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H 1 2 0 1 9 R e s u l t s August 29, 2019 Key Highlights Macroeconomic Update H1 19 Financial Performance Appendix Asset Quality Contents Capital Volumes P&L Disclaimer This presentation has been

  1. H 1 2 0 1 9 R e s u l t s August 29, 2019

  2.  Key Highlights  Macroeconomic Update  H1 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 H1 2019 Results 3 3

  4.  Key Highlights  Macroeconomic Update  H1 19 Financial Performance  Appendix  Asset Quality H1 2019 Results  Capital  Volumes  P&L

  5. Q2 2019 Financial Performance Overview Financial Performance Capital PAT at €59mn for Q2 2019 and Phased in CET1 ratio increased by 80bps €87mn for H1 2019 q-o-q to 17.8%, positively affected by GGBs performance, RWAs decrease PPI increased q-o-q by 19% to €323mn and the profits of Q2 in Q2 2019 from €271mn in Q1 2019 due to higher trading gains FL B3 CET1 ratio at 14.8% NII stable on a quarterly basis at €389mn Buffer of €1.9bn over our SREP ratio requirements Fees increased by 16% q-o- q to €81mn, on the back of higher volume of card transactions Impairment losses on loans at €246mn vs €243mn the previous quarter Commercial Activity Loan disbursements picked up reaching €0.9bn Asset Quality in Q2 2019 and €1.5bn for H1 2019 NPEs in Greece down by €0.4bn in Q2 2019, Deposits in Greece increased by €0.3bn in with negative formation across all segments Q2 2019, driven by customer deposits inflows Sales processes for 2 NPL transactions of c.€3.7bn, have commenced Liquidity New business plan to be presented in Q4 2019 Group LDR at 102% as of June 2019 versus 111% a year ago Q1 Q2 Q3 Q4 ECB funding at €4.1bn and Repos at €6.2bn FY 2013 Results 9M 2013 Results H1 2019 Results 5 5

  6. Key pillars of our strategy Dealing decisively with the NPE burden while minimizing execution risk and preserving capital strength Drastic improvement of balance sheet health Restoring profitability through a more customer centric approach, supported by superior service levels and disciplined capital allocation decisions Meet stakeholder expectations on capitalization levels Increasing efficiency across the servicing model through emphasis on data analytics, automation, digitalization and Create value for process optimization shareholders Delivering a new, transparent and effective governance structure to act as the key custodian of the new Strategy FY 2013 Results 9M 2013 Results H1 2019 Results 6 6

  7.  Key Highlights  Macroeconomic Update  H1 19 Financial Performance  Appendix  Asset Quality H1 2019 Results  Capital  Volumes  P&L

  8. Reduced sovereign risk and improving economic sentiment Convergence of the Economic Sentiment Indicator between Greece 10yr GB yields YTD drops and Distance to S&P investment grade and the Eurozone 9 1 3 1 7 115 bps -4 Distance from S&P investment grade 430 105 257,4 330 95 bps 10yr GB yields YTD drops 230 160,4 85 bps 130 75 161,0 133,3 bps 30 bps 93,5 112,1 65 bps bps Jul-07 Jan-09 Jul-10 Jan-12 Jul-13 Jan-15 Jul-16 Jan-18 Jul-19 -70 Economic Sentiment Indicator - Eurozone Greece Italy Spain Portugal Germany France Economic Sentiment Indicator - Greece 6-month moving average 31/12/2018 27/8/2019 6-month moving average Source: European Commission, IOBE, Alpha Bank Economic Research calculations Source: Bloomberg  The continued decline in the 10yr Greek government bond yields reflects a fall in sovereign risk, attributed to external factors (expectations for the maintenance of Gross financing needs and Snowball effect in 2019-2020 accommodative monetary policy stance), as well as favourable domestic 40 developments (political stability, expectations for a pro-growth policy mix) Total debt servicing needs over the next two years (% of GDP) 35  Structural factors contribute to the faster drop of the 10-year GGBs yield Italy Portugal compared to the respective periphery sovereigns in the euro area: 30  Spain Negative yields worldwide; 25 France Euro Area  17% of the Greek government debt is held by private bondholders; 20 Cyprus  Adequate cash reserves, covering the financing needs for more than 2 15 Greece The size of the bubbles Germany years 10 represents the expected Ireland debt-to-GDP ratio in 2020.  The combination of low financing needs and a projected debt-decreasing 5 snowball effect, on average, over 2019-2020, enhances debt sustainability 0 prospects in the medium term -2.5 -1.5 -0.5 0.5 1.5 2.5  In July 2019, ESI in Greece recorded its highest performance since March 2008, Expected average snowball effect for 2019-2020 surpassing the respective Eurozone index for the first time after almost 5 years, The snowball effect refers to the average 2019-2020 difference between sovereign funding costs and supported by the perception of a change in the policy mix, the recovery of the expected GDP growth. Source: European Central Bank, AMECO (April 2019) and Alpha Bank Economic Research calculations domestic economic activity and the fall in sovereign risk FY 2013 Results 9M 2013 Results H1 2019 Results 8 8

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