H R e s u l t s. August 31, 2017

Transcription

1 H R e s u l t s August 31, 2017

2 Table of Contents Pages I. Macroeconomic Update 3 II. H1 17 Performance Highlights 7 III. H1 17 Performance Balance Sheet Pre Provision Income Asset Quality Liquidity Capital 35 IV. Appendix 37 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. 2

3 I. Macroeconomic Update H Results 3

4 I Recovery is Gradually Gaining Momentum- Labour Market is Bouncing Back Unemployment Rate Declines on the Back of Part-time Jobs Confidence Recouped Following the Completion of the 2 nd Review % % % Part-time employment (% of total employment), rhs Unemployment rate, lhs I III I III I III I III I III I III I III I III I II % 8.0% 7.0% 6.0% % 4.0% 2016 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Economic Sentiment Index, lhs Greek-German 10y Bonds Spread, rhs Note: Unemployment rate Q is the average rate of April and May Source: ELSTAT Sources: : ΙΟΒΕ, Bloomberg Employment Gains per Sector: Primary, Secondary and Public Administration Index, Q1 2013=100 Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ ΙΙΙ ΙV Ι % of total employment Primary Sector Secondary Sector excl. Construction Real Estate & Construction Trade-Transport-Tourism Public Administration The adjustment programmes implemented during the past years managed to address macroeconomic imbalances resulting to a substantive progress in terms of fiscal consolidation, external imbalances and structural reforms in labour, product and services markets. These developments started to bear fruits and the economy returned to growth, as real GDP expanded in Q1 2017, against a fall in Q (Q4 2016: -1.1%, Q1 2017:+0.4%). Employment figures show now signs of resurgence in many sectors. Industry, public administration, information and communication services recorded substantial job gains. The completion of the 2nd Review allowed the restart of Government arrears clearance, while the new measures listed in the programme have set a positive tone strengthening recovery prospects as indicated by the improvement of confidence indicators mainly for business sector but also for consumers, triggered the decline of the Greek bond spreads, allowing the Hellenic Republic to tap the markets, in end-july, for the first time since 2014, and successfully issue a 5- year Bond. Sources: ELSTAT 4

5 I Confidence, Tourism and Manufacturing: Growth Drivers for 2017 Business Confidence Indicators Rebound index Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Industry Construction Services Source: IOBE Conjunctural Indicators in Positive Territory 15% (yoy % change, 3-month moving average) 10% 5% 0% -5% -10% Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Manufacturing Retail Sales excl. Fuel Exports of Goods excl. Fuel Sources: Bank of Greece, ELSTAT A Strong Rebound of Tourism Receipts in 2017 mln tourists bln Both soft and hard data indicators point to the recovery of significant aspects of economic activity. In particular, retail sales, employment rate, industrial production and car sales all exhibit positive trends, supporting the economy. Therefore, the growth rate of economic activity is expected to accelerate gradually during 2017 and peak in the last quarter. The timely completion of the 3rd Review will reinforce business confidence, while the continuation of reforms, the acceleration of the privatization programme and the expected good tourism period in 2017 are points suggesting that our last estimate, for a GDP growth of 1.5% in 2017, is attainable. 0.0 H H H H H H Tourist Arrivals (excl. cruises) mln tourists, lhs Tourism Receipts in bln, rhs 0.0 In H1 2017, tourist arrivals increased by 6.6% yoy and tourism revenues by 7.1% yoy. Source: Bank of Greece 5

6 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 I Liquidity Conditions and Price Developments Positive Deposit Flows Following the Conclusion of the 2 nd Review HICP Turned Positive in 2017, Ending a 4year Deflation Period 4,000 3,000 2,000 1, ,000-2,000 monthly deposit flows in mln 2.0 % Source: Bank of Greece Enterprises Households Total Private Sector HICP _ Constant Taxes HICP HICP_excl. Energy Prices Source: ELSTAT, Eurostat The Declining Pace of Real Estate Prices Slowed Significantly 5.0% 0.0% -5.0% -10.0% -15.0% H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 H1 H2 Q1 Source: Bank of Greece Retail Price Index yoy % change Office Price Index yoy % change New Index of Apartment Prices yoy % change The decline in private sector deposits of 2.4 bln recorded in January-April 2017 due to tax obligations and uncertainty, has been almost offset by the increase in deposits recorded in May July 2017 of 2.3 bln, reflecting the positive impact of the completion of the 2 nd Review, as well as the support by tourism related activities. After a four year period of negative inflation, harmonised inflation increased by 1.4% in January -July 2017, on average, as a result of i) higher oil prices, ii) tax hikes on consumption and iii) recovery in economic activity. The pace of adjustment in house prises slowed significantly to -1.8% yoy in Q and -1.3% in H2 2016, from -4.4% in Q and -5.5% in H2 2015, respectively. The main challenges for the Greek economy are: the pursuing of structural reforms -especially the ones aiming to liberalise the product markets, that will benefit export-oriented businesses, the acceleration of the privatisation programme necessary to boost confidence and attract investment and, the specification of additional measures needed for debt sustainability. 6

7 II. H1 17 Performance Highlights H Results 7

8 II H Financial Performance Overview 1 Capital Strong CET1 ratio at 17.9% (+74bps q-o-q) Tangible Equity at 9.0bn (+ 0.2bn q-o-q) 2 Asset Quality NPEs down by 0.5bn in Greece q-o-q NPLs down by 0.7bn q-o-q in Greece 3 Liquidity ELA down by 1.8bn in 1H 2017 or 4.1bn y-t-d 1 Group deposits up by 0.2bn in H1 or 1.1bn y-t-d 1 4 PPI performance H Core PPI at 622mn (+5% y-o-y) 5 Opex - C/I ratio H Operating Expenses at 560mn, in line with FY 2017 target of 1.1bn C/I ratio at 46%, from 48% a year ago 6 Cost of Risk H impairment losses at 463mn (-24% y-o-y) CoR at 155bps over gross loans in H Profit After Tax H PAT 2 at 118mn versus a loss of 25mn in H As of end of August Profit After Tax from continuing operations 8

9 II H Group P&L and Balance Sheet basic figures Profit & Loss ( million) H H1 yoy % change Q Q qoq % change Balance Sheet ( billion) 30/6/ /3/ /6/2016 Net Interest Income (NII) % % Fees and commissions Income % % Trading & Other Income Operating Income 1,198 1, % (0.8%) Assets Net Loans Deposits Eurosystem Funding ELA ECB Total Operating Expenses (560) (589) (4.9%) (281) (279) 0.5% Pre Provision Income (PPI) % (1.8%) Recurring Operating Expenses (535) (542) (1.4%) (272) (263) 3.6% Core Pre Provision Income % % Impairment Losses (463) (606) (23.5%) (217) (247) (12.2%) Shareholders Equity Tangible Equity (TE) TBV per Share ( ) Common Equity Tier 1 ratio (CET1) 17.9% 17.2% 16.6% CET1 Fully Loaded 17.8% 17.0% 16.2% Capital Adequacy Ratio (Total) 18.0% 17.2% 16.7% Profit/ (Loss) before income tax (PBT) 175 (0) % Risk Weighted Assets Income Tax (57) (24) (29) (28) Profit/ (Loss) after income tax from continuing operations 118 (25) Profit/ (Loss) after income tax from discontinued operations (68) (69) 1 Profit/ (Loss) after income tax 50 (19) 1 48 NPL ratio 37.6% 38.1% 37.8% Cash Coverage 69% 69% 69% Total Coverage 124% 124% 124% NPE ratio 53.7% 53.8% 52.6% Cash Coverage 48% 49% 49% Total Coverage 103% 105% 107% Net Interest Margin (NIM) 3.1% 2.8% 3.1% 3.0% Recurring Cost to Income ratio 46.2% 47.8% 46.2% 46.3% 1 P&L numbers restated for the sale of Alpha Bank Serbia 9

10 II Q2 Core PPI performance improved on the back of stronger core operating income PPI q-o-q evolution ( million) 12mn 322 (17) (9) (8) 316 Q1 17 Reported PPI Trading and one-off costs Q1 17 Core PPI Δ NII Δ Fees Δ OPEX & other income Q2 17 Core PPI Trading Οne-off costs Q2 17 Reported PPI Core PPI over Assets Total Assets yoy evolution ( million) ( billion) 1.78% 1.80% 1.86% 1.90% 2.02% bn -6.9% 62.7 (1.7) (1.8) (1.2) Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Jun-16 Net Loans Securities Other items Jun-17 Core PPI Core PPI/Assets 10

11 II Sustained NII by further funding improvement, despite balance sheet deleveraging NII q-o-q evolution Stabilisation of funding cost both in Eurosystem and time deposits ( million) (1) (1) 1.48% 1.29% 1.21% 1.13% 1.13% 0.82% 0.81% 0.75% 0.68% 0.67% Q1 17 Loans Deposits Funding Bonds & other Caledar effect Q2 17 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 New time depos rates Funding cost incl. Pillar II fees Net Loans balances (Group) Deposits balances (Group) ELA Funding Evolution ( billion) - 0.4bn -0.9% ( billion) mn +0.2% ( billion) bn -6.6% Mar-17 Jun-17 Mar-17 Core Time Jun-17 Mar-17 Jun-17 11

12 II Fees supported by improved market environment and Alpha Bank s participation in project financing Net Fees & Commissions Income y-o-y ( million) Net Fees & Commission Income evolution q-o-q ( million) % % 29.2 Investment Banking & Brokerage % % Asset Gathering & Bancassurance Commercial Banking H1 16 H1 17 Mar-17 Loans Cards Other Commercial Banking Investment Banking & Brokerage Asset Gathering & Bancassurance Jun-17 Alpha Private Bank balances Asset Management balances Commercial Banking ( million) ( million) 4,172 +5% 4,361 2,022-29% 1,442 2, % 2, Jun-16 Jun-17 Discretionary Advisory Execution Only 1, , Jun % +40% +19% 1,532 Jun-17 Money Market Mutual Funds Non Money Market Mututal Funds Other AUM Fees & Commissions Income up by 13.3% q-o-q mainly due to higher revenues related to increased participation in project financing Fees & Commissions Income also backed by improved market conditions, reflected in increased revenues from cards, asset gathering and other Commercial Banking Alpha Private Bank balances up by 5% y-o-y on the back of increased advisory and discretionary operations Asset Management balances up by 23% y-o-y on the back of mutual fund inflows and higher market valuations 12

13 II Recurring OPEX fell by 7.6mn y-o-y on the back of the ongoing platform rationalisation Recurring Operating Expenses decreased Recurring C/I ratio further improved ( million) - 7.6mn -1.4% Depreciation & Amortization % G&As 54% Staff costs % % 48% 46% Employees evolution H H H Greece -767 / SEE ,569-12% 11,923 Branches evolution 9,670 8,903 3,899 3,020 Jun-16 Greece Abroad Jun-17 Greece -99 / Abroad % H OPEX performance in line with our 2017 target for 1.1bn Recurring Cost to Income ratio further improved to 46% in H Staff costs reduced by 6.3% y-o-y, mainly on the back of savings arising from Voluntary Separation Scheme (VSS) implemented in % decrease of workforce since June % decrease of branches since June 2016 Jun-16 Greece Abroad Jun-17 1 Restated for the sale of Alpha Bank Serbia 2 Including 936 Employees and 75 branches of Serbian subsidiary in June

14 II Common Equity Tier I ratio at 17.9%; Fully Loaded CET1 ratio at 17.8%; Tangible Equity at 9.0bn CET1 ratio quarterly evolution ( million) 8,804 9,038 8,645 8, % 14bps 22bps 19bps 19bps 17.9% FLB3 CET1 excl. DTC law at 12.2% 17.8% 18.0% Overall Capital Requirement (OCR) for 2017 at 12.25% Tangible Equity CET1 capital CET1 Mar-17 Period Result 1 AFS Reserve RWA impact / Other Impact from Sale of Serbia CET1 Jun-17 FLB3 CET1 Jun-17 Total Capital Adequacy Ratio Jun-17 Group Risk Weighted Assets (RWAs) development GGBs Book Value evolution Tangible Book Value evolution ( billion) ( billion) ( million) (0.8) (0.4) Due to sale of Serbia 79% RWAs/ Assets Marked at 78% bn 2.3 Marked at 86% 8, TBVPS ,038 Mar-17 Credit Risk Market Risk Jun-17 Credit Risk Operational Risk Market Risk Mar-17 Book Jun-17 Nominal Mar-17 Period Results AFS Reserves Other Jun-17 1 Before discontinued operations 14

15 II Negative formation of NPEs in Q2 by 0.5bn NPE formation - Greece NPE Targets ( billion) ( billion) (0.5) (0.7) (0.3) (0.7) bn -4% - 8.4bn -32% Dec-16 Entries Exits write offs Mar-17 Entries Exits write offs Jun-17 Target Jun-17 Jun-17 Actual Dec-17 Target Dec-19 Target Net NPE formation - Greece ( million) NPEs in Greece per segment ( billion) Total NPEs in Greece 27.0bn 2, % Consumer 4.3 Business (123) (505) 29% Mortgages % FY 15 FY 16 Q1 17 Q2 17 Note: Write-offs in Q2 17 stood at 746mn 15

16 Consumer Credit Mortgages Business II NPL formation down by 0.7bn NPL balances evolution - Greece NPL targets - Greece ( billion) bn - 1.2bn -6% bn -41% Jun-17 Actual Dec-17 Target Dec-19 Target Jun-16 Dec-16 Mar-17 Jun-17 Target Jun-17 Net NPL formation - Greece ( million) NPL formation by segment - Greece ( million) H FY 2015 FY 2016 Q1 17 Q (53) (96) 1 NPL Cash Coverage 77% 1, (743) % (240) (111) (15) (717) FY 15 FY 16 Q1 17 Q % (1) (41) Note: Write-offs in Q2 17 stood at 746mn 1 An amount of 67mn has been transferred from business to consumer (194) 16

17 II Group Cost of Risk for H at 155bps; Cash Coverage stable at 69% for NPLs and at 48% for NPEs Group Cost of Risk (over Gross Loans) Group NPL and NPE Coverage ( million) H bps -41bps -21% H bps 124% 107% 124% 125% 106% 106% 124% 105% 124% 103% NPL Total Coverage NPE Total Coverage Cost of Risk 165bps 227bps 169bps 201bps 164bps 146bps 69% 68% 69% 69% 69% 49% 49% 49% 49% 48% Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 NPL Cash coverage NPE Cash coverage 17

18 II Loan to Deposit Ratio further improved on the back of deposit inflows accentuated during Q3 and loans deleveraging Group Deposits quarterly evolution Loan to Deposit ratio decreased further (0.1) YtD + 1.1bn Impacted by a large project finance outflow % 144% 135% 136% (13pp) 135% 132% 131% 128% Jun-16 Dec-16 Mar-17 Greece Abroad Jun-17 Greece Abroad Aug-17 Jun-16 Dec-16 Jun-17 Aug-17 Greece Abroad Funding profile on a restoration path away from the Central Banks facilities Group Greece 47% 51% 52% 53% 54% Loan to Deposit ratio in Greece further reduced to 131% in August 2017 Q2 deposit flows negatively affected by the reversal of Q1 in-transit inflows related to a large project finance Group deposits up by 1.1bn in the first 8 months of the year, with 34% 28% 26% 24% 20% Jun-16 Dec-16 Mar-17 Jun-17 Aug-17 18% excl. EFSF bonds Greek deposits posting an increase of 0.7bn and deposits abroad increasing by 0.4bn Eurosystem funding over Assets further reduced to 20% as of August 2017 or 18% excluding EFSF bonds Depos/Assets Eurosystem funding/assets 18

19 August 2017 II Eurosystem reliance down by c. 5.9bn y-t-d driven by increased repo activity, EFSF bonds disposals and deposit inflows Eurosystem funding y-o-y reduction ( billion) Buffer YtD - 5.9bn (0.5) (0.9) (0.3) (0.2) (2.6) Eurosystem reliance down by 5.9bn within 2017, at 12.5bn as of August 2017 Post June 2017, Eurosystem funding reduction was driven by 0.9bn repo transactions, 0.9bn deposit inflows, 0.5bn securities disposals (mainly EFSF) and 0.3bn loans deleveraging Jun-16 Dec-16 Mar-17 Securities Disposal Interbank Repos & Other ECB SEE Liquidity ELA Banking Book Jun-17 Δ Aug-17 Pillar II bonds fully repaid in Q Interbank repos increased to 2.7bn as of August 2017, gradually diversifying the Bank s funding profile Basic Balance Sheet Funding sources Repos ECB Funding 1% 4% 10% 7% 31% -33% 23% Outstanding Interbank Repos 2.7bn Outstanding EFSF bonds 1.5bn ELA Funding 58% +5% 66% No Pillar II Outstanding TLTRO II 3.1bn Deposits Jun -16 Jun

20 III. H1 17 Performance 1. Balance Sheet H Results 20

21 III Balance Sheet composition Asset split ( billion) Liabilities and equity split ( billion) Cash Securities Cash Securities ELA 11.4 ELA EFSF bonds 2.4 EFSF bonds ECB 3.6 ECB Time deposits Time deposits Net loans 44.2 Net loans Core deposits 18.6 Core deposits PPE DTA PPE DTA Debt securities Equity Debt securities Equity Other 5.5 Other Other 4.6 Other Mar-17 Jun-17 Mar-17 Jun-17 P&L Balance Sheet P&L Asset Quality Liquidity Capital 21

22 III-2. Pre Provision Income H Results 22

23 III Resilient core PPI; NII supported by reduced cost of funding Core PPI breakdown ( million) Lower contribution of loans to NII mainly counterbalanced by reduced wholesale funding cost (y-o-y) ( million) Bonds & other Loans Funding (49) (51) (51) (50) (51) (71) (60) (51) (48) (85) Depos Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Central Banks funding balances & cost continue to decline (270) (281) (285) (263) (272) ( billion) 1.48% 1.29% 1.21% 1.13% 1.13% Q2 16 Q3 16 Q4 16 Q1 17 Q Core Operating Income Recurring OPEX Core PPI Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 ECB ELA Funding Cost incl. Pillar II fees Balance Sheet P&L Asset Quality Liquidity Capital 23

24 III Loan and deposit spreads Reduced net loan balances (bps) Deposit mix & cost evolution (bps) (67) (66) (65) (64) (64) % Total ( billion) ( billion) % End of quarter balances Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 End of quarter balances Q2 16 Q3 16 Q4 16 Q1 17 Q % Core deposits Time deposits Net Loans Group loans spread Group deposits spread Lending spreads (bps) Deposit spreads (bps) Consumer Credit - Greece Small Business Loans - Greece SEE (31) (34) (34) (34) (34) (108) (103) (97) (98) (94) Sight and Savings - Greece SE Europe Medium & Large Business - Greece Mortgages - Greece (112) (106) (102) (99) (99) Time Deposits - Greece Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Balance Sheet P&L Asset Quality Liquidity Capital 24

25 III Operating expenses million H H yoy % Recurring OPEX Evolution Staff costs (236) (252) (6.3%) ( million) General expenses (249) (242) 2.8% Depreciation and amortisation expenses (50) (48) 3.3% Recurring OPEX (535) (542) (1.4%) Depreciation & amortisation expenses General expenses Integration costs (4) (2) 128.3% Extraordinary/one-off costs (21) (44) (52.7%) Total OPEX (560) (589) (4.9%) Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Staff costs Employees Branches Greece 9,570 9,625 9,680 9,687 9,687 9,679 9,670 9,653 8,888 8,900 8,903 Greece VSS Gr -2,208 15,202 15,149 Bulg -744 FYROM -240 VSS Cy ,371 14,210 13,856 13,695 13,569 13,481 Bulg Hilton 1, FYROM Serbia Serbia ,863 11,897 11, Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 1 Includes corporate and private banking centers Balance Sheet P&L Asset Quality Liquidity Capital 25

26 III-3. Asset Quality H Results 26

27 Consumer Credit Mortgages Business III Coverage of Group non performing loans 55% 132% Evolution of coverage for the Group 79% 78% 78% 78% 77% 55% 124% 69% 68% 69% 69% 69% Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Collateral Coverage Total NPL Coverage Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Collateral Coverage Total NPL Coverage 65% 113% Group NPLs NPEs as of June % 45% 46% 48% 48% ( billion) NPE ratio Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Collateral Coverage Total NPL Coverage Abroad % 54.2% 22.2 NPL ratio 37.6% NPE Cash coverage NPL Cash coverage 31% 116% Greece % % 48% 69% % % 47% 74% 68% 81% 82% 84% 83% 85% NPEs NPLs Cash Coverage Cash coverage for the Group at 69% or 124% including collateral coverage of 55% Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Collateral Coverage Total NPL Coverage Total coverage in all segments is well above the 100% mark Balance Sheet P&L Asset Quality Liquidity Capital 27

28 III NPL Workout Units Analysis Loans perimeter managed by NPL Units ( billion) NPL Workout Units balances breakdown by segment ( billion) Performing NPLs Total Loans Greece Non-NPL Management Units Retail NPL Management Unit WHL NPL Management Unit Performing NPLs Retail 18.6bn Wholesale 8.1bn Mortgages Consumer SBLs SMEs Corporates Total Retail NPL Unit manages all retail exposures which are >1dpd and total 18.6bn In retail c. 3,050 FTEs broken down in WHL NPL Unit manages 8.12bn, out of which 3.12bn are performing loans 1 In wholesale c.149 FTEs broken down in (legal outsourcing excluded): c.650 in Retail NPL Unit Management & Monitoring: 46 FTEs c.500 in branches Special Credit Division : 63 FTEs c.1,900 in collection and legal firms Permanent arrears Division: 40 FTEs 1 Including leasing, factoring and International Unit Greece Balance Sheet P&L Asset Quality Liquidity Capital 28

29 III Alpha Bank has actively engaged with licensed independent servicers for the management of both retail and large corporate Non Performing Exposures CEPAL, the 1st company to be licensed as a Servicer in Greece, is a partnership between Centerbridge Partners (CP), who will be the majority shareholder, and Alpha Bank, which will maintain a minority stake Cepal went operationally live in the 2 nd week of May Pillarstone platform licensed in May 2017 by the Bank of Greece in order to manage non-performing exposures on behalf of Greek banks Pillarstone stands ready to engage directly with a number of Greek companies to provide: Alpha Bank has already assigned 500mln to Cepal with the following characteristics: o long-term capital co-funded by KKR & EBRD and optionally by the platform Banks o Mortgages 33%, Consumer 33%, Small Business 33%; o Secured: 76% o operational expertise, which will enable the companies to stabilize, recover and grow o Debtors 4,500+, Accounts 13,000+ Alpha Bank will additionally assign to CEPAL 1bn within October 2017 and another 2.5bn by mid-2018, whereas the intention is to further increase the assigned volumes, subject to the Servicer s performance Cases reviewed to include mainly large exposures and strategic SME s, which can be restructured both for the benefit of the Greek economy and the Bank s performance Balance Sheet P&L Asset Quality Liquidity Capital 29

30 IIΙ Detailed overview of Alpha Bank s asset quality by portfolio - Greece ( billion) Wholesale SBL Mortgages Consumer Total Gross loans (-) Provisions (5.0) (2.8) (2.5) (2.5) (12.7) Net loans NPLs NPL ratio 25.4% 74.4% 35.4% 42.9% 37.3% NPEs NPE ratio 45.3% 86.9% 46.7% 64.6% 53.6% NPL collateral NPE collateral Coverage ratio Total Collateral Cash 155% 61% 94% 114% 110% 103% 112% 104% 61% 51% 53% 69% 71% 53% 58% 50% 43% 33% 118% 32% 86% 124% 81% 57% 24% 57% 68% 103% 56% 47% NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE NPLs (+) Forborne NPLs < 90 dpds (+) Individually impaired NPEs Forborne NPLs >90dpd Forborne NPLs <90dpd Performing forborne Total forborne Including unlikely to pay Balance Sheet P&L Asset Quality Liquidity Capital 30

31 IIΙ Detailed overview of Alpha Bank s asset quality by portfolio - Group ( billion) Wholesale SBL Mortgages Consumer Total Gross loans (-) Provisions (6.4) (2.8) (3.4) (2.6) (15.3) Net loans NPLs NPL ratio 28.6% 74.2% 35.4% 42.5% 37.6% NPEs NPE ratio 47.5% 86.8% 47.4% 63.2% 53.7% NPL collateral NPE collateral Coverage ratio Total Collateral Cash 146% 57% 89% 112% 109% 103% 113% 103% 59% 51% 53% 65% 67% 54% 58% 50% 48% 36% 116% 31% 85% 124% 81% 55% 24% 57% 69% 103% 55% 48% NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE NPLs (+) Forborne NPLs < 90 dpds (+) Individually impaired NPEs Forborne NPLs >90dpd Forborne NPLs <90dpd Performing forborne Total forborne Including unlikely to pay Balance Sheet P&L Asset Quality Liquidity Capital 31

32 III-4. Liquidity H Results 32

33 III Loan to deposit ratio improvement continued in Q2. Collateral pool at 18.8bn Group Loan to Deposit ratio decreased further Eurosystem collateral pool (cash values) ( billion) % (13pp) % 135% 136% 135% 132% 131% 128% Pillar II Securitisations Bonds Loans EFSF Bonds ELA ELA ELA 15.2 Jun-16 Dec-16 Jun-17 Aug-17 Group Greece ECB 0.8 ECB Dec-16 Mar-17 Jun-17 ECB 3.6 Balance Sheet P&L Asset Quality Liquidity Capital 33

34 III Deposits flow per quarter Alpha Bank deposits evolution in Greece Deposits breakdown June 2017 ( billion) Q3: 0.2bn Q4: 1.2bn Q1: 0.0bn Q2: ( 0.1bn) (0.0) (0.1) (0.2) Δ Time Core 61% Time 39% Δ Core Jun-16 Core Time Sep-16 Core Time Dec-16 Core Time Mar-17 Core Time Jun-17 Alpha Bank deposits evolution in Greece Deposits breakdown June 2017 ( billion) (0.5) (0.3) Δ Individuals Δ Business Business 26% Individuals 74% Jun-16 Bus. Indiv. Sep-16 Bus. Indiv. Dec-16 Bus. Indiv. Mar-17 Bus. Indiv. Jun-17 Balance Sheet P&L Asset Quality Liquidity Capital 34

35 III-5. Capital H Results 35

36 III Common Equity Tier I ratio at 17.9%; Fully Loaded CET1 ratio at 17.8%; Tangible Equity at 9.0bn CET1 ratio quarterly evolution ( million) CET1 capital 8, % 14bps 22bps 19bps 19bps 17.9% 8, % 18.0% Overall Capital Requirement (OCR) for 2017 at 12.25% CET1 Mar-17 Period Result AFS Reserve RWA impact / Other Impact from Sale of Serbia CET1 Jun-17 FL CET1 Jun-17 Total Capital Adequacy Ratio Jun-17 Jun-17 DTA/Tax Credit impact 3.3bn Tax Credit 0.1bn Tax Losses Phased-in Fully loaded CET1 ( bn) 0.6bn Other DTA RWAs 1 ( bn) 1.6bn DTA bn Tax Credit Equity to regulatory capital bridge 3.3bn Tax Credit 0.6bn Other DTA ( million) Tangible book value / Tangible Assets 14.5% 9,413 9,038 8, ,813 (375) (239) Ordinary Equity Intangibles Tangible book value Regulatory Adjustments CET1 capital Lower Tier II Total CAD 1 Risk weighting is 100% for the Tax Credit and 250% for the Other DTA Balance Sheet P&L Asset Quality Liquidity Capital 36

37 IV. Appendix H Results 37

38 IV Business Volumes ( million) Jun 2017 Mar 2017 Dec 2016 Sep 2016 Jun 2016 % Jun 2017 / Jun 2016 Group Gross Loans 59,062 60,045 60,316 60,821 61,418 (3.8%) Mortgages 20,100 20,219 20,260 20,480 20,541 (2.1%) Consumer Loans 5,646 5,757 5,749 5,876 5,858 (3.6%) Credit Cards 1 1,585 1,634 1,676 1,637 1,593 (0.5%) Small Business Loans 6,487 6,648 6,640 6,781 6,788 (4.4%) Medium and Large Business Loans 1 25,244 25,787 25,991 26,047 26,637 (5.2%) of which: Greece 50,401 51,317 51,606 51,440 51,975 (3.0%) Mortgages 16,553 16,653 16,714 16,769 16,834 (1.7%) Consumer Loans 5,117 5,237 5,225 5,205 5,197 (1.5%) Credit Cards 1 1,547 1,596 1,638 1,587 1, % Small Business Loans 6,419 6,581 6,573 6,710 6,712 (4.4%) Medium and Large Business Loans 1 20,765 21,250 21,456 21,169 21,689 (4.3%) of which: Shipping Loans 1,882 1,992 2,004 1,914 1,938 (2.9%) Southeastern Europe 8,385 8,446 8,448 9,082 9,123 (8.1%) Accumulated Provisions (15,277) (15,867) (15,907) (15,951) (15,922) (4.1%) Group Net Loans 43,785 44,178 44,409 44,870 45,496 (3.8%) Customer Assets 38,740 38,605 38,342 37,498 37, % of which: Group Deposits 33,141 33,090 32,946 31,970 31, % Sight & Savings 18,627 18,730 18,572 18,148 18, % Time deposits & Alpha Bank Bonds 14,513 14,359 14,375 13,821 13, % Greece 27,921 28,067 28,062 26,877 26, % Sight & Savings 16,912 17,144 17,021 16,444 16, % Time deposits & Alpha Bank Bonds 11,009 10,923 11,041 10,433 10, % Southeastern Europe 4,433 4,251 4,111 4,294 4, % Money Market Mutual Funds (27.6%) Other Mutual Funds 1,426 1,341 1,286 1,224 1, % Private Banking 3,639 3,597 3,518 3,641 3, % 1 Reclassification of 193mn in Q2 16 from Medium & Large Business Loans to Credit Cards 38

39 IV Business book and shipping portfolio Group loans breakdown (Q2 17 data) Wholesale loans portfolio structure Group Services 6% Other 9% Industry 23% Mortgages 34% 59.1bn Wholesale loans 43% Real Estate 8% 25.2bn Shipping 6% Credit Cards 3% Consumer loans 9% SBLs 11% Tourism 8% Transportation 3% Construction 16% Trade 21% Shipping loans portfolio structure Dry Bulk 47% Panamax 16% Capesize 9% 1.9bn Passenger 9% Containers 8% Product Tankers 14% Tankers 1.9bn of exposure, to top-names The portfolio is split into tankers by 36%, containers 8%, passenger 9% and the rest is dry bulk Duration of loan portfolio at 5 years Handy max/ Handy size 22% Panamax 8% 36% NPL ratio at 6.5% VLCC 8% Suezmax 6% 39

40 IV Wealth Management evolution Alpha Private Bank balances ( million) Asset Management balances ( million) 4,203 4,172 4,361 1,442 2,206 2,022 1,532 1,228 1, ,692 1,896 2, , Jun-15 Jun-16 Jun Jun-15 Jun-16 Jun-17 Discretionary Advisory Execution Only Money Market Mutual Funds Other AUM Non Money Market Mututal Funds 40

41 IV SEE Operations 1 ( million) Cyprus Δ% Romania Δ% Albania Δ% TOTAL Δ% Jun-17 yoy yoy yoy yoy Deposits 2, % 1, % % 4, % Gross Loans 5,232 (0.9%) 2, % 342 (2.1%) 8,385 (0.5%) Mortgages 2,439 (0.5%) 1, % % 3, % Consumer Credit 270 (2.6%) 247 (1.0%) % 543 (0.8%) Businesses 2,524 (1.1%) 1,544 (0.8%) 246 (5.6%) 4,314 (1.3%) NPE ratio 76.9% 20.2% 25.4% NPE Cash coverage 53% 64% 34% NPE Total coverage 97% 129% 125% NPL ratio 56.4% 14.8% 13.7% NPL Cash coverage 73% 86% 64% NPL Total coverage 114% 154% 149% Total Operating Income 70.2 (14.2%) 64.2 (15.5%) 7.3 (29.2%) (15.7%) Operating Expenses (pre-o/h allocation) 1 (25.4) (5.3%) (46.1) (0.2%) (7.6) 14.8% (79.1) (0.7%) Impairment Losses (83.7) 59.8% 2.1 (3.9) (44.9%) (85.4) 3.2% Profit Before Tax (pre- O/H allocation) (38.9) 20.3 (4.1) (22.8) Branches (2) Employees 663 1, , Country View 41

42 IV Alpha Bank Group ( million) H H yoy % change Net interest income % Net fee and commission income % Income from financial operations Other Income (24.5%) Operating Income 1, , % Staff costs (235.8) (251.7) (6.3%) General expenses (249.1) (242.4) 2.8% Depreciation and amortization expenses (50.0) (48.4) 3.3% Operating expenses before integration and extraordinary costs (534.9) (542.5) (1.4%) Integration costs (4.0) (1.7) Extraordinary costs 1 (21.0) (44.4) Operating expenses (559.8) (588.6) (4.9%) Impairment losses on credit risk (463.4) (605.9) (23.5%) Profit / (Loss) before income tax (0.3) Income Tax (56.8) (24.5) Profit / (Loss) after income tax from continuing operations (24.8) Profit / (Loss) after income tax from discontinued operations (68.5) 5.9 Profit / (Loss) attributable to shareholders 49.6 (19.0) Net interest income / average assets - MARGIN 3.1% 2.8% 1 Including VSS Cyprus of 31mn in H

43 IV Alpha Bank Group ( million) Q Q Q Q Q qoq % change yoy % change Net interest income % 3.5% Net fee and commission income % 9.2% Income from financial operations (78.3%) (87.2%) Other Income % (31.9%) Operating Income (0.8%) (4.8%) Staff costs (119.4) (116.4) (125.1) (124.1) (125.5) 2.6% (4.8%) General expenses (128.2) (120.9) (134.9) (132.8) (121.3) 6.1% 5.7% Depreciation and amortization expenses (24.6) (25.4) (24.7) (24.3) (23.1) (3.1%) 6.6% Recurring Operating expenses (272.2) (262.7) (284.6) (281.2) (269.8) 3.6% 0.9% Integration costs 3.0 (7.0) (3.9) (0.4) (1.2) Extraordinary costs 1 (11.4) (9.6) (66.9) 0.2 (16.6) Total Operating expenses (280.6) (279.2) (355.5) (281.4) (287.6) 0.5% (2.4%) Impairment losses (216.6) (246.8) (303.9) (258.2) (350.0) (12.2%) (38.1%) Profit / (Loss) before income tax (57.1) 47.8 (10.8) 32.1% Income Tax (28.7) (28.0) 61.8 (8.1) (9.5) 2.4% Profit / (Loss) after income tax from continuing operations (20.3) 49.7% Profit / (Loss) after income tax from discontinued operations (69.4) Profit / (Loss) attributable to shareholders (16.8) Net interest Margin (NIM) 3.1% 3.0% 3.0% 2.9% 2.8% 1 Including VSS Cyprus of 31mn in H1 16 Note: P&L numbers restated for the sale of Serbia 43

44 IV Group Results by Business Unit ( million) Retail Commercial & Corporate SE Europe Investment Banking & Treasury Asset Management Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun Other Group Operating Income (17.3) (0.4) , ,194.2 Net Interest Income (40.5) Net fee and Commission Income Income from Financial Operations (35.2) (12.2) Other Income (2.0) (0.7) (1.0) Operating Expenses (325.0) (326.1) (80.1) (75.3) (85.4) (122.3) (14.1) (14.5) (15.0) (13.3) (40.3) (37.1) (559.8) (588.6) Staff Costs (135.5) (140.1) (43.0) (43.3) (39.5) (77.0) (6.0) (6.4) (8.4) (8.5) (4.1) (8.7) (236.5) (284.0) General Expenses (162.6) (159.5) (25.8) (22.1) (41.0) (40.1) (7.0) (7.0) (5.4) (4.0) (31.5) (23.4) (273.3) (256.2) Depreciation (26.9) (26.5) (11.2) (9.8) (4.9) (5.1) (1.1) (1.1) (1.1) (0.8) (4.8) (5.0) (50.0) (48.4) Impairment Losses (436.3) (166.0) 58.3 (357.2) (85.4) (82.8) (463.4) (605.9) Profit / (Loss) before tax (221.9) (10.7) (29.2) (37.0) (31.9) (40.7) (2.3) (0.3) Note: P&L numbers restated for the sale of Serbia 44

45 IV Results I Retail Business Unit ( million) Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations Other Income Operating Expenses (166.4) (158.7) (170.8) (167.3) (166.3) Staff Costs (68.6) (67.0) (70.1) (69.6) (70.6) General Expenses (84.3) (78.2) (87.2) (84.4) (82.5) Depreciation (13.5) (13.4) (13.5) (13.4) (13.1) Impairment losses (304.2) (132.1) (21.5) (164.7) (96.7) Profit / (Loss) before tax (200.7) (21.2) 84.3 (52.3) 17.2 RWA e 20,090 20,053 20,108 20,074 19,882 1 P&L numbers restated for the sale of Serbia 45

46 IV Results I Commercial & Corporate Business Unit ( million) Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations (36.1) Other Income Operating Expenses (40.9) (39.2) (39.7) (38.5) (37.9) Staff Costs (21.7) (21.4) (22.1) (21.8) (21.9) General Expenses (13.3) (12.6) (12.4) (11.6) (11.1) Depreciation (5.9) (5.3) (5.3) (5.0) (4.9) Impairment losses (78.4) (124.8) (54.5) (204.4) Profit / (Loss) before tax (33.4) RWA e 18,381 18,378 18,063 18,199 18,459 1 P&L numbers restated for the sale of Serbia 46

47 IV Results I Asset Management Business Unit ( million) Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations Other Income (0.7) 0.0 (1.1) (0.9) (0.4) Operating Expenses (7.4) (7.6) (6.8) (6.6) (6.7) Staff Costs (4.3) (4.1) (4.0) (4.1) (4.2) General Expenses (2.9) (2.5) (2.5) (2.1) (2.1) Depreciation (0.1) (1.0) (0.4) (0.4) (0.4) Impairment losses Profit / (Loss) before tax RWA e P&L numbers restated for the sale of Serbia 47

48 IV Results I Investment Banking & Treasury Business Unit ( million) Q Q Q Q Q Operating Income (2.0) 13.6 Net Interest Income (6.1) (16.8) Net fee and Commission Income Income from Financial Operations Other Income (0.1) Operating Expenses (7.1) (7.0) (7.8) (7.4) (7.3) Staff Costs (3.1) (2.9) (3.4) (3.2) (3.3) General Expenses (3.5) (3.5) (3.9) (3.7) (3.5) Depreciation (0.6) (0.6) (0.5) (0.5) (0.5) Impairment losses Profit / (Loss) before tax (9.5) 6.3 RWA e 4,226 4,684 4,891 4,993 5,198 1 P&L numbers restated for the sale of Serbia 48

49 IV Results I SE Europe Business Unit ( million) Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations Other Income Operating Expenses 1 (43.9) (41.6) (49.2) (42.4) (44.8) Staff Costs 1 (20.1) (19.4) (19.9) (19.4) (21.0) General Expenses (21.4) (19.6) (26.5) (20.6) (21.2) Depreciation (2.4) (2.5) (2.7) (2.5) (2.6) Impairment losses (49.1) (36.3) (152.0) (39.0) (49.0) Profit / (Loss) before tax 1 (21.4) (7.8) (127.9) (0.9) (2.2) RWA e 5,387 5,904 6,223 6,345 6,652 1 Including VSS Cyprus of 31mn in H P&L numbers restated for the sale of Serbia 49

50 IV Results I Other Business Unit ( million) Q Q Q Q Q Operating Income (6.2) 5.8 (22.2) Net Interest Income Net fee and Commission Income Income from Financial Operations (12.2) 0.0 (31.9) (0.1) 9.2 Other Income Operating Expenses (15.1) (25.2) (81.1) (19.1) (24.6) Staff Costs (1.7) (2.3) (10.2) (7.7) (5.5) General Expenses (11.2) (20.3) (68.7) (8.9) (17.6) Depreciation (2.2) (2.6) (2.3) (2.5) (1.5) Impairment losses (5.6) (0.0) 0.0 Profit / (Loss) before tax (21.3) (19.4) (108.9) (8.6) (3.7) RWA e 1,297 1,102 1,109 1,149 1,126 1 P&L numbers restated for the sale of Serbia 50

51 IV Glossary Reconciliation of key Management s definitions with terms in Annual report (In accordance with Law 3556/2007) Terms Definitions Abbreviation 1 Accumulated Provisions or Loan Loss Reserve Accumulated Impairment Allowance, as disclosed for credit risk monitoring purposes (note 41) LLR 2 Core Operating Income Operating Income (5) less Income from financial operations 3 Gross Loans Total gross amount of Loans and Advances to Customers, as disclosed for credit risk monitoring purposes (note 41) 4 Impairment losses or Loan Loss Provisions Impairment losses and provisions to cover credit risk LLPs 5 Operating Income Total income plus Share of profit/(loss) of associates and joint ventures 6 Recurring Operating Expenses Total Operating Expenses (7) less Integration, Extraordinary Costs and One-Offs Recurring OPEX 7 Total Operating Expenses Total expenses Total OPEX 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 (RWAs) 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 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 FNPEs performing category, either due to the extension of additional forbearance measures or due to becoming more than 30 days past-due 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 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 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 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 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 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 Capital Requirement 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 51

52 Alpha Bank Contacts Vassilios Psaltis Lazaros Papagaryfallou General Manager CFO Executive General Manager Dimitrios Kostopoulos Elena Katopodi Manager Assistant Manager Investor Relations Division Investor Relations Division Stella Traka Senior 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) 52