F Y 2 0 1 8 R e s u l t s March 28, 2019 Table of Contents Pages - - PowerPoint PPT Presentation

F Y 2 0 1 8 R e s u l t s

March 28, 2019

9M 2013 Results FY 2013 Results 2 2 FY 2018 Results

Pages I. Key Highlights 4 II. Macroeconomic Update 7 III. Q4 18 Financial Performance 11 IV. Asset Quality 20 V. Capital 27 VI. Appendix 29 1. Volumes 29 2. PnL 35

Table of Contents

9M 2013 Results FY 2013 Results 3 3 FY 2018 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. The figures presented have been prepared in accordance with IFRS as adopted in the European Union and applicable at that date, and with prudential regulations currently, in force. Also, Alpha Bank has included certain non-IFRS financial measures in this presentation. These measurements may not be comparable to those of other companies. Reference to these non-IFRS financial measures should be considered in addition to IFRS financial measures, but should not be considered a substitute for results that are presented in accordance with IFRS. 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

4 4 FY 2018 Results

• I. Key Highlights

9M 2013 Results FY 2013 Results 5 5 FY 2018 Results

Business Highlights

I

Supportive macro trends Restructuring Plan Completion Strategic Update

 Further strengthening of domestic economic activity and improving conditions in labour and real estate markets, supportive of banks’ efforts to clean up balance sheets  Market confidence manifested by sovereign debt issuance and rating upgrades allow banks to further engage in international money markets and diversify funding sources  2018 marks the successful conclusion of our Restructuring Plan agreed with the European Commission in 2015  Significant rightsizing of the operating platform in Greece and SEE has been delivered. Costs have been reduced by c.25% in the period  Bank has exited from non core geographies and has de-levered by €5.3bn the relevant assets perimeter  The Bank is in the process of updating its strategic ambition along four priority themes:

• Accelerate NPE reduction through a combination of organic and non organic measures. Strategy to be informed

by evolving sectoral initiatives

• Secure “preferred bank” status in target customer segments and improve operating efficiency in its Greek
• perations
• Assess strategic positioning of its international business
• Further improve governance, organisational effectiveness and talent management

Outlook 2019

 Asset quality on the top of our priorities. The Bank is targeting a further reduction of NPEs by €6.3bn in the next 12 months, through a combination of organic deleveraging, portfolio sales and securitizations  Further improvement of our liquidity profile and relevant ratios taking full advantage of our balance sheet and improving market conditions  Commercial activity targeting higher loan disbursements to counterbalance impact in top line from NPE deleveraging

9M 2013 Results FY 2013 Results 6 6 FY 2018 Results

Financial Highlights

I

Financial Performance in 2018 Commercial Activity Asset Quality 2018

 Pre Provision Income at €1.4bn, up by 23.1% y-o-y supported by strong trading gains  Impairment losses on loans at €1.6bn, materially affected by additional impairment recognized Q4 2018 to account for upcoming NPE sales  PAT at €53mn for the full year  Loan disbursements of €3.0bn in FY 2018 versus €2.1bn in FY 2017  New loans extended primarily to businesses. Demand for loans to households still subdued  Group deposits at €38.7bn in December 2018, up by €3.8bn or 11% for the year

Liquidity

 ELA eliminated in February 2019  Group LDR at 104% as of December 2018 versus 147% as of December 2015  Repos at €6.4bn as of December 2018, increased by €4.1bn y-o-y  NPE stock in Greece down by €3.1bn in 2018, reduced by €5.7bn since 2016  3 capital ratio accretive transactions of c.€3bn BV completed to date  New curing strategies on retail portfolios launched in 2H 2018, with increasing customer engagement. More visible results expected in the latter part of 2019

Capital

 CET1 ratio at 17.4% as of December 2018  Total CAD at 17.4%, providing a comfortable buffer over our SREP ratio requirements  No CoCos or Tier II included in regulatory capital

7 7 FY 2018 Results

• II. Macroeconomic Update

9M 2013 Results FY 2013 Results 8 8 FY 2018 Results

Economic recovery accelerated further in 2018

II

• The recovery of the domestic economic activity strengthened further in 2018,

with real GDP growing by 1.9% from 1.5% in 2017, despite the entry of q-o-q GDP growth to negative territory in the last quarter of 2018 (-0.1 % q-o-q), after nine consecutive quarters with positive sign

• Private consumption increased by 1.1% in 2018 underpinned by the rise in

household disposable income and significant employment gains

• Tradable sectors have generated most of the growth during the last two years,

as reflected in their increasing share in Gross Value Added

• Although unit labour cost started to increase, export capacity has strengthened

and is expected to ease the pressure on the current account, as demand for imports rises along with the domestic recovery

Economy continued to expand… …driven by private consumption and external trade dynamics

Source: ELSTAT, Eurostat (pps)

Tradable sectors have steadily increased their share in Gross Value Added

38% 40% 42% 44% 46%

• 7%
• 2%

3% 8% Growth contributions of non-tradable sectors Growth contributions of tradable sectors Real Effective Exchange Rate - Unit Labour Cost (% annual change, 37 trading partners) Share of tradable sectors, rhs 72% 74% 76% 78% 80% 82%

• 5
• 4
• 3
• 2
• 1

1 2 3 4 2013 2014 2015 2016 2017 2018 Net Exports Inventories (incl. stat. discrepancies) Investment (GFCF) Public Consumption Private Consumption Real GDP Growth (%) Employment (as % of labour force), rhs 80 85 90 95 100 105

• 6
• 4
• 2

2 4 Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ ΙΙΙ ΙV 2013 2014 2015 2016 2017 2018 Real GDP (% quarterly change) Real GDP (% annual change) Economic Sentiment Indicator, 3m average, rhs The estimated carry-over effect for 2019 is 0.5 pps

Source: : ELSTAT, Alpha Bank Economic Research calculations Source: Eurostat, Alpha Bank Economic Research calculations

9M 2013 Results FY 2013 Results 9 9 FY 2018 Results

Strengthening growth prospects on the back of improving conditions in labour and real estate markets

II

• The output expansion in 2018 was primarily led by net exports. The annual

growth of exports of goods and services outpaced import growth, on the back

• f the solid performance of tourism and export-oriented manufacturing sectors
• Despite subdued investment demand, labor market conditions continued to

improve during the year. Employment continue to rise in 2018 by 2%, while the unemployment rate fell to 19.3% from 21.5% in 2017

• Residential investment increased for the first time since 2007, synchronizing

with the recovery of residential real estate prices in 2018 (+1.5%), also supported by the remarkable developments in the short-term rental market

• ver the past years via the home-sharing economy

Source: ELSTAT

Buoyant travel receipts in record-high tourism season Employment increases in the main sectors of the economy

Source: Bank of Greece, World Economic Forum

(% change)

Real estate market recovery: Business cycle, FDI and home-sharing activity

Source: ELSTAT, Bank of Greece 9.6% 12.7% 17.9% 24.4% 27.5% 26.5% 24.9% 23.5% 21.5% 19.3%

8% 12% 16% 20% 24% 28%

• 18%
• 14%
• 10%
• 6%
• 2%

2% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Employment-Primary sector Employment-Secondary sector Employment-Tertiary sector Total employment (% change) Total Unemployment (% of labor force), rhs 20% 30% 40% 50% 60% 70% 80% 5 10 15 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Travel receipts (in mn. €) Travel receipts as % of the trade of goods deficit (rhs) 24th /136 32th /140 WEF Tourism Competitiveness Index : World ranking 2013 and 2017

• 60%
• 40%
• 20%

0% 20%

• 15%
• 10%
• 5%

0% 5% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Private Building Activity, Volume in

• thous. m3. (% change), rhs

House Prices (% change), lhs Housing Loans (% change), lhs Residential Investment (% change), rhs

9M 2013 Results FY 2013 Results 10 10 FY 2018 Results

March 2019 March 2018 August 2017 December 2015

2 4 6 8

10yr bond spread (% monthly average) Average Credit Rating (in S&P equivalent) CCC+ B BB- BB+

Market confidence is gradually strengthening

II

• Market confidence is gradually strengthening due to the increase in economic

activity, while public sector financing remains manageable owing to:

• the strong – and above the targets – primary surpluses,
• the low debt servicing costs,
• the upgrading of the country’s credit rating by the international rating

agencies,

• the large cash buffer which has been accumulated
• In addition, in March 2019, a ten-year bond was successfully issued after

almost a decade

• The prospects of the Greek economy are positive for 2019 with real GDP

growth maintaining its current dynamics while it is expected to benefit from the further improvement in economic sentiment

Retail trade and Consumer Confidence Industrial Confidence Indicator, Manufacturing and PMI

Source: ELSTAT, European Commission Source: ELSTAT, Markit, IOBE

Tapping the markets again on the back a substantial cash buffer

30 40 50 60 70 80 90 100 110 120

• 20%
• 15%
• 10%
• 5%

0% 5% 10% 15% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Manufacturing, % annual change, lhs Manufacturing, 3m moving average, lhs PMI, rhs Industrial Confidence Indicator, rhs

• 80
• 60
• 40
• 20
• 20%
• 15%
• 10%
• 5%

0% 5% 10%

Consumer Confidence Indicator, 6m moving average (rhs) Consumer Confidence Indicator, 2000-2019 long-term average, rhs Overall volume index in retail trade (excl. automotive fuel), 6m moving average (annual % change) Volume index of retail trade - Supermarkets, 6m moving average (annual % change) Source: Bloomberg, Trading Economics, Alpha Bank Economic Research calculations

11 11 FY 2018 Results

• III. Q4 18 Financial Performance

9M 2013 Results FY 2013 Results 12 12 FY 2018 Results

Q4 2018 Group P&L and Balance Sheet highlights

III

1 Including IFRS 9 impact of €1.1bn 2 Mainly including (€39mn) fixed & intangible assets’ impairment in Q4 2018 3 Including (€108mn) losses on modifications of contractual terms of loans and advances to customers for FY 2018, o/w (€35mn) in Q4 2018

Profit & Loss (€ million) Q4 2018 Q3 2018 qoq % change Net Interest Income (NII) 427 427 … Fees and commissions Income 87 79 10.6% Trading & Other Income 87 144 … Operating Income 601 649 (7.5%) Total Operating Expenses (336) (275) 22.0%

• /w Extraordinary costs 2

(56) (2) … Recurring Operating Expenses (280) (274) 2.2% Pre Provision Income (PPI) 265 374 (29.2%) Core Pre Provision Income 257 241 6.6% Impairment losses on loans (399) (296) … Impairment losses related to upcoming transactions (270) … … Other impairment losses 3 (49) (18) … Profit/ (Loss) before income tax (PBT) (453) 60 … Income Tax 452 (19) … Profit/ (Loss) after income tax (0) 41 … Net Interest Margin (NIM) 2.8% 2.9% Recurring Cost to Income ratio 52.2% 53.2% Balance Sheet (€ billion) 31/12/2018 31/12/2017 yoy change (€ billion) Assets 61.0 60.8 0.2 Net Loans 40.2 43.3 (3.1) Deposits 38.7 34.9 3.8 Tangible Equity (TE) 7.7 9.2 (1.5) 1 Common Equity Tier 1 Ratio (CET1) 17.4% 18.3% … NPE ratio 48.9% 51.7% … Profit & Loss (€ million) FY 2018 FY 2017 yoy % change Net Interest Income (NII) 1,756 1,943 (9.6%) Fees and commissions Income 335 323 3.6% Trading & Other Income 512 197 … Operating Income 2,604 2,464 5.7% Total Operating Expenses (1,162) (1,293) (10.1%)

• /w Extraordinary costs

(70) (175) Recurring Operating Expenses (1,093) (1,118) (2.2%) Pre Provision Income (PPI) 1,441 1,171 23.1% Core Pre Provision Income 1,048 1,201 (12.7%) Impairment losses on loans (1,615) (1,005) … Other impairment losses 3 (116) … … Profit/ (Loss) before income tax (PBT) (289) 165 … Income Tax 342 (76) … Profit/ (Loss) after income tax 53 21 …

9M 2013 Results FY 2013 Results 13 13 FY 2018 Results

374 (133) 241 (0) 8 14 (6) 257 64 (56) 265 Q3 18 Reported PPI Trading Q3 18 Core PPI Δ NII Δ Fees Δ Other income Δ OPEX Q4 18 Core PPI Trading Extraordinary costs Q4 18 Reported PPI

Q4 2018 Core PPI performance

III

PPI q-o-q evolution

(€ million) (€ million)

NII stable q-o-q Recurring OPEX slightly increased q-o-q on higher G&As Fees increased by 10.6% q-o-q, driven by new loans

(€ million)

+€15.9mn +6.6% 65.2 5.9 0.7 71.8 12.5 1.2 13.7 1.2 0.6 1.8 78.9 87.3

Q3 18 Loans Other Commercial Banking Asset Gathering & Bancassurance Investment Banking & Brokerage Q4 18

Commercial Banking 1 2 (3) 427 427 NII Q3 18 Loans DepositsBonds &

• ther

NII Q4 18 274 280 +€6mn +2.2% +€8.4mn +10.6%

(€ million)

Depreciation & Amortisation Staff costs G&As

1 Including c.€2mn extraordinary costs 2 Mainly including fixed & intangible assets’ impairment (€39mn) booked

in Q4 2018

2

544 526 474 465 100 102 1,093 FY 17 FY 18 1,118

• €25mn
• 2.2%

1

GGBs Book value

(€ billion)

3.0 3.0 Dec-18 Book Nominal

Unrealized gains €136mn Dec-18 50bps movement in GGB yield will result in €110mn impact

132 139 116 115 26 Q3 18 Q4 18 26

9M 2013 Results FY 2013 Results 14 14 FY 2018 Results

Loan disbursements in Greece, increased by 38% y-o-y

III

• Loan disbursements of €3.0bn in FY 2018
• 95% to business, 3% to consumer and 2% to mortgages
• Business disbursements primarily towards that drive the economy

such as manufacturing, trade, transportation and tourism

• New disbursements rates for 2018 stood at 4.3% for businesses

€ million FY 2017 FY 2018 Δ y-o-y Q1 2018 Q2 2018 Q3 2018 Q4 2018 Individuals 145 160 +15 33 34 36 58 Business 1,999 2,790 +791 570 701 587 932 Total 2,144 2,950 +806 603 734 622 991

New disbursements - per category

Trade 20% Manufacturing 24% Transportation 16% Tourism 10% Energy 8% Construction 7% Financial and Insurance services 5% Agriculture 4% Other 6% €3.0bn

FY 2018 Business disbursements - per sector

9M 2013 Results FY 2013 Results 15 15 FY 2018 Results

CAD ratio at 17.4%, comfortably above 2019 SREP

III

18.3% 18.3% 18.0% 17.4% (36bps) (8bps) 14bps (60bps) CET1 Dec-17 IFRS 9 CET1 Sep-18 Pre-tax Losses AFS Reserve RWA impact & Other CET1 Cost of upcoming NPE sales in Q4 19 CET1 Dec-18

CET1 ratio quarterly evolution

CET1 capital 8,987 8,274 (€ million) 8,803

SREP evolution

• CET1 ratio stood at 17.4% in December 2018, mainly impacted by the pre-

tax period result and secondly by the AFS valuation

• No capital benefit from Q4 2018 DTA recognition
• SREP 2019 increase to 13.75% on the amortisation of both O-SII and

capital conservation buffer vs. last threshold

• As of December 2018, the Bank calculates €15.6bn in its RWAs for NPEs

i.e c.€2bn of allocated capital (over 2019 SREP)

Standardised method – NPEs to unlock potential benefit

CAD 8,290

3% 3% 2.5% 1.875% 8% SREP 2018 Total CAD 8% 0.25% SREP 2019 Total CAD 12.875% 13.75% O-SII min Capital P2R Capital Conservation Buffer Total CAD Dec-18 17.4%

FLB3 CET1 14.0% Dec-18

CET1 Dec-18 NPE 15.6 3.2 28.9

CET1 8,274

17.4% Allocated capital for NPEs c.€2bn Other RWA Dec-18 DTC NPEs 47.6

9M 2013 Results FY 2013 Results 16 16 FY 2018 Results

ELA elimination achieved; deposits and repos the driving forces

III

Eurosystem funding evolution Group deposits maintain the positive trend

5.2 3.2 3.1 3.1 (3.3) 0.9 (4.1) (0.3) (0.3) 13.2 7.0 0.3 0.0 18.3 10.2 3.4 3.1 Dec-16 Dec-17 Greek Deposits Inflow Securities Repos SEE &

• ther

Dec-18 Δ Feb-19 ECB ELA

(€ billion)

YoY

• €6.8bn

28.1 29.3 3.3 32.7 4.9 5.5 0.5 6.0 32.9 34.9 38.7 Dec-16 Dec-17 Greece Abroad Dec-18 Greece Abroad +€3.8bn

(€ billion)

Δ 2016-2018 + €5.8bn Δ 2016-2018

• €14.9bn

ELA eliminated in Feb-19

Funding mix on a normalisation path

5% 13% 15% 7% 6% 1% 74% Dec-17 79% 1% Dec-18 Covered Bond Deposits ELA funding ECB Repos

Repo contribution in reducing ELA reliance

0.4 2.3 2.7 3.4 4.9 6.4 Dec-16 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

(€ billion)

Collateral type

• GGBs
• T-Bills
• Covered

Bonds

• Securitisations
• Corporate

Bonds

Note: EFSF repos and repos with subsidiaries not included in the analysis;

1 Including €3.2mn TLTRO from Q2 2018 onwards

+€4.1bn Δ 2016-2018 + €6.0bn

Funding cost reduction

1.38% 1.24% 1.13% 0.89% 0.85% 1.05% 0.96% 0.59% 0.14% (0.05%) 0.70% 0.70% 0.69% 0.68% 0.61% Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Repo rate Eurosystem funding cost New time depo rates

1

9M 2013 Results FY 2013 Results 17 17 FY 2018 Results

NPE stock in Greece down by €5.7bn since 2016. Negative organic formation in Q4

III

(€ billion)

Gross formation per segment

(€ million) (€ billion)

27.7 25.0 (2.6) (0.5) 21.9 Dec-16 Dec-17 9M 18 Q4 18 Dec-18 26 (90) 65 (1,070) (186) Q1 18 Q2 18 Q3 18 Mercury & Jupiter Sale Q4 18

Wholesale Retail

• €5.7bn
• 20.7%

(85) (110) (21) (450) (109) Q1 18 Q2 18 Q3 18 Mercury Sale Q4 18

Small Business loans

59 15 38 (42) (131) Q1 18 Q2 18 Q3 18 Mercury & Jupiter Sale Q4 18

Mortgages

52 6 48 (578) 54 Q1 18 Q2 18 Q3 18 Mercury & Jupiter Sale Q4 18

Consumer NPE Reduction – Greece Negative gross formation in Greece based on higher exits

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

(105) (42) (28) (983) (286) Q1 18 Q2 18 Q3 18 Jupiter Sale Q4 18 0.64 0.66 0.68 0.66 (0.72) (0.79) (0.64) (1.13) Q1 2018 0.04 Q3 2018 Q2 2018 Q4 2018 Entries Exits (0.47) (0.13) (0.08) Gross Formation

9M 2013 Results FY 2013 Results 18 18 FY 2018 Results

New NPE reduction plan 2018 – end 2021

III

27.6 24.8 21.7 16.2 7.4 Dec-16 Actual Dec-17 Actual Dec-18 Actual Dec-19 Target Dec-21 Target

New NPE reduction plan 2018-2021 – Solo perimeter

(€ billion)

• €5.5bn

New NPE reduction plan 2018-2021

• New plan mainly focused on:

 frontloading business plan targets and upsizing use of transactions  retaining the ambition on curing potential, while getting more comfort on platform effectiveness and right-sizing expectations  treating lower value segments with priority

• /w sales

c.70%

• This will be a function of:

 Higher transaction activity in the Wholesale portfolios  A more even allocation of the deleveraging effort in Retail Strategies within the period, with non-organic strategies contributing mainly in 2019 and 2020, and re- performance showing its fully phased impact in 2020 and 2021

• €8.7bn
• €5.9bn

9M 2013 Results FY 2013 Results 19 19 FY 2018 Results

Group NPE cash coverage increased at 48%

III

1.69% 2.39% 2.26% 2.18% 3.02% Q4 17 Q1 18 Q2 18 Q3 18 Q4 18

Group CoR (over Gross loans)

2.47% FY 2018 (Cumulative) 2.96%

Including cost of upcoming transactions

Group NPE Coverage 2

1 Excluding impairment losses related to upcoming transactions 2 Including €92.2mn provisions for off balance sheet items as of December 2018

50% 50% 50% 47% 48% Dec-17 pf IFRS 9 Mar-18 Jun-18 Sep-18 Dec-18

Group NPL Coverage 2

67% 73% 73% 69% 70% Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

• In 2018, Group cost of risk came at 247bps (over Gross loans), excluding

impairment losses related to upcoming transactions booked in Q4 18

• In Q4 18, Group CoR stood at 302bps over Gross loans, mainly impacted

by additional provisions for individual impairment cases in the business portfolio relating to specific management actions

• NPE cash coverage marginally increasing to 48% in Q4 18. NPL cash

coverage higher at 70%, in December 2018

1

20 20 FY 2018 Results

• IV. Asset Quality

9M 2013 Results FY 2013 Results 21 21 FY 2018 Results

IV

NPE transactions update

“Project Jupiter”

Size

• c. €1.0bn

Q4 2018 SMEs loan portfolio secured with real estate assets



Completion Transaction details Closed

“Project Mercury”

• c. €1.1bn

Q4 2018 Portfolio of non-performing unsecured consumer and small business loans.



“Individual Corporate Loan Sales”

• c. €0.1bn

Q4 2018 Individual NPE loan sales



Size Estimated Completion Transaction details Scheduled “Individual Corporate Loan Sales”

c.€0.1bn 2019 Unsecured Portfolio

• c. €0.8bn

Q1 2020 Portfolio of non-performing unsecured consumer and small business loans. Transaction to be initiated in 2019 and is expected to be completed during 2020



Secured Portfolios c.€3.8bn Q4 2019 Sale of SMEs loan portfolio secured with real estate assets Securitisation of retail loan portfolio secured with residential real estate assets

 

Individual NPE loan sales



9M 2013 Results FY 2013 Results 22 22 FY 2018 Results

Auctions and repossession activity evolution

IV

Successfully auctioned properties & breakdown by highest bidder Auctions conducted per quarter

328 38% Q4 2018 17% Q1 2018 29% 54% Q2 2018 Q3 2018 131 422 807

e-auctions

% of succesful

• ver conducted

auctions 14% 86% FY 18 38% 3,489 Unsuccesful Successful 3rd parties Alpha Bank

REO portfolio evolution (entries/ exits) - Greece

REO Portfolio 31.12.17 161 Acquisitions

• 48

Sales (incl. Jupiter) REO Portfolio 31.12.18

• 64
• 15

Project Altion

• 95

(€ million)

1 Figures adjusted for CAPEX, depreciation and impairment incurred during 2018 2 Sale of 100% of the shares of Alpha Investment Properties I A.E. for a consideration of €95.3mn

REO portfolio 3,0k properties

• f €0.8bn value

€0.7bn €0.8bn

• In March 2019, Alpha Bank entered into a binding agreement for the sale of

100% of the shares of Alpha Investment Properties I A.E. (Project Altion). The consideration was agreed at €95.3mn and will have a positive impact

• n the regulatory capital and on the liquidity of the Bank. The transaction is

expected to close within the second quarter of 2019

• The Bank is planning to proceed with an additional portfolio transaction in

the next quarters as well as large ticket sales and retail sales

• In Q2 the Bank will appoint specialized asset management and

commercialization channels which will also contribute towards its divestment efforts

1 2

9M 2013 Results FY 2013 Results 23 23 FY 2018 Results

NPL stock in Greece down by €2.0bn y-o-y

IV

16.6 16.4 16.5 14.9 14.6 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

NPL balances evolution - Greece

(€ billion)

y-o-y

• €2.0bn

Retail Gross NPL formation per segment - Greece

(€ million)

1 Gross formation includes curings, repayments, liquidations and debt forgiveness

1

(36) (43) (21) (429) (229) Q1 18 Q2 18 Q3 18 Mercury Sale Q4 18

SBL

(19) 49 215 (41) (251) Q1 18 Q2 18 Q3 18 Mercury & Jupiter Sale Q4 18

Mortgages

71 64 25 (507) 226 Q1 18 Q2 18 Q3 18 Mercury & Jupiter sale Q4 18

Consumer

16 70 218 (977) (254) Q1 18 Q2 18 Q3 18 Mercury & Jupiter sale Q4 18

Retail Wholesale Gross NPL formation – Greece 1

(€ million)

(2) (14) (21) (675) (43) Q1 18 Q2 18 Q3 18 Jupiter Sale Q4 18

9M 2013 Results FY 2013 Results 24 24 FY 2018 Results

5.1 1.9 3.3 2.9 0.7 13.9 3.3 1.2 0.8 1.5 1.2 8.0 8.4 3.1 4.1 4.4 1.9 21.9

Mortgages Consumer SBLs SMEs Corporates Total Performing NPLs

Loans perimeter managed by NPL Units

NPL Workout Units Analysis and Group forborne loans

IV

(€ billion)

NPL Workout Units balances breakdown by segment

Retail €15.6bn Wholesale €6.3bn

1 Including leasing, factoring and International Unit Greece

(€ billion)

• Retail NPL Unit manages all retail exposures which are >1dpd and total

€15.6bn

• In retail c. 2,753 FTEs broken down in

 c.669 in Retail NPL Unit 

• c. 485 in branches

 c.1,599 in collection and legal firms

• WHL NPL Unit manages €6.3bn, out of which €2.7bn are performing loans1
• In wholesale c.130 FTEs broken down in (legal outsourcing excluded):

 Management, Support Division , Transactions Division & WHL NPL Monitoring team: 41 FTEs  Special Credit Division: 54 FTEs  Permanent arrears Division: 35 FTEs

14.6 0.7 10.3 3.6 30.4 22.4 5.3 2.7 44.9 23.0 15.6 6.3 Total Loans Greece Non-NPL Management Units Retail NPL Management Unit WHL NPL Management Unit Performing NPLs

Forborne loans breakdown - Group

FPE 27% FNPE >90dpd 34% FNPE 31- 90dpd 11% FNPE 1-30dpd 7% FNPE 0dpd 21% €19.2bn

9M 2013 Results FY 2013 Results 25 25 FY 2018 Results

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

IV

(€ billion) Wholesale SBL Mortgages Consumer Total Gross loans 19.2 5.1 15.3 5.3 44.9 (-) Provisions (4.2) (1.9) (2.3) (1.8) (10.2) Net loans 15.0 3.3 13.0 3.5 34.7 NPLs 3.7 3.3 5.5 2.0 14.6 NPL ratio 19.3% 65.4% 35.9% 38.1% 32.4% NPEs 7.1 4.1 7.6 3.1 21.9 NPE ratio 37.2% 79.6% 49.8% 58.3% 48.8% NPL collateral 2.0 1.4 3.8 0.6 7.8 NPE collateral 4.1 1.8 5.4 0.7 12.1 Coverage ratio NPLs 3.7 3.3 5.5 2.0 14.6 (+) Forborne NPLs < 90 dpds 3.0 0.7 2.1 1.1 6.8 (+) Unlikely to pay 0.5 0.0 0.0 0.0 0.5 NPEs 7.1 4.1 7.6 3.1 21.9 Forborne NPLs >90dpd 0.9 0.9 2.1 1.4 5.3 Forborne NPLs <90dpd 3.0 0.7 2.1 1.1 6.8 Performing forborne 0.7 0.5 3.2 0.5 4.9 Total forborne 4.6 2.1 7.4 2.9 17.0

Note: Provisions include €84.2mn for off balance sheet items as of December 2018

113% 59% 56% 46% 42% 31% 90% 59% 70% 47% 53% 58% 43% 45% 69% 71% 29% 22% 53% 55% 166% 116% 98% 91% 112% 102% 119% 81% 124% 102%

NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE

Total Collateral Cash

9M 2013 Results FY 2013 Results 26 26 FY 2018 Results

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

IV

(€ billion) Wholesale SBL Mortgages Consumer Total Gross loans 22.8 5.2 18.6 5.9 52.5 (-) Provisions (5.2) (1.9) (3.3) (2.0) (12.3) Net loans 17.6 3.3 15.3 3.9 40.1 NPLs 5.0 3.4 6.9 2.2 17.6 NPL ratio 21.9% 65.3% 37.4% 37.9% 33.5% NPEs 8.9 4.1 9.3 3.4 25.7 NPE ratio 39.1% 79.5% 50.0% 56.8% 48.9% NPL collateral 2.5 1.4 4.5 0.6 9.1 NPE collateral 4.9 1.9 6.2 0.8 13.8 Coverage ratio NPLs 5.0 3.4 6.9 2.2 17.6 (+) Forborne NPLs < 90 dpds 3.4 0.7 2.3 1.1 7.5 (+) Unlikely to pay 0.5 0.0 0.0 0.0 0.6 NPEs 8.9 4.1 9.3 3.4 25.7 Forborne NPLs >90dpd 1.3 0.9 2.9 1.4 6.5 Forborne NPLs <90dpd 3.4 0.7 2.3 1.1 7.5 Performing forborne 0.8 0.5 3.3 0.5 5.2 Total forborne 5.5 2.1 8.5 3.0 19.2 104% 58% 56% 46% 47% 35% 89% 59% 70% 48% 50% 55% 43% 45% 64% 67% 28% 23% 52% 54% 154% 114% 98% 91% 111% 102% 117% 82% 122% 102%

NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE

Total Collateral Cash

Note: Provisions include €92.2mn for off balance sheet items as of December 2018

27 27 FY 2018 Results

• V. Capital

9M 2013 Results FY 2013 Results 28 28 FY 2018 Results

V

Group RWA decreased q-o-q

8,101 7,667 8,274 8,280 8,290 (434) (492) 1,100 6 9

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

12.7% Tangible book value / Tangible Assets

Equity to regulatory capital bridge (December 2018)

3.9 3.8 43.3 0.9 Sep-18 RWAs (0.4) Credit (0.1) (0.0) Market Operational 42.9 0.9 Dec-18 RWAs 48.2 47.6

Group Risk Weighted Assets (standardized method)

(€ billion)

Credit Market Operational

• €0.5bn
• 1.1%

65% 104% 79% Performing NPE Total Loan Portfolio RWA Density

Credit Risk Weights DTA and Tax Credit within CET1 capital

(€ billion)

1.0 0.8 3.2 3.2 0.4 0.0 Dec-18 (fully-loaded) Dec-18 (phased-in) 4.6 4.0 TC IFRS9 Tax Losses Other DTA €8.3bn CET 1 €6.5bn DTA 250% RWf DTC 100% RWf

29 29 FY 2018 Results

• VI. Appendix
• 1. Volumes

9M 2013 Results FY 2013 Results 30 30 FY 2018 Results

3.3 5.3 0.7 40.2 7.0 2.5 1.9 Dec-18 3.2 4.3 0.7 43.3 5.9 1.7 1.6 Dec-17 2.5 9.6 1.1 19.3 15.6 2.9 3.2 7.0 Dec-17 60.8

Balance Sheet composition

VI

Liabilities and equity split Asset split

(€ billion) (€ billion)

Due to Banks

• excl. ECB/ELA

38.7 Net loans PPE DTA Other Securities Cash Due from Banks 61.0 34.9 ELA ECB Time deposits Core deposits Debt securities Equity Other 60.8 Net loans PPE DTA Other Securities Cash Due from Banks Due to Banks

• excl. ECB/ELA

ELA ECB Time deposits Core deposits Debt securities Equity Other 2.7 8.1 0.9 20.8 18.0 7.1 3.1 0.3 Dec-18 61.0

1 The Group modified the Balance Sheet as at 31.12.2017, regarding the progress of the legal case of its subsidiary company Chardash Trading E.O.O.D. (“Chardash”), which operates in Bulgaria. 1 1

9M 2013 Results FY 2013 Results 31 31 FY 2018 Results

Business Volumes

VI

(€ million) Dec 2018 Sep 2018 Jun 2018 Mar 2018 Dec 2017 % Dec 2018 / Dec 2017 Group Gross Loans 52,462 53,242 55,432 55,850 56,612 (7.3%) Mortgages 18,561 18,863 18,955 19,161 19,576 (5.2%) Consumer Loans 4,446 4,492 4,902 4,943 5,010 (11.3%) Credit Cards 1,456 1,385 1,521 1,537 1,628 (10.6%) Small Business Loans 5,186 5,298 5,770 5,823 5,892 (12.0%) Medium and Large Business Loans 22,813 23,203 24,284 24,385 24,507 (6.9%)

• f which:

Greece 44,924 45,369 47,453 47,785 48,496 (7.4%) Mortgages 15,277 15,538 15,667 15,818 16,203 (5.7%) Consumer Loans 3,926 3,957 4,371 4,421 4,486 (12.5%) Credit Cards 1,419 1,350 1,485 1,503 1,593 (10.9%) Small Business Loans 5,117 5,229 5,701 5,755 5,823 (12.1%) Medium and Large Business Loans 19,185 19,296 20,229 20,288 20,391 (5.9%)

• f which: Shipping Loans

2,020 1,956 1,904 1,783 1,754 15.2% Southeastern Europe 7,195 7,550 7,672 7,753 7,822 (8.0%) Accumulated Provisions1 (12,327) (12,579) (14,316) (14,414) (13,294) (15.9%) Group Net Loans 40,228 40,751 41,207 41,524 43,318 (6.5%) Customer Assets 43,579 43,626 42,271 40,833 39,911 9.2%

• f which:

Group Deposits 38,732 38,581 37,059 35,899 34,890 11.0% Sight & Savings 20,777 20,670 19,877 18,933 19,303 7.6% Time deposits & Alpha Bank Bonds 17,955 17,911 17,182 16,966 15,587 15.2% Greece 32,685 32,724 31,493 30,274 29,344 11.4% Sight & Savings 18,482 18,518 17,900 17,088 17,434 6.0% Time deposits & Alpha Bank Bonds 14,203 14,206 13,594 13,187 11,910 19.3% Southeastern Europe 5,179 5,035 4,795 4,827 4,712 9.9% Money Market Mutual Funds 233 266 294 331 364 (36.0%) Other Mutual Funds 1,250 1,367 1,394 1,392 1,380 (9.4%) Private Banking 3,363 3,412 3,525 3,211 3,277 2.6%

1 Accumulated Provisions include €92.2mn for off balance sheet items as of December 2018

9M 2013 Results FY 2013 Results 32 32 FY 2018 Results

Passenger 5% Containers 10% Product Tankers 13% Panamax 7% Aframax 5% Suezmax 8% VLCC 6% Handy max/ Handy size 19% Panamax 19% Capesize 8%

Tankers 39% Dry Bulk 46%

Loans portfolio structure – Group Shipping loans portfolio structure

€2.0bn

Breakdown of loans portfolio – December 2018

VI

Wholesale loans 44% SBLs 10% Consumer loans 8% Credit Cards 3% Mortgages 35%

Group loans breakdown

€52.5bn Households 47% Trade 13% Manufacturing 11% Construction 7% Transportation 5% Leisure 4% Real Estate 3% Electric Supply 2% Other 8% €52.5bn

• €2.0bn of exposure, to top-names
• The portfolio is split into tankers by 39%, containers 10%,

passenger 5% and the rest is dry bulk

• Duration of loan portfolio at 5 years
• NPL ratio lower than 1%

9M 2013 Results FY 2013 Results 33 33 FY 2018 Results

Individuals 71% Business 29% 29.3 30.3 31.5 32.7 32.7 (0.4) 0.8 0.6 (0.0) 1.3 0.4 0.6 (0.0) Dec-17 Core Time Mar-18 Core Time Jun-18 Core Time Sep-18 Core Time Dec-18 Δ Time Δ Core

Alpha Bank deposits evolution in Greece

Deposits flow per quarter

VI

29.3 30.3 31.5 32.7 32.7 0.9 0.7 0.7 (0.4) 0.0 0.5 0.5 0.4 Dec-17 Bus. Indiv. Mar-18 Bus. Indiv. Jun-18 Bus. Indiv. Sep-18 Bus. Indiv. Dec-18 Δ Individuals Δ Business Q1: €0.9bn

Deposits breakdown – December 2018 Alpha Bank deposits evolution in Greece Deposits breakdown – December 2018

Core 57% Time 43%

(€ billion) (€ billion)

Q2: €1.2bn Q3: €1.2bn Q4: (€0.0bn)

9M 2013 Results FY 2013 Results 34 34 FY 2018 Results

(€ million)

Alpha Private Bank balances Asset Management balances

(€ million)

Wealth Management evolution

VI

169 236 248 2,601 2,782 2,739 1,582 1,323 1,274 4,352 4,341 4,261 Dec-16 Dec-17 Dec-18 Discretionary Advisory Execution Only 208 512 501 927 1,025 994 230 186 117 1,365 1,723 1,612 Dec-16 Dec-17 Dec-18 Other AUM Non Money Market Mututal Funds Money Market Mutual Funds

35 35 FY 2018 Results

• VI. Appendix
• 2. PnL

9M 2013 Results FY 2013 Results 36 36 FY 2018 Results

PPI and NII breakdown

VI

Lower contribution of loans to NII

(€ million)

(54) (55) (54) (53) (51) (36) (31) (6) (17) (17) 479 439 436 427 428 90 90 83 70 67 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Bonds & other Loans Funding Depos

Core PPI breakdown

573 536 554 514 536 (295) (268) (272) (274) (280) 278 269 282 240 257 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Core Operating Income Recurring OPEX Core PPI

(€ million)

1 Funding cost in Q2 2018 included €17million one-off benefit from the retrospective application in ECB’s TLTRO funding rate 1

427 480 444 459 427

9M 2013 Results FY 2013 Results 37 37 FY 2018 Results

Loan and deposit spreads

VI

871 950 950 930 928 701 696 694 675 659 455 424 422 414 416 407 410 407 400 412 255 256 255 245 257 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Consumer Credit - Greece Small Business Loans - Greece SEE Medium & Large Business - Greece Mortgages - Greece

Net loan balances & spreads Lending spreads

(bps)

Deposit mix & cost evolution

(33) (33) (33) (33) (30) (80) (66) (45) (29) (21) (96) (96) (93) (90) (87) Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Sight and Savings - Greece SE Europe Time Deposits - Greece

Deposit spreads

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

19.3 18.9 19.9 20.7 20.8 15.6 17.0 17.2 17.9 18.0 34.9 35.9 37.1 38.6 38.7 (61) (61) (57) (54) (51) Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Core deposits Time deposits Group deposits spread

(bps) End of quarter balances

43.3 41.5 41.2 40.8 40.2 433 429 426 415 423 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Net Loans Group loans spread

(€ billion)

46% 54% % Total

9M 2013 Results FY 2013 Results 38 38 FY 2018 Results

Increase in fee generation by 4% y-o-y in 2018

VI

Net Fees & Commissions Income y-o-y

(€ million)

262.6 273.6 55.2 54.4 5.6 7.2 323.5 335.2 FY 17 FY 18 Investment Banking & Brokerage Asset Gathering & Bancassurance Commercial Banking +4% 262.6 13.0 2.7 (4.7) 273.6 55.2 (0.9) 54.4 5.6 1.6 7.2 323.5 335.2

FY 17 Cards Loans Other Commercial Banking Asset Gathering & Bancassurance Investment Banking & Brokerage FY 18

Net Fees & Commission Income evolution y-o-y

(€ million)

+4% y-o-y

Merchant Acquiring Sales - Turnover

Commercial Banking

(€ billion)

1.2 1.3 1.4 1.5 1.4 1.5 1.6 1.7 0.2 0.7 1.2 0.4 0.3 0.8 1.4 0.4 1.4 1.9 2.6 1.9 1.7 2.3 3.0 2.1 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Greek Cards International Cards Total FY 17 €7.8bn FY 18 €9.1bn +16% +4%

Main fee income drivers for 2018

(€ million)

0.1 1.3 1.5 1.6 2.7 13.0 Brokerage Private Banking Investment Banking Bancassurance Loans Cards +19.8% % increase in 2018 +5.9% +12.6% +34.2% +33.5% +4.2%

9M 2013 Results FY 2013 Results 39 39 FY 2018 Results

Operating expenses

VI

Recurring OPEX Evolution

(€ million)

1,032 897 721 692 680 676 670 669 656 643 629 Dec-14 Dec-15 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

Branches

Bulg

• 83

FYROM

• 18

Employees

15,202 13,856 11,863 11,897 11,923 11,859 11,727 11,802 11,836 11,358 11,314 Dec-14 Dec-15 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

Bulg

• 744

FYROM

• 240

VSS Cy

• 249

Greece 9,570 9,687 8,888 8,900 8,903 8,820 8,667 8,706 8,707 8,208 8,147 Serbia

• 836

Serbia

• 67

Hilton

• 323

1 Includes corporate and private banking centers

VSS Gr

• 2,208

120 116 118 116 115 149 126 129 133 139 25 25 25 26 26 295 268 272 274 280 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Depreciation & amortisation expenses General expenses Staff costs

Greece1 628 626 533 505 493 489 483 482 469 457 443 VSS Gr

• 523

€ million FY 17 FY 18 yoy %

Staff costs (474) (465) (1.9%) General expenses (544) (526) (3.4%) Depreciation and amortisation expenses (100) (102) 2.3% Recurring OPEX (1,118) (1,093) (2.2%) Extraordinary/one-off costs (175) (70) … Total OPEX (1,293) (1,162) (10.1%)

9M 2013 Results FY 2013 Results 40 40 FY 2018 Results

SEE Operations 1

VI

(€ million) Cyprus Δ% Romania Δ% Albania Δ% TOTAL Δ% Dec-18 yoy yoy yoy yoy Deposits 2,211 (1.3%) 2,463 23.0% 504 6.2% 5,179 14.6% Gross Loans 4,292 (13.2%) 2,607 2.2% 296 (9.5%) 7,195 (8.0%) Mortgages 2,084 (6.7%) 1,106 5.3% 70 3.5% 3,260 (2.7%) Consumer Credit 258 (4.4%) 247 4.5% 31 11.8% 537 0.4% Businesses 1,950 (20.1%) 1,253 (0.9%) 195 (15.9%) 3,398 (13.6%) NPE ratio 79.8% 9.6% 19.1% NPE Cash coverage 56% 71% 27% NPE Total coverage 100% 138% 121% NPL ratio 65.4% 6.4% 6.8% NPL Cash coverage 69% 107% 76% NPL Total coverage 110% 172% 160% Total Operating Income 84.0 (35.9%) 133.7 2.9% 15.5 (8.4%) 233.2 (16.1%) Operating Expenses (pre-O/H allocation)1 (63.0) 2.9% (99.1) 2.9% (16.8) 2.0% (179.0) 2.8% Impairment Losses (205.9) 18.3% (13.7) … (2.2) (54.9%) (221.8) 22.4% Profit Before Tax (pre- O/H allocation) (184.9) … 20.9 (34.7%) (3.5) … (167.5) … Branches 22 130 33 185 (1) Employees 693 1,976 419 3,088 98

1 Country View

9M 2013 Results FY 2013 Results 41 41 FY 2018 Results

Alpha Bank Group

VI

(€ million) FY 2018 FY 2017 yoy % change Net interest income 1,756.0 1,942.6 (9.6%) Net fee and commission income 335.2 323 3.6% Income from financial operations 462.7 144.7 … Other Income 49.8 52.8 (5.7%) Operating Income 2,603.7 2,463.6 5.7% Staff costs (464.9) (473.6) (1.9%) General expenses (525.7) (544.2) (3.4%) Depreciation and amortization expenses (102.0) (99.7) 2.3% Recurring Operating expenses (1,092.6) (1,117.6) (2.2%) Integration costs (0.5) (1.5) … Extraordinary costs (69.2) (173.9) … Total Operating expenses (1,162.4) (1,293.0) (10.1%) Impairment losses on loans (1,614.9) (1,005.4) … Other impairment losses (115.8) 0.0 … Profit / (Loss) before income tax (289.4) 165.1 … Income Tax 342.3 (75.6) … Profit / (Loss) after income tax from continuing operations 53.0 89.5 … Profit / (Loss) after income tax from discontinued operations 0.0 (68.5) … Profit / (Loss) attributable to shareholders 53.0 21.1 … Net interest Margin (NIM) 2.9% 3.1%

9M 2013 Results FY 2013 Results 42 42 FY 2018 Results

Alpha Bank Group

VI

(€ million) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 qoq% change yoy % change Net interest income 426.6 426.6 459.0 443.8 479.6 (0.0%) (11.1%) Net fee and commission income 87.3 78.9 84.6 84.4 82.7 10.6% 5.6% Income from financial operations 64.3 134.8 77.5 186.1 28.8 … … Other Income 22.5 8.9 10.3 8.1 10.3 … … Operating Income 600.7 649.2 631.4 722.4 601.4 (7.5%) (0.1%) Staff costs (115.1) (115.7) (117.7) (116.4) (119.9) (0.6%) (4.0%) General expenses (138.8) (132.8) (129.1) (126.3) (149.3) 5.0% (7.0%) Depreciation and amortization expenses (26.0) (26.0) (25.1) (25.1) (25.4) (0.0%) 2.3% Recurring Operating expenses (279.8) (274.5) (271.8) (267.8) (294.5) 2.2% (5.0%) Integration costs (0.2) (0.1) (0.1) (0.1) (0.1) … … Extraordinary costs (55.9) (0.8) (8.8) (2.4) (149.8) … … Total Operating expenses (335.9) (275.4) (280.7) (270.3) (444.4) 22.0% (24.4%) Impairment losses on loans (668.9) (294.6) (313.7) (335.8) (243.7) … … Other impairment losses (48.6) (19.0) (43.0) (6.9) … … Profit / (Loss) before income tax (452.8) 60.2 (6.1) 109.3 (86.8) … … Income Tax 452.4 (19.2) (46.8) (44.1) 22.7 … … Profit / (Loss) after income tax from continuing operations (0.4) 41.0 (52.9) 65.2 (64.0) … … Profit / (Loss) after income tax from discontinued operations 0.0 0.0 0.0 0.0 0.0 … … Profit / (Loss) attributable to shareholders (0.4) 41.0 (52.9) 65.2 (64.0) … … Net interest Margin (NIM) 2.8% 2.9% 3.1% 3.0% 3.1%

9M 2013 Results FY 2013 Results 43 43 FY 2018 Results

Group Results by Business Unit

VI

(€ million) 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 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Operating Income 987.7 1,069.8 709.7 737.4 233.2 278.0 635.4 265.5 55.3 59.0 (17.7) 53.9 2,603.7 2,463.6 Net Interest Income 847.2 953.2 597.4 633.8 199.2 232.5 121.2 107.5 8.1 12.2 (17.1) 3.4 1,756.0 1,942.6 Net fee and Commission Income 111.2 108.2 139.0 125.9 29.0 25.7 12.1 19.0 44.0 44.5 (0.0) 0.2 335.2 323.5 Income from Financial Operations 27.2 6.4 (38.8) (33.9) (2.6) 10.4 496.3 137.4 4.1 6.1 (23.6) 18.4 462.7 144.7 Other Income 2.1 2.0 12.1 11.5 7.7 9.3 5.8 1.7 (0.9) (3.7) 23.0 32.0 49.8 52.8 Operating Expenses (640.6) (670.0) (183.0) (174.5) (193.9) (187.9) (30.3) (29.9) (33.4) (31.1) (81.1) (199.6) (1,162.4) (1,293.0) Staff Costs (258.4) (269.0) (82.4) (86.1) (86.6) (82.6) (12.8) (12.5) (18.4) (17.2) (16.7) (99.7) (475.3) (567.1) General Expenses (324.3) (346.5) (77.2) (65.9) (97.5) (96.0) (14.4) (15.0) (12.7) (11.5) (58.9) (91.2) (585.0) (626.2) Depreciation (57.8) (54.5) (23.5) (22.5) (9.8) (9.4) (3.1) (2.3) (2.3) (2.3) (5.5) (8.6) (102.0) (99.7) Pre Provision Income (PPI) 347.1 399.8 526.7 562.9 39.3 90.0 605.0 235.6 22.0 27.9 (98.7) (145.7) 1,441.3 1,170.5 Impairment Losses on Loans (975.2) (886.5) (446.2) 62.2 (197.1) (181.1) 3.8 0.0 0.0 0.0 (0.1) 0.0 (1,614.9) (1,005.4) Other Impairment Losses (81.7) 0.0 (4.2) 0.0 (24.7) 0.0 (7.0) 0.0 (1.9) 0.0 0.0 0.0 (115.8) 0.0 Profit / (Loss) before tax (709.9) (486.7) 76.2 625.1 (182.5) (91.1) 601.7 235.6 23.9 27.9 (98.8) (145.7) (289.4) 165.1

9M 2013 Results FY 2013 Results 44 44 FY 2018 Results

(€ million) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Operating Income

241.7 238.6 246.7 260.8 263.4

Net Interest Income

202.5 208.5 218.2 218.0 232.2

Net fee and Commission Income

28.2 28.1 27.4 27.6 29.2

Income from Financial Operations

10.4 1.5 0.6 14.7 1.5

Other Income

0.6 0.5 0.5 0.5 0.5

Operating Expenses

(159.4) (160.5) (159.9) (160.8) (174.4)

Staff Costs

(62.4) (64.5) (66.0) (65.6) (66.6)

General Expenses

(82.1) (81.3) (79.6) (81.3) (94.0)

Depreciation

(15.0) (14.7) (14.3) (13.9) (13.8)

Impairment losses on Loans

(508.9) (118.2) (132.6) (215.6) (218.2)

Other Impairment Losses

(29.4) 0.0 (18.3) (34.1) 0.0

Profit / (Loss) before tax

(456.0) (40.1) (64.1) (149.7) (129.1)

RWA e

18,638 19,095 19,557 19,812 20,065

Results I Retail Business Unit

VI

9M 2013 Results FY 2013 Results 45 45 FY 2018 Results

Results I Commercial & Corporate Business Unit

VI

(€ million) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Operating Income

163.9 172.8 195.8 177.2 193.9

Net Interest Income

141.8 147.3 153.2 155.0 154.4

Net fee and Commission Income

38.3 32.0 35.9 32.7 34.0

Income from Financial Operations

(19.3) (9.5) 3.5 (13.5) 1.0

Other Income

3.1 3.0 3.1 2.8 4.5

Operating Expenses

(46.8) (47.1) (46.6) (42.5) (50.9)

Staff Costs

(20.5) (20.1) (20.7) (21.1) (21.6)

General Expenses

(20.4) (21.1) (20.0) (15.7) (23.1)

Depreciation

(6.0) (5.9) (5.8) (5.7) (6.2)

Impairment losses on Loans

(118.6) (154.2) (117.1) (56.3) 50.7

Other Impairment Losses

(2.8) 0.0 (1.3) (0.2) 0.0

Profit / (Loss) before tax

(4.3) (28.5) 30.8 78.2 193.7

RWA e

17,371 17,838 18,066 18,131 18,208

9M 2013 Results FY 2013 Results 46 46 FY 2018 Results

Results I Asset Management Business Unit

VI

(€ million) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Operating Income

12.1 12.9 14.5 15.8 12.2

Net Interest Income

2.2 1.8 2.0 2.1 2.7

Net fee and Commission Income

10.2 9.9 10.7 13.1 10.1

Income from Financial Operations

(0.4) 1.4 2.1 1.0 2.7

Other Income

0.1 (0.3) (0.2) (0.5) (3.3)

Operating Expenses

(8.9) (8.7) (7.9) (7.9) (8.3)

Staff Costs

(4.7) (4.7) (4.6) (4.4) (4.6)

General Expenses

(3.6) (3.4) (2.8) (3.0) (3.0)

Depreciation

(0.6) (0.6) (0.6) (0.5) (0.7)

Impairment losses on Loans

0.0 0.0 0.0 0.0 0.0

Other Impairment Losses

(0.2) (0.9) (0.4) 3.4 0.0

Profit / (Loss) before tax

3.0 3.3 6.2 11.3 3.9

RWA e

363 377 397 399 366

9M 2013 Results FY 2013 Results 47 47 FY 2018 Results

(€ million) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Operating Income

107.3 172.7 125.1 230.2 50.4

Net Interest Income

27.7 26.6 38.4 28.6 35.0

Net fee and Commission Income

2.7 2.1 3.5 3.7 3.0

Income from Financial Operations

75.4 142.5 81.9 196.5 11.9

Other Income

1.6 1.5 1.3 1.4 0.4

Operating Expenses

(7.2) (8.0) (7.7) (7.4) (8.6)

Staff Costs

(3.3) (3.3) (3.2) (3.0) (3.6)

General Expenses

(3.7) (3.8) (3.6) (3.4) (4.3)

Depreciation

(0.2) (1.0) (1.0) (1.0) (0.7)

Impairment losses on Loans

0.6 (0.3) 12.1 (8.8) 0.0

Other Impairment Losses

(13.2) (15.3) (7.6) 29.1 0.0

Profit / (Loss) before tax

87.6 149.1 121.9 243.1 41.8

RWA e

4,644 4,060 3,766 3,937 4,004

Results I Investment Banking & Treasury Business Unit

VI

9M 2013 Results FY 2013 Results 48 48 FY 2018 Results

Results I SE Europe Business Unit

VI

(€ million) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Operating Income

56.4 60.2 60.4 56.2 68.0

Net Interest Income

51.9 50.6 49.8 46.8 54.9

Net fee and Commission Income

7.7 7.0 7.2 7.1 6.5

Income from Financial Operations

(5.5) 1.0 2.3 (0.3) 3.0

Other Income

2.4 1.5 1.1 2.6 3.6

Operating Expenses

(55.0) (47.8) (45.9) (45.3) (57.7)

Staff Costs

(22.7) (21.5) (21.5) (20.9) (22.4)

General Expenses

(29.6) (23.9) (22.0) (22.0) (33.0)

Depreciation

(2.7) (2.5) (2.3) (2.3) (2.3)

Impairment losses on Loans

(42.0) (23.4) (76.6) (55.1) (76.3)

Other Impairment Losses

(3.1) (1.4) (15.0) (5.2) 0.0

Profit / (Loss) before tax

(43.6) (12.5) (77.1) (49.3) (66.0)

RWA e

4,790 4,805 4,770 4,819 4,986

9M 2013 Results FY 2013 Results 49 49 FY 2018 Results

Results I Other Business Unit

VI

(€ million) Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Operating Income

19.2 (7.9) (11.2) (17.7) 13.5

Net Interest Income

0.5 (8.2) (2.6) (6.7) 0.4

Net fee and Commission Income

0.2 (0.3) (0.1) 0.1 (0.3)

Income from Financial Operations

3.8 (2.1) (12.9) (12.4) 8.7

Other Income

14.7 2.6 4.5 1.3 4.6

Operating Expenses1

(58.6) (3.2) (12.8) (6.4) (144.5)

Staff Costs1

(12.0) (1.6) (1.7) (1.4) (93.7)

General Expenses

(45.1) (0.3) (9.9) (3.5) (49.0)

Depreciation

(1.5) (1.3) (1.1) (1.5) (1.8)

Impairment losses on Loans

(0.1) 0.0 0.0 0.0 0.0

Other Impairment Losses

0.0 0.0 0.0 0.0 0.0

Profit / (Loss) before tax

(39.5) (11.1) (24.0) (24.2) (131.1)

RWA e

2,102 1,952 1,826 1,772 1,572

1 Including VSS provision of €93mn in Q4 2017

9M 2013 Results FY 2013 Results 50 50 FY 2018 Results

Terms Definitions Abbreviation 1 Accumulated Provisions or Loan Loss Reserve Accumulated Impairment Allowance, as disclosed for credit risk monitoring purposes (note 41) LLR 2 Core Operating Income Operating Income (5) less Income from financial operations 3 Gross Loans Total gross amount of Loans and Advances to Customers, as disclosed for credit risk monitoring purposes (note 41) 4 Impairment losses or Loan Loss Provisions Impairment losses and provisions to cover credit risk LLPs 5 Operating Income Total income plus Share of profit/(loss) of associates and joint ventures 6 Recurring Operating Expenses Total Operating Expenses (7) less Integration, Extraordinary Costs and One-Offs Recurring OPEX 7 Total Operating Expenses Total expenses Total OPEX

Glossary

VI

Reconciliation of key Management’s definitions with terms in “Annual report (In accordance with Law 3556/2007)” Alternative Performance Measures Definitions Abbreviation Common Equity Tier 1 ratio (Fully-loaded) 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) FL CET 1 ratio Common Equity Tier 1 ratio (Phased-in) Common Equity Tier 1 regulatory capital as defined by Regulation No 575/2013, as amended, based on the transitional rules, divided by total Risk Weighted Assets CET1 ratio Core Pre-Provision Income Core Operating Income (2) for the period less Recurring Operating Expenses (6) for the period Core PPI Cost of Risk Impairment losses (4) for the period divided by the average Gross Loans (3) of the relevant period CoR Deferred Tax Assets Consist of the amounts of income taxes recoverable in future periods in respect of deductible temporary differences, the carryforward of unused tax losses and the carryforward of unused tax credits DTA Deferred Tax Credit The amounts of DTAs that are eligible for conversion into tax credits in specific situations, such as the occurrence of accounting losses (conversion by the proportion of losses vs. total equity), liquidation or insolvency of the credit institution (conversion of all eligible assets) DTC Forborne Exposures Forborne exposures are debt contracts in respect of which forbearance measures have been extended. Forbearance measures consist of concessions towards a debtor facing or about to face difficulties in meeting its financial commitments (“financial difficulties”) Forborne Forborne Non Performing loans (under EBA) Forborne non-performing exposures comprise the following: a) Exposures that are classified as non-performing due to the extension of forbearance measures b) Exposures that were non-performing prior to the extension of forbearance measures c) Forborne exposures which have been reclassified from the forborne performing category, either due to the extension of additional forbearance measures or due to becoming more than 30 days past-due FNPEs Loan Loss Reserves over Loans Accumulated Provisions (1) divided by Gross Loans (4) at the end of the reported period Loan to Deposit ratio Net Loans divided by Deposits at the end of the reported period 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 NIM Net Loans Gross Loans (3) at the end of the period less Accumulated Provisions (1) at the end of the period Non Performing Exposures Non-performing exposures are those that satisfy either or both of the following criteria: a)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 NPEs Non Performing Exposure Coverage Accumulated Provisions (1) divided by Non Performing Exposures (NPEs) at the end of the reference period NPE (cash) coverage Non Performing Exposure ratio Non Performing Exposures (NPEs) divided by Gross Loans (3) at the end of the reference period NPE ratio

9M 2013 Results FY 2013 Results 51 51 FY 2018 Results

Glossary

Alternative Performance Measures Definitions Abbreviation Non Performing Exposure Total Coverage Accumulated Provisions (1) including the value of the associated collaterals divided by Non Performing Exposures (NPEs) at the end of the reported period NPE Total coverage Non Performing Loans (under EBA) Τhe part of the Non Performing Exposures (under EBA) that are not classified as Forborne EBA NPLs Non Performing Loans (under IFRS) Non Performing Loans (under IFRS) are considered those if one of the following conditions apply: a) Exposures which are more than 90 days past-due b) Exposures under Legal actions NPLs Non Performing Loan Coverage Accumulated Provisions (1) divided by Non Performing Loans (under IFRS) at the end of the reference period NPL (cash) Coverage Non Performing Loan ratio Non Performing Loans (under IFRS) divided by Gross Loans (3) at the end of the reference period NPL ratio Non Performing Loan Total Coverage Accumulated Provisions (1) including the value of the associated collaterals divided by Non Performing Loans (under IFRS) at the end of the reference period NPL Total Coverage Other Systemically Important Institutions O-SIIs are institutions that, due to their systemic importance, are more likely to create risks to financial stability. Whilst maximizing private benefits through rational decisions, these institutions may bring negative externalities into the system and contribute to market distortions O-SII Overall Capital Requirement OCR includes in addition to the Total SREP Capital Requirements (TSCR) the combined buffers requirements (CBR) defined in point (6) of Article 128 of Directive 2013/36/EU as applicable OCR Property Plant Equipment Definition as per financial statements PPE Pre-Provision Income Operating Income (5) for the period less Total Operating Expenses (7) for the period PPI Recurring Cost to Income ratio Recurring Operating Expenses (6) for the period divided by Core Operating Income (2) for the period C/I ratio Remedial management costs Operating costs related to NPL management initiatives (e.g. collection costs, legal costs etc) Risk Weighted Assets Risk-weighted assets are the bank’s assets and off-balance sheet exposures, weighted according to risk factors based on Regulation (EU) No 575/2013, taking into account credit, market and operational risk RWAs Tangible Book Value per share Tangible Book Value per share is the Total Equity attributable to shareholders excluding Goodwill and other intangible assets, minorities, hybrids and preference shares divided by the outstanding number of shares TBV/share Total Capital Adequacy Ratio Total regulatory capital divided by total Risk Weighted Assets (RWAs), as defined by Regulation No 575/2013 Total CAD Tangible Equity or Tangible Book Value Tangible Equity is the Total Equity attributable to shareholders excluding goodwill, intangibles, minorities, hybrids, preference shares TE or TBV Total Supervisory Review & Evaluation Process Capital Requirement TSCR is composed of the minimum total own fund requirements (8%) and the additional Pillar 2 Requirement (P2R), according to article 16(2) (a) of the Regulation 1024/2013/EU TSCR Unlikely to pay (under EBA) 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 (Article 178(3) of Regulation (EU) 575/2013) UtP

VI

9M 2013 Results FY 2013 Results 52 52 FY 2018 Results

ALPHA BANK 40, Stadiou Street, 102 52 Athens, Greece Internet : www.alpha.gr Reuters : ACBr.AT (shares) Bloomberg : ALPHA GA (shares)

Lazaros Papagaryfallou General Manager – CFO lap-office@alpha.gr +30 210 326 2261 Dimitrios Kostopoulos Elena Katopodi Manager Assistant Manager Investor Relations Division Investor Relations Division dimitrios.kostopoulos@alpha.gr elena.katopodi@alpha.gr +30 210 326 2271 +30 210 326 2272 Stella Traka Senior Investor Relations Officer stella.traka@alpha.gr +30 210 326 2274 E-mail : ir@alpha.gr Tel : +30 210 326 2271 +30 210 326 2273 +30 210 326 2277

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