Q Results. bank in a recovering environment. May 29, 2014

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1 Q Results Fully recapitalized bank in a recovering environment May 29, 2014

2 Table of Contents Pages I. First Quarter 2014 Result Highlights 3 II. Asset Quality Review exercise considerations 19 III. Appendix Financial Results Overview Emporiki Integration Update International Operations Macroeconomic Overview Financial Overview 40 This presentation contains forward-looking statements, which include comments with respect to our objectives and strategies, and the results of our operations and our business, considering environment and risk conditions. However, by their nature, these forward-looking statements involve numerous assumptions, uncertainties and opportunities, both general and specific. The risk exists that these statements may not be fulfilled. We caution readers of this presentation not to place undue reliance on these forward-looking statements as a number of factors could cause future Group results to differ materially from these targets. Forward-looking statements may be influenced in particular by factors such as fluctuations in interest rates, exchange rates and stock indices, the effects of competition in the areas in which we operate, and changes in economic, political, regulatory and technological conditions. We caution that the foregoing list is not exhaustive. When relying on forward-looking statements to make decisions, investors should carefully consider the aforementioned factors as well as other uncertainties and events. 9M FY Q Results 2

3 I. First Quarter 2014 Result Highlights Q1 9M FY Results 3

4 Key highlights Macroeconomic recovery supported by restoration of the government primary balance and Confirmed resulting in optimistic growth forecasts Macroeconomic Greece s return to the capital markets paves the way for further liquidity idit into the system along Recovery with improved credit rating Greek Government Bond (GGB) yields continue their decline to normalized levels Highly successful capital increase First bank to complete its capital increase in 2014, raising 1.2 billion common equity on a non pre-emptive basis First bank to pay back Government preference shares (April 2014) Wider free float with diversified shareholders base Q1 14 Operating Performance Update More liquid balance sheet due to continued deleveraging g and reduced Eurosystem reliance Pre-provision income continues to rebuild supported by funding costs and efficiency gains Ongoing synergy realisation from Emporiki acquisition and further substantial cost benefits to flow through Continued stabilisation of asset quality and limited NPL formation Strong capital base, fully prepared for AQR test CET-I ratio of 15.6% and pro-forma fully loaded Basel III Common Equity Tier I ratio of 12.0% Following the capital increase covering BoG stress tests requirement, the Bank s capital position incorporates significant buffers ahead of the AQR and stress tests results 9M FY Q Results 4

5 Solid macroeconomic fundamentals paving the way for growth, supported by the Sovereign return to capital markets and improved activity Solid signals of improving macroeconomic fundamentals Primary balance evolution (% GDP) Central Government Jan Feb Mar (0.2%) Apr Full year¹ 02% 0.2% 0.5% 0.3% 1.1% 0.3% 0.8% 0.3% 0.6% % 2.5% E 2015E 2016E Real GDP growth (3.9%) +0.6% +2.9% +3.7% Source: Primary Balance: Bank of Greece, Ministry of Finance, State General Accounting Office, Real GDP growth: IMF ¹ Full year 2014 based on Budget. Figures from April 2013 onwards based on provisional data Greece s return to the capital markets Key terms of the bond Issuer Hellenic Republic Issued 10 April 2014 Size 3.0bn Rate 4.750% Maturity 5 years Renewed access to the international capital markets after 4 years and an important milestone for Greece's economic progress This transaction suggests the end of Europe's sovereign debt crisis The timing of the offering took advantage of a very constructive market tone for periphery p assets and this year's sharp rally in Greece's existing bonds, which were trading with record low yields at announcement, and the transaction follows the approval of a new 8.3 billion aid payment on April 1st, as well as Moody's rating affirmation on April 4th The transaction was very successful in broadening and diversifying Greece s investor base and the strong market reception provided a very positive impact on Greece s PSI bond curve, compressing by 25-30bps from announcement 10year Greek government benchmark bond yield evolution Expected strong recovery in tourism sector for summer % March 2012 (peak) 33% Continued improvement 175 Tourism turnover index (Accommodation and food service activities) Growth rate (year-on-year) +36% 148 >200¹ 12% 10% 8% +6% 6% April 2010 May % 60% 6.0% 4% Mar-10 Jan-11 Nov-11 Sep-12 Jul-13 May-14 Source: Dataquery, Bank of Greece, Elstat, data as of 09 May 2014 Q Source: Bank of Greece, Elstat ¹ Data following Dec-13 based on illustrative extrapolation assuming same QoQ growth as Q4 13 (+36%) 9M FY Q Results 5

6 Q Performance and Key Figures Balance Sheet ( billion) 31/03/14 31/12/13 Assets Net Loans Deposits Eurosystem Funding Shareholders Equity Tangible Equity (TE) RWAs e CET I CT I ratio %3 16.1% TE / Tangible Assets 11.4% 9.7% TBV / share ( ) RWAs e/ Tangible Assets 75% 3 69% Income Statement ( million) Q Q p.f. Change % Operating Income (excl. income from financial operations) % Operating Expenses before Integration & Extraordinary Costs 5 (329.6) (349.4) (5.7%) Pre Provision Income (excl. income from financial operations & extraordinary costs 5 ) % Impairment Losses (395.1) (504.9) (21.8%) Profit/ (Loss) after income tax (94.1) 3, Profit/ (Loss) attributable to shareholders (94.2) 3, Net Interest Margin / Avg Assets (MARGIN) 2.6% 1.8% Cost to Income ratio (excluding income from financial operations, integration & extraordinary costs) 56.9% 82.9% 1 Excluding EFSF bonds used as collateral at the ECB 2 Tangible Equity = Total equity goodwill intangibles minorities hybrids preference shares 3 Pro forma for the repayment of preference shares 4 31/3/2014 Common Equity Tier I (Basel III); 31/12/2013 Core Tier I (Basel II) 5 Integration Costs of - 5.3mn in Q and - 0.6mn in Q p.f.. Extraordinary costs of 0.4 mn for Q1 14 and - 2.7bn in Q1 13 p.f. 6 Including negative goodwill 3,283.1 from Emporiki transaction L / D (Net Loans / Deposits) - Group 121% 122% PPI of 250 million, up +6.9% qoq, on the back of reduced cost of funding and L / D (Net Loans / Deposits) - Greece 116% 117% lower operating expenses Eurosystem Funding / Assets 2 18% 20% NPL ratio 33.3% 32.7% Coverage 56% 54% Tangible equity of 8.3 billion, pro-forma for the repayment of preference shares Greek net loans to deposits reduced to 116% and Eurosystem Funding / Assets of reduced to 18% signaling improvement in Group liquidity and less reliance on expensive sources of funding LLRs / Gross Loans 19% 18% Provisioning / Gross Loans at 19% increasing cash coverage to 56% 9M FY Q Results 6

7 Common Equity Tier I ratio stands comfortably at 15.6% following first implementation of Basel III Common Equity Tier I (CET I) Ratio Build up CETI capital ( mn) 8, % +1,200 (940) 237bps (186bps) 8, % (20bps) 20bps (67bps) (33bps) 8, % Basel II CET I 31/12/2013 Capital Increase Prefs Repayment Pro forma Basel II CET I for recap. and prefs repayment Q Result AFS Unrealised Gains / Other Basel III Impact from DTA Cresit Risk Impact (including Basel III) Basel III CET I 31/3/2014 Group RWAs development ( billion) 6.4% CET Ratio at 15.6% pro-forma for the repayment of preference shares RWAs increase by 2.1bn due to Basel III treatment t t of DTA Dec. 13 Basel III impact from DTA Credit Risk Impact (incl. Basel III) Mar. 14 e 1 Credit Risk Operational Risk Market Risk Basel III_DTA Credit Risk Impact (incl. Basel III) 1 Pro forma for the repayment of preference shares 9M FY Q Results 7

8 Strong Ongoing Recovery in PPI driven by cost reduction during the quarter PPI build-up and impact from trading and extraordinary items ( million) Group NII decomposition ( million) +6.9% (5) (11) (15) (4) 234 (11) (13) Q4 13 Δ NII Δ Fees Δ Other Δ OPEX Q1 14 Trading Income 1 Excluding trading income and 78.2mn of integration and extraordinary costs 2 Includes other income and calendar effect of 11mn Integration Costs Reported Q1 14 Q4 13 Calendar Effect Q4 13 Δ Loans Δ Deposits Δ Funding Other Q1 14 Improving operating trends PPI trajectory towards off-setting provisions ( million) ( million) Q1 13 Q2 13 Q3 13 Q4 13 Q Q Q2 13 Q3 13 Q4 13 Q1 14 Operating Income excl. Trading Operating Expenses excl. one-offs Ιmpairment losses on credit risk PPI excl. Trading 3 Emporiki is included from January 1, 2013 on a pro forma basis 9M FY Q Results 8

9 The run rate of Cost of Funding & Operating Expenses in Q is supportive of further PPI Improvement Cost of ffunding Operating Expenses 1 ( million) 226 ~350mn annualised benefit ( million) 350 ~80mn annualised benefit 330 Eurosystem Funding 54 (54) (31) Non staff 172 (11) (9) 163 Deposits Staff Average 2013 Deposits Eurosystem Funding Q Average 2013 Staff Costs Savings Non Staff Savings Q Excluding integration and extraordinary costs Δ between Maturing Deposits & Renewals (EUR Individual Time Deposits) 0.10% 0.18% 0.45% 0.60% 1.05% 1.31% 1.29% 1.18% 1.13%1.15% 0.93% 0.75% 0.43% 0.52% 0.35% 0.30% Deposits repricing coupled with lower Eurosystem funding cost already effected will add c. 350mn of NII in 2014 Phasing in of 2013 cost optimisation initiatives will improve the top line by c. 80m, while additional synergies of c. 20mn are expected to unfold during the current year A VRS scheme will bring additional benefits in recurring PPI to the tune of 100mn 9M FY Q Results 9

10 Negative Deposit Contribution to NII lessens, driven by continuously decreasing cost of funding as deposits base remains stable Group deposits base remains stable NII Deposits Contribution ( billion) (0.5%) ( million) + 84mn (202) (188) (163) (137) (118) Mar. 13 Jun. 13 Sep. 13 Dec. 13 Mar. 14 Q1 13 Q2 13 Q3 13 Q4 13 Q Changes to 115mn following adjustment for calendar effect Group Deposit Spread Evolution (bps) (110) (127) (146) (169) (187) +77bps Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Total Deposits Spreads 1M Euribor Curve Deposit Spreads 10 (5) (25) (18) (29) (3) (16) (36) (54) (70) (241) (230) (266) (300) (335) Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Sight and Savings - Greece SE Europe Time Deposits - Greece 9M FY Q Results 10

11 Large corporates access to debt capital markets has accelerated deleveraging Corporate and SBLs lending evolution of Alpha Bank Large corporates took the advantage of the YoY change (%) improving market conditions, resuming access to Mar.13 - Mar.14 the capital market since 2013 Total Greece (3.7%) This shift to the debt capital markets has affected 25.0 the overall credit to corporations in Greece Business Lending Greece Mar. 13 Jun. 13 Sep. 13 Dec. 13 Mar (3.8%) However, economic recovery will accelerate new demand for new healthy credit, which will be addressed by the banking sector going forward. Credit to Corporations in Greece Company Amount Issued Maturity Coupon Thou usands YoY change (%) Mar.13 - Mar.14 (6.6%) 2013 TITAN 200 1/ % OTE 700 2/ % Fi Frigoglass 250 5/ % Hellenic Petroleum 500 5/17 8.0% Coca Cola HBC 800 6/ % Intralot 325 8/ % S&B 275 8/ % Hellenic Petroleum $ 400 5/ % Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Apr Intralot 250 5/21 6.0% Motor Oil 350 5/ % Total (in Euro ml equivalent) 3,950 Source: Bank of Greece (Non-financial corporations, Insurance, other intermediaries and sole proprietors) 9M FY Q Results 11

12 Loan Contribution to NII Affected by Deleveraging as spreads stabilize NII Loans Contribution Gross Balances at quarter end Loans Spreads - Group (bps) ( million) ( 29 mn) bn 62.3bn Q1 13 Q2 13 Q3 13 Q4 13 Q Changes to 591mn following adjustment for calendar effect Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Lending Spreads (bps) Consumer Credit - Greece Small Business Loans - Greece Medium & Large Business - Greece SEE Mortgages - Greece Loans spreads broadly unchanged qoq and at same levels as a year ago Lower loan volumes by 2.5bn yoy, impact NII negatively Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 9M FY Q Results 12

13 A 9% Reduction in Staff Expenses brings additional gains Staff Expenses ( million) (8.7%) (16mn) FTE attrition and phasing in of the new collective labor agreement drives staff expenses lower 183 (4) (12) Further initiatives on remuneration policies effective as of April 2014 are expected to further improve the top line 1 Q1 13 FTE related Salary related Q Emporiki is included from January 1, 2013 on a pro forma basis Still the largest part of the synergy potential following the Emporiki acquisition, will be captured through the VRS Employees and Branches evolution Employees Branches 17,785 (5.0%) ,888 (13.5%) ,366 1,226 5, , ,419 11, Mar. 13 Mar. 14 Mar. 13 Mar. 14 Greece Abroad 2 Includes reduction due to the Ukrainian subsidiary sale (355 employees and 23 branches as of Mar. 13) 9M FY Q Results 13

14 NPL formation deceleration pursues encouraging trends Total NPL formation Business ( million) 1,167 Last 12-m formation (1 year ago) + 3,973mn 1, (69%) NPL ratio ( million) NPL ratio 33.3% 33.3% Last 12-m formation + 1,213mn (352) Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 incl. Emporiki Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 incl. Emporiki (76) Mortgages Consumer Credit ( million) NPL ratio ( million) NPL ratio 29.9% 43.5% (222) (31) (21) (54) Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 incl. Emporiki incl. Emporiki 9M FY Q Results 14

15 resulting in an increased coverage ratio of 56% Loan Loss Provisions 1 Group NPLs and cash coverage evolution (bps) 438 ( million) % 52% 51% 51% 54% 56% % 30% 32% 33% 33% 33% Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Impairment Charge 1 Including Emporiki since February 2013 Cost of Risk NPL ratio Cash coverage ratio Impairment Allowances and Coverage Group NPLs Coverage and Restructured loans ( billion) Coverage Coverage by segment, Group level Restructured loans of 7.4bn International Greece % 62% 118% 62% 126% 61% 56% 65% 111% 80% 31% 101% 26% 74% 55% Group Business Mortgages Consumer Loans Credit 16% 29% 55% Business Mortgages Consumer NPLs Provisions Stock Cash Coverage Collateral Coverage 9M FY Q Results 15

16 Group loan to deposit ratio rate of decrease to stabilize as deposits level flattens in line with market observations Alpha Bank Customer Deposits vs. Greek System Deposits Loan to Deposit Ratio normalizing ( billion) Group deposits % Market Share gain % 139% 130% 127% 125% 122% 121% 126% +1.5% % 120% 117% 116% Mar. 13 Mar. 14 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Alpha Bank Customer Deposits Greek System (Bank of Greece) Group Greece Greek System Deposits (Bank of Greece) ( billion) Liabilities Mix ( billion) ( 76 bn) Total Equity Time Deposits Core Deposits Eurosystem Funding % total 13% 37% 20% 18%¹ a b c Dec. 09 Dec. 10 Dec. 11 Dec. 12 Dec.13 Mar Excl. EFSF bonds used as collateral at the ECB; (a) other (b) Debt securities, (c) Repo with EFSF bonds 9M FY Q Results 16

17 Decreasing Funding Cost on the back of lower volumes, lower rates and improved mix between ECB and ELA funding Breakdown of Eurosystem Funding Utilisation Eurosystem Funding / Assets 1 ( billion) ELA 20% (0.9) 0.6 (1.2) 18% No ELA ECB Excluding EFSF bonds used as collateral at the ECB Dec. 13 Loans Deleveraging Deposits Decrease Capital Increase Mar /05/2014 Central Banks Collateral (cash values) ( billion) Usage Pillar III EFSF Bonds Bonds Pillar II Loans ECB Collateral Bonds ELA Collateral Covered Bonds Secutitisations Loans Forthcoming Actions Shipping Loans Portfolio Financing Covered Bonds / Securitizations Repos Capital Markets Access 9M FY Q Results 17

18 II. Upcoming Asset Quality Review considerations Q1 9M FY Results 18

19 Alpha Bank has significant capital buffer and is well provisioned for the AQR exercise Large capital buffers ahead of AQR and stress tests results ( million) Base case Adverse case 8,455 4,333 +4,122 8,455 2,979 +5,476 When considering fully loaded Basel III capital level versus minimum capital requirement under the AQR stress test methodology, Alpha Bank maintains i significant ifi buffer: CET-I capital¹ CET-I 8.0% (Base) Excess Capital CET-I capital¹ CET-I 5.5% (Adverse) Excess Capital North of 4 billion under the Base Case North of 5.4 billion under Adverse case Phased-in Basel 3 CET-1 ratio (Mar-14) European banks benchmarking Median CET1 ratio: 11.0% Alpha Bank CET I ratio at 15.6% vs. European median at 11% Peer 1 Peer 2 (Gr) Peer 3 (Gr) Alpha Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 Peer 11 Peer 12 Peer 13 Peer 14 Peer 15 Peer 16 Peer 17 Peer 18 Peer 19 Peer 20 Peer 21 Peer 22 Peer M FY Q Results 19

20 III. Appendix Q1 9M FY Results 20

21 Group Loans Group Loans Group Retail Loans ( billion) ( billion) (3.8%) (4.2%) Other (3.5%) (2.4%) Mortgages (3.7%) SE Europe Greece (6.1%) % 5.7 Consumer Credit Small Business Loans Mar. 13 Mar. 14 Mar 13 Mar. 14 SEE Loans Group Wholesale Lending ( billion) ( billion) 10.3 (4.2%) 9.8 (4.3%) 5.2 (1.0%) 5.1 Cyprus Balkans (7.5%) 4.7 Mar. 13 Mar. 14 Mar. 13 Mar. 14 9M FY Q Results Q Results Integration International Macro Financials 21

22 Retail Lending Mortgage Balances - Greece Consumer Credit Balances - Greece ( billion) ( billion) (3.0%) 6.4 (5.1%) (8.9%) (4.2%) Credit cards Consumer loans Mar. 13 Mar. 14 Mar. 13 Mar. 14 Small Business Lending Balances - Greece ( billion) 3.6% Strict underwriting resulted in housing loans rejection rate to reach 56% New production mortgages LTV at 54%, total book average LTV at 65% Consumer loan rejection rate at 74% Mar. 13 Mar. 14 9M FY Q Results Q Results Integration International Macro Financials 22

23 Corporate Banking Medium & Large Business Loans Greece Wholesale Loans Portfolio Structure Group ( billion) (3.7%) Other, 13.2% Wholesale Loans 28.6bn Services, 7.0% Industry, 22.0% Real Estate, 8.2% Shipping, 6.3% Trade, 20.8% Tourism, 6.5% Mar. 13 Mar Transportation, 1.1% Construction, 14.9% Shipping Loans Balances Shipping Loans Portfolio Structure ( billion) Dry Bulk 42% Capesize 6% Yachts 1% Passenger 11% Containers 5% Duration of loan portfolio at 7 years NPL ratio at 9% Dec. 10 Dec. 11 Dec. 12 Mar. 13 Dec. 13 Mar. 14 Loans Balances USD/EUR Panamax 15% Handy max/ Handy size 21% VLCC 8% Product Tankers 15% Panamax Aframax 7% 1% Suezmax 10% Tankers 41% 1 Includes Emporiki balances 9M FY Q Results Q Results Integration International Macro Financials 23

24 Deposit Evolution Breakdown Customer Assets Deposits Evolution Group ( billion) ( million) Investment Balances Core Deposits 13,237 1, (1,009) 14,821 Liquidity Mar-13 Q2 13 Q3 13 Q4 13 Q1 14 Mar-14 Time Deposits 28, ,021 Transaction Balances (1,215) (666) (269) Mar. 13 Mar. 14 Sight & Savings Deposits On Balance Sheet Time Deposits Money Morket Mutual Funds Private Banking Other Mutual Pi t B ki Funds Mar-13 Q2 13 Q3 13 Q4 13 Q1 14 Mar-14 9M FY Q Results Q Results Integration International Macro Financials 24

25 Wealth Management Evolution According to Developments in the Economic Environment Alpha Private Bank Asset Management ( million) 3,695 ( million) 1,689 2,880 2, ,303 1,610 1, ,106 1,177 1,124 1, Mar. 12 Mar. 13 Mar. 14 Discretionary Advisory Execution Only Mar. 12 Mar. 13 Mar. 14 Other AUM Non Money Market Mututal Funds Money Market Mutual Funds 9M FY Q Results Q Results Integration International Macro Financials 25

26 The Integration and Restructuring Program is advancing Physical network optimization Central office space usage optimization IT Integration and cost optimization Procurement spend optimization Initiatives/ activity Current status 106 branches closed since July of 106 branches closed in Q additional branches to be closed in Q2 14 Q m 2 of central office space released since July m 2 of additional central office space released in Q1 14 Release of 100% of rented space, fully utilizing owned capacity year end 2014 Mortgage Loans migration SBL Corporate loans migration 165 branch rent contracts renegotiated since July2013 with an average decrease of 17% 65 out of 165 branch rent contracts renegotiated in Q1 14 Central Units Office rent cost reduction by 15% on track Maintenance renegotiations resulting to additional 10% decrease quarter on quarter 20% Insurance cost reductions on a quarter on quarter basis Cash in transit rationalization delivered a decrease of 20% Completed On track end of June 2014 Retail Back- Office Consolidation Wholesale Middle-Office Centralization LGs and Trade Finance operations Small Business processing centralization Collateral Management consolidation Branch Help Desk model implementation: ti pilot phase Centralization of Mortgages, Personal Lending processing, Contracts Archiving & Digitalization Corporate loans/ Back-Office related activities centralization Final Design of Wholesale Middle-Office centralization target operating model Implementation of the Wholesale Middle-Office operating model To start: June 2014 June 2014 To start: July M FY Q Results Q Results Integration International Macro Financials 26

27 and enhanced by transformational initiatives, changing the Bank s Business model from product-centric to Customer-centric Strategic design of the new Retail Operating Framework adopting a customer-centric centric approach Retail Operating Framework Transformation Program initiation within May Segment approach Multichannel Strategy Products CRM Productcentric 3 Basic segments (Affluent-SB-Mass) Fully activated client book Targeted sales strategy & service model Physical Network optimization (structure & setup) Enhancement of online and mobile banking Channel Integration aiming to serve Customers accordingtotheir their preferences Product rationalization Segment based product development & pricing CRM to support new Retail Banking strategy Better customer Knowledge and management. Targeted approach leading to sales efficiency Customercentric Retail Segmentation & Portfolio Strategy Customer Assignment at Branch Level (1st phase) at Advisor Level (2 nd phase) CRM Analytics Analytics capability available for CRM (tools and data) Value based and behavioral segmentation Analytics model for deposits and pre-collection Sales force effectiveness Delivery of Front End tool that provides: 360 o Customer view Targeted sales opportunities management Reports and Dashboards (eg. Campaigns, target achievement monitoring) Multi-channel Actions Contact opportunities: Multi channel Sales Informative Customers in delay 9M FY Q Results Q Results Integration International Macro Financials 27

28 maintaining synergies momentum in 2014 Cost Synergies million, (% of overall target) 119 (66%) 180 (100%) 54 (30%) 7.3 (4%) Total for 2013 Q Remaining Target 7.3 million synergies secured in Q driven by: G&A cost rationalization activities Completion of IT core systems integration program Remaining 2014 synergies will require focus on: Implementing staff related cost initiatives Driving branch network rent reduction through targeted high value renegotiations 9M 2013 Results FY 2013 Results Q Results 28 Q Results Integration International Macro Financials

29 International Presence Focused On Two Markets Alpha Bank Mar 14 loan book International loan portfolio split Greece 83% International 17% Romania 28% Other 22% Cyprus 50% Focused international operations on two large markets Cyprus and Romania essentially representing c.80% of international business on average Total = 62.3bn Alpha Bank Mar 14 PPI International 17% Greece 83% Total = 10.4bn International PPI breakdown Other Cyprus 20% 49% Business focus on balancing operations which drove loan portfolio deleveraging from 11.7bn in 2010 to 10.4bn in 2014 Romania 31% Total = 0.3bn Total = 0.05bn05bn Note: Alpha Bank loan book split based on gross loans; Alpha Bank PPI split adjusted for integration costs and extraordinary costs 9M FY Q Results Q Results Integration International Macro Financials 29

30 With Good Prospects as Situation Improves Given Solid Position Cyprus and Romania operations focus ( million) Cyprus¹ Romania Operations in Cyprus represent the largest franchise of Alpha Bank outside Greece, with 7.8% market share in gross loans as of March 2014 Gross loans 5,131 2,874 Operations in Romania, where Alpha Bank has a Δ% yoy (1.0%) (5.1%) 5.7% market share as of March 2014, generated 16mn PPI, a 14.2% increase yoy Loans ms m.s. 78% 7.8% 57% 5.7% Loans split Mortgages Businesses Consumer 47% 6% 47% 60% 29% 11% Other international operations ( million) Bulgaria Serbia Albania FYROM NPL ratio 37.0% 14.4% Deposits 2,216 1,447 Δ% yoy (16.0%) 6.6% PPI Branches Employees 966 2,023 Loans Δ% yoy (14.0%) (1.3%) (1.0%) (2.4%) Loans m.s. 2.2% 4.6% 8.9% 1.7% NPL ratio 26.0% 19.1% 24.4% 27.2% Deposits Δ% yoy 22.1% (23.3%) 6.3% 11.3% PPI Branches Employees 768 1, Pre O/H allocation 9M FY Q Results Q Results Integration International Macro Financials 30

31 Situation in Cyprus Has Been Improving on the Back of Implementation of Troika Programme and Stabilizing Banking Sector Key macroeconomic indicators Cyprus banking sector recapitalization overview F 2015F 2020F Real GDP growth 3.6% (2.4%) (5.4%) (4.2%) +0.4% +1.8% Key measures undertaken Disinvestment of the Greek operations of the three largest domestic banks Current progress Completed Nominal GDP ( billions) Primary Fiscal Balance (% GDP) Current account balance (% GDP) General government debt (% GDP) 3.8% (3.3%) (1.8%) (1.8%) (2.1%) +4.0% (15.6%) (7.0%) (1.4%) +0.0% +0.4% (0.4%) 49% 87% 112% 122% 126% 105% Resolution of the Cyprus Popular Bank (CPB) by transferring assets, insured deposits, interbank liabilities and Emergency Liquidity Assistance (ELA) to Bank of Cyprus (BoC) Exit of BoC from resolution process Hellenic Bank recapitalisation ( 358mm) Coops recapitalisation ( 1.5bn) Completed Completed Completed Completed Unemployment rate 3.7% 11.9% 15.9% 19.2% 18.4% 11.0% Inflation (period average) 4.4% 3.1% 0.4% 0.4% 1.4% 2.0% Imposition of temporary and proportionate restrictions on financial flows ~ Ongoing gradual relaxation in progress Source: Eurostat, European Commission Spring 2014, IMF April 2014 Easing of restrictive measures Mar-13 Aug-13 Nov-13 Feb-14 Cash withdrawal¹ Internal transfers² International transfers³ , ,000 no limitation no limitation 5, ,000 1,000,000 1,000,000 Source: Central Bank of Cyprus, Ministry of Finance of Cyprus ¹ Legal person, per day per person; ² Cashless payment for purchase of goods and services w/o mandatory justification to other credit institutions in Cyprus; ³ Cashless payment to institutions abroad, transactions within normal business w/o Committee's approval Natural resources upside IMF: Projections do not incorporate the potential upside from natural gas resources 2011: Announcement of discovery of large gas reserves offshore Cyprus 2015: Potential additional drilling and deep oil test The recession milder than anticipated during 2013, supported by tourist activity and relatively resilient consumption GDP down (4.1%) in Q in line to Troika 2014 forecast GDP contraction is expected to stabilize and growth currently forecasted for 2015 Troika programme ( ) under full implementation On 4 March 2014, Cypriot parliament approved a roadmap for privatisations The government has undertaken to raise 1.4bn by 2018 by privatising the electricity authority, EAC, the telecoms utility, CYta, and dthe ecypuspotsaut Cyprus ports authority tywhich manages the ports of Larnaca and Limassol Rating Agencies in April 2014 upgraded Cyprus credit rating status Source: IMF, Research reports, Bloomberg 9M FY Q Results Q Results Integration International Macro Financials 31

32 Alpha Bank Has Become the Third Largest Bank in Cyprus and Its Smaller But Visible Footprint allows for upside Top Cypriot banks ranking Deposits, billion 12.7 Sight 26% 1 Alpha Bank ranks as the third largest bank in Cyprus in terms of deposits with c. 2.2 billion of Time deposits as of March 2014 of which 73% 73% comprised of time deposits Savings 1% Deposits levels have stabilized as deposits outflows halved in Q1 14 compared to outflows in Q December 2013 data Deposit outflows has decelerated Quarterly decrease in deposits, % beg of quarter deposits 1.3% 2.6% 4.5% 8.5% Quarterly decrease in deposits, million Q1'14 Q4'13 Q3'13 Q2'13 9M FY Q Results Q Results Integration International Macro Financials 32

33 Romania s Macroeconomy Has Already Starting Recovering, and the Banking Sector Maintains Reassuring Capital Buffers and Provisions Recent economic developments F 2019F Real GDP growth (6.6%) (1.1%) 2.3% 3.5% 2.5% 3.5% On March 2014, Romania and the International Monetary Fund Nominal GDP (RON bn) (IMF) have agreed on a US$ 4 billion loan to Bucharest, the IMF's new loan to Bucharest is the third one after the beginning of the Inflation (average CPI) 5.6% 6.1% 5.8% 3.2% 2.5% 2.7% financial crisis Growth momentum straightened in Q4 2013,due to favourable Structural fiscal balance (6.8%) (5.1%) (3.5%) (1.7%) (1.8%) (1.8%) trends in the agricultural sector, improving economic and business (% GDP) climate in Europe, increasing absorption of EU funds and a more Current account (% GDP) (4.2%) (4.4%) (4.5%) (1.1%) (1.2%) (3.0%) expansionary monetary policy. GDP up 3.8% yoy in Q S&P upgraded Romania credit rating to investment grade status External debt (% GDP) 68.7% 74.3% 75.2% 67.5% 61.1% 44.6% Key rate cutting cycle to continue and to end in Q at 3.5%, in Gross int l reserves ( bn) line with medium-term inflation projections Source: European Commission Spring 2014, IMF April 2014 Banking sector indicators CAR 13.8% 14.7% 15.0% 14.9% 14.9% 15.0% Tier I ratio 11.8% 13.4% 14.2% 13.9% 13.8% 13.7% NPL ratio 2.8% 7.9% 11.9% 14.3% 18.2% 21.9% RoA 1.6% 0.2% (0.2%) (0.2%) (0.6%) 0.1% RoE 17.0% 2.9% (1.7%) (1.4%) (5.9%) 1.3% Staff cost / operating income 23.4% 20.3% 21.0% 22.1% 26.0% 25.5% FX loans (% total loans) 58% 60% 63% 63% 63% 61% FX deposits (% total deposits) 35% 39% 36% 34% 36% 34% Loan / deposit ratio 122% 113% 118% 119% 115% 101% The Romanian banking sector maintains reassuring capital buffers and provisions The sector has returned to profitability in 2013 following continued losses in due to the financial crisis Overall sector leverage has decreased by c.8 percentage points since 2011 NPL ratio has increased primarily reflecting the weak economic environment, previously weak credit standards, and difficulties in removing NPLs from bank balance sheets However, provisions were sufficient to cover a comfortable 88.3 percent of NPLs Source: IMF April M FY Q Results Q Results Integration International Macro Financials 33

34 Alpha Bank s Romanian Operations Have Recorded Positive Profitability in the Past Quarters, with Stabilising Loan Portfolio and Increased Liquidity Quarterly profitability has recovered Liquidity has improved Quarterly profit before tax pre o/h, millions Gross loans to deposits % 231% 222% 206% 199% Gross loans evolution, million Deposits evolution, million 3,028 3,021 2,995 2,933 2,874 1,358 1,348 1,424 1,447 1,306 (13) (7) Q Q Q Q Q Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Loan loss provisions have fallen million (45%) NPL coverage has increased NPL ratio 13.6% 14.3% 14.1% 14.4% 14.4% NPL coverage ratio evolution % 74.6% 76.6% 76.9% 80.1% 7 9 Q1'13 Q2'13 Q3'13 Q4'13 Q1 14 Q1'13 Q2'13 Q3'13 Q4'13 Q1 14 9M FY Q Results Q Results Integration International Macro Financials 34

35 The Greek Shoots Of Recovery! GDP Growth Liquidity Conditions Improved 4% 2% 0% -2% -4% -6% 2013: -3.9% 2014: +1.0% 0.6% Economic Sentiment 2.4% 1.8% (In bn) Deposits Loans -8% ECB funding -10% GDP Alpha Bank forecasts 75 0 Q Q Q Q Q Q Q Q Q Q Source: ELSTAT, European Commission, Alpha Bank Forecasts Source: Bank of Greece Labor Market Stabilizing Manufacturing Production 50% 28% 10% 40% 30% Unemployment Rate 26% % 0% 20% 24% 30-5% 10% Number of Employed (% yoy change) Number of Unemployed (% yoy change) 0% -10% 22% 20% 20-10% 10 % yoy growth 6month moving avg. -15% PMI manufacturing, lhs 0-20% Source: ELSTAT Source: ELSTAT 9M FY Q Results Q Results Integration International Macro Financials 35

36 Greece - SEE - EU: Comparing Recovery Performance GDP Growth Credit Expansion 6% 4% Greece Bulgaria Romania Serbia EU 27 20% Greece Bulgaria Romania Serbia Euro Area 14.8% 2% 0% -2% -4% -6% -8% f 10% 0% -10% 8.5% 6.4% 4.5% 4.1% 3.5% 4.3% 2.4% 3.8% 1.9% 3.9% 2.5% 1.0% 2.8% 0.2% 1.9% -0.1% 14% 1.4% 08% 0.8% -0.7% -3.9% 0.0% -1.4% -2.3% -1.0% -3.9% -3.1% -4.0% -3.9% -6.5% f Economic Sentiment Competitiveness Bulgaria Greece Romania EU Bulgaria Greece Romania EU 27 9M FY Q Results Q Results Integration International Macro Financials 36

37 SEE: Global Economic Outlook Affected Recovery Bulgaria 15% 10% 5% 0% -5% -10% Remittances Q Q mm 236 mm -15% Net FDI (RHS) Industrial Production - YoY% (LHS) Credit Expansion - YoY% (LHS) Romania 15% 10% 5% 0% -5% -10% Remittances Q Q mm 637 mm -15% Net FDI (RHS) Industrial Production - YoY% (LHS) Credit Expansion - YoY% (LHS) Serbia GDP Growth YoY% Remittances 25% Q Q % Bulgaria Romania Serbia 391 mm 470 mm % % 0% % -25% Net FDI (RHS) Industrial Production - YoY% (LHS) Credit Expansion - YoY% (LHS) M FY Q Results Q Results Integration International Macro Financials 37-2% -4% -6% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q

38 SEE: External Balance Improved, But Capital Inflows Remained Weak External Balance Conditions Are Improving In bn 2 Romania Bulgaria Serbia Q Q Q Q Q Q C/A Net FDI Net Other Gross Official Reserves / Short-Term External Debt 174% 166% Foreign Investors Remain Selective & Cautious In bn Romania Q Q FDI inflows Portfolio Investment Other Capital In bn 1 Bulgaria 139% 143% 0-1 Q Q Romania Q Q Bulgaria FDI inflows Portfolio Investment Other Capital 9M FY Q Results Q Results Integration International Macro Financials 38

39 SEE: Fiscal Consolidation On Track Amid Low Inflation and Interest Rate Environment Bulgaria Romania 12% 7% 2% -3% % 10% 5% 0% HICP Inflation (LHS) Key Policy Rate (LHS) BGN per EUR (RHS) HICP Inflation (LHS) Key Policy Rate (LHS) RON per EUR (RHS) Serbia 20% 120 General Government Balance as % of GDP 15% % % %-4.9% 55% 49% 5% % -1.5% -1.9% -2.3% -2.2% -3.0% -5.0% -6.5% -6.3% 0% f CPI Inflation (LHS) Key Policy Rate (LHS) RSD per EUR (RHS) Bulgaria Romania Serbia 9M FY Q Results Q Results Integration International Macro Financials 39

40 Alpha Bank Group ( million) Q Q pro forma yoy % change Net Interest Income % Net fee and commission income % Income from Financial Operations (78.1%) Other Income % Operating Income % Staff Costs (167.1) (183.0) (8.7%) General Expenses (138.6) (141.9) (2.3%) Depreciation and amortization expenses (23.8) (24.5) (2.8%) Operating Expenses before Integration and Extraordinary Costs (329.6) (349.4) (5.7%) Integration costs (5.3) (0.6) Extraordinary costs 0.4 (2.7) Operating Expenses (334.5) (352.7) (5.1%) Impairment losses on credit risk (395.1) (504.9) (21.8%) Profit / (Loss) before income tax (107.6) (242.0) (55.5%) Income Tax Profit/ (Loss) after income tax (94.1) Negative Goodwill from Emporiki Transaction 0.0 3,283.1 Profit / (Loss) after income tax from continuing operations (94.1) 3,513.5 Profit / (Loss) after income tax from discontinued operations Profit / (Loss) attributable to shareholders (94.2) 3,513.7 Net Interest Income / Average Assets - MARGIN 2.6% 1.8% 9M FY Q Results Q Results Integration International Macro Financials 40

41 Group Results by Business Unit ( million) 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 Operating Income Net Interest Income (0.3) (73.4) Net fee and Commission Income (2.9) Income from Financial Operations Other Income Operating Expenses (194.1) (183.9) (42.7) (39.2) (63.7) (66.2) (6.7) (6.9) (7.7) (6.6) (19.6) (15.6) (334.5) (318.3) Staff Costs (99.2) (93.7) (26.0) (24.0) (30.2) (31.0) (3.5) (4.2) (3.8) (3.5) (4.1) (5.0) (166.9) (161.4) General Expenses (84.2) (77.2) (12.1) (9.8) (28.6) (30.7) (3.0) (2.4) (3.5) (2.8) (12.5) (5.1) (143.8) (127.9) Depreciation (10.7) (13.0) (4.6) (5.3) (4.9) (4.5) (0.3) (0.4) (0.4) (0.3) (3.0) (5.5) (23.8) (29.1) Impairment Losses (127.7) (297.3) (182.4) (131.8) (85.0) (75.8) (395.1) (504.9) Profit / (Loss) before tax (80.7) (280.5) (6.7) 1.7 (39.5) (43.0) 25.8 (4.7) (11.6) 97.7 (107.6) (227.5) 9M FY Q Results Q Results Integration International Macro Financials 41

42 Retail Business Unit: Results ( million) Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations Other Income Operating Expenses (194.1) (201.1) (191.5) (187.2) (183.9) Staff Costs (99.2) (102.7) (105.1) (109.6) (93.7) General Expenses (84.2) (88.2) (76.4) (72.8) (77.2) Depreciation (10.7) (10.2) (10.0) (4.9) (13.0) Impairment losses (127.7) 62.6 (199.3) (215.1) (297.3) Profit / (Loss) before tax (80.7) (159.0) (179.3) (280.5) RWA e 20,065 20,031 19,642 18,775 18,800 9M FY Q Results Q Results Integration International Macro Financials 42

43 Commercial & Corporate Business Unit: Results ( million) Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations Other Income Operating Expenses (42.7) (43.1) (41.9) (40.4) (39.2) Staff Costs (26.0) (25.1) (26.2) (26.9) (24.0) General Expenses (12.1) (12.5) (10.9) (10.8) (9.8) Depreciation (4.6) (5.6) (4.8) (2.7) (5.3) Impairment losses (182.4) (283.2) (238.3) (185.7) (131.8) Profit / (Loss) before tax (6.7) (101.9) (60.2) (1.3) 1.7 RWA e 19,429 19,574 20,835 22,567 23,796 9M FY Q Results Q Results Integration International Macro Financials 43

44 Asset Management Business Unit: Results ( million) Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations Other Income 0.0 (0.1) (0.1) Operating Expenses (7.7) (7.2) (6.4) (6.1) (6.6) Staff Costs (3.8) (3.6) (3.6) (3.5) (3.5) General Expenses (3.5) (3.3) (2.4) (2.5) (2.8) Depreciation (0.4) (0.2) (0.3) (0.1) (0.3) Impairment losses - (0.0) Profit / (Loss) before tax RWA e M FY Q Results Q Results Integration International Macro Financials 44

45 Investment Banking & Treasury Business Unit: Results ( million) Q Q Q Q Q Operating Income (7.4) (9.8) 2.3 Net Interest Income (0.3) (16.4) (25.6) (38.3) (73.4) Net fee and Commission Income (2.9) Income from Financial Operations Other Income Operating Expenses (6.7) (7.6) (6.9) (7.6) (6.9) Staff Costs (3.5) (3.6) (3.8) (4.8) (4.2) General Expenses (3.0) (3.8) (2.8) (2.6) (2.4) Depreciation (0.3) (0.3) (0.3) (0.2) (0.4) Impairment losses Profit / (Loss) before tax (14.3) (17.4) (4.7) RWA e 3,259 3,226 4,057 4,505 4,561 9M FY Q Results Q Results Integration International Macro Financials 45

46 SE Europe Business Unit: Results ( million) Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations Other Income Operating Expenses (63.7) (78.8) (69.1) (70.7) (66.2) Staff Costs (30.2) (32.1) (33.4) (32.6) (31.0) General Expenses (28.6) (41.4) (30.3) (31.1) (30.7) Depreciation (4.9) (5.3) (5.4) (7.0) (4.5) Impairment losses (85.0) (228.5) (52.4) (78.4) (75.8) Profit / (Loss) before tax (39.5) (187.9) (11.1) (48.6) (43.0) RWA e 8,784 8,082 7,616 7,846 8,045 9M FY Q Results Q Results Integration International Macro Financials 46

47 Other Business Unit: Results ( million) Q Q Q Q Q Operating Income 8.0 (17.0) (2.7) Net Interest Income Net fee and Commission Income 0.2 (0.3) Income from Financial Operations 0.4 (34.8) (15.1) Other Income Operating Expenses (19.6) (104.0) (21.0) (16.9) (15.6) Staff Costs (4.1) 25.1 (3.8) (4.9) (5.0) General Expenses (12.5) (126.6) (15.0) (10.8) (5.1) Depreciation - (2.5) (2.2) (1.3) (5.5) Impairment losses (3.0) (0.0) 0.0 (0.0) 0.0 Profit / (Loss) before tax - (121.1) (23.7) RWA e M FY Q Results Q Results Integration International Macro Financials 47

48 SEE Balance Sheet Figures ( million) Cyprus Δ% Romania Δ% Bulgaria Δ% Serbia Δ% Albania Δ% FYROM Δ% TOTAL Δ% Mar yoy yoy Yoy yoy Yoy yoy yoy Loans 5,131 (1.0%) 2,874 (5.1%) 617 (14.0%) 760 (1.3%) 370 (1.0%) 68 (2.4%) 9,819 (4.2%) Mortgages 2,436 (0.9%) % 145 (8.4%) 196 (1.6%) 67 (4.8%) 14 (14.9%) 3, % Consumer Credit 287 (7.0%) 311 (9.5%) % 132 (12.8%) % 22 (1.2%) 833 (13.4%) Businesses 2,409 (0.4%) 1,722 (9.7%) 403 (18.2%) % 292 (1.5%) % 5,289 (5.6%) Deposits 2,216 (16.0%) 1, % % 450 (23.3%) % % 5,107 (7.6%) 9M FY Q Results Q Results Integration International Macro Financials 48

49 SEE Main P&L Figures ( million) Cyprus 1 Δ% Romania Δ% Bulgaria Δ% Serbia Δ% Albania Δ% FYROM Δ% TOTAL Δ% Mar yoy yoy yoy yoy yoy yoy yoy Operating Income % % % % % % % Operating Expenses (pre-o/h 16.1 (1.7%) 21.0 (3.6%) % 9.0 (2.6%) 3.2 (3.8%) 1.5 (9.3%) 58.9 (2.2%) allocation) Impairment Losses % 14.4 (45.5%) % 1.7 (71.5%) % (0.3) (162.3%) % Profit Before Tax (pre- O/H allocation) (41.9) 105.7% 1.4 (110.8%) % 2.6 (145.5%) (0.2) (133.6%) (100.3%) (34.6) (6.7%) Loan Market Share 7.8% 5.7% 2.2% 4.6% 8.9% 1.7% NPL Ratio 37.0% 14.4% 26.0% 19.1% 24.4% 27.2% Branches Employees 966 2, , , Includes Emporiki Bank Cyprus as of 01/02/2013 9M FY Q Results Q Results Integration International Macro Financials 49

50 Investor Relations Contacts Mr. Dimitrios Kostopoulos Manager Investor Relations Division Ms. Elena Katopodi Assistant Manager Investor Relations Division Ms. Evangelia Chatzigiagkou Investor Relations Officer Mr. Marios-Ioannis Deportou Investor Relations Officer Ms. Stella Traka Investor Relations Officer ir@alpha.gr Tel : ALPHA BANK 40, Stadiou Street, Athens, Greece Internet Reuters Bloomberg : : ACBr.AT (shares), GRALFAw.AT (warrants) : ALPHA GA (shares), ALPHAW GA (warrants) 9M FY Q Results 50