Greece has the highest non-performing loan (NPL) ratio in the EU at 28.8% as of Q3 2020, compared to the EU average of 2.8%. The four largest Greek banks aim to reduce their NPL ratios to under 10% by 2022. New laws have been introduced to facilitate the resolution of private debt and protect debtors' primary residences, while providing debt relief and a fresh start. Several large NPL portfolio sale and securitization deals have taken place in recent years to help banks accelerate the reduction of their NPLs.

1. Greek NPL Market Overview
March 2021

2. Page 2
General Overview
Greece still holds the highest NPL ratio in EU, at 28.8% compared to the EU average of 2.8% as
of Q3 2020
Source: EBA Risk Dashboard – Q1 2020, Octane Analysis
45% 45% 45% 43%
41% 41%
39%
37%
35% 34%
30% 29%
Q4-
2017
Q1-
2018
Q2-
2018
Q3-
2018
Q4-
2018
Q1-
2019
Q2-
2019
Q3-
2019
Q4-
2019
Q1-
2020
Q2-
2020
Q3-
2020
NPL Evolution in Greece September 2020 (%)
GR
45%
Q4-2017
Q1-2018
Q2-2018
Q3-2018
Q4-2018
Q1-2019
Q2-2019
Q3-2019
Q4-2019
Q1-2020
Q2-2020
Q3-2020
Coverage Evolution in Greece September 2020 (%)
GR

3. Page 3
Asset quality of the Systemic Banks’ loan portfolios
Banking Landscape and Prospects
Source: Piraeus Bank, Alpha Bank, Eurobank, NBG Q1 results
Note: Eurobank’s NPE’s and gross loans’ breakdown depicts the domestic
landscape. No info about NPLs split. Also NBG’s gross loans are
estimated based on adding NPLs with Performing Loans figures
Total Gross Loans Breakdown Q3 2020
(% and € bn)
NPEs and NPLs Breakdown Q3 2020
(€ bn)
30.8,
63%
13,9;
29%
4,2;
9%
Business Mortgage Consumer
23.5;
55%
14.0;
33%
5.0;
12%
Business Mortgage Consumer
20.2;
62%
10.1;
31%
2.4; 7%
Business Mortgage Consumer
18.0;
54%
13.6;
40%
2.0; 6%
Business Mortgage Consumer

4. Page 4
Banking Landscape and Prospects
BoG estimates the new NPE stock for 2021 to be at €8-10bn only from the payment moratoria
activated by the European Banking Authority, not including the effect of the pandemic; Bridge I and
II schemes aim to slow down a potential rapid increase of the banks’ NPE stock…
Payment Moratorium
The European Banking Authority has
extended the deadline for applications for
moratoria to 31/03/2021, under the conditions
that:
a) The overall length of the payment holiday
does not exceed 9 months in total for
loans that are either performing or under
settlement.
b) Based on the deadline given by the EBA,
debtors with loans that were performing
until 30/09/2020 and have been affected
financially by the pandemic and had not
received a payment holiday can request
from their creditors to be included in the
moratorium.
• As of 04/01/2021 €30bn of loans are
estimated to be affected
• Banks are expected to provide payment
holidays for the whole of 2021 for
businesses in the tourism industry
Bridge (Gefyra) I
• Government subsidy (9 months) for the
repayment of mortgage loans only, backed
by the primary residence as collateral.
• Applications received until 31/10/2020.
• Applicable only to debtors that have been
financially affected by the pandemic
• For Performing loans: The government
subsidizes for the first quarter 90% of the
monthly installment (capital + interest), 80%
for the second quarter and 70% for the third
quarter (maximum €600)
• For non-performing loans: The debtor
has to reach a settlement with the bank/
servicer until 31/03/2021 and the
government then subsidizes the
installments as a performing loan
• For denounced loans: Same as non-
performing loans, but with 60%, 50% and
30% respectively (maximum €300)
Bridge (Gefyra) II
• Government subsidy (8 months) for the
repayment of corporate loans for SMEs,
SBs and self employed professionals
estimated at €500 mn
• Applications received until 07/05/2020
• Applicable only to debtors that have been
financially affected by the pandemic
• For Performing loans: The government
subsidy will vary from 90% of the monthly
installment (capital + interest) to 70% of the
monthly installment based on the company
size
• For non-performing loans: The
government subsidy will vary from 80% of
the monthly installment (capital + interest)
to 60% of the monthly installment based on
the company size and the days in Arrears
• For denounced loans: The Government
subsidy varies from 70% to 50%
Source: OCTANE market intelligence

5. Page 5
Banking Landscape and Prospects
• The pandemic has not significantly affected NPL deal flow, with only slight delays observed in some deals
• Ongoing deals still going forward, but pricing is expected to be affected (e.g. project Icon upfront fee was reduced by ~25% due to the pandemic
before closing, but with future performance-based earn-out clauses added)
…while the four systemic banks take a more optimistic approach and estimate the new NPE stock
from the pandemic to reach €5bn while achieving their NPE ratio targets by the end of 2022
Source: OCTANE market intelligence
NPE ratio targets
2022 (incl. COVID
effect)
6% (from 33.5% in
2019)
<10% (from 45% in
2019)
<10% (from 31% in
2019)
<10% (from 49% in
2019)
Current loan
settlement
strategies
Payments’ reduction up to
50% for a maximum of 12
months. After that, the
duration of the loan is re-
calculated and the
payments return to 100%.
Payments’ reduction up to
50% for 3, 6 or 12 months
(depending on the debtors’
financial situation). After that,
the duration of the loan is
adjusted and the payments
return to 100%
Payments’ reduction up to
50% for a maximum of 12
months. After that, the
duration of the loan is re-
calculated and the payments
return to 100%
Payments’ reduction to 50% of
original payment for 2021 and
75% of the original payment
for the H1 2022. The payments
will be scheduled back to
100% as of July 2022.
Completed or
ongoing key
actions
1. Front-loaded, substantial
large NPE securitization
through Project Cairo
2. NPE platform carve-out
(FPS-doValue)
3. Hive-down of core
banking assets and
liabilities to a new
Banking entity
1. The sale of 51% of the
Mezzanine and Junior
Securitisation Notes to
Davidson Kemper
through Project Galaxy
will bring the bank’s NPE
ratio to 13%
2. Sale of 80% of Cepal
1. Project Frontier will
accelerate NBG’s NPE
clean up pushing NPE
ratio below 15% once
completed
Implementation of the Sunrise
plan in 2021. Key
actions/targets:
1. Single digit NPE ratio
target in 12 months
2. Total Share capital
increase of circa €2.6 bn
3. Transformation plan
enhancing pre-provision
income and reducing
operational costs

6. Page 6
Banking Landscape and Prospects
• June 2020
• October 2019
Completion date
Key-info
• Intrum agreed to acquire Piraeus
bank’s Recovery Management
Services platform; Recovery
Banking Unit (RBU) which was
hived down into a separate legal
entity (NewCo)
• Intrum acquired 80% of the NewCo
shares while PB maintained the
remaining 20%
• NewCo have entered an agreement
servicing PB’s NPEs and REO
portfolios
• Deal value € 328 mn
• doValue acquired 80% of Eurobank’s
FPS
• doValue will service Eurobank’s NPE
portfolio, as well as its portfolio in
arrears of <90dpd
• Agreement has a duration of 14 years
• Project Cairo happened in parallel with
the disposal of FPS to doValue and the
securitsation included three classes of
notes where 50.1% of Junior notes and
20% of Mezannine notes were sold to
doValue for € 15mn
• Alpha Bank entered into a
definitive agreement with
Davidson Kempner for the sale of
€ 10bn Galaxy portfolio (51% of
Mezzanine and Junior notes)
and 80% of Cepal, while the bank
maintains the remaining 20%
• The agreement has a duration of
13 years (with an extension right)
and the new Cepal will service
apart from Galaxy, € 4.6bn of
third party portfolios
• Ongoing (est. Q2)
Source: Banks’ press releases
Piraeus and Eurobank have completed the hive downs of their NPL units to international servicing
organisations while Alpha Bank is expected to complete their respective transaction in the coming
months

7. Page 7
Regulatory Developments
The new insolvency framework described in Law 4738/2020 aims to provide a holistic solution
regarding the non performing private debt held in Greece and at the same time provide a
second chance to insolvent cooperative debtors while protecting their primary residence
Launch date
Q1 2021
All type of debts
to banks, municipalities,
national insurance
providers and third party
lenders
Applicable only for debtors
that do not hold 90% of
their debt with one lender
(i.e. individuals holding
one mortgage)
Pre-insolvency mechanism
• Debts can be settled before the debtor becomes insolvent
• Prerequisite: Debt should be settled with the creditors to be repaid in
up to 240 installments
• Out-of-Court-Workout mechanism for automated debt settlement
proposal
• Legal entity can maintain their assets but they should consent to a
restructuring plan by a representative appointed by the applicable
justice court
• Filing for insolvency can be submitted by the lenders and the First
Instance Prosecutor’s Office without the debtors’ consent
• The Arrears Resolution Process is discontinued if debtors choose to
be incorporated in a settlement under Law 4738/2020
• Debt relief within
12 months from the
hand over of any
assets
• In case of no
assets present debt
relief is provided 3
years after
insolvency
Debtors under the
new legislation
receive a second
chance to restart
their financial activity
Law 3869/2010
Debtors can terminate the legal
proceedings if they wish and be
incorporated in the new
framework
• Primary residence is protected for all debtors
• State guarantees the debtors are not evicted from their
primary residence post insolvency
• Establishment of private companies acquiring
auctioned properties and renting them back to
debtors for 12 years with a buy-back option
• Rent partly subsidized by the state during this period
Debtors’ income is
considered in the
selection process
ensuring that
“uncooperative” or
“strategic bad
debtors” are
excluded from the
beneficial treatment
under the new Law
4738/2020

8. Page 8
Regulatory Developments
Another recent development to support the NPL reduction is the Law 4637/2019 regarding the
prosecution of bank employees replacing an old framework from 1950
Source: OCTANE market intelligence
Offence type
Prosecution
Law 4637/2019 framework
• Inertia by bank employees in signing restructuring plans and debt write-offs due to exposure to potential prosecution has been a
systemic problem since the start of the debt crisis
• This delays the corporate debt settlements provided by the banks to its debtors and therefore delays the NPL reduction targets
set by the banks
• In the past, prosecutor was able to file own motion without the bank’s consent
• Under the new framework, financial institutions will need to consent to the prosecution against employees accused of committing
an offense
• Framework aims to involve the bank who is affected by the actions of their employees in any future prosecution against its
employees
• The commitment of fraud offenses changes from a felony to a misdemeanor
Issue

9. Page 9
Deals Monitor
Source: Individual bank reports (FY 2019), Deal announcements, OCTANE analysis
July
2017
Sept.
2018
June
2018
Nov.
2017
March
2018
May
2018
Oct.
2018
Nov.
2018
Project Artemis
Seller: Attica Bank
Acquirer: Aldridge
Perimeter: Retail &
Corporate
Securitzation
consisting of:
Senior notes: €487 mn
Mezannine: €38 mn
Junior notes: € 806mn
Price: €70 mn
Servicer: Thea Artemis
Project Eclipse
Seller: Eurobank
Acquirer: Intrum
Perimeter: Retail
unsecured
Outstanding
Principal Balance:
€1.5 bn
Price: €45 mn
Servicer: FPS
Project Venus
Seller: Alpha Bank
Acquirer: B2Holding,
Waterfall Asset
Management, EBRD
Perimeter: Retail/SB
Unsecured
Outstanding Principal
Balance:€2 bn
Price: €90 mn
Servicer: B2Kapital
Project Amoeba
Seller: Piraeus Bank
Acquirer: Bain
Capital Credit
Perimeter: SME
secured
Gross Book Value:
€1.45 bn
Price: €0.432 bn
Servicer: Special
Financial Solutions
Project Earth
Seller: NBG
Acquirer: Carval-Intrum
Perimeter: Retail Unsecured
Outstanding Principal
Balance : €2 bn
Price: €0.1 bn
Servicer: QQuant
Project Arctos
Seller: Piraeus Bank
Acquirer: APS, IFC,
EBRD, Balbec Capital
Perimeter: Retail
Unsecured
Gross Book Value:
€0.4 bn
Price: €50 mn
Servicer: APS Hellas
Project Zenith
Seller: Eurobank
Acquirer: B2Holding,
Waterfall Asset
Management
Perimeter: Retail
Unsecured
Outstanding
Principal Balance:€1
bn
Price: €66 mn
Servicer: B2Kapital
Project Jupiter
Seller: Alpha Bank
Acquirer: Apollo
Perimeter: SME secured
Total Outstanding Balance
:€1.2bn
Price: €0.3 bn
Servicer: Cepal
Project Metexelixis
Seller: Attica Bank
Acquirer: Pimco
Perimeter: Mixed Securitization
Book Value: €0.7 bn
Price: €47 mn (for €0.357 bn
Junior note)
Servicer: QQuant
SME Securitization
Seller: Eurobank
Book value: €1.25 bn
Senior note: €0.813 bn(sold
via private placement)
Junior note: €0.438 bn
(held by Eurobank)
Deals have drastically accelerated, since Project Artemis in July 2017…
9This analysis does not include single-ticket deals
May
2019
Project Symbol
Seller: NBG
Acquirer: Elliott-
Centerbridge
Perimeter: SME
Secured
Total
Outstanding
Balance : €1.6 bn
Price: €0.250 bn
Servicer: Cepal
June
2019
Project Pillar
Seller: Eurobank
Acquirer: Pimco
Perimeter: Mortgages
Book Value: €2bn
(95% of mezzanine and
junior notes)
Price: €110mn
Servicer: FPS
Project Nemo
Seller: Piraeus Bank
Acquirer: Davidson
Kempner
Perimeter: Shipping
Gross Book Value: €500mn
Price: €240mn
Servicer: Mountstreet
Project Mirror
Seller: NBG
Acquirer: Carval
Perimeter: Retail/SME
Unsecured
Outstanding Principal
Balance:€1.2bn
Price: €90mn
Servicer: QQuant
Project Mercury
Seller: Alpha Bank
Acquirer: Hoist
Perimeter: Retail /SB
Outstanding Principal
Balance:€1.3 bn
Price: €76 mn
Servicer: Cepal
Nov.
2019
Project Neptune
Seller: Alpha
Bank
Acquirer:
Fortress
Perimeter:
Corporate
Secured
Gross Book
Value: €1.8 bn
Price: €450 mn
Servicer: TBC
Project Aeolus
Seller: PQH
Acquirer: Intrum
Hellas
Perimeter:
Consumer & SB
unsecured
Gross Book
Value: €1.1 bn
Price: €71 mn
Servicer: Intrum
Q4 2019
Project Leo
Seller: NBG
Acquirer: Cross
Ocean Partners
Perimeter:
Shipping
Gross Book
Value: €0.26 bn
Price: c50% of
the on balance-
sheet portfolio
amount
Servicer:
QQuant
Securitization
Sale
Continued on
next page

10. Page 10
Deals Monitor
Source: Individual bank reports (FY 2019), Deal announcements, OCTANE analysis
June
2020
Oct.
2020
Project Marina
Seller: NBG
Acquirer: Bain Capital
Perimeter: corporate/
SB/ consumer/
mortgage
Gross Book Value:
€325 mn
(€ 200 mn secured)
Price: € 100.75 mn
(estimate)
…with 22 deals completed to date worth more than €22bn in Gross Book Value…
Project Icon
Seller: NBG
Acquirer: Bain
Capital
Perimeter: Corporate
Secured
Gross Book Value:
€1.6 bn
Price: €340 mn
Servicer: doValue
Project Cairo
Seller: Eurobank
Acquirer: doValue
Perimeter: multi-
asset
Gross Book Value:
€2.084 bn
Price: € 15 mn
Servicer: doValue
Feb.
2021
Project Iris
Seller: Piraeus Bank
Acquirer: Intrum (with
EBRD)
Perimeter: Retail /SB
/ leasing
Gross Book Value:
€0.7 bn
Price: € 37.4 mn
Servicer: Intrum
Securitization
Sale

11. Page 11
Deals Monitor
Source: Individual bank reports (FY 2019), Deal announcements, OCTANE analysis
…and 4 deals being in the binding offer stage (>€16bn GBV) while many others that are ongoing
are expected to close in the coming months (>€12bn GBV)
Dec.
2020
Feb.
2021
March
2021
Project Vega
Seller: Piraeus Bank
Acquirer: Intrum
Perimeter: Res. &
Com. RE secured
Gross Book Value:
€4.9 bn
Price: €23 mn
(estimate)
Servicer: Intrum
(Securitization)
Project Danube
Seller: NBG
Acquirer: Bain
Capital Credit
Perimeter: Corporate
Gross Book Value:
€174 mn
(€ 102 mn Secured)
Price: N/A
Project Phoenix
Seller: Piraeus Bank
Acquirer: Intrum
Perimeter: mortgage
Gross Book Value:
€0.45 bn
(30% of 1.92 bn)
Price: €12 mn
(estimate)
Servicer: Intrum
(Securitization)
* The deal was 267 mn, but included the sale of 80% of Cepal
Under binding Agreement
Ongoing / Rumored
H1 2021
Project Frontier
Seller: NBG
Acquirer: N/A
Perimeter: SB/
consumer/ mortgage
Gross Book Value:
€7 bn
Price: N/A
Servicer: N/A
(Securitization)
Q4 2021
Project Galaxy
Seller: Alpha Bank
Acquirer: Davidson
Kempner
Perimeter: Retail /SB
/ leasing
Gross Book Value:
€10.8 bn
Price: € 167* mn
(Estimate)
Servicer: CEPAL
(Securitization)
Project Trinity
Seller: Piraeus Bank
Acquirer: N/A
Perimeter: Secured
large corporate
Gross Book Value:
€0.3 bn
Price: N/A
Servicer: N/A
Expected to be closed in 2021
Project Bridge
Seller: Piraeus Bank
Acquirer: N/A
Perimeter: SB
/corporate secured
Gross Book Value:
€1 bn
Price: N/A
Servicer: N/A
Project Solar
Seller: Piraeus Bank
Acquirer: N/A
Perimeter: Secured SB
Gross Book Value:
€0.5 bn
Price: N/A
Servicer: N/A
(Securitization)
Project Pivot
Seller: Piraeus Bank
Acquirer: N/A
Perimeter: Corporate
Gross Book Value:
€0.3 bn
Price: N/A
Servicer: N/A
Project Calypso
Seller: Eurobank
Acquirer: N/A
Perimeter: Corporate
Gross Book Value:
€53 mn
Price: N/A
Servicer: N/A
Project Star
Seller: Eurobank
Acquirer: N/A
Perimeter: Mortgages
Gross Book Value:
€28 mn
Price: N/A
Servicer: N/A
Project Istros
Seller: Piraeus Bank
Acquirer: N/A
Perimeter: Mortgages
Gross Book Value:
€0.13 bn
Price: N/A
Servicer: N/A
Project Mexico
Seller: Eurobank
Acquirer: N/A
Perimeter: retail /
corporate
Gross Book Value:
€3.3 bn
Price: N/A
Servicer: N/A
(Securitization)

12. Page 12
Deals Monitor
Several funds have been active in NPL portfolio purchases over the past three years
* Does not include investment in servicing platforms / long-term servicing agreements
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
3.4
3.0
2.7
2.4
2.1
2.0
1.3
1.2
1.1 1.1
0.9
0.5
0.4
0.3
0.1
Total Acquired Portfolio in Gross Book Value per Acquirer

13. Page 13
Company Shareholders CEO Deals Target Asset Class Staff
1 Cepal Hellas Alpha Bank & Centerbridge Partners Richard Langstaff
Framework Agreement with EBRD, KKR and Pillarstone and
Assignment of a € 0.5 bn. Portfolio, Project Mercury,Project
Jupiter, Project Symbol
Consumer, Mortgage, SME 200
2 Eurobank FPS Eurobank Anastasios Panousis
Project Eclipse, Project Pillar, Project Cairo*, Eurobank own
portfolio
Consumer, Mortgage, SB ~1,000
3 Pillarstone KKR N/A Exiting the market Corporate N/A
4
Θεά Άρτεμις
(Goddess Artemis)
Attica Bank, Aldridge & DDM Irini Maragoudaki Project Artemis (€1.3 bn.) Consumer, Mortgage, SME N/A
5 Resolute Asset Management Resolute Asset Management UK Christoforos I. Stratos N/A
Tourism & Hospitality Real
Estate
~15
6 Independent Portfolio Management (IPM) Alvarez & Marsal Marios Koliopoulos N/A SME ~11-50
7 UCI Hellas UCI Spain Aristidis Arvanitakis
Own Mortgage portfolio, 3rd-party Mortgage and Consumer
portfolio
Mortgage 34
8 B2Kapital B2Holding Group George Christoforou Project Venus, Project Zenith Consumer, Mortgage, SME ~100
9 QQuant Master Servicer
Qualco-PIMCO (bought a 20% stake
in Qualco)
Nikolaos Vardaramatos Metexelixis, Project Earth, Project Mirror Consumer, Mortgage, SME ~150
10 DV01 Asset Management Dimitri Vlachos Dimitri Vlachos N/A Corporate ~2-5
11 Special Financial Solutions Bain Capital Dimitris Zoumbroulis Project Amoeba SME & Corporate of PB ~7-15
12 Hoist Hellas Hoist AG Sarah Salmona Project Mercury (acquired, serviced by Cepal) Consumer, Mortgage, SME ~16-21
13 Do Value N/A Stathis Andrianakis Project Solar Project Solar N/A
14 MELFIN Mellon Aggelos D. Aggelidis N/A Consumer, Mortgage, SME N/A
15 APS Recovery Greece APS, Euroxx N/A Project Arctos Consumer, Mortgage, SME ~30
16 Cerved Hellas Cerved Gikas Manalis N/A Consumer, Mortgage, SME N/A
17 EOS Matrix EOS Group Antonis Bayias N/A Consumer, SME
N/A
18 EU Praxis FSI
Fire Group S.p.A. & StormHarbour
Securities
Ilias Kyriacopoulos
N/A
Consumer, SME, Corporate
N/A
19 Intrum Hellas Intrum, Piraeus
George
Georgakopoulos
Piraeus Bank NPE portfolio Consumer, SME, Corporate ~1,000
Currently there are 26 players licensed in the market (1/2)
Source: OCTANE market intelligence
Loan Servicing Companies – The Secondary Market

14. Page 14
Currently there are 26 players licensed in the market (2/2)
Loan Servicing Companies – The Secondary Market
Company Shareholders CEO Deals Target Asset Class Staff
20 NPA N. A. Andrikopoulos Achilleas Giannisis N/A Consumer, SME, Corporate N/A
21 Mountstreet Mountstreet Group
Vassilis
Theofanopoulos
Project Nemo SME, Corporate ~15
22 Pepper Pepper group Thomas Ziogas - Secured N/A
23 Lysis ICAP group George Sotiropoulos - N/A N/A
24 HipoGes Hellas HipoGes Iberia Hugo Velez - Secured N/A
25 First Capital First Capital / NM Advisors Nikolaos Marantos - Retail, SME, Corporate N/A
26 Silverton Silverton Group GmbH Panos Psomas - N/A N/A

15. Page 15
Loan Servicing Companies – The Secondary Market
10 Servicers are currently active with a total AuM of around €90bn (estimated March 2021*)
Source: OCTANE market intelligence
0
5
10
15
20
25
30
30
27
26
12
6.2
2.3
1.5 1.3
0.5 0.5
Estimated AuM in bn € (2020)
* Based on publicly available data (servicer press releases, deal announcements etc.) – includes all announced AuM, not only NPEs
May include double-counting or omissions due to master servicing – sub-servicing relationships
Deviation from Bank of Greece data due to reasons above as well as servicing agreements for loans still on Bank balance sheets

16. Page 16
May 2018 June 2020
June 2018 Oct. 2019 Dec. 2019
SFS-Piraeus Bank
• SFS was acquired by
Bain Capital from
Piraeus Bank as part of
project Amoeba
DoValue-LPN Capital
• DoValue acquired
licensed servicer LPN
capital
• Until that point DoValue
was operating under its
Italian banking license
Intrum-Piraeus Bank
• Piraeus RBU transferred
to Intrum
• New servicing firm
created
• 80% stake Intrum 20%
stake Piraeus bank
Copernicus-IPM
• Copernicus signed an
agreement
to acquire 75% of IPM
from Alvarez & Marsal
FPS-DoValue
• Acquisition of 80% of FPS
from DoValue as part of
project Europe
• Transaction was valued
at 248mn €
Loan Servicing Companies – The Secondary Market
Servicers’ M&A Deals to Date
Sep. 2019
PIMCO-Qualco
• Pimco raised its stake in
the Qualco group to
40%, fully covering a
capital increase of
approximately 10mn €
in the group holding
company and
acquiring 6mn € in
proportion to the other
shareholders in 7,5%

17. Page 17
NPL Market – Future Outlook
The Greek NPL market has gone through its stage of infancy and is now showing signs of maturity,
which is expected to lead to several changes in its structure
• Servicing of NPL portfolios moved en masse from Banks to Servicers
• “Difficult” asset classes (Mortgages, SMEs) yet to be effectively tackled
• Proactive management in restructuring, as well as in liquidations – initiatives for the rationalization of entire sectors, asset
management of REOs needed
• Significant RE stock coming to market (~250,000 assets expected to be managed by servicers) – risk of “flooding”?
Portfolio / RE
Management
Servicer
Consolidation &
Sophistication
Deals
Legal &
Regulatory
• Recent changes (e.g. primary residence protection, bank executives liability) facilitating more effective management,
partly addressing strategic defaults
• More changes needed for the acceleration of enforcement proceedings that underpin portfolio cashflow assumptions (e.g.
reexamination of horizontal cease of auctions, speeding up of litigation)
• Emergence of “mega-servicers” shaping the market, with expectations for consolidation going forward
• Increased regulatory requirements (particularly under “Hercules”) require increased sophistication by market leaders
• Specialization of smaller players to specific asset classes or types of actions, with sub-servicing from larger players
• Players exiting the market?
• “Hercules” has defined the securitization landscape – Hercules II to facilitate further and quicker deleveraging
• BoG AMC (“Bad Bank”) proposal still being discussed
• Bank carve-outs ending
• “Tertiary” market deals will signify market maturity

18. Page 18
Who we are
Our Track Record in Banking / NPLs
Contents

19. Page 19
• OCTANE Management Consultants is a Greek firm of consultants with international experience, offering a
powerful combination of local presence, intimate market knowledge, international experience, and subject
expertise
• Since its inception in 2007, OCTANE Management Consultants has grown fast to become a recognized consulting
firm offering specialized, practical advice to companies and organizations in Greece and abroad
• Positioned to provide expert-level strategic advice to Greek and international institutions and businesses for
strategy, restructuring and market management
• OCTANE employs a team of highly skilled and experienced professionals committed to adding value for its
clients
• With the use of senior-level, experienced resources for all of its projects and clients, OCTANE provides accurate,
practical, detailed and feasible advice
• OCTANE has undertaken over 400 strategy, corporate finance, restructuring and performance improvement
projects for some of the largest companies of the Greek Private & Public sector, as well as international
companies and funds
Who we are
A valuable advisory partner for Greek and International companies and
institutions

20. Page 20
• Founded in 2007 by experienced consultants with over 60 years combined track record in Greece and
abroad
• Positioned to provide expert-level strategic advice to Greek and international institutions and
corporates for strategy, process streamlining, restructuring, efficiency improvement and market management
• Four senior-level partners and directors with international training and extensive Greek and international
track record handling large and complex projects for major private and public sector clients
• Previous team experience includes senior positions at Booz Allen & Hamilton, Barclays Capital, the Hellenic
Asset Development Fund, FORTIS Bank, JW Thompson and KANTOR Management Consultants
• A rigorously trained team of 25+ managers and consultants with experience as part of more than 400 process
redesign, strategy, business planning and implementation support assignments
• A strong supporting network of expert advisors and subcontractors
• Over 400 process streamlining, efficiency improvement and governance projects for some of the largest
companies of the Greek Private & Public sector as well as international companies and investors
• Offering a powerful combination of intimate market knowledge, international experience, and subject
matter expertise
• OCTANE has provided strategic advice to several Greek corporate owners, funds and international
investors as well as the CEOs of companies such as S&B Industrial Minerals, Olympic Airways – Services,
Olympic Airlines, Hellenic Petroleum, DESFA, PPC Renewables, TRAINOSE, WIND, VESTAS Hellas,
SUNLIGHT and EMPORIKI-Credit Agricole
• Since our inception we have been trusted with strategy and reorganization projects by 15 of the top 200
companies in Greece
• More than 85% of our clients present us with repeat assignments, recognizing the value and
professionalism of our project work
Team
Track Record
History
Who we are

21. Page 21
APPLIED STRATEGY & CORPORATE DIRECTION
• Business planning
• Strategy studies for specific sector / market
• Feasibility studies and options assessment
• Reorganization and corporate turnaround
• Risk assessment and mitigation
• Strategy workshop facilitation
CORPORATE FINANCE & INVESTOR SUPPORT
• Investment strategy & target identification
• Merger & acquisition support
• Business due diligence / valuation
• Capital structure optimization
• Fundraising support
• Privatizations sell-side / buy-side
REVENUE GROWTH &
MARKET LEADERSHIP
• Market & competition analysis
• Sales force efficiency
• Customer segmentation
• Key account management
• Customer experience improvement
• Commercial strategy & pricing
CORPORATE GOVERNANCE,
ORGANIZATION & PROCESSES
• Organizational structure
• Roles and accountabilities
• Corporate policies
• End-to-end process mapping and analysis
• Management Reporting / MIS
• Capacity Modelling
OPERATIONAL EFFICIENCY &
PERFORMANCE IMPROVEMENT
• Supply chain optimization
• Performance analytics & KPIs
• Network efficiency improvement
• Process streamlining/simplification
• Sourcing & procurement
• Motivation & incentive schemes
PROJECT MANAGEMENT & IMPLEMENTATION SUPPORT
• Project planning
• PMO organization and staffing
• Project monitoring and reporting
• Change Management
• Restructuring implementation support
• Post-merger integration
Addressing real client needs
Services

22. Page 22
More than 80% of our clients present us with repeat assignments, recognizing the value and
professionalism of our project work
Indicative Client Portfolio
Banking, Finance & Insurance
Institutional and Infrastructure
Large Corporate & International Clients
Greek Corporate Clients

23. Page 23
International Track Record
OCTANE has a strong track record of international projects and collaboration with large
multinational clients
Analysis of the Greek
banking market for
FIDELITY International
Reorganization of the
Eastern European
operations of HJ
HEINZ
Integration of the 2
Serbian Subsidiaries of
EFG EUROBANK
Reorganization and
privatization support
for TAROM
Acquisition support
and PMI
for S&B Ind.Minerals
Support for the sale
of a Greek company to
a Lebanese investor
Greek market analysis
and growth strategy
for ABSOLUT Vodka
International Activities
Business Plan for OTE
International
Marketing and sales
strategy
for HEINEKEN France
Reorganization of
manufacturing
footprint for HJ HEINZ
Europe
INDICATIVE INTERNATIONAL PROJECTS
Post-merger
integration of
CITIGROUP and
Travellers Group
Network segmentation
for ERGO Turkey
Commercial model
transformation for
IsBank Turkey
Greek market analysis
and entry strategy for
PaddyPower
Nordic country food
market assessment
for Private Investor
Restructuring of Abu
Dhabi construction firm
BERIOS LTD
Business Plan for a
new events
management company
in Dubai
Analysis and monthly
reporting on the Greek
telecoms market for
BAUPOST
Business due diligence
of acquisition target for
OAKTREE in Cyprus
Market entry
strategy for
CRETA FARM in
Spain
Market assessment
and growth strategy
for S&B subsidiary
in Spain
International Funds
Baupost
OakTree
Bain Capital
Davidson Kempner
AMCI
Alchemy Investments
Pillarstone / KKR
B2 Holding
AGC

24. Page 24
Yanni Spiropoulos
Managing Partner
Co-Founder
> 25 years of consulting experience and track record in the execution of more than 500 strategy, process
redesign, performance improvement and HR management projects, both in Greece and abroad
Previously held senior positions at KANTOR (General Manager for private sector projects), Booz Allen &
Hamilton (Lead Consultant) and JWT Group (EVP of strategy and key account management)
Received a BA from Harvard University and an MBA from INSEAD
Indicative Experience
He has directed efficiency improvement and transformation projects for large clients such as EUROBANK,
NBG, ALPHA Bank, PIRAEUS Leasing, PIRAEUS Real Estate, EMPORIKI, WIND, PPC Renewables, Hellenic
Petroleum, S&B, EAB, TAIPED, Piraeus Bank, BankPost, PostBank, and GENIKI.
He has led more than 200 product development, sales network optimization and process streamlining projects
for some of the largest multinational and Greek companies including several banks.
Our Staffing and Capacity
Our senior staff is directly involved in all major projects on a day-to-day basis,
ensuring their efficient implementation and value delivery (1/4)

25. Page 25
George Pavlatos
Senior Partner
Co-Founder
>20 years of consulting experience, specializing in applied strategy and project management, having supported
companies ranging from new ventures to some of the largest Greek corporates, as well as the Hellenic Republic
and a number of state-owned companies
Previously was Lead Consultant in the private sector unit of Kantor Management Consultants in Athens
Received a Masters of Engineering from Durham University and an MBA from INSEAD
Indicative Experience
Has directed several large-scale transformation, change management and performance improvement
assignments for Eurobank, ATE Under Special Liquidation, ETAD, S&B, PIRAEUS Factoring, INTERAMERICAN,
the Bank of Greece, Emporiki Bank, ALPHA and Piraeus Bank.
Has extensive experience in operating project management offices managing large-scale cross-functional
transformation and BPM projects for large organizations such as the General Secretariat for Public Revenue,
ATE, S&B Industrial Minerals, Bancpost et al.
Our Staffing and Capacity
Our senior staff is directly involved in all major projects on a day-to-day basis,
ensuring their efficient implementation and value delivery (2/4)

26. Page 26
Dimitris P. Christacopoulos
Senior Partner
> 25 years experience in corporate banking and consulting in Greece, the United Kingdom, and the United States
Previously worked as Director at the Strategy & Corporate Advisory unit of Barclays Capital London
Also served as Deputy Country Head and Head of the Energy Desk for Fortis Bank in Greece and held senior
positions at Booz Allen & Hamilton and Aspis Group
Received a Chemical Engineering Degree from National Technical University of Athens and an MBA from
Columbia Business School
Indicative Experience
He was in charge of setting up the local corporate loan administration and all back office functions of FORTIS
Bank in Greece, including corporate / SME lending and project financing.
Has led significant Business Process Reengineering process for clients such as INTERAMERICAN, ERGO Hellas,
Thrace Plastics, WIND Hellas, PUBLIC and others
He has extensive operating knowledge of banking sector operations and processes, having led operational
efficiency / process improvement projects in the US (Citigroup), UK (Barclays), Turkey (IsBank) and Greece
(Piraeus, EMPORIKI, ALPHA).
Our Staffing and Capacity
Our senior staff is directly involved in all major projects on a day-to-day basis,
ensuring their efficient implementation and value delivery (3/4)

27. Page 27
Alexandros Chloros
Director
20 years of consulting experience with specialization in strategic planning, process mapping and optimization and
operational restructuring
Project Manager at TAIPED from 2011 until 2015
Project Manager at PQH for collaterals enhancement for a portfolio of 5.000 loan-holders
Former Director and ISO 9001 Quality Assurance Officer of KANTOR Group
Former Director and ISO 9001 Quality Assurance Officer of Digital Support Α.Ε.
Has served as a BoD member for the Thessaloniki Port Authority S.A. (2013 – 2015)
Holds a BA in Political Science from Denison University and an MA in International Relations from the George
Washington University
Indicative Experience
Significant track record in business process mapping, redesign, optimization and certification, having directed such
projects for organizations such as Piraeus Real Estate, TAIPED, ETAD, SingularLogic, Attica Enterprises, SOS
Villages and others
Certified ISO 9001 Internal Process Auditor
Our Staffing and Capacity
Our senior staff is directly involved in all major projects on a day-to-day basis,
ensuring their efficient implementation and value delivery (4/4)

28. Page 28
Our Competitive Advantages
STRATEGIC
VIEWPOINT
We have years of experience providing strategic advice for Boards,
CEOs and owners of major multinationals and leading Greek
companies, assisting them in setting strategic priorities, formulating
strategy, changing their organization and applying it to action
We consistently and systematically use rigorous, data-driven,
quantitative analysis in order to make our findings more robust and
to ensure that we bring measurable impact
RIGOROUS
DATA-DRIVEN
APPROACH
DELIVERY &
IMPLEMENTATION
EXPERIENCE
PRACTICAL
TOOLS &
METHODOLOGIES
Over the past 15 years, we have built a set of practical, flexible,
applicable tools & methodologies which we use as necessary in
order to ensure our effectiveness and efficiency and provide
implementable solutions for our clients
We have a track record of successfully delivering and executing
the most complex and difficult transformation and restructuring
projects by providing momentum and coordinating key
stakeholders to deliver concrete results

29. Page 29
Who we are
Our Track Record in Banking / NPLs
Contents

30. Page 30
OCTANE has extensive operational experience in banking and financial services
BANKING / FINANCIAL SECTOR CLIENTS
PIRAEUS Bank
EUROBANK
Hellenic Postal Bank
EMPORIKI / Credit Agricole
ATTICA Bank
National Bank of Greece
Bank of Greece
Hellenic Banks Association
FORTIS Bank
ATE Under Liquidation
PRAXIA Bank
ALPHA Bank
Isbankasi Turkey
Barclays Capital
PostBank
GENIKI / SG UCI EFG Serbia / NSB
Our Experience in the Banking Sector

31. Page 31
Change Management / PMO / Implementation Support
INDICATIVE BANKING PROJECTS
PIRAEUS Bank Implementation / project management support for Piraeus Real Estate
ATE USL Project management for implementation of internal systems and processes
EUROBANK Project management support for development of Retail Recovery Unit
NBG Implementation and project management for physical loan file centralization
EMPORIKI Bank PMO / implementation support for development of new Retail Recovery Unit
EMPORIKI Bank PMO / implementation support for development of centralized credit center
EMPORIKI Bank PMO / MIS development for all back office functions
BANCPOST Project office and implementation support of Bank-wide reorganization activities
CITIGROUP PMO direction for merger between Citibank and Travelers Group in the USA
INDICATIVE NON-BANKING PROJECTS
WIND Hellas Ongoing PMO support for all commercial and customer experience functions
PUBLIC Implementation and project management for redesign of supply chain operations
SingularLogic Project management / implementation support for new customer management tool
S&B Industrial Minerals Project management and monitoring of cost restructuring for SE European mining
OPAP Project management and technical support for new branch model roll-out
OAED 3-year project management and technical support for OAED restructuring programme
GSPR PMO / implementation support of General Secretariat for Public Revenue
PUBLIC B2B customer experience and service levels (SLAs)
OCTANE has a very strong project management team
focused in change management, implementation
support, and staffing of project management offices
(PMO) for large, complex restructuring projects.
Our implementation support experience includes:
o staffing and deployment of PMOs
o development and monitoring of action plans
o monitoring the progress of multiple initiatives against
the action plan / change roadmap
o reporting on project KPIs and achievement of targets
o training / support for project teams & initiative owners
o shareholder communication and management
o managing 3d party IT suppliers and other parties
o tracking and resolving interdependencies, bottlenecks
and resource allocation issues
o collecting and compiling all project documents
Our Project Track Record

32. Page 32
Bank process streamlining, centralization and optimization
INDICATIVE BANKING PROJECTS
PRAXIA Bank Mapping and design of core back office bank policies and procedures
PRAXIA Bank Mapping and optimization of marketing / communications procedures
EUROBANK Redesign of retail recovery processes and operating model for SB loans
EUROBANK Redesign of retail recovery processes and operating model for mortgage loans
Piraeus Bank Process and organization mapping for Piraeus real estate unit (REO, PB Real Estate)
Piraeus Bank Process mapping, optimization and efficiency improvement for Piraeus Factoring
Piraeus Bank Process mapping, digitalization and efficiency improvement for Piraeus Leasing
NBG Process mapping and efficiency improvement for group procurement processes
Piraeus Bank Process digitalization and workflow automation for contract management processes
EMPORIKI Bank Diagnostic, design and implementation for retail recovery unit (early, late, legal)
EMPORIKI Bank Design and implementation for centralized credit center (back office, credit officers)
EMPORIKI Bank Diagnostic, redesign and implementation of SME process / operating model
EMPORIKI Bank Mapping and efficiency improvement for large corporate back office (KEMEP)
Barclays Capital UK Design and implementation of the bank’s new operating / process model
Citibank USA Redesign / optimization of global back office operations after merger with Travelers
NBG Redesign / optimization of all SB credit processes (front and back office)
Piraeus Bank / ERGO Design and implementation of bancassurance procedures for ERGO and Piraeus
EUROBANK Process mapping and optimization for Romanian subsidiary (BANKPOST)
 OCTANE has supported several banking clients in
the mapping, optimization and streamlining of their
core and critical processes, front and back office.
 Our experience in this area includes:
o mapping, redesign and certification of core bank
processes and policies
o centralization of front-office / branch processes
o creation of middle-office and back-office
organizational units
o automation and digitalization of process flows
o optimization of resourcing based on process
streamlining and detailed FTE capacity planning
Our Project Track Record

33. Page 33
NPL Strategy and Management
INDICATIVE BANKING PROJECTS
PIRAEUS Bank NPL servicer licensing support for the €27 billion transaction with INTRUM
PIRAEUS Bank Business plan and licensing support for the AMOEBA project
Hellenic Servicer Association Ongoing strategic and operational advisory support
QQuant New organizational structure, procedures and policies
Hipoges Support in the submission of servicing license application to the BoG
EOS Matrix Compliance and core policy definition
JURE Law Firm Diagnostic and streamlining of the legal handling of Katseli Law cases
UCI Hellas NPL market analysis, strategy and operational market entry plan
Bain Capital Bank of Greece NPL licensing submission support
HOIST Hellas Support in the submission of servicing license application to the BoG
ATE USL Implementation monitoring of all Bank projects
ATE USL Process mapping and optimization for all Retail NP loans
ATE USL Strategic advisory to the Liquidator
Silverton Partners Support in the submission of servicing license application to the BoG
CERVED Support in the submission of servicing license application to the BoG
PQH Ongoing project management support
Bank of Greece International benchmarking and simplification of L4354 licensing framework
EMPORIKI Bank Design of segment-based SME restructuring and rescheduling products
OCTANE has worked closely with the Bank of Greece
as well as several NPL servicing companies and
banks for the development of NPL strategies,
structures and processes.
During these projects OCTANE activities included:
o NPL servicing framework development
o licensing and compliance support
o NPL portfolio and asset management
o strategy and market positioning of NPL servicers
o monitoring and KPIs of servicing partners
o sale / securitization support
o organizational and PMO support
Our Project Track Record