Alpha Bank FY 2019 Results Investor Presentation March 27, 2020 - - PowerPoint PPT Presentation

Alpha Bank FY 2019 Results

Investor Presentation

March 27, 2020

2

Disclaimer

Systemic bank established in 1879 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

• therwise viewing or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you understand the

legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation or any information contained herein. By reading this presentation, you agree to be bound by the following limitations: No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by Alpha Bank (or any member of Alpha Bank’s Group) as to the accuracy, fairness, completeness, reliability or sufficiency of the information contained in this presentation and nothing in this presentation shall be deemed to constitute such a representation or 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

• r omissions 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.

3

Alpha Bank

• Business Highlights
• Macroeconomic Update
• Financial Performance Analysis
• ESG
• Appendix
• Asset Quality
• Capital
• Volumes
• P&L

3 11 14 26 29 29 35 37 43 Pages

4

Deteriorating short-term prospects of the Greek economy as the COVID-19 pandemic spreads across Europe

• Further to previous clear recovery path, post COVID-19 outbreak, the Global economy as well as the Greek

economy are surrounded with heightened uncertainty that is evolving

• The impact of Covid-19 on the growth of the domestic economy is to be determined - among other factors -

by the intensity and duration of the phenomenon, but is expected to be v-shaped

• The short-lived effects are mainly stemming from an external demand shock, domestic uncertainty as well as

a supply-side shock, due to the lockdowns in several sectors of the economy.

• The growth rate of the Greek economy is expected to slow down considerably however, this impact on the

Greek economic activity is very difficult to be accurately quantified as the pandemic is still unfolding.

• In the midst of the pandemic outbreak, there is a coordinated monetary, fiscal and regulatory support to

the Greek economy and the Banking system by both European authorities and the Greek Government

5

Improved capital and liquidity position to withstand the COVID-19 induced turbulence

Robust capital ratio Liquidity enhanced

104bps 17.9% CAD Dec-18 CAD Dec-19 Tier 2 CAD pro forma Tier 2 17.4% 19.0%

• Updated TLTRO III terms significantly more generous
• Introduction of LTROs offers an efficient bridge financing facility in the short term;

the Bank plans to draw up to €800mn in the next auctions and aims to utilize further the facility

• Banks may also operate below the 100% limit of Liquidity Coverage Ratio
• Additional net asset purchases of €750bn until the year end, under the PEPP

initiative, on top of the €120bn under QE programme

• Specifically for Greece, up to €12bn of GGB purchases included in the new

Pandemic Emergency Purchase Programme (PEPP)

Recent ECB initiatives

CET1%

17.9%

12.875% 2018

• min. OCR

SREP 13.75% 2019

• min. OCR

SREP 11.5% 2020

• min. OCR

SREP

Recent ECB initiatives

• Lower CET1 requirement with 11.5% minimum OCR SREP for 2020, a

buffer of €3.0bn or 6.4pp to CET1 and €3.5bn to Total CAD pro forma for the recent Tier 2 issuance

• Potential benefit of 125 bps in CET1 due to inclusion of AT1 and T2 to

Pillar 2 Requirement (P2R) Liquidity metrics 31/12/2019 Mar-20 Group Deposits (€bn) 40.4 41.5 Cash & Balances with CBs (€bn) 2.0 3.1 Deposits density into Liabilities (%) 73% 74% LCR (%) 84% 87% LDR (%) 97% 95% Debt notes (€bn) 0.8 1.3 TLTROs (€bn) 3.1 3.1 Unencumbered Collateral (€bn) 3.1 2.8

6

Regulatory and fiscal measures to address the challenges of Covid-19

Exercise temporary flexibility regarding the classification of debtors as “UTP” when banks call on public guarantees granted in the context of coronavirus Supervisors will deploy full flexibility when discussing with banks the implementation of NPL reduction strategies Avoid procyclicality in models to determine provisions. Central macroeconomic scenarios will be provided to support IFRS9 application. Banks should give a greater weight to long-term stable outlook evidenced by past experience Postponement by 6 months to comply with OSI findings Tax Deferrals and Social security deferrals or subsidies (incl. businesses and self-employed professionals affected by the COVID-19 Income subsidies for affected workers through a) partly covering the cost of special purpose leave, b) compensating to workers whose labor contract was suspended, c) accelerating VAT and income tax payment return Lease repayment adjustments for businesses affected by the COVID-19 and

• ther employment contract adjustments

Liquidity support - both directly and through the form of State guarantees with €5.8bn of support measures to businesses

ECB Greek Government

Classification of forbearance - No automatic re-classification under the definition of forbearance is needed, when general measures or general moratoria are being offered Prudent identification of default – Defaults do not have to happen until 90dpd (UTP). Public and private moratoria may extend that period IFRS 9 in coordination with ESMA - Public or private moratoria, should not be considered as an automatic trigger to Significant Increase in Credit Risk (SICR - S2 migration) EU-wide stress test is postponed to 2021 to allow banks to prioritise

• perational continuity

EBA

7

Alpha Bank’s key priority is to support our Customers, Businesses and Households

Bank’s role: a) Ensure business continuity, to be able to support national effort b) Build on the measures taken by the Government to support affected sectors c) Take additional steps in the same direction

• Forbearance of capital payments until September 2020 on all

companies directly impacted by the crisis

• Individual borrowers and Small Businesses hit by the coronavirus crisis

to be offered a three-month freeze on loan repayments

• New lending to customers, primarily businesses offering “emergency”

working capital for customers with proven track record

• Make use of public guarantees mechanism for lending to small and

medium sized companies

• Deploy strategies that will alleviate clients’ cash flow burden for

coming months

Bank’s support to its customers Full scale, multi-contact campaign plan swiftly rolled out

• Reassuring Customers of 24/7 support, providing all critical services

for covering their needs

• Actively promoting advanced alternative transaction channels (e.g

web banking) so as to conduct the majority of daily transactions through a secure environment

• Informing customers regarding the relief measures taken by Alpha

Bank and the Greek State, as well as for the financing options for facing liquidity challenges.

• Wholesale: More than 3,100 customers have already been contacted

by our Relationship Managers

• Small Business Loans: 50% of Gold Businesses (15,000 Customers
• ut of a 30,000 total) have already been contacted by a taskforce of

200 Small Businesses Relationship Managers

8

Employee Health and Safety of Utmost Importance; High levels of Operational Readiness

Bank’s initiatives

Guarantee Health and Safety

• Special purpose leaves to most vulnerable employees
• Robust communication plan for employees and

customers has been designed, with guidelines to guarantee the protection of their health

• Business trips and non-essential travel restricted
• Adequate supply of protective equipment and

medical supplies across the Group

• Deep cleaning and sanitization of premises and

Branches

Maintain flow of operations

• Ongoing procedures to ensure that a solid operational plan is in

place to guarantee business continuity

• 90% of staff in central units work remotely
• 50% of staff in Branches work at premises, on a rotation basis
• Close contact with suppliers to maintain continuity of business
• Divisions of critical importance are already operating according to

the Business Continuity Plan, digital and other structures have been reinforced, while all necessary measures have been taken to provide uninterrupted services to our Customers through alternative networks

• Action plans to keep Branch Network active and deliver

uninterrupted customer services

9

Project Galaxy remains key to the successful implementation of our 2020 – 2022 Strategy

NPE stock, EUR bn NPL ratio1, % NPE ratio1, %

28.2 43.6 ~10 ~20

Bank perimeter in Greece

1 Basis for ratio includes senior notes

Project Galaxy

Project Galaxy:

• Decisive de-risking of our balance sheet and CoR de-escalation
• Front-loaded, substantial NPE reduction through a large scale securitization transaction using the Hellenic Asset Protection Scheme (HAPS)
• Carve-out of NPE platform and outsourcing of servicing to independent entity.
• Hive-down of core banking assets and liabilities to a new banking entity.

< 5 <10

NPE reduction Plan

Q4 2019 Up to 12 Securitization Pro forma for securitization 2022 Target 18.6 ~7 <3.5 Further reduction (3.5)

10

Projects Galaxy and Neptune: Progress to date and Covid-19 impact

The Covid-19 pandemic has materially impacted current operating and market conditions, Project Galaxy remains for the Bank a very strategic project and the Group is committed, on the back of significant progress that has been made to date, to making this a successful transaction within a normalized environment; same applies for project Neptune which is currently at a more advanced stage Project Galaxy – Progress to date

 The NBO phase was launched in January 2020  Significant interest from prominent investors to date  Investors have received access to VDRs containing extensive underwriting material  Credit rating workstream underway

• Senior Tranches that receive a HAPS guarantee will be assigned

a 0% risk weight

• Servicer target operating model design completed and

implementation underway

• Significant preparatory work has been undertaken towards the

issuance of notes and the commencement of the Hive-down

Reconfiguration of timelines amidst Covid-19 pandemic

• The Covid-19 crisis has decreased the market visibility that

investors and the Bank would require to assess transactions of the size and complexity of Galaxy and Neptune.

• As a result, the Bank has decided to allow investors more time

and bandwidth to absorb recent events and at the same benefit from a higher level of visibility, anticipated towards the second semester of 2020, to base any investment decision

11

Alpha Bank

• Business Highlights
• Macroeconomic Update
• Financial Performance Analysis
• ESG
• Appendix
• Asset Quality
• Capital
• Volumes
• P&L

3 11 14 26 29 29 35 37 43 Pages

12

Fiscal and monetary policy responses to support economic activity in the Euro Area

Deteriorating short-term prospects of the Greek economy as the COVID-19 pandemic spreads across Europe Fiscal Policy Response at European Level to mitigate the social and economic impact of COVID-19

• At the current stage, the exact impact on the Greek economic activity is

difficult to be assessed. Shocks to domestic real GDP growth are estimated to take the form of a V-shaped impact, mainly stemming from the decline in foreign and domestic demand, domestic uncertainty and supply-side shocks, due to the lockdowns in several sectors of the economy

• Eurogroup approved in mid-March a package of policy actions to address the

negative consequences of the COVID-19 pandemic on economic activity,

• ffering full flexibility to all European countries within the EU budget rules, to

tackle the negative social and economic impact of the COVID-19 outbreak

• For Greece, the 3.5% primary surplus target will not be in effect in 2020,

while expenditures to contain the spread of the pandemic and to support economic activity will be excluded from the budgetary outturn

Source: ELSTAT, Bank of Greece forecasts and Minister of Finance estimates Source: European Commission Economic Forecasts, November 2019

Heightened uncertainty causes turbulence in capital markets

Source: Bloomberg

• 3.5%
• 2.5%
• 1.5%
• 0.5%

0.5% 1.5% 2.5% 3.5% 4.5% 2014 2015 2016 2017 2018 2019 2020f

Investment Private Consumption Public Consumption Inventories* Net Exports real GDP growth EA GDP growth *incl. statistical discrepancies

• est. Dec. 2019
• est. Mar.2020
• 2%
• 1%

0% 1% 2% 3% 4% 5% Italy Spain Greece Germany France Portugal Average Primary Balance (% GDP), 2017-2019* Average real GDP growth, 2018-2019

*forecasts for 2019

0.8 1.3 1.8 2.3 2.8 3.3 3.8 400 500 600 700 800 900 1000 1100 1200

Athens Stock Exchange Index 10yr Greek Government Bond Yield, rhs

ECB announcement of the €750 bn PEPP (incl. Greek Bonds)

13

Day-by-day Greek Government policy reactions to contain the COVID- 19 pandemic and fiscal measures to support domestic economic activity

Quarantine and other restrictions imposed by the Greek Government to slow down the Covid-19 outbreak have reduced economic activity causing a fiscal policy response

The Greek government has announced, so far, a series of fiscal measures to strengthen the public healthcare system and support the sectors of the economy that are effected, among which:

• The support of the public healthcare system;
• The suspension of tax and social security obligations, for businesses;
• Financing, in the form of a refundable advance, for all businesses severely

affected by Covid-19;

• The provision of a financial benefit of €800 to employees that are affected as a

result of the lockdown. The State will also cover their social security and health insurance costs

• This financial benefit is also extended to self-employed professionals and free

lancers and suspension of their tax and social security obligations A great part of these measures will be funded by European Union funds Additional liquidity actions to support businesses, include guarantees supported by EU funds and the EIB, of about €5.75 billion The total impact of the supportive measures on the Budget, at this stage, comes to approximately €4.7 billion, corresponding to 2.5% of GDP

Lockdown of restaurants, malls, theaters and cinemas Lockdown of commercial shops; 2nd set of measures announced by MoF Suspension of operations of educational institutions EU Borders closure Suspension of flights from and to Italy Eurogroup announcing supporting measures First set of measures announced by MoF Closedown of city hotels from 23/3 to end of April National Lockdown (with specific exemptions) 3rd set of measures announced by MOF

100 200 300 400 500 600 700 800 900

Cumulative New Confirmed Cases in Greece

14

Alpha Bank

• Business Highlights
• Macroeconomic Update
• Financial Performance Analysis
• ESG
• Appendix
• Asset Quality
• Capital
• Volumes
• P&L

3 11 14 26 29 29 35 37 43 Pages

15

FY 2019 Financial Performance Overview

Capital – CET1 and CAD ratios stable at 17.9%

• Robust capital position with phased in CET1 ratio at 17.9%
• Fully Loaded CET1 ratio at 14.9%
• Buffer of €2.4bn over our 2020 SREP ratio requirement of 14%, taking into account

the recent Tier 2 issuance

Liquidity – 97% LDR

• Continued improvement on liquidity profile with Group LDR at 97% as of December

2019 versus 104% a year ago

• ECB funding at €3.1bn and Repos at €6.3bn

Commercial Activity – €3.5bn loan disbursements in 2019

• Loan disbursements amounted to €1.0bn in Q4 2019 and to €3.5bn for 2019
• Deposits in Greece increased by €0.8bn in Q4 2019, driven by customer deposit

inflows, while deposit inflows for the full year stood at €1.8bn

Financial Performance

• NII at €1,547mn, down by 11.9% y-o-y, as a result
• f deleveraging linked with NPE reduction
• Net Fee & Commission Income increased by

2.7% y-o-y to €340mn on the back of higher revenues from Asset Management and Bancassurance as well as new loans origination

• Recurring Opex decreased y-o-y by 2.0% mostly

attributed to lower staff costs on the back of headcount reduction

• Core PPI decreased mainly as a result of lower NII
• Impairment losses on loans at €995mn for 2019,

significantly reduced versus 2018 as a result of NPEs de-escation

• Profit After Tax at €97mn for FY 2019

Asset Quality - €1.2bn NPE organic reduction for 2019

• NPEs in Greece down by €3.1bn vs 2018
• Negative gross NPE formation during all 4 quarters
• Cash coverage at 44% on a Group level

16

Q4 2019 Group P&L and Balance Sheet

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

Profit & Loss (EUR mn) FY 2019 FY 2018 yoy % change Q4 2019 Q3 2019 qoq % change Net Interest Income (NII) 1,547 1,756 (11.9%) 387 383 1.0% Net fee and commission Income 340 331 2.7% 93 96 (2.6%) Trading & Other Income 423 512 (17.5%) 127 86 47.3% Operating Income 2,310 2,600 (11.1%) 607 565 7.5% Total Operating Expenses (1,175) (1,158) 1.4% (351) (280) 25.4% Recurring Operating Expenses (1,065) (1,087) (2.0%) (278) (266) 4.3% Core Pre Provision Income 856 1,037 (17.2%) 209 219 (4.7%) Pre Provision Income (PPI) 1,136 1,441 (21.2%) 256 285 (10.1%) Impairment Losses on Loans (995) (1,723) (42.3%) (245) (262) (6.4%) Other Impairment Losses 4 (8) … (6) (3) … Profit/ (Loss) before income tax (PBT) 145 (289) … 5 21 … Income Tax (48) 342 … (16) … Profit/ (Loss) after income tax 97 53 … 6 5 … Net Interest Margin (NIM) 2.5% 2.9% 2.5% 2.4% Cost to Income ratio (Recurring) 55.4% 51.2% 57.1% 54.9%

1

Balance Sheet (EUR bn) 31/12/2019 30/09/2019 31/12/2018 yoy change (EUR bn) Assets 63.5 62.7 61.0 2.4 Net Loans 39.3 39.5 40.2 (1.0) Deposits 40.4 39.6 38.7 1.6 Tangible Equity (TE) 7.9 8.0 7.7 0.3 Common Equity Tier 1 Ratio (CET1) 17.9% 18.0% 17.4% … Capital Adequacy Ratio (CAD) 17.9% 18.1% 17.4% … NPE ratio 44.8% 45.5% 48.9% … NPE Cash Coverage 44% 44% 48% … NPL ratio 30.1% 30.0% 33.5% … NPL Cash Coverage 65% 67% 70% …

17

CET1 and CAD ratios stable qoq at 17.9%

Minimum OCR SREP 2020 GGB unrealized gains

EUR mn 769 653 Sep-19 Dec-19 2.5% 8% 11.5% 3% 0.5% SREP 2020

• min. OCR

8% 3% 0.5% SREP 2020

• min. OCR

14.0% O-SII Capital Conservation Buffer min Capital P2R Post recent amendment

CET1 ratio evolution qoq

18.0% 17.9% 17.9% 19.0% 14.9% CET1 Sep-19 DTA Tier 2 Period Profits Other (21bps) FVOCI RWA CET1 Dec-19 CAD Dec-19 CAD pf Tier 2 FLB3 IFRS9 CET1 Dec-19 1bp (18bps) 23bps 2bps 104bps

8,671 8,495 8,510 9,006 6,943

Capital, EUR mn 16% incl. P2G

GGBs at FVOCI

Book Value EUR bn Book Value EUR bn 4.3 3.8 3.2 19.03.20 Sep-19 Dec-19 0.4 1.1 1.9 Sep-19 Dec-19 19.03.20

GGBs at amortized cost

18

Q4 2019 Core PPI at €208.7mn

PPI qoq evolution

285.2 219.1 208.7 256.4 4.0 121.1 Δ Other Income Q3 19 Reported PPI Δ Fees Δ OPEX Trading and Other Extraordinary Costs Δ ΝΙΙ Q3 19 Core PPI Q4 19 Core PPI Q4 19 Reported PPI Trading (11.4) (66.1) (2.5) (0.4) (73.4) EUR mn (€10mn)

• Core PPI in Q4 2019 stood lower by €10mn versus Q3, mainly impacted by seasonally higher OPEX in the last quarter of the year
• Reported PPI decreased by 10% as the higher trading income from GGBs’ sales (+€41mn) was more than counterbalanced by the higher

extraordinary expenses (+60mn), mostly related to the €50mn cost for separation schemes

19

Net Interest Income higher by €4mn in Q4 2019; NIM flat qoq

NII qoq evolution

EUR mn

• Net Interest Income up by €4.0mn qoq mainly due to base effect from business loan

disbursements at the end of Q3, lower wholesale funding cost and increased income from our securities portfolio

• NII stabilized following the step change reduction from 2018 levels

New disbursements

EUR bn Year Q1 Q2 Q3 Q4 FY 19 2019 0.6 0.9 1.0 1.0 3.5 2018 0.6 0.7 0.6 1.0 3.0

Funding cost rates

bps 88 80 70 43 24 61 59 56 52 44 (32) (31) (32) (35) (40) (40) (40) (37) (40) (33) Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Average Repos Cost Time Deposits rates Average 3M Euribor Average ECB Cost

1 Time deposits rates refer to euro-denominated deposits

1

388.4 388.6 383.2 387.1 1.8 2.7 (1.2)

Deposits NII Q4 19 NII Q1 19 NII Q3 19 NII Q2 19 Bonds & Other Loans Funding

0.6 +€4mn

2.44% 2.45%

443.8 459.0 426.6 426.6

NII Q2 18 NII Q1 18 NII Q3 18 NII Q4 18

NIM, %

20

Net Fee and Commission income increased by 3% yoy

Net Fee & Commission Income evolution yoy

EUR mn +€9mn

Net Fee & Commission Income evolution qoq

EUR mn 2 1 2 3 2 7 9

Bancassurance & Private Banking Loans Cards

340 269

FY 18 IB & Brokerage Asset Mgmt Other Commercial Banking

331 54 (2)

FY 19

271 60 Commercial Banking Asset Gathering & Bancassurance IB & Brokerage 2 3 16 Commercial Banking 96 77 Q3 19 73 17 Q4 19 Asset Gathering & Bancassurance IB & Brokerage 93 (€2.5mn)

• Net fee & Commission income increased by €9mn yoy on the back of higher

revenues from asset management by €3mn due to mutual funds’ increased balances (+45%) and bancassurance by €1.4mn. Revenue from cards stood lower due to the extraordinary fees recorded in Q1 2018 from our Credit Cards loyalty scheme

• On a quarterly basis Net fee & Commission income

decreased by €2.5mn mainly due to seasonality in Cards and extraordinary fees recorded in Q3 2019

21

Recurring Operating Expenses reduced by 2% yoy

Recurring OPEX evolution qoq

EUR mn 118 130 113 110 35 37 Depreciation & amortization Q3 19 278 General expenses Staff costs Q4 19 266 €11mn

• Staff costs declined qoq by c.€3mn, as a result of Bank’s

FTEs departures in the context of 2019 VSS

• General Expenses increased by €12mn vs Q3 2019,

primarily impacted from seasonally higher marketing expenses as well as legal and consulting fees

• Staff costs reduced by 3.4% yoy, mainly as a result of a headcount reduction on the back of the 2018

Voluntary Separation Scheme (VSS). Following the successful completion of an additional VSS in September 2019 in Greece there is a gradual departure of more than 830 employees at €50mn cost booked in Q4 2019 and an estimated annualized cost benefit of c€35mn

• Following IFRS16 implementation a rent expense of €35mn transferred mostly to depreciation.

Adjusted for IFRS 16 impact, General expenses declined by 2.6% yoy mainly due to lower NPL remedial management costs

• In Greece recurring operating expenses declined by 4.0% y-o-y to €859mn, while costs abroad

increased on the back of higher staff costs in Romania and Cyprus

Recurring OPEX evolution yoy

EUR mn 464 9 448 102 34 145 522 Depreciation & amortization FY 18

General expenses

General expenses

Staff costs Depreciation & amortization

(35)

IFRS16

473 (14) FY 19 Staff costs (16) 1,087 1,065 (€22mn) 895 859 192 205 1,065 Abroad FY 18 Greece FY 19 1,087

22

Group deposit inflows of €1.6bn for 2019

Group deposits evolution

6.0 1.4 0.8 5.9 32.7 Dec-18 (0.5) Abroad Individuals Business State deposits 34.5 Dec-19 Greece Abroad 38.7 (0.1) 40.4 EUR bn +€1.6bn

Loan to Deposit ratio evolution

% 106% 104% 103% 101% 98% 104% 103% 102% 100% 97% Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Greece Group Greece +€1.8bn

• Deposits in Greece increased by €1.8bn in 2019, primarily

as a result of inflows from individuals

• Group loan to deposit ratio (LDR%) at 97% as of December 2019

versus 104% a year ago

• ECB TLTRO II at €3.1bn
• Open market repo balances at €6.3bn as of December 2019

23

Negative gross organic formation in Greece

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

NPE reduction - Greece

Dec-18 Dec-19 Dec-17 18.8 Dec-16 27.7 25.0 21.9 (€3.1bn) EUR bn

Negative gross formation in Greece

0.66 0.68 0.48 0.60 0.49 (1.13) (0.74) (0.86) (0.86) (0.97) Q2 19 Q4 18 Q1 19 Q3 19 Q4 19 Gross Formation (0.47)

(0.06) (0.38) (0.26) (0.49)

EUR bn Entries Exits

24

Gross organic NPE formation in Greece across segments

Negative gross formation in Retail

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

Gross formation (Organic) - Wholesale

EUR mn (286) 60 (189) (51) (11) Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

Gross formation (Organic) - SBL

EUR mn

Gross formation (Organic) - Retail

EUR mn (186) (117) (193) (208) (476) Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 (109) (88) (81) (104) (223) Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

Gross formation (Organic) - Mortgages

EUR mn (131) (63) (102) (70) (139) Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

Gross formation (Organic) - Consumer

EUR mn 54 33 (11) (34) (114) Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

25

Group Cost of Risk at 2.0%; NPE cash coverage stable at 44%

Group CoR

1 Excluding impairment losses related to upcoming transactions in Q4 2018

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

3.3% 1.9% 1.9% 2.1% 2.0% Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

1

44% Dec-19 Sep-19 44%

Group NPL Coverage

Sep-19 Dec-19 67% 65% Group NPE cash coverage Wholesale 53% SBL 45% Mortgage 32% Consumer 57% Group NPL cash coverage Wholesale 97% SBL 57% Mortgage 44% Consumer 90% Total Coverage 99%

99%

Total Coverage 119%

118%

26

Alpha Bank

• Business Highlights
• Macroeconomic Update
• Financial Performance Analysis
• ESG
• Appendix
• Asset Quality
• Capital
• Volumes
• P&L

3 11 14 26 29 29 35 37 43 Pages

27

Alpha Bank’s Sustainability Strategy

For the Society For our People

1 2 3 4

For the Environment

Branches accessible by people with disabilities

• f monetary transactions

made through digital networks

88%

Annual increase in Alpha Bank Customer Satisfaction Index (77 vs. 62 in 2018)

+24%

% of debit and credit cards for which an electronic monthly bill is sent

89% 6,969 122 55%

Employees (Bank level) (10,530 at Group level) Employees with disabilities Women Employees

19

Hours of Annual Training per Employee

37%

Women in managerial positions

Memberships in Associations & Organisations

• f Employees covered by

Collective Labor Agreements

100%

For the Market

86%

• f annual energy consumption stemming

from electricity (vs. 88% in 2018)

• 1.3%

Annual electricity saving per m2 (vs. 2018)

100%

• f the electricity consumed was covered

by Guarantees of Origin from Renewable Energy Sources in 2018

• 4%

Annual saving of water consumption per m2 Sponsorships granted

582 461

tons of paper for pulping and recycling

597%

Increase in kg of light bulbs recycled compared to 2018

Inclusion in Indices & ESG Analytics

Social contribution events were held in 2019

20 +39%

Annual increase in transactions carried

• ut through APS s
• f Projects financed between 2016

and 2019 by Project Finance Unit were Environmental/RES projects

60% 75%

• f the Employees responded to the

satisfaction survey had confidence in the Bank and its future course

61%

28

Alpha Bank’s key actions to respond to emerging ESG/ Sustainability Regulations/Trends

Emerging Regulations/Trends Alpha Bank’s key actions

European Commission’s Action Plan on Financing Sustainable Growth UNEP FI Principles of Responsible Banking (PRB) Task Force on Climate-Related Financial Disclosures (TCFD) Principles for Responsible Investment Initiative (PRI)

• Alpha Bank has endorsed the six Principles of Responsible

Banking (PRB).

• Alpha Bank is currently developing an internal structure to

best oversee and implement the PRB.

• Alpha Asset Management A.E.D.A.K. was included, in

December 2018, in the PRI.

• The Bank’s Divisions work on sustainable banking principles,

monitor and discuss up-coming regulations / trends in Sustainable Finance and climate-related financial disclosures.

• Alpha Bank participates in Hellenic Bank Association’s (HBA)

initiatives to build a comprehensive approach to Sustainable Finance. Alpha Bank demonstrates a positive trend in ESG scores and evaluations by international analysts throughout the years as result of actions and measures taken regarding ESG issues based

• n international best practices

Indicative example of MSCI ESG Ratings

29

Alpha Bank

• Business Highlights
• Macroeconomic Update
• Financial Performance Analysis
• ESG
• Appendix
• Asset Quality
• Capital
• Volumes
• P&L

3 11 14 26 29 29 35 37 43 Pages

30

Wholesale and Small Business portfolio in Greece

Diversified wholesale portfolio

To be more affected 28% To be modestly affected 44% Not to be affected 28% Dec-19 €13.6bn

Performing wholesale portfolio in Greece and expected COVID-19 impact

Sectors to be more affected (28%) Hospitality (10%) Transportation1 (4%) Sales of cars & Motor Vehicles (3%) Retail Trade (excl. Supermarkets) (2%) Other (9%) Total exposure: €3.8bn Sectors to be modestly affected (44%) Construction (13%) Shipping (12%) Industry (7%) Petro-chemicals (5%) Other (8%) Total exposure: €6.0bn

1 Transportation & Logistic sector does not include Shipping & Coastal Transport

Note: Loans including on and off-balance sheet exposures (€2.1bn Wholesale off balance sheet exposures)

Small Business loans portfolio

Not to be affected 16% To be more affected 49% To be modestly affected 35% Dec-19 €1.2bn

Performing Small Business loans portfolio in Greece and expected COVID-19 impact

Sectors to be more affected (49%) Hospitality (15%) Wholesale Trade (14%) Retail Trade (excl. Food sale) (9%) Other (12%) Total exposure: €0.6bn Sectors to be modestly affected (35%) Wholesale Trade (9%) Construction (8%) Industry (6%) Other (12%) Total exposure: €0.4bn

Note: Loans including on and off-balance sheet exposures (€65mn SBs off balance sheet exposures)

31

Auctions and repossession activity evolution

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

Auctioned properties FY19 successfully auctioned properties: Breakdown by highest bidder

62% 3.489 38% 2019 2018 60% 40% 3.871 unsuccessfully successfully auctioned

REO portfolio evolution (entries/ exits) – Greece

EUR mn Acquisitions

• 15

REO Portfolio 31.12.17 Sales (incl. Jupiter)

• 110

Sales REO Portfolio 31.12.19

• 48

Acquisitions 161

• 64

122 REO Portfolio 31.12.18 €0.7bn €0.8bn €0.8bn 18% 82% 3rd parties Alpha Bank

• Auctioned properties volume during November was the highest for 2019.
• 82% of successfully auctioned properties have been acquired by Alpha
• During 2019, 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  the Bank has finalised the process for the sale of a portfolio transaction

in Greece which is expected to be completed within Q2

• In Cyprus & SEE, the Bank has entered into sale agreements for the sale of

large single assets north of €15mn in total thus further decreasing its REO

• portfolio. Sales are expected to be concluded within H1

1 1

REO portfolio 3,9k properties

• f €0.81bn value

2

32

NPL stock in Greece down by €2.4bn y-o-y

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

NPL reduction - Greece

14.6 14.2 12.2 13.9 Sep-19 12.1 Dec-18 Mar-19 Jun-19 Dec-19 (€2.4bn) EUR bn

Wholesale Gross NPL formation - Greece

EUR mn (43) 142 103 110 163 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

Retail Gross NPL formation - Greece

EUR mn (254) (351) (329) (218) (271) Q4 18 Q1 19 Q2 19 Q3 19 Q4 19

33

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

(€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 17.5 4.8 14.3 5.2 41.8 (-) Accumulated Provisions (2.7) (1.6) (2.0) (1.7) (8.0) Net loans 14.8 3.2 12.4 3.5 33.8 NPLs 2.6 2.8 4.9 1.8 12.2 NPL ratio 14.8% 59.2% 34.3% 35.6% 29.1% NPEs 5.2 3.5 7.2 3.0 18.8 NPE ratio 29.5% 74.0% 50.0% 57.9% 45.1% NPL collateral 1.4 1.3 3.5 0.5 6.7 NPE collateral 3.1 1.7 5.4 0.7 10.8 Coverage ratio NPLs 2.6 2.8 4.9 1.8 12.2 (+) Forborne NPLs < 90 dpds 2.3 0.7 2.2 1.1 6.3 (+) Unlikely to pay 0.3 0.0 0.0 0.0 0.3 NPEs 5.2 3.5 7.2 3.0 18.8 Forborne NPLs >90dpd 1.0 0.7 2.1 1.3 5.1 Forborne NPLs <90dpd 2.3 0.7 2.2 1.1 6.3 Performing forborne 0.5 0.7 2.6 0.4 4.2 Total forborne 3.8 2.1 6.9 2.8 15.6

105% 53% 57% 45% 40% 27% 92% 56% 65% 42% 54% 60% 44% 47% 71% 75% 27% 22% 55% 57% 159% 112% 101% 93% 111% 102% 119% 79% 120% 99% NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE Collateral Cash

34

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

(€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 20.7 4.8 17.5 5.7 48.7 (-) Accumulated Provisions (3.4) (1.6) (2.7) (1.8) (9.6) Net loans 17.3 3.2 14.7 3.9 39.2 NPLs 3.5 2.9 6.3 2.0 14.7 NPL ratio 16.9% 59.2% 35.8% 35.6% 30.1% NPEs 6.4 3.6 8.6 3.2 21.8 NPE ratio 31.0% 73.8% 49.3% 56.4% 44.8% NPL collateral 1.8 1.3 4.1 0.5 7.7 NPE collateral 3.7 1.7 6.0 0.7 12.1 Coverage ratio NPLs 3.5 2.9 6.3 2.0 14.7 (+) Forborne NPLs < 90 dpds 2.6 0.7 2.3 1.2 6.8 (+) Unlikely to pay 0.3 0.0 0.0 0.0 0.4 NPEs 6.4 3.6 8.6 3.2 21.8 Forborne NPLs >90dpd 1.3 0.7 2.9 1.3 6.3 Forborne NPLs <90dpd 2.6 0.7 2.3 1.2 6.8 Performing forborne 0.6 0.7 2.7 0.4 4.3 Total forborne 4.5 2.1 7.9 2.9 17.4

97% 53% 57% 45% 44% 32% 90% 57% 65% 44% 52% 58% 44% 47% 65% 69% 27% 23% 53% 56% 149% 111% 101% 93% 108% 101% 117% 80% 118% 99% NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE Collateral Cash

35

Alpha Bank

• Business Highlights
• Macroeconomic Update
• Financial Performance Analysis
• ESG
• Appendix
• Asset Quality
• Capital
• Volumes
• P&L

3 11 14 26 29 29 35 37 43 Pages

36

Group RWA and CET1 capital

Group Risk Weighted Assets

EUR bn

Credit Risk Weights per portfolio

0.3 3.8 3.6 Market 42.4 43.1 1.2 Sep-19 Credit Operational 1.5 Dec-19 (0.2) 48.1 47.5 (0.7) Credit Market Operational (€0.6bn) 66% 104% 79% Performing Net NPE Total Loan Portfolio RWA Density

Equity to regulatory capital bridge - Dec 2019

EUR mn

8,432 7,939 8,495 8,499 8,510 (492) (645) 1,198 5 11

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

12.6%

Tangible book value / Tangible Assets

DTA & Tax Credit with CET1 Capital

EUR bn 3.2 3.2 0.3 Dec-19 (phased-in) 1.0 0.8 Dec-19 (fully-loaded) 4.2 4.0 dTC IFRS9 Other DTA DTA 250% RWf DTC 100% RWf CET1

8.5 6.9

37

Alpha Bank

• Business Highlights
• Macroeconomic Update
• Financial Performance Analysis
• ESG
• Appendix
• Asset Quality
• Capital
• Volumes
• P&L

3 11 14 26 29 29 35 37 43 Pages

38

Balance Sheet composition

Asset split

EUR bn

Liabilities and Equity split

EUR bn 61.0

4.1 5.2 0.9 39.3 8.7 3.3 2.0

Dec-19 Net loans PPE DTA Other Securities Cash Due from Banks

3.3 5.3 0.7 40.2 7.0 2.5 1.9

Dec-18 63.5 Other (Incl. HFS)

2.7 8.1 0.9 20. 8 18. 7.1 3.1 0.3

Dec-18

3.3 8.5 1.1 23. 4 17. 7.2 3.1

Dec-19 Due to Banks excl. ECB/ELA 40.4 38.7 ECB Time deposits Core deposits Debt securities Equity Other Due to Banks

• excl. ECB

ECB Time deposits Core deposits Debt securities Equity Other 63.5 61.0 Net loans PPE DTA Other Securities Cash Due from Banks Other (Incl. HFS) ELA

39

Business Volumes

(€ mn) Dec 2019 Sep 2019 Jun 2019 Mar 2019 Dec 2018 %Dec 2019/ Dec 2018 Group Gross Loans 48,731 49,147 51,330 51,836 52,463 (7.1%) Mortgages 17,474 17,709 18,052 18,311 18,561 (5.9%) Consumer Loans 4,258 4,327 4,402 4,418 4,446 (4.2%) Credit Cards 1,415 1,351 1,280 1,341 1,456 (2.8%) Small Business Loans 4,842 4,927 5,008 5,093 5,187 (6.7%) Medium and Large Business Loans 20,741 20,832 22,588 22,673 22,813 (9.1%)

• f which:

Greece 41,777 42,089 44,092 44,399 44,925 (7.0%) Mortgages 14,333 14,540 14,844 15,060 15,277 (6.2%) Consumer Loans 3,775 3,842 3,885 3,906 3,926 (3.8%) Credit Cards 1,378 1,314 1,244 1,306 1,419 (2.9%) Small Business Loans 4,776 4,859 4,938 5,022 5,117 (6.7%) Medium and Large Business Loans 17,514 17,533 19,180 19,105 19,186 (8.7%)

• f which: Shipping Loans

2,172 2,165 1,979 2,074 2,020 7.5% Southeastern Europe 6,535 6,647 6,845 7,055 7,195 (9.2%) Accumulated Provisions (9,558) (9,800) (11,518) (11,990) (12,327) (22.5%) Group Net Loans 39,266 39,451 39,913 39,948 40,228 (2.4%) Customer Assets 45,929 45,000 44,475 43,920 43,579 5.4%

• f which:

Group Deposits 40,364 39,612 39,263 38,937 38,732 4.2% Sight & Savings 23,362 22,841 21,923 20,909 20,777 12.4% Time deposits & Alpha Bank Bonds 17,002 16,772 17,340 18,027 17,955 (5.3%) Greece 34,450 33,682 33,271 33,017 32,685 5.4% Sight & Savings 20,830 20,435 19,542 18,633 18,482 12.7% Time deposits & Alpha Bank Bonds 13,620 13,246 13,729 14,384 14,203 (4.1%) Southeastern Europe 5,266 5,214 5,226 5,143 5,179 1.7% Money Market Mutual Funds 127 151 192 219 233 (45.5%) Other Mutual Funds 1,789 1,659 1,526 1,364 1,250 43.1% Private Banking 3,648 3,578 3,495 3,400 3,363 8.5%

40

New financing of €3.5bn in FY 2019

New disbursements – per category

EUR mn

FY 2019 Business disbursements – per sector

Real Estate 8% Transportation 31% Tourism 15% Manufacturing 28% Trade 24% Energy 11% Construction 15% Agriculture 6% Media & Communication 1% Other 20%

€3.2bn

Q1 2018 Q2 2018 Q3 2018 Q4 2018 FY 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 FY 2019 Individuals 33 34 36 58 160 48 70 75 119 312 Business 570 701 587 932 2,790 567 842 907 891 3,206 Total 603 734 622 991 2,950 615 911 982 1,010 3,518

• Loan disbursements of €3.5bn in FY 2019
• 91% to business, 9% to individuals
• Business disbursements primarily towards sectors that drive the economy such as

transportation, manufacturing, trade and tourism

41

Deposits flow per quarter

Alpha Bank deposits evolution in Greece

EUR bn 32.7 33.0 33.3 33.7 34.5 0.2 0.9 0.9 0.4 0.2 (0.6) (0.5) 0.4 Dec-18 Core Time Mar-19 Core Time Jun-19 Core Time Sep-19 Core Time Dec-19 Δ Time Δ Core 32.7 33.0 33.3 33.7 34.5 0.2 (0.1) (0.1) 0.4 0.1 0.4 0.5 0.4 Dec-18 Bus.

• Indiv. Mar-19

Bus. Indiv. Jun-19 Bus.

• Indiv. Sep-19

Bus.

• Indiv. Dec-19

Δ Individuals Δ Business Q2: €0.3bn Q1: €0.3bn Q3: €0.4bn Q4: €0.8bn

Alpha Bank deposits evolution in Greece

EUR bn

Deposits breakdown – December 2019

Note: Business deposits including State deposits

Deposits breakdown – December 2019

Core 60% Time 40% Individuals 71% Business 29%

42

Wealth management evolution

Alpha Private Bank balances

EUR mn

Asset Management balances

EUR mn 236 248 437 2,782 2,739 2,934 1,323 1,274 1,167 4,341 4,261 4,539 Dec-17 Dec-18 Dec-19 Discretionary Advisory Execution Only 512 501 673 1,025 994 1,548 186 117 61 1,723 1,612 2,282 Dec-17 Dec-18 Dec-19 Money Market Mutual Funds Non Money Market Mutual Funds Other AUM

43

Alpha Bank

• Business Highlights
• Macroeconomic Update
• Financial Performance Analysis
• ESG
• Appendix
• Asset Quality
• Capital
• Volumes
• P&L

3 11 14 26 29 29 35 37 43 Pages

44

PPI and NII breakdown

Core PPI breakdown

EUR mn

NII decomposition

EUR mn (51) (50) (49) (50) (52) (17) (17) (16) (11) (10) 428 396 398 397 399 67 59 55 47 50 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Bonds & other Loans Funding Depos 522 469 481 485 486 (279) (256) (265) (266) (278) 243 213 215 219 209 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Core Operating Income Recurring OPEX Core PPI 388 427 389 383 387

45

Loan and deposit spreads

Net loan balances & spreads

EUR bn

Deposit mix & cost evolution

EUR bn

Lending spreads (Greece and SEE) Deposit spreads (Greece and SEE)

bps bps End of quarter balances 40.2 39.9 39.9 39.5 39.3 423 408 407 402 402 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Net Loans Group loans spread 42% 58% % Total 20.8 20.9 21.9 22.8 23.4 18.0 18.0 17.3 16.8 17.0 38.7 38.9 39.3 39.6 40.4 (51) (50) (49) (49) (50) Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Core deposits Time deposits Group deposits spread 928 887 897 862 854 659 620 600 579 588 416 418 422 422 417 412 400 400 398 397 257 253 251 251 251 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Consumer Credit Small Business Loans SEE Medium & Large Business Mortgages (21) (16) (15) (9) (9) (30) (32) (34) (39) (45) (87) (86) (81) (78) (73) Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 SE Europe Sight and Savings Time Deposits

46

Operating Expenses

Recurring OPEX evolution Employees Branches

EUR mn EUR mn FY 18 FY 19 yoy % Staff costs (464) (448) (3.4%) General Administrative expenses (522) (473) (9.4%) Depreciation and amortisation (102) (145) 41.7% Recurring OPEX (1,087) (1,065) (2.0%) Extraordinary costs (71) (110) … Total OPEX (1,158) (1,175) 1.4% 115 111 113 113 110 138 109 115 118 130 26 35 37 35 37 279 256 265 266 278 Q4 18 Q1 19 Q2 19 Q3 19 Q4 19 Depreciation & amortisation General administrative expenses Staff costs 15,202 13,856 11,863 11,727 11,314 11,322 11,295 11,251 10,530 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

FYROM

• 240

VSS Cy

• 249

Greece 9,570 9,687 8,888 8,667 8,147 8,165 8,145 8,080 7,354

Serbia

• 836

Hilton

• 323

VSS Gr

• 2,208

VSS Gr

• 523

1,032 897 721 670 629 613 606 600 580 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19

Bulg

• 83

FYROM

• 18

Serbia

• 67

1 Includes corporate and private banking centers

Greece1 628 626 533 483 443 426 420 414 394

47

Ambitious Management team leading Alpha Bank’s new strategy

Organizational effectiveness Management team1

Chief Executive Officer

• V. Psaltis

Communication & External Engagement

• G. Terzis

Chief Human Resources Officer (CHRO)

• F. Melissa

Growth & Innovation

• S. Filaretos

Chief Operating Officer

• S. Filaretos

Retail Banking

• I. Passas

Wholesale Banking

• I. Emiris

Non- Performing Loans

• A. Theodoridis

Chief Financial Officer

• L. Papagaryfallou

Chief Risk Officer

• S. Andronikakis

Chief Legal and Governance Officer

• N. Salakas

International Network

• S. Oprescu

Chief Transformation Officer

• A. Sakellariou

General Manager Member of the Executive Committee Assumed Position

New management team

▪ New CEO ▪ New members in the top management team with proven

experience

▪ New organizational structure in line with our new strategy

a

Governance

▪ Clear delegation of authority from the BoD to the CEO and

from the CEO to the management team

▪ Redefined structure and role of governance committees to

enable faster decision-making

b

1 The following divisions, also reporting to the CEO, not depicted: CEO office, Internal Audit, Economic Research

Alpha Bank proceeds with the delivery of its strategic plan with important appointments: Anastasia Sakellariou is appointed Chief Transformation Officer and Fragiski Melissa Chief Human Resources Officer

48

SEE Operations1

1 Country View

EUR mn Δ% Δ% Δ% Δ% Dec-19 Cyprus yoy Romania yoy Albania yoy Total SEE yoy Deposits 2,146 (3.0%) 2,594 5.3% 526 4.4% 5,266 1.7% Gross Loans 3,583 (16.5%) 2,656 1.9% 296 (0.2%) 6,535 (9.2%) Mortgages 1,871 (10.2%) 1,173 6.1% 72 1.7% 3,115 (4.4%) Consumer Credit 237 (8.0%) 238 (4.0%) 36 15.7% 511 (4.8%) Businesses 1,475 (24.4%) 1,246 (0.6%) 188 (3.4%) 2,908 (14.4%) NPE ratio 76.2% 7.8% 15.2% NPE Cash coverage 52% 74% 45% NPE Total coverage 96% 138% 97% NPL ratio 64.7% 5.1% 11.4% NPL Cash coverage 62% 111% 60% NPL Total coverage 103% 163% 97% Total Operating Income 104.7 24.5% 140.6 5.2% 20.3 31.0% 265.6 13.9% Operating Expenses (pre-O/H allocation) (66.1) 4.9% (112.8) 13.8% (16.9) 0.3% (195.8) 9.4% Impairment Losses (98.0) (52.4%) (13.4) … (3.0) … (114.4) (48.4%) Profit Before Tax (pre- O/H allocation) (59.4) … 14.4 … 0.4 … (44.6) … Branches 22 130 33 185 Employees 694 1,989 418 3,101 13

49

Alpha Bank Group

(€ mn) Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 qoq% change yoy % change Net interest income 387.1 383.2 388.6 388.4 426.6 1.0% (9.3%) Net fee and commission income 93.1 95.6 81.2 70.2 86.3 (2.6%) 8.0% Income from financial operations 121.1 79.9 123.7 73.8 64.3 … … Other Income 6.0 6.5 10.9 0.9 22.7 … … Operating Income 607.4 565.1 604.4 533.3 599.9 7.5% 1.3% Staff costs (110.1) (113.0) (113.3) (111.3) (114.8) (2.6%) (4.1%) General administrative expenses (130.2) (117.8) (115.3) (109.4) (137.9) 10.5% (5.6%) Depreciation and amortization (37.3) (35.3) (36.7) (35.2) (26.5) 5.5% 40.9% Recurring Operating expenses (277.6) (266.2) (265.3) (255.9) (279.2) 4.3% (0.6%) Extraordinary costs (73.4) (13.8) (16.4) (6.1) (56.4) … … Total Operating expenses (351.1) (280.0) (281.7) (262.0) (335.5) 25.4% 4.6% Impairment losses on loans (244.8) (261.5) (246.0) (242.6) (704.0) (6.4%) (65.2%) Other impairment losses (6.1) (3.0) (8.6) 22.2 (13.6) … … Profit / (Loss) before income tax 5.4 20.6 68.0 51.0 (453.2) … … Income Tax 0.1 (15.9) (8.7) (23.6) 452.4 … … Profit / (Loss) after income tax from continuing

• perations

5.6 4.7 59.4 27.5 (0.8) … … Profit / (Loss) attributable to shareholders 5.4 4.8 59.4 27.5 (0.9) … … Net interest Margin (NIM) 2.5% 2.4% 2.5% 2.5% 2.8%

50

Group Results by Business Unit

(€ mn) Retail Commercial & Corporate SE Europe Investment Banking & Treasury Asset Management Other Group Jan-Dec Jan-Dec Jan-Dec Jan-Dec Jan-Dec Jan-Dec Jan-Dec 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 2019 2018 Operating Income 802.0 983.6 601.9 709.7 265.6 233.2 546.9 635.4 70.5 55.3 23.4 (17.7) 2,310.2 2,599.5 Net Interest Income 679.0 847.2 519.4 597.4 210.4 199.2 122.4 121.2 13.8 8.1 2.4 (17.1) 1,547.3 1,756.0 Net fee and Commission Income 116.2 107.1 125.6 139.0 31.7 29.0 18.9 12.1 48.1 44.0 (0.2) (0.0) 340.1 331.1 Trading & Other 6.9 29.3 (43.1) (26.7) 23.5 5.1 405.6 502.1 8.6 3.2 21.3 (0.5) 422.8 512.4 Operating Expenses (595.3) (636.5) (178.2) (183.0) (212.4) (193.9) (28.7) (30.3) (35.3) (33.4) (124.8) (81.1) (1,174.7) (1,158.2) Staff Costs (249.9) (258.4) (81.6) (82.4) (93.3) (86.6) (12.8) (12.8) (18.9) (18.4) (3.5) (16.7) (459.9) (475.3) General Administrative Expenses (270.3) (320.2) (68.4) (77.2) (94.8) (97.5) (12.8) (14.4) (12.2) (12.7) (62.1) (58.9) (520.6) (580.9) Depreciation & Amortisation (75.2) (57.8) (28.2) (23.5) (24.3) (9.8) (3.1) (3.1) (4.2) (2.3) (9.6) (5.5) (144.5) (102.0) Expense for VSS (49.6) 0.0 (49.6) 0.0 Pre Provision Income (PPI) 206.8 347.1 423.6 526.7 53.3 39.3 518.2 605.0 35.1 22.0 (101.4) (98.7) 1,135.6 1,441.3 Impairment Losses on Loans (559.6) (1,057.0) (322.8) (450.4) (114.8) (221.1) 2.4 5.5 0.0 0.0 (0.0) (0.1) (994.8) (1,723.1) Other Impairment Losses 0.4 (0.7) 3.6 (8.7) 0.4 1.9 4.4 (7.6) Profit / (Loss) before tax (352.9) (709.9) 100.8 76.2 (61.1) (182.5) 524.2 601.7 35.6 23.9 (101.4) (98.8) 145.2 (289.4)

51

Results: Retail Business Unit

(€ mn) Q4 2019 Q3 2019 Q2 2019 Q1 2018 Q4 2018 Operating Income 198.7 203.0 203.9 196.5 240.7 Net Interest Income 164.7 164.8 174.1 175.4 202.5 Net fee and Commission Income 32.2 35.9 27.9 20.2 27.1 Trading & Other 1.7 2.3 1.9 0.9 11.0 Operating Expenses (150.1) (145.7) (149.3) (150.2) (158.4) Staff Costs (61.9) (61.5) (63.1) (63.3) (62.4) General Administrative Expenses (69.2) (65.6) (67.6) (67.9) (81.1) Depreciation and Amortisation (19.0) (18.6) (18.5) (19.1) (15.0) Impairment losses on Loans (123.7) (113.9) (175.4) (146.6) (538.2) Other Impairment Losses Profit / (Loss) before tax (75.1) (56.7) (120.8) (100.3) (456.0) RWA e 18,603 18,354 18,119 18,311 18,638

52

Results: Commercial & Corporate Business Unit

(€ mn) Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Operating Income 119.6 166.0 153.8 162.5 163.9 Net Interest Income 129.2 128.7 130.5 130.9 141.8 Net fee and Commission Income 32.4 35.0 28.9 29.2 38.3 Trading & Other (42.0) 2.2 (5.7) (2.4) (16.2) Operating Expenses (44.9) (42.0) (46.4) (45.0) (46.8) Staff Costs (21.2) (19.7) (20.6) (20.2) (20.5) General Administrative Expenses (16.6) (16.6) (17.6) (17.6) (20.4) Depreciation and Amortisation (7.2) (5.7) (8.2) (7.2) (6.0) Impairment losses on Loans (81.1) (121.7) (62.1) (58.0) (121.3) Other Impairment Losses

• Profit / (Loss) before tax

(6.4) 2.3 45.3 59.5 (4.3) RWA e 16,245 16,831 17,177 17,251 17,371

53

Results: Asset Management Business Unit

(€ mn) Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Operating Income 19.5 18.1 18.4 14.5 12.1 Net Interest Income 3.9 3.6 3.4 2.9 2.2 Net fee and Commission Income 14.5 12.5 11.3 9.8 10.2 Trading & Other 1.1 2.0 3.7 1.8 (0.3) Operating Expenses (9.3) (9.0) (9.1) (7.9) (8.9) Staff Costs (5.0) (4.8) (4.7) (4.4) (4.7) General Administrative Expenses (3.3) (3.0) (3.4) (2.6) (3.6) Depreciation and Amortisation (1.1) (1.3) (1.0) (0.8) (0.6) Impairment losses on Loans (0.1) 0.1 0.0 (0.0)

• Other Impairment Losses

(0.1) (0.9) (0.7) 2.2 (0.2) Profit / (Loss) before tax 10.0 8.2 8.7 8.8 3.0 RWA e 362 362 361 356 363

54

Results: Investment Banking & Treasury Business Unit

(€ mn) Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Operating Income 196.5 96.5 148.0 105.8 107.6 Net Interest Income 35.1 33.1 27.4 26.7 27.7 Net fee and Commission Income 5.3 4.5 5.3 3.8 2.7 Trading & Other 156.1 58.9 115.3 75.4 77.2 Operating Expenses (7.9) (5.7) (7.7) (7.4) (7.8) Staff Costs (3.6) (3.0) (3.1) (3.1) (3.3) General Administrative Expenses (3.4) (2.4) (3.6) (3.4) (3.8) Depreciation and Amortisation (0.9) (0.3) (1.0) (0.9) (0.7) Impairment losses on Loans 3.5 (3.0) 0.1 1.9 0.8 Other Impairment Losses (5.9) (2.2) (8.9) 20.6 (13.3) Profit / (Loss) before tax 186.2 85.5 131.6 120.8 87.2 RWA e 5,389 4,966 4,860 4,842 4,644

55

Results: SE Europe Business Unit

(€ mn) Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Operating Income 66.6 67.2 67.2 64.6 56.4 Net Interest Income 52.9 53.7 52.6 51.2 51.9 Net fee and Commission Income 8.6 8.0 7.8 7.3 7.7 Trading & Other 5.1 5.5 6.8 6.1 (3.1) Operating Expenses (59.7) (53.0) (51.0) (48.6) (55.0) Staff Costs (24.6) (24.2) (22.6) (21.9) (22.7) General Administrative Expenses (29.0) (22.8) (22.0) (21.0) (29.6) Depreciation and Amortisation (6.1) (6.1) (6.5) (5.6) (2.7) Impairment losses on Loans (43.4) (22.9) (8.6) (39.8) (45.1) Other Impairment Losses (0.0) 0.1 0.2 0.1 (0.1) Profit / (Loss) before tax (36.5) (8.7) 7.8 (23.7) (43.6) RWA e 4,719 4,760 4,835 4,801 4,790

56

Results: Other Business Unit

(€ mn) Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Operating Income 6.5 14.4 13.1 (10.6) 19.2 Net Interest Income 1.3 (0.8) 0.6 1.3 0.5 Net fee and Commission Income (0.0) (0.2) (0.0) (0.0) 0.2 Trading & Other 5.2 15.4 12.5 (11.9) 18.5 Operating Expenses (79.2) (24.5) (18.2) (2.9) (58.6) Staff Costs (1.8) 0.9 (1.4) (1.1) (12.0) General Administrative Expenses (24.7) (22.0) (15.2) (0.2) (45.1) Depreciation and Amortisation (3.1) (3.4) (1.6) (1.5) (1.5) Expenses for VSS (49.6) Impairment losses on Loans

• (0.1)

Other Impairment Losses

• 0.7

(0.7)

• Profit / (Loss) before tax

(72.8) (10.1) (4.5) (14.1) (39.5) RWA e 2,482 2,572 2,389 2,208 2,102

57

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" or "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

• f 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

58

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

59

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