Q 1 2 0 1 9 R e s u l t s May 30, 2019 Key Highlights - - PowerPoint PPT Presentation

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

May 30, 2019

Contents

• Key Highlights
• Macroeconomic Update
• Q1 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

9M 2013 Results FY 2013 Results 3 3 Q1 2019 Results This presentation has been prepared and issued by Alpha Bank solely for informational purposes. For the purposes of this disclaimer, this presentation shall mean and include materials, including and together with any oral commentary or presentation and any question and answer session. By attending a meeting at which the presentation is made, or otherwise viewing

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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 or completeness 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 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

• Key Highlights
• Macroeconomic Update
• Q1 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

Q1 2019 Results

9M 2013 Results FY 2013 Results 5 5 Q1 2019 Results

Q1 2019 Financial Highlights

Financial Performance Commercial Activity Asset Quality

 Core PPI at €212mn decreased by 12.6% q-o-q, mainly impacted by a 9.0% decrease in NII and seasonal pressure in

• fees. Recurring operating expenses declined by 7.9% q-o-q

 Impairment losses on loans at €178mn, significantly decreased vs Q4 2018  PAT at €27.5mn for Q1 2019  Loan disbursements of €0.6bn in Q1 2019. New financing is expected to pick up pace in the next quarters of the year to reach c.€3.5bn by the end of 2019  Group deposits at €38.9bn in March 2019  Deposits in Greece increased by €0.3bn q-o-q

Liquidity

 Group LDR at 103% as of March 2019 versus 116% a year ago; ELA eliminated in February 2019  Repos at €6.7bn as of March 2019, increased by €4.0bn y-o-y  Successful completion of a €200mn covered bond issuance by Alpha Bank Romania, in May 2019, the first ever covered bond issued from a Romanian bank  Group NPEs reduced by €0.3bn q-o-q  Ongoing portfolio segmentation and classification of non-performing exposures as “Core” and “non-Core” to distinguish between strategies to be applied  Retail NPL transformation plan gaining pace  NPE transactions of c.€4bn in the pipeline for 2019

Capital

 FL B3 CET1 ratio at 14%; Phased in CET1 ratio at 17% as of March 2019, despite the impact from IFRS 9 and IFRS 16  Total CAD at 17%, providing a comfortable buffer of €1.6bn over our SREP ratio requirements  Use of standardized approach in calculating RWAs to provide flexibility in NPE reduction strategies

• Key Highlights
• Macroeconomic Update
• Q1 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

Q1 2019 Results

9M 2013 Results FY 2013 Results 7 7 Q1 2019 Results

Despite the conflux of international headwinds, economic upswing continues

Source: : ELSTAT, Eurostat

• Real GDP growth is expected to retain its current dynamics on the

back

• f

robust private consumption, investment rebound and improving expectations in manufacturing amid a less favorable external environment

• Additionally, the impact of the EU growth slowdown is expected to be

limited on the volume of Greek exports, because of their low income elasticity

• Employment growth is expected to continue, though at a slower pace

(2019: 1.5%; 2020: 1.3% according to EC Spring 2019 Forecasts)

• This moderate job creation, combined with the recent minimum wage

hike, muted inflation dynamics and the supportive fiscal measures (including lower VAT rates, an increase in pension benefits and a scheme to settle outstanding tax and social security payments in instalments) are expected to continue to support household spending

• Despite cuts in VAT rates and lower oil prices, inflation is expected to

remain around 0.8% in 2019 and 2020 mainly supported by minimum wage increase and resilient private consumption

Moderate growth with improving expectations in manufacturing Youth unemployment declines while part-time work in new hirings remains high Robust private consumption in a low inflation environment

Source: : ELSTAT, Eurostat Source: Eurostat, ERGANI, GSEE Labour Institute Source: ELSTAT, European Commission, Markit 21% 33% 40% 45% 46% 51% 56% 55% 55% 54%

5% 15% 25% 35% 45% 55% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Total Unemployment rate Youth Unemployment rate Part time and temporary new hirings (as % of private sector job creation) 30 35 40 45 50 55 60 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV J F M A 2013 2014 2015 2016 2017 2018 2019

• 6%
• 5%
• 4%
• 3%
• 2%
• 1%

0% 1% 2% 3%

Real GDP (annual % change) EU-28 real GDP (annual % change) PMI, rhs

• 4%
• 2%

0% 2% 4% Ι ΙΙ ΙΙΙ IV Ι ΙΙ ΙΙΙ IV Ι ΙΙ ΙΙΙ IV Ι ΙΙ ΙΙΙ IV Ι ΙΙ ΙΙΙ IV 2014 2015 2016 2017 2018 Private consumption (annual % change) Inflation (HICP), at constant tax rates Inflation (HICP) 2020* 2019*

* EC Forecasts (Spring 2019)

9M 2013 Results FY 2013 Results 8 8 Q1 2019 Results

Tourism, Exports and Real Estate: Acting as Catalysts

• The projected rise in private consumption and investment in machinery

and equipment are expected to increase imports, reducing the contribution of net exports to GDP growth and widening the trade deficit

• Sustaining

current growth dynamics combined with a prudential monitoring of fiscal risks would facilitate the achievement of fiscal targets in the coming years so as the public debt-to-GDP ratio to embark on a downward path, from 181.1% in 2018 to 168.9% in 2020, according to EC Spring 2019 Forecasts

• House prices rose by 1.5% in 2018, after a decade of consecutive

declines; price-to-income and price-to-rent ratios below their long-term average values

External sector imbalances remain manageable despite the slowdown of trading partners House price-to-income and house-to-rent below long-term average in 2018 Tourists arrival and travel receipts on the rise in Q12019

Source: EC Economic Forecasts (Spring 2019) Source: OECD, Analytical House Price Indicators

• 25%
• 15%
• 5%

5% 15%

Trade balance of goods (% of GDP) Current account balance* (% of GDP) Imports (goods and services), % change Exports (goods and services), % change *Balance of payments statistics (BPM6)

*Standardized ratios, calculated by dividing the price-to-income or price-to-rent ratios on their long-term average and indexed to a reference value equal to 100.

Austria Belgium France Germany Greece Ireland Italy Netherlands Portugal Spain UK Euro area OECD 60 70 80 90 100 110 120 130 140 150 160 80 90 100 110 120 130 140 Price-to-rent ratio* Price-to-income ratio*

Source: Bank of Greece

100 200 300 400 500 600 700 0,000 0,005 0,010 0,015 0,020 0,025 0,030 0,035 2011 2012 2013 2014 2015 2016 2017 2018 Tourist Arrivals (thous.people), lhs Travel Receipts (€ mln),lhs Average Expenditure per Trip (in €),rhs tourist arrivals: +7.8% yoy travel receipts: +37.2% yoy Q12019

9M 2013 Results FY 2013 Results 9 9 Q1 2019 Results

Financial conditions relaxed as confidence returns

• The

strengthening economic recovery, in tandem with the

• verachievement of fiscal targets, the low debt servicing costs and the

accumulation of a large cash buffer are reflected in Greece’ s sovereign credit rating upgrades since the beginning of 2018, though remaining below the investment grade

• Banking system lending is increasing to some sectors of the economy

in consistence with the demand for credit for large projects, while lending rates for business loans remain on a declining trend

• Banking system liquidity is improving as deposits keep rising and

banks have repaid the central bank’s emergency funding

Greek Government 10 yr Bond Spread de-escalates while the ASE Index recovers Liquidity conditions improve Signs of recovery in business credit

Source: Bloomberg, Trading Economics Source: Bank of Greece

110 120 130 140 150 20 40 60 80 100 120 140

I III V VII IX XI I III V VII IX XI I III V VII IX XI I III V VII IX XI I III 2015 2016 2017 2018 2019 ECB Funding ΕLA Funding Private Sector Deposits, rhs

(amounts in € bn)

Fitch: B Moody's: B3 S&P: B+ Fitch: BB- Moody's: B1 886.54 593.05

EU Elections

500 550 600 650 700 750 800 850 900 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19

Greece 10yr GB spread Portugal 10 yr GB spread ASE Index, rhs

Issuance of 10yr *Non-financial corporations Average bank interest rate weighted by loan o/s Source: Bank of Greece Percentage per annum

3 4 5 6 7

• 6%
• 5%
• 4%
• 3%
• 2%
• 1%

0% 1% 2% 3%

I 2014 V IX I 2015 V IX I 2016 V IX I 2017 V IX I 2018 V IX I 2019 Credit to Non-financial corporations (NFCs*), lhs Interest Rates οn New Loans to NFCs*, rhs

• Key Highlights
• Macroeconomic Update
• Q1 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

Q1 2019 Results

9M 2013 Results FY 2013 Results 11 11 Q1 2019 Results

Q1 2019 Group P&L and Balance Sheet highlights

Balance Sheet (€ bn) 31/03/2019 31/12/2018 qoq change Assets 61.6 61.0 0.6 Net Loans 39.9 40.2 (0.3) Deposits 38.9 38.7 0.2 Tangible Equity (TE) 7.7 7.7

…

Common Equity Tier 1 Ratio (CET1) 17.0% 17.4% … NPE ratio 48.9% 48.9% … Profit & Loss (€ mn) Q1 2019 Q4 2018 qoq % change Q1 2018 yoy % change Net Interest Income (NII) 388 427 (9.0%) 444 (12.5%) Fees and commissions Income 70 86 (18.0%) 83 (15.6%) Trading & Other Income 75 87 (14.1%) 194 (61.5%) Operating Income 533 599 (11.0%) 721 (26.0%) Total Operating Expenses (262) (335) (21.8%) (269) (2.6%) Recurring Operating Expenses (257) (279) (7.9%) (266) (3.5%) Core Pre Provision Income 212 243 (12.6%) 269 (21.0%) Pre Provision Income (PPI) 271 264 2.7% 452 (40.0%) Impairment Losses on Loans (178) (669) (73.3%) (336) (46.9%) Other Impairment Losses (42) (49) (13.6%) (7) … Profit/ (Loss) before income tax (PBT) 51 (453) … 110 … Income Tax (24) 452 … (44) … Profit/ (Loss) after income tax 27 (1) … 65 … Net Interest Margin (NIM) 2.5% 2.8% 3.0% Recurring Cost to Income ratio 54.7% 53.4% 49.7%

1 1 1 2018 comparative figures have been restated due to reclassification of expenses paid to VISA, Mastercard and Diners from General Expenses to Net Fee and Commission Income 2 Core Pre Provision Income excludes trading, extraordinary expenses and one-offs in other income (a goodwill impairment of €9.7mn in relation to an associated company for Q1 2019 and an income of €13mn in relation to

insurance company compensation for Q4 2018)

• Core Pre Provision Income at €212mn down by 12.6% vs

previous quarter, primarily affected by the lower NII and fee income contribution

• CoR at 137bps, with impairment losses on loans at €178mn, down

from 506bps and €669mn charge in the previous quarter

• Profit After Tax at €27mn in Q1 2019

2 2

9M 2013 Results FY 2013 Results 12 12 Q1 2019 Results

Q1 2019 Core PPI performance mainly affected by lower NII and fee income

264 (21) 243 (38) (15) 1 22 212 74 (15) 271 Q4 18 Reported PPI Trading and

• ne-offs

Q4 18 Core PPI Δ NII Δ Fees Δ Other income Δ OPEX Q1 19 Core PPI Trading Other Q1 19 Reported PPI

• €31mn

PPI q-o-q evolution (€ mn)

1

1 Core Pre Provision Income excludes trading, extraordinary expenses and one-offs in other income (a goodwill impairment of €9.7mn in relation to an associated company for Q1 2019 and an income of €13mn in relation to

insurance company compensation for Q4 2018)

• Core Pre-Provision Income at €212mn, down by

12.6% affected by lower net interest income and lower fee income contribution

• Income from financial operations in Q1 2019 stood

at Euro 73.8 million, primarily attributable to the crystallization of gains from our GGBs portfolio

• Impairment losses on loans down to Euro 178.3

million in Q1 2019, implying a Cost of Risk of 1.4%

• ver gross loans in the quarter compared to an

average of 3% in 2018

1 1

269 282 241 243 212 186 78 135 64 74 (336) (314) (296) (669) (178) 452 351 374 264 271 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Core PPI Income from financial Operations Other Impairment losses on loans

PPI vs Impairments on loan losses q-o-q evolution (€ mn)

2.39% CoR 2.26% 2.18% 5.06% 1.37%

9M 2013 Results FY 2013 Results 13 13 Q1 2019 Results 41.5 41.2 40.8 40.2 39.9 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

NII decreased q-o-q on the back of lower contribution from loans

(22.7) (0.3) 0.1 (6.7) (8.6) 426.6 388.4 NII Q4 18 Loans Deposits Funding Bonds &

• ther

Calendar effect NII Q1 19

• €38.2mn
• 9.0%

NII q-o-q evolution (€ mn)

Net Interest Income decreased mainly on the back

• f a lower contribution of loans due to:
• calendar effect
• sale of €2bn loan portfolios at the year end
• Q4 2018 increased provisioning impact
• base effect from increased corporate

restructurings recoveries in Q4 2018

Group Net Loans (€ bn)

• €0.3bn

Group Deposits (€ bn)

35.9 37.1 38.6 38.7 38.9 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 +€0.2bn 0.61%

New time depo rate

0.62% 0.68% 0.69% 0.70%

9M 2013 Results FY 2013 Results 14 14 Q1 2019 Results

Fees and Commission income down by €13mn y-o-y

Fees decreased by €13mn y-o-y, primarily as a result of:

• extraordinary fees recorded in Q1 2018 from our credit cards

loyalty scheme

• lower volume of transactions in commercial Banking, mainly

letters of guarantee

66.3 (6.8) 0.1 (3.4) 56.2 14.6 0.6 (2.8) 12.4 2.3 (0.6) 1.7 83.2 70.2

Q1 18 Cards Loans Other Commercial Banking Bancassurance & Private Banking Asset Mgmt IB & Brokerage Q1 19

• €13mn

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

Commercial Banking Asset Gathering & Bancassurance IB & Brokerage

66.3 56.2 14.6 12.4 2.3 1.7 83.2 70.2 Q1 18 Q1 19

Net Fees & Commission Income y-o-y (€ mn)

Commercial Banking Asset Gathering & Bancassurance IB & Brokerage

• €13mn

Fee income is expected to strengthen towards the second part of 2019 mainly due to:  increased new loan disbursements  increased card volumes benefiting from the tourist season  enhanced asset management and bancassurance fees

9M 2013 Results FY 2013 Results 15 15 Q1 2019 Results

General expenses to reduce following cost saving initiatives in procurement such as:  renegotiation of contracts with providers  relocation or consolidation of premises  greater use of technologically advanced systems and digitalization  upgrade of infrastructure where necessary

Recurring Operating expenses decreased by 3.5% y-o-y

125 (15) (5) 10 110 116 112 25 35 266 257 Q1 18 General expenses Staff costs Depreciation & Amortisation Q1 19

• €9mn or -3.5%

Recurring OPEX y-o-y (€ mn)

• Staff costs down by 4.2% y-o-y, as a result of previous

year’s VSS. Group headcount was reduced to 11,322 Employees at the end of March 2019 from 11,802 a year ago (-4.1% y-o-y)

• General expenses in Q1 2019 decreased by 11.8% y-o-y,

reflecting:  the transfer of a rent expense of €9mn to depreciation following IFRS16 adoption  lower NPL remedial management costs and  lower third-party fees Adjusted for IFRS 16 impact, Q1 2019 general expenses were reduced by -4.5% y-o-y

General expenses Staff Costs Depreciation & amortisation 125 (9) 116 (3) (3) 110 Q1 18 IFRS 16 Q1 18 Adjusted NPL remedial management costs Other General Expenses

• incl. 3rd party

fees Q1 19

• €15mn or -11.8%

General expenses y-o-y evolution (€ mn)

• /w -€9mn

due to IFRS 16

• /w +€8mn

due to IFRS 16

• 4.5%

9M 2013 Results FY 2013 Results 16 16 Q1 2019 Results

CET1 ratio at 17%; Total CAD ratio at 17%, comfortably above 2019 SREP; On a fully loaded basis, CET1 stood at 14% in March 2019

CET1 capital 8,273 8,123

17.4% 17.0% 14.0% 14.0%

5bps 14bps (41bps) (12bps)

17.0%

CET1 Dec-18 Period Result AFS Reserve IFRS 9 & Basel 3 amortization IFRS 16 FTA CET1 Mar-19 Total CAD Mar-19 FLB3 IFRS9 CET1 Dec-18 FLB3 IFRS9 CET1 Mar-19 €1.6bn buffer

• ver OCR

SREP of 13.75% for 2019 6,573 8,138

CET1 ratio quarterly evolution (€ mn) Standardised method – Capital allocation over 2019 SREP breakdown

Buffer over 2019 SREP Total CAD Mar-19 2.1 0.4 4.0 1.6 8.1 15.5 3.2 29.1 RWA Mar-19 47.9

Buffer Other DTC NPEs

Other NPEs DTC

• CET1 ratio at 17%, negatively affected mainly by

the anticipated phasing-in of IFRS 9 and Basel III amortization

• CET1 ratio on a fully-loaded basis stable q-o-q

at 14.0%, as the impact of IFRS 16 first time adoption (FTA) was more than offset by the positive impact from period’s result and the investment securities portfolio

6,525 @ 13.75% SREP €2.1bn allocated for our net NPEs 6.5 SREP Capital requirement

9M 2013 Results FY 2013 Results 17 17 Q1 2019 Results

Liquidity profile continued to improve with Group deposits up by €3.0bn y-o-y

6% 10% 6% Mar-19 1% 76% Mar-18 79% 1% 0% 7% 14%

Group deposits on positive trend (€ bn) Repos evolution (€ bn) Funding mix on a normalisation path

30.3 32.7 0.3 33.0 5.6 6.0 (0.1) 5.9 35.9 38.7 38.9 Mar-18 Dec-18 Greece Abroad Mar-19 Greece Abroad +€3.0bn Covered Bond Repos ECB Deposits ELA funding 2.7 6.4 6.7 1.24% 0.85% 0.72% Mar-18 Dec-18 Mar-19 Repos Average Repo rate +€4.0bn

ELA eliminated in Feb-19

• Funding profile improved with ELA reliance fully eliminated

since February 2019, repo transactions increased by €4.0bn y-o-y, while average repo rate decreased to 0.72%

• Deposits in Greece increased by €0.3bn in Q1 2019

Alpha Bank to leverage on its significant presence in affluent segment in order to capture higher market share in deposits. Key drivers:  Strong current position on deposits with full and enhanced product offering along with a competitive and highly regarded loyalty scheme  Robust presence in affluent segment, customer centric approach and dedicated Relationship Managers  Capitalise on the Bank’s distribution capacity through improved operationally efficient branches maximize product/ services offering via enhanced digital channels

1

9M 2013 Results FY 2013 Results 18 18 Q1 2019 Results

NPE balances in Greece reduced by €0.2bn in Q1 2019

24.8 21.9 0.2 21.7 Mar-18 Dec-18 Q1 19 Mar-19

NPE Reduction – Greece (€ bn)

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

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 This will be a function of:  Higher transaction activity in the Wholesale portfolio  A more even allocation of the deleveraging effort in Retail segment 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

0.64 0.66 0.68 0.66 0.68 (0.72) (0.79) (0.64) (1.13) (0.74) Q4 18 Q3 18 Q2 18 Q1 18 Q1 19 (0.47) (0.13) (0.08) Gross Formation 0.04 (0.06)

Negative gross formation in Greece (€ bn) NPE reduction plan (Solo basis) (€ bn)

21.4 16.2 Mar-19 Actual Q2 19 Q3 19 Q4 19 Sales Q4 19 Dec-19 Target

• €5.2bn
• €3.0bn

Entries Exits

9M 2013 Results FY 2013 Results 19 19 Q1 2019 Results

Group Cost of Risk significantly down q-o-q to 137bps; NPE cash coverage at 47%

2.39% 2.26% 2.18% 3.02% 1.37% Q1 18 Q2 18 Q3 18 Q4 18 Q1 19

1 Excluding impairment losses related to upcoming transactions 2 Provisions include €101.5mn for off balance sheet items as of March 2019

50% 50% 47% 48% 47% Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 73% 73% 69% 70% 69% Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

• In Q1 2019, Group cost of risk came at 137bps over Gross loans
• Loans’ impairment losses for the quarter stood at €178mn, mainly

impacted by additional impairments in the retail segment related to specific management actions and individually assessed loans in wholesale

• NPE cash coverage at 47% in Q1 19. NPL cash coverage at

69%, in March 2019

1

Group CoR (over Gross loans) Group NPL Coverage Group NPE coverage

102%

Total Coverage

101% 104% 105% 105% 122%

Total Coverage

121% 126% 127% 128%

2 2

• Key Highlights
• Macroeconomic Update
• Q1 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

Q1 2019 Results

9M 2013 Results FY 2013 Results 21 21 Q1 2019 Results

NPE transactions update

Size Estimated Completion Transaction details Scheduled

c.€0.1bn 2019

• 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



c.€3.8bn Q4 2019 Sale of SMEs loan portfolio secured with real estate assets (Project Neptune) Securitisation of retail loan portfolio secured with residential real estate assets (Project Orion)

 

Individual NPE loan sales



Individual Corporate Loan Sales Secured Portfolios Unsecured Portfolio

9M 2013 Results FY 2013 Results 22 22 Q1 2019 Results

Auctions and repossession activity evolution

Q3 2018 17% Q2 2018 422 Q1 2018 54% 29% 38% Q4 2018 32% Q1 2019 807 328 131 401 e-auctions % of succesful

• ver conducted

auctions 17% 83% 38% Q1 2019 789 3rd parties Alpha Bank

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

• 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 transaction is expected to close within the second quarter of 2019

• In SEE a portfolio transaction of €16mn was completed during Q1

2019, thus contributing further to the Bank’s divestment efforts

• The Bank has recently entered into agreements with specialized

asset management and commercialization channels for the sale of real estate

Project Altion REO Portfolio 31.12.17 161

• 3

Sales REO Portfolio 31.3.19

• 95
• 48

REO Portfolio 31.12.18

• 15
• 64

36 Acquisitions Acquisitions Sales (incl. Jupiter)

REO portfolio 3,1k properties

• f €0.8bn value

2 1

€0.8bn €0.8bn €0.7bn

Auctions conducted per quarter Successfully auctioned properties & breakdown by highest bidder REO portfolio evolution (entries/ exits) – Greece (€ mn)

9M 2013 Results FY 2013 Results 23 23 Q1 2019 Results

NPE gross formation per segment

26 (90) 65 (1,070) (186) (117) Q1 18 Q2 18 Q3 18 Mercury & Jupiter Sale Q4 18 Q1 19 (105) (42) (28) (983) (286) 60 Q1 18 Q2 18 Q3 18 Jupiter Sale Q4 18 Q1 19

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

(85) (110) (21) (450) (109) (88) Q1 18 Q2 18 Q3 18 Mercury Sale Q4 18 Q1 19 59 15 38 (42) (131) (63) Q1 18 Q2 18 Q3 18 Mercury & Jupiter Sale Q4 18 Q1 19 52 6 48 (480) 54 33 Q1 18 Q2 18 Q3 18 Mercury & Jupiter Sale Q4 18 Q1 19

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

9M 2013 Results FY 2013 Results 24 24 Q1 2019 Results

NPL stock in Greece down by €2.2bn y-o-y

16.4 16.5 14.9 14.6 14.2 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

• €2.2bn

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

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

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

(2) (14) (21) (675) (43) 142 Q1 18 Q2 18 Q3 18 Jupiter Sale Q4 18 Q1 19 (36) (43) (21) (429) (229) (166)

Q1 18 Q2 18 Q3 18 Mercury Sale Q4 18 Q1 19

SBL

(19) 49 215 (41) (251) (163)

Q1 18 Q2 18 Q3 18 Mercury & Jupiter Sale Q4 18 Q1 19

Mortgages

71 64 25 (507) 226 (22)

Q1 18 Q2 18 Q3 18 Mercury & Jupiter sale Q4 18 Q1 19

Consumer

16 70 218 (977) (254) (351)

Q1 18 Q2 18 Q3 18 Mercury & Jupiter sale Q4 18 Q1 19

Retail

9M 2013 Results FY 2013 Results 25 25 Q1 2019 Results 5.0 1.9 3.1 2.9 0.7 13.6 3.4 1.1 0.9 1.5 1.1 8.0 8.4 3.0 4.0 4.4 1.8 21.6 MortgagesConsumer SBLs SMEs Corporates Total Performing NPLs

NPL Workout Units Analysis and Group forborne loans

Retail €15.4bn Wholesale €6.2bn

1 Including leasing, factoring and International Unit Greece

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

€15.4bn

• In retail 2,239 FTEs broken down in

 648 in Retail NPL Unit  485 in branches  1,106 in collection and legal firms

• WHL NPL Unit manages €6.2bn, out of which €2.6bn are performing loans1
• In wholesale c.131 FTEs broken down in (legal outsourcing excluded):

 Management, Support Division , Transactions Division & WHL NPL Monitoring team: 43 FTEs  Special Credit Division: 53 FTEs  Permanent arrears Division: 35 FTEs 14.2 0.6 10.0 3.6 30.2 22.2 5.4 2.6 44.4 22.8 15.4 6.2 Total Loans Greece Non-NPL Management Units Retail NPL Management Unit WHL NPL Management Unit Performing NPLs FPE 26% FNPE >90dpd 35% FNPE 31- 90dpd 12% FNPE 1- 30dpd 6% FNPE 0dpd 21% €19.0bn

Loans perimeter managed by NPL Units (€ bn) NPL Workout Units balances breakdown by segment (€ bn) Forborne loans breakdown – Group (€ bn)

9M 2013 Results FY 2013 Results 26 26 Q1 2019 Results

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

(€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 19.1 5.0 15.1 5.2 44.4 (-) Provisions (4.1) (1.8) (2.2) (1.9) (9.9) Net loans 15.0 3.3 12.8 3.3 34.5 NPLs 3.7 3.2 5.3 2.0 14.2 NPL ratio 19.5% 63.0% 35.3% 38.6% 32.0% NPEs 7.1 4.0 7.5 3.1 21.7 NPE ratio 37.1% 79.1% 50.0% 60.4% 49.0% NPL collateral 2.0 1.4 3.7 0.5 7.6 NPE collateral 4.2 1.8 5.4 0.7 12.1 Coverage ratio NPLs 3.7 3.2 5.3 2.0 14.2 (+) Forborne NPLs < 90 dpds 2.9 0.8 2.2 1.1 7.0 (+) Unlikely to pay 0.5 0.0 0.0 0.0 0.5 NPEs 7.1 4.0 7.5 3.1 21.7 Forborne NPLs >90dpd 1.0 0.8 2.1 1.4 5.3 Forborne NPLs <90dpd 2.9 0.8 2.2 1.1 7.0 Performing forborne 0.7 0.5 3.1 0.4 4.7 Total forborne 4.5 2.1 7.3 2.9 16.9

Note: Provisions include €91.8mn for off balance sheet items as of March 2019

109% 57% 56% 45% 42% 29% 93% 59% 70% 46% 54% 59% 43% 46% 69% 72% 27% 22% 53% 56%

163% 116% 99% 90% 111% 101% 120% 81% 123% 101%

NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE

Collateral Cash

9M 2013 Results FY 2013 Results 27 27 Q1 2019 Results

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

(€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 22.7 5.1 18.3 5.8 51.8 (-) Provisions (5.1) (1.8) (3.1) (2.0) (12.0) Net loans 17.6 3.3 15.2 3.7 39.8 NPLs 5.1 3.2 6.8 2.2 17.3 NPL ratio 22.4% 63.0% 36.9% 38.4% 33.3% NPEs 8.8 4.0 9.2 3.4 25.4 NPE ratio 38.7% 79.0% 50.1% 58.6% 48.9% NPL collateral 2.6 1.4 4.3 0.6 8.8 NPE collateral 4.9 1.8 6.1 0.8 13.7 Coverage ratio NPLs 5.1 3.2 6.8 2.2 17.3 (+) Forborne NPLs < 90 dpds 3.2 0.8 2.4 1.2 7.5 (+) Unlikely to pay 0.5 0.0 0.0 0.0 0.6 NPEs 8.8 4.0 9.2 3.4 25.4 Forborne NPLs >90dpd 1.5 0.8 2.9 1.4 6.6 Forborne NPLs <90dpd 3.2 0.8 2.4 1.2 7.5 Performing forborne 0.8 0.5 3.2 0.4 4.9 Total forborne 5.4 2.1 8.4 3.0 19.0

Note: Provisions include €101.5mn for off balance sheet items as of March 2019

100% 58% 56% 45% 46% 34% 91% 60% 69% 47% 51% 56% 43% 46% 64% 67% 27% 22% 51% 54%

150% 114% 99% 90% 110% 101% 118% 82% 121% 101%

NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE

Collateral Cash

• Key Highlights
• Macroeconomic Update
• Q1 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

Q1 2019 Results

9M 2013 Results FY 2013 Results 29 29 Q1 2019 Results

Group RWA and CET1 capital

8,132 7,687 8,123 8,127 8,138 (444) (607) 1,043 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 0.2 3.8 3.8 1.0 0.9 47.9 Credit 42.9 Dec-18 RWAs 0.1 Market Operational (0.0) 43.1 Mar-19 47.6 Market Credit Operational

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

1.0 0.8 3.2 3.2 0.3 Mar-19 (phased-in) Mar-19 (fully-loaded) 4.5 4.0 TC IFRS9 Other DTA €8.1bn CET 1 €6.6bn DTA 250% RWf DTC 100% RWf

Group Risk Weighted Assets (€ bn) Credit Risk Weights per portfolio

+€0.3bn

Equity to regulatory capital bridge March 2019 (€ mn) DTA and Tax Credit within CET1 capital (€ bn)

• Key Highlights
• Macroeconomic Update
• Q1 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

Q1 2019 Results

9M 2013 Results FY 2013 Results 31 31 Q1 2019 Results

Balance Sheet composition

2.7 8.1 0.9 20.8 18.0 7.1 3.1 0.3 Dec-18 3.0 8.2 0.8 20.9 18.0 7.5 3.1 0.0 Mar-19 3.4 5.3 0.9 39.9 7.8 2.5 1.8 Mar-19 Due to Banks

• excl. ECB/ELA

38.9 Net loans PPE DTA Other Securities Cash Due from Banks 61.6 38.7 ELA ECB Time deposits Core deposits Debt securities Equity Other 61.0 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 61.6

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

3.3 5.3 0.7 40.2 7.0 2.5 1.9 Dec-18 61.0

9M 2013 Results FY 2013 Results 32 32 Q1 2019 Results

Business Volumes

(€ mn) Mar 2019 Dec 2018 Sep 2018 Jun 2018 Mar 2018 % Mar 2019/ Mar 2018 Group Gross Loans 51,832 52,462 53,242 55,432 55,850 (7.2%) Mortgages 18,311 18,561 18,863 18,955 19,161 (4.4%) Consumer Loans 4,418 4,446 4,492 4,902 4,943 (10.6%) Credit Cards 1,341 1,456 1,385 1,521 1,537 (12.8%) Small Business Loans 5,092 5,186 5,298 5,770 5,823 (12.6%) Medium and Large Business Loans 22,670 22,813 23,203 24,284 24,385 (7.0%)

• f which:

Greece 44,395 44,924 45,369 47,453 47,785 (7.4%) Mortgages 15,060 15,277 15,538 15,667 15,818 (5.7%) Consumer Loans 3,906 3,926 3,957 4,371 4,421 (12.5%) Credit Cards 1,306 1,419 1,350 1,485 1,503 (10.9%) Small Business Loans 5,022 5,117 5,229 5,701 5,755 (12.1%) Medium and Large Business Loans 19,100 19,185 19,296 20,229 20,288 (5.9%)

• f which: Shipping Loans

2,074 2,020 1,956 1,904 1,783 (16.3%) Southeastern Europe 7,055 7,195 7,550 7,672 7,753 (9.0%) Accumulated Provisions1 (11,990) (12,327) (12,579) (14,316) (14,414) (16.8%) Group Net Loans 39,948 40,228 40,751 41,207 41,524 (3.8%) Customer Assets 43,920 43,579 43,626 42,271 40,833 7.6%

• f which:

Group Deposits 38,937 38,732 38,581 37,059 35,899 8.5% Sight & Savings 20,909 20,777 20,670 19,877 18,933 10.4% Time deposits & Alpha Bank Bonds 18,027 17,955 17,911 17,182 16,966 6.3% Greece 33,017 32,685 32,724 31,493 30,274 9.1% Sight & Savings 18,633 18,482 18,518 17,900 17,088 9.0% Time deposits & Alpha Bank Bonds 14,384 14,203 14,206 13,594 13,187 9.1% Southeastern Europe 5,143 5,179 5,035 4,795 4,827 6.5% Money Market Mutual Funds 219 233 266 294 331 (33.8%) Other Mutual Funds 1,364 1,250 1,367 1,394 1,392 (2.0%) Private Banking 3,400 3,363 3,412 3,525 3,211 5.9%

1 Accumulated Provisions include €101.5mn for off balance sheet items as of March 2019

9M 2013 Results FY 2013 Results 33 33 Q1 2019 Results Passenger 6% Containers 10% Product Tankers 12% Panamax 7% Aframax 5% Suezmax 8% VLCC 5% Handy max/ Handy size 20% Panamax 19% Capesize 8% Tankers 37% Dry Bulk 47% €2.1bn

Breakdown of loans portfolio – March 2019

Wholesale loans 44% SBLs 10% Consumer loans 8% Credit Cards 3% Mortgages 35% €51.8bn Households 46% Trade 14% Manufacturing 11% Construction 7% Transportation 5% Leisure 5% Real Estate 3% Electric Supply 2% Other 7%

• €2.1bn of exposure, to top-names
• The portfolio is split into tankers by 37%, containers

10%, passenger 6% and the rest is dry bulk

• Duration of loan portfolio at 5 years

Group loans breakdown Loans portfolio structure – Group

€51.8bn

Shipping loans portfolio structure

9M 2013 Results FY 2013 Results 34 34 Q1 2019 Results

New financing of €0.6bn in Q1 2019; Securities at €7.8bn

• Loan disbursements of €0.6bn in Q1 2019
• 92% to business, 8% to individuals
• Business disbursements primarily towards sectors that drive

the economy such as manufacturing, trade, transportation and tourism € mn Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Individuals 33 34 36 58 48 Business 570 701 587 932 567 Total 603 734 622 991 615

Trade 28% Manufacturing 21% Transportation 20% Tourism 13% Real Estate 4% Energy 2% Construction 3% Financial and Insurance services 2% Other 8% €0.6bn

New disbursements - per category Q1 2019 Business disbursements - per sector

Greek sovereign securities 54% EU government securities 19% Corporates & banks securities 27%

Securities breakdown (Book Value) – March 2019

€7.8bn

9M 2013 Results FY 2013 Results 35 35 Q1 2019 Results

Deposits flow per quarter

30.3 31.5 32.7 32.7 33.0 0.8 0.6 (0.0) 0.1 0.4 0.6 (0.0) 0.2 Mar-18 Core Time Jun-18 Core Time Sep-18 Core Time Dec-18 Core Time Mar-19 Δ Time Δ Core 30.3 31.5 32.7 32.7 33.0 0.7 0.7 (0.4) 0.2 0.5 0.5 0.4 0.1 Mar-18 Bus. Indiv. Jun-18 Bus. Indiv. Sep-18 Bus. Indiv. Dec-18 Bus. Indiv. Dec-18 Δ Individuals Δ Business Q1: €0.3bn Core 56% Time 44% Q2: €1.2bn Q3: €1.2bn Q4: (€0.0bn)

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

Individuals 71% Business 29%

9M 2013 Results FY 2013 Results 36 36 Q1 2019 Results

Wealth Management evolution

206 241 266 2,639 2,771 2,825 1,447 1,224 1,183 4,291 4,235 4,275

Mar-17 Mar-18 Mar-19

Discretionary Advisory Execution Only 208 536 567 960 1,046 1,169 269 235 89 1,437 1,817 1,825

Mar-17 Mar-18 Mar-19

Money Market Mutual Funds Non Money Market Mutual Funds Other AUM

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

• Key Highlights
• Macroeconomic Update
• Q1 19 Financial Performance
• Appendix

 Asset Quality  Capital  Volumes  P&L

Q1 2019 Results

9M 2013 Results FY 2013 Results 38 38 Q1 2019 Results

PPI and NII breakdown

(55) (54) (53) (51) (50) (31) (6) (17) (17) (17) 439 436 427 428 396 90 83 70 67 59 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Bonds & other Loans Funding Depos 535 553 513 522 469 (266) (270) (272) (279) (257) 270 282 241 243 212 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Core Operating Income Recurring OPEX Core PPI

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

388 480 444 459 427

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

9M 2013 Results FY 2013 Results 39 39 Q1 2019 Results

Loan and deposit spreads

950 950 930 928 887 696 694 675 659 620 424 422 414 416 418 410 407 400 412 400 256 255 245 257 253 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Consumer Credit Small Business Loans SEE Medium & Large Business Mortgages

(33) (33) (33) (30) (32) (66) (45) (29) (21) (16) (96) (93) (90) (87) (86)

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

(€ billion) End of quarter balances (bps)

18.9 19.9 20.7 20.8 20.9 17.0 17.2 17.9 18.0 18.0 35.9 37.1 38.6 38.7 38.9 (61) (57) (54) (51) (50) Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Core deposits Time deposits Group deposits spread

(bps) End of quarter balances

41.5 41.2 40.8 40.2 39.9 429 426 415 423 408 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Net Loans Group loans spread

(€ billion)

46% 54% % Total

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

9M 2013 Results FY 2013 Results 40 40 Q1 2019 Results

Operating expenses

1,032 897 721 670 669 656 643 629 613 Dec-14 Dec-15 Dec-16 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

Bulg

• 83

FYROM

• 18

15,202 13,856 11,863 11,727 11,802 11,836 11,358 11,314 11,322 Dec-14 Dec-15 Dec-16 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

Bulg

• 744

FYROM

• 240

VSS Cy

• 249

Greece 9,570 9,687 8,888 8,667 8,706 8,707 8,208 8,147 8,165

Serbia

• 836

Serbia

• 67

Hilton

• 323

1 Includes corporate and private banking centers

VSS Gr

• 2,208

Greece1 628 626 533 483 482 469 457 443 426

VSS Gr

• 523

116 118 116 115 112 125 128 131 137 110 25 25 26 26 35 266 270 272 279 257 Q1 18 Q2 18 Q3 18 Q4 18 Q1 19 Depreciation & amortisation expenses General expenses Staff costs € mn Q1 18 Q1 19 yoy % Staff costs (116) (112) (4.2%) General expenses (125) (110) (11.8%) Depreciation and amortisation expenses (25) (35) 41.8% Recurring OPEX (266) (257) (3.5%) Extraordinary/one-off costs (3) (5) … Total OPEX (269) (262) (2.6%)

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

9M 2013 Results FY 2013 Results 41 41 Q1 2019 Results

SEE Operations 1

(€ mn) Δ% Δ% Δ% Δ% Mar-19 Cyprus yoy Romania yoy Albania yoy SEE yoy Deposits 2,253 (2.0%) 2,381 15.7% 508 8.3% 5,143 6.5% Gross Loans 4,204 (13.6%) 2,546 (0.8%) 305 (5.1%) 7,055 (9.0%) Mortgages 2,039 (7.0%) 1,115 5.1% 70 2.5% 3,224 (2.9%) Consumer Credit 253 (4.7%) 242 1.2% 31 10.9% 527 (1.2%) Businesses 1,912 (20.6%) 1,189 (6.2%) 204 (9.4%) 3,304 (15.2%) NPE ratio 79.8% 7.8% 17.7% NPE Cash coverage 57% 75% 29% NPE Total coverage 99% 139% 123% NPL ratio 68.5% 4.7% 12.6% NPL Cash coverage 66% 125% 41% NPL Total coverage 106% 189% 133% Total Operating Income 23.6 4.2% 34.6 14.3% 6.4 94.9% 64.6 14.9% Operating Expenses (pre-O/H allocation)1 (14.8) 9.1% (26.5) 7.1% (3.7) 2.2% (45.0) 7.3% Impairment Losses (36.8) (42.1%) (4.0) … 1.0 … (39.7) (34.0%) Profit Before Tax (pre- O/H allocation) (28.0) … 4.2 … 3.7 … (20.1) … Branches 22 130 34 186 1 Employees 692 1,976 412 3,080 62

1 Country View

9M 2013 Results FY 2013 Results 42 42 Q1 2019 Results

SEE Operations / Cyprus

Deposits y-o-y (€ bn)

2.3 2.3 Mar-18 Mar-19

Gross loans y-o-y (€ bn)

4.9 4.2 Mar-18 Mar-19

• €0.7bn

NPEs y-o-y (€ bn)

3.8 3.4 Mar-18 Mar-19

NPLs y-o-y (€ bn)

3.0 2.9 Mar-18 Mar-19

• €0.5bn
• €0.1bn

Cyprus Mar-19 Branches 22 Employees 692

PPI y-o-y (€ mn)

9.1 8.8 Q1 2018 Q1 2019

PBT y-o-y (€ mn)

(54.4) (28.0) Q1 2018 Q1 2019

Note: PPI and PBT pre-Overhead allocation

Cyprus Main Macroeconomic Indices 2017 2018 GDP growth 4.5% 3.9% Unemployment 11.1% 8.4% Harmonised Index

• f Consumer Prices (HICP)

0.7% 0.8%

Source: European Commission, European Economic Forecast, Spring 2019, May 2019

9M 2013 Results FY 2013 Results 43 43 Q1 2019 Results

SEE Operations / Romania

Deposits y-o-y (€ bn)

2.1 2.4 Mar-18 Mar-19

Gross loans y-o-y (€ bn)

2.6 2.5 Mar-18 Mar-19

NPEs y-o-y (€ bn)

0.3 0.2 Mar-18 Mar-19

NPLs y-o-y (€ bn)

0.2 0.1 Mar-18 Mar-19

• €0.1bn
• €0.1bn

+€0.3bn

PPI y-o-y (€ mn)

5.6 8.2 Q1 2018 Q1 2019

PBT y-o-y (€ mn)

10.1 4.2 Q1 2018 Q1 2019

Note: PPI and PBT pre-Overhead allocation

Romania Mar-19 Branches 130 Employees 1,976 Romania Main Macroeconomic Indices 2017 2018 GDP growth 7.0% 4.1% Unemployment 4.9% 4.2% Harmonised Index

• f Consumer Prices (HICP)

1.1% 4.1%

Source: European Commission, European Economic Forecast, Spring 2019, May 2019

9M 2013 Results FY 2013 Results 44 44 Q1 2019 Results

SEE Operations / Albania

Deposits y-o-y (€ bn)

0.5 0.5 Mar-18 Mar-19

Gross loans y-o-y (€ bn)

0.3 0.3 Mar-18 Mar-19

NPEs y-o-y (€ bn)

0.1 0.1 Mar-18 Mar-19

NPLs y-o-y (€ bn)

0.0 0.0 Mar-18 Mar-19

PPI y-o-y (€ mn)

(0.4) 2.7

PBT y-o-y (€ mn)

(1.6) 3.7 Q1 2018 Q1 2019

Note: PPI and PBT pre-Overhead allocation

Q1 2018 Q1 2019

Albania Mar-19 Branches 34 Employees 412 Albania Main Macroeconomic Indices 2017 2018 GDP growth 3.8% 4.1% Unemployment 14.1% 12.8% Harmonised Index

• f Consumer Prices (HICP)

2.0% 2.0%

Source: European Commission, European Economic Forecast, Spring 2019, May 2019

9M 2013 Results FY 2013 Results 45 45 Q1 2019 Results

Alpha Bank Group

(€ mn) Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 qoq% change yoy % change Net interest income 388.4 426.6 426.6 459.0 443.8 (9.0%) (12.5%) Net fee and commission income 70.2 85.7 77.6 83.5 83.2 (18.0%) (15.6%) Income from financial operations 73.8 64.3 134.8 77.5 186.1 … … Other Income 0.9 22.7 8.9 10.2 8.0 … … Operating Income 533.3 599.3 647.9 630.2 721.1 (11.0%) (26.0%) Staff costs (111.5) (115.1) (115.7) (117.7) (116.4) (3.1%) (4.2%) General expenses (110.0) (137.4) (130.9) (127.7) (124.7) (19.9%) (11.8%) Depreciation and amortization expenses (35.2) (26.5) (25.8) (24.9) (24.8) 33.0% 41.8% Recurring Operating expenses (256.7) (278.9) (272.4) (270.2) (265.9) (7.9%) (3.5%) Integration costs 0.0 (0.2) (0.1) (0.1) (0.1) … … Extraordinary costs (5.2) (55.9) (0.8) (8.8) (2.4) … … Total Operating expenses (262.0) (334.9) (274.0) (279.4) (268.8) (21.8%) (2.6%) Impairment losses on loans (178.3) (668.9) (294.6) (313.7) (335.8) … … Other impairment losses (42.0) (48.6) (19.0) (43.0) (6.9) … … Profit / (Loss) before income tax 51.0 (453.2) 60.3 (6.0) 109.5 … … Income Tax (23.6) 452.4 (19.2) (46.8) (44.1) … … Profit / (Loss) after income tax from continuing

• perations

27.5 (0.8) 41.1 (52.8) 65.4 … … Profit / (Loss) after income tax from discontinued operations 0.0 0.0 0.0 0.0 0.0 … … Profit / (Loss) attributable to shareholders 27.5 (0.9) 41.2 (52.8) 65.4 … … Net interest Margin (NIM) 2.5% 2.8% 2.9% 3.1% 3.0%

9M 2013 Results FY 2013 Results 46 46 Q1 2019 Results

Group Results by Business Unit

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

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

Operating Income 196.5 259.6 162.5 177.2 64.6 56.2 105.8 230.1 14.5 15.8 (10.6) (17.7) 533.3 721.1 Net Interest Income 175.4 218.0 130.9 155.0 51.2 46.8 26.7 28.6 2.9 2.1 1.3 (6.7) 388.4 443.8 Net fee and Commission Income 20.2 26.4 29.2 32.7 7.3 7.1 3.8 3.7 9.8 13.1 (0.0) 0.1 70.2 83.2 Income from Financial Operations 0.3 14.7 (0.8) (13.5) 3.2 (0.3) 73.1 196.5 1.9 1.0 (3.9) (12.4) 73.8 186.1 Other Income 0.6 0.5 3.2 2.8 2.9 2.6 2.3 1.3 (0.1) (0.5) (8.0) 1.3 0.9 8.0 Operating Expenses (150.2) (159.6) (45.0) (42.5) (48.6) (45.3) (7.4) (7.1) (7.9) (7.9) (2.9) (6.4) (262.0) (268.8) Staff Costs (63.3) (65.6) (20.2) (21.1) (21.9) (20.9) (3.1) (3.0) (4.4) (4.4) (1.1) (1.4) (114.1) (116.4) General Expenses (67.9) (80.1) (17.6) (15.7) (21.0) (22.0) (3.4) (3.3) (2.6) (3.0) (0.2) (3.5) (112.7) (127.6) Depreciation (19.1) (13.9) (7.2) (5.7) (5.6) (2.3) (0.9) (0.8) (0.8) (0.5) (1.5) (1.5) (35.2) (24.8) Pre Provision Income (PPI) 346.7 419.2 207.5 219.7 113.2 101.5 113.2 237.2 22.4 23.7 (7.7) (11.3) 795.3 989.9 Impairment Losses on Loans (85.0) (215.6) (55.5) (56.3) (37.6) (55.1) (0.3) (8.8) (0.0) 0.0 0.0 0.0 (178.3) (335.8) Other Impairment Losses (61.6) 0.0 (2.5) 0.0 (2.2) (0.6) 22.8 27.6 2.2 3.4 (0.7) 0.0 (42.0) 30.3 Profit / (Loss) before tax (100.3) (149.7) 59.5 78.2 (23.7) (49.3) 120.8 243.3 8.8 11.3 (14.1) (24.2) 51.0 109.5

9M 2013 Results FY 2013 Results 47 47 Q1 2019 Results (€ mn) Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Operating Income

196.5 240.1 237.3 245.6 259.6

Net Interest Income

175.4 202.5 208.5 218.2 218.0

Net fee and Commission Income

20.2 26.6 26.8 26.3 26.4

Income from Financial Operations

0.3 10.4 1.5 0.6 14.7

Other Income

0.6 0.6 0.5 0.5 0.5

Operating Expenses

(150.2) (157.8) (159.3) (158.8) (159.6)

Staff Costs

(63.3) (62.4) (64.5) (66.0) (65.6)

General Expenses

(67.9) (80.5) (80.1) (78.5) (80.1)

Depreciation

(19.1) (15.0) (14.7) (14.3) (13.9)

Impairment losses on Loans

(85.0) (508.9) (118.2) (132.6) (215.6)

Other Impairment Losses

(61.6) (29.4) 0.0 (18.3) (34.1)

Profit / (Loss) before tax

(100.3) (456.0) (40.1) (64.1) (149.7)

RWA e

18,311 18,638 19,095 19,557 19,812

Results I Retail Business Unit

9M 2013 Results FY 2013 Results 48 48 Q1 2019 Results

Results I Commercial & Corporate Business Unit

(€ mn) Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Operating Income

162.5 163.9 172.8 195.8 177.2

Net Interest Income

130.9 141.8 147.3 153.2 155.0

Net fee and Commission Income

29.2 38.3 32.0 35.9 32.7

Income from Financial Operations

(0.8) (19.3) (9.5) 3.5 (13.5)

Other Income

3.2 3.1 3.0 3.1 2.8

Operating Expenses

(45.0) (46.8) (47.1) (46.6) (42.5)

Staff Costs

(20.2) (20.5) (20.1) (20.7) (21.1)

General Expenses

(17.6) (20.4) (21.1) (20.0) (15.7)

Depreciation

(7.2) (6.0) (5.9) (5.8) (5.7)

Impairment losses on Loans

(55.5) (118.6) (154.2) (117.1) (56.3)

Other Impairment Losses

(2.5) (2.8)

• (1.3)

(0.2)

Profit / (Loss) before tax

59.5 (4.3) (28.5) 30.8 78.2

RWA e

17,251 17,371 17,838 18,066 18,131

9M 2013 Results FY 2013 Results 49 49 Q1 2019 Results

Results I Asset Management Business Unit

(€ mn) Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Operating Income

14.5 12.1 12.9 14.5 15.8

Net Interest Income

2.9 2.2 1.8 2.0 2.1

Net fee and Commission Income

9.8 10.2 9.9 10.7 13.1

Income from Financial Operations

1.9 (0.4) 1.4 2.1 1.0

Other Income

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

Operating Expenses

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

Staff Costs

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

General Expenses

(2.6) (3.6) (3.4) (2.8) (3.0)

Depreciation

(0.8) (0.6) (0.6) (0.6) (0.5)

Impairment losses on Loans

(0.0)

• Other Impairment Losses

2.2 (0.2) (0.9) (0.4) 3.4

Profit / (Loss) before tax

8.8 3.0 3.3 6.2 11.3

RWA e

356 363 377 397 399

9M 2013 Results FY 2013 Results 50 50 Q1 2019 Results (€ mn) Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Operating Income

105.8 107.6 172.7 125.0 230.1

Net Interest Income

26.7 27.7 26.6 38.4 28.6

Net fee and Commission Income

3.8 2.7 2.1 3.5 3.7

Income from Financial Operations

73.1 75.4 142.5 81.9 196.5

Other Income

2.3 1.8 1.4 1.3 1.3

Operating Expenses

(7.4) (7.8) (7.9) (7.5) (7.1)

Staff Costs

(3.1) (3.3) (3.3) (3.2) (3.0)

General Expenses

(3.4) (3.8) (3.7) (3.5) (3.3)

Depreciation

(0.9) (0.7) (0.8) (0.8) (0.8)

Impairment losses on Loans

(0.3) 0.6 (0.3) 12.1 (8.8)

Other Impairment Losses

22.8 (13.2) (15.3) (7.6) 29.1

Profit / (Loss) before tax

120.8 87.2 149.2 122.0 243.3

RWA e

4,842 4,644 4,060 3,766 3,937

Results I Investment Banking & Treasury Business Unit

9M 2013 Results FY 2013 Results 51 51 Q1 2019 Results

Results I SE Europe Business Unit

(€ mn) Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Operating Income

64.6 56.4 60.2 60.4 56.2

Net Interest Income

51.2 51.9 50.6 49.8 46.8

Net fee and Commission Income

7.3 7.7 7.0 7.2 7.1

Income from Financial Operations

3.2 (5.5) 1.0 2.3 (0.3)

Other Income

2.9 2.4 1.5 1.1 2.6

Operating Expenses

(48.6) (55.0) (47.8) (45.9) (45.3)

Staff Costs

(21.9) (22.7) (21.5) (21.5) (20.9)

General Expenses

(21.0) (29.6) (23.9) (22.0) (22.0)

Depreciation

(5.6) (2.7) (2.5) (2.3) (2.3)

Impairment losses on Loans

(37.6) (42.0) (23.4) (76.6) (55.1)

Other Impairment Losses

(2.2) (3.1) (1.4) (15.0) (5.2)

Profit / (Loss) before tax

(23.7) (43.6) (12.5) (77.1) (49.3)

RWA e

4,801 4,790 4,805 4,770 4,819

9M 2013 Results FY 2013 Results 52 52 Q1 2019 Results

Results I Other Business Unit

(€ mn) Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Operating Income

(10.6) 19.2 (7.9) (11.2) (17.7)

Net Interest Income

1.3 0.5 (8.2) (2.6) (6.7)

Net fee and Commission Income

(0.0) 0.2 (0.3) (0.1) 0.1

Income from Financial Operations

(3.9) 3.8 (2.1) (12.9) (12.4)

Other Income

(8.0) 14.7 2.6 4.5 1.3

Operating Expenses1

(2.9) (58.6) (3.2) (12.8) (6.4)

Staff Costs1

(1.1) (12.0) (1.6) (1.7) (1.4)

General Expenses

(0.2) (45.1) (0.3) (9.9) (3.5)

Depreciation

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

Impairment losses on Loans

• (0.1)
• Other Impairment Losses

(0.7)

• Profit / (Loss) before tax

(14.1) (39.5) (11.1) (24.0) (24.2)

RWA e

2,208 2,102 1,952 1,826 1,772

1 Including VSS provision of €93mn in Q4 2017

9M 2013 Results FY 2013 Results 53 53 Q1 2019 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 and other extraordinary items 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

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 54 54 Q1 2019 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

9M 2013 Results FY 2013 Results 55 55 Q1 2019 Results

Alpha Bank Contacts

General Manager – CFO Internet : www.alpha.gr Reuters : ACBr.AT (shares) Bloomberg : ALPHA GA (shares) Lazaros Papagaryfallou cfo-office@alpha.gr +30 210 326 2261 Manager Investor Relations Division Dimitrios Kostopoulos +30 210 326 2271 dimitrios.kostopoulos@alpha.gr Assistant 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