9M 2017 Results - ALPHA BANK Bank and Bank of Greece’s Emergency Liquidity Assistance, ii. the reduction of government arrears to the private sector and iii. the upward trend of

9 M 2 0 1 7 R e s u l t s

November 30, 2017

9M 2013 Results FY 2013 Results 2 9M 2017 Results 2

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.

Pages

I. Macroeconomic Update 3

II. 9M ’17 Performance Highlights 7

III. 9M ’17 Performance 19

1. Balance Sheet 19

2. Pre Provision Income 21

3. Asset Quality 25

4. Liquidity 32

5. Capital 35

IV. Appendix 37

Table of Contents

3 3 9M 2017 Results

I. Macroeconomic Update

9M 2013 Results FY 2013 Results 4 4 9M 2017 Results

I

GDP Contributors - Demand Side

Sources: Bank of Greece

Recovery is Gathering Pace

GDP Contributors - Supply Side

Source: ELSTAT, European Commission forecasts

Strong Rebound in Tourism Receipts

Source: ELSTAT

(in pps)

(% yoy change) (in €)

Private consumption and investment activity are forecast to contribute

positively to GDP growth both in 2017 and 2018 , on the back of a notable

improvement in business and consumer sentiment and an improving labour

market.

On the supply side, the secondary sector (i.e industry) as well as trade and

tourism are expected to be the main contributors to growth in 2017

Tourist receipts recovered in 2017, registering a 10.3% increase in 9M 2017

from a decrease of 7.9% in 9M 2016.

-14.0

-12.0

-10.0

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

2011 2012 2013 2014 2015 2016 2017f 2018f

Net Exports Inventories Investment

Public Consumption Private Consumption GDP (% yearly)

(in pps)

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2012 2013 2014 2015 2016 H1 2017

Primary Sector

Secondary Sector

Construction

Trade & Tourism

Tertiary Sector excl. Trade & Tourism

0

100

200

300

400

500

600

700

-10%

-5%

0%

5%

10%

15%

20%

25%

9Μ 2013 9Μ 2014 9Μ 2015 9Μ 2016 9Μ 2017

Tourist Arrivals (excl. cruises), lhs Tourism Receipts, lhs

Average Expenditure per Trip in €, rhs


I

Confidence Indicators Stand Higher than their 2009-10M 2017 Average

The General Government primary balance is the GG balance minus interest expenditure and support to financial institutions

The GG overall balance 2017 is a European Commission Forecast and the GG primary balance 2017 is a Min Fin forecast

Sources: ELSTAT, European Commission, Min Fin

Economic Indicators on an Upward Trend

Source: European Commission Source: ELSTAT

Marked Improvement in Conjunctural and Confidence Indicators,

as the ESM Programme is Back on Track

-10%

0%

10%

20%

30%

40%

50%

-10%

-5%

0%

5%

10%

15% (yoy % change, 3-month moving average)

Employment Growth, lhs Manufacturing Production, lhs

Retail Sales (Volume) excl. Fuel, lhs Car Sales, rhs

Public Finances Remain on Track to Meet the Targets

Following the successful completion of the 2nd Review, economic activity is

expected to shift to a higher gear in H2 2017, underpinned mainly by a revival in

tourism receipts and improved sentiment indicators.

High frequency indicators such as manufacturing production, retail sales, car sales

and employment growth on the back of flexible employment contracts, all paint a

positive picture for the economic outlook.

Business confidence indicators stand to a higher level than their 2009-2017 period

average.

According to the European Commission (2017 Autumn forecasts), the 2017

general government primary balance target will be met , due to the tax collection

arrears and improvements in the public revenue administration. According to the

2018 Budget , the forthcoming 2017 primary balance will exceed the target set

(2.4% of GDP vs. 1.75% of GDP).

-20.0

-15.0

-10.0

-5.0

0.0

5.0

2009 2010 2011 2012 2013 2014 2015 2016 2017f

General Government Overall Balance (% of GDP)

General Government Primary Balance (% of GDP)

General Government Primary Balance Target (% of GDP)

-50

-40

-30

-20

-10

0

10

20

30

Industry Retail Trade Services

1.6

13.5 21.4

-15.3 -16.6 -13.2

2000-2008 avg.

2009-2017 avg.2009-10M2017


Liquidity Conditions Improve I

Source: Bank of Greece

Positive Deposit Evolution Following the Conclusion of the 2nd Review

ECB and ELA Funding to Greek Banks

Government Arrears to the Private Sector

Source: Bank of Greece, European Commission Source: Min FIn

(in € billion)

Liquidity conditions improve on the back of :

i. the further reduction of Greek Banks’ funding reliance from the European

Central Bank and Bank of Greece’s Emergency Liquidity Assistance,

ii. the reduction of government arrears to the private sector and

iii. the upward trend of deposits evident since May 2017.

The main risk for recovery prospects is related to a possible delay of the conclusion

of the 3rd Review that could trigger a new wave of uncertainty which in turn would

lead investors to defer their investment decisions.

The main challenges ahead for the Greek economy remain (i) the implementation of

structural reforms and the privatization programme, (ii) the reorientation of the fiscal

policy mix which is currently biased towards high taxation and expenditure

retrenchment (especially on the Public Investment Programme), (iii) the acceleration

of the reduction of the NPL stock.

0

20

40

60

80

100

120

140

160

I III V VII IX XI I III V VII IX XI I III V VII IX XI I III V VII IX XI I III V VII IX

2013 2014 2015 2016 2017

ECB Funding ELA Funding

(in € billion) (in € billion)

8.7

9.6

4.8 3.8

6.0

4.9 5.2 5.1 5.2 5.3 5.4 6.0

4.5

0

2

4

6

8

10

12

2011 2012 2013 2014 2015 2016 Mar.2017

April2017

May2017

Jun.2017

Jul.2017

Aug.2017

Sept.2017

Government Arrears Tax Refund Arrears Total

88

90

92

94

96

98

100

102

117

118

119

120

121

122

123

ESI, rhs Private Sector Deposits (€ bln.), lhs

7 7 9M 2017 Results

II. 9M ‘17 Performance Highlights


9M 2017 Financial Performance Overview II

Capital

Asset Quality

Liquidity

PPI performance

Opex - C/I ratio

Cost of Risk

Strong CET1 ratio at 17.8%

Tangible Equity at €9.0bn

NPEs down by €0.2bn in Greece q-o-q

NPLs down by €0.3bn q-o-q in Greece

Group deposits up by €1.0bn in 9M 2017 at €33.9bn

ELA down by €4.8bn in 9M 2017 or €5.9bn y-t-d at €7.3bn1

9M 2017 Core PPI at €932mn (+5% y-o-y)

9M 2017 impairment losses at €762mn (-12% y-o-y)

CoR at 171bps over gross loans in 9M 2017 vs. 188bps in 9M 2016

9M 2017 total operating expenses at €849mn, down by 2.5% y-o-y

C/I ratio at 47% for the 9M period, from 48% a year ago

1 As of November 2017 2 Profit After Tax from continuing operations

Profit After Tax 9M 2017 PAT2 at €154mn versus €15mn in 9M 2016

1

2

3

4

5

6

7


9M 2017 Group P&L and Balance Sheet basic figures II

1 P&L numbers restated for the sale of Alpha Bank Serbia

Profit & Loss (€ million) 9M

2017

9M

20161

yoy %

change

Q3

2017

Q2

2017

qoq %

change

Net Interest Income (NII) 1,463 1,434 2.0% 487 494 (1.4%)

Fees and commissions Income 241 237 1.7% 79 86 (7.5%)

Trading & Other Income 158 111 … 98 17 …

Operating Income 1,862 1,782 4.5% 664 597 11.3%

Total Operating Expenses (849) (870) (2.5%) (289) (281) 2.9%

o/w Recurring Operating Expenses (815) (824) (1.1%) (280) (272) 2.7%

Pre Provision Income (PPI) 1,014 912 11.2% 375 316 18.8%

Core Pre Provision Income 932 889 4.8% 309 317 (2.5%)

Impairment Losses (762) (864) (11.9%) (298) (217) 37.7%

Profit/ (Loss) before income tax

(PBT) 252 47 … 77 99 (22.5%)

Income Tax (98) (33) … (42) (29) …

Profit/ (Loss) after income tax

from continuing operations 154 15

…

36 71 (49.7%)

Profit/ (Loss) after income tax from

discontinued operations (68) 7

…

0 (69)

…

Profit/ (Loss) after income tax 85 22 … 36 1 …

Net Interest Margin (NIM) 3.1% 2.8% 3.1% 3.1%

Recurring Cost to Income ratio 46.6% 48.1% 47.5% 46.2%

Balance Sheet (€ billion) 30/9/2017 30/6/2017 31/3/2017 31/12/2016

Assets 61.3 62.7 64.1 64.9

Net Loans 43.6 43.8 44.2 44.4

Deposits 33.9 33.1 33.1 32.9

Eurosystem Funding 11.6 15.0 17.0 18.3

ELA 8.4 11.4 12.2 13.2

ECB 3.2 3.6 4.8 5.2

Shareholders Equity 9.4 9.4 9.2 9.1

Tangible Equity (TE) 9.0 9.0 8.8 8.7

TBV per Share (€) 5.8 5.9 5.7 5.7

Common Equity Tier 1 ratio

(CET1) 17.8% 17.9% 17.2% 17.1%

Capital Adequacy Ratio (Total) 17.9% 18.0% 17.2% 17.1%

Risk Weighted Assets 49.3 49.1 50.3 50.5

NPL ratio 37.3% 37.6% 38.1% 38.1%

Cash Coverage 68% 69% 69% 69%

Total Coverage 124% 124% 124% 125%

NPE ratio 53.6% 53.7% 53.8% 53.7%

Cash Coverage 48% 48% 49% 49%

Total Coverage 103% 103% 105% 106%


II Strong capital position with Common Equity Tier I ratio at 17.8%; Fully Loaded CET1

ratio at 17.7%; Tangible Equity at €9.0bn

Peer 3

16.6%

17.0%

Peer 2

14.6%

15.1%

Peer 1

16.6% 16.8%

Alpha

17.7% 17.8%

CET 1 (%) FL CET 1 (%)

Strongest Capital base Best quality of capital with the lowest DTC in CET1

(€ billion)

17.9% 10bps

(9bps) (9bps)

17.8% 17.7% 17.9%

CET1Jun-17

PeriodResult

AFSReserve

RWA impact/ Other

CET1Sep-17

FLB3 CET1Sep-17

Total CADSep-17

CET1 ratio quarterly evolution

CET1

capital 8,800 8,804

(€ million)

€2.8bn buffer

over

OCR of 12.25%

for 2017

Tangible

Equity 9,038 9,019 FLB3 CET1

excl. DTC

law at 12.1%

CET1 capital stood stable q-o-q at €8.8bn as of the

end of September 2017

CET1 ratio amounted to 17.8% vs. 17.9% last

quarter, negatively affected by lower prices on our

AFS portfolio and the increase of RWAs on the back

of higher market risk, which more than offset the

benefit from the period profit

CAD

8,816

Peer 3

8.8

23%

45%

31%

Peer 2

5.6

71%

29%

Peer 1

6.5

73%

27%

Alpha

8.8

38%

62%

Cocos DTC non DTC


Deposits inflow of €0.8bn during Q3 led to a decreased loan to deposit ratio and

allowed for further improvement of our funding profile II

48% 51%

53% 55%

23% 20% 18%

14%

Sep-16 Dec-16 Jun-17 Sep-17

Depos/Assets ELA/Assets

Loan to Deposit ratio in Greece further reduced to 132% in September

2017

Group deposits up by €0.8bn in Q3, with Greek deposits posting an

increase of €0.6bn and deposits abroad increasing by €0.2bn

Q3 deposit flows in Greece of €0.6bn mainly attributed to businesses

and the strong tourist season

ELA funding over Assets further reduced to 14% as of September 2017

Funding profile on a restoration path away from the Central Banks’ facilities

Group Deposits quarterly evolution Loan to Deposit ratio decreased further

28.1 27.9

0.6

28.5

4.9 5.2

0.2

5.4

32.9 33.1 33.9

Dec-16 Jun-17 Greece Abroad Sep-17

Greece Abroad

+€0.8bn

140%

135%

132%

129%

141%

136% 135%

132%

Sep-16 Dec-16 Jun-17 Sep-17

Group Greece

(9pp) (€ billion)


5.2 3.6 3.2 3.2

(0.6) (1.1) (1.3) (0.2) (0.3)

(1.1)

13.2

11.4 8.4 7.3

18.4

15.0

11.6 10.5

Dec-16 Jun-17 Depositsinflow

Securities Repos &other

interbank

SEELiquidity

Other Sep-17 Δ Nov-17

ECB ELA

Eurosystem reliance down by c.€7.9bn y-t-d driven by increased repo activity, bonds

disposals and deposit inflows II

Eurosystem funding y-o-y reduction

(€ billion)

YtD

-€7.9bn

Steady ELA disengagement

Eurosystem reliance down by €7.9bn within 2017 at €10.5bn as of November 2017

EFSF bonds declined from €2.7bn as of the end of 2016 to €0.2bn in November 2017

Pillar II bonds fully repaid in June 2017

Elimination of ELA funding will be achieved through:

further deposits inflow,

deleveraging initiatives,

further increase of interbank repo activity &

access to the capital markets

Funding mix improving

64% 70%

1% 6%

25% 17%

10% 7%

Dec-16 Sep-17

ECB Funding

ELA Funding

Interbank repos

Deposits0.4

1.1

1.8

2.8

Dec-16 Mar-17 Jun-17 Sep-17

Interbank repos evolution q-o-q

(€ billion)

o/w €2.3bn Greek risk

related collateral


Negative formation of NPEs in Greece by €0.2bn in Q3; NPE reduction in line with

target II

New NPE Targets1

(€ billion)

26.8 26.9 25.1

21.4

16.8

Sep-17Actual

Sep-17Target

Dec-17Target

Dec-18Target

Dec-19Target

-€10.0bn

-37%

Gross NPE formation per segment - Greece

(€ million)

32 51 36

Q1 17 Q2 17 Q3 17

SBL

133 73 50

Q1 17 Q2 17 Q3 17

Consumer

38 80 140

Q1 17 Q2 17 Q3 17

Mortgages

(35)

35 55

Q1 17 Q2 17 Q3 17

Wholesale

1 Actual balances and targets refer to Solo accounts (SSM perimeter)

Note: Write-offs in Q3 17 stood at €494mn

NPE formation - Greece

(€ billion)

0.89

(0.65) (0.75)

0.73

(0.45) (0.49)

27.5 27.0 26.8

Mar-17 Entries Exits Write-offs Jun-17 Entries Exits Write-offs Sep-17

26.9

16.8

2019 Liquidations &

Sales

(5.8)

Net Outflows

(4.3)

Sep-17

New NPE plan reduction strategies

(€ billion)

o/w €2.4bn

debt forgiveness

from €4.0bn

previously

from €5.2bn

previously

-€10.1bn


Cash Coverage stable at 48% for NPEs II

Group impairment losses

(€ million)

256

350

258

304

247 217

298

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Group cost of risk (over Gross loans)

165

227

169

201

164 146

203

Q1 16 Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

49% 49% 49% 48% 48%

Sep-16 Dec-16 Mar-17 Jun-17 Sep-17

Group

Write-offs €262mn €322mn

NPE Total

Coverage 106% 106%

Group NPE Coverage and write-offs

€317mn

105%

€785mn

103%

€557mn

103%

In Q3 2017, impairments amounted to €298mn vs. €217mn in Q2

Group cost of risk stood at 203bps over Gross loans in Q3 2017

vs. 146bps last quarter or at 171bps for the 9M period vs. 188bps

a year ago

NPE Cash Coverage stable at 48% for the last two quarters

despite accelerated write-offs

(bps)

9M16

188bps 9M17

171bps

9M16

€864mn 9M17

€762mn


Q3 Core PPI performance in line with the €1.2bn run rate for the full year 2017 II

PPI q-o-q evolution

(€ million)

316 1 317

(7) (6)

5 309

75

(9)

375

1.2bn

Q2 17Reported PPI

Trading and one-off costs

Q2 17Core PPI

Δ NII Δ Fees Δ OPEX & other income

Q3 17Core PPI

Trading Οne-off costs Q3 17Reported PPI

Core PPIrun-rate

Core PPI over Assets

(€ million)

300 297

302 305

317 309

1.78% 1.80% 1.86%

1.90%

2.02% 2.02%

Q2 16 Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Core PPI Core PPI/Assets

(€ billion)

Total Assets y-o-y evolution

66.2

(1.3) (2.3) (1.2)

61.3

Sep-16 Net Loans Securities Other items Sep-17

-€4.9bn

-7.4%


18.6 19.1

14.5 14.8

33.1 33.9

Jun-17 Sep-17

Core Time

NII mainly impacted by the lower contribution from the asset side, despite further

improvement of cost of funding II

Stabilisation of funding cost both in Eurosystem and time deposits

0.81% 0.75%

0.68% 0.67% 0.66%

1.29% 1.21%

1.13% 1.13% 1.13%

Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

New time depos rates Funding cost incl. Pillar II fees

NII q-o-q evolution

(€ million)

Net Loans balances & spreads (Group)

(€ billion)

Deposits balances (Group)

(€ billion)

+€0.8bn

+2.3%

(8) (1)

8

(6)

494 487

Q2 17 Loans Deposits Funding Bonds &other

Q3 17

43.8 43.6

4.43%

4.39%

430

435

440

445

450

455

460

465

470

475

480

Jun-17 Sep-17

-€0.2bn

-0.5%

ELA Funding Evolution

11.4

8.4

Jun-17 Sep-17

(€ billion)

-€3.0bn

-26.3%

-4bps in

spreads


69.3

(5.2)

2.7

(1.8) (0.5) (1.7)

65.0

14.7 13.0

1.8 1.3

85.8 79.3

Jun-17 Loans Cards OtherCommercial

Banking

InvestmentBanking &Brokerage

Asset Gathering&

Bancassurance

Sep-17

Fees y-o-y supported by asset gathering and bancassurance fees II

Net Fees & Commission Income evolution q-o-q

Fees & Commissions Income up by 2% y-o-y mainly due to higher

revenues from asset gathering and bancassurance

Alpha Private Bank balances up by 1% y-o-y on the back of increased

advisory and discretionary operations

Asset Management balances up by 15% y-o-y on the back of mutual

fund inflows and higher market valuations

(€ million)

Net Fees & Commissions Income y-o-y

(€ million)

197.0 194.3

34.5 42.2

5.3 4.4 236.8 240.8

9M 16 9M 17

Investment Banking &Brokerage

Asset Gathering &Bancassurance

Commercial Banking

+22%

-7.5% +2%

-1%

Commercial Banking

Alpha Private Bank balances

(€ million)

146 231

2,338

2,724

1,759 1,318

4,242

4,274

Sep-16 Sep-17

Discretionary Advisory Execution Only

Asset Management balances

188 224

888 1,028

269

298 1,345

1,550

Sep-16 Sep-17

Money Market Mutual Funds

Non Money Market Mututal Funds

Other AUM

(€ million)

+1%

+17%

-25% +15%

+11%

+16%

Mainly due to

a large project finance

transaction in Q2


Recurring OPEX fell by €9.2mn y-o-y on the back of the ongoing platform rationalisation II

Recurring Operating Expenses decreased

(€ million)

65%

54%

50% 48%

47%

2013 2014 2015 2016 9M 2017

Recurring C/I ratio further improved

Employees evolution

Cost to income ratio reduced to 47% for the 9M period of 2017

Staff costs reduced by 5.8% y-o-y, mainly on the back of savings arising

from Voluntary Separation Scheme (VSS) implemented in 2016

12% decrease of workforce since September 2016

18% decrease of branches since September 2016

13,481 11,859

9,653 8,820

3,828 3,039

Sep-16 Sep-17Greece Abroad

Branches evolution

820 676

565 489

255 187

Sep-16 Sep-17Greece Abroad

Greece -833 / SEE -789 2

Greece -76 / Abroad -68 2

1 Restated for the sale of Alpha Bank Serbia

2 Including 864 Employees and 67 branches of Serbian subsidiary in September 2016

1

-18%

-12%

376 354

338 334

7473

815

9M 2016

824

52 37

9M 2017

Remedial

management costs

Depreciation &

Amortisation

G&As (excl. remedial

management costs)

Staff costs

-1.3%

-5.9%

-€9.2mn

-1.1%

-€24.1mn

-3.1%

Excluding remedial

management costs

19 19 9M 2017 Results

III. 9M ’17 Performance

1. Balance Sheet


4.9

4.4

0.8

43.8

1.9

5.7

1.2

Jun-17

5.9

9.4

0.5

19.1

14.8

3.2

8.4

Sep-17

61.3

33.9

ELA

ECB

Time

deposits

Core

deposits

Debt

securities

Equity

Other

Liquidity

Balance Sheet composition III

Liabilities and equity split Asset split

P&L Asset Quality Capital Balance Sheet

(€ billion) (€ billion)

P&L

4.8

4.4

0.8

43.6

1.2

5.3

1.2

Sep-17

Net loans

PPE

DTA

Other

EFSF bonds

Securities

Cash 61.3

4.6

9.5

0.5

18.6

14.5

3.6

11.4

Jun-17

62.7

33.1

ELA

ECB

Time

deposits

Core

deposits

Debt

securities

Equity

Other

62.7

Net loans

PPE

DTA

Other

EFSF bonds

Securities

Cash

21 21 9M 2017 Results

III-2. Pre Provision Income


Resilient core PPI; NII supported by reduced cost of funding III

P&L Asset Quality Liquidity Capital Balance Sheet

Lower contribution of loans to NII

(€ million)

5.5 5.2 4.8 3.6 3.2

15.3 13.2 12.2 11.4

8.4

20.8 18.3 17.0

15.0 11.6

1.29% 1.21% 1.13% 1.13% 1.13%


ECB ELA Funding Cost incl. Pillar II fees

Central Banks funding balances and funding cost

(51) (51) (50) (51) (52)

(71) (60) (51) (48) (41)

517 512 494 499 491

86 89 89 93 89

Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Bonds &other

Loans

Funding

Depos

Core PPI breakdown

578 586 568

589 589

(281) (285) (263) (272) (280)

297 302 305 317

309

Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Core Operating Income Recurring OPEX Core PPI

(€ million)

(€ billion)

481 490 483 494 487


(€ billion)

End of

quarter

balances

(bps)

18.1 18.6 18.7 18.6 19.1

13.8 14.4 14.4 14.5 14.8

32.0 32.9 33.1 33.1 33.9

(66) (65) (64) (64) (62)

Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Core deposits Time deposits

Group deposits spread

Loan and deposit spreads III

907 906 904 894 883

720 716 715 710 707

471 474 473 473 470

427 424 419 416 412

261 261 260 256 255

Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Consumer Credit -Greece

Small BusinessLoans - Greece

SEE

Medium & LargeBusiness - Greece

Mortgages -Greece

Reduced net loan balances with declining spreads

Lending spreads

(bps)

(bps)


Deposit mix & cost evolution

(34) (34) (34) (34) (33)

(103) (97) (98) (94) (92)

(106) (102) (99) (99) (97)

Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Sight andSavings -Greece

SE Europe

TimeDeposits -Greece

Deposit spreads

(bps)

End of

quarter

balances

44.9 44.4 44.2 43.8 43.6

448 445 444 443 439

Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Net Loans Group loans spread

(€ billion)

44%

56%

% Total


Operating expenses III


€ million 9M 2017 9M 2016 yoy %

Staff costs (354) (376) (5.9%)

General expenses (386) (375) 3.0%

Depreciation and amortisation

expenses (74) (73) 2.3%

Recurring OPEX (815) (824) (1.1%)

Integration costs (6) (2) ….

Extraordinary/one-off costs (28) (44) (36.0%)

Total OPEX (849) (870) (2.5%)

124 125 116 119 118

133 135 121 128 137

24 25 25 25 24

281 285 263 272 280

Q3 16 Q4 16 Q1 17 Q2 17 Q3 17

Depreciation &amortisationexpenses

Generalexpenses

Staff costs

Recurring OPEX Evolution

(€ million)

1,024

941 929 897 882

856 820

721 692 680 676

Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17

Branches

Bulg

-83

FYROM

-18

Greece 1 627 627 627 626 612 592 565 533 505 493 489

Employees

15,202 15,149

14,371 14,210 13,856 13,695

13,569 13,481

11,863 11,897 11,923 11,859

Dec-14Mar-15Jun-15Sep-15Dec-15Mar-16Jun-16Sep-16Dec-16Mar-17Jun-17Sep-17

VSS Gr

-2,208 Bulg

-744 FYROM

-240 VSS Cy

-249

Greece 9,570 9,625 9,680 9,687 9,687 9,679 9,670 9,653 8,888 8,900 8,903 8,820

Serbia

-836

Serbia

-67

Hilton

-323

1 Includes corporate and private banking centers

25 25 9M 2017 Results

III-3. Asset Quality


NPL stock in Greece down by €0.3bn in Q3; NPL reduction in line with target III


19.7 19.6

19.5

18.8

18.5


NPL balances evolution - Greece

(€ billion)

New NPL targets1

18.5 18.5 17.0

13.4

10.6

Sep-17Actual

Sep-17Target

Dec-17Target

Dec-18Target

Dec-19Target

-€7.9bn

-43%

(€ billion)

Note: Write-offs in Q3 17 stood at €494mn

Δ y-o-y

-€1.2bn

Gross NPL formation per segment - Greece

(€ million)

108

(112)

9

Wholesale

88 99 69

Mar-17 Jun-17 Sep-17

Consumer

(14)

108 104


Mortgages

Jun-17 Sep-17

(3)

(67)

29


SBL

Mar-17

1 Balances refer to Solo perimeter as per the NPE reduction plans


Group NPLs NPEs as of June 2017

(€ billion)

Coverage of Group non performing loans III


78% 78% 78% 77% 77%

55% 132%

Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 CollateralCoverage

Total NPLCoverage

45% 46% 48% 48% 48%

66% 114%


Total NPLCoverage

82% 84% 83% 85% 83%

32% 115%


Total NPLCoverage

68% 69% 69% 69% 68%

55% 124%


Total NPLCoverage

Evolution of coverage for the Group NPL

Busin

ess

Mort

gages

Consum

er

Cre

dit

Cash coverage for the Group at 68% or 124% including collateral coverage of 55%

Total coverage in all segments is well above the 100% mark

26.8

18.5 12.5

4.6

3.3

2.5

31.4

21.8

15.0

NPEs NPLs Cash Coverage

Abroad

Greece

53.6%

NPE ratio

48%

NPE Cash

coverage

53.7%

53.4%

54%

47%

37.3%

NPL ratio

37.0%

39.2% 68%

NPL Cash

coverage

74%

68%


Loans perimeter managed by NPL Units

NPL Workout Units Analysis III

18.5

0.3

13.4

4.9

31.5 23.3

5.0

3.2

50.0 23.6

18.4

8.1

Total LoansGreece

Non-NPLManagement

Units

Retail NPLManagement

Unit

WHL NPLManagement

Unit

Performing

NPLs

(€ billion)


NPL Workout Units balances breakdown by segment

5.8 2.9

4.7 3.9 0.9

18.2 3.3

1.0 0.8 1.5

1.7

8.2

9.1

3.8 5.5 5.5

2.6

26.4

Mortgages Consumer SBLs SMEs Corporates Total

Performing

NPLs

Retail

€18.4bn

Wholesale

€8.07bn

1 Including leasing, factoring and International Unit Greece

(€ billion)

WHL NPL Unit manages €8.1bn, out of which €3.3bn are performing loans1

In wholesale c.144 FTEs broken down in (legal outsourcing excluded):

Management & Monitoring: 41 FTEs

Special Credit Division: 64 FTEs

Permanent arrears Division: 39 FTEs

Retail NPL Unit manages all retail exposures which are >1dpd and total €18.6bn

In retail c. 3,050 FTEs broken down in

c.650 in Retail NPL Unit

c. 450 in branches

c.1,900 in collection and legal firms


III


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 2nd week of May

In May 2017 Alpha Bank has assigned €500mln to Cepal with the following

characteristics:

o Mortgages 33%, Consumer 33%, Small Business 33%

o Secured: 76%

o Debtors 4,500+, Accounts 13,000+

Within October 2017 Alpha Bank additionally assigned to CEPAL €1bn with

the following structure:

o Mortgages 35%, Consumer 33%, Small Business 32%

Alpha Bank will additionally assign to CEPAL another €2.5bn by mid-2018,

whereas the intention is to further increase the assigned volumes, subject

to the Servicer’s performance

Alpha Bank has actively engaged with licensed independent servicers for the

management of both retail and large corporate Non Performing Exposures

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:

o long-term capital co-funded by KKR & EBRD and optionally by the platform

Banks

o operational expertise, which will enable the companies to stabilize, recover

and grow

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


Detailed overview of Alpha Bank’s asset quality by portfolio - Greece IIΙ

(€ billion) Wholesale SBL Mortgages Consumer Total

Gross loans 20.7 6.3 16.4 6.7 50.0

(-) Provisions (4.9) (2.7) (2.5) (2.4) (12.5)

Net loans 15.8 3.6 13.9 4.3 37.5

NPLs 5.1 4.7 5.8 2.9 18.5

NPL ratio 24.8% 74.0% 35.7% 42.8% 37.0%

NPEs 9.3 5.5 7.7 4.3 26.8

NPE ratio 45.1% 86.8% 47.3% 64.1% 53.7%

NPL collateral 3.1 2.4 4.1 0.9 10.5

NPE collateral 5.7 2.9 5.5 1.1 15.2

Coverage ratio

NPLs 5.1 4.7 5.8 2.9 18.5

(+) Forborne NPLs < 90 dpds 3.0 0.8 1.9 1.4 7.0

(+) Individually impaired1 1.2 0.0 0.1 0.0 1.3

NPEs 9.3 5.5 7.7 4.3 26.8

Forborne NPLs >90dpd 0.8 1.1 1.7 1.5 5.2

Forborne NPLs <90dpd 3.0 0.8 1.9 1.4 7.0

Performing forborne 0.5 0.3 3.3 0.6 4.7

Total forborne 4.2 2.3 6.9 3.5 16.9

1 Including unlikely to pay


95% 52% 58% 50% 43% 32%

84% 56% 68%

47%

60%

62% 52% 53% 70% 72%

32%

24%

57% 57%

156%

114% 110% 103% 113%

104% 116%

80%

124% 103%

NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE

Total

Collateral

Cash


Detailed overview of Alpha Bank’s asset quality by portfolio - Group IIΙ

(€ billion) Wholesale SBL Mortgages Consumer Total

Gross loans 25.1 6.4 19.8 7.2 58.5

(-) Provisions (6.3) (2.7) (3.4) (2.5) (15.0)

Net loans 18.7 3.7 16.4 4.7 43.6

NPLs 7.0 4.7 7.0 3.1 21.8

NPL ratio 28.0% 73.8% 35.5% 42.2% 37.3%

NPEs 11.8 5.5 9.4 4.5 31.4

NPE ratio 47.2% 86.7% 47.7% 62.6% 53.6%

NPL collateral 4.0 2.4 4.6 1.0 12.0

NPE collateral 6.9 2.9 6.4 1.1 17.4

Coverage ratio

NPLs 7.0 4.7 7.0 3.1 21.8

(+) Forborne NPLs < 90 dpds 3.5 0.8 2.4 1.5 8.2

(+) Individually impaired1 1.3 0.0 0.1 0.0 1.4

NPEs 11.8 5.5 9.4 4.5 31.4

Forborne NPLs >90dpd 1.4 1.1 2.1 1.5 6.2

Forborne NPLs <90dpd 3.5 0.8 2.4 1.5 8.2

Performing forborne 0.6 0.3 3.6 0.6 5.1

Total forborne 5.5 2.3 8.1 3.6 19.5

1 Including unlikely to pay


90% 53% 58% 50% 48% 36%

83% 56% 68%

48%

57%

59% 51% 53% 66% 68%

32%

25%

55% 55%

147%

112% 110% 103% 114%

103% 115%

81%

124% 103%

NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE

Total

Collateral

Cash

32 32 9M 2017 Results

III-4. Liquidity


Loan to deposit ratio improvement continued in Q3. Collateral pool at €14.5bn III

2.1 0.6 0.5

0.8

0.9 1.0

1.8

2.1 1.6

5.0

1.8

1.8

13.8

13.4

11.4


Pillar II

Securitisations

Bonds

Loans

EFSF Bonds

ECB

4.8

ELA

15.6

Eurosystem collateral pool (cash values)

(€ billion)


20.4

ECB

3.6

ELA

15.2

18.8

Loan to Deposit ratio decreased further

140%

135%

132%

128% 129%

141%

136% 135%

131% 132%

Sep-16 Dec-16 Jun-17 Aug-17 Sep-17

Group Greece

(9pp)

ELA

11.4

14.5

ECB

3.1


Individuals 73%

Business 27%

26.9

28.1 28.1 27.9 28.5

0.6

0.1

(0.2)

0.4 0.6

(0.1)

0.1 0.2

Sep-16 Core Time Dec-16 Core Time Mar-17 Core Time Jun-17 Core Time Sep-17

Δ Time

Δ Core

Alpha Bank deposits evolution in Greece

Deposits flow per quarter III

26.9

28.1 28.1 27.9

28.5 0.6 0.5

(0.3)

0.5 0.6

(0.5)

0.2 0.1

Sep-16 Bus. Indiv. Dec-16 Bus. Indiv. Mar-17 Bus. Indiv. Jun-17 Bus. Indiv. Sep-17

Δ Individuals

Δ Business

Q3:

€0.6bn


Deposits breakdown – September 2017

Q4:

€1.2bn

Alpha Bank deposits evolution in Greece

Deposits breakdown – September 2017

Time 39%

Core 61%

(€ billion)

(€ billion)

Q1:

€0.0bn

Q2:

(€0.1bn)

35 35 9M 2017 Results

III-5. Capital


III


Common Equity Tier I ratio at 17.9%; Fully Loaded CET1 ratio at 17.8%;

Tangible Equity at €9.0bn

DTA and Tax Credit within CET1 ratio

(€ billion)

3.3 3.3

0.60.60.00.1

Sep-17

(fully-loaded)

4.0

Sep-17

(phased-in)

4.0

1.6 1.6

3.3 3.3

Sep-17

(fully-loaded)

4.9

Sep-17

(phased-in)

4.9

DTA (250% RWA) and Tax Credit (100% RWA) impact in RWAs

(€ billion)

Tax Credit DTA Other DTA Tax Losses Tax Credit

4.0 4.0

0.4

Sep-17

0.7

49.3 49.1

0.3

44.8 44.7

Market Credit

(0.1)

Jun-17

RWAs/ Assets

Group Risk Weighted Assets (RWAs)

81% (€ billion)

Market Operational Credit

9,400 9,019 8,804 8,815

(381) (215)

12

OrdinaryEquity

Intangibles Tangiblebookvalue

RegulatoryAdjustments

CET1capital

LowerTier II

TotalCAD

Equity to regulatory capital bridge

(€ million)

14.8% Tangible book value / Tangible Assets

€8.8bn CET 1 €8.7bn €49.3bn RWAs €49.3bn

37 37 9M 2017 Results

IV. Appendix


Business Volumes IV

(€ million) Sep 2017 Jun 2017 Mar 2017 Dec 2016 Sep 2016

%

Sep 2017 /

Sep 2016

Group Gross Loans 58,529 59,062 60,045 60,316 60,821 (3.8%)

Mortgages 19,810 20,100 20,219 20,260 20,480 (3.3%)

Consumer Loans 5,581 5,646 5,757 5,749 5,876 (5.0%)

Credit Cards 1,666 1,585 1,634 1,676 1,637 1.8%

Small Business Loans 6,404 6,487 6,648 6,640 6,781 (5.6%)

Medium and Large Business Loans 25,069 25,244 25,787 25,991 26,047 (3.8%)

of which:

Greece 50,035 50,401 51,317 51,606 51,440 (2.7%)

Mortgages 16,352 16,553 16,653 16,714 16,769 (2.5%)

Consumer Loans 5,059 5,117 5,237 5,225 5,205 (2.8%)

Credit Cards 1,631 1,547 1,596 1,638 1,587 2.8%

Small Business Loans 6,335 6,419 6,581 6,573 6,710 (5.6%)

Medium and Large Business Loans 20,657 20,765 21,250 21,456 21,169 (2.4%)

of which: Shipping Loans 1,805 1,882 1,992 2,004 1,914 (5.7%)

Southeastern Europe 8,210 8,385 8,446 8,448 9,082 (9.6%)

Accumulated Provisions (14,963) (15,277) (15,867) (15,907) (15,951) (6.2%)

Group Net Loans 43,567 43,785 44,178 44,409 44,870 (2.9%)

Customer Assets 39,325 38,740 38,605 38,342 37,498 4.9%

of which:

Group Deposits 33,900 33,141 33,090 32,946 31,970 6.0%

Sight & Savings 19,072 18,627 18,730 18,572 18,148 5.1%

Time deposits & Alpha Bank Bonds 14,828 14,513 14,359 14,375 13,821 7.3%

Greece 28,481 27,921 28,067 28,062 26,877 6.0%

Sight & Savings 17,242 16,912 17,144 17,021 16,444 4.9%

Time deposits & Alpha Bank Bonds 11,239 11,009 10,923 11,041 10,433 7.7%

Southeastern Europe 4,557 4,433 4,251 4,111 4,294 6.1%

Money Market Mutual Funds 478 535 577 593 664 (28.0%)

Other Mutual Funds 1,422 1,426 1,341 1,286 1,224 16.2%

Private Banking 3,524 3,639 3,597 3,518 3,641 (3.2%)


Passenger 9%

Containers 8%

Product Tankers 15%

Panamax 8%

Aframax 1% Suezmax

6% VLCC 7%

Handy max/ Handy size

22%

Panamax 15%

Capesize 9%

Tankers

37%

Dry Bulk

46%

Wholesale loans portfolio structure – Group

Shipping loans portfolio structure

€1.8bn

Business book and shipping portfolio IV

€1.8bn 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

NPL ratio at 5.7%

Wholesale loans 43%

SBLs 11%

Consumer loans 9%

Credit Cards 3%

Mortgages 34%

Group loans breakdown (Q3 17 data)

€58.5bn

Industry 22%

Trade 21%

Construction 16%

Transportation 3%

Tourism 8%

Shipping 6%

Real Estate 8%

Services 6%

Other 10%

€25.1bn


(€ million)

Alpha Private Bank balances Asset Management balances

(€ million)

Wealth Management evolution IV

140 188 224

907 888

1,028

158 269

298 1,205

1,345

1,550

Sep-15 Sep-16 Sep-17

Money Market Mutual Funds Non Money Market Mututal Funds

Other AUM

96 146 231

1,756

2,338

2,724

2,079

1,759

1,318

3,932

4,242 4,274

Sep-15 Sep-16 Sep-17

Discretionary Advisory Execution Only


SEE Operations 1 IV

(€ million) Cyprus Δ% Romania Δ% Albania Δ% TOTAL Δ%

Sep-17 yoy yoy yoy yoy

Deposits 2,213 18.4% 1,877 16.2% 466 10.0% 4,557 6.1%

Gross Loans 5,076 (3.8%) 2,800 0.0% 333 (8.2%) 8,210 (9.6%)

Mortgages 2,335 (4.6%) 1,034 3.2% 68 1.0% 3,437 (7.1%)

Consumer Credit 270 (3.0%) 236 (5.7%) 27 20.7% 533 (19.1%)

Businesses 2,472 (3.0%) 1,530 (1.1%) 237 (12.9%) 4,239 (10.3%)

NPE ratio 76.9% 19.3% 24.7%

NPE Cash coverage 53% 63% 33%

NPE Total coverage 97% 132% 124%

NPL ratio 56.7% 14.5% 12.6%

NPL Cash coverage 72% 84% 64%

NPL Total coverage 114% 155% 150%

Total Operating Income 101.3 (15.6%) 96.1 (14.9%) 12.5 (19.5%) 209.9 (15.5%)

Operating Expenses

(pre-O/H allocation)1 (39.8) 2.6% (69.3) 2.1% (11.5) 7.1% (120.6) 2.7%

Impairment Losses (103.5) 16.5% 2.3 … (3.6) (51.8%) (104.8) (13.9%)

Profit Before Tax

(pre- O/H allocation) (42.0) … 29.1 48.8% (2.6) (4.1%) (15.5) …

Branches 22 130 34 186 (1)

Employees 668 1,884 412 2,964 70

1 Country View


Alpha Bank Group IV

(€ million) 9M 2017 9M 2016 yoy % change

Net interest income 1,463.0 1,434.0 2.0%

Net fee and commission income 240.8 236.8 1.7%

Income from financial operations 115.9 68.9 68.4%

Other Income 42.5 41.9 1.4%

Operating Income 1,862.2 1,781.5 4.5%

Staff costs (353.8) (375.8) (5.9%)

General expenses (386.3) (375.1) 3.0%

Depreciation and amortization expenses (74.4) (72.7) 2.3%

Operating expenses before integration and extraordinary costs (814.5) (823.7) (1.1%)

Integration costs (5.7) (2.1) …

Extraordinary costs1 (28.4) (44.2) …

Operating expenses (848.6) (870.0) (2.5%)

Impairment losses on credit risk (761.7) (864.1) (11.9%)

Profit / (Loss) before income tax 251.9 47.4 …

Income Tax (98.3) (32.6) …

Profit / (Loss) after income tax from continuing operations 153.5 14.9 …

Profit / (Loss) after income tax from discontinued operations (68.5) 7.4 …

Profit / (Loss) attributable to shareholders 85.1 22.0 …

Net interest income / average assets - MARGIN 3.1% 2.8%

1 Including VSS Cyprus of €31mn in H1 16


Alpha Bank Group IV

(€ million) Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 qoq%

change

yoy %

change

Net interest income 486.9 493.6 482.5 490.1 481.2 (1.4%) 1.2%

Net fee and commission income 79.3 85.8 75.7 81.2 81.1 (7.5%) (2.2%)

Income from financial operations 75.2 7.3 33.5 16.0 9.1 … …

Other Income 22.8 10.1 9.6 14.9 15.9 … …

Operating Income 664.2 596.7 601.3 602.2 587.3 11.3% 13.1%

Staff costs (118.0) (119.4) (116.4) (125.1) (124.1) (1.2%) (4.9%)

General expenses (137.3) (128.2) (120.9) (134.9) (132.8) 7.1% 3.4%

Depreciation and amortization expenses (24.4) (24.6) (25.4) (24.7) (24.3) (1.0%) 0.3%

Recurring Operating expenses (279.7) (272.2) (262.7) (284.6) (281.2) 2.7% (0.5%)

Integration costs (1.8) 3.0 (7.0) (3.9) (0.4)

Extraordinary costs1 (7.4) (11.4) (9.6) (66.9) 0.2

Total Operating expenses (288.8) (280.6) (279.2) (355.5) (281.4) 2.9% 2.6%

Impairment losses (298.3) (216.6) (246.8) (303.9) (258.2) 37.7% 15.5%

Profit / (Loss) before income tax 77.1 99.5 75.3 (57.1) 47.8 (22.5%) 61.4%

Income Tax (41.6) (28.7) (28.0) 61.8 (8.1) 44.8% …

Profit / (Loss) after income tax from continuing operations 35.6 70.7 47.2 4.7 39.7 (49.7%) (10.4%)

Profit / (Loss) after income tax from discontinued operations 0.0 (69.4) 0.9 15.4 1.5 … …

Profit / (Loss) attributable to shareholders 35.5 1.4 48.1 20.1 41.1 … (13.5%)

Net interest Margin (NIM) 3.1% 3.1% 3.0% 3.0% 2.9%

1 Including VSS Cyprus of €31mn in H1 16

Note: P&L numbers restated for the sale of Serbia


Group Results by Business Unit IV

(€ million)

Retail Commercial &

Corporate SE Europe

Investment Banking &

Treasury

Asset

Management Other Group

Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep Jan-Sep

2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016

Operating Income 806.3 843.1 543.6 628.5 209.9 248.6 215.1 (19.4) 46.8 35.4 40.5 45.3 1,862.2 1,781.5

Net Interest Income 721.0 754.7 479.4 518.2 177.6 194.1 72.5 (46.6) 9.5 11.0 2.9 2.5 1,463.0 1,434.0

Net fee and Commission Income 79.0 83.5 91.9 101.0 19.2 19.2 16.0 6.2 34.3 25.9 0.5 0.9 240.8 236.8

Income from Financial Operations 4.9 5.0 (34.8) 3.4 7.4 29.5 125.4 20.7 3.4 0.4 9.6 10.0 115.9 68.9

Other Income 1.5 0.0 7.0 5.9 5.7 5.7 1.3 0.3 (0.5) (1.9) 27.4 31.9 42.5 41.9

Operating Expenses (495.6) (493.4) (123.6) (113.8) (130.2) (164.7) (21.3) (21.9) (22.8) (19.9) (55.1) (56.2) (848.6) (870.0)

Staff Costs (202.4) (209.7) (64.4) (65.1) (60.2) (96.4) (8.9) (9.7) (12.6) (12.6) (6.0) (16.4) (354.5) (409.9)

General Expenses (252.5) (243.9) (42.8) (33.8) (63.0) (60.7) (10.7) (10.7) (8.5) (6.1) (42.2) (32.3) (419.7) (387.4)

Depreciation (40.7) (39.9) (16.4) (14.9) (7.1) (7.6) (1.7) (1.6) (1.7) (1.3) (6.9) (7.5) (74.4) (72.7)

Impairment Losses (668.3) (330.7) 11.5 (411.6) (104.8) (121.8) 0.0 0.0 0.0 0.0 0.0 0.0 (761.7) (864.1)

Profit / (Loss) before tax (357.6) 19.0 431.4 103.1 (25.2) (37.9) 193.8 (41.3) 24.0 15.5 (14.6) (10.9) 251.9 47.4

Note: P&L numbers restated for the sale of Serbia


(€ million) Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016

Operating Income 266.9 269.8 269.6 276.7 279.7

Net Interest Income 237.4 242.3 241.3 247.0 248.7

Net fee and Commission Income 27.5 25.6 25.8 27.8 29.3

Income from Financial Operations 1.5 1.4 1.9 1.9 1.7

Other Income 0.5 0.5 0.5 - -

Operating Expenses (170.6) (166.4) (158.7) (170.8) (167.3)

Staff Costs (66.9) (68.6) (67.0) (70.1) (69.6)

General Expenses (89.9) (84.3) (78.2) (87.2) (84.4)

Depreciation (13.8) (13.5) (13.4) (13.5) (13.4)

Impairment losses (232.0) (304.2) (132.1) (21.5) (164.7)

Profit / (Loss) before tax (135.7) (200.7) (21.2) 84.3 (52.3)

RWA e 20,254 20,090 20,053 20,108 20,074

Results I Retail Business Unit IV

1 P&L numbers restated for the sale of Serbia

1


Results I Commercial & Corporate Business Unit IV

(€ million) Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016




Income from Financial Operations 0.3 (36.1) 0.9 1.4 1.2

Other Income 2.4 2.4 2.3 2.0 2.3


Staff Costs (21.4) (21.7) (21.4) (22.1) (21.8)


Depreciation (5.2) (5.9) (5.3) (5.3) (5.0)

Impairment losses (46.8) 136.7 (78.4) (124.8) (54.5)

Profit / (Loss) before tax 103.2 253.2 75.1 40.7 113.8

RWA e 18,120 18,381 18,378 18,063 18,199


1


Results I Asset Management Business Unit IV

(€ million) Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016





Other Income 0.3 (0.7) 0.0 (1.1) (0.9)


Staff Costs (4.2) (4.3) (4.1) (4.0) (4.1)


Depreciation (0.6) (0.1) (1.0) (0.4) (0.4)

Impairment losses - - - - -

Profit / (Loss) before tax 7.4 9.1 7.5 6.6 5.3

RWA e 333 303 283 293 308


1



(€ million) Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016

Operating Income 79.4 87.7 48.0 55.8 (2.0)

Net Interest Income 29.1 26.8 16.5 8.3 (6.1)



Other Income 0.2 (0.1) 1.2 2.0 2.3


Staff Costs (2.9) (3.1) (2.9) (3.4) (3.2)


Depreciation (0.6) (0.6) (0.6) (0.5) (0.5)

Impairment losses - - - - -

Profit / (Loss) before tax 72.2 80.6 41.0 48.0 (9.5)

RWA e 3,955 4,226 4,684 4,891 4,993

Results I Investment Banking & Treasury Business Unit IV

1


Results I SE Europe Business Unit IV

(€ million) Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016





Other Income 1.0 3.5 1.1 3.8 2.8

Operating Expenses1 (44.8) (43.9) (41.6) (49.2) (42.4)

Staff Costs1 (20.6) (20.1) (19.4) (19.9) (19.4)


Depreciation (2.2) (2.4) (2.5) (2.7) (2.5)

Impairment losses (19.4) (49.1) (36.3) (152.0) (39.0)

Profit / (Loss) before tax1 4.0 (21.4) (7.8) (127.9) (0.9)

RWA e 5,123 5,387 5,904 6,223 6,345


1


Results I Other Business Unit IV

(€ million) Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016

Operating Income 40.9 (6.2) 5.8 (22.2) 10.5


Net fee and Commission Income (0.3) 0.3 0.4 0.6 0.2

Income from Financial Operations 21.8 (12.2) 0.0 (31.9) (0.1)

Other Income 18.5 4.5 4.5 8.2 9.5


Staff Costs (1.9) (1.7) (2.3) (10.2) (7.7)


Depreciation (2.1) (2.2) (2.6) (2.3) (2.5)

Impairment losses 0.0 0.0 0.0 (5.6) (0.0)

Profit / (Loss) before tax 26.1 (21.3) (19.4) (108.9) (8.6)

RWA e 1,431 1,297 1,102 1,109 1,149


1


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

Glossary IV

Reconciliation of key Management’s definitions with terms in “Annual report (In accordance with Law 3556/2007)”

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 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

performing category, either due to the extension of additional forbearance measures or due to becoming more than 30 days past-due

FNPEs

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

Remedial management costs Operating costs related to NPL management initiatives (e.g. collection costs, legal costs etc)

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

Capital Requirement

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

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

9M 2013 Results FY 2013 Results 52 9M 2017 Results 52

ALPHA BANK

40, Stadiou Street, 102 52

Athens, Greece

Internet : www.alpha.gr

Reuters : ACBr.AT (shares), GRALFAw.AT (warrants)

Bloomberg : ALPHA GA (shares), ALPHAW GA (warrants)

Vassilios Psaltis Lazaros Papagaryfallou

General Manager – CFO Executive General Manager

[email protected] [email protected]

+30 210 326 2181 +30 210 326 4017

Dimitrios Kostopoulos Elena Katopodi

Manager Assistant Manager

Investor Relations Division Investor Relations Division

[email protected] [email protected]

+30 210 326 4082 +30 210 326 4184

Stella Traka

Senior Investor Relations Officer

[email protected]

+30 210 326 4182

E-mail : [email protected]

Tel : +30 210 326 4082

+30 210 326 4010

+30 210 326 4185

Alpha Bank Contacts

http://www.alpha.gr/

mailto:[email protected]










Documents

9M 2017 Results - ALPHA BANK Bank and Bank of Greece’s Emergency Liquidity Assistance, ii. the reduction of government arrears to the private sector and iii. the upward trend of