Capital Link Cyprus | MARFIN POPULAR BANK PUBLIC COMPANY LIMITED

NINE MONTH 2008 FINANCIAL RESULTS

Group net profit attributable to shareholders for the nine-month period reached 323.3 million Euro, flat(1) y/y

Recurring revenues rose 5% to 886.6 million Euro

Net interest income increased by 19%(2) to 560.7 million Euro

Remarkably strong growth of deposits, up 17% reaching 24.6 billion Euro and strong growth of loans, up 41% to 23.1 billion Euro

Return on tangible equity at 19.8% and efficiency ratio (cost to income) at 46.3%

Capital Adequacy Ratio of 11%, with 9% Tier I Ratio

FIRST HALF 2008 RESULTS

Net interest income increased by 8% year-on-year and reached € 359,3 m.

Net fee and commission income increased by a significant year-on-year 32%, reaching € 147,1 m.

Total income increased by 9% year-on-year to € 587,7 m (adjusted for exceptional income € 50 m from sale of stakes in Hellenic Bank and Universal Life during the first half of 2007).

Efficiency ratio (cost/income) was kept at low levels at 46%, despite the increase in operating expenses by 15% (7% excluding the new subsidiaries that are consolidated) due to the dynamic growth of the Group�s operations.

The consolidated net profit after tax and minority interest reached € 220,4 m, increasing by 11% compared with the first quarter of 2008 and decreased by 25% in relation to the first half of 2007 (adjusted for exceptional income from sale of stakes). The consolidated net profit increased by 7% compared with the first half of 2007 after adjusting for exceptional income and profit from discontinued operations.

The return on tangible equity (RoTE) reached 20,3%.

FIRST QUARTER 2008 RESULTS

Net interest income increased by 8% y/y on a reported basis, and 17% adjusted for write-backs, to 172.3 m Euros

Total Revenues1 increased by 9% year-on-year to 281.6 m Euros

Fee and Commission income up 18% year-on-year to 74.1 m Euros

Strong loan growth of 44% to 19.7 bn Euros

Robust deposit growth of 28% to 21.9 bn Euros

Efficiency ratio (cost/income) reached 45.8%

Group net profit after tax and minorities(1) reached 104.4 m Euros, up 30% quarter-on-quarter and 13% lower on a year-on-year basis.

Return of tangible equity (RoTE) stood at 20.4%

2007 FINANCIAL RESULTS

Group net profit after tax and minority interest reached for 2007 563.4m Euro recording a significant increase of 130% compared to 2006 on a proforma basis.

The Group's total assets grew by 34% compared to the end of 2006 on a proforma basis and reached 30.3bn Euro at the end of 2007.

Total operating income of the Group increased by 54% on an annual basis and reached 1,242.4m Euro.

The Group's Efficiency Ratio (cost/income) improved significantly to 44.4% compared to 53.3% during the same period last year on a proforma basis.

NINE MONTH 2007 FINANCIAL RESULTS

Net profit after tax and minority interest reached 483.2m Euro recording a significant increase of 141% compared to the same period last year on a proforma basis.

The Group's total assets grew by 45% compared to the end of September '06 on a proforma basis and reached 29.1bn Euro at the end of September 07.

Total operating income of the Group increased by 55% on an annual basis and reached 920.8m Euro.

The Group's Efficiency Ratio (cost/income) improved significantly to 39.1% compared to 52.3% during the same period last year on a proforma basis.

2006 FINANCIAL RESULTS

The profit before provisions for impairment of advances increased by 43% and reached CYP151,7m., whereas the profit after tax rose to CYP87,9m. recording an increase of 100% compared to last year. The profit attributable to the shareholders surged by 101% to CYP86,1m. compared to CYP42,8m. of last year.

Operating income increased by 22% compared to last year and reached CYP315,2m.

Net interest income reached CYP210,1m., compared to CYP173,3m. last year.

NINE MONTH 2006 FINANCIAL RESULTS

The profit before provisions increased by 47% and reached CYP108,5m., whereas the profit after tax rose to CYP65,0m. recording an increase of 107% compared to the same period of last year. The profit attributable to the shareholders surged by 105% to CYP62,6m. compared to CYP30,5m. for the same period of last year.

Operating income grew by 23% over the same period of last year. All the operating income captions registered particularly satisfactory increases compared to the same period of the previous year, mainly due to the dynamic growth of the Group's operations.

The net interest margin was maintained at high levels of the order of 2,80% against 2,92% at the end of 2005.

The substantially improved profitability achieved by the Group in the nine month period under review is the result of its exceptionally improved operating performance combined with reduced provisions for impairment of advances.

FIRST HALF 2006 RESULTS

For the six months ended 30.06.2006, the profit before provisions increased by 52% and reached CYP68,3m., whereas profit after tax reached CYP39,2m. recording an increase of 112% compared to the same period last year. The profit attributable to the equity holders increased by 111% rising to CYP38,2m. compared to CYP18,1m. in the corresponding six-month period of 2005.

Operating income increased by 22% compared to the same period last year (increase of 19,8% in net interest income, 17,3% in net fee and commission income, 16,6% in foreign exchange income and 39,7% in other income) mainly due to the dynamic growth of the Group's operations and balance sheet sizes.

The substantially improved profitability achieved by the Group during the first half of 2006 is a result of its exceptionally increased operating performance combined with the stabilisation of provisions.

FIRST QUARTER 2006 RESULTS

The profit before provisions increased by 50,1% and reached CYP33,8m., whereas the profit after provisions rose to CYP24m. recording an increase of 107,6% compared to the same period of last year. The profit attributable to the shareholders more than doubled having recorded an increase of 125,9% and surged to CYP20,3m. compared to CYP9,0m. in the corresponding quarter of 2005.

The biggest part of operating income, net interest income, increased by 22,0% compared to the same quarter of last year.

The Group's annualised net interest margin remained at a high level of the order of 2,86% compared to 2,92% in 2005.

Net commissions recorded a satisfactory growth of 21,3% compared to the same quarter of last year.

2005 FINANCIAL RESULTS

The profit before provisions increased by 27,2% reaching CYP106,2m. whereas the profit after provisions rose to CYP59,8m. recording an increase of 63,7% compared to last year. The profit attributable to the shareholders doubled having recorded an increase of 102,7% and surged to CYP42,8m. compared to CYP21,1m. in 2004.

Net interest income increased by 12,2% compared to 2004.

The Group's net interest margin remained at a high level of the order of 2,92% compared to 2,93% in 2004 and 2,79% in 2003, despite the negative effect of the consecutive decreases in the base rate of the Cyprus Pound.

Net commissions recorded a satisfactory growth of 4,8% compared to 2004.

NINE MONTH 2005 FINANCIAL RESULTS

The profit before provisions increased by 23,0% reaching CYP73,6m. whereas the profit after provisions rose to CYP39,5m. representing an increase of 59,7% compared to the same period last year. The profit attributable to the shareholders almost doubled recording an increase of 90,3% and rose to CYP30,5m. compared to CYP16,0m. in the corresponding nine-month period of 2004.

Net interest income increased by 12,1% compared to the corresponding period last year.

The Group's net interest margin remained at a high level of the order of 2,84% (annualised) compared to 2,93% in 2004 and 2,79% in 2003 despite the negative effect of the consecutive decreases of the base rate of the Cyprus Pound.

Net commissions recorded a satisfactory increase of 9,3% compared to the corresponding period last year.

FIRST HALF 2005 RESULTS

The profit before provisions increased by 20,7% reaching CYP45,1m. whereas the profit after provisions rose to CYP22,4m. having surged by 56,5% compared to the same period last year. The profit attributable to the shareholders rose to CYP18,1m. compared to CYP11,1m. in the first six months of 2004, an increase of 63,2%.

Net interest income increased by 12,2% compared to the corresponding period last year.

The net interest margin remained at a high level of the order of 2,81% (annualised) compared to 2,93% in 2004 and 2,79% in 2003.

Net commissions recorded a satisfactory increase of 8,9% compared to the corresponding period last year.

FIRST QUARTER 2005 RESULTS

The profit after provisions reached C�11,5 m recording an increase of 40,4% compared to the corresponding period last year. The profit attributable to the shareholders rose by 42,5% to C�9,0 m compared to C�6,3 m for the same period in the previous year.

Net interest income, which comprises the biggest part of operating income, grew by 14,6% compared to the same period last year.

The Group's net interest margin remained at high levels and reached 2,84% (annualised) compared to 2,93% in 2004 and 2,79% in 2003.

The Group's net commissions recorded a satisfactory increase of 5,6% compared to the same period last year, mainly due to the increase registered in fees and commissions in Cyprus.

The contribution of the overseas operations to the total Group profit before provisions reached 26,2% at 31.03.05 compared to 25,4% at 31.03.04.

2004 FINANCIAL RESULTS

Operating profit (before the provisions) reached � 83,4 m, recording an increase of 26,6% compared to 2003. The profit attributable to shareholders reached � 21,1 m compared to a profit of � 9,5 m in 2003.

Net interest income showed an increase of 14,7% compared to 2003.

The net interest margin of the Group reached 2,93% in 2004 compared to 2,79% in 2003.

The Group�s income from fees and commissions increased by 8,5% compared to 2003.

In 2004 the contribution of the overseas operations to total profit before provision for impairment of advances reached 25,2%.

NINE MONTH 2004 FINANCIAL RESULTS

The profit before provisions for the nine months ended 30.09.04 reached CY�59,8 m recording an increase of 23,2% compared to the corresponding period last year. The profit attributable to the shareholders rose by 99,8% to CY�16,0 m compared to CY�8,0 m for the same period in the previous year.

Net interest income increased by 16,0% compared to the same period last year.

The Group�s net interest margin has recorded a very satisfactory increase and reached 2,93% (annualised) at 30.09.04 compared to 2,79% at 31.12.03.

The Group's commissions recorded an increase of 9,8% compared to the same period last year. The economic activities and commercial transactions in Cyprus have recovered.

As at 30.09.04 the contribution of the overseas operations to total profit before provision for impairment of advances reached 25,4% of the total compared to 24,9% as at 30.09.03.

FIRST HALF 2004 RESULTS

The profit before provisions reached CY�37,3 m recording an increase of 21,1% compared to the corresponding period last year. The profit attributable to the shareholders rose by 70,9% to CY�11,1 m compared to CY�6,5 m for the same period in the previous year.

Net interest income increased by 13,5% compared to the same period last year.

Net interest margin has recorded a very satisfactory increase and reached 2,90% (annualised) at 30.06.04 compared to 2,82% (annualised) at 31.03.04.

The Group's commissions recorded an increase of 11,0% compared to the same period last year.

As at 30.06.04 the contribution of the overseas operations to total profit before provision for impairment of advances reached 26,8% of the total compared to 24% for the same period last year.

FIRST QUARTER 2004 RESULTS

The profit before provisions reached �19,7 m recording an increase of 37,8% compared to the corresponding period last year. The profit attributable to the shareholders reached �6,3 m compared to �4,1 m for the same period in the previous year, recording a significant increase of 55,1%.

Net interest income increased by 9,7% compared to the same period last year.

Net interest margin showed a satisfactory increase and reached 2,82% at 31.03.04 compared to 2,79% in 2003.

The Group�s commissions recorded an increase of 13,1% compared to the same period last year.

As at 31.03.04 the contribution of the overseas operations to total profit before provision for impairment of advances reached 25,4% of the total compared to 24,5% for the same period last year.

2003 FINANCIAL RESULTS

Operating profit (before the provisions) reached � 66,0 m, recording an increase of 28,2% compared to 2002. The profit attributable to shareholders reached � 9,5 m compared to a loss of � 51,3 m in 2002. It should be noted that last year's results were charged with a � 47,1 m transfer from the investment revaluation reserve due to the impairment in the value of certain available- for-sale investments.

Net interest income showed an increase of 6,2% compared to 2002.

The net interest margin of the Group reached 2,79% in 2003 compared to 2,75% in 2002.

The Group�s income from fees and commissions increased by 8,6% compared to 2002.

In 2003 the contribution of the overseas operations to total profit before provision for impairment of advances reached 27,6% of the total compared to 23,6% in 2002.

NINE MONTH 2003 FINANCIAL RESULTS

Operating profit, after the losses from disposal and revaluation of securities reached �48,9 m, recording an increase of 43,3% compared to the corresponding period in the previous year. After the increased provisions, the profit before tax for the period reached � 12,0 m compared to a loss of �33,1 m for the first nine months of 2002. It should be noted that last year's results were charged with a � 47,1 m transfer from the investment revaluation reserve due to the impairment in the value of certain available- for-sale investments.

Net interest income showed an increase of 6,2% compared to the same period last year, despite the fact that during this year there are stricter rules in effect regarding interest suspension.

The Group�s net interest margin has increased from 2,75% at 31.12.02 to 2,80% at 30.09.03.

Income from fees and commissions has increased by 5,1% compared to the same period last year.

As at 30.09.03 the contribution of the overseas operations reached 24,7% of total operating profit compared to 23,8% at 30.09.02.

FIRST HALF 2003 RESULTS

Operating profit after the losses from disposal and revaluation of securities reached �31,1m, recording an increase of 37,0% compared to the corresponding period in the previous year. After the increased provisions and the reduced tax charge, the profit for the first six months, reached �6,5m recording an increase of 4,4%.

Net interest income showed an increase of 10,7% compared to the same period last year, mainly due to the increase in the Group�s net interest margin.

The Group�s net interest margin has increased from 2,75% at 31.12.02 to 2,80% at 30.06.03.

Income from fees and commissions has increased by 5% compared to the same period last year in spite of the slowdown in economic activity, which has restricted income from commercial transactions.

As at 30.06.03 the contribution of the overseas operations reached 24% of total operating profit.

FIRST QUARTER 2003 RESULTS

Operating profit (before the losses from disposal and revaluation of securities) reached �15,9m, recording an increase of 6,3% compared to the same period in 2002. Operating profit including the losses from disposal and revaluation of securities reached �14,4m, recording a substantial increase of 35,6% compared to the same period last year. Profit attributable to the shareholders reached �4,1m recording an increase of 23,7%.

Net interest income shows an increase of 11,5% compared to that for the same period last year, in spite of the fact that we are going through a period of very low interest rates both in Cyprus and abroad.

Despite all these, the Group�s net interest margin is on an upward track and has increased from 2,75% at 31.12.2002 to 2,76% at 31.03.2003.

Income from fees and commissions has increased by 7,9% compared to that for the same period last year, even though the intensely adverse and uncertain economic environment has restricted income from commercial activities.

The contribution of the overseas operations reached 24% of total operating profit.

2002 FINANCIAL RESULTS

The operating profit, excluding the non-recurring staff costs reached �69,1m recording an increase of 14,2% compared to 2001. Profit from operations reached �64,9m recording an increase of 7,3% from 2001.

The net interest income shows an increase of 6,7% compared to that for the same period last year, despite the significant and unexpected interest rate reduction that took place in the second half of 2001.

Income from fees and commissions increased in total by 10,7%, despite the negative impact of the reduction in the capital market operations of the Group and the reduced commissions from trading activities.

The contribution of the overseas operations reached 23% of total operating profit.