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9 M 2 0 1 9 R e s u l t s November 19, 2019 Key Highlights Macroeconomic Update 9M 19 Financial Performance Appendix Asset Quality Contents Capital Volumes P&L Disclaimer This presentation has been

  1. 9 M 2 0 1 9 R e s u l t s November 19, 2019

  2.  Key Highlights  Macroeconomic Update  9M 19 Financial Performance  Appendix  Asset Quality Contents  Capital  Volumes  P&L

  3. Disclaimer 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 or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation or any information contained herein. By reading this presentation, you agree to be bound by the following limitations: No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by Alpha Bank (or any member of Alpha Bank’s Group) as to the accuracy, fairness 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 omissions from this presentation. This presentation does not constitute an offer, invitation or recommendation to subscribe for or otherwise acquire securities. Also, it is not intended to be relied upon as advice to investors or potential investors and does not take into account the objectives, financial situation or needs of any particular investor. You are solely responsible for forming own opinion and conclusion. Certain statements in this presentation may be deemed to be “ forward- looking” . You should not place undue reliance on such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Forward-looking statements are not guarantees of future performance, and the actual results, performance, achievements or industry results of Alpha Bank’s operations, results of operations, financial position and the development of the markets and the banking industry in which it operates or is likely to operate may differ materially from those described in, or suggested by, the forward-looking statements contained in this presentation. In addition, even if the operations, results of operations, financial position and the development of the markets and the banking industry in which Alpha Bank operates is consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, competition, changes in banking regulation and currency fluctuations. Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document reflect Alpha Bank’s current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Alpha Bank's financial position, operations, results of operations, growth, strategy and expectations. Any forward-looking statement speaks only as of the date on which it is made. New factors will emerge in the future, and it is not possible for Alpha Bank to predict which factors they will be. In addition, Alpha Bank cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those described in any forward looking statements. Alpha Bank disclaims any obligation to update any forward-looking statements contained herein, except as required pursuant to applicable law. 9M 2013 Results FY 2013 Results 9M 2019 Results 3 3

  4.  Key Highlights  Macroeconomic Update  9M 19 Financial Performance  Appendix  Asset Quality 9M 2019 Results  Capital  Volumes  P&L

  5. Q3 2019 Financial Performance Overview Capital Asset Quality Phased in CET1 ratio increased NPEs in Greece down by €2.1bn in Q3 2019, mostly attributed by 25bps q-o-q to 18.0%, positively to the reclassification to HFS of €1.8bn NPEs (Project Neptune) affected by GGBs performance Negative gross NPE formation FL B3 CET1 ratio at 15.1% across all segments in Q3 Buffer of €2.1bn over YTD the Bank has recorded a negative organic our 2019 SREP ratio requirements reduction of gross NPEs of € 0.9bn Liquidity Financial Performance Group LDR at 100% as of September 2019 Core PPI effectively flat q-o- q at €216mn in versus 106% a year ago Q3 2019, as the decline in NII was counterbalanced ECB funding at €3.2bn and Repos at €5.9bn by the increase in net fee and commission income NII at € 383mn, down by 1.4% q-o-q Fees increased by 18% q-o- q to € 96mn Commercial Activity Recurring Opex marginally increased q-o-q by 1.1% Loan disbursements amounted to €1.0bn in Q3 2019 and €2.5bn for 9M 2019 Impairment losses on loans at €262mn in Q3 2019 vs €246mn in Q2 Deposits in Greece increased by € 0.4bn in Q3 2019, driven by customer deposits inflows PBT at €21mn for Q3 2019 FY 2013 Results 9M 2013 Results 9M 2019 Results 5 5

  6.  Key Highlights  Macroeconomic Update  9M 19 Financial Performance  Appendix  Asset Quality 9M 2019 Results  Capital  Volumes  P&L

  7. Domestic growth resilience on the back of declining uncertainty, pro-growth policy remix and intensified reform efforts Growth path decomposed: Great domestic expectations versus 10yr GGB spreads tightened thanks to the global search for yields external headwinds and the post-program debt profile Stable 2 negative outlooks 3.5% 110 2.8% 1 positive outlook 3 positive outlooks 2.0% 0.0 2.5% Investment grade 2.3% 1.5% -0.5 DE 1.8% Δ yield until 11/11/2019 100 FR 1.2% 0.5% 1.1% -1.0 ES PT -0.5% -1.5 90 IT -1.5% -2.0 -2.5% -2.5 -3.5% 80 -3.0 GR 2014Q1 2014Q2 2014Q3 2014Q4 2015Q1 2015Q2 2015Q3 2015Q4 2016Q1 2016Q2 2016Q3 2016Q4 2017Q1 2017Q2 2017Q3 2017Q4 2018Q1 2018Q2 2018Q3 2018Q4 2019Q1 2019Q2 2019Q3 2019 (f) 2020 (f) -3.5 AAA AA A+ A- BBB BB+ BB- B Average sovereign credit ratings (in S&P equivalent) Real GDP qoq Greece Real GDP, yoy Euro area Note: The rating score represents the average rating by the three major rating agencies, Moody’s, Standard Real GDP, yoy Greece Real GDP, Draft 2020 Budget Greece & Poor’s and Fitch, expressed in the S&P equivalent rating. The size of the bubble is proportional to the Real GDP, EC forecasts Greece Real GDP EC forecasts Euro area ESI Greece (rhs) total debt servicing needs over the next two years, the latter reflecting existing maturing securities (principal and interest), as % GDP (as of Sep. 2019). Source: Eurostat, IOBE, Draft State 2020 Budget, EC Economic Forecasts (Nov. 2019) Source: ECB, Bloomberg, Trading Economics and ERD calculations. Buoyant economic sentiment on the back of consumer confidence and  A firm growth outlook is stemming from declining uncertainty, a credible and pro- retailers expectations reaching multi-year high levels growth fiscal policy remix and intensified reform efforts amid escalating external 160 risks 140 120  Economic activity grew by 1.5% yoy in H1 2019, with real GDP growth being more 100 pronounced in Q2, standing at 1.9% yoy, versus 1.1% yoy in Q1. Real GDP 80 growth in H1 was supported by an increase in public consumption (1.9% yoy) and 60 40 inventory accumulation 20  Declining uncertainty is reflected in: 0 -20  the reduction of GGB yields to historically low levels, paving the way for a -40 future upgrade of sovereign credit risk along with -60 -80  the buoyant economic sentiment reaching 12-year highs over the past -100 four months and Economic Industry Retail Trade Service Construction Consumer Sentiment Confidence  the rise in consumer confidence, reaching the levels of early 00s Index in October 2019  The lift of capital controls on September 1st and the sustained fiscal discipline, The bars show the maximum and minimum levels since January 2000; the dots represent the latest figures combined with the compressed sovereign borrowing costs are expected to further (October 2019). improve the sovereign creditworthiness of the country Source: IOBE, DG-ECFIN/European Commission FY 2013 Results 9M 2013 Results 9M 2019 Results 7 7

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