PIRAEUS EQUITY SCREENING MODEL

NOVEMBER 2017

ECONOMIC RESEARCH & INVESTMENT STRATEGY

Ilias Lekkos LekkosI@piraeusbank.grDimitrios Doulos DoulosD@piraeusbank.gr

CONTENTS

2

AIM OF THE STUDY

ASSESSMENT METHODOLOGY

FINAL RESULTS OF THE EQUITY SCREENING MODEL

QUALITATIVE ASSESSMENT

INDICATIVE PORTFOLIO

TRACK RECORD

APPENDIX

AIM OF STUDY

3

Our investment allocation process combines both a top-down approach that allows us to leverage all our macroeconomicanalysis and modelling capability to arrive at a bird’s eyes view regarding corporate profitability and multiple expansion aswell as a bottom-up approach that depends first and foremost on fundamental company analysis.

The aim of this presentation is to provide a detailed insight into our bottom-up US and European stock screening process.The result of this process could provide useful ideas to advisory clients with substantial investment experience and aboveaverage risk profile.

The screening process will typically arrive at a 15-company short-list. The size of the list represents a trade-off between the

optimal number of companies required to achieve a satisfactory degree of diversification and the maximum number ofcompanies that our investment team can follow in detail.

4

ASSESSMENT METHODOLOGY

5

A FIVE – STAGE ASSESSMENT METHODOLOGY

o Sample Definition

o Ratio & Metrics: Identification & Definition

o Scores of Individual Ratios & Accounting Metrics

o Synthesis of a Six-Dimensional Score Card

o Final Scores & Ranking

METHODOLOGY (1): DEFINING THE UNIVERSE

6

Stock selection: We focus on the stocks included in the S&P500 (SPX) and the EuroStoxx (SXXE) indices.

Sector selection US: For the US screening model we focus on the 11 GICS sector namely Information Technology,Industrials, Consumer Staples, Consumer Discretionary, Healthcare, Energy, Utilities, Materials, TelecommunicationsServices and Real Estate.

Sector selection EU: In the EU, we adopt the GICS sector classification provided by Bloomberg such as InformationTechnology, Industrials, Consumer Staples, Consumer Discretionary, Healthcare, Energy, Utilities, Materials,Telecommunications Services and Real Estate.

Sector Exclusion: We exclude Financial stocks for which we have developed a specialized Financial Stocks Screening Modelbased on Moody’s database

Database: FactSet

7

METHODOLOGY (2): RATIOS & METRICS DEFINITIONS

Earnings & Sales, Profit Margins & Returns on Equity

EPS % Earnings per Share – Growth (%)

EBIT % Operating Income – Growth (%)

Sales % Sales – Growth (%)

Ebitda Margin Earnings before Interest, Taxes, Depreciation & Amortization / Sales

Net Margin Net Income / Sales

ROE Net Income / Average Shareholder’s Equity

EPS % - Volatility The volatility of EPS annual growth (%) over the past 10 years

EBIT % - Volatility The volatility of EBIT annual growth (%) over the past 10 years

Sales % - Volatility The volatility of Sales annual growth (%) over the past 10 years

Sales Allocation Adding the exchange rate factor - Distribution of sales per company for individual geographical areas

Valuations

P / E Price / Earnings per share

P / FCF Price / Free Cash Flow per share

P / BV Price / Book Value per share

DY (Dividend Yield) Dividend per share / Price

Leverage & Liquidity

Net Debt / Ebitda (Total Debt – Cash & Short Term Investments) / Earnings before Interest, Taxes, Depreciation & Amortization

EV / Ebitda (Net Debt + Market Cap) / Earnings before Interest, Taxes, Depreciation & Amortization

Quick Ratio (Current assets – Inventories) / Current Liabilities

Dividend Policy

DPS % Dividend per Share – Growth (%)

Dividend Payout Dividend per share / Earnings per share

Technical Analysis

Relative Strength IndexCurrent & historical strength or weakness of a stock based on the closing prices of a recent trading period. In our methodology we calculate the divergence between 7 & 14 weeks RSI (the highest, the best)

Exponential Moving AverageA type of moving average that is similar to a simple moving average, except that more weights is given to the latest data. In our methodology we calculate the divergence between 13 & 50 weeks EMA (the highest, the best)

Market Consensus

Target Price The divergence between the current stock price and the 52weeks target price (market consensus)

EPS Revisions Index (Number of analysts revising upward the EPS estimates – Number of analysts downgrading the EPS estimates) / Number of total revisions

METHODOLOGY (3): ASSIGNING SCORES TO INDIVIDUAL RATIOS & METRICS

8

The score for each individual variable is estimated upon a 2-stage process, each with 2 separate layers:

For each variable, we combine both:

o A historical (backward-looking) approach (70% weight)

o And a forward-looking view(30% weight)

Both historical and forward-looking scores are estimated as a combination of:

o Cross-sectoral Standardization (60% weight)

o Across-time Standardization (40% weight)

METHODOLOGY (4): HISTORICAL APPROACH

9

The methodology is based on a rolling 10-year historical window of financial statement data and the most recent data ontechnical analysis indices.

Core Historical Process:

o Cross-sectional Standardization: For each ratio or accounting variable, we estimate its cross-sectional distributionacross all companies in our sample. We divide the distribution into 17 percentiles and assign a score of 1-16 (fromworst to best) according to which percentile bucket the variable is ranked (i.e. a variable is assigned..).

o Across-Time Standardization: the distance (either positive or negative) of each variable from each own rolling 10-yearmedian is calculated. This deviation is calculated for all companies and the empirical distribution of this new variable iscalculated. Once again the distribution is divided in 17 percentiles and a score from 0 to 16 is assigned according towhich bucket a variable falls into.

o Point-in-time: For “Target Price” and “EPS Revisions” variables, we rank the difference between spot values andanalysts’ consensus

Additional adjustments:

o If a company had more than once negative EPS, Net Margin or ROE in the past 10 financial year, the variable is assigneda score of 0

o If a company had a negative Ebit or Ebitda Margin in the past 10 financial year, the variable is assigned a score of 0

o Volatility Penalty Factor: For the metrics EPS%, Sales% & Ebit% a penalty (benefit) of +/-10% is applied base on a 10-year Volatility Factor. We divide the distribution into 11 percentiles and assign a score of -10% to 10% (from worst to

best) according to which percentile bucket the variable is ranked.

Final Historical score for each variable = 60% * Cross-sectional score + 40% * Across time score

METHODOLOGY (5): FORWARD–LOOKING PROCESS

10

In order to capture the forward-looking nature of equity pricing we also allow our scoring process to depend upon analysts’year ahead views

Core Forward-looking Process:

o Cross-sectional Standardization: For each ratio or accounting variable, we estimate its cross-sectional distribution acrossall companies in our sample. We divide the distribution into 17 percentiles and assign a score of 1-16 (from worst tobest) according to which percentile bucket the variable is ranked (i.e. a variable is assigned..).

o Across-Time Standardization: the absolute deviation between the current and “expected” values is estimated andassigned a 0-16 score according to the 17-percentile scale

Additional adjustments:

o If a company has or expected to have negative EPS, Net Margin, ROE, Ebit or Ebitda Margin, the variable is assigned ascore of 0

o No Volatility Penalty applied

Final Forward looking score for each variable = 60% * Cross-sectional score + 40% * Across time score

METHODOLOGY (6): FINAL SCORE OF INDIVIDUAL RATIO & METRICS

11

70% * Historical score 30% * Forward looking score+

Final score (total)

=

METHODOLOGY (7): SYNTHESIS OF A SIX – DIMENTIONAL SCORECARD

12

Each ratio is classified according to one of the following six relevant dimensions:.

1. Earnings & Sales, Profit Margins & Returns on Equity

2. Valuations

3. Leverage & Liquidity

4. Dividend Policy

5. Technical Analysis

6. Market Consensus

The weight assigned to each ratio depends on the best practices and expert judgement

METHODOLOGY (8): FINAL SYNTHESIS

13

Each companies’ final ranking depends on its total score estimated as a weighted average of the aforementioned sixdimensions as follows:

Final Score=

35% * Earnings & Sales, Profit Margins & Returns on Equity

+ 21% * Valuations

+ 17% * Leverage & Liquidity

+ 10% * Dividend Policy

+ 10% * Technical Analysis

+ 07% * Market Consensus

EQUITIES ASSESSMENT MODEL: OVERALL STRUCTURE

14

Total Score

Earnings & Sales,

Profit Margins, &

Return on Equity

(35%)

Dividend Policy

(10%)

Market

Consensus

(7%)Technical

Analysis (10%)

Leverage &

Liquidity (17%)

Valuations (21%)

EPS % 8%

EBIT % 5%

Sales % 6%

Ebitda Margin 6%

Net Margin 4%

ROE 6%

P / E 6%

P / FCF 9%

P / BV 2%

Div Yield 4%

Net Debt / Ebitda 6%

EV / Ebitda 4%

Quick Ratio 7%

DPS % 7%

Dividend Payout 3%

Target Price 4%

EPS Revisions 3%

RSI 6%

Exponential Moving Average 4%

For these metrics, there is additional volatility penalty adjustment

15

FINAL RESULTS OF EQUITY SCREENING MODEL

EXAMPLE OF INDICATIVE MODEL OUTPUT: S&P500 EX FINANCIALS

16

# Companies Score Rank Rank Rank Rank Rank Rank

1 Broadcom Limited 11.13 22 88 8 6 141 892 Western Digi ta l Corporation 11.07 6 20 29 352 112 13 Lam Research Corporation 10.73 21 116 9 251 42 574 Texas Instruments Incorporated 10.67 9 245 39 5 37 1605 KLA-Tencor Corporation 10.48 3 70 79 232 258 1006 Micron Technology, Inc. 10.37 30 53 11 414 21 507 Visa Inc. Class A 10.37 1 323 167 47 48 418 Microsoft Corporation 10.13 39 274 40 79 4 379 Twenty-Fi rs t Century Fox, Inc. Class B 10.06 104 54 59 32 216 68

10 Skyworks Solutions , Inc. 9.98 38 129 4 259 151 13711 Apple Inc. 9.92 113 92 92 60 94 712 Mastercard Incorporated Class A 9.86 5 354 153 73 55 2113 Twenty-Fi rs t Century Fox, Inc. Class A 9.86 99 66 61 28 217 13514 Microchip Technology Incorporated 9.79 7 128 169 296 211 415 Appl ied Materia ls , Inc. 9.77 11 156 37 322 78 24216 Caterpi l lar Inc. 9.71 33 155 100 268 35 7917 Amgen Inc. 9.62 125 44 1 129 388 22818 Al l iance Data Systems Corporation 9.53 118 22 66 233 311 5619 Cisco Systems, Inc. 9.45 270 41 16 4 228 31920 Zoetis , Inc. Class A 9.39 23 272 88 177 53 26121 Seagate Technology PLC 9.32 191 19 86 261 134 20122 DXC Technology Co. 9.31 73 142 226 132 45 4723 PACCAR Inc 9.28 186 45 112 35 342 2524 NVIDIA Corporation 9.26 15 422 69 184 34 12225 Intel Corporation 9.25 76 99 186 272 19 21526 Tyson Foods , Inc. Class A 9.24 170 87 267 10 24 14327 Il l inois Tool Works Inc. 9.21 32 342 127 14 54 26328 Estee Lauder Companies Inc. Class A 9.18 47 350 219 15 17 7829 NetApp, Inc. 9.13 177 93 52 241 68 21930 FLIR Systems, Inc. 9.10 159 211 152 26 13 12731 Royal Caribbean Cruises Ltd. 9.08 49 65 373 140 214 5832 AbbVie, Inc. 9.07 56 94 254 46 132 38333 Oracle Corporation 9.07 188 108 10 108 337 16134 BorgWarner Inc. 9.05 226 61 90 252 120 6935 Valero Energy Corporation 9.02 297 97 56 117 22 21236 Union Paci fic Corporation 9.01 58 137 182 160 191 18737 Starbucks Corporation 8.98 51 225 174 25 168 27338 Freeport-McMoRan, Inc. 8.97 70 52 49 407 312 3839 Tapestry, Inc. 8.96 106 68 62 305 338 5540 Cummins Inc. 8.95 105 62 162 277 283 5141 TE Connectivi ty Ltd. 8.95 103 173 235 199 10 12042 Lyondel lBasel l Industries NV 8.93 212 51 72 253 139 29543 Nucor Corporation 8.93 122 28 95 289 352 10844 Analog Devices , Inc. 8.93 18 213 341 238 69 16745 Air Products and Chemica ls , Inc. 8.89 306 202 19 67 39 8646 Intui t Inc. 8.81 13 355 309 41 31 39047 Marathon Petroleum Corporation 8.80 209 151 233 110 16 6748 Total System Services , Inc. 8.80 24 280 353 64 38 23149 H&R Block, Inc. 8.80 248 46 33 162 318 23750 Fastenal Company 8.78 124 171 87 150 182 196

Technical analysis Market ConsensusEarnings & Sales, Profit

Margins & Returns on EquityValuations Leverage & Liquidity Dividend Policy

Shaded according to which decile bucket the score for each dimension is ranked. Green = most attractive, Red = least attractive

EXAMPLE OF INDICATIVE MODEL OUTPUT: SECTORS (TOP 25%)

17

Shaded according to which decile bucket the score for each dimension is ranked. Green = most attractive, Red = least attractive

# Companies Score Rank Rank Rank Rank Rank Rank

1 Valero Energy Corporation 8.95 18 1 4 9 2 192 Cabot Oi l & Gas Corporation 8.94 4 21 2 2 5 113 Marathon Petroleum Corporation 8.57 14 6 17 7 1 134 Cimarex Energy Co. 8.47 1 28 8 27 8 165 Phi l l ips 66 8.26 5 3 20 8 11 216 ConocoPhi l l ips 8.02 22 7 1 3 10 267 Exxon Mobi l Corporation 7.94 11 2 23 4 14 248 Chevron Corporation 7.78 8 4 22 5 17 27

Technical analysis Market ConsensusEnergyEarnings & Sales, Profit

Margins & Returns on EquityValuations Leverage & Liquidity Dividend Policy

# Companies Score Rank Rank Rank Rank Rank Rank

1 Broadcom Limited 10.62 13 13 10 1 40 212 Texas Instruments Incorporated 10.29 6 33 18 2 12 293 Lam Research Corporation 10.09 16 19 8 31 16 124 Micron Technology, Inc. 10.04 14 9 14 60 4 95 Western Digi ta l Corporation 9.99 10 1 23 47 41 16 Microsoft Corporation 9.67 19 38 12 15 5 67 KLA-Tencor Corporation 9.66 3 11 27 29 55 238 Visa Inc. Class A 9.38 1 43 49 9 27 119 Skyworks Solutions , Inc. 9.14 18 23 1 38 47 33

10 Microchip Technology Incorporated 9.12 7 22 41 40 44 311 Mastercard Incorporated Class A 9.07 4 55 45 12 17 712 Appl ied Materia ls , Inc. 8.97 12 25 22 44 26 4913 Apple Inc. 8.91 35 17 31 11 37 214 NVIDIA Corporation 8.72 9 65 15 27 8 2015 Al l iance Data Systems Corporation 8.62 27 3 24 26 61 1616 Cisco Systems, Inc. 8.61 55 6 6 3 52 5817 Intel Corporation 8.39 24 14 55 35 10 38

Technology Technical analysis Market ConsensusEarnings & Sales, Profit

Margins & Returns on EquityValuations Leverage & Liquidity Dividend Policy

# Companies Score Rank Rank Rank Rank Rank Rank

1 Tyson Foods, Inc. Class A 10.08 13 10 10 3 2 132 Estee Lauder Companies Inc. Class A 9.30 5 31 6 6 4 63 Peps iCo, Inc. 9.02 14 25 2 8 10 114 Kel logg Company 8.71 18 8 28 24 16 85 Altria Group, Inc. 8.69 10 21 16 5 20 76 Walgreens Boots Al l iance Inc 8.45 21 2 13 31 28 17 Kimberly-Clark Corporation 8.38 15 9 8 15 31 238 Constel lation Brands , Inc. Class A 8.35 4 32 20 17 12 3

Consumer Staples Technical analysis Market ConsensusEarnings & Sales, Profit

Margins & Returns on EquityValuations Leverage & Liquidity Dividend Policy

INDICATIVE MODEL OUTPUT (CONT’D): S&P500 EX FINANCIALS

18

Top Companies Rank M.CapP/E

17e

P/E

18e

P/BV

17e

P/BV

18e

P/FCF

17e

P/FCF

18e

D/Y

17e

D/Y

18e

EV/Ebitd

a 17e

EV/Ebitd

a 18e

EPS%

17e

EPS%

18e

DPS%

17e

DPS%

18e

Sales%

17e

Sales%

18e

ROE%

17e

ROE%

18e

Ebitda

Margin 17e

Ebitda

Margin 18e

Net Margin

17e

Net Margin

18e

Div Payout

17e

Div Payout

18e

From target

price

EPS18

Revisions

S&P 500 21.7 20.1 4.6 4.7 24.8 20.9 1.9% 2.0% 13.2 11.7 10.3% 13.7% 8.4% 6.8% 8.0% 8.6% 22.7% 23.5% 29.8% 30.4% 16.5% 16.9% 38.2% 36.9% 9.9% 14.9%

1 Broadcom Limited 11.13 107,991 16.7 15.0 5.2 5.1 20.7 17.1 1.5% 2.3% 9.81 9.35 39% 11% 110% 47% 33% 8% 31.0% 34.0% 66.3% 61.3% 41.0% 42.6% 25.6% 33.9% 13.0% 17.9%

2 Western Digi ta l Corporation 11.07 26,727 9.8 6.9 2.4 2.0 9.3 7.1 2.2% 2.2% 5.53 4.34 81% 42% 0% 0% 47% 7% 24.2% 29.2% 31.7% 34.6% 14.2% 19.7% 21.8% 15.3% 29.5% 66.7%

3 Lam Research Corporation 10.73 33,662 20.8 14.2 5.4 4.2 20.6 13.2 0.8% 0.9% 12.69 8.75 57% 47% 38% 9% 36% 29% 25.9% 29.7% 29.8% 31.7% 21.2% 24.3% 16.5% 12.3% 8.2% 94.4%

4 Texas Instruments Incorporated 10.67 95,373 22.2 21.3 8.9 8.5 21.7 19.7 2.2% 2.6% 13.71 13.00 25% 4% 29% 17% 12% 4% 39.8% 39.9% 46.5% 46.8% 29.7% 29.2% 48.7% 54.6% 3.3% 93.5%

5 KLA-Tencor Corporation 10.48 16,133 17.3 14.3 12.2 8.1 15.6 14.2 2.1% 2.3% 11.69 9.87 27% 21% 3% 10% 17% 13% 70.5% 56.4% 38.8% 39.7% 26.9% 28.9% 36.2% 32.8% 6.8% 92.3%

6 Micron Technology, Inc. 10.37 52,312 9.1 5.7 2.8 2.0 16.7 9.0 0.0% 0.0% 5.80 3.44 8167% 59% - - 64% 20% 31.0% 34.2% 49.2% 60.8% 25.0% 37.5% 0.0% 0.0% 10.2% 91.3%

7 Visa Inc. Class A 10.37 252,024 31.7 27.2 7.9 7.5 31.1 27.9 0.6% 0.7% 19.92 17.81 23% 17% 18% 18% 22% 9% 24.9% 27.6% 70.2% 71.4% 45.4% 47.0% 19.0% 19.2% 13.8% 58.3%

8 Microsoft Corporation 10.13 640,157 25.1 24.5 9.0 6.6 20.7 19.1 1.9% 2.0% 15.57 13.62 19% 2% 8% 8% 5% 10% 35.7% 27.1% 39.4% 40.1% 26.8% 24.7% 47.1% 49.6% 9.7% 96.9%

9 Twenty-Fi rs t Century Fox, Inc. Class B10.06 52,600 14.5 14.0 3.3 2.8 15.2 14.6 1.3% 1.4% 9.24 8.51 12% 4% 20% 11% 4% 5% 22.7% 20.1% 25.2% 24.9% 12.6% 12.2% 18.7% 20.0% 25.2% -12.5%

10 Skyworks Solutions , Inc. 9.98 20,007 16.9 15.0 5.0 4.2 17.4 18.6 1.1% 1.2% 11.50 9.92 16% 13% 9% 11% 11% 11% 29.5% 28.1% 43.8% 44.2% 27.7% 28.5% 18.0% 17.8% 10.2% 16.0%

11 Apple Inc. 9.92 868,109 18.4 14.9 6.5 5.5 17.4 14.0 1.4% 1.6% 10.00 7.91 11% 23% 10% 10% 6% 19% 35.6% 37.1% 31.2% 31.8% 21.1% 20.9% 26.1% 23.4% 14.1% 94.3%

12 Mastercard Incorporated Class A 9.86 157,023 32.5 27.7 23.8 19.0 32.9 26.6 0.6% 0.7% 21.41 18.42 21% 18% 16% 14% 15% 13% 73.1% 68.6% 58.1% 59.2% 39.2% 39.6% 19.3% 18.7% 11.2% 91.9%

13 Twenty-Fi rs t Century Fox, Inc. Class A9.86 52,600 14.9 14.3 3.4 2.9 15.6 15.5 1.3% 1.4% 9.25 8.55 12% 4% 20% 11% 4% 5% 22.7% 20.3% 25.2% 24.9% 12.6% 12.2% 18.7% 19.9% 18.3% -19.2%

14 Microchip Technology Incorporated 9.79 20,956 16.5 15.4 5.8 5.0 17.5 15.1 1.6% 1.6% 12.50 11.55 36% 7% 1% 0% 14% 5% 35.5% 32.6% 44.7% 44.1% 33.6% 34.4% 26.7% 25.1% 20.0% 66.7%

15 Appl ied Materia ls , Inc. 9.77 59,478 17.3 15.0 6.7 5.3 20.9 14.5 0.7% 0.7% 13.14 10.89 84% 15% 0% 2% 34% 12% 38.5% 35.1% 30.6% 31.3% 24.1% 24.0% 12.4% 11.0% 5.8% 23.8%

16 Caterpi l lar Inc. 9.71 79,781 21.0 17.1 5.1 4.7 21.4 16.5 2.3% 2.4% 10.63 9.33 87% 23% 1% 3% 15% 9% 24.6% 27.6% 17.0% 17.6% 8.6% 9.5% 48.4% 40.7% 8.1% 95.8%

17 Amgen Inc. 9.62 122,955 13.4 13.2 3.9 3.5 12.6 12.1 2.7% 3.0% 8.41 8.26 9% 1% 15% 10% 0% 0% 29.1% 26.8% 60.4% 59.0% 40.8% 40.8% 36.3% 39.4% 11.0% -19.0%

18 Al l iance Data Systems Corporation 9.53 12,408 12.4 10.4 7.0 5.6 7.3 5.5 0.9% 0.9% 10.13 8.74 7% 19% 308% 0% 9% 11% 56.2% 53.4% 25.3% 26.4% 9.3% 10.3% 11.5% 9.7% 20.2% 4.0%

19 Cisco Systems, Inc. 9.45 168,905 14.3 14.0 2.6 2.5 13.3 12.5 3.2% 3.5% 7.73 7.47 1% 2% 17% 10% -3% 1% 18.1% 17.5% 35.6% 35.7% 25.1% 25.1% 45.9% 49.6% 5.5% 0.0%

20 Zoetis , Inc. Class A 9.39 33,925 29.4 25.7 19.7 18.4 26.9 20.9 0.6% 0.7% 19.14 16.66 21% 14% 11% 10% 7% 7% 66.8% 71.6% 37.3% 39.6% 22.2% 23.6% 17.8% 17.0% 2.7% 60.0%

21 Seagate Technology PLC 9.32 10,939 9.2 9.4 8.2 7.8 7.6 9.8 6.7% 6.7% 6.00 6.40 82% -2% 4% 0% -3% -4% 89.8% 83.5% 20.8% 20.1% 11.4% 11.1% 61.2% 62.6% 3.1% 66.7%

22 DXC Technology Co. 9.31 27,383 12.7 11.1 2.2 2.0 16.5 12.4 0.8% 0.8% 6.97 6.16 143% 15% 29% 0% 219% -1% 16.9% 17.7% 19.4% 21.2% 9.0% 10.3% 9.6% 8.3% 9.4% 84.2%

23 PACCAR Inc 9.28 23,976 16.3 14.6 3.1 2.7 15.7 14.4 2.5% 2.9% 9.54 8.91 9% 11% 11% 16% 13% 8% 18.8% 18.1% 17.8% 17.7% 8.3% 8.5% 41.2% 42.9% 12.9% 63.6%

24 NVIDIA Corporation 9.26 125,988 50.3 45.8 18.7 14.2 49.8 42.9 0.3% 0.3% 37.16 31.74 62% 10% 16% 5% 37% 14% 37.2% 31.0% 34.4% 34.9% 27.9% 26.7% 13.7% 13.1% 7.2% 89.3%

25 Intel Corporation 9.25 212,753 14.0 13.8 3.0 2.7 21.0 16.8 2.4% 2.5% 8.51 8.12 19% 2% 4% 4% 4% 3% 21.2% 19.5% 43.2% 43.4% 25.3% 24.7% 33.2% 33.9% 2.8% 85.7%

26 Tyson Foods , Inc. Class A 9.24 27,482 14.4 13.1 2.7 2.4 19.3 17.8 1.2% 1.6% 9.29 8.23 21% 9% 49% 33% 4% 6% 18.6% 18.0% 10.5% 10.8% 5.1% 5.3% 16.8% 20.5% 6.3% 75.0%

27 Il l inois Tool Works Inc. 9.21 53,394 23.4 21.7 10.6 10.1 29.3 26.1 1.8% 2.0% 15.10 14.12 17% 8% 19% 15% 4% 4% 45.6% 46.3% 27.3% 28.0% 16.3% 16.6% 40.9% 43.7% 2.3% 57.1%

28 Estee Lauder Companies Inc. Class A9.18 45,768 35.9 30.0 10.4 9.3 35.9 30.8 1.1% 1.2% 20.59 17.82 8% 20% 16% 13% 5% 11% 29.0% 31.1% 19.8% 20.6% 11.0% 11.8% 38.0% 35.7% 7.5% 100.0%

29 NetApp, Inc. 9.13 12,360 14.7 13.6 4.5 4.4 13.6 12.4 1.7% 1.8% 7.52 6.80 14% 8% 5% 4% 3% 2% 30.7% 32.1% 21.5% 22.6% 15.0% 15.6% 25.7% 24.7% 9.1% 8.3%

30 FLIR Systems, Inc. 9.10 6,541 25.4 22.4 3.4 3.1 25.9 20.4 1.3% 1.4% 16.56 13.97 10% 13% 28% 7% 8% 7% 13.4% 14.0% 21.8% 24.0% 12.8% 14.5% 32.3% 30.3% 8.1% 55.6%

31 Royal Caribbean Cruises Ltd. 9.08 26,230 16.6 14.2 2.5 2.3 12.2 1.8% 2.0% 12.75 11.77 22% 16% 26% 14% 3% 7% 15.3% 16.2% 30.5% 31.8% 18.2% 19.7% 29.2% 28.7% 12.6% 37.5%

32 AbbVie, Inc. 9.07 149,462 16.9 14.4 20.5 14.0 16.1 13.4 2.7% 3.0% 14.36 11.85 15% 18% 12% 11% 10% 11% 121.5% 97.8% 44.3% 46.8% 31.8% 33.5% 46.2% 43.5% 1.3% -11.1%

33 Oracle Corporation 9.07 203,750 16.6 15.4 3.3 3.1 15.6 14.9 1.5% 1.6% 10.13 9.24 7% 8% 21% 1% 5% 4% 20.1% 19.9% 47.0% 47.6% 31.8% 32.5% 25.7% 23.9% 16.8% -24.2%

34 BorgWarner Inc. 9.05 10,896 13.5 12.4 2.8 2.4 22.6 18.4 1.1% 1.2% 7.78 7.12 17% 9% 6% 6% 7% 7% 20.6% 19.2% 16.8% 16.7% 8.3% 8.4% 14.6% 14.2% 8.4% 90.5%

35 Valero Energy Corporation 9.02 35,654 16.8 13.3 1.8 1.7 25.6 17.4 3.4% 3.7% 7.06 6.29 31% 26% 17% 7% 20% -6% 10.6% 13.1% 6.2% 7.4% 2.4% 3.1% 57.6% 48.9% 2.5% 82.6%

36 Union Paci fic Corporation 9.01 91,075 19.9 17.9 4.8 4.7 22.3 20.7 2.1% 2.2% 10.59 9.92 15% 11% 7% 7% 6% 4% 24.0% 26.2% 47.3% 48.9% 22.0% 22.8% 41.7% 40.2% 8.0% 26.9%

37 Starbucks Corporation 8.98 81,172 27.5 24.4 15.0 19.0 31.2 28.7 1.9% 2.1% 15.33 14.02 8% 13% 24% 14% 5% 10% 54.5% 77.6% 24.0% 24.5% 12.9% 13.4% 51.0% 51.7% 11.1% -45.5%

38 Freeport-McMoRan, Inc. 8.97 19,731 12.5 8.2 2.6 2.0 7.3 6.7 0.0% 0.0% 5.15 3.76 375% 52% - - 8% 9% 20.9% 24.6% 35.0% 40.4% 9.6% 13.7% 0.0% 0.0% 13.7% 54.2%

39 Tapestry, Inc. 8.96 11,449 18.7 17.0 3.8 3.5 19.9 19.2 3.4% 3.4% 9.80 7.59 9% 10% 0% 0% 0% 30% 20.3% 20.9% 22.6% 21.6% 13.6% 11.8% 62.8% 56.9% 19.3% 7.9%

40 Cummins Inc. 8.95 27,690 16.3 14.5 3.6 3.2 17.7 16.7 2.5% 2.6% 9.40 8.46 24% 12% 5% 3% 15% 6% 22.0% 22.3% 15.0% 15.5% 8.5% 8.9% 41.2% 37.6% 9.4% 91.3%

SOURCES: FACTSET, ECONOMICS & INVESTMENT STRATEGY

INDICATIVE MODEL OUTPUT (CONT’D): SECTORS (TOP 25%)

19

Top Companies Rank M.CapP/E

17e

P/E

18e

P/BV

17e

P/BV

18e

P/FCF

17e

P/FCF

18e

D/Y

17e

D/Y

18e

EV/Ebitd

a 17e

EV/Ebitd

a 18e

EPS%

17e

EPS%

18e

DPS%

17e

DPS%

18e

Sales%

17e

Sales%

18e

ROE%

17e

ROE%

18e

Ebitda

Margin 17e

Ebitda

Margin 18e

Net Margin

17e

Net Margin

18e

Div Payout

17e

Div Payout

18e

From target

price

EPS18

Revisions

S&P 500 21.7 20.1 4.6 4.7 24.8 20.9 1.9% 2.0% 13.2 11.7 10.3% 13.7% 8.4% 6.8% 8.0% 8.6% 22.7% 23.5% 29.8% 30.4% 16.5% 16.9% 38.2% 36.9% 9.9% 14.9%

Ενέργεια 28.1 27.1 2.1 2.1 28.3 25.5 2.9% 3.0% 9.9 8.5 96.8% 17.5% 2.0% 3.0% 18.1% 5.3% 5.9% 7.9% 27.1% 28.7% 4.9% 6.3% 93.0% 79.2% 11.2% 25.8%

1 Valero Energy Corporation 8.95 35,654 16.8 13.3 1.8 1.7 25.6 17.4 3.4% 3.7% 7.06 6.29 31% 26% 17% 7% 20% -6% 10.6% 13.1% 6.2% 7.4% 2.4% 3.1% 57.6% 48.9% 2.5% 82.6%

2 Cabot Oi l & Gas Corporation 8.94 13,158 52.2 29.5 4.9 4.3 299.5 111.6 0.6% 0.7% 13.22 9.77 - 77% 114% 18% 56% 24% 9.4% 14.6% 59.5% 64.4% 12.0% 19.9% 31.2% 20.7% 12.5% 69.0%

3 Marathon Petroleum Corporation 8.57 30,037 16.4 14.3 2.4 2.4 111.8 21.7 2.5% 2.7% 7.02 6.80 72% 15% 12% 11% 15% -4% 14.9% 17.0% 8.2% 9.3% 2.6% 2.9% 40.4% 38.9% 10.6% 70.0%

4 Cimarex Energy Co. 8.47 11,006 26.3 21.8 4.4 3.7 56.6 0.3% 0.3% 10.36 8.87 527% 21% -21% 0% 48% 22% 16.6% 16.8% 62.4% 60.6% 23.2% 21.9% 7.3% 6.0% 14.3% 40.7%

5 Phi l l ips 66 8.26 47,351 20.3 15.0 2.1 2.1 24.8 26.3 2.9% 3.2% 9.73 8.34 61% 35% 11% 10% 17% 13% 10.3% 13.8% 5.7% 5.8% 2.4% 2.9% 60.0% 48.7% 5.3% 55.0%

6 ConocoPhi l l ips 8.02 60,362 100.0 36.3 2.0 2.1 8.1 17.1 2.1% 2.2% 7.43 6.96 - 175% 6% 5% 28% -6% 2.0% 5.8% 31.6% 35.8% 2.0% 6.1% 209.9% 79.9% 12.9% 15.0%

7 Exxon Mobi l Corporation 7.94 344,095 22.8 20.6 1.9 1.9 27.9 27.7 3.8% 3.9% 8.97 8.35 51% 11% 3% 3% 17% 6% 8.4% 9.2% 16.1% 16.3% 5.8% 6.1% 85.9% 79.5% 3.4% 50.0%

8 Chevron Corporation 7.78 221,182 28.5 23.5 1.5 1.5 18.0 19.1 3.7% 3.8% 8.15 6.90 282% 22% 1% 2% 20% 4% 5.3% 6.4% 22.9% 25.4% 5.8% 6.5% 105.9% 89.2% 7.3% 15.4%

Top Companies Rank M.CapP/E

17e

P/E

18e

P/BV

17e

P/BV

18e

P/FCF

17e

P/FCF

18e

D/Y

17e

D/Y

18e

EV/Ebitd

a 17e

EV/Ebitd

a 18e

EPS%

17e

EPS%

18e

DPS%

17e

DPS%

18e

Sales%

17e

Sales%

18e

ROE%

17e

ROE%

18e

Ebitda

Margin 17e

Ebitda

Margin 18e

Net Margin

17e

Net Margin

18e

Div Payout

17e

Div Payout

18e

From target

price

EPS18

Revisions

S&P 500 21.7 20.1 4.6 4.7 24.8 20.9 1.9% 2.0% 13.2 11.7 10.3% 13.7% 8.4% 6.8% 8.0% 8.6% 22.7% 23.5% 29.8% 30.4% 16.5% 16.9% 38.2% 36.9% 9.9% 14.9%

Τεχνολογία 24.4 22.0 6.5 5.8 23.3 20.4 1.2% 1.3% 14.1 12.1 11.4% 16.6% 10.3% 9.0% 9.7% 15.7% 29.2% 27.9% 39.8% 39.8% 25.1% 24.9% 22.2% 22.4% 10.8% 59.0%

1 Broadcom Limited 10.62 107,991 16.7 15.0 5.2 5.1 20.7 17.1 1.5% 2.3% 9.81 9.35 39% 11% 110% 47% 33% 8% 31.0% 34.0% 66.3% 61.3% 41.0% 42.6% 25.6% 33.9% 13.0% 17.9%

2 Texas Instruments Incorporated 10.29 95,373 22.2 21.3 8.9 8.5 21.7 19.7 2.2% 2.6% 13.71 13.00 25% 4% 29% 17% 12% 4% 39.8% 39.9% 46.5% 46.8% 29.7% 29.2% 48.7% 54.6% 3.3% 93.5%

3 Lam Research Corporation 10.09 33,662 20.8 14.2 5.4 4.2 20.6 13.2 0.8% 0.9% 12.69 8.75 57% 47% 38% 9% 36% 29% 25.9% 29.7% 29.8% 31.7% 21.2% 24.3% 16.5% 12.3% 8.2% 94.4%

4 Micron Technology, Inc. 10.04 52,312 9.1 5.7 2.8 2.0 16.7 9.0 0.0% 0.0% 5.80 3.44 8167% 59% - - 64% 20% 31.0% 34.2% 49.2% 60.8% 25.0% 37.5% 0.0% 0.0% 10.2% 91.3%

5 Western Digi ta l Corporation 9.99 26,727 9.8 6.9 2.4 2.0 9.3 7.1 2.2% 2.2% 5.53 4.34 81% 42% 0% 0% 47% 7% 24.2% 29.2% 31.7% 34.6% 14.2% 19.7% 21.8% 15.3% 29.5% 66.7%

6 Microsoft Corporation 9.67 640,157 25.1 24.5 9.0 6.6 20.7 19.1 1.9% 2.0% 15.57 13.62 19% 2% 8% 8% 5% 10% 35.7% 27.1% 39.4% 40.1% 26.8% 24.7% 47.1% 49.6% 9.7% 96.9%

7 KLA-Tencor Corporation 9.66 16,133 17.3 14.3 12.2 8.1 15.6 14.2 2.1% 2.3% 11.69 9.87 27% 21% 3% 10% 17% 13% 70.5% 56.4% 38.8% 39.7% 26.9% 28.9% 36.2% 32.8% 6.8% 92.3%

8 Visa Inc. Class A 9.38 252,024 31.7 27.2 7.9 7.5 31.1 27.9 0.6% 0.7% 19.92 17.81 23% 17% 18% 18% 22% 9% 24.9% 27.6% 70.2% 71.4% 45.4% 47.0% 19.0% 19.2% 13.8% 58.3%

9 Skyworks Solutions , Inc. 9.14 20,007 16.9 15.0 5.0 4.2 17.4 18.6 1.1% 1.2% 11.50 9.92 16% 13% 9% 11% 11% 11% 29.5% 28.1% 43.8% 44.2% 27.7% 28.5% 18.0% 17.8% 10.2% 16.0%

10 Microchip Technology Incorporated 9.12 20,956 16.5 15.4 5.8 5.0 17.5 15.1 1.6% 1.6% 12.50 11.55 36% 7% 1% 0% 14% 5% 35.5% 32.6% 44.7% 44.1% 33.6% 34.4% 26.7% 25.1% 20.0% 66.7%

11 Mastercard Incorporated Class A 9.07 157,023 32.5 27.7 23.8 19.0 32.9 26.6 0.6% 0.7% 21.41 18.42 21% 18% 16% 14% 15% 13% 73.1% 68.6% 58.1% 59.2% 39.2% 39.6% 19.3% 18.7% 11.2% 91.9%

12 Appl ied Materia ls , Inc. 8.97 59,478 17.3 15.0 6.7 5.3 20.9 14.5 0.7% 0.7% 13.14 10.89 84% 15% 0% 2% 34% 12% 38.5% 35.1% 30.6% 31.3% 24.1% 24.0% 12.4% 11.0% 5.8% 23.8%

13 Apple Inc. 8.91 868,109 18.4 14.9 6.5 5.5 17.4 14.0 1.4% 1.6% 10.00 7.91 11% 23% 10% 10% 6% 19% 35.6% 37.1% 31.2% 31.8% 21.1% 20.9% 26.1% 23.4% 14.1% 94.3%

14 NVIDIA Corporation 8.72 125,988 50.3 45.8 18.7 14.2 49.8 42.9 0.3% 0.3% 37.16 31.74 62% 10% 16% 5% 37% 14% 37.2% 31.0% 34.4% 34.9% 27.9% 26.7% 13.7% 13.1% 7.2% 89.3%

15 Al l iance Data Systems Corporation 8.62 12,408 12.4 10.4 7.0 5.6 7.3 5.5 0.9% 0.9% 10.13 8.74 7% 19% 308% 0% 9% 11% 56.2% 53.4% 25.3% 26.4% 9.3% 10.3% 11.5% 9.7% 20.2% 4.0%

16 Cisco Systems, Inc. 8.61 168,905 14.3 14.0 2.6 2.5 13.3 12.5 3.2% 3.5% 7.73 7.47 1% 2% 17% 10% -3% 1% 18.1% 17.5% 35.6% 35.7% 25.1% 25.1% 45.9% 49.6% 5.5% 0.0%

17 Intel Corporation 8.39 212,753 14.0 13.8 3.0 2.7 21.0 16.8 2.4% 2.5% 8.51 8.12 19% 2% 4% 4% 4% 3% 21.2% 19.5% 43.2% 43.4% 25.3% 24.7% 33.2% 33.9% 2.8% 85.7%

Top Companies Rank M.CapP/E

17e

P/E

18e

P/BV

17e

P/BV

18e

P/FCF

17e

P/FCF

18e

D/Y

17e

D/Y

18e

EV/Ebitd

a 17e

EV/Ebitd

a 18e

EPS%

17e

EPS%

18e

DPS%

17e

DPS%

18e

Sales%

17e

Sales%

18e

ROE%

17e

ROE%

18e

Ebitda

Margin 17e

Ebitda

Margin 18e

Net Margin

17e

Net Margin

18e

Div Payout

17e

Div Payout

18e

From target

price

EPS18

Revisions

S&P 500 21.7 20.1 4.6 4.7 24.8 20.9 1.9% 2.0% 13.2 11.7 10.3% 13.7% 8.4% 6.8% 8.0% 8.6% 22.7% 23.5% 29.8% 30.4% 16.5% 16.9% 38.2% 36.9% 9.9% 14.9%

Μη Κυκλικά 21.8 20.2 5.9 6.0 27.2 22.2 2.8% 2.8% 14.0 13.4 4.5% 6.9% 7.3% 2.2% 1.6% 3.0% 29.0% 31.4% 23.4% 24.3% 14.1% 14.8% 60.9% 55.7% 7.5% -3.1%

1 Tyson Foods, Inc. Class A 10.08 27,482 14.4 13.1 2.7 2.4 19.3 17.8 1.2% 1.6% 9.29 8.23 21% 9% 49% 33% 4% 6% 18.6% 18.0% 10.5% 10.8% 5.1% 5.3% 16.8% 20.5% 6.3% 75.0%

2 Estee Lauder Companies Inc. Class A9.30 45,768 35.9 30.0 10.4 9.3 35.9 30.8 1.1% 1.2% 20.59 17.82 8% 20% 16% 13% 5% 11% 29.0% 31.1% 19.8% 20.6% 11.0% 11.8% 38.0% 35.7% 7.5% 100.0%

3 Peps iCo, Inc. 9.02 163,689 22.0 20.5 12.2 11.7 23.2 21.9 2.8% 2.9% 13.99 13.27 8% 7% 7% 7% 1% 4% 55.3% 57.2% 20.8% 21.1% 11.8% 12.1% 60.6% 60.5% 7.7% 17.4%

4 Kel logg Company 8.71 22,020 15.8 14.9 11.2 9.4 19.2 17.7 3.3% 3.5% 11.24 10.73 8% 6% 4% 5% -2% 0% 70.6% 62.8% 20.7% 21.6% 11.1% 11.6% 52.6% 52.0% 8.3% 10.0%

5 Altria Group, Inc. 8.69 124,528 19.9 18.2 11.6 3.9% 4.2% 13.50 12.95 8% 9% 8% 9% 2% 2% 64.0% 51.1% 52.1% 32.1% 33.8% 77.4% 77.2% 10.3% 0.0%

6 Walgreens Boots Al l iance Inc 8.45 70,870 13.8 12.6 2.7 2.4 11.0 2.2% 2.3% 9.08 11% 9% 6% 6% 1% 10% 19.5% 19.1% 7.5% 7.4% 4.7% 4.4% 29.9% 29.2% 25.4% 42.1%

7 Kimberly-Clark Corporation 8.38 39,900 18.3 17.4 176.9 56.0 18.3 16.3 3.4% 3.6% 11.44 11.09 3% 5% 6% 5% 0% 2% 966.8% 322.3% 22.3% 22.5% 12.1% 12.4% 62.6% 62.3% 6.7% -40.0%

8 Constel lation Brands , Inc. Class A 8.35 42,479 25.7 23.4 5.2 4.8 51.3 33.9 1.0% 1.1% 18.46 16.80 25% 10% 30% 14% 4% 7% 20.1% 20.5% 36.4% 37.5% 22.2% 22.4% 24.6% 25.5% 7.8% 78.9%

SOURCES: FACTSET, ECONOMICS & INVESTMENT STRATEGY

20

QUALITATIVE ASSESSMENT

QUALITATIVE ASSESSMENT

21

Sector allocation guides us to the number of companies we choose from each industry for our portfolio, using S&P500 asbenchmark

The top 25% companies of each sector that stand out from the scoring process, are selected for further analysis, in orderto have companies in our portfolio that offer competitive advantages and the best investment prospects. Specifically weare looking for:

o Leaders in sectors or markets with high entry barriers

o Solid brand names

o Companies with geographical sales diversification

o Companies with technological advantage

The qualitative assessment and monitoring is a continuous process run by Piraeus Bank’s Investment Strategy team

The Equity Screening Model of Piraeus Bank is certified as per ELOT EN ISO 9001:2008

Actions on equity portfolio:

o Follow daily news flow

o Focus on daily volatility

o Focus on quarterly results

The quantitative model is run at least on a quarterly basis and is subject to periodical reparametrization and recalibration

22

INDICATIVE PORTFOLIOS

EXAMPLE: PORTFOLIOS

23

US

Eurozone

COMPANY SHARES

COST

per

SHARE TOTAL COST

% at

COST

CURRENT

VALUE

% at

C.V

PROFIT

(LOSS)

PROFIT

(LOSS) %

Dividend

Received

TOTAL

PROFIT

(LOSS)

TOTAL

RETURN

(%) 1 DAY WEEKLY

% CNGE

SINCE

6/23/2014

or Trade

Date Y.T.D

INFORMATION TECHNOLOGY 24.63 25.13%

Mastercard Inc 720 87.00 62,640.00 6.38% 107,704.80 8.28% 45,064.80 71.94% 1641.60 46,706.40 74.56% 0.00% 0.55% 71.94% 44.88%

Alphabet Inc 95 665.07 63,181.65 6.43% 99,434.60 7.65% 36,252.95 57.38% 0.00 36,252.95 57.38% 0.00% 1.32% 57.38% 32.08%

Broadcom Ltd 440 139.63 61,437.20 6.25% 119,592.00 9.20% 58,154.80 94.66% 2,455.20 60,610.00 98.65% 0.00% 2.99% 94.66% 94.66%

INDUSTRIALS 10.01 14.27%

FedEx Corp 420 148.88 62,529.60 6.36% 93,072.00 7.16% 30,542.40 48.84% 1764.00 32,306.40 51.67% 0.00% (1.86%) 48.84% 19.01%

Honeywell International Inc 630 100.32 63,201.60 6.43% 92,502.90 7.11% 29,301.30 46.36% 3,175.20 32,476.50 51.39% 0.00% 1.85% 46.36% 26.74%

ENERGY 6.06 2.95%

Schlumberger Ltd 574 108.90 62,508.60 6.36% 38,380.51 2.95% (24,128.09) (38.60%) 3,616.20 (20,511.89) (32.81%) 0.00% 4.48% (38.60%) (20.35%)

HEALTHCARE 14.01 15.47%

Johnson & Johnson 670 94.40 63,248.00 6.44% 93,109.90 7.16% 29,861.90 47.21% 4,274.60 34,136.50 53.97% 0.00% (0.32%) 47.21% 20.62%

UnitedHealth Group Inc 510 121.66 62,046.60 6.31% 107,977.20 8.30% 45,930.60 74.03% 2,295.00 48,225.60 77.72% 0.00% 0.71% 74.03% 74.03%

FINANCIALS 14.61 13.32%

JPMorgan Chase & Co 1,074 58.19 62,496.06 6.36% 107,367.78 8.26% 44,871.72 71.80% 6,830.64 51,702.36 82.73% 0.00% (0.64%) 71.80% 15.85%

Wells Fargo & Co 1,180 52.98 62,516.40 6.36% 65,785.00 5.06% 3,268.60 5.23% 6,171.40 9,440.00 15.10% 0.00% (0.69%) 5.23% 1.16%

CONS. DISCRET 11.81 16.99%

Wyndham Worldwide Corp 830 74.36 61,718.80 6.28% 90,478.30 6.96% 28,759.50 46.60% 3104.20 31,863.70 51.63% 0.00% 2.02% 46.60% 46.60%

NIKE Inc 1,040 59.81 62,202.40 6.33% 57,553.60 4.43% (4,648.80) (7.47%) 1,081.60 (3,567.20) (5.73%) 0.00% 0.64% (7.47%) (7.47%)

Hasbro Inc 810 79.08 64,054.80 6.52% 72,900.00 5.61% 8,845.20 13.81% 3,782.70 12,627.90 19.71% 0.00% (2.80%) 13.81% 15.70%

CONS.STAPLES 7.84 3.65%

CVS Health Corp 690 91.21 62,934.90 6.41% 47,513.40 3.65% (15,421.50) (24.50%) 3,519.00 (11,902.50) (18.91%) 0.00% 0.48% (24.50%) (12.74%)

MATERIALS 2.99 0.08%

AdvanSix Inc 25 0.00 0.00 1,013.38 0.08% 1,013.38 144.33% 1,013.38 144.33% 0.00% (12.39%) 147.01% 147.01%

U.S PORTFOLIO 876,716.61 1,194,385.37 91.86% 317,668.76 36.23% 43,711.34 360,366.72 33.17%

Cash 105,817.01 8.14%

TOTAL U.S PORTFOLIO 982,533.62 1,300,202.37 100.00%

S&P 500 Index 32.08% 0.00% 0.66% 15.78%

PORTFOLIO vs. S&P 500 1.09%

COMPANY SHARES

COST

per

SHARE TOTAL COST

% at

COST

CURRENT

VALUE

% at

C.V

PROFIT

(LOSS)

PROFIT

(LOSS) %

Dividend

Received

TOTAL

PROFIT

(LOSS)

TOTAL

RETURN

(%) 1 DAY WEEKLY

% CNGE

SINCE

5/15/2014

or Trade

Date Y.T.D

CONSUMER DISCRETIONARY 17.56%

Renault SA 900 82.93 74,637.00 6.85% 81,171.00 6.58% 6,534.00 8.75% 2,835.00 9,369.00 12.55% 0.06% 5.93% 8.75% 6.72%

ProSiebenSat.1 Media SE2,060 36.32 74,819.20 6.86% 57,525.50 4.66% (17,293.70) (23.11%) 3,914.00 (13,379.70) (17.88%) (2.86%) (6.75%) (23.11%) (23.72%)

Valeo SA 1,300 31.92 41,496.00 3.81% 78,013.00 6.32% 36,517.00 88.00% 3,878.33 40,395.33 97.35% 1.17% 3.29% 88.00% 9.89%

CONSUMER STAPLES 10.16%

Carrefour SA 2,575 23.09 59,446.25 5.45% 44,161.25 3.58% (15,285.00) (25.71%) 4,700.50 (10,584.50) (17.81%) (0.77%) (0.75%) (25.73%) (25.08%)

Henkel AG & Co KGaA 670 112.10 75,107.00 6.89% 81,237.50 6.58% 6,130.50 8.16% 1,085.40 7,215.90 9.61% (0.89%) 0.62% 8.16% 7.06%

HEALTH CARE 5.93%

Bayer AG 640 103.70 66,368.00 6.09% 73,248.00 5.93% 6,880.00 10.37% 3,328.00 10,208.00 15.38% 0.73% 2.46% 10.37% 15.45%

MATERIALS 7.60%

Smurfit Kappa Group PLC3,540 16.4650 58,286.10 5.35% 93,863.10 7.60% 35,577.00 61.04% 8,003.03 43,580.03 74.77% (0.33%) 3.55% 61.04% 21.63%

FINANCIALS 13.86%

BNP Paribas SA 1,280 52.17 66,777.60 6.13% 83,161.60 6.74% 16,384.00 24.54% 10,252.80 26,636.80 39.89% (1.22%) (3.09%) 24.54% 7.30%

ING Groep NV 5,580 13.39 74,688.30 6.85% 87,885.00 7.12% 13,196.70 17.67% 3,682.80 16,879.50 22.60% (0.22%) (0.69%) 17.67% 17.80%

INDUSTRIALS 12.98%

Koninklijke Philips NV 2,670 28.00 74,760.00 6.86% 94,144.20 7.63% 19,384.20 25.93% 2,136.00 21,520.20 28.79% (0.35%) 0.87% 25.93% 21.59%

Randstad Holding NV 1,270 53.04 67,360.80 6.18% 66,065.40 5.35% (1,295.40) (1.92%) 4,533.90 3,238.50 4.81% (0.76%) (1.51%) (1.92%) 0.95%

INFORMATION TECHNOLOGY 7.25%

Ingenico Group SA 1,080 62.05 67,014.00 6.15% 89,434.80 7.25% 22,420.80 33.46% 4,104.00 26,524.80 39.58% (0.60%) (0.64%) 33.46% 9.15%

UTILITIES 6.28%

EDP - Energias de Portugal SA26,180 2.86 74,743.90 6.86% 77,518.98 6.28% 2,775.08 3.71% 4,974.20 7,749.28 10.37% (0.20%) (3.33%) 3.71% 2.46%

ENERGY 5.67%

TOTAL SA 1,430 41.79 59,753.30 5.48% 69,977.05 5.67% 10,223.75 17.11% 8,641.80 18,865.55 31.57% 0.29% 2.22% 17.10% 0.44%

TELECOMS 6.24%

Orange SA 5,400 13.86 74,844.00 6.87% 76,977.00 6.24% 2,133.00 2.85% 2,133.00 2.85% (0.14%) 1.21% 2.85% (1.28%)

EUROPEAN PORTFOLIO 1,010,101.45 1,154,383.38 93.53% 144,281.93 14.28% 66,069.76 208,218.69 25.51%

Cash 79,891.71 6.47%

TOTAL EUROPEAN PORTFOLIO 1,089,993.16 1,234,275.09 100.00%

EURO STOXX Index 23.97%

PORTFOLIO vs. EUROSTOXX 1.53%

24

TRACK RECORD

TRACK RECORD

25

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

40%

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

40%

23

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n-2

014

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4

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5-D

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20

14

29

-Jan

-20

15

25

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19

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-20

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13

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l-2

015

6-S

ep

-20

15

31

-Oct

-20

15

25

-Dec

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18

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13

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r-2

016

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1-A

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7

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g-2

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-Oct

-20

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U.S PORTFOLIO (in $)

S&P 500

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

(15%)

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

15

-May

-20

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9-J

ul-

20

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2-S

ep

-20

14

27

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-20

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21

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14

14

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-20

15

10

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r-2

015

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un

-20

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29

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22

-Sep

-20

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16

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5

10

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16

29

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016

23

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016

17

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6

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16

29

-Jan

-20

17

25

-Mar

-20

17

19

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-20

17

13

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017

6-S

ep

-20

17

31

-Oct

-20

17

EUROZONE PORTFOLIO PERFORM. SINCEEURO STOXX CUMUL. RETURN SINCE

Cumulative Returns

Portfolio S&P 500

2015 -2.5% -0.7% -1.8%

2016 11.3% 9.5% 1.7%

YTD 21.8% 15.8% 6.0%

Since Inception 33.2% 32.1% 1.1%

Jun-14

Relative

Performance

Portfolio EuroStoxx

2015 16.9% 8.0% 8.9%

2016 -2.1% 1.5% -3.6%

YTD 7.5% 13.6% -6.1%

Since Inception 25.5% 24.0% 1.5%

May-14

Relative

Performance

26

APPENDIX

EQUITIES ASSESSMENT MODEL: OVERALL STRUCTURE (XLS TEMPLATE)

27

TRUE

TRUE TRUE

TRUE TRUE

TRUE

EMARSI

EPS RevisionsTarget Price 52wk

D Y 4%

21%

P /E 6%P / FCF 9%P / BV 2%

Earnings & Sales,

Profit Margins &

Returns on Equity

Valuations

35%

EPS%Ebit %Sales %Ebitda Margin %Net Margin %ROE %

8%5%6%6%4%6%

Historical Data70%

Estimated Data30%

Cross Sectional60%

Across Time40%

Quick Ratio 7%

Leverage &

Liquidity

17%

Net Debt / Ebitda 6%EV / Ebitda 4%

Dividend Payout 3%

Dividend Policy

10%

Dividend % 7%

Technical Analysis

10%

6%4%

Market Consensus

7%

4%3%

EQUITIES ASSESSMENT MODEL: (XLS EXAMPLE – PART I)

28

Historical DataSample

Last12m data

10y median (2008 – 2016)

Premium/discount latest available data (exponential)

vs median(exponential)

Next12m data

Premium/discount expected data (exponential) vs latest available data (exponential)

Percentile Allocation on each sample

Annual

Median

EPS 2008

Annual

Median

EPS 2009

Annual

Median

EPS 2010

Annual

Median

EPS 2011

Annual

Median

EPS 2012

Annual

Median

EPS 2013

Annual

Median

EPS 2014

Annual

Median

EPS 2015

Annual

Median

EPS 2016

Last Twelve

Months - LTMA

Median EPS

Median EPS%Better /

Worse

Next Twelve

Months -

NTMA Median

EPS

Better /

Worse

Apple Inc. 36% 17% 141% 83% 60% -10% 14% 43% -10% 14% 36% -20.0% 20% 6.5%Alphabet Inc. Class A 47% 19% 28% 22% 9% 13% 16% 15% 17% -6% 17% -21.0% 22% 32.9%Alphabet Inc. Class C 47% 19% 28% 22% 9% 13% 16% 15% 17% -6% 17% -21.0% 22% 32.9%Microsoft Corporation 26% -12% 27% 28% 3% -7% 2% 0% 6% 20% 3% 17.8% 6% -13.0%Exxon Mobil Corporation 16% -53% 55% 35% -4% -9% -5% -45% -39% 44% -5% 64.3% 14% -25.9%

6% -23% -28% -8% -27%12% -8% -22% 1% -13%18% -4% -17% 3% -7%24% 0% -13% 5% -5%30% 1% -10% 7% -3%

36% 4% -8% 8% -1%

42% 5% -6% 8% 0%

48% 7% -4% 9% 1%

54% 8% -2% 10% 2%

60% 10% -1% 11% 3%

66% 11% 1% 12% 4%

72% 13% 3% 14% 6%

78% 16% 5% 16% 9%

84% 20% 10% 19% 14%90% 27% 18% 26% 22%96% 70% 82% 74% 51%

SOURCES: FACTSET, ECONOMICS & INVESTMENT STRATEGY

EQUITIES ASSESSMENT MODEL: (XLS EXAMPLE – PART II)

29

Scoring for each category

Historical data

Cross sectional

score

Across time score

Estimated data

Cross sectional

score

Across time score

Score for Historical data

=60% * cross

sectional score+

40% * across time score

Score for Estimated data

=60% * cross

sectional score+

40% * across time score

Final Score=

70% * historical data score

+30% * estimated

data score

Score for EPS% metric

=EPS% Weight

(8,0%)*

Final Score

Last12m

data

Premium/

Discount

Next 12m

data

Premium/

Discount

Apple Inc. 12 2 14 12Alphabet Inc. Class A 2 2 14 15Alphabet Inc. Class C 2 2 14 15Microsoft Corporation 13 14 4 1Exxon Mobil Corporation 15 15 12 1

Historical

Data

Estimated

Data

8 132 142 14

13 315 8

Final Score

1066

1013

EPS%

Score

0.760.460.460.821.02

SOURCES: FACTSET, ECONOMICS & INVESTMENT STRATEGY

EQUITIES ASSESSMENT MODEL: (XLS EXAMPLE – PART III)

30

Adding volatility factor

Percentile Allocation on each sample

EPS% Final Score=

EPS% Score*

Volatility Factor(1 + volatility factor score)

9% 6%18% 9%27% 11%36% 14%45% 18%

54% 22%

63% 28%

72% 36%

81% 55%

90% 84%

EPS%

Score

10y data -

EPS%

Volatily

Volatility

Factor

EPS% Final

Score

Apple Inc. 0.76 48% -6% 0.72Alphabet Inc. Class A 0.46 11% 6% 0.49Alphabet Inc. Class C 0.46 11% 6% 0.49Microsoft Corporation 0.82 15% 2% 0.83Exxon Mobil Corporation 1.02 37% -6% 0.96

SOURCES: FACTSET, ECONOMICS & INVESTMENT STRATEGY

31

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Reference should be made to the fact that the Bank, the relevant persons and/or other Piraeus Group companies indicatively:a. Are not subject to any prohibition in relation to trading on own account or in the course of providing portfolio management services prior to the publication of thisdocument or the acquisition of any shares prior to any public offering or the acquisition of any other securities.b. May offer upon remuneration investment banking services to issuers for whom this document may contain information.c. May participate to the issuers' share capital or acquire other securities issued by the aforementioned issuers or attract other financial interests from them.d. Might provide market making or underwriting services to issuers that might be mentioned in this document.e. 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