FY 2011 Results. April 20, 2012

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Transcription:

FY 2011 Results April 20, 2012

2 Table of Contents I.FY 2011 Highlights for the Conference Call 1. Macro Discussion and Results Key Messages 2. Capital and Liquidity Position 3. Resilient Financial Performance 4. Asset Quality Affected by a Challenging Environment II. Macroeconomic Environment III. Financial Review IV. Segmental Report V. Appendix 1. Group Profit & Loss 2. Business Unit Financials Pages 3 4 7 12 19 22 29 33 40 41 44 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.

I. FY 2011 Highlights for the Conference Call

1. Macro Discussion and Results Key Messages

Restoring Confidence While Pursuing Austerity Remains A Challenge For Crisis Resolution Deeper Recession Defers Primary Surplus To 2013 And Recovery To 2014 Substantial debt relief and a fortified fiscal consolidation process are expected to improve prospects and set the stage for a sustained recovery. Further measures of 7 pps of GDP to be identified by June 2012 so as to ensure achievement of a primary surplus of 4.5% of GDP by 2014 may set the stage for early disappointment, with detrimental effects on economic activity while undermining fiscal consolidation in the process. Bank recapitalization while avoiding nationalization is critical for the restoration of confidence, the return of deposits to the banking system and the resumption of bank lending. Growth prospects may be enhanced if fast-track privatizations and targeted use of Community Structural Funds for infrastructure projects, in combination with new money from the European Investment Bank, act as a catalyst for foreign direct investment. Sustainable Greek Sovereign Debt Dynamics 180% 150% 120% 90% Alpha Bank estimates, March 2012, g= 3.9% g: nominal GDP growth avg. 2012-2020 Troika estimates, March 2012, g=2.9% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Source: Alpha Bank Research GDP growth and Primary Balance 4% 2% 0% -2% -4% -6% -8% -10% 4,5% 4,5% 1,8% 2,5% 3,1% -2,4% -1,0% -3,5% 0,0% -5,0% -4,8% -6,9% Primary Balance (% of GDP) Source: IMF, March 2012 Real GDP growth 2010 2011 2012 2013 2014 2015 5

6 FY 2011 Results Highlights FY 11 FY 10 Change % Full participation on PSI+: 3.8bn of GGBs and 2.1bn of State Guaranteed Loans Additional PSI+ related impairment in Q4 of 3.2bn, cumulative loss at 3.8bn EBA CTI at 1.3bn post PSI+ provides a good base for further capital enhancement through our comprehensive capital plan ( billion) Net Loans 44.9 49.3 (9.0%) Deposits 29.4 38.3 (23.2%) Accumulated Provisions 2.9 2.2 31.8% Shareholders Equity 1.4 5.2 (72.8%) Romania Assets 59.1 66.8 (11.5%) ( million) Operating Income 2,283.8 2,249.6 1.5% First step of plan launched through cash tender targeting of 1bn obtaining Lower Tier I, Upper and Lower Tier II securities Operating Expenses (1,096.3) (1,148.5) (4.5%) Pre-Provision Income 1,187.5 1,101.1 7.8% Impairment Losses on credit risk (1,130.3) (884.8) 27.8% PPI at 1,187mn, up 7.8% in this very challenging year Net Profit excluding PSI impairment 21.4 86.0 (75.1%) Keep building up reserves 2.9bn of loan loss reserves at 5.8% of gross loans or 45% cash coverage Impairment Losses on PSI (3,831.4) 0.0 Net Profit attributable to Shareholders (3,810.2) 85.6

2. Capital and Liquidity Position

EBA CTI at 1.3bn post 3.8bn PSI+ impairment provides the basis to restore capital position 8 EBA Core Tier I Build up y-o-y 5,275mn ( 3,831mn) 87 bps 10.8% 1.9bn HFSF Stand by Facility 9.8%* 4.4bn 53.5% haircut additional NPV loss 1.3% (571) 5.5%* 1.2% (292) 1.3% 1.2% (863 bps) 3.0% 2.4bn 0.6bn Tier II 0.5bn Lower Tier I 1.3bn ΕΒA CTI 7.3% Dec. 10 EBA Core Tier I Net Capital Enhancement y-o-y PSI+ Impairment after tax Dec. 11 EBA Core Tier I Pro-forma * Total CAD Risk Weighted Assets Capital Initiatives to reach 9% Target ( billion) 48.9 44.5 ( 4.5bn ) 0.7 44.4 3.8 0.8 3.9 39.7 Target of 9% EBA CTI until September 2012 Liability Management RWAs optimisation Deleveraging of non-core assets Dec. 10 Dec. 11 Credit Risk Operational Risk Market Risk Capital Raising

Full Participation in PSI+ with our GGB portfolio and Eligible State Guaranteed Loans 9 PSI+ Eligible Portfolio Receivables from PSI+ ( billion) 3.8 ( billion) 1.9 1.9 2.1 0.9 0.1 1 GGBs PSI+ Eligible State Guaranteed Loans New Greek Government Bonds EFSF 1&2Y Notes EFSF Accrued Interest Notes GDP Warrants 1 Excludes 0.9bn of bonds related to preference shares Exchange Timetable Comments Alpha Bank fully participated in PSI Old GGBs under Greek law 2.2 3.8bn of GGBs and 2.1bn of State Guaranteed Loans Old GGBs under foreign law 1.6 New Greek Bonds under Greek law have been exchanged in Q1 2012 State guaranteed loans 2.1 New Greek Bonds for foreign law GGBs and state guaranteed loans have been exchanged in Q2 2012 0 Exchanged in Q1 2012 Exchanged in Q2 2012 GDP Warrants to deliver potentially a 1% additional benefit from 2015 onwards

Deposits Reduction Continued Alpha Bank vs Greek System Deposits ( billion) 209.6 199.2 31.1 30.8 12.5 11.5 188.2 26.9 11.3 183.2 25.4 10.6 174.2 23.7 10.1 18.6 19.3 15.6 14.8 13.6 Dec. 10 Mar. 11 Jun. 11 Sep. 11 Dec. 11 Alpha Bank Time deposits Alpha Bank Sight & Savings Greek System (Bank of Greece) Alpha Bank vs Greek System Deposits Evolution of Alpha Bank Deposits - Group Comments ( billion) 31.0 34.7 42.5 42.9 38.3 29.4 System-wide deposits influenced by developments in the macro environment Group Deposits reached 2006 levels Following successful implementation of PSI+ and the signing of the 2 nd Economic Adjustment Programme for Greece, deposit balances have stabilised Dec. 06 Dec. 07 Dec. 08 Dec. 09 Dec. 10 Dec. 11 10

accommodated by Central Banks Funding Alpha Bank vs Greek System Deposits Central Banks Funding Utilisation ( billion) Collateral Value (cash value post haircuts) + 2.1bn 28.2 Central Banks Utilisation Decomposition of quarterly evolution ( billion) 19.8 2.3 + 2.1bn (0.2) 21.9 19.8 21.9 Sep. 11 Dec. 11 Sep. 11 Deposit Reduction Loan Deleveraging / Other De c. 11 Assets Liabilities Senior Debt Maturity Profile Comments ( billion) Outstanding Debt Maturing Debt Cash buffer above the 6bn mark EFSF bonds and New Greek Bonds received from PSI+ to further enhance collateral pool 1.4 0.9 Limited bond maturities in 2012 & 2013 0.4 0.1 Dec. 11 2012 2013 >2013 11

3. Resilient Financial Performance

Operating Performance Underpinned by Solid NII and Cost Reduction Provisioning puts pressure on Bottom Line NIM increases ( million) Net Profit after Tax 1 +30bps 349 86 21 3.0% 1,178 1,101 1,187 2.9% 2.8% (676) (885) (1,130) 2.7% FY 09 FY 10 FY 11 2.6% Pre Provision Income Provisions Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 1 Excluding Impairment of Greek Government Bonds Continued delivery on cost reductions Comments 1,202 ( 106mn) i.e.(8.8%) 1,148 1,096 PPI performance continuously above the 1.0bn level since 2006 Successful spread management delivers higher NIM Cost reduction continued for second year in a row FY 09 FY 10 FY 11 Operating Expenses 13

14 Solid Loan Contribution to NII Volumes 1 and Spreads NII Loans Contribution Volumes ( million) (9.0%) 49,305 44,876 (bps) Re-pricing +16bps 367 383 Gross Balances at quarter end ( million) + 7mn 483 474 478 490 490 51.5bn 49.7bn Dec. 10 Dec. 11 FY 10 FY 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 1 Net loans balances Loans Spreads - Group Lending Spreads (bps) 346 352 369 375 370 375 379 387 390 +20bps (bps) 946 942 788 799 933 811 933 817 972 818 Consumer Credit - Greece Small Business Loans - Greece +24bps 387 386 384 398 395 SE Europe Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 266 276 284 298 310 211 219 222 228 232 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Medium & Large Business - Greece Mortgages - Greece

15 Deposit Contribution to NII Improving Liability Repricing NII - Deposits Contribution Group Deposits ( million) (23.2%) Deposit Spreads Balances at quarter end ( million) + 29mn 38,293 29,399 (bps) +12bps 13.5bn (58) (50) 21 22 (34) (35) (29) 11.0bn 34 37 29 24.8bn (79) (72) (68) (71) 18.4bn (58) Dec. 10 Dec. 11 (55) (43) FY 10 FY 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Time Deposits Sight & Savings Deposits Group Deposit Spread Evolution Deposit Spreads (bps) (bps) 78 94 79 (37bps) +21bps 39 4 46 1 26 25 21 Sight and Savings - Greece SE Europe (21) (33) (39) (41) (37) (58) (67) (58) (53) Q4 09 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 (157) (152) (160) (171) (159) Time Deposits - Greece Total Deposits Q4 10 Q1 11 Q2 11 Q3 11 Q4 11

Three Year Cost Reduction Program Launched in 2010 Outperforms Expectations 16 2010 program s fully phased in targets Headcount Evolution ( million) Fully Phased-in Savings 55 130 15,163 (163) 14,765 (125) 14,337 (236) (289) 6,838 6,675 6,550 65 10 8,246 8,010 7,721 Procurement Branch Rationalization Business Process Re-engineering Total 2010-2013 Savings Dec. 09 Dec. 10 Dec. 11 Greece SE Europe Outperformance in years 2010-2011 vs. target Branch Evolution ( million) ( 106mn) 1,202 1,081 (47) 1,032 (39) 969 (54) (52) 1,096 (2) (22) 618 571 532 460 458 436 2009 Opex 2010 2011 2011 Opex Dec. 09 Dec. 10 Dec. 11 Greece SE Europe

Cost Reduction of c.9% in the period 2009-2011 Total Operating Expenses ( million) ( 106mn) 1,202 311 (4.4%) 1,148 12 303 (4.5%) 1,096 307 880 823 781 FY 09 FY 10 FY 11 Greece SE Europe Restructuring Costs Wages & Salaries General Expenses ( million) ( million) 565 (3.0%) 549 (2.4%) 536 139 136 137 545 140 (9.2%) 495 133 (5.5%) 467 137 420 (3.2%) 407 (3.3%) 393 401 (10.8%) 358 (8.4%) 328 FY 09 FY 10 FY 11 FY 09 FY 10 FY 11 Greece SE Europe Greece SE Europe 17

Natural Attrition and Restrained Hiring Policy Result in Material Cost Savings 18 Hirings & Departures 2009-2011 (Greece) Cost Savings from Net Attrition (Greece) 416 ( million) Wages & Salaries Greece 274 304 Departures / Retirements (13 ) (14 ) 217 181 561 420 407 393 Cost Savings of ~ 15mn 35 Hirings 2009 2010 2011 Net Attrition 2009-2011 2009 2010 2011 2012 Comments Hirings for the next few years expected to comply with the 1:5 rule on average Cost saving per Employee departing at c. 50K per year Natural attrition provides for c. 15mn lower staff cost base in Greece per year

4. Asset Quality Affected by a Challenging Environment

Significant Deterioration in the Environment led to Higher NPL Formation in 2011 20 NPL formation ( million) 6,433 12.9% 1 +130bps 4,357 +130bps 3,004 +100bps +90bps 8.5% 5.7% Dec. 09 Dec. 10 Q1 11 Q2 11 Q3 11 Q4 11 Dec. 11 GDP growth rates 2.5% 3.0% 1.1% 1.5% 0.5% 1.0% -1.6% -1.3% -0.5% 0.0% -3.2% -3.5% -4.8% -7.1% -6.9% 2009 2010 2011 2012f 2013f Greece Romania Cyprus 1 Adjusted for the PSI+ impact on state guaranteed loans, NPLs stand at 13.5%. NPL formation by portfolio Comments 5.7% +280bps 45mn 334mn 974mn 8.5% +440bps 1,265mn 137mn 674mn 12.9% 1 NPLs formation commensurate to macro developments NPLs formation commensurate to macro developments Business loans are in absolute terms the largest Business loans are in absolute terms the largest contributor in NPL formation contributor in NPL formation Mortgages although affected by economic environment are Mortgages although affected by economic environment are well collateralised well collateralised FY 09 Business Consumer Mortgages FY 10 Business Consumer Mortgages FY 11

21 Hiked loan loss provisions allowed for cash coverage to remain at a comfortable 45%, given the collateralised nature of our book Group NPLs and Coverage NPLs Group Coverage by Segment Coverage ( billion) 6.4 0.5 1.7 4.2 45%* 2.9 0.3 0.5 2.1 124%* 134% 84% 68% 13% 50% 55% 116% 89% 27% 2.9bn 0.7 2.2 NPLs Impairment Allowances Collateral Business Loans Mortgages Consumer Credit Business Loans Cash Coverage Consumer Credit Mortgages Collateral Coverage Provisions stock per region Greece SEE * Excl. impairment on PSI eligible state guaranteed loans Loan loss provisions Conservative Loan Portfolio Structure ( million) ( billion) 303 1,130 885 295 Consumer Credit 5.4bn, 11% Group Loans 49.7bn 676 260 272 Business Loans 29.7bn, 60% Mortgages 14.6bn, 29% Mostly collateralized FY 09 FY 10 Q1 11 Q2 11 Q3 11 Q4 11 FY 11

II. Macroeconomic Environment

Source: Central Banks, Statistical Authorities, Eurostat, IMF, Bloomberg, Alpha Bank Research 23 Greece: Adjustment In Process FDI Suspended & Exports In Austerity (2007) Duration Of Unemployment In thousand people 14% 9% 4% -1% -6% -11% -16% -21% 2008 2009 2010 2011 2012 Retail Sales (Excl. Fuel) (LHS) Economic Sentiment (RHS) Industrial Production (LHS) 140 120 100 80 60 40 1.400,0 1.300,0 1.200,0 1.100,0 1.000,0 900,0 800,0 700,0 600,0 Over 500,0 Less 400,0 300,0 than 12200,0 months First 100,0 time 0,0 12 months Unemployed* 393 7.5 Unemployment rate of 15-29 years old 514 712 24.3 1,026 Q4'08 Q4'09 Q4'10 Q4'11 560 21.1 466 253 40% 35% 30% 25% 20% 15% 10% 5% 0% * incl. those never employed External Investment Balance* Driven Improving Driven Growth Growth (% (% YoY) YoY) FDI & Exports (2007) in bn Primary Investment Surplus Driven Ahead Growth (% YoY) (IMF March 2012) As % of GDP Exports 15,3 17,1 20,2 5 1,8 4,5 Tourism Shipping Non-Oil Imports 10,4 9,6 35,4 10,5 31,8 30,1 13,6 15,4 10,7 Oil 13,6 14,1 Imports 17,3 0-5 -10-15 -2,4-1,0-5,1-5,0-5,8-6,9-6,3-6,4-6,6-10,6 2009 2010 2011 2012 2013 2014 2009 2010 2011 Primary Deficit (Gen. Gov.) Interest Payment * Net of EU transfers and Income Balance

Recovery Moderated In SEE, Postponed Until 2013 In Greece Source: Central Banks, Statistical Authorities, Eurostat, IMF, Bloomberg, Alpha Bank Research 24 GDP Growth Credit Expansion 4% 2009 2010 2011 2012f 2013f 2% GDP Growth Greece Bulgaria Romania Serbia Cyprus 14,0% 14,8% 8,5% 0% 6,9% 7,2% 6,4% 5,6% 4,6% 4,1% 4,5% 4,8% 3,5% 2% 3,8% 1,4% 3,9% 4,1% 3,9% 2,9% 1,9% 1,9% -0,5% 4% 0,0% -3,9% -3,1% -3,0% 6% 2009 2010 2011 2012f 2013f 8% f Greece* Eurozone Bulgaria Romania Serbia Cyprus * IMF Alpha Bank Research Alpha Bank Research 10y Government Yield Spread 4000 3500 3000 Italy Portugal Spain Greece 2500 2000 1500 1000 500 0 Jan 10 Jan 11 Jan 12 International Competitiveness 200 180 160 140 120 100 80 (relative unit labour cost 36 trading partners) 1999 2001 2003 2005 2007 2009 2011 * European Commission forecasts Romania Bulgaria Italy Spain Greece Germany

Source: Central Banks, Statistical Authorities, Eurostat, IMF, Bloomberg, Alpha Bank Research 25 It Is A Long Way To... Doom and Gloom: Can you spot the recovery? 2009 2010 2011 Retail Sales Volume -9,3% -6,9% -9,3% Tax On Mobile Telephony Receipts 13,2% 37,1% -16,8% VAT Receipts 5,0% 4,8% -2,8% Automobile Sales -17,4% -37,2% -29,8% Manufacturing Production -11,2% -5,1% -9,5% Electricity Production -4,2% -9,2% -8,8% Electricity Demand (Power Grid) -3,6% -1,4% -2,1% Water -3,1% 0,7% -1,9% Building Activity -26,5% -23,7% -36,9% 10m Rents 3,6% 2,4% 0,8% Apartment Prices -3,7% -4,0% -5,1% Cement Production -21,4% -14,3% -35,0% Credit Expansion (end period) 4,1% -0,1% -3,2% Exports of Goods (EL. STAT.)* -17,5% 9,0% 9,8% Imports of Goods (EL. STAT.)* -20,2% -10,6% -9,2% Exports of goods and services (BOG)* -19,9% 3,5% 5,3% Imports of goods and services (BOG)* -21,4% -6,6% -5,8% Tourism Receipts -10,6% -7,6% 9,5% Tourism Arrivals -6,7% -0,3% 9,6% Shipping Receipts -29,4% 13,8% -8,6% Imports of Oil -35,0% 27,4% 27,5% Current Investment Account* Driven Improves Driven Growth Growth... (% (% YoY) YoY) ( billions) Imports of Ships -34,3% 7,1% -9,1% GDP growth -3,3% -3,5% -6,9% Private Consumption -1,3% -3,6% -7,1% Residential Inventment -23,5% -18,0% -23,6% Investment in Equipment -30,3% -12,0% -38,9% Unemployment Rate (end period) 9,5% 12,5% 17,7% Employment growth -0,7% -2,1% -6,7% New Hirings -13,4% -4,5% -11,3% Dismissals -6,7% -3,2% -7,4% Consumer Price Index 1,2% 4,7% 3,3% Core Infation 2,4% 2,4% 1,3% Economic Sentiment (end period) 75,9 Dec 65,6 Dec 75,7 Dec Consumer Confidence (end period) -44,0 Dec -75,0 Dec -81,9 Dec Business Expectations Manufacturing (end period) 71,0 Dec 71,3 Dec 70,9 Dec Construction (end period) 68,1 Dec 32,2 Dec 40,6 Dec Retail Trade (end period) 81,0 Dec 56,6 Dec 54,1 Dec Services (end period) 70,6 Dec 61,5 Dec 55,2 Dec * excluding ships and oil Source: Bank of Greece (BOG), Greek Statistical Authority (El. Stat.), IOBE

SEE: Fragile Global Economic Outlook Threatens Recovery Bulgaria Romania 80% 60% 40% 20% 0% -20% -40% Remittances 2010 2011... 712 mn 763 mn 2008 2009 2010 2011 2012 Net FDI (RHS) Industrial Production - YoY% (LHS) Credit Expansion - YoY% (LHS) 750 650 550 450 350 250 150 50-50 -150-250 -350-450 -550 60% 50% 40% 30% 20% 10% 0% -10% -20% Remittances 2010 2011. 2,95 bn 2,61 bn 2008 2009 2010 2011 Net FDI (RHS) Industrial Production (YoY%) Credit Expansion - Yoy% (LHS) 2.400 2.150 1.900 1.650 1.400 1.150 900 650 400 150-100 -350 Serbia GDP Growth YoY% 50% 40% 30% 20% 10% 0% -10% -20% -30% Remittances 2010 2011... 2,422 mn 2,211 mn 2008 2009 2010 2011 2012 Net FDI (RHS) Industrial Production (YoY%) Credit Expansion - YoY% (LHS) 500 400 300 200 100 0-100 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% -10% Romania Bulgaria Serbia Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2010 2011 Source: Central Banks, Statistical Authorities, Eurostat, IMF, Bloomberg, Alpha Bank Research 26

SEE: External Balance Stable But Capital Inflows Remain Weak Source: Central Banks, Statistical Authorities, Eurostat, IMF, Bloomberg, Alpha Bank Research 27 3 2 1 0-1 -2-3 -4-5 -6 External Balances at sustainable levels ( bn) Romania Bulgaria Serbia 2010 2011 2010 2011 2010 2011 Net Other Net FDI C/A deficit Serbia Foreign Romania Bulgaria investors remain selective & cautious 30 20 10 0 Romania FDI Inflows Other Investment Inflows Total Inflows ( bn) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 '09 10 11 100 80 60 40 20 0 2008 2009 2010 2011 Gross Official Reserves / Short-term External Debt 194.0% 179.0% 144.5% 133,0% 112.8% 96.5% Romania Bulgaria 3 2 1 0 Bulgaria FDI Inflows Other Investment Inflows Total Inflows -1 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 09 10 11 Bulgaria Romania 2009 2010 2011 2008 2009 2010 2011

SEE: Fiscal Consolidation Continues In A Relatively Weak Growth And Stable Financial Environment Source: Central Banks, Statistical Authorities, Eurostat, IMF, Bloomberg, Alpha Bank Research 28 Bulgaria Romania 16% 2,15 14% 2,11 12% 2,06 10% 2,02 8% 1,98 6% 1,93 4% 1,89 2% 1,84 0% 1,80 2005 2006 2007 2008 2009 2010 2011 HICP Inflation (LHS) Key Policy Rate (LHS) BGN per EUR (RHS) 24% 4,50 20% 4,25 16% 4,00 12% 3,75 8% 3,50 4% 3,25 0% 3,00 2005 2006 2007 2008 HICP Inflation (LHS) 2009 2010 2011 Key Policy Rate (LHS) RON per EUR (RHS) Serbia General Government Balance 24% 115 21% 110 18% 105 15% 100 12% 95 9% 90 6% 85 3% 80 0% 75 2005 2006 2007 2008 2009 2010 2011 CPI Inflation (LHS) Key Policy Rate (LHS) RSD per EUR (RHS) (in % of GDP) -3,1% -2,5% -4,3% -6,9% -4,9% -3,7% -3,6% -3,8% -9,0% Bulgaria Romania Serbia 2009 2010 2011f *European Commission, Autumn 2011

III. Financial Review

30 Loan Deleveraging Continued in 2011 Group Loans ( billion) Group Retail Loans ( billion) 51.5 0.9 10.8 (3.5%) 49.7 0.8 10.1 Other 26.9 14.7 (5.2%) (0.9%) 25.5 14.6 Mortgages SE Europe Consumer Credit 39.8 38.8 (2.7%) Greece 6.0 (8.4%) 5.4 6.2 (12.5%) 5.5 Small Business Loans Dec. 10 Dec. 11 Dec. 10 Dec. 11 SEE Loans Group Wholesale Lending ( billion) ( billion) 10.8 4.6 (6.1%) 24.6 (1.5%) 24.2 10.1 Cyprus (0.8%) 4.5 11.8 (8.7%) 10.8 Medium-sized Businesses 6.2 (10.0%) 5.6 Balkans 12.8 +5.2% 13.4 Large Corporates Dec. 10 Dec. 11 Dec. 10 Dec. 11

Deposits Affected by the Sovereign Situation Customer Assets ( billion) Deposits Evolution Group ( million) Core Deposits 13,529 Investment Balances 41.6 2.0 1.1 0.2 (23.9%) 31.7 1.5 0.7 0.1 Private Banking Other Mutual Funds Money Market Mutual Funds 10,996 (986) (280) (636) (631) Dec. 10 Q1 11 Q2 11 Q3 11 Q4 11 Dec. 11 Liquidity 24.8 (26%) Time Deposits Time Deposits: 18.4 24,764 293 (3,837) 1 (1,165) (1,652) 18,403 Transaction Balances 13.5 (19%) 11.0 Sight & Savings Deposits Dec. 10 Q1 11 Q2 11 Q3 11 Q4 11 Dec. 11 On Balance Sheet Dec. 10 Dec.11 1 2.2bn of which is state deposits 31

NII Resilient NIM Increased Group Net Interest Income Group NII decomposition ( million) (1.9%) 1,819 1,784 ( million) 2.6% 2.7% 2.7% 2.7% 2.6% 2.8% 2.9% 3.0% Loans 456 462 455 446 429 450 451 453 462 489 498 483 478 490 490 474 Deposits NIM (35) (59) (68) (58) (50) (34) (35) (29) Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q1 10 Q2 10 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Net Fee & Commission Income Trading Income ( million) (11.5%) ( million) 332.5 17.0 30.8 294.2 9.4 23.5 142.3 111.3 284.7 261.3 FY 10 FY 11 Investment Banking & Brokerage Asset Management Commercial & Corporate Banking 35.1 38.2 31.0 (3.1) FY 10 FY 11 Foreign Exchange Bonds & Other 32

IV. Segmental Report

34 Retail Lending Stricter Underwriting Mortgage Balances - Greece ( million) Consumer Credit Balances - Greece ( million) (2.0%) 5,009 1,457 (8.7%) (9.1%) 4,572 1,324 Credit cards 11,331 11,106 (8.6%) 3,552 3,248 Consumer loans Dec. 10 Dec. 11 Dec. 10 Dec. 11 Small Business Lending Balances - Greece Comments ( million) 4,971 2,962 (6.9%) (10.2%) 4,629 2,659 Credit limits from 150.000 to 1 mn Stricter underwriting caused housing loans approval rate to drop down from 59% to 52% in 2011 Combined with falling demand, housing loans disbursements were 60% lower than 2010 2,009 (1.9%) 1,970 Credit limits up to 150.000 New production mortgages LTV at 43%, total book average LTV at 53% Dec. 10 Dec. 11 Consumer loan rejection rate at 69%

35 Corporate Banking Well Diversified Portfolio Medium & Large Business Loans - Greece Business Loans Portfolio Structure - Group ( ( million) million) (0.4%) Business Loans 29.7 bn Services 7.5% Other 8.2% Industry 20.9% 18,521 18,449 Real Estate 11.4% Shipping 5.1% Trade 21.2% Dec. 10 Dec. 11 Tourism 5.7% Transportation 9.7% Construction 10.3% Shipping Loans Balances Shipping Loans Portfolio Structure ( billion) 0.72 0.70 0.75 0.71 0.69 0.75 0.77 Dry Bulk 47% Yachts 1% Passenger 7% Containers Capesize 7% 12% Duration of loan portfolio at 7 years LTV at 77% Zero NPL experience 1.6 1.6 1.6 1.4 1.5 1.5 1.4 Panamax 15% Product Tanker s 12% Dec. 08 Dec. 09 Dec. 10 Mar. 11 Jun. 11 Sep. 11 Dec. 11 Handymax/ Handy size 20% VLCC 9% Panamax 7% Suezmax Aframax 9% 1% Tankers 38% Loans Balances USD/EUR

Wealth Management Impacted by the Negative Macro Developments 36 Alpha Private Bank Asset Management ( million) ( million) 4,703 1,933 3,771 340 2,933 2,815 1,467 206 2,234 1,556 1,398 904 132 1,121 1,555 1,369 1,147 683 215 168 112 Dec. 09 Dec. 10 Dec. 11 195 140 89 Dec. 09 Dec. 10 Dec. 11 Discretionary Advisory Execution Only Other AUM Non Money Market Mututal Funds Money Market Mutual Funds

37 SEE Accounts for 22% of our Business SEE Represents 22% of Group Operating Income 23% of Net Loans Investment Banking & Treasury 6% Asset Management 2% Other 1% ( billion) 34.6 4.2 23% of Group 3.1 3.0 44.9 SEE 22% Retail 44% Commercial & Corporate 25% Greece Cyprus Romania Other Group 19% of Deposits Balkans Funding Gap Evolution ( billion) 19% of Group ( billion) ( 1.1bn) 23.7 2.7 1.2 1.8 29.4 3.7 2.7 2.6 Greece Cyprus Romania Other Group Dec. 09 Dec. 10 Dec. 11

38 SEE: Deleveraging in Progress ( million) Cyprus Romania Bulgaria Serbia Albania FYROM TOTAL Δ% Δ% Δ% Δ% Δ% Δ% Δ% Dec. 2011 yoy yoy yoy yoy yoy yoy yoy Loans 4,559 (0.8%) 3,286 (10.2%) 849 (10.8%) 881 (12.6%) 396 (9.3%) 72 (19.9%) 10,149 (6.1%) Mortgages 2,115 1.2% 874 4.7% 162 3.0% 196 20.6% 111 (9.6%) 17 (10.3%) 3,481 2.8% Consumer Credit 282 (0.7%) 227 (21.7%) 76 (23.0%) 194 5.7% 8 (31.3%) 29 (23.9%) 881 (6.7%) Businesses 2,162 (2.8%) 2,185 (13.8%) 611 (12.2%) 491 (25.8%) 277 (8.3%) 26 (20.8%) 5,787 (10.6%) Deposits 2,666 (26.2%) 1,160 (30.0%) 361 (24.1%) 573 2.2% 444 6.4% 64 (2.2%) 5,309 (22.2%)

SEE: Performance Affected by Deleveraging and Impairments 39 ( million) Cyprus Romania Bulgaria Serbia Albania FYROM SE Europe Δ% Δ% Δ% Δ% Δ% Δ% Δ% Dec. 2011 yoy yoy yoy yoy yoy yoy yoy Operating Income 199.1 7.0% 178.9 (18.8%) 38.9 26.1% 45.2 (15.0%) 19.3 (22.9%) 5.7 (28.2%) 503.7 (6.9%) Operating Expenses (pre-o/h allocation) 61.5 5.8% 92.5 0.0% 34.0 (1.8%) 44.0 (8.9%) 15.1 6.5% 8.2 (2.1%) 267.7 (0.3%) Impairment Losses 130.9 102.7% 74.3 (5.5%) 27.3 (22.0%) 10.9 63.4% 8.5 64.9% 1.0 (66.2%) 254.1 31.2% Profit Before Tax (pre- O/H allocation) 6.8 (89.3%) 12.1 (75.4%) (22.3) (42.3%) (9.7) 444.5% (4.3) (176.6%) (3.4) 5.2% (18.1) (123.0%) Loan Market Share 6.7% 6.5% 3.2% 5.3% 10.0% 2.2% NPL Ratio 13.2% 10.3% 20.2% 8.5% 11.6% 26.9% 12.5% +483bps Branches 35 165 102 137 45 24 532-39 Employees 828 2,292 912 1,485 384 276 6,550-125

V. Appendix

1. Group Profit & Loss

Alpha Bank Group ( million) FY 2011 FY 2010 % Change FY 11/FY 10 Operating Income 2,283.8 2,249.6 1.5% Net Interest Income 1,783.7 1,818.6 (1.9%) Net fee and commission income 294.2 332.5 (11.5%) Income from Financial Operations 142.3 35.1 304.8% Other Income 63.6 63.3 0.6% Operating Expenses (1,096.3) (1,148.5) (4.5%) Staff Costs (535.8) (548.8) (2.4%) General Expenses (467.4) (494.7) (5.5%) Depreciation and amortization expenses (93.0) (93.3) (0.3%) Restructuring Costs 0.0 (11.7) Impairment losses on credit risk (1,130.3) (884.8) 27.8% Profit before tax 57.2 216.4 (73.6%) Income Tax (32.4) (68.5) (52.7%) Net Profit excl. one-off Tax 24.8 147.8 (83.2%) One-off tax (3.4) (61.8) (94.5%) Net Profit after tax excluding GGB impairment 21.4 86.0 (75.1%) Impairment losses on Greek Government Bonds (3,831.4) - Net Profit after tax (3,809.9) 86.0 Net Profit attributable to shareholders (3,810.2) 85.6 Net Interest Margin (net of impairment losses) 2.8% 2.7% Cost / Income 48.0% 50.5% Capital Adequacy Ratio (Total) 5.5% 13.6% Capital Adequacy Ratio (Tier I) 4.2% 11.9% 42

Alpha Bank Group ( million) Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Operating Income 553.3 614.4 564.0 552.0 559.6 556.9 580.4 552.7 Net Interest Income 453.1 451.3 450.0 429.4 446.1 455.2 461.6 455.8 Net fee and commission income 77.7 72.2 74.4 69.9 77.2 83.3 89.0 83.0 Income from Financial Operations 10.2 76.0 20.1 35.9 17.9 2.6 13.8 0.8 Other Income 12.3 14.9 19.5 16.9 18.4 15.8 16.0 13.0 Operating Expenses (264.4) (275.6) (282.4) (273.9) (294.7) (282.6) (284.2) (286.9) Staff Costs (132.0) (133.2) (137.0) (133.5) (133.8) (135.2) (136.4) (143.3) General Expenses (109.0) (118.9) (122.7) (116.9) (124.8) (123.2) (125.5) (121.2) Depreciation and amortization expenses (23.3) (23.5) (22.7) (23.5) (24.4) (24.2) (22.2) (22.5) Restructuring Costs 0.0 0.0 0.0 0.0 (11.7) 0.0 0.0 0.0 Impairment losses on credit risk (302.9) (295.2) (271.9) (260.3) (240.4) (223.1) (221.3) (200.0) Profit before tax (13.9) 43.5 9.7 17.9 24.5 51.2 74.9 65.8 Income Tax (5.4) (15.1) (4.6) (7.3) (14.3) (13.8) (26.2) (14.2) Net Profit excl. one-off Tax (19.3) 28.5 5.1 10.5 10.2 37.4 48.7 51.6 One-off tax (0.8) (0.8) (1.7) 0.0 0.1 0.0 0.0 (61.9) Net Profit after tax excluding GGB impairment (20.2) 27.6 3.4 10.5 10.3 37.4 48.7 (10.3) Impairment losses on Greek Government Bonds (3,223.3) (69.4) (538.6) 0.0 - - - - Net Profit after tax (3,243.5) (41.8) (535.2) 10.5 10.3 37.4 48.7 (10.3) Net Profit attributable to shareholders (3,243.5) (41.9) (535.3) 10.5 10.1 37.3 48.7 (10.4) Net Interest Margin (net of impairment losses) 3.0% 2.9% 2.8% 2.6% 2.7% 2.7% 2.7% 2.6% Cost / Income (excluding restructuring costs) 47.8% 44.9% 50.1% 49.6% 50.6% 50.7% 49.0% 51.9% 43

2. Business Unit Financials

Group Results by Business Unit ( million) Retail Commercial & Corporate SE Europe Investment Banking & Treasury Asset Management Jan-Dec Jan-Dec Jan-Dec Jan-Dec Jan-Dec Jan-Dec Jan-Dec 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 2010 Other Group Operating Income 1,006.4 968.2 566.1 522.4 503.7 541.0 129.9 122.4 47.5 55.1 30.2 40.6 2,283.8 2,249.6 Net Interest Income 881.1 846.7 475.4 428.0 408.4 426.6 1.3 101.7 15.5 14.0 2.0 1.6 1,783.7 1,818.6 Net fee and Commission Income 117.7 114.5 84.1 85.3 62.0 69.3 1.9 25.0 28.8 39.0 (0.4) (0.6) 294.2 332.5 Income from Financial Operations 6.4 6.5 5.5 7.5 19.3 30.7 120.1 (8.7) 2.4 1.2 (11.5) (2.0) 142.3 35.1 Other Income 1.1 0.5 1.1 1.5 13.9 14.4 6.7 4.3 0.7 1.0 40.1 41.6 63.6 63.3 Operating Expenses (544.1) (576.5) (130.8) (130.3) (307.0) (303.4) (26.9) (33.7) (30.6) (36.9) (56.8) (67.7) (1,096.3) (1,148.5) Staff Costs (261.4) (278.0) (88.8) (84.2) (137.4) (135.5) (13.6) (15.7) (15.5) (17.0) (19.1) (18.5) (535.8) (548.8) General Expenses (245.3) (263.6) (31.3) (35.4) (137.1) (133.2) (12.0) (16.8) (13.0) (18.1) (28.7) (27.5) (467.4) (494.7) Depreciation (37.4) (35.0) (10.7) (10.6) (32.5) (34.7) (1.4) (1.2) (2.1) (1.8) (9.0) (9.9) (93.0) (93.3) Restructuring Costs - - - - - - - - - - - (11.7) - (11.7) Impairment Losses (466.3) (304.0) (410.0) (387.1) (254.1) (193.6) 0.0 0.0 0.0 0.0 (4,788.9) 0.0 (5,919.2) (884.8) Profit before tax (4.1) 87.7 25.4 5.0 (57.4) 44.0 103.0 88.6 16.9 18.2 (4,815.5) (27.1) (4,731.7) 216.4 1 Risk Adjusted Return on 8% Regulatory Capital 0% 8% 2% 0% (8%) 5% 26% 19% 24% 26% -60% (92%) 4% Cost / Income Ratio 54% 60% 23% 25% 61% 56% 21% 28% 64% 67% 188% 167% 48% 51% 1 Including excess tier I regulatory capital of 1.8bn in FY10 45

46 Retail Business Unit: Results ( million) Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Operating Income 265.0 252.8 247.8 240.7 238.1 243.3 243.9 242.9 Net Interest Income 229.0 220.3 217.9 213.9 211.1 208.9 212.1 214.5 Net fee and Commission Income 33.5 30.5 28.8 24.9 25.2 32.4 30.3 26.5 Income from Financial Operations 1.8 1.9 1.0 1.7 1.6 1.8 1.4 1.7 Other Income 0.8 0.1 0.1 0.1 0.1 0.1 0.1 0.1 Operating Expenses (129.7) (135.7) (141.3) (137.4) (143.0) (142.3) (144.4) (146.8) Staff Costs (63.4) (65.0) (67.1) (65.9) (66.8) (67.8) (69.9) (73.5) General Expenses (57.1) (61.2) (64.9) (62.0) (66.7) (65.1) (66.5) (65.4) Depreciation (9.2) (9.5) (9.3) (9.5) (9.6) (9.5) (8.0) (7.9) Impairment losses (125.9) (142.7) (117.9) (79.8) (78.4) (75.3) (77.1) (73.2) Profit before tax 9.4 (25.5) (11.4) 23.4 16.7 25.6 22.4 22.8 RWA 13,778 14,175 14,279 14,356 14,503 14,651 14,684 14,509 Risk Adjusted Return on 8% Regulatory Capital 3.4% (9.0%) (4.0%) 8.2% 5.8% 8.8% 7.6% 7.9% Cost / Income Ratio 48.9% 53.7% 57.0% 57.1% 60.1% 58.5% 59.2% 60.4%

47 Commercial & Corporate Business Unit: Results ( million) Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Operating Income 150.7 142.0 141.2 132.3 132.0 134.7 130.5 125.2 Net Interest Income 126.1 121.5 117.6 110.2 109.1 110.8 106.7 101.5 Net fee and Commission Income 22.9 19.4 21.8 20.0 20.7 21.3 22.1 21.2 Income from Financial Operations 2.5 0.8 1.0 1.3 1.8 2.5 1.3 1.9 Other Income (0.9) 0.3 0.8 0.9 0.5 0.2 0.3 0.6 Operating Expenses (29.7) (35.2) (34.2) (31.7) (32.4) (33.0) (32.2) (32.6) Staff Costs (22.6) (21.9) (22.8) (21.5) (20.5) (21.4) (20.8) (21.6) General Expenses (4.1) (10.7) (8.9) (7.7) (8.9) (8.7) (9.1) (8.7) Depreciation (3.1) (2.6) (2.4) (2.5) (3.0) (2.9) (2.4) (2.4) Impairment losses (114.5) (80.9) (94.3) (120.3) (110.9) (100.8) (94.0) (81.4) Profit before tax 6.5 25.8 12.7 (19.6) (11.3) 0.9 4.2 11.2 RWA 17,016 17,626 17,762 17,809 18,028 18,406 18,561 18,333 Risk Adjusted Return on 8% Regulatory Capital 1.9% 7.3% 3.6% (5.5%) (3.1%) 0.2% 1.1% 3.1% Cost / Income Ratio 19.7% 24.8% 24.2% 23.9% 24.5% 24.5% 24.7% 26.1%

48 Asset Management Business Unit: Results ( million) Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Operating Income 10.2 11.6 12.6 13.1 14.0 12.6 13.9 14.6 Net Interest Income 3.8 4.0 4.0 3.7 3.9 3.5 3.4 3.2 Net fee and Commission Income 6.0 6.4 7.7 8.7 9.3 8.5 10.1 11.0 Income from Financial Operations 0.4 0.8 0.7 0.6 0.3 0.3 0.2 0.3 Other Income 0.1 0.4 0.2 0.0 0.5 0.2 0.2 0.1 Operating Expenses (6.8) (7.2) (7.9) (8.7) (9.3) (9.1) (9.2) (9.2) Staff Costs (3.7) (3.9) (3.9) (4.0) (4.5) (4.3) (4.2) (4.1) General Expenses (2.5) (2.8) (3.5) (4.1) (4.3) (4.4) (4.6) (4.8) Depreciation (0.5) (0.5) (0.5) (0.5) (0.5) (0.4) (0.4) (0.4) Impairment losses - - - - - - - - Profit before tax 3.4 4.3 4.7 4.4 4.7 3.5 4.7 5.4 RWA 858 866 868 875 885 890 891 886 Risk Adjusted Return on 8% Regulatory Capital 19.9% 25.1% 27.1% 25.4% 26.3% 19.4% 26.6% 30.4% Cost / Income Ratio 66.4% 62.5% 62.8% 66.1% 66.8% 72.5% 66.0% 63.2%

Investment Banking & Treasury Business Unit: Results 49 ( million) Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Operating Income (3.3) 62.5 25.4 45.3 34.1 20.3 40.3 27.6 Net Interest Income (8.5) (3.9) 7.5 6.3 20.4 22.6 29.4 29.2 Net fee and Commission Income 0.8 0.1 0.1 1.0 4.7 5.0 8.4 6.9 Income from Financial Operations 2.9 65.0 14.9 37.3 7.4 (7.9) 1.5 (9.8) Other Income 1.6 1.3 2.9 0.8 1.6 0.6 0.9 1.2 Operating Expenses (5.9) (6.5) (7.1) (7.4) (8.1) (8.4) (8.7) (8.4) Staff Costs (3.0) (3.3) (3.5) (3.8) (3.8) (3.8) (3.9) (4.1) General Expenses (2.7) (2.8) (3.3) (3.2) (4.1) (4.3) (4.4) (4.0) Depreciation (0.3) (0.3) (0.4) (0.4) (0.3) (0.3) (0.3) (0.3) Impairment losses - - - - - - - - Profit before tax (9.2) 56.0 18.2 37.9 26.0 11.8 31.6 19.2 RWA 4,695 4,936 5,078 5,309 5,623 5,860 5,918 5,938 Risk Adjusted Return on 8% Regulatory Capital (9.8%) 56.8% 18.0% 35.7% 23.1% 10.1% 26.7% 16.2% Cost / Income Ratio -181.3% 10.3% 28.1% 16.3% 23.8% 41.6% 21.6% 30.5%

50 SE Europe Business Unit: Results ( million) Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Operating Income 122.2 133.7 127.8 120.0 128.4 136.3 142.1 134.3 Net Interest Income 102.2 108.5 102.4 95.3 101.1 109.0 109.5 106.9 Net fee and Commission Income 14.6 15.5 16.4 15.6 17.4 16.1 18.3 17.5 Income from Financial Operations 1.8 7.2 6.0 4.3 6.5 6.7 10.3 7.2 Other Income 3.6 2.4 3.0 4.9 3.4 4.5 4.0 2.6 Operating Expenses (78.3) (76.8) (76.8) (75.0) (75.7) (75.6) (76.1) (75.9) Staff Costs (34.6) (34.7) (34.7) (33.5) (33.4) (33.5) (33.3) (35.3) General Expenses (35.8) (33.9) (34.2) (33.3) (33.3) (33.5) (34.2) (32.1) Depreciation (8.0) (8.3) (8.0) (8.3) (9.0) (8.6) (8.6) (8.5) Impairment losses (62.5) (71.6) (59.7) (60.2) (51.1) (47.0) (50.2) (45.4) Profit before tax (18.6) (14.8) (8.8) (15.2) 1.5 13.7 15.8 13.0 RWA 8,920 9,425 9.688 9,810 10,112 10,440 10,503 10,401 Risk Adjusted Return on 8% Regulatory Capital (10.4%) (7.8%) (4.5%) (7.8%) 0.7% 6.6% 7.5% 6.2% Cost / Income Ratio 64.1% 57.5% 60.1% 62.5% 59.0% 55.5% 53.6% 56.5%

51 Other Business Unit: Results ( million) Q4 2011 Q3 2011 Q2 2011 Q1 2011 Q4 2010 Q3 2010 Q2 2010 Q1 2010 Operating Income 8.5 11.8 9.3 0.6 13.0 9.8 9.7 8.0 Net Interest Income 0.5 0.8 0.6 0.1 0.5 0.4 0.4 0.4 Net fee and Commission Income 0.0 0.2 (0.3) (0.3) (0.2) 0.0 (0.2) (0.2) Income from Financial Operations 0.8 0.4 (3.5) (9.3) 0.2 (0.7) (0.9) (0.6) Other Income 7.2 10.4 12.5 10.1 12.4 10.2 10.5 8.5 Operating Expenses (13.9) (14.1) (15.0) (13.7) (26.1) (14.1) (13.6) (13.8) Staff Costs (4.8) (4.5) (5.1) (4.7) (5.0) (4.5) (4.4) (4.6) General Expenses (6.9) (7.4) (7.8) (6.6) (7.5) (7.1) (6.7) (6.3) Depreciation (2.2) (2.3) (2.2) (2.3) (2.0) (2.5) (2.5) (3.0) Restructuring Costs - - - - (11.7) - - - Impairment losses (4,028.8) (86.8) (673.3) 0.0 0.0 0.0 0.0 (0.0) Profit before tax (4,034.2) (89.2) (679.0) (13.1) (13.2) (4.3) (3.8) (5.8) RWA 521 521 524 565 564 563 568 569

52 Investor Relations Contacts Mr. Vassilios Psaltis General Manager and CFO +30210 326 4009 vpsaltis@alpha.gr Mr. Dimitrios Kostopoulos Manager Investor Relations Division +30210 326 4195 dkostopoulos@alpha.gr Ms. Elena Katopodi Assistant Manager Investor Relations Division +30210 326 4184 ekatopodi@alpha.gr Mr. Michael Massourakis Senior Manager Economic Research Division +30210 326 2828 mmassourakis@alpha.gr Mr. Dimitrios Maroulis Manager Economic Research Division +30210 326 2832 dmaroulis@alpha.gr Ms. Stella Traka Investor Relations Officer +30210 326 4182 straka@alpha.gr ALPHA BANK 40, Stadiou Street, 102 52 Athens, Greece Internet Reuters Bloomberg : www.alpha.gr : ACBr.AT : ALPHA GA