H Results. Performance gains pace amidst consolidating recovery. August 28, 2014

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1 H Results Performance gains pace amidst consolidating recovery August 28, 2014

2 Table of Contents Pages I. H Results Highlights 3 II. Acquisition of Citibank Greek Retail Operations 17 III. Restructuring Plan 19 IV. ECB Comprehensive Assessment vs BoG / BlackRock 2 Diagnostic 21 V. Appendix Financial Results Overview International Operations Macroeconomic Overview Financials 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 H Results 2

3 I. H Results Highlights 9M FY H Results 3

4 Key highlights Stronger Economic Recovery Growth dynamics in 2014 are supported by strong macroeconomic fundamentals GDP growth on a yearly basis expected to turn positive from the second half of 2014 onwards Recoveries in multiple indicators, record tourism activity and strong performance in exports propel economic sentiment and consumer confidence indicators to new highs Stronger recovery in the months ahead is expected to prop up NPL decompression, which with the releveraging of the economy, will gradually bring Greek banks back to profitability Q2 14 Operating Performance validates Viability Path of the Approved Restructuring Plan More liquid balance sheet due to reduced Eurosystem reliance, increased deposits and continued deleveraging Pre-provision income continues to rebuild supported by funding costs; NIM of 2.7% in Q Cost to Income ratio reduced to 55% in Q2 2014; further substantial cost benefits initiatives to follow in the upcoming quarters Continued stabilisation of asset quality and limited NPL formation Strong Capital Base ahead of ECB Diagnostic CET-I ratio of 16.3% Bank has been recapitalised to meet future requirements stemming from two consecutive diagnostics Recent Developments Repayment of state aid through redemption of the Hellenic Republic s preference shares in April 2014 Successful issuance of 500mn senior unsecured bond with a 3-year maturity and 3.5% yield to maturity Acquisition of Citibank s Greek retail operations with AUM of 2.1bn Approval of the Bank s Restructuring Plan by the European Commission on July 9 th 9M FY H Results 4

5 Solid macroeconomic fundamentals paving the way for growth in H Solid signals of improving macroeconomic fundamentals Primary balance evolution (% GDP) - Central Government The Greek Shoots Of Recovery! 0.5% 0.2% 0.3% 1.1% 0.8% 0.3% 0.6% 0.4% 0.4% 0.6% 1.3% 1.5% Q available period %yoy Q %yoy Jan Feb Mar (0.2%) (0.5%) Apr May (0.8%) June July (0.8%) Full Year* *Excluding one-off transfers of 2.7 bn in 2013 and 2.6 bn in 2014 revenue as officially budgeted (B2014) Real GDP growth (3.9%) 2013 (1.1%) Q (0.2%) Q % 2014E 2.9% 2015E Source: Primary Balance: Bank of Greece, Ministry of Finance, State General Accounting Office, Real GDP growth: IMF 3.7% 2016E Retail Sales Volume -8,4% -1,9% Jan-May -3,0% -0,2% Apr-May Automobile Sales 3,1% 28,8% Jan-July 21,3% 36,0% Manufacturing Production -2,0% -0,9% Jan-June 1,0% -2,6% Tourism Arrivals 10,8% 16,5% Jan-July 22,3% 16,4% Building Activity -25,6% -9,4% Jan-May -17,0% 0,4% Apr-May Exports of goods (non-oil) 0,0% 4,0% Jan-June -1,4% 9,2% GDP growth -3,9% -0,7% Jan-June -1,1% -0,2% Unemployment Rate (end period) 27,5% 27,2% Jan-May 27,2% 27,2% Apr-May Economic Sentiment 90,8 98,0 Jan-July 95,0 99,4 Consumer Confidence -69,3-56,8 Jan-July -63,1-52,4 Business Expectations Manufacturing 87,8 93,7 Jan-July 90,0 95,6 Retail Trade 70,2 85,6 Jan-July 80,6 86,9 Services 70,4 84,6 Jan-July 78,8 87,1 Construction 65,0 81,3 Jan-July 79,6 82,1 Source: Bank of Greece, IOBE, ELSTAT, SETE External Balance (in bn) Investment (% yoy growth, 3period moving avg) Net Hirings Over Dismissals (private sector) Oil Exports Non-Oil Exports Tourism Shipping Other Services 4,0 7,1 11,7 Oil Imports 4,1 7,4 12,8 3,9 3,5 Non-Oil 5,8 7,6 Imports 6,3 7,7 1,8 1,8 2,3 2,0 H H % 30% 20% 10% 0% -10% -20% -30% -40% -50% Non-Residential Construction Machinery and Equipment Residential Construction In thousands Net Hirings +190 Source: Bank of Greece Source: ELSTAT Source: Manpower Employment Organization, Greece 9M FY H Results 5

6 H Performance and Key Figures Core PPI doubled in H vs. H Balance Sheet Income Statement ( billion) 30/06/ /12/2013 Assets Net Loans Deposits Eurosystem Funding Shareholders Equity Tangible Equity (TE) RWAs 54.1 (est.) 50.9 CET I 16.3% 16.1% TE / Tangible Assets 12.0% 9.7% TBV / share ( ) RWAs / Tangible Assets 76% 69% L / D (Net Loans / Deposits) - Group 119% 122% L / D (Net Loans / Deposits) - Greece 114% 117% Eurosystem Funding / Assets 1 14% 20% NPL ratio 33.6% 32.7% Coverage 58% 54% LLRs / Gross Loans 19% 18% ( million) 1 Excluding EFSF bonds used as collateral at the ECB 2 Tangible Equity = Total equity goodwill intangibles minorities hybrids preference shares 3 Integration Costs of - 7.4mn in H and - 6.2mn in H p.f.. Extraordinary costs of - 0.6mn for H and 20.2mn in H p.f. 4 Including negative goodwill 3,283.1 from Emporiki transaction Core PPI of 517mn in H1, up 102% yoy, on the back of reduced cost of funding and lower operating expenses Tangible equity at 8.6bn, increased by 1.8bn yoy H H p.f. Greek net loans to deposits reduced to 114% and Eurosystem Funding / Assets reduced to 14% signaling improvement in Group liquidity and less reliance on expensive sources of funding Provisioning / Gross Loans at 19% increasing cash coverage to 58% Change % Operating Income (excl. income from financial operations) 1, % Operating Expenses before Integration & Extraordinary Costs 3 (659.1) (695.7) (5.3%) Core Pre Provision Income (excl. income from financial operations & extraordinary costs 3 ) % Pre Provision Income % Impairment Losses (743.6) (984.1) (24.4%) Profit/ (Loss) after income tax , Net Interest Margin / Avg Assets (MARGIN) 2.6% 2.0% Cost to Income ratio (excluding income from financial operations, integration & extraordinary costs) 56.0% 73.1% 9M FY H Results 6

7 Common Equity Tier I ratio stands comfortably at 16.3% ahead of the ECB s Diagnostic Exercise Basel III Common Equity Tier I (CETI) Ratio Build up Group RWAs development CETI capital ( mn) 8, % (11bps) 8,810 75bps 4bps 16.3% CRD IV Leverage ratio 11.8% ( billion) (0.1%) % RWAs/ Net Loans CETI 31/03/2014 pro-forma for the repayment of prefs Q Result Additional DTA recognition RWAs decrease CETI 30/06/ Mar. 14 Jun. 14 est. Credit Risk Operational Risk Market Risk 1 Pro forma for the repayment of preference shares and the Basel III effect Equity to Regulatory Capital bridge Evolution of Tangible Book Value ( million) 0.67 TBV/share 16.3% CETI ratio TBV/ share ,844 8,603 8,810 8, ( million) (241) 6,769 6,632 7,129 8,293 8,603 Ordinary Equity Intangibles Tangible book value Regulatory CET I capital Adjustments = Tier I capital Lower Tier II Total CAD Jun. 13 Sep. 13 Dec. 13 Mar. 14 Jun. 14 9M FY H Results 7

8 Core PPI continues to build up PPI build-up and impact from trading and extraordinary items Improving operating trends ( million) +6.8% C/I 65% 55% (3) ( million) Q Δ NII Δ Fees Δ Other Income & OPEX Q2 14 Core PPI Trading Income Integration & Reported Q2 Extraordinary 14 Costs Q2 13 Q3 13 Q4 13 Q1 14 Q Excluding trading income and 5mn of integration and extraordinary costs Operating Income excl. Trading Operating Expenses excl. one-offs Net Fee & Commission Income PPI trajectory towards off-setting provisions ( million) ( million) Investment Banking & Brokerage % Asset Management Commercial Banking Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 H1 13 H1 14 Ιmpairment losses on credit risk PPI 9M FY H Results 8

9 Funding Cost Drives NII Improvement Group NII decomposition Run rate of Cost of Funding ( million) 471 (8) 10 (3) ( million) Eurosystem Funding (59) ~380mn annualised benefit (35) Deposits Q1 14 Δ Loans Δ Deposits Δ Bonds Δ Funding & Other Calendar Effect Q2 14 Average Q for FY 2013 Deposits Eurosystem Funding Average Q for H Δ between Maturing Deposits & Renewals (EUR Individual Time Deposits) Central Bank Funding Average Balances & Cost 1.05% 1.29% 1.31% 1.18% 1.13% 1.15% 0.93% 0.75% 1.26% ( billion) 0.86% 0.71% 0.57% 1.00% % ELA 0.18% 0.10% 0.45% 0.60% 0.43% 0.52% 0.41% 0.43% 0.34% 0.31% 0.40% 0.52% ECB Funding Cost 1 Q2 13 Q3 13 Q4 13 Q1 14 Q Funding cost excludes fees related to Government Guaranteed Bank Bonds; including this, it amounts to 1% for Q2 14 9M FY H Results 9

10 Continuous Improving Deposit Contribution to NII Supported by Sustained Repricing Efforts Group deposits base remains stable NII Deposits Contribution ( billion) +0.5% ( million) Volume +9 Repricing (137) +3 Euribor +3 Repricing (118) (109) (1) (1) Jun. 13 Sep. 13 Dec. 13 Mar. 14 Jun. 14 Q4 13 Due to Core Deposits Due to Calendar Time effect Deposits Q1 14 Due to Spreads Due to Volume Calendar effect Q2 14 Group Deposit Spread Evolution (bps) (110) (101) (127) (146) (169) +68bps Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Total Deposits Spreads 1M Euribor Curve Deposit Spreads (bps) (18) (5) (25) 5 (16) (3) (36) (70) (213) (241) (230) (266) (300) Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Sight and Savings - Greece SE Europe Time Deposits - Greece 9M FY H Results 10

11 Loan Contribution to NII Adversely Impacted by Deleveraging, which however Shows Signs of Flattening Out Net Loans Evolution NII Loans Contribution ( billion) ( million) (6.3%) (3) (11) (14) (3) (5) Jun. 13 Sep. 13 Dec. 13 Mar. 14 Jun. 14 Q4 13 Due to Spreads Due to Volume Calendar Effect Q1 14 Due to Spreads Due to Volume Calendar Effect Q2 14 Loans Spreads - Group (bps) Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Lending Spreads (bps) Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Consumer Credit - Greece Small Business Loans - Greece Medium & Large Business - Greece SEE Mortgages - Greece 9M FY H Results 11

12 Operating Expenses decrease by more than 5% yoy driven by Staff Costs Operating Expenses evolution 2 Run rate of Operating Expenses 2 ( million) (32) (5.3%) (37mn) ((5) - 9mn 664 FTE related mn Salary related % yoy (1.8%) (8.8%) ( million) Non staff (12) ~85mn annualised benefit (9) H1 13 Wages & Salaries General expenses H1 14 Wages & Salaries General expenses Depreciation Staff Average Q for FY 2013 Staff Costs Savings Non Staff Savings Average Q for H Emporiki is included from January 1, 2013 on a pro forma basis 2 Excluding integration and extraordinary costs Employees and Branches evolution 17,687 Employees (4.7%) ,855 6,359 5,744 11,328 11,111 Jun. 13 Jun. 14 Greece Abroad 1, Branches (14.1%) , Jun. 13 Jun Includes reduction due to the Ukrainian subsidiary sale (356 employees and 23 branches as of Jun. 13) FTE attrition and phasing in of the new collective labor agreement drives staff expenses lower Still the largest part of the synergy potential following the Emporiki acquisition, will be captured through the VSS Excluding remedial management expenses, general expenses were down by 6% yoy due to synergies realisation in IT and telecoms, product and property related expenses 9M FY H Results 12

13 NPL formation deceleration pursues encouraging trends Total NPL formation Business ( million) 1,076 Last 12-m formation (1 year ago) + 3,597mn (84%) NPL ratio ( million) NPL ratio 546 Last 12-m formation + 580mn % 33.9% ,754mn mn (352) Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 incl. Emporiki Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 incl. Emporiki (76) Mortgages Consumer Credit ( million) + 1,011mn NPL ratio ( million) NPL ratio 29.7% 43.9% + 833mn + 10mn + 56mn (222) (31) (63) (21) (54) Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 incl. Emporiki Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 incl. Emporiki 9M FY H Results 13

14 resulting in an increased coverage ratio of 58% Loan Loss Provisions 1 Group NPLs and cash coverage evolution (bps) 438 ( million) % 52% 51% 52% 54% 56% 58% % 30% 32% 33% 33% 33% 34% Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Impairment Charge Cost of Risk 1 Including Emporiki since February 2013 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 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 7.5bn % 65% 57% % 61% 126% 60% 58% 67% 113% 79% 33% 102% 26% 75% 15% 54% 31% NPLs Provisions Stock NPLs Provisions Stock Group Business Loans Mortgages Consumer Credit Business Mortgages Consumer Greece International Business Mortgages Consumer Cash Coverage Collateral Coverage 9M FY H Results 14

15 Group loan to deposit ratio continues to decrease assisted by the announced Citi transaction Alpha Bank Customer Deposits vs Greek System ( billion) Group Deposits ( billion) bn % qoq +537mn +229mn +43mn +97mn (542mn) +1.4% +0.8bn % Mar. 14 Δ Q2 14 Jun. 14 Alpha Bank Customer Deposits Greek System (Bank of Greece) Mar. 14 Sight & Savings Greece Time Deposits Greece Cyprus Other Int'l Jun. 14 excl. State Deposits State Jun. 14 Loan to Deposit Ratio normalizing Liabilities Mix 127% 125% -200bps from the Citi transaction ( billion) Total Equity Time Deposits Core Deposits Eurosystem Funding 122% 120% 122% 121% 119% % total 12% 37% 21% 14%¹ 117% 116% 114% a b c Jun. 13 Sep. 13 Dec. 13 Mar. 14 Jun. 14 Group Greece 112% Excl. EFSF bonds used as collateral at the ECB; (a) other (b) Debt securities, (c) Repo with EFSF bonds 9M FY H Results 15

16 Eurosystem Funding Decreases zero ELA usage Breakdown of Eurosystem Funding Utilisation Eurosystem Funding / Assets 1 No ELA since May 14 ( billion) ELA 18% (1.0) (0.5) (0.6) (0.4) 14% 13.2 <13bn ECB Mar. 14 Repo transactions Senior Bond issuance Assets Deleveraging Deposits Increase Jun. 14 Aug Excluding EFSF bonds used as collateral at the ECB ECB Collateral (Jun.14, cash values) ( billion) 13.2 Usage Pillar III bn buffer Successful issuance of 500mn senior unsecured bond with a 3-year maturity and 3.5% yield to maturity Initial borrowing allowance for the forthcoming TLTROs amounts up to 1.8bn EFSF Bonds Bonds Pillar II Loans ECB Collateral Forthcoming actions include Shipping Loans Portfolio Financing Covered Bonds / Securitizations Repos Capital Markets Access 9M FY H Results 16

17 II. Acquisition of Citibank Greek Retail Operations 9M FY H Results 17

18 The acquisition of Citibank s Greek Retail Operations will bring significant strategic and financial benefits to Alpha Bank Transaction perimeter Key figures Benefits 50 years of presence in the Greek market Expertise in servicing affluent clientele 1 Improvement of Alpha Bank s liquidity position Improvement in excess of 600 million Deposits and AuMs transfer c.20 Branches Key financials of the transferred perimeter: 0.4bn net loans 2 Enhancement of Alpha Bank s Wealth Management platform Expertise of Citi Greece personnel Long standing customer relationships Systems and methodology know-how Fee based business 2.1bn Total Relationship Balance o 1bn customers deposits o 1.1bn investments (AUM) Significant value creation: positive contribution to net income (post synergies & restructuring costs) of c. 50mn in Strengthening of collection process NII and fee generation from card business Word class methodologies and practices Highly specialized and skilled personnel Diners portfolio Expansion of customer base in issuing and acquiring Exclusive partnerships 9M FY H Results 18

19 III. Restructuring Plan 9M FY H Results 19

20 Alpha Bank s Restructuring Plan Key Facts Key Principles * All Greek systemic banks under obligation to submit restructuring plans to the European Commission as they have been recipients of state aid EC approved Alpha Bank s restructuring plan on July 9, 2014 Restructuring period shall end on 31/12/2018 A trustee to monitor achievement of targets on behalf of the EC HFSF Capital Contribution in the systemic banks HFSF shareholding % ( billion) Notes: As per European Commission announcement: Alpha Bank has already started to implement significant restructuring and rationalization measures. The restructuring plan continues this effort. Commission Vice President in charge of competition policy Joaquin Almunia said: Alpha Bank s restructuring will make a significant contribution to reinforcing the viability of the Greek banking sector, to the benefit of the Greek economy 66.4% 57.2% 67.3% 35.4% Alpha Bank Peer 1 Peer 2 Peer 3 HFSF TBV 1) Refers to HFSF contribution post warrants exercise based on public data 2) TBV for Alpha as of 30/06/2014, rest as of 31/03/2014 pro forma for the capital increases 5.5 An agreed roadmap to restore profitability Disposal of non core assets Establishing a level playing field Key Performance Indicators (ending years of restructuring plan period) Returns on capital well beyond cost of capital Focus on cost efficiency and NIM improvement Balanced growth model with emphasis on core competencies Divestment of certain non core participations in Greece Selective deleverage of International Assets with a focus on core business lines and geographies Level of restructuring commensurate with the state aid position of each recipient 9M FY H Results 20 NIM Cost / Income Cost of risk Net Loans / Deposits ROE (normalised at 9% CET1) >3.3% c.40% <1% <=119% >15% Non Core Assets Disposal (within restructuring plan period) Greek non-core participations c. 0.5bn Selective International deleveraging c.5% of forecasted average group assets over the planning period * effected through a series of commitments that are embedded in the restructuring plan targets and will be made public upon announcement of the non-confidential version of the European Commission s Decision

21 IV. ECB Comprehensive Assessment vs BoG / BlackRock 2 Diagnostic 9M FY H Results 21

22 2013 Bank of Greece Stress Test vs 2014 EU-wide Stress Test Common Target Ratios Time Horizon Base case - 8% target ratio Adverse Case - 5.5% target ratio BR 2: Jun. 13 Dec.16 ECB: Dec. 13 Dec. 16 Similar Macro Assumptions Real GDP Unemployment rate Inflation Residential house prices Commercial real estate prices Exercise Baseline Adverse BR 2 0.6% 2.9% 3.7% -2.9% -0.3% 1.0% ECB 0.6% 2.9% 3.7% -1.6% -0.6% 1.2% BR % 24.0% 21.0% 27.0% 26.0% 23.0% ECB 26.0% 24.0% 19.5% 26.5% 25.3% 21.6% BR 2-0.4% 0.3% 1.1% -0.9% -0.4% 0.4% ECB -0.6% 0.2% 1.1% -1.0% -0.9% -0.7% BR 2-6.2% -2.0% 0.0% -12.1% -8.5% -4.2% ECB -7.7% -3.7% -1.2% -11.1% -9.9% -7.9% BR 2-6.7% -1.4% -0.7% -11.8% -8.6% -4.8% ECB -3.7% -0.8% 0.6% -5.9% -4.5% -3.5% Capital Needs by 2013 BoG Exercise Fulfilled Base case 262mn Adverse Case 560mn 1.2bn capital raised in April 2014 (o/w 940mn preference shares repaid in April 2014) Better Starting Position Core Tier I 16.1% 13.9% Provisions/Gross Loans 18% 16% Jun 13 Dec 13 Jun 13 Dec 13 Base case Adverse case Large capital buffers ahead of AQR and stress tests results ( million) 8,810 CET-I capital¹ 4,328 CET-I 8.0% (Base) +4,482 Excess Capital ( million) 8,810 CET-I capital¹ 2,975 CET-I 5.5% (Adverse) +5,835 Excess Capital 9M FY H Results 22

23 CLP Greece CLP Greece 2013 Bank of Greece Stress Test Considerations ( million) As % of funded balance Blackrock Base - Lifetime Adverse - Lifetime 11,569 14, % 28.5% Blackrock Lifetime CLPs Scenarios and BoG filters BoG prudential filters 95% of BlackRock Lifetime CLP Base case 85% of BlackRock Lifetime CLP Adverse case 10,991 12,616 52% of BlackRock base case Dec-16 NPL 11,776 Selected by BoG BlackRock1 Adverse Lifetime 14, % Source: Report of Bank of Greece 2013 Stress Testing of the Greek Banking Sector (March 2014) Troubled assets review / Credit File Review Defaulted and modified loans went under scrutiny through the thorough Troubled Assets review. Relatively high PDs were assigned to modified loans. A credit file review for 47% of the Large Corporate portfolio was undertaken, calculating CLPs. PD Calculation PDs were calculated based on the bank specific historical data from the previous 5 years, incorporating a period of severe recession, thus embedding conservatism in the model. LGD Calculation LGD calculation depended largely on collaterals held and severe haircuts applied to collateral values. Haircuts for residential real estate included: 1. 13% - 14% downward adjustment from sample revaluations % gradually decreasing to 20% forced sale discount over a 5 year time horizon % liquidation expenses. Haircuts for commercial real estate were set to 38%. 9M FY H Results 23

24 V. Appendix 9M FY H Results 24

25 Group Loans Group Loans Group Retail Loans ( billion) ( billion) (2.7%) (1.5%) Other (2.2%) (1.3%) Mortgages (2.8%) SE Europe Greece (4.7%) (2.6%) 5.6 Consumer Credit Small Business Loans Jun. 13 Jun. 14 Jun. 13 Jun. 14 SEE Loans Group Wholesale Lending ( billion) ( billion) (1.5%) (3.2%) Cyprus Balkans (3.2%) 4.7 Jun. 13 Jun. 14 Jun. 13 Jun

26 Retail Lending Mortgage Balances - Greece Consumer Credit Balances - Greece ( billion) ( billion) (1.6%) 6.4 (4.6%) (2.5%) (5.0%) Credit cards Consumer loans Jun. 13 Jun. 14 Jun. 13 Jun. 14 Small Business Lending Balances - Greece ( billion) (2.4%) Strict underwriting resulted in housing loans rejection rate to reach 47% New production mortgages LTV at 54%, total book average LTV at 63% Consumer loan rejection rate at 72% Jun. 13 Jun

27 Corporate Banking Medium & Large Business Loans Greece Wholesale Loans Portfolio Structure Group ( billion) (3.4%) Other, 12.3% Wholesale Loans 28.5bn Services, 6.9% Industry, 22.2% Real Estate, 8.3% Shipping, 6.4% Trade, 21.4% Jun. 13 Jun Tourism, 6.6% Transportation, 1.1% Construction, 14.8% Shipping Loans Balances Shipping Loans Portfolio Structure ( billion) Dec. 10 Dec. 11 Dec Jun. 13 Dec Mar Jun. 14 Loans Balances USD/EUR Dry Bulk 43% Panamax 14% Handy max/ Handy size 23% Capesize 6% VLCC 8% Passenger 11% Containers 5% Product Tankers 15% Panamax Aframax 7% 1% Suezmax 10% Tankers 41% Duration of loan portfolio at 7 years NPL ratio at 7.5% 1 Includes Emporiki balances 27

28 Deposit Evolution Breakdown Customer Assets Deposits Evolution Group ( billion) ( million) Core Deposits Investment Balances , (1,009) ,411 Liquidity Jun. 13 Q3 13 Q4 13 Q1 14 Q2 14 Jun. 14 Time Deposits 27, ,796 Transaction Balances (666) (269) (225) Jun. 13 Jun. 14 Sight & Savings Deposits On Balance Sheet Other Mutual Funds Time Deposits Private Banking Money Morket Mutual Funds Jun. 13 Q3 13 Q4 13 Q1 14 Q2 14 Jun

29 Wealth Management Evolution Alpha Private Bank ( million) Asset Management ( million) 3,823 2,753 3,018 2,376 1, ,568 1, , ,093 1,129 1, Jun. 12 Jun. 13 Jun Jun. 12 Jun. 13 Jun. 14 Discretionary Advisory Execution Only Other AUM Non Money Market Mututal Funds Money Market Mutual Funds 29

30 International Presence Focused On Two Markets Alpha Bank Jun 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 = 62.2bn Alpha Bank H1 14 PPI International 16% Greece 84% International PPI breakdown Other 11% Total = 10.4bn Cyprus 54% Business focus on balancing operations which drove loan portfolio deleveraging from 11.7bn in 2010 to 10.4bn in 2014 Romania 35% Total = 0.6bn Total = 0.1bn Note: Alpha Bank loan book split based on gross loans; Alpha Bank PPI split adjusted for integration costs and extraordinary costs 30

31 With Good Prospects as Situation Improves Given Solid Position Cyprus and Romania operations focus ( million) Cyprus¹ Romania Gross loans 5,140 2,911 Δ% yoy (0.0%) (3.7%) Loans m.s. 8.0% 5.7% Operations in Cyprus represent the largest franchise of Alpha Bank outside Greece, with 8.0% market share in gross loans as of June 2014 Operations in Romania, where Alpha Bank has a 5.7% market share as of June 2014, generated 35mn PPI, a 27.9% increase yoy Loans split 29% Other international operations Mortgages Businesses Consumer 47% 6% 47% 61% 10% ( million) Bulgaria Serbia Albania FYROM NPL ratio 36.6% 14.5% Deposits 2,259 1,500 Δ% yoy (6.4%) 14.8% PPI Branches Employees 967 2,039 Loans Δ% yoy (7.7%) 2.4% (2.0%) (2.9%) Loans m.s. 2.2% 4.6% 8.6% 1.7% NPL ratio 25.6% 19.6% 25.5% 27.8% Deposits Δ% yoy 23.5% (19.1%) 7.7% 14.5% PPI Branches Employees 761 1, H1 2014, pre O/H allocation 31

32 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 Key measures undertaken Current progress Real GDP growth 3.6% (2.4%) (5.4%) (4.2%) +0.4% +1.8% Disinvestment of the Greek operations of the three largest domestic banks Completed Nominal GDP ( billions) Primary Fiscal Balance (% GDP) Current account balance (% GDP) General government debt (% GDP) 3.8% (3.4%) (2.0%) (1.7%) (1.6%) +4.0% (15.6%) (8.3%) (1.2%) (0.1%) +0.2% (0.7%) 49% 87% 112% 120% 124% 103% Unemployment rate 3.7% 11.9% 15.9% 18.6% 18.0% 10.9% Inflation (period average) 4.4% 3.1% 0.4% 0.3% 1.1% 1.9% 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 Successfully recapitalization at least 1 bn in July 2014 Hellenic Bank recapitalisation ( 358mm) Coops recapitalisation ( 1.5bn) Imposition of temporary and proportionate restrictions on financial flows Completed Completed Completed Completed ~ Ongoing gradual relaxation in progress Source: Eurostat, European Commission Spring 2014, IMF July 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: Additional drilling gas potential and deep oil test The recession milder than anticipated during 2014, supported by tourist activity and relatively resilient consumption GDP fell by-2.5% in Q2 2014, bringing optimism for a better GDP figure in 2014 than Troika s estimate GDP contraction is expected to stabilize and growth currently forecasted for 2015 Troika programme ( ) under full implementation In 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 the Cyprus ports authority which manages the ports of Larnaca and Limassol Rating Agencies in April 2014 upgraded Cyprus credit rating status Source: IMF, Research reports, Bloomberg 32

33 Alpha Bank Is the Third Largest Bank in Cyprus and Its Smaller But Visible Footprint allows for upside Top Cypriot banks ranking Deposits, billion 13.8 Time 74% Sight 25% Savings 1% Alpha Bank ranks as the third largest bank in Cyprus in terms of deposits with c. 2.3 billion of deposits as of June 2014 of which 74% comprised of time deposits Deposit inflows of 43mn in Q attributed to reallocation of local savings following the uplift of capital controls domestically 1 March 2014 data Deposit evolution Market Shares 4.6% 4.7% Residents Market Shares million 4.8% 5.3% 2,414 2, ,245 2,216 2,259 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 33

34 Alpha Bank s Romanian Operations Have Recorded Positive Profitability in the Past Quarters, with improving L/D ratio and increased provisions Quarterly profitability has recovered Quarterly profit before tax pre o/h, millions 10 Liquidity has improved Gross loans to deposits 231% 222% 206% 199% 194% 6 Gross loans evolution, million Deposits evolution, million 1 3 3,021 2,995 2,933 2,874 2,911 (7) 1,306 1,348 1,424 1,447 1,500 Q Q Q Q Q Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Loan loss provisions NPL ratio has stabilised million NPL ratio 14.3% 14.1% 14.4% 14.4% 14.5% NPL coverage ratio evolution % 76.6% 76.9% 80.1% 79.0% 7 9 Q2'13 Q3'13 Q4'13 Q1 14 Q2 14 Q2'13 Q3'13 Q4'13 Q1 14 Q

35 Hundreds The Greek Shoots Of Recovery! GDP Growth Liquidity Conditions Improved 4% 2% 0% -2% -4% -6% -8% 2013: -3.9% 2014: +0.7% Economic Sentiment % % -0.2% (In bn) 250 Loans 200 Deposits 150 ECB funding June bn 163 bn 44 bn -10% GDP Alpha Bank forecasts 75 0 Source: ELSTAT, European Commission, Alpha Bank Forecasts * Q Economic sentiment index: July 2014 Labor Market Stabilizing Source: Bank of Greece Private Consumption 50% 40% 30% Unemployment Rate 28% 26% Consumer Confidence Indicator, lhs Private Consumption, rhs Alpha Bank Forecasts, rhs 10% 5% 0% 20% 10% 0% Number of Employed (% yoy change) Number of Unemployed (% yoy change) 24% 22% % -10% -10% 20% % Source: ELSTAT * Q Economic sentiment index: July 2014 Source: ELSTAT, IOBE 35

36 Greece - SEE - EU: Comparing Recovery Performance GDP Growth Credit Expansion 6% Greece Bulgaria Romania Serbia EU 27 20% Greece Bulgaria Romania Serbia Euro Area 4% 14.8% 2% 0% -2% -4% -6% -8% f Source: European Commission, Spring Forecasts Economic Sentiment 10% 8.5% 6.4% 4.1% 3.5% 4.5% 0% 3.8% 1.9% 3.9% 1.0% -0.1% 1.4% -3.9% 0.0% -3.1% -10% Competitiveness 4.3% 2.8% 0.2% 1.0% 2.5% -0.7% -1.0% -1.4% -2.3% -2.0% -3.9% -3.0% -4.0% -3.9% -6.5% f Source: National Banks, Alpha Bank Bulgaria Greece Romania EU Bulgaria Greece Romania EU Source: European Commission Source: European Commission 36

37 SEE: Global Economic Weakening Is Affecting Recovery Bulgaria 15% 10% 5% 0% -5% -10% -15% Net FDI (RHS) Industrial Production - YoY% (LHS) Credit Expansion - YoY% (LHS) Source: National Banks, National Statistical Surveys Remittances Q Q mm 198 mm Romania 15% 10% 5% 0% -5% -10% -15% Net FDI (RHS) Industrial Production - YoY% (LHS) Credit Expansion - YoY% (LHS) Source: National Banks, National Statistical Surveys Remittances Q Q mm 488 mm Serbia 25% 0% -25% Net FDI (RHS) Industrial Production - YoY% (LHS) Credit Expansion - YoY% (LHS) Source: National Banks, National Statistical Surveys Remittances Q Q mm 496 mm GDP Growth YoY% 37 6% 4% 2% 0% -2% -4% -6% Bulgaria Romania Serbia Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q Source: National Statistical Surveys, Eurostat

38 SEE: External Balances Slightly Improved, Capital Inflows Remained Weak Mixed External Balance Conditions In bn 2 Romania Bulgaria Serbia H H H H H H C/A Net FDI Net Other Source: National Banks Gross Official Reserves / Short-Term External Debt 177% Foreign Investors Remain Selective & Cautious In bn In bn Romania H H FDI inflows Portfolio Investment Other Capital Bulgaria 161% 141% 142% 0-1 H H Source: National Banks Romania H H Bulgaria Source: National Banks FDI inflows Portfolio Investment Other Capital 38

39 SEE: Fiscal Consolidation Underway 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) Source: National Banks, National Statistical Surveys Serbia 20% 120 Source: National Banks, National Statistical Surveys General Government Balance as % of GDP 15% 10% 5% % -5.5%-4.9% -0.8% -3.0% -6.5% -1.5% -1.9% -2.3% -2.2% -5.0% -6.3% 0% CPI Inflation (LHS) Key Policy Rate (LHS) RSD per EUR (RHS) Source: National Banks, National Statistical Surveys f Source: European Commission, Spring Forecasts Bulgaria Romania Serbia 39

40 Alpha Bank Group ( million) H H pro forma yoy % change Net Interest Income % Net fee and commission income % Income from Financial Operations (72.5%) Other Income (8.2%) Operating Income 1, , % Staff Costs (332.7) (364.8) (8.8%) General Expenses (278.7) (283.7) (1.8%) Depreciation and amortization expenses (47.6) (47.2) 0.9% Operating Expenses before Integration and Extraordinary Costs (659.1) (695.7) (5.3%) Integration costs (7.4) (6.2) 19.2% Extraordinary costs (0.6) 20.2 (102.9%) Operating Expenses (667.1) (681.7) (2.1%) Impairment losses on credit risk (743.6) (984.1) (24.4%) Profit / (Loss) before income tax (165.5) (462.1) (64.2%) Income Tax (25.1%) Profit/ (Loss) after income tax % Negative Goodwill from Emporiki Transaction 0.0 3,283.1 Profit / (Loss) after income tax from continuing operations ,399.0 Profit / (Loss) after income tax from discontinued operations 0.0 (24.9) Profit / (Loss) attributable to shareholders ,374.1 Net Interest Income / Average Assets - MARGIN 2.6% 2.0% 40

41 Alpha Bank Group ( million) Q Q Q Q Q Q pro forma 41 Q Net Interest Income Net fee and commission income Income from Financial Operations Other Income Operating Income Staff Costs (165.6) (167.1) (174.1) (173.3) (181.7) (183.0) (161.8) General Expenses (140.1) (138.6) (166.1) (144.3) (141.8) (141.9) (130.7) Depreciation and amortization expenses (23.8) (23.8) (23.4) (22.8) (22.7) (24.5) (22.6) Operating Expenses before Integration and Extraordinary Costs (329.5) (329.6) (363.6) (340.3) (346.3) (349.4) (315.1) Integration costs (2.1) (5.3) (10.3) (10.8) (5.6) (0.6) (0.6) Extraordinary costs (1.0) 0.4 (67.9) (2.7) (2.7) Operating Expenses (332.5) (334.5) (441.8) (336.7) (329.0) (352.7) (318.3) Impairment losses on credit risk (348.5) (395.1) (449.2) (490.0) (479.1) (504.9) (504.9) Profit / (Loss) before income tax (57.9) (107.6) (292.0) (265.4) (220.1) (242.0) (227.5) Income Tax Profit/ (Loss) after income tax (94.1) (210.4) (223.7) (114.5) Negative Goodwill from Emporiki Transaction , ,283.1 Profit / (Loss) after income tax from continuing operations (94.1) (210.4) (223.7) (114.5) 3, ,528.0 Profit / (Loss) after income tax from discontinued operations (32.2) (25.2) Profit / (Loss) attributable to shareholders (94.2) (210.3) (256.0) (139.7) 3, ,528.2 Net Interest Income / Average Assets - MARGIN 2.7% 2.6% 2.6% 2.4% 2.3% 1.8% 1.8%

42 Group Results by Business Unit ( million) Retail Commercial & Corporate SE Europe Investment Banking & Treasury Asset Management Other Group Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun Operating Income (7.5) , ,183.8 Net Interest Income (111.7) Net fee and Commission Income (2.9) Income from Financial Operations Other Income (0.0) Operating Expenses (386.2) (371.1) (84.8) (79.6) (133.6) (136.8) (13.7) (14.5) (15.2) (12.7) (33.5) (32.5) (667.1) (647.3) Staff Costs (196.7) (203.3) (52.4) (51.0) (60.6) (63.5) (7.0) (9.0) (7.5) (7.0) (8.5) (9.9) (332.7) (343.6) General Expenses (167.7) (149.9) (23.9) (20.6) (62.9) (61.8) (6.2) (5.0) (6.8) (5.3) (19.2) (15.9) (286.8) (258.5) Depreciation (21.8) (17.9) (8.5) (8.0) (10.1) (11.5) (0.5) (0.6) (0.8) (0.5) (5.8) (6.8) (47.6) (45.2) Impairment Losses (233.6) (512.4) (336.4) (317.5) (173.6) (154.2) (0.0) (743.6) (984.1) Profit / (Loss) before tax (133.2) (459.8) (84.4) (91.6) 37.1 (22.1) (12.6) (165.5) (447.6) 42

43 Retail Business Unit: Results ( million) Q Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations Other Income Operating Expenses (192.1) (194.1) (201.1) (191.5) (187.2) (183.9) Staff Costs (97.5) (99.2) (102.7) (105.1) (109.6) (93.7) General Expenses (83.5) (84.2) (88.2) (76.4) (72.8) (77.2) Depreciation (11.2) (10.7) (10.2) (10.0) (4.9) (13.0) Impairment losses (105.9) (127.7) 62.6 (199.3) (215.1) (297.3) Profit / (Loss) before tax (52.5) (80.7) (159.0) (179.3) (280.5) RWA e 20,302 20,065 20,031 19,642 18,775 18,800 43

44 Commercial & Corporate Business Unit: Results ( million) Q Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations Other Income Operating Expenses (42.2) (42.7) (43.1) (41.9) (40.4) (39.2) Staff Costs (26.4) (26.0) (25.1) (26.2) (26.9) (24.0) General Expenses (11.9) (12.1) (12.5) (10.9) (10.8) (9.8) Depreciation (3.9) (4.6) (5.6) (4.8) (2.7) (5.3) Impairment losses (154.0) (182.4) (283.2) (238.3) (185.7) (131.8) Profit / (Loss) before tax 23.7 (6.7) (101.9) (60.2) (1.3) 1.7 RWA e 19,629 19,429 19,574 20,835 22,567 23,796 44

45 Asset Management Business Unit: Results ( million) Q Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations Other Income (0.0) 0.0 (0.1) (0.1) Operating Expenses (7.5) (7.7) (7.2) (6.4) (6.1) (6.6) Staff Costs (3.7) (3.8) (3.6) (3.6) (3.5) (3.5) General Expenses (3.4) (3.5) (3.3) (2.4) (2.5) (2.8) Depreciation (0.4) (0.4) (0.2) (0.3) (0.1) (0.3) Impairment losses - - (0.0) Profit / (Loss) before tax RWA e

46 Investment Banking & Treasury Business Unit: Results ( million) Q Q Q Q Q Q Operating Income (7.4) (9.8) 2.3 Net Interest Income 5.4 (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 (7.0) (6.7) (7.6) (6.9) (7.6) (6.9) Staff Costs (3.5) (3.5) (3.6) (3.8) (4.8) (4.2) General Expenses (3.2) (3.0) (3.8) (2.8) (2.6) (2.4) Depreciation (0.3) (0.3) (0.3) (0.3) (0.2) (0.4) Impairment losses Profit / (Loss) before tax (14.3) (17.4) (4.7) RWA e 4,073 3,259 3,226 4,057 4,505 4,561 46

47 SE Europe Business Unit: Results ( million) Q Q Q Q Q Q Operating Income Net Interest Income Net fee and Commission Income Income from Financial Operations Other Income Operating Expenses (69.9) (63.7) (78.8) (69.1) (70.7) (66.2) Staff Costs (30.4) (30.2) (32.1) (33.4) (32.6) (31.0) General Expenses (34.3) (28.6) (41.4) (30.3) (31.1) (30.7) Depreciation (5.2) (4.9) (5.3) (5.4) (7.0) (4.5) Impairment losses (88.6) (85.0) (228.5) (52.4) (78.4) (75.8) Profit / (Loss) before tax (44.9) (39.5) (187.9) (11.1) (48.6) (43.0) RWA e 8,832 8,784 8,082 7,616 7,846 8,045 47

48 Other Business Unit: Results ( million) Q Q Q Q Q Q Operating Income (17.0) (2.7) Net Interest Income Net fee and Commission Income (0.3) Income from Financial Operations (34.8) (15.1) Other Income Operating Expenses (13.9) (19.6) (104.0) (21.0) (16.9) (15.6) Staff Costs (4.4) (4.1) 25.1 (3.8) (4.9) (5.0) General Expenses (6.7) (12.5) (126.6) (15.0) (10.8) (5.1) Depreciation (2.8) (3.0) (2.5) (2.2) (1.3) (5.5) Impairment losses (0.0) (0.0) (0.0) 0.0 (0.0) 0.0 Profit / (Loss) before tax (1.0) (11.6) (121.1) (23.7) RWA e

49 SEE Balance Sheet Figures ( million) Cyprus Δ% Romania Δ% Bulgaria Δ% Serbia Δ% Albania Δ% FYROM Δ% TOTAL Δ% Jun yoy yoy Yoy yoy Yoy yoy yoy Loans 5, % 2,911 (3.7%) 630 (7.7%) % 362 (2.0%) 68 (2.9%) 9,861 (1.5%) Mortgages 2,428 (0.6%) % 152 (2.8%) 192 (4.1%) 68 (1.6%) 13 (16.0%) 3, % Consumer Credit 287 (2.4%) 301 (10.1%) % 129 (11.3%) % 22 (1.5%) 824 (5.4%) Businesses 2, % 1,757 (6.3%) 406 (11.5%) % 282 (4.2%) % 5,332 (2.2%) Deposits 2,259 (6.4%) 1, % % 450 (19.1%) % % 5, % 49

50 SEE Main P&L Figures ( million) Cyprus Δ% Romania Δ% Bulgaria Δ% Serbia Δ% Albania Δ% FYROM Δ% TOTAL Δ% Jun yoy yoy yoy yoy yoy yoy yoy Operating Income % % % % % % % Operating Expenses (pre-o/h allocation) 33.0 (9.1%) % 16.6 (2.5%) % % 3.1 (14.6%) (2.9%) Impairment Losses % 31.1 (34.3%) 2.9 (21.8%) 7.5 (33.2%) 1.6 (63.1%) (0.6) (155.5%) % Profit Before Tax (pre- O/H allocation) (80.4) 71.8% 3.9 (119.7%) % 0.2 (101.9%) 0.8 (129.9%) (0.1) (94.4%) (72.7) (9.5%) Loan Market Share 8.0% 5.7% 2.2% 4.6% 8.6% 1.7% NPL Ratio 36.6% 14.5% 25.6% 19.6% 25.5% 27.8% Branches Employees 967 2, , ,

51 Investor Relations Contacts Mr. Dimitrios Kostopoulos Manager Investor Relations Division Ms. Elena Katopodi Assistant Manager Investor Relations Division Ms. Stella Traka Senior Investor Relations Officer Mr. Marios-Ioannis Deportou 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) 9M FY H Results 51