should carefully read
the prospectus and/or the terms and conditions relating to the ICIS. All material in the
presentation is provided without express or implied warranties or representations of any
kind and no liability is accepted. Opinions and comments therefore reflect current views of
the author and are subject to change without notice. The investments herein may not be
suitable for all recipients. Past performance is no guarantee of future results and no
guarantee is implied. The price, value of, and income from any of the securities mentioned
in this report can fall as well as rise. International investing includes risks related to
political and economic uncertainties of foreign countries, as well as currency risk. Piraeus
Bank (Cyprus) and/or its employees or associates may have or have had financial or other
interests or positions in relevant securities.
FUND MANAGEMENT DEPARTMENT 17
PIRAEUS BANK CYPRUS