9 M 2 0 1 9 R e s u l t s November 19, 2019 Key Highlights - - PowerPoint PPT Presentation

9 M 2 0 1 9 R e s u l t s

November 19, 2019

Contents

• Key Highlights
• Macroeconomic Update
• 9M 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

9M 2013 Results FY 2013 Results 3 3 9M 2019 Results This presentation has been prepared and issued by Alpha Bank solely for informational purposes. For the purposes of this disclaimer, this presentation shall mean and include materials, including and together with any oral commentary or presentation and any question and answer session. By attending a meeting at which the presentation is made, or otherwise viewing

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• warranty. The information contained in this presentation may contain and/or be based on information that has been derived from publicly available sources that have not been

independently verified. Alpha Bank is not under any obligation to update, revise or supplement this presentation or any additional information or to remedy any inaccuracies in or

• missions from this presentation.

This presentation does not constitute an offer, invitation or recommendation to subscribe for or otherwise acquire securities. Also, it is not intended to be relied upon as advice to investors or potential investors and does not take into account the objectives, financial situation or needs of any particular investor. You are solely responsible for forming own opinion and conclusion. Certain statements in this presentation may be deemed to be “forward-looking”. You should not place undue reliance on such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Forward-looking statements are not guarantees of future performance, and the actual results, performance, achievements or industry results of Alpha Bank’s operations, results of operations, financial position and the development of the markets and the banking industry in which it operates or is likely to operate may differ materially from those described in, or suggested by, the forward-looking statements contained in this presentation. In addition, even if the operations, results of operations, financial position and the development of the markets and the banking industry in which Alpha Bank operates is consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, competition, changes in banking regulation and currency fluctuations. Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document reflect Alpha Bank’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Alpha Bank's financial position, operations, results of operations, growth, strategy and expectations. Any forward-looking statement speaks only as of the date on which it is made. New factors will emerge in the future, and it is not possible for Alpha Bank to predict which factors they will be. In addition, Alpha Bank cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those described in any forward looking statements. Alpha Bank disclaims any obligation to update any forward-looking statements contained herein, except as required pursuant to applicable law.

Disclaimer

• Key Highlights
• Macroeconomic Update
• 9M 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

9M 2019 Results

9M 2013 Results FY 2013 Results 5 5 9M 2019 Results

Q3 2019 Financial Performance Overview

Commercial Activity

Loan disbursements amounted to €1.0bn in Q3 2019 and €2.5bn for 9M 2019 Deposits in Greece increased by €0.4bn in Q3 2019, driven by customer deposits inflows

Asset Quality

NPEs in Greece down by €2.1bn in Q3 2019, mostly attributed to the reclassification to HFS of €1.8bn NPEs (Project Neptune) Negative gross NPE formation across all segments in Q3 YTD the Bank has recorded a negative organic reduction of gross NPEs of €0.9bn

Liquidity

Group LDR at 100% as of September 2019 versus 106% a year ago ECB funding at €3.2bn and Repos at €5.9bn

Capital

Phased in CET1 ratio increased by 25bps q-o-q to 18.0%, positively affected by GGBs performance FL B3 CET1 ratio at 15.1% Buffer of €2.1bn over

• ur 2019 SREP ratio requirements

Financial Performance

Core PPI effectively flat q-o-q at €216mn in Q3 2019, as the decline in NII was counterbalanced by the increase in net fee and commission income NII at €383mn, down by 1.4% q-o-q Fees increased by 18% q-o-q to €96mn Recurring Opex marginally increased q-o-q by 1.1% Impairment losses on loans at €262mn in Q3 2019 vs €246mn in Q2 PBT at €21mn for Q3 2019

• Key Highlights
• Macroeconomic Update
• 9M 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

9M 2019 Results

9M 2013 Results FY 2013 Results 7 7 9M 2019 Results

Domestic growth resilience on the back of declining uncertainty, pro-growth policy remix and intensified reform efforts

Growth path decomposed: Great domestic expectations versus external headwinds 10yr GGB spreads tightened thanks to the global search for yields and the post-program debt profile

• A firm growth outlook is stemming from declining uncertainty, a credible and pro-

growth fiscal policy remix and intensified reform efforts amid escalating external risks

• Economic activity grew by 1.5% yoy in H1 2019, with real GDP growth being more

pronounced in Q2, standing at 1.9% yoy, versus 1.1% yoy in Q1. Real GDP growth in H1 was supported by an increase in public consumption (1.9% yoy) and inventory accumulation

• Declining uncertainty is reflected in:
• the reduction of GGB yields to historically low levels, paving the way for a

future upgrade of sovereign credit risk along with

• the buoyant economic sentiment reaching 12-year highs over the past

four months and

• the rise in consumer confidence, reaching the levels of early 00s
• The lift of capital controls on September 1st and the sustained fiscal discipline,

combined with the compressed sovereign borrowing costs are expected to further improve the sovereign creditworthiness of the country

Buoyant economic sentiment on the back of consumer confidence and retailers expectations reaching multi-year high levels

Source: Eurostat, IOBE, Draft State 2020 Budget, EC Economic Forecasts (Nov. 2019) Source: ECB, Bloomberg, Trading Economics and ERD calculations.

DE ES FR GR IT PT

• 3.5
• 3.0
• 2.5
• 2.0
• 1.5
• 1.0
• 0.5

0.0

Δ yield until 11/11/2019

Average sovereign credit ratings (in S&P equivalent) Investment grade AAA AA A+ A- BBB BB+ BB- B

Stable 1 positive outlook 2 negative outlooks 3 positive outlooks

Note: The rating score represents the average rating by the three major rating agencies, Moody’s, Standard & Poor’s and Fitch, expressed in the S&P equivalent rating. The size of the bubble is proportional to the total debt servicing needs over the next two years, the latter reflecting existing maturing securities (principal and interest), as % GDP (as of Sep. 2019). 2.0% 2.8% 1.8% 2.3% 1.1% 1.2%

80 90 100 110

• 3.5%
• 2.5%
• 1.5%
• 0.5%

0.5% 1.5% 2.5% 3.5%

2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019 (f) 2020 (f) Real GDP qoq Greece Real GDP, yoy Euro area Real GDP, yoy Greece Real GDP, Draft 2020 Budget Greece Real GDP, EC forecasts Greece Real GDP EC forecasts Euro area ESI Greece (rhs)

Source: IOBE, DG-ECFIN/European Commission The bars show the maximum and minimum levels since January 2000; the dots represent the latest figures (October 2019).

• 100
• 80
• 60
• 40
• 20

20 40 60 80 100 120 140 160 Economic Sentiment Industry Retail Trade Service Construction Consumer Confidence Index in October 2019

9M 2013 Results FY 2013 Results 8 8 9M 2019 Results

Improving labor conditions support the ongoing recovery in disposable income and private consumption

Employment growth is expected to remain above 2% in 2019 and 2020…

• Improvement in economic conditions is also reflected in the further drop in

unemployment reaching 16.7% in August 2019, from 18.9% one year earlier, while youth unemployment also remains on a downward path (at 33.1% in August)

• Private consumption is expected to support growth dynamics in the coming

quarters, underpinned by improved consumer confidence, employment gains and rising households’ disposable income

• In the first eight months of 2019, travel receipts (including cruises)

increased by 13.6% on an annual basis, driven by a rise in receipts from both EU-28 (12.7% yoy) and non-EU residents (16.5% yoy)

• During this period, tourist arrivals increased by 3.6% on an annual basis.

However, a geographical rebalancing of tourist arrivals becomes apparent relative to the same period of 2018, with the rise of tourist arrivals outside the EU-28 (5.8% yoy) outpacing tourist arrivals growth within the EU-28 (2.7% yoy)

Tourism flows and receipts retained in an upward trajectory in the first 8 months of 2019 …supporting private consumption and disposable income which is also fueled by VAT reductions and lower-than-expected rise in oil prices

Source: ELSTAT, European Commission Economic Forecasts (November 2019)

(*) Seasonally adjusted figures

Source: Bank of Greece 2.2%

• 1.0%
• 0.5%

0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 14% 16% 18% 20% 22% 24% 26% 28% 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019 (f) 2020(f) Unemployment rate, lhs Employment growth (annual change)

• 10

10 20 30 UK Germany France EU-28 Other (non EU-28) Total (incl. cruises)

• 15
• 5

5 15 25 35 2017 2018 2019

(*) All data refer to January - August period of each year, annual % change

Receipts Arrivals

Source: ELSTAT, IOBE

• 80
• 70
• 60
• 50
• 40
• 30
• 20
• 10
• 16%
• 12%
• 8%
• 4%

0% 4% 8% 12% 16% 2007 Q1 2007 Q3 2008 Q1 2008 Q3 2009 Q1 2009 Q3 2010 Q1 2010 Q3 2011 Q1 2011 Q3 2012 Q1 2012 Q3 2013 Q1 2013 Q3 2014 Q1 2014 Q3 2015 Q1 2015 Q3 2016 Q1 2016 Q3 2017 Q1 2017 Q3 2018 Q1 2018 Q3 2019 Q1 2019 Q3

Private Consumption (2010 prices, % annual growth, 4 quarters mov. avg) Gross Disposable Income (2010 prices, % annual growth, 4 quarters mov. avg) Consumer Confidence Indicator, rhs

9M 2013 Results FY 2013 Results 9 9 9M 2019 Results

Less distortionary taxation and fresh social protection measures are set to support investment and job creation

Improving quality of public finances while fiscal discipline maintained

• Fiscal rebalancing measures incorporated in the 2020 Draft State Budget include,

among others, reductions in the corporate income tax rate from 28% to 24%, the dividend tax rate from 10% to 5%, the introductory personal income tax rate from 22% to 9% and other social protection measures, along with balance improvement interventions, especially via the increase of e-transactions, in order to safeguard fiscal neutrality

• Residential property prices rose by 6.3% yoy in H1 2019, a trend which is expected to

continue, also supported by the reduction of the property tax by 22% on average and the announced three-year suspension of VAT on new buildings

• The new Investment Incentives Law also signifies the government’s intention to

accelerate licensing and ease specifications so as to widen the scope for investments. Overall, reform efforts are expected to be advanced on the back of a growth friendly agenda, aiming to accelerate privatizations and facilitate projects undertaken by the private sector (e.g. the Hellinikon project)

• Downside risks to the economic outlook are mainly related to international trade

tensions, the still uncertain Brexit outcome and the slowdown of the European economy, which could weigh on domestic growth momentum

Housing market revival driven by property tax cut, higher domestic disposable income and Golden Visa scheme related to foreign purchases Reform efforts and Investment Incentives Law are expected to positively affect growth prospects, facilitating the achievement of fiscal targets

Source: State Budget Draft 2020

Austria Belgium Czech Rep. Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Netherlands PolandPortugal Slovenia Spain Sweden Switzerland UK EA19

• 30
• 20
• 10

10 20 30 40 50

• 2%

2% 6% 10% 14%

Deviation of Price-to-rent ratio (Q2 2019) from its long-term average

House Price growth (H1 2019, annual % change)

Source: OECD, Analytical House Price Indicators

4.3% 3.68% 3.56% 1.9% 2.0% 2.8% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 6.0 6.5 7.0 7.5 8.0 2018 2019e 2020 Scenario (incl. policy interventions)

Primary surplus (in bn €) Primary surplus (% GDP), rhs Primary surplus Target (% GDP), rhs Real GDP growth rate, rhs

Source: European Commission Economic Forecasts (November 2019)

150% 155% 160% 165% 170% 175% 180% 185%

• 15%
• 10%
• 5%

0% 5% 10% 15% 20% 25% 30% 2013 2014 2015 2016 2017 2018 2019f 2020f 2021f

General government gross debt (% GDP), rhs Cyclically adjusted balance of general government (% GDP) Gross fixed capital formation (annual change)

• f which equipment (annual change)

• Key Highlights
• Macroeconomic Update
• 9M 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

9M 2019 Results

9M 2013 Results FY 2013 Results 11 11 9M 2019 Results

Q3 2019 Group P&L and Balance Sheet highlights

Balance Sheet (€ bn) 30/09/2019 30/06/2019 qoq change (€ bn) 31/12/2018 Assets 62.7 63.0 (0.2) 61.0 Net Loans 39.5 39.9 (0.5) 40.2 Deposits 39.6 39.3 0.3 38.7 Tangible Equity (TE) 8.0 7.9 0.1 7.7 Common Equity Tier 1 Ratio (CET1) 18.0% 17.8% … 17.4% NPE ratio 45.5% 48.1% … 48.9% NPE Cash Coverage 44% 47% … 48% NPL ratio 30.0% 32.7% … 33.5% NPL Cash Coverage 67% 69% … 70% Profit & Loss (€ mn) 9M 2019 9M 2018 yoy % change Q3 2019 Q2 2019 qoq % change Net Interest Income (NII) 1,160 1,329 (12.7%) 383 389 (1.4%) Net fee and commission Income 247 245 0.9% 96 81 17.8% Trading & Other Income 296 425 (30.5%) 86 135 (39.9%) Operating Income 1,703 2,000 (14.8%) 565 604 (6.5%) Total Operating Expenses (824) (823) 0.1% (280) (282) (0.6%) Recurring Operating Expenses (793) (809) (2.0%) (270) (267) 1.1% Core Pre Provision Income 643 792 (18.9%) 216 214 0.8% Pre Provision Income (PPI) 879 1,177 (25.3%) 285 323 (11.6%) Impairment Losses on Loans (750) (1,019) (26.4%) (262) (246) 6.3% Other Impairment Losses 11 6 … (3) (9) … Profit/ (Loss) before income tax (PBT) 140 164 (14.7%) 21 68 (69.7%) Income Tax (48) (110) … (16) (9) … Profit/ (Loss) after income tax 92 54 … 5 59 … Net Interest Margin (NIM) 2.5% 2.9% 2.4% 2.5% Cost to Income ratio (Recurring) 55.2% 50.5% 55.6% 55.5%

1 1 Restated figures due to the reclassification of Credit Cards revenues and expenses from General Expenses to Net Fee and

Commission Income

• Core Pre Provision Income at €216mn in Q3 2019, stable q-o-q,

as the decline in NII was counterbalanced by the increase in net fee and commission income

• Pre Provision Income stood at €285mn, down by 11.6% q-o-q,

affected by the lower trading gains vs Q2 2019

• Impairment losses on loans at €262mn in Q3 2019, implying a

CoR of 2.1% over gross loans

• Profit After Tax at €5mn in Q3 2019

1 2 3 1 2 3 4 4

9M 2013 Results FY 2013 Results 12 12 9M 2019 Results

CET1 ratio up by 25bps q-o-q at 18.0%

CET1 capital 8,454 8,671

17.8% 18.0% 15.1%

2bps 33bps 12bps (22bps)

18.1%

CET1 Jun-19 Period Result FVOCI (ex AFS reserve) DTA reduction & threshold utilisation RWAs & Other CET1 Sep-19 Total CAD Sep-19 FLB3 IFRS9 CET1 Sep-19

€2.1bn buffer over OCR SREP

• f 13.75%

for 2019 7,119 8,686

CET1 ratio quarterly evolution (€ mn)

• CET1 ratio at 18.0%, increased by 25bps,

positively affected by our Greek Government Bonds portfolio valuation

• CET1 ratio on a fully-loaded basis also

increased q-o-q by 28bps to 15.1%

• c.€2.1bn of capital is allocated to our net

NPEs

• Tangible Equity stood at €8.0bn in

September 2019, increased from €7.9bn in June 2019, with a TBV per share at €5.2

1 Fair Value Through Other Comprehensive Income. This is mainly related to GGB portfolio valuation 2 NPEs including Neptune portfolio transferred to Held for Sale

527 769 Jun-19 Sep-19

GGB unrealized gains (€ mn)

+€242mn A 50bps move in GGBs yields will result in a

• c. €170mn of

gain/loss before tax in FVOCI portfolio

1 1

10Y GGB Mid-YTM evolution (%)

Dec-18 Mar-19 Jun-19 Sep-19 Nov-19 29.03.19 28.06.19

3.7 2.4

Standardised method – Capital allocation over 2019 SREP

3.2 48.1 29.7 15.2 RWA Sep-19 @ 13.75% SREP €2.1bn Buffer over 2019 SREP 8.7 Total CAD Sep-19 0.4 2.1 4.1 2.1

Buffer NPEs Other DTC

€2.1bn allocated for our net NPEs SREP Capital requirement 6.6 4.3

30.09.19

1.3 1.4

2

9M 2013 Results FY 2013 Results 13 13 9M 2019 Results

Q3 2019 Core PPI effectively flat q-o-q at €216mn

• NII decreased by €5.4mn q-o-q, mainly on the back of lower contribution from loans, primarily stemming from pressure in spreads of restructured

NPE loans and lower interest from the bond portfolio

• Fees increased further in Q3 2019 by €14.4mn, primarily reflecting increased card usage, mainly due to the tourist season, as well as higher

revenues from asset management and bancassurance products

• Recurring Opex increased by €3.0mn q-o-q, due to higher general expenses compared to Q2 2019, primarily stemming from tax on real estate

properties

323 (109) 214 (5) 14 (4) (3) 216 70 285 Q2 19 Reported PPI Trading and Other Q2 19 Core PPI Δ NII Δ Fees Δ Other income Δ OPEX Q3 19 Core PPI Trading and Other Q3 19 Reported PPI

PPI q-o-q evolution (€ mn)

+€2mn

9M 2013 Results FY 2013 Results 14 14 9M 2019 Results

Net Interest Income decreased by 1.4% q-o-q; NIM at 2.4%

(5.7) (0.6) (8.8) 5.5 4.2 388.4 388.6 383.2 NII Q1 19 NII Q2 19 Loans Deposits Bonds &

• ther

Funding Days effect NII Q3 19

NII q-o-q evolution (€ mn)

• Net Interest Income in Q3 2019 stood at €383.2mn,

reduced q-o-q, as the negative impact from loans, linked with spread pressure, and the negative effect from our Bond portfolio were partly counterbalanced by the lower wholesale funding cost and the positive calendar days’ effect

• Net Interest margin at 2.4% in Q3 2019
• New loan disbursements in Greece at €2.5bn for 9M

2019 vs €2.0bn in 9M 2018

NIM % 2.4% 2.5% 39.9 39.7 Q2 19 Q3 19

Average net loans balances (€ bn) Funding cost rates (bps)

98 88 80 70 43 65 61 59 56 52 (32) (31) (31) (35) (42) (40) (40) (40) (37) (33) Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Average Repos Cost Time Deposits rates 3M Euribor (period ending) Average ECB Cost Spread 407 402 € bn Q1 Q2 Q3 9M 2019 0.6 0.9 1.0 2.5 2018 0.6 0.7 0.6 2.0

New disbursements (€ bn)

• €0.2bn
• €5.4mn

2.5%

1 Time deposits rates refer to euro-denominated deposits

1

9M 2013 Results FY 2013 Results 15 15 9M 2019 Results

Net Fee and Commission income up by €14mn q-o-q, supported by cards performance

Q3 2019 Net Fee and Commission Income increased by €14mn compared to Q2 2019 mainly as a result of:

• increased fees from cards mainly related to the tourist

season and a one-off fee received from organizations in Q3 2019

• higher other commercial banking fees, mainly related to

intermediation services and

• higher revenues from asset management commissions,

deriving from mutual funds increased balances, as well as bancassurance

Net Fee & Commission Income evolution q-o-q (€ mn)

64.8 7.0 (0.1) 5.4 77.1 14.3 0.7 1.2 16.2 2.1 0.2 2.3 81.2 95.6

Q2 19 Cards Loans Other Commercial Banking Bancassurance & Private Banking Asset Mgmt IB & Brokerage Q3 19

Commercial Banking Asset Gathering & Bancassurance IB & Brokerage +€14mn 40.7 42.9 198.7 5.4 9M 19 9M 18 6.0 198.1 244.8 247.0

On an annual basis, Net Fee and Commission Income slightly increased by 1%:

• mostly attributed to higher bancassurance fees and
• despite the extraordinary fees recorded in Q1 2018 from

credit cards loyalty scheme

Net Fee & Commission Income evolution y-o-y (€ mn)

Commercial Banking Asset Gathering & Bancassurance IB & Brokerage +€2.2mn +0.9%

9M 2013 Results FY 2013 Results 16 16 9M 2019 Results

Recurring Operating expenses decreased by -2.0% on a yearly basis

On a quarterly basis

• General administrative expenses increased by €4mn

compared to Q2, primarily stemming from tax on real estate properties

• The Voluntary Separation Scheme (VSS) launched in

September 2019, in our Greek operations, is expected to lead to a gradual departure of more than 830 employees, with an estimated annualized benefit, upon full completion,

• f c.€35mn

Recurring OPEX q-o-q (€ mn)

384 (37) 347 350 (11) 338 76 32 107 670 643 139 150 809 793 9M 18 9M 19 9M 18 General expenses Staff costs Depreciation & Amortisation 9M 19

• €16.5mn or -2.0%

Recurring OPEX y-o-y (€ mn)

On an annual basis

• In Greece recurring operating expenses declined by

4.0% y-o-y to €643mn

• 9M 2019 Recurring operating expenses decreased by

€16mn compared to 9M 2018, mainly as a result of staff costs’ decrease due to headcount reduction

• Adjusted for IFRS 16 impact1, 9M 2019 general expenses

were reduced by 2.3% y-o-y

809 793 116 4 121 113 (0) 113 37 (1) 35 267 270 Q2 19 General expenses Staff costs Depreciation & Amortisation Q3 19 +€3mn or +1% General expenses Staff Costs Depreciation & amortisation General expenses Staff Costs Depreciation & amortisation Greece Abroad Greece Abroad

• 9.6%
• 4%

1 IFRS16 implementation impacted General expenses by €27.8mn (rent expense) in 9M 2019 and Depreciation and amortization by €25.2mn

9M 2013 Results FY 2013 Results 17 17 9M 2019 Results

Another positive quarter with deposit inflows of €0.4bn in Greece; adding to further improvement of the liquidity profile

Group deposits on positive trend (€ bn)

32.7 33.3 0.5 0.5 (0.6) 33.7 5.9 6.0 (0.1) 5.9 38.6 39.3 39.6 Sep-18 Jun-19 Individuals Business State deposits Abroad Sep-19 Greece Abroad +€1.0bn

1

Greece

Repos (€ bn)

6.2 5.9 Jun-19 Sep-19 Repos

ECB funding (€ bn)

4.1 3.2 Jun-19 Sep-19 ECB

• €0.3bn

107% 106% 104% 103% 101% 106% 104% 103% 102% 100% Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Greece Group

Loan to Deposit ratio evolution (%)

• Customer deposits in Greece increased by €0.4bn during the

third quarter of 2019 as a result of inflows in both businesses and households which more than offset the decrease from State deposits

• Loan to Deposit ratio for the Group decreased further to 100% in

Q3 2019 vs 106% a year ago

• Reduction of both ECB reliance and repo balances, supported

by further deposit inflows, leads to lower interest expense in Q3 2019

• €0.9bn

9M 2013 Results FY 2013 Results 18 18 9M 2019 Results

NPE stock in Greece down by €3.3bn y-o-y; Year to date, the Bank has recorded a negative reduction of gross NPEs of €0.9bn

22.5 21.9 (0.2) (0.4) (0.3) (1.8) 19.2 Sep-18 Dec-18 Q1 19 Q2 19 Q3 19 Held for Sale Sep-19

NPE Reduction – Greece (€ bn)

Note: Gross formation including curings, repayments, liquidations and debt forgiveness

0.68 0.66 0.68 0.48 0.60 (0.64) (1.13) (0.74) (0.86) (0.86) Q2 19 Q4 18 Q3 18 Q1 19 Q3 19 (0.47) (0.38) Gross Formation 0.04 (0.06)

Negative gross formation in Greece (€ bn)

• €3.3bn

Entries Exits

Organic reduction

(0.26)

1 Held for Sale include €1,811mn of Neptune

1

• NPEs in Greece stood at €19.2bn as of 30.09.20219, as a result of

the classification of €1.8bn to the Held for Sale category (Project Neptune) and the negative gross formation across segments

9M 2013 Results FY 2013 Results 19 19 9M 2019 Results

Negative gross NPE formation in Greece across segments

65 (1,070) (186) (117) (193) (208) (60) Q3 18 Mercury & Jupiter Sale Q4 18 Q1 19 Q2 19 Q3 19 Neptune Sale (28) (983) (286) 60 (189) (51) (1,751) Q3 18 Jupiter Sale Q4 18 Q1 19 Q2 19 Q3 19 Neptune Sale

Gross formation – Wholesale (€ mn) Gross formation – Retail (€ mn) Gross formation - SBL (€ mn) Gross formation - Mortgages (€ mn) Gross formation - Consumer (€ mn)

(21) (450) (109) (88) (81) (104) Q3 18 Mercury Sale Q4 18 Q1 19 Q2 19 Q3 19 38 (42) (131) (63) (102) (70) (58) Q3 18 Mercury & Jupiter Sale Q4 18 Q1 19 Q2 19 Q3 19 Neptune Sale 48 (480) 54 33 (11) (34) (2) Q3 18 Mercury & Jupiter Sale Q4 18 Q1 19 Q2 19 Q3 19 Neptune Sale

Note: Gross formation including curings, repayments, liquidations and debt forgiveness

9M 2013 Results FY 2013 Results 20 20 9M 2019 Results

Group Cost of Risk at 2.1%; NPE cash coverage at 44%

2.2% 3.3% 1.9% 1.9% 2.1% Q3 18 Q4 18 Q1 19 Q2 19 Q3 19

1 Excluding impairment losses related to upcoming transactions in Q4 2018

47% 44% Jun-19 Sep-19 69% 67% Jun-19 Sep-19

• In Q3 2019, Group cost of risk (incl. modification losses) came

at 2.1% over Gross loans

• Loans’ impairment losses for the quarter stood at €262mn,

including modification losses, on the back of management actions

• NPE cash coverage at 44% in Q3 19. NPL cash coverage at

67%, in September 2019

1

Group CoR incl. modification losses (over Gross loans) Group NPL Coverage Group NPE coverage

Total Coverage

101% 120% 99% 119%

Total Coverage Group NPE cash coverage Wholesale 53% SBL 45% Mortgage 31% Consumer 59% Group NPL cash coverage Wholesale 105% SBL 57% Mortgage 43% Consumer 94%

• Key Highlights
• Macroeconomic Update
• 9M 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

9M 2019 Results

9M 2013 Results FY 2013 Results 22 22 9M 2019 Results

Auctions and repossession activity evolution

21% 79% 3rd parties Alpha Bank

1 Figures adjusted for CAPEX, depreciation and impairment incurred during 2018 2 Refers to book value of sold assets and not received consideration

• Auctioned properties volume during September was the highest for 2019 and

figures are expected to accelerate further during Q4.

• 79% of successfully auctioned properties have been acquired by Alpha
• During the 9M19, amongst others, the Bank concluded:

 the sale of 100% of the shares of Alpha Investment Properties I S.A. (Project Altion) and  a single asset transaction of €8.5mn in Greece, during Q2 2019

• In Greece, the Bank has initiated the process for the sale of a portfolio

transaction which is expected to be completed within Q1

• In SEE, the Bank is expecting to further decrease its REO portfolio through the

completion of additional large single asset sales

REO Portfolio 30.9.19

• 98

Acquisitions

• 15

Sales (incl. Jupiter)

• 48

REO Portfolio 31.12.18 74 REO Portfolio 31.12.17 Acquisitions

• 64

Sales 161

REO portfolio 3,4k properties

• f €0.76bn value

1

€0.8bn €0.8bn €0.7bn

Auctioned properties REO portfolio evolution (entries/ exits) – Greece (€ mn)

2

Jan-Oct 19 successfully auctioned properties: Breakdown by highest bidder

2.568 38% 40% 2018 Jan-Oct 2019 3.489 unsuccessfully successfully auctioned

9M 2013 Results FY 2013 Results 23 23 9M 2019 Results

NPL stock in Greece down by €2.8bn y-o-y

14.9 14.6 14.2 13.9 12.1 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19

• €2.8bn

NPL balances evolution – Greece (€ bn) Wholesale Gross NPL formation – Greece (€ mn)

Note: Gross formation including curings, repayments, liquidations and debt forgiveness

Retail Gross NPL formation per segment – Greece (€ mn)

(21) (675) (43) 142 103 110 (1,643) Q3 18 Jupiter Sale Q4 18 Q1 19 Q2 19 Q3 19 Neptune Sale

(166) (106) (83) Q1 19 Q2 19 Q3 19

SBL

(163) (120) (105) (55) Q1 19 Q2 19 Q3 19 Neptune Sale

Mortgages

(22) (103) (30) (2) Q1 19 Q2 19 Q3 19 Neptune Sale

Consumer

218 (600) (254) (351) (329) (218) (57) Q3 18 Mercury & Jupiter sale Q4 18 Q1 19 Q2 19 Q3 19 Neptune sale

Retail

9M 2013 Results FY 2013 Results 24 24 9M 2019 Results

Detailed overview of Alpha Bank’s asset quality by portfolio – Greece

(€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 17.5 4.9 14.5 5.2 42.1 (-) Accumulated Provisions (2.7) (1.7) (2.0) (1.8) (8.1) Net loans 14.9 3.2 12.6 3.4 34.0 NPLs 2.3 2.9 5.0 1.9 12.1 NPL ratio 12.9% 60.6% 34.6% 36.4% 28.8% NPEs 5.1 3.8 7.3 3.1 19.2 NPE ratio 28.8% 77.3% 50.2% 60.2% 45.7% NPL collateral 1.3 1.3 3.6 0.5 6.6 NPE collateral 3.1 1.7 5.4 0.7 10.9 Coverage ratio NPLs 2.3 2.9 5.0 1.9 12.1 (+) Forborne NPLs < 90 dpds 2.4 0.8 2.2 1.2 6.6 (+) Unlikely to pay 0.4 0.0 0.0 0.0 0.5 NPEs 5.1 3.8 7.3 3.1 19.2 Forborne NPLs >90dpd 0.7 0.7 2.1 1.3 4.9 Forborne NPLs <90dpd 2.4 0.8 2.2 1.2 6.6 Performing forborne 0.6 0.6 2.8 0.4 4.3 Total forborne 3.7 2.1 7.1 2.9 15.8

118% 53% 57% 44% 39% 27% 96% 58% 67% 42% 57% 62% 43% 47% 71% 74% 27% 22% 55% 57%

175% 115% 100% 91% 110% 101% 123% 80% 122% 99%

NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE

Collateral Cash

9M 2013 Results FY 2013 Results 25 25 9M 2019 Results

Detailed overview of Alpha Bank’s asset quality by portfolio – Group

(€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 20.8 4.9 17.7 5.7 49.1 (-) Accumulated Provisions (3.4) (1.7) (2.8) (1.9) (9.8) Net loans 17.4 3.2 14.9 3.7 39.3 NPLs 3.2 3.0 6.4 2.1 14.7 NPL ratio 15.6% 60.6% 36.3% 36.3% 30.0% NPEs 6.4 3.8 8.8 3.3 22.4 NPE ratio 30.8% 77.2% 49.8% 58.5% 45.5% NPL collateral 1.8 1.3 4.2 0.5 7.8 NPE collateral 3.8 1.8 6.1 0.7 12.4 Coverage ratio NPLs 3.2 3.0 6.4 2.1 14.7 (+) Forborne NPLs < 90 dpds 2.7 0.8 2.3 1.2 7.1 (+) Unlikely to pay 0.5 0.0 0.1 0.0 0.5 NPEs 6.4 3.8 8.8 3.3 22.4 Forborne NPLs >90dpd 1.1 0.8 2.9 1.3 6.1 Forborne NPLs <90dpd 2.7 0.8 2.3 1.2 7.1 Performing forborne 0.7 0.6 2.9 0.4 4.5 Total forborne 4.5 2.1 8.1 3.0 17.7

105% 53% 57% 45% 43% 31% 94% 59% 67% 44% 54% 60% 43% 46% 65% 69% 26% 22% 53% 56%

159% 113% 100% 91% 108% 100% 121% 81% 119% 99%

NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE

Collateral Cash

• Key Highlights
• Macroeconomic Update
• 9M 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

9M 2019 Results

9M 2013 Results FY 2013 Results 27 27 9M 2019 Results

Group RWA and CET1 capital

8,527 8,050 8,671 8,675 8,686 (477) (558) 1,179 5 11

Ordinary Equity Intangibles Tangible book value DTA Deduction from CET1 IFRS9 & Other CET1 capital Hybrids Tier 1 Lower Tier II Total CAD

12.9% Tangible book value / Tangible Assets 0.3 0.2 3.8 3.8 42.7 47.6 1.0 Jun-19 Credit Market 43.1 1.2 Sep-19 48.1 Credit Market Operational 66% 104% 79%

Performing Net NPE Total Loan Portfolio RWA Density

1.0 0.8 3.2 3.2 Sep-19 (phased-in) 0.3 4.5 Sep-19 (fully-loaded) 4.0 TC Other DTA IFRS9 €8.7bn CET 1 €7.1bn DTA 250% RWf DTC 100% RWf

Group Risk Weighted Assets (€ bn) Credit Risk Weights per portfolio Equity to regulatory capital bridge September 2019 (€ mn) DTA and Tax Credit within CET1 capital (€ bn)

+€0.5bn

• Key Highlights
• Macroeconomic Update
• 9M 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

9M 2019 Results

9M 2013 Results FY 2013 Results 29 29 9M 2019 Results

Balance Sheet composition

Asset split (€ bn) Liabilities and Equity split (€ bn)

63.0 3.3 8.4 0.9 21.9 17.3 6.9 4.1 Jun-19 3.8 8.6 0.9 22.8 16.8 6.7 3.2 Sep-19 4.3 5.1 0.9 39.5 8.5 3.6 0.9 Sep-19 Due to Banks

• excl. ECB

39.6 Net loans PPE DTA Other (Incl. HFS) Securities Cash Due from Banks 39.3 ECB Time deposits Core deposits Debt securities Equity Other Net loans PPE DTA Other Securities Cash Due from Banks Due to Banks

• excl. ECB

ECB Time deposits Core deposits Debt securities Equity Other 62.7 3.6 5.2 0.9 39.9 8.1 3.0 2.3 Jun-19 63.0 62.7 Other (Incl. HFS)

9M 2013 Results FY 2013 Results 30 30 9M 2019 Results

Business Volumes

(€ mn) Sep 2019 Jun 2019 Mar 2019 Dec 2018 Sep 2018 % Sep 2019/ Sep 2018 Group Gross Loans 49,147 51,330 51,836 52,463 53,242 (7.7%) Mortgages 17,709 18,052 18,311 18,561 18,863 (6.1%) Consumer Loans 4,327 4,402 4,418 4,446 4,493 (3.7%) Credit Cards 1,351 1,280 1,341 1,456 1,385 (2.5%) Small Business Loans 4,927 5,008 5,093 5,187 5,299 (7.0%) Medium and Large Business Loans 20,832 22,588 22,673 22,813 23,202 (10.2%)

• f which:

Greece 42,089 44,092 44,399 44,925 45,370 (7.2%) Mortgages 14,540 14,844 15,060 15,277 15,538 (6.4%) Consumer Loans 3,842 3,885 3,906 3,926 3,958 (2.9%) Credit Cards 1,314 1,244 1,306 1,419 1,350 (2.7%) Small Business Loans 4,859 4,938 5,022 5,117 5,229 (7.1%) Medium and Large Business Loans 17,533 19,180 19,105 19,186 19,295 (9.2%)

• f which: Shipping Loans

2,165 1,979 2,074 2,020 1,956 10.7% Southeastern Europe 6,647 6,845 7,055 7,195 7,550 (12.0%) Accumulated Provisions (9,800) (11,518) (11,990) (12,327) (12,579) (22.1%) Group Net Loans 39,451 39,913 39,948 40,228 40,751 (3.2%) Customer Assets 45,000 44,475 43,920 43,579 43,626 3.1%

• f which:

Group Deposits 39,612 39,263 38,937 38,732 38,581 2.7% Sight & Savings 22,841 21,923 20,909 20,777 20,670 10.5% Time deposits & Alpha Bank Bonds 16,772 17,340 18,027 17,955 17,911 (6.4%) Greece 33,682 33,271 33,017 32,685 32,724 2.9% Sight & Savings 20,435 19,542 18,633 18,482 18,518 10.4% Time deposits & Alpha Bank Bonds 13,246 13,729 14,384 14,203 14,206 (6.8%) Southeastern Europe 5,214 5,226 5,143 5,179 5,035 3.6% Money Market Mutual Funds 151 192 219 233 266 (43.2%) Other Mutual Funds 1,659 1,526 1,364 1,250 1,367 21.4% Private Banking 3,578 3,495 3,400 3,363 3,412 4.9%

9M 2013 Results FY 2013 Results 31 31 9M 2019 Results Passenger 4% Containers 10% Product Tankers 11% Panamax 4% Aframax 5% Suezmax 7% VLCC 6% Handy max/ Handy size 20% Panamax 21% Capesize 9% Tankers 33% Dry Bulk 50% €2.2bn

Breakdown of loans portfolio – September 2019

Wholesale loans 42% SBLs 10% Consumer loans 9% Credit Cards 3% Mortgages 36% €49.1bn Households 48% Trade 12% Manufacturing 11% Construction 6% Transportation 6% Leisure 5% Real Estate 4% Electric Supply 2% Other 7%

Shipping portfolio

• €2.2bn of exposure, to top-names
• The portfolio is split into tankers by 33%, containers

10%, passenger 4% and the rest is dry bulk

• Duration of loan portfolio at 5 years

Group loans breakdown Loans portfolio structure – Group

€49.1bn

Shipping loans portfolio structure

9M 2013 Results FY 2013 Results 32 32 9M 2019 Results

New financing of €2.5bn in 9M 2019; Securities at €8.5bn

• Loan disbursements of €2.5bn in 9M 2019
• 94% to business, 6% to individuals
• Business disbursements primarily towards sectors that drive

the economy such as transportation, manufacturing, trade and tourism

€ mn Q1 2018 Q2 2018 Q3 2018 9M 2018 Q1 2019 Q2 2019 Q3 2019 9M 2019 Individuals 33 34 36 103 48 51 56 154 Business 570 701 587 1,858 567 842 907 2,316 Total 603 734 622 1,961 615 893 962 2,470 Transportation 22% Manufacturing 19% Trade 16% Construction 10% Tourism 9% Real Estate 6% Energy 5% Agriculture 2% Media & Communication 1% Other 10% €2.3bn

New disbursements - per category 9M 2019 Business disbursements - per sector

Greek sovereign securities 59% EU government securities 22% Corporates & banks securities 19%

Securities breakdown (Book Value) – September 2019

€8.5bn

9M 2013 Results FY 2013 Results 33 33 9M 2019 Results

Deposits flow per quarter

32.7 32.7 33.0 33.3 33.7 (0.0) 0.1 0.9 0.9 (0.0) 0.2 (0.6) (0.5) Sep-18 Core Time Dec-18 Core Time Mar-19 Core Time Jun-19 Core Time Sep-19 Δ Time Δ Core 32.7 32.7 33.0 33.3 33.7 (0.4) 0.2 (0.1) (0.1) 0.4 0.1 0.4 0.5 Sep-18 Bus. Indiv. Dec-18 Bus. Indiv. Mar-19 Bus. Indiv. Jun-19 Bus. Indiv. Sep-19 Δ Individuals Δ Business Q1: €0.3bn Core 61% Time 39% Q4: €(0.0)bn

Alpha Bank deposits evolution in Greece (€ bn) Alpha Bank deposits evolution in Greece (€bn) Deposits breakdown – September 2019 Deposits breakdown – September 2019

Individuals 72% Business 28% Q2: €0.3bn

Note: Business deposits including State deposits

1 Including an outflow of €0.6bn of state deposits in Q3 2019

1

Q3: €0.4bn

9M 2013 Results FY 2013 Results 34 34 9M 2019 Results

Wealth Management evolution

231 252 341 2,724 2,809 2,918 1,318 1,214 1,164 4,274 4,275 4,423 Sep-17 Sep-18 Sep-19 Discretionary Advisory Execution Only

Asset Management balances (€ mn) Alpha Private Bank balances (€ mn)

224 512 637 1,028 1,043 1,420 298 164 66 1,550 1,719 2,123 Sep-17 Sep-18 Sep-19 Money Market Mutual Funds Non Money Market Mutual Funds Other AUM

• Key Highlights
• Macroeconomic Update
• 9M 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

9M 2019 Results

9M 2013 Results FY 2013 Results 36 36 9M 2019 Results

PPI and NII breakdown

(53) (51) (50) (49) (50) (17) (17) (17) (16) (11) 427 428 396 398 397 70 67 59 55 47 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Bonds & other Loans Funding Depos 513 522 469 481 485 (272) (279) (256) (267) (270) 241 243 213 214 216 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Core Operating Income Recurring OPEX Core PPI 388 427

NII decomposition (€ mn) Core PPI breakdown (€ mn)

427 389 383

9M 2013 Results FY 2013 Results 37 37 9M 2019 Results

Loan and deposit spreads

930 928 887 897 862 675 659 620 600 579 414 416 418 422 422 400 412 400 400 398 245 257 253 251 251 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Consumer Credit Small Business Loans SEE Medium & Large Business Mortgages

(29) (21) (16) (15) (9) (33) (30) (32) (34) (39) (90) (87) (86) (81) (78)

Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 SE Europe Sight and Savings Time Deposits

(€ billion) End of quarter balances (bps) (bps) End of quarter balances

40.8 40.2 39.9 39.9 39.5 415 423 408 407 402 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Net Loans Group loans spread

(€ billion)

42% 58% % Total

Deposit mix & cost evolution Net loan balances & spreads Deposit spreads (Greece and SEE, bps) Lending spreads (Greece and SEE, bps)

19.9 20.7 20.8 20.9 21.9 22.8 17.2 17.9 18.0 18.0 17.3 16.8 37.1 38.6 38.7 38.9 39.3 39.6 (57) (54) (51) (50) (49) (49) Q2 18 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Core deposits Time deposits Group deposits spread

9M 2013 Results FY 2013 Results 38 38 9M 2019 Results

Operating expenses

1,032 897 721 670 629 613 606 600 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 Jun-19 Sep-19

Bulg

• 83

FYROM

• 18

15,202 13,856 11,863 11,727 11,314 11,322 11,295 11,251 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 Jun-19 Sep-19

Bulg

• 744

FYROM

• 240

VSS Cy

• 249

Greece 9,570 9,687 8,888 8,667 8,147 8,165 8,145 8,080

Serbia

• 836

Serbia

• 67

Hilton

• 323

1 Includes corporate and private banking centers

VSS Gr

• 2,208

VSS Gr

• 523

116 115 112 113 113 131 137 110 116 121 26 26 35 37 35 272 279 256 267 270 Q3 18 Q4 18 Q1 19 Q2 19 Q3 19 Depreciation & amortisation General administrative expenses Staff costs € mn 9M 18 9M 19 yoy % Staff costs (350) (338) (3.3%) General Administrative expenses (384) (347) (9.6%) Depreciation and amortisation (76) (107) 41.9% Recurring OPEX (809) (793) (2.0%) Extraordinary costs (14) (31) … Total OPEX (823) (824) 0.1%

Recurring OPEX Evolution (€ mn) Branches (€ mn) Employees (€ mn)

Greece1 628 626 533 483 443 426 420 414

9M 2013 Results FY 2013 Results 39 39 9M 2019 Results

SEE Operations 1

1 Country View

(€ million) Δ% Δ% Δ% Δ% Sep-19 Cyprus yoy Romania yoy Albania yoy Total SEE yoy Deposits 2,213 (1.6%) 2,479 7.9% 522 7.0% 5,214 3.6% Gross Loans 3,709 (20.5%) 2,639 2.5% 299 (2.6%) 6,647 (12.0%) Mortgages 1,920 (10.5%) 1,154 6.1% 71 1.4% 3,145 (4.8%) Consumer Credit 239 (11.1%) 240 (3.6%) 34 15.2% 513 (6.2%) Businesses 1,550 (31.2%) 1,245 0.4% 194 (6.5%) 2,989 (19.2%) NPE ratio 77.4% 8.0% 18.6% NPE Cash coverage 52% 74% 37% NPE Total coverage 97% 136% 131% NPL ratio 66.7% 3.7% 13.4% NPL Cash coverage 60% 160% 52% NPL Total coverage 103% 217% 143% Total Operating Income 79.6 19.2% 104.3 6.4% 15.1 25.4% 199.0 12.5% Operating Expenses (pre-O/H allocation) (49.7) 12.4% (79.7) 9.9% (12.0) (0.1%) (141.3) 9.8% Impairment Losses (54.5) (68.6%) (14.0) … 2.5 … (71.0) (59.8%) Profit Before Tax (pre- O/H allocation) (24.6) … 10.7 … 0.6 … (13.3) … Branches 22 130 33 185 Employees 696 1,983 418 3,074 21

9M 2013 Results FY 2013 Results 40 40 9M 2019 Results

SEE Operations / Cyprus

Deposits y-o-y (€ bn)

2.2 2.2 Sep-18 Sep-19

Gross loans y-o-y (€ bn)

4.7 3.7 Sep-18 Sep-19

• €1.0bn

NPEs y-o-y (€ bn)

3.8 2.9 Sep-18 Sep-19

NPLs y-o-y (€ bn)

3.1 2.5 Sep-18 Sep-19

• €0.9bn
• €0.6bn

Cyprus Sep-19 Branches 22 Employees 696

PPI y-o-y (€ mn)

22.6 29.9 9M 2018 9M 2019

PBT y-o-y (€ mn)

(151.0) (24.6) 9M 2018 9M 2019

Note: PPI and PBT pre-Overhead allocation

Cyprus Main Macroeconomic Indices 2017 2018 2019E GDP growth 4.4% 4.1% 2.9% Unemployment 11.1% 8.4% 7.2% Harmonised Index

• f Consumer Prices (HICP)

0.7% 0.8% 0.6%

Source: European Commission, European Economic Forecast, Autumn 2019 (Nov 2019)

9M 2013 Results FY 2013 Results 41 41 9M 2019 Results

SEE Operations / Romania

Deposits y-o-y (€ bn)

2.3 2.5 Sep-18 Sep-19

Gross loans y-o-y (€ bn)

2.6 2.6 Sep-18 Sep-19

NPEs y-o-y (€ bn)

0.2 0.2 Sep-18 Sep-19

NPLs y-o-y (€ bn)

0.2 0.1 Sep-18 Sep-19

• €0.1bn

+€0.2bn

PPI y-o-y (€ mn)

25.5 24.6 9M 2018 9M 2019

PBT y-o-y (€ mn)

23.3 10.7 9M 2018 9M 2019

Note: PPI and PBT pre-Overhead allocation

Romania Sep-19 Branches 130 Employees 1,983 Romania Main Macroeconomic Indices 2017 2018 2019E GDP growth 7.1% 4.0% 4.1% Unemployment 4.9% 4.2% 3.9% Harmonised Index

• f Consumer Prices (HICP)

1.1% 4.1% 3.9%

Source: European Commission, European Economic Forecast, Autumn 2019 (Nov 2019)

9M 2013 Results FY 2013 Results 42 42 9M 2019 Results

SEE Operations / Albania

Deposits y-o-y (€ bn)

0.5 0.5 Sep-18 Sep-19

Gross loans y-o-y (€ bn)

0.3 0.3 Sep-18 Sep-19

NPEs y-o-y (€ bn)

0.1 0.1 Sep-18 Sep-19

NPLs y-o-y (€ bn)

0.03 0.04 Sep-18 Sep-19

PPI y-o-y (€ mn)

0.0 3.1

PBT y-o-y (€ mn)

(0.8) 0.6 9M 2018 9M 2019

Note: PPI and PBT pre-Overhead allocation

9M 2018 9M 2019

Albania Sep-19 Branches 33 Employees 415 Albania Main Macroeconomic Indices 2017 2018 2019E GDP growth 3.8% 4.1% 3.1% Unemployment 14.1% 12.8% 11.9% Harmonised Index

• f Consumer Prices (HICP)

2.0% 2.0% 1.6%

Source: European Commission, European Economic Forecast, Spring 2019 (May 2019) and Summer 2019 (July 2019)

9M 2013 Results FY 2013 Results 43 43 9M 2019 Results

Alpha Bank Group

(€ mn) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 qoq% change yoy % change Net interest income 383.2 388.6 388.4 426.6 426.6 (1.4%) (10.2%) Net fee and commission income 95.6 81.2 70.2 86.3 78.1 17.8% 22.4% Income from financial operations 79.9 123.7 73.8 64.3 134.8 … … Other Income 6.5 10.9 0.9 22.7 8.9 … … Operating Income 565.1 604.4 533.3 599.9 648.3 (6.5%) (12.8%) Staff costs (113.4) (113.5) (111.5) (115.1) (115.7) (0.0%) (2.0%) General administrative expenses (120.8) (116.5) (109.6) (137.9) (131.3) 3.8% (8.0%) Depreciation and amortization (35.3) (36.7) (35.2) (26.5) (25.8) (3.8%) 36.8% Recurring Operating expenses (269.6) (266.6) (256.3) (279.4) (272.9) 1.1% (1.2%) Extraordinary costs (10.4) (15.1) (5.6) (56.1) (1.5) … … Total Operating expenses (280.0) (281.7) (262.0) (335.5) (274.4) (0.6%) 2.0% Impairment losses on loans (261.5) (246.0) (242.6) (704.0) (297.4) 6.3% (12.1%) Other impairment losses (3.0) (8.6) 22.2 (13.6) (16.2) … … Profit / (Loss) before income tax 20.6 68.0 51.0 (453.2) 60.3 … … Income Tax (15.9) (8.7) (23.6) 452.4 (19.2) … … Profit / (Loss) after income tax from continuing

• perations

4.7 59.4 27.5 (0.8) 41.1 … … Profit / (Loss) attributable to shareholders 4.8 59.4 27.5 (0.9) 41.2 … … Net interest Margin (NIM) 2.4% 2.5% 2.5% 2.8% 2.9%

9M 2013 Results FY 2013 Results 44 44 9M 2019 Results

Group Results by Business Unit

(€ mn) Retail Commercial & Corporate SE Europe Investment Banking & Treasury Asset Management Other Group Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep

2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018

Operating Income 603.3 742.9 482.2 545.8 199.0 176.8 350.3 527.8 51.0 43.2 16.9 (36.8) 1,702.8 1,999.6 Net Interest Income 514.3 644.7 390.2 455.6 157.5 147.3 87.2 93.5 9.9 5.9 1.1 (17.5) 1,160.1 1,329.4 Net fee and Commission Income 83.9 80.0 93.1 100.7 23.1 21.3 13.5 9.3 33.5 33.7 (0.2) (0.3) 247.0 244.8 Trading & Other 5.2 18.3 (1.0) (10.5) 18.4 8.2 249.6 424.9 7.6 3.6 16.0 (19.0) 295.7 425.4 Operating Expenses (445.2) (478.1) (133.3) (136.2) (152.7) (139.0) (20.8) (22.5) (26.0) (24.5) (45.6) (22.5) (823.6) (822.7) Staff Costs (188.0) (196.1) (60.5) (61.9) (68.7) (63.9) (9.2) (9.5) (14.0) (13.7) (1.7) (4.7) (341.9) (349.8) General Administrative Expenses (201.1) (239.2) (51.8) (56.8) (65.8) (67.9) (9.4) (10.6) (9.0) (9.1) (37.4) (13.8) (374.5) (397.3) Depreciation & Amortisation (56.2) (42.8) (21.0) (17.5) (18.2) (7.1) (2.2) (2.5) (3.1) (1.7) (6.5) (4.0) (107.2) (75.6) Pre Provision Income (PPI) 158.1 264.8 348.9 409.6 46.3 37.8 329.5 505.3 25.0 18.8 (28.6) (59.3) 879.2 1,176.9 Impairment Losses on Loans (435.9) (518.7) (241.7) (329.1) (71.4) (176.0) (1.1) 4.7 0.1 0.0 0.0 0.0 (750.0) (1,019.1) Other Impairment Losses 0.0 0.0 0.0 0.0 0.4 (0.6) 9.5 4.6 0.6 2.1 0.0 0.0 10.5 6.0 Profit / (Loss) before tax (277.8) (253.9) 107.2 80.5 (24.6) (138.8) 338.0 514.5 25.6 20.8 (28.6) (59.3) 139.7 163.8

9M 2013 Results FY 2013 Results 45 45 9M 2019 Results (€ mn) Q3 2019 Q2 2019 Q1 2018 Q4 2018 Q3 2018 Operating Income 203.0 203.9 196.5 240.7 237.7 Net Interest Income 164.8 174.1 175.4 202.5 208.5 Net fee and Commission Income 35.9 27.9 20.2 27.1 27.3 Trading & Other 2.3 1.9 0.9 11.0 2.0 Operating Expenses (145.7) (149.3) (150.2) (158.4) (159.7) Staff Costs (61.5) (63.1) (63.3) (62.4) (64.5) General Administrative Expenses (65.6) (67.6) (67.9) (81.1) (80.5) Depreciation and Amortisation (18.6) (18.5) (19.1) (15.0) (14.7) Impairment losses on Loans (113.9) (175.4) (146.6) (538.2) (118.1) Other Impairment Losses

• Profit / (Loss) before tax

(56.7) (120.8) (100.3) (456.0) (40.1) RWA e 18,354 18,119 18,311 18,638 19,095

Results I Retail Business Unit

9M 2013 Results FY 2013 Results 46 46 9M 2019 Results

Results I Commercial & Corporate Business Unit

(€ mn) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Operating Income 166.0 153.8 162.5 163.9 172.8 Net Interest Income 128.7 130.5 130.9 141.8 147.3 Net fee and Commission Income 35.0 28.9 29.2 38.3 32.0 Trading & Other 2.2 (5.7) (2.4) (16.2) (6.5) Operating Expenses (42.0) (46.4) (45.0) (46.8) (47.1) Staff Costs (19.7) (20.6) (20.2) (20.5) (20.1) General Administrative Expenses (16.6) (17.6) (17.6) (20.4) (21.1) Depreciation and Amortisation (5.7) (8.2) (7.2) (6.0) (5.9) Impairment losses on Loans (121.7) (62.1) (58.0) (121.3) (154.2) Other Impairment Losses

• Profit / (Loss) before tax

2.3 45.3 59.5 (4.3) (28.5) RWA e 16,831 17,177 17,251 17,371 17,838

9M 2013 Results FY 2013 Results 47 47 9M 2019 Results

Results I Asset Management Business Unit

(€ mn) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Operating Income 18.1 18.4 14.5 12.1 12.9 Net Interest Income 3.6 3.4 2.9 2.2 1.8 Net fee and Commission Income 12.5 11.3 9.8 10.2 9.9 Trading & Other 2.0 3.7 1.8 (0.3) 1.2 Operating Expenses (9.0) (9.1) (7.9) (8.9) (8.7) Staff Costs (4.8) (4.7) (4.4) (4.7) (4.7) General Administrative Expenses (3.0) (3.4) (2.6) (3.6) (3.4) Depreciation and Amortisation (1.3) (1.0) (0.8) (0.6) (0.6) Impairment losses on Loans 0.1 0.0 (0.0)

• Other Impairment Losses

(0.9) (0.7) 2.2 (0.2) (0.9) Profit / (Loss) before tax 8.2 8.7 8.8 3.0 3.3 RWA e 362 361 356 363 377

9M 2013 Results FY 2013 Results 48 48 9M 2019 Results (€ mn) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Operating Income 96.5 148.0 105.8 107.6 172.7 Net Interest Income 33.1 27.4 26.7 27.7 26.6 Net fee and Commission Income 4.5 5.3 3.8 2.7 2.1 Trading & Other 58.9 115.3 75.4 77.2 143.9 Operating Expenses (5.7) (7.7) (7.4) (7.8) (7.9) Staff Costs (3.0) (3.1) (3.1) (3.3) (3.3) General Administrative Expenses (2.4) (3.6) (3.4) (3.8) (3.7) Depreciation and Amortisation (0.3) (1.0) (0.9) (0.7) (0.8) Impairment losses on Loans (3.0) 0.1 1.9 0.8 (0.3) Other Impairment Losses (2.2) (8.9) 20.6 (13.3) (15.3) Profit / (Loss) before tax 85.5 131.6 120.8 87.2 149.2 RWA e 4,966 4,860 4,842 4,644 4,060

Results I Investment Banking & Treasury Business Unit

9M 2013 Results FY 2013 Results 49 49 9M 2019 Results

Results I SE Europe Business Unit

(€ mn) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Operating Income 67.2 67.2 64.6 56.4 60.2 Net Interest Income 53.7 52.6 51.2 51.9 50.6 Net fee and Commission Income 8.0 7.8 7.3 7.7 7.0 Trading & Other 5.5 6.8 6.1 (3.1) 2.5 Operating Expenses (53.0) (51.0) (48.6) (55.0) (47.8) Staff Costs (24.2) (22.6) (21.9) (22.7) (21.5) General Administrative Expenses (22.8) (22.0) (21.0) (29.6) (23.9) Depreciation and Amortisation (6.1) (6.5) (5.6) (2.7) (2.5) Impairment losses on Loans (22.9) (8.6) (39.8) (45.1) (24.8) Other Impairment Losses 0.1 0.2 0.1 (0.1) 0.0 Profit / (Loss) before tax (8.7) 7.8 (23.7) (43.6) (12.5) RWA e 4,760 4,835 4,801 4,790 4,805

9M 2013 Results FY 2013 Results 50 50 9M 2019 Results

Results I Other Business Unit

(€ mn) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Operating Income 14.4 13.1 (10.6) 19.2 (7.9) Net Interest Income (0.8) 0.6 1.3 0.5 (8.2) Net fee and Commission Income (0.2) (0.0) (0.0) 0.2 (0.3) Trading & Other 15.4 12.5 (11.9) 18.5 0.6 Operating Expenses (24.5) (18.2) (2.9) (58.6) (3.2) Staff Costs 0.9 (1.4) (1.1) (12.0) (1.6) General Administrative Expenses (22.0) (15.2) (0.2) (45.1) (0.3) Depreciation and Amortisation (3.4) (1.6) (1.5) (1.5) (1.3) Impairment losses on Loans

• (0.1)
• Other Impairment Losses
• 0.7

(0.7)

• Profit / (Loss) before tax

(10.1) (4.5) (14.1) (39.5) (11.1) RWA e 2,572 2,389 2,208 2,102 1,952

9M 2013 Results FY 2013 Results 51 51 9M 2019 Results

Glossary (1/2)

APM Definitions Relevance of the metric Reference number Abbreviation Accumulated Provisions and FV adjustments The item corresponds to (i) "the total amount of provision for credit risk that the Group has recognized and derive from contracts with customers", as disclosed in the Consolidated Financial Statements of the reported period and (ii) the Fair Value Adjustments. Standard banking terminology 1 LLR Impairment losses on loans The figure equals "Impairment losses and provisions to cover credit risk on loans and advances to customers" as derived from the Consolidated Financial Statements of the reported period Standard banking terminology 10 LLP "Income from financial operations"

• r "Trading Income"

The figure is calculated as "Gains less losses on derecognition of financial assets measured at amortised cost" plus "Gains less losses on financial transactions and impairments on Group companies" as derived from the Consolidated Income Statement of the reported period. Standard banking terminology 3 Core Operating Income Operating Income less Income from financial operations less management adjustments on operating income for the corresponding period. Management adjustments are: Euro -9.7 million related to Goodwill impairment of an associated company in Q1 19 and Euro 13.0 million related to Insurance company compensation in Q4 18. Profitability metric 5=4-3 Core Pre-Provision Income Core Operating Income for the period less Recurring Operating Expenses for the period. Profitability metric 5-7 Core PPI Cost of Risk Impairment losses on loans for the period divided by the average Gross Loans of the relevant period. Average balances is defined as the arithmetic average of balance at the end of the period and at the end of the previous period. Asset quality metric 10/2 (avg) CoR Deposits The figure equals "Due to customers" as derived from the Consolidated Balance Sheet of the reported period. Standard banking terminology 8 Extraordinary costs The figure equals the management adjustments on operating expenses. Standard banking terminology Fair Value adjustments The item corresponds to the accumulated Fair Value adjustments for non-performing exposures measured at Fair Value Through P&L (FVTPL). Standard banking terminology FV adj. Fully-Loaded Common Equity Tier 1 ratio Common Equity Tier 1 regulatory capital as defined by Regulation No 575/2013 (Full implementation of Basel 3), divided by total Risk Weighted Assets (RWAs) Regulatory metric of capital strength FL CET 1 ratio Gross Loans The item corresponds to "Loans and advances to customers", as reported in the Consolidated Balance Sheet of the reported period, gross of the "Accumulated Provisions and FV adjustments", excluding the accumulated provision for impairment losses on off balance sheet items, as disclosed in the Consolidated Financial Statements of the reported period. Standard banking terminology 2 Loan to Deposit ratio Net Loans divided by Deposits at the end of the reported period. Liquidity metric 9/8 LDR or L/D ratio Net Interest Margin Net Interest Income for the period (annualised) and divided by the average Total Assets of the relevant period. Average balances is defined as the arithmetic average of balance at the end of the period and at the end of the previous period. Profitability metric NIM Net Loans The figure equals "Loans and advances to customers" as derived from the Consolidated Balance Sheet of the reported period. Standard banking terminology 9 Non Performing Exposures Collateral Coverage Value of the NPE collateral divided by NPΕs at the end of the reference period. Asset quality metric 13 NPE collateral Coverage Non Performing Exposure Coverage Accumulated Provisions and FV adjustments divided by NPEs at the end of the reference period. Asset quality metric 14=1/12 NPE (cash) coverage Non Performing Exposure ratio NPEs divided by Gross Loans at the end of the reference period. Asset quality metric 12/2 NPE ratio

9M 2013 Results FY 2013 Results 52 52 9M 2019 Results

Glossary (2/2)

APM Definitions Relevance of the metric Reference number Abbreviation Non Performing Exposure Total Coverage Accumulated Provisions and FV adjustment plus the value of the NPE collateral divided by NPEs at the end of the reported period. NPE Total coverage equals the sum of NPE coverage and NPE collateral coverage. Asset quality metric 13+14 NPE Total coverage Non Performing Exposures Non-performing exposures are defined according to "EBA ITS on forbearance and Non Performing Exposures" as exposures that satisfy either or both of the following criteria: a) material exposures which are more than 90 days past-due b)The debtor is assessed as unlikely to pay its credit obligations in full without realisation of collateral, regardless of the existence of any past-due amount or of the number of days past due. Asset quality metric 12 NPEs Non Performing Loan Collateral Coverage Value of collateral received for Non Performing Loans divided by NPLs at the end of the reference period. Asset quality metric 16 NPL collateral Coverage Non Performing Loan Coverage Accumulated Provisions and FV adjustments divided by NPLs at the end of the reference period. Asset quality metric 17=1/15 NPL (cash) Coverage Non Performing Loan ratio NPLs divided by Gross Loans at the end of the reference period. Asset quality metric 15/2 NPL ratio Non Performing Loan Total Coverage Accumulated Provisions and FV adjustments plus the value of the NPL collateral divided by NPLs at the end of the reference period. NPL Total coverage equals the sum of NPL coverage and NPL collateral coverage. Asset quality metric 16+17 NPL Total Coverage Non Performing Loans Non Performing Loans are Gross loans that are more than 90 days past-due. Asset quality metric 15 NPLs Operating Income The figure is calculated as "Total Income" plus "Share of profit/(loss) of associates and joint ventures" as derived from the Consolidated Income Statement of the reported period, taking into account the impact from any potential restatement as described in Note 32 of the Consolidated Financial Statements. Standard banking terminology 4 Other impairment losses The figure equals "Impairment losses on other financial instruments" as derived for the Consolidated Financial Statements of the reported period. Standard banking terminology Other Income This item corresponds to the sum of "Dividend income", "Other income" and "Share of profit/(loss) of associates and joint ventures", as defined in the Consolidated Balance Sheet of the reported period. Standard banking terminology Pre-Provision Income Operating Income for the period less Total Operating Expenses for the period Profitability metric 4-6 PPI Recurring Cost to Income ratio Recurring Operating Expenses for the period divided by Core Operating Income for the period. Efficiency metric 7/5 C/I ratio Recurring Operating Expenses Total Operating Expenses less management adjustments on operating expenses. Management adjustments on operating expenses include events that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation between the reporting periods, and are quoted in the appendix of the Financial Report. Efficiency metric 7 Recurring OPEX Securities This item corresponds to the sum of "Investment securities" and "Trading securities", as defined in the Consolidated Balance Sheet of the reported period. Standard banking terminology Shareholders' Equity This item corresponds to "Equity attributable to equity owners of the Bank", as defined in the Consolidated Balance Sheet of the reported period. Standard banking terminology Tangible Book Value (or Tangible Equity) TBV (or TE) is the sum of "Total Equity" less "Goodwill and other intangible assets", less "Non-controlling interests" and less "hybrid securities", as defined in the Consolidated Balance sheet at the reported period. Standard banking terminology TBV or TE Tangible Book Value (or Tangible Equity) per share Tangible Book Value (or Tangible Equity) divided by the outstanding number of shares. Valuation metric TBV/share Total Assets The figure equals "Total Assets" as derived from the Consolidated Balance Sheet of the reported period taking into account the impact from any potential restatement, as described in Note 32 of the Consolidated Financial Statements. Standard banking terminology 11 TA Total Operating Expenses The figure equals "Total expenses before impairment losses and provisions to cover credit risk" as derived from the Consolidated Income Statement of the reported period taking into account the impact from any potential restatement, as described in Note 32 of the Consolidated Financial Statements. Standard banking terminology 6 Total OPEX

9M 2013 Results FY 2013 Results 53 53 9M 2019 Results

Alpha Bank Contacts

General Manager – CFO Internet : www.alpha.gr Reuters : ACBr.AT (shares) Bloomberg : ALPHA GA (shares) Alpha Bank Depository Receipts (ADRs) Reuters : ALBKY.PK Bloomberg : ALBKY US Lazaros Papagaryfallou cfo-office@alpha.gr +30 210 326 2261 Manager Investor Relations Division Dimitrios Kostopoulos +30 210 326 2271 dimitrios.kostopoulos@alpha.gr Deputy Manager Investor Relations Division Elena Katopodi +30 210 326 2272 elena.katopodi@alpha.gr Senior Investor Relations Officer Stella Traka +30 210 326 2274 stella.traka@alpha.gr Investor Relations Division +30 210 326 2271 +30 210 326 2273 +30 210 326 2277 ir@alpha.gr 40 Stadiou Street, 102 52, Athens