European Reliance General Insurance S.A.

Annual / Quarterly Financial Statement • Mar 29, 2016

Type of Auditor's Report: Non qualified Eric Christofer Sharp, Executive Member

The financial information derived from the financial statements, provide a general presentation of the financial position and results of ''EUROPEAN RELIANCE S.A.'' and the Group. Therefore, we recommend to the reader, before any investment decision or transaction is performed with the company, to visit the web site of the company, where the financial statements together with the review report of the external auditor. Responsible Αuthority: Bank of Greece BOARD OF DIRECTORS COMPOSITION: Company's web side: www.europaikipisti.gr Stavros Lekkakos, Chairman Theodoros Chronis, Non Exdecutive Member Date of Approval of Financial Statements: March, 23th 2016 Nikolaos Halkiopoulos, Executive Vice Chairman Georgios Konstantinidis, Non Exdecutive Member The Certified Auditor: Efstathios P. Kagioulis (Reg. N.13271) Christos Georgakopoulos, Managing Director Christoforos Poulios, Independent Non Executive Member Auditing Company: PKF EUROAUDITING S.A. (Reg. N.132) Stefanos Verzovitis, Executive Member Georgios Diamantopoulos, Independent Non Executive Member COMPANY'S PROFILE

ADDITIONAL DATA AND INFORMATION

	STATEMENT OF FINANCIAL POSITION						STATEMENT OF COMPREHENSIVE INCOME
	(consolidated and non-consolidated) amounts in thousand €					(consolidated and non-consolidated) amounts in thousand €
	GROUP			PARENT COMPANY			GROUP	PARENT COMPANY
		31.12.2015	31.12.2014	31.12.2015	31.12.2014			1.1 - 31.12.2015 1.1 - 31.12.2014 1.1 - 31.12.2015 1.1 - 31.12.2014
ASSETS						Premiums	172.655	166.326	172.655	166.326
Tangible assets for own use		18.008	18.893	17.875		18.791 Less: Premiums cedec to reinsurers	-10.724	-11.644	-10.724	-11.644
Investments in real estate		15.435	16.220	15.435		16.220 Less: Commission expenses	-39.809	-38.639	-40.156	-39.106
Intangible assets		653	396	610		357 Less: Benefits and claims paid - Net retention	-70.709	-70.255	-70.709	-70.255
Availiable for sale financial assets		236.374	214.206	235.818		213.872 Change in insurance reserves - Net retention	-21.441	-16.833	-21.441	-16.833
Held to maturity financial assets		1.987	4.247	1.987		4.247 Net investment income	2.919	2.916	2.940	2.940
Premium receivables		13.697	13.548	13.697		13.548 Profit / (loss) of insurance business	32.891	31.871	32.565	31.428
Reinsurers' receivables		11.360	9.973	11.360	9.973
Other assets		58.078	52.246	58.184		52.798 Other income	7.866	7.070	572	698
TOTAL ASSETS		355.592	329.729	354.966		329.806 Operating expenses	-23.743	-22.052	-16.491	-15.230
						Other expenses	-657	-1.833	-569	-1.788
LIABILITIES AND EQUITY						Profit/(Loss) before tax	16.357	15.056	16.077	15.108
Financial liabilities		23.589	23.720	21.893		22.434 Profit/(Loss) net of tax (A)	11.212	10.191	11.013	10.248
Liabilities due to reinsurasnce operations		180	420	180		420 -Equity holders of the Parent	11.200	10.191	11.013	10.248
Provisions / Other liabilities		1.158	1.144	936		1.028 -Minority Rights	12	0	0	0
Total liabilities (a)		24.927	25.284	23.009	23.882
Mathematical Reserves and Technical Provisions		49.698	41.750	49.698		41.750 Other comprehensive income net of tax (B)	-1.513	2.263	-1.501	2.317
Outstanding Claims reserves		152.920	139.583	152.920		139.583 Total comprehensive income net of tax (A) + (B)	9.699	12.454	9.512	12.565
Unearned premium reserves		39.430	44.793	39.430		44.793 -Equity holders of the Parent	9.687	12.456	9.512	12.565
Other insurance provisions		8.778	8.179	8.778		8.179 -Minority Rights	12	-2	0	0
Total technical provisions (b)		250.826	234.305	250.826	234.305
Share capital		17.327	17.327	17.327		17.327 Basic (after taxes) earnings per share in €	0,4072	0,3706	0,4004	0,3726
Other equity instruments		62.356	52.669	63.804	54.292
Τοtal shareholders' equity (c)		79.683	69.996	81.131		71.619 Proposed dividend per share - in €	0,00	0,00	0,00	0,00
Minority Rights (d)		156	144	0	0
Total equity capital (e) = (c) + (d)		79.839	70.140	81.131	71.619
TOTAL LIABILITIES AND EQUITY (a)+(b)+(e)		355.592	329.729	354.966	329.806

1. The accounting policies adopted by the Group in accordance with IFRS and which have not changed in comparison with the annual Financial Statements for the year 2014.

2. Group companies with their addresses, and percentages with which the Group participates in their share capital as well as the consolidation method in the consolidated financial statements as at 31.12.2015, are presented in note 2.4 of the financial statements.

3. There is no other encumbrance,.for the fixed assets of the Group, except insurance investment.

4. There are no pending legal cases or issues in progress, as well as decisions of legal or arbitrary authorities, which may have a material impact on the financial position or operation of the Group.

5. The tax provision for the unaudited by the tax authorities fiscal years amounted to € 70 thousand for the Company and € 80 thousand for the Group.

6. The number of employees as at 31.12.2015 was for the group 901 persons and company 405 persons, while the 31.12.2014 for the group was 721 persons and company 399 persons.

7. The unaudited by the tax authorities fiscal years for the Company and the Group's subsidiaries are presented in detail in the note 4.17 of the financial statements.

STATEMENT OF CHANGES IN EQUITY	STATEMENT OF CASH FLOWS
(consolidated and non-consolidated) amounts in thousand €	(consolidated and non-consolidated) amounts in thousand €
	GROUP		PARENT COMPANY			GROUP		PARENT COMPANY
	31.12.2015	31.12.2014	31.12.2015	31.12.2014				1.1 - 31.12.2015 1.1 - 31.12.2014 1.1 - 31.12.2014 1.1 - 31.12.2014
Equity at the beginning of the year (01.01.2015 & 01.01.2014 respectively)	70.140	57.686	71.619		59.054 Net cash inflows / (outflows) from operating activities (a)	8.021	261	7.716	479
Total comprehensive income for the period, after income tax	9.699	12.454	9.512		12.565 Net cash inflows / (outflows) from investing activities (b)	-1.176	-381	-905	-611
Increase / (decrease) in share capital	0	0	0		0 Net cash inflows / (outflows) from financial activities (c)	1	-2	0	0
Dividends paid	0	0	0		0 Net increase (decrease) in cash and cash equivalents (a)+(b)+(c)	6.846	-122	6.811	-132
Purchase / (sale) of treasury shares	0	0	0		0 Cash and cash equivalents at the beginning of the year	8.794	8.916	8.347	8.479
Purchase of minority interest	0	0	0		0 Cash and cash equivalents at the end of the year	15.640	8.794	15.158	8.347
Equity at the end of the year (31.12.2015 & 31.12.2014 respectively)	79.839	70.140	81.131	71.619

8. As at 31.12.2015 there are no shares of the company held by the same or by subsidiaries and affiliates. 9. The amounts of company's transactions with related parties was as defined in IAS 24 since the beginning of the year until the end of the year are as follows (amounts in thousand of euros): For the company: a) Income 89, b) Expenses 591, c) Receivables 26, d) Liabilities 33, e) Key management personnel

and board members 1.198 and for the Group: e) Key management personnel and board members 1.233.

10. The Financial Statements of "EUROPEAN RELIANCE SA" includes, with the equity method in the consolidated financial statements of the Group "PIRAEUS BANK SA", which is based in Greece and owns a 28,65% olding in the share capital of the company.

11. Other comprehensive income after taxes relates: a) for the Group, valuation of available for sale financial assets € -992 thousand, valuation of property for own use € -684 thousand and actuarial surplus € 163 thousand, b) for the Company, valuation of available for sale financial assets € -980 thousand, valuation of property for own use € -684 thousand and actuarial surplus € 163 thousand.

CHAIRMAN OF THE BOARD Of DIRECTORS	THE MANAGING DIRECTOR	THE CHIEF FINANCIAL OFFICER	THE ACCOUNTING MANAGER	THE ACTUARY

STAVROS M. LEKKAKOS CHRISTOS. I. GEORGAKOPOYLOS STEFANOS I. VERZOVITIS CHARALAMPOS G. VAXEVANIS ANTONIA A. MONOGYIOU I.D. No ΑΒ 570174 I.D. No Χ.164312 I.D. No AE 139108 I.D. No ΑΚ 579313 I.D. No ΑΚ 142009

KIFISIAS AVENUE 274, 15232, CHALANDRI

FINANCIAL DATA AND INFORMATION FOR THE PERIOD OF 1 JANUARY 2015 UNTIL 31 DECEMBER 2015

EUROPEAN RELIANCE S.A.

S.A. REGISTRATION NUMBER: 12855/05/Β/86/35, GENERAL ELECTRONIC COMMERCIAL REGISTRY: 322801000

(Published according to Codified Law 2190/20, art. 135 for companies preparing annual financial statements, consolidated or not, in accordance with IFRS)

Chalandri, March 23, 2016