Alpha Bank H1 2021 Results

Alpha BankH1 2021 Results

Investor Presentation

August 26th, 2021

2

DisclaimerSystemic bank established in 1879

This presentation has been prepared and issued by Alpha Services and Holdings S.A. and its 100% subsidiary, Alpha Bank S.A., solely for informational purposes. It is hereby noted that on 16.4.2021, the demerger of the

credit institution under the former name “Alpha Bank S.A.” (which has been already renamed “Alpha Services and Holdings S.A.”) was completed by way of hive-down of the banking business sector with the incorporation of a

new company - credit institution under the name “Alpha Bank S.A.”.

References to “Alpha Bank” shall be construed to be references to Alpha Services and Holdings S.A., except to the extent otherwise specified or the context otherwise required, i.e. references to the entity acting as a credit

institution shall be deemed to refer to (i) the former Alpha Bank (already renamed Alpha Services and Holding S.A.) prior to 16.04.2021 and to (ii) the new “Alpha Bank S.A.” on and after 16.04.2021.

For the purposes of this disclaimer, this presentation shall mean and include materials, including and together with any oral commentary or presentation and any question and answer session. By attending a meeting at which

the presentation is made, or otherwise viewing or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you understand the legal and

regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation or any information contained herein. By reading this presentation, you agree to be bound by the following limitations:

No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by Alpha Services and Holdings or any member of its Group as to the accuracy, fairness,

completeness, reliability or sufficiency of the information contained in this presentation and nothing in this presentation shall be deemed to constitute such a representation or warranty. The information contained in this

presentation may contain and/or be based on information that has been derived from publicly available sources that have not been independently verified. Alpha Services and Holdings is not under any obligation to update,

revise or supplement this presentation or any additional information or to remedy any inaccuracies in or omissions from this presentation.

This presentation does not constitute an offer, invitation or recommendation to subscribe for or otherwise acquire securities. Also, it is not intended to be relied upon as advice to investors or potential investors and does not

take into account the objectives, financial situation or needs of any particular investor. You are solely responsible for forming own opinion and conclusion.

Certain statements in this presentation may be deemed to be “forward-looking”. You should not place undue reliance on such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty

because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Forward-looking statements are not guarantees of future performance, and the actual results,

performance, achievements or industry results of Alpha Services and Holdings and/or Alpha Bank’s operations, results of operations, financial position and the development of the markets and the industry in which they

operate or are likely to operate may differ materially from those described in, or suggested by, the forward-looking statements contained in this presentation. In addition, even if the operations, results of operations, financial

position and the development of the markets and the industry in which Alpha Services and Holdings and Alpha Bank operate is consistent with the forward-looking statements contained in this document, those results or

developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking

statements including, without limitation, general economic and business conditions, competition, changes in banking regulation and currency fluctuations.

Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document reflect Alpha Services and Holdings’ current view with respect to future events and are

subject to risks relating to future events and other risks, uncertainties and assumptions relating to Alpha Services and Holdings and/or Alpha Bank’s financial position, operations, results of operations, growth, strategy and

expectations. Any forward-looking statement speaks only as of the date on which it is made. New factors will emerge in the future, and it is not possible for Alpha Services and Holdings to predict which factors they will be. In

addition, Alpha Services and Holdings cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those described in

any forward looking statements. Alpha Services and Holdings disclaims any obligation to update any forward-looking statements contained herein, except as required pursuant to applicable law.”

About Alpha Services and Holdings

Alpha Services and Holdings S.A. (under the distinctive title Alpha Services and Holdings) is a financial holdings company, listed on the Athens Stock Exchange, and the parent company of the banking institution "ALPHA

BANK S.A.".

Subsequent to the corporate transformation that took place in April 2021, the banking operations were hived-down to a new wholly owned banking subsidiary (Alpha Bank S.A.).

Alpha Bank S.A. is 100% subsidiary of Alpha Services and Holdings S.A. and one of the leading Groups of the financial sector in Greece which was founded in 1879 by J.F. Costopoulos. The Bank offers a wide range of high-

quality financial products and services, including retail banking, SMEs and corporate banking, asset management and private banking, the distribution of insurance products, investment banking, brokerage and real estate

management.

https://www.alphaholdings.gr/en/investor-relations

https://www.alphaholdings.gr/en/investor-relations

3

Alpha Bank

3

9

Pages

• Business update

• Financial Performance Analysis

• Appendix

Macroeconomic Update

P&L

Volumes

Asset Quality

Capital

ESG

Segment information

20

24

29

37

43

52

54

4

Greek economy outperforming expectations

Key recent macroeconomic highlights

+15.3% y-o-y in May, second month with growth post five negative reads

New government initiatives in place targeting improvement in uptake

>5% growth projected for 2021; activity expected to bounce back from Q2

Arrivals exceeding expectations: first week of August >70% of 2019 levels

ESI higher at 100.8 compared to equivalent 2020 levels of 100

Accelerating growth in house prices despite pandemic toll on activity

Continuous growth since Nov 2020 shows improving operating conditions

Sharp increase reflecting the resilience of the construction sector

Latest

GDP growth (%, y-o-y)

Comments

-2.3% >5%(1Q21) (2021f)

Total Passenger Traffic

AIA (%, y-o-y)

Vaccinations(% of total population)

Economic Sentiment

Indicator (period average)

100.8(Jan – Jul 21)

Manufacturing

Production (%, y-o-y)

371.2% 107.5%(2Q21) (Jul 21)

Retail Trade(volume, nsa, %, y-o-y)

Private Building Activity(volume, %, y-o-y)

Residential Prices(%, y-o-y)

3.2%(1Q21)

Sources: AIA (Athens International Airport), Bank of Greece, ELSTAT, European Commission, Ourworldindata.org

8.1%(Jan – May 21)

53.0%(Jan – May 21)

8.5%(Jan – Jun 21)

56.8%(Aug 23, 2021)

5

Description

Greek NPE securitizationunder HAPS II

Greek NPE portfolio sale

Cyprus NPE portfolio sale

Greek NPEcommon SME

portfolio transaction

Selected Wholesale & Leasing exposures

Other transactions

85% (€7bn) of NPE transactions leading to 13% NPE ratio by year end

Cosmos Orbit

Portfolio

breakdown

Sky Solar

Status

Transaction on track to complete by year end

Preliminary rating expected in Sep-21

HAPS submission expected in Oct-21

Transaction on track for Sep-21 launch

Binding offers targeted for Q4 21

Transaction on track for signing by year end

Binding offers targeted for Q4 21

2022 transaction with focus on preparatory actions

Banks currently engaging advisors

2022 transaction with focus on preparatory actions

Perimeter selected and advisors engaged

NPE GBV €3.5bn €1.3bn €2.2bn €0.4bn €0.7bn

18%

50%

11%

21%

4%

84%

12%

35%53%

6%7%

100% 100%

6

Strategic partnership inmerchant acquiring business

Value ItemAmounts

(in € mn)Comments

Strategic partnership

approach used for

transaction structure

-

Nexi to acquire 51% | Alpha Bank to retain 49%

Expectation of significant growth and profitability in the

payments space, allowing Alpha Bank to retain upside potential

Valuation 307

Multiple for the existing business at the higher end of current

trading multiples capturing future performance

Alpha Bank to see capital gain and retained stake revaluation

Cash consideration for stake sold received at closing

Earnouts Up to 60

Significant upside potential based on business plan

achievement and actual profitability

Additional payments to Alpha Bank within 4 years from Closing

Total price for business Up to 367

Referral

Agreementc.200

Locking in of material future fee income flow of c.€7-8m per

annum (on average) on top of transaction economics

Rebate paid to Alpha Bank, calculated as % of net revenues (for

duration of partnership)

Total value to the Bank

Partnership with Nexi offers significant benefits based on terms and structure

Key transaction terms (on 100% basis)

1

2

3

4

c.570

Description • MOU signed on 3 August 2021

between Alpha Bank and Nexi

S.p.A. to form long-term

partnership

• Strategic partnership with EU

payments leader offers unique

proposition with high growth

prospects in rapidly evolving Greek

market

• Structure ensures optionality for

further business development

and growth in earnings stream

Status Final contractual arrangements

under negotiation between parties

Impact Positive P&L impact and

~60bps CAD accretion

Timing Final agreement expected in

Q4 2021

Project Prometheus

7

Internal measures on track to deliver envisaged capital relief

Sale of Alpha Bank Albania

Riviera Description As part of the Bank’s strategy to sell sub-scale subsidiaries, it has launched a process to identify a suitable investor for Alpha

Bank Albania, thus releasing capital for higher growth markets

Status Transaction in binding offer stage with offers due in Q4 2021

Impact Expected RWA relief of €0.4bn Timing offers within Q4 2021

Sale of Alpha Bank London

Crown Description As part of the Bank’s strategy to sell sub-scale subsidiaries, it intends to launch a process to identify a suitable investor for Alpha

Bank London, thus releasing capital for higher growth markets

Status Transaction launch expected in Q4 2021

Impact Expected RWA relief of €0.2bn Timing signing within H1 2022

Synthetic securitization

Aurora Description Synthetic Securitisation of c. € 2bn performing SME/Corporate loans portfolio

Status Non Binding Offers received from investors

Impact Expected RWA relief of €1bn Timing concluded within Q4 2021

JV with international partner in RE market

Skyline

Binding Offers phase

Binding Offers phase

Description • Creation of a unique large-scale real estate investment platform in Greece

• Use of Alpha Astika Akinita (listed subsidiary) as vehicle for the transaction

• Focus on CRE across Office, Retail and Logistics

• Significant new revenue streams expected for the bank, with Skyline vehicle to establish long-term servicing agreement with

Alpha Real Estate

• JV structure allows Alpha Bank to capitalise further on the growth of the real estate market

Status Process to be launched in early September 2021

Impact Expected RWA relief of up to €0.4bn Timing offers within Q4 2021

8

Normalised Profit after Tax at €0.21bn for H1 2021

• Loss of interest income from Galaxy partially

offset by TLTRO benefit and new disbursements

• Expansion driven by loan growth, partnerships,

affluent customer segment and activity pickup

• Falling staff costs offset by higher other

• Reduction in CoR to benefit bottom line

NII € 1.5bn € 0.8bn ~€ 1.4bn

Net F&C inc. € 0.3bn € 0.2bn ~€ 0.4bn

Recurring opex € (1.04)bn € (0.5)bn ~€ (1.03)bn

Core PPI1 € 0.9bn € 0.5bn ~€ 0.8bn

Net income2 € 0.10bn € 0.21bn ~€ 0.32bn

RoTBV2 1% 6.1% ~5%

CoR4 180bps 87bps ~120bps

NPE ratio3 43% 26% ~13%

FL Total Capital5 16% 15% >14%

TBV5 € 7.7bn € 6.2bn ~€ 5.4bn

So

un

d a

nd

pr

ofi

tab

leS

oli

d b

ala

nc

e s

he

et

1| NII+NFC+Other income – rec. OpEx; 2| Normalized net income and RoTBV excluding COVID provisions, trading gains, opex related one-offs and NPE transaction costs; 3| Basis for ratio includes senior notes of the securitizations; Project Sky included in 2021E;

4| Underlying CoR, not including transaction costs and Covid-19 related charges; based on net loans. 5| H1 2021 Pro forma for Share capital increase of €0.8bn completed in July 2021

2020

• Revised from ~18% on Sky acceleration

• Resilient TBV levels post Galaxy deconsolidation

2021E

~10%ROTBV

Targets 2024EH1 2021

~€ 6.7bn TBV

~15.6%FL CET1%• Best-in-class performance among Greek

systemic banks at ECB’s 2021 Stress Tests,

consistent with previous exercise

9

Alpha Bank

3

9

Pages

• Business update


• Appendix


P&L

Volumes

Asset Quality

Capital

ESG

Segment information

20

24

29

37

43

52

54

10

Profit & Loss

(€ mn)

H1

20211H1

2020

yoy %

change

Q2

20211Q1

2021

qoq %

change

Net Interest Income 771 772 (0%) 371 400 (7%)

Net fee and commission Income 190 167 14% 105 84 25%

Trading Income1 91 218 (58%) 30 61 …

Other Income 21 12 72% 10 11 (6%)

Operating Income 1,073 1,169 (8%) 517 556 (7%)

Recurring Operating Expenses (519) (500) 4% (261) (258) 1%

Extraordinary (173) (19) … (13) (160) …

Total Operating Expenses (692) (520) 33% (274) (418) (35%)

Core Pre Provision Income 463 451 3% 226 237 (5%)

Pre Provision Income 381 649 (41%) 243 137 …

Impairment Losses on Loans (515) (568) (9%) (125) (391) (68%)

o/w Underlying (164) (334) (90) (77)

o/w Transactions related (351) - (34) (317)

o/w Covid related - (234) - -

Other Impairment Losses (15) (13) 20% (10) (6) 71%

Profit/ (Loss) before income tax (150) 68 … 109 (259) …

Income Tax (37) 21 (13) (23)

Profit/ (Loss) after income tax (186) 89 96 (282)

Galaxy & Cepal deconsolidation impact (2,140) - (2,140) -

Reported Profit/ (Loss) after income tax (2,327) 89 (2,044) (282)

Normalised Profit After Tax4 213 66 104 108

Net Interest Margin (NIM%) 2.2% 2.3% 2.1% 2.3%

Cost to Income ratio 53% 53% 54% 52%

H1 2021 Group P&L and Balance Sheet

Balance Sheet

(€ bn)30/06/21 31/03/21 30/06/20

YoY

change

Assets 70.5 71.2 68.6 1.9

Securities 10.4 10.0 9.9 0.5

Cash & CB 9.4 8.0 5.7 3.7

Net Loans 37.5 39.4 39.4 -1.9

Deposits 45.0 43.6 40.9 4.2

Tangible Equity 5.5 7.4 7.8 -2.3

CET1 ratio 14.8% 16.0% 17.2% …

Total Capital ratio 17.4% 18.3% 18.3% …

NPE ratio 26% 43% 43% …

NPE Cash Coverage 54% 49% 44% …

3

3

2

a.

c.

b.

On a normalized basis, H1 21 Profit After Tax4 stands at €213mn,

excluding a. trading income of €91mn and adjusting for b. extraordinary

operating expenses of €173mn and c. transactions related impairments of

€351mn for the period and d. Galaxy & Cepal deconsolidation impact

d.

€0.11bn

€0.21bn

€0.32bn

€0.10bn

FY21eQ1 21 Q2 21 H1 21

Normalised Profit After Tax4

1| pf for Galaxy and Cepal deconsolidation P&L impact of €2.1bn booked in Q2 21 trading line. 2| before Share Capital increase of €0.8bn completed in July 2021. 3| pro forma for SCI of €0.8bn completed in July 2021. 4| Normalised

Profit After Tax in H1 2021, adjusted for losses related to Project Galaxy of €2.1bn and excluding trading income of €91mn, non-recurring expenses of €173mn, transactions related impairment losses of €351mn and tax of €21mn. In

H1 2020, Normalised Profit After Tax excluding trading gains of €218mn, Covid-19 related impairments of €234mn, non-recurring expenses of €19mn and tax of €59mn

11

386 383389 389

381

359 356 359 356352

Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

Businesses Individuals

Net credit

expansion

€0.4bn

(o/w +€0.6bn

Businesses,

- €0.2bn

Individuals)

Positive signs of growth in disbursements; lending spreads remain at healthy levels, also supported by new production

H1 21 New disbursements

Greece, € bn

0.2

1.1

2.3

1.0

Q2 21

1.2

0.1

0.1

Q1 21

2.1

H1 21

1.1

Businesses

Individuals

Q1 21 Q2 21 H1 21

Beginning of period 24.3 24.5 24.3

Disbursements 1.1 1.2 2.3

Repayments -0.8 -1.0 -1.9

PEs in Galaxy transaction 0.0 -0.3 -0.3

Net Flows to/from NPE 0.0 -0.1 -0.1

Other 0.0 0.1 0.1

End of period 24.5 24.4 24.4

Performing loans

Greece, € bn

Performing loans evolution

Group, € bn

11.2

16.4 17.4

11.2

17.016.9

Jun-20 Sep-20

11.2

Dec-20

11.1

Mar-21

17.6

10.8

3.8

Jun-21

17.7

10.8

5.4

FY21

Target

Businesses Individuals Senior Notes

PE Lending spreads over Gross loans

Greece, bps

high-yielding loan

repayments

1

1| Alpha Bank rate excluding subs, cards, overdrafts and merchant discounting.

Spread of new

production at

413bps in Q2 21

12

Mix shift towards core deposits continues; €1.4bn of inflows in GreeceDeposits evolution

Group, € bn

5.95.7

0.4 1.0

5.7Abroad

Jun-21

40.9

39.3

0.0

Abroad

Greece

Mar-21Jun-20

35.0

37.9

43.6 45.0

BusinessIndividual

Customer deposit

inflows of €1.4bn

QoQ

+ €1.4bn

Mix towards Core deposits

Greece, € bn

66%

32%

2%

Jun-20

75%

23%

2%

Mar-21

79%

20%State

2%

Jun-21

Core

Term

35.037.9 39.3

Group LCR & LDR

%

113% 118%

150% 143%164%

96% 96%

90% 90%

83%

70%

80%

90%

100%

110%

120%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

90%

95%

100%

105%

110%

115%

120%

125%

130%

135%

140%

145%

150%

155%

160%

165%

170%

Jun-20 Sep-20 Dec-20 Mar-21 Jun-21

LCR

LDR

YoY

+€4.1bn

€ bn

ECB balances

Jun-20

TLTRO

Mar-21 Jun-21

12.9

11.9

12.9

% over

Total

Assets

19%

ECB Collateral

pledged

Credit claims

GGBs & T-bills

Other bonds

18% 18%

+€1bn

Y-o-Y

13

Net interest income remains under pressure from clean-up effort

6.9

364

Retrospective 2020 TLTRO

benefit booked in Q2

Q1 21

Funding

Deposits

1.8

(2.9)Bonds & Other

Q2 21

371

Retrospective 2020 TLTRO

benefit booked in Q1(24.7)

Q1 21

Reported400

(9.4)

375

NPEs

PEs

0.0

(0.4)

Q2 21

Reported

• PEs: Lower spreads on specific corporate repayments

• Deposits: Positive impact from repricing & mix shift offset by growing balances

• Funding: ECB benefit partly counterbalanced by Tier II cost

• Bond & other: Lower one-off income related to loans and GGB recycling

• Q1 TLTRO benefit: €24.7mn benefit related to H2 20

• Q2 Additional TLTRO benefit: €6.9mn for H2 20

Q2 2021 / Q1 2021 Comments

• NPEs: Galaxy and increased provisioning leading balances lower

14

Pick-up in activity and impact from partnerships drives fee growth

10.0

6.5

1.0

2.4

Q1 2021

NCI

Business credit related

1.3Asset management

Bancassurance

Cards & Payments

Other

Q2 21

NCI

84

105

QoQ

+€21mn (+25%)

YoY

+€23mn (+14%)

7.9

9.4

9.0

(8.9)

167H1 20

NCI

H1 21

NCI190

5.6

H1 21 2021-2024

€0.8bn

(22%)Non-Money Market €3.5bn

Asset Management – AuMs increase

€bnAuM Target

growth to 2024

• Business credit related: Increased loan fees on pick-up of activity

• Asset management: Mainly non-money market mutual fund fees

benefitting from AuM growth of €0.8bn in H1 21

• Bancassurance: €10mn related to early termination of previous

bancassurance agreement

• Cards & payments: Stronger transaction volumes

• Other: €11.8mn non-recurring benefit in first half of last year to modify

collateral agreements (CSA) affects year-on-year comparison

Comments

• in line with 2021E Target of €0.4bn

15

Benefits from staff and NPE reduction to offset near term cost pressure

YoY

~ € (1.03)bn

2021E target

85

173

70

H1 21 2021E BP Target

2024EBP Target

-60%

(-103)

NPA Management

Group Recurring, € mn

434

858 795

H1 21 2021E BP Target

2024EBP Target

Core Operations

Group Recurring, € mn

1| H1 20 Recurring pro-forma for Cepal by €11.4mn, i.e. CEPAL stand alone operating costs for the period 1/1-30/6/2020. HR: 8mn, G&As: 3, D&A: 0.5mn

• Staff costs: down on HR initiatives in Greece and

Cyprus

• G&A: increase yoy on higher IT and product related

costs on increased volumes, also linked with higher

revenues, as well as increased fees to Resolution fund

• D&A: increase reflecting heightened IT investments to

support the Bank’s transformation

12.3

4.2

(9.1)

H1 20

Recurring

pf for Cepal

Staff costs

G&A

D&A

H1 21

Recurring

512

519

1

16

NPE organic formation

Organic formation and underlying CoR remain better than FY guidance

43% 43% 43% 43%

26%44% 45%

47%

49%

54%

40%

45%

50%

55%

20%

30%

40%

50%


NPE % NPE Coverage

GroupNPE

Coverage %

NPE and Cash Coverage %

Greece, € bn

CoR driven by Transaction costs and COVID

% over net loans

Gross NPE

formation

€ bn

(0.1) (0.0) (0.0) 0.0 (0.0)

0.1 0.1 0.2

(0.3)(0.2)

(0.2)

(0.2)

(0.3) (0.3) (0.4)

(0.1) (0.1)

Q2 21

0.4

Q2 20

0.0

0.4

CPs

0.4

Q3 20

0.4

Q4 20 Q1 21

0.4

Inflows

o/w Moratoria

Cures &

repayments

1.2%

1.3%

1.5%

1.7%

0.8%

2.6%

1.2%

Q2 20

0.5%

Q3 20

4.0%3.2%

Q4 20

3.2%

Q1 21

0.9%0.4%

Q2 21

2.6%

5.8%Covid Related

Transaction costs

Underlying0.6

1.7

o/w 0.8

(0.8)

(0.3)

2021E

Accounting

Write-offs(0.0) (0.0) (0.0) (0.1) (0.0)

Note: Gross formation including curings, repayments, liquidations and debt forgiveness. Q1 21 and Q2 21 formation excludes Galaxy

17

NPE ratio down to 13% by end of 2021, outperforming BP target of 18%

Significant

improvement in the

actual NPE ratio delivered

Higher NPE cash

coverage which

increased by ~10pps yoy

Robust capital position

post completion of Share

Capital Increase with

Total Capital Ratio at

17.4%

NPE ratio (Group)¹

NPL ratio (Group)¹

Group NPEs, €bn

1| Basis for ratio includes senior notes of the securitization; 2| Over net loans; Underlying CoR for 2020 and 2021, not including transaction costs and Covid-19 related charges;

17%

26% ~13%

~8%

~2%

~2%

Cost of risk (bps)2 180bps ~120bps ~60bps

20.9

11.4

5.0

2.9

1.1

0.6

2024EDec-20 Jun-21

post

Galaxy

(1.3)(3.5)

2021

organic

formation

(0.7)

Sky 2022

organic

formation

Other

(0.9)

2021E

(0.4)

2022ESolarOrbitCosmos

(2.2)

30%

43%

87bps

47%

Jun-20 Dec-20 Jun-21

44%

54%

Group, NPE coverage (%)

18

2.6%

1.4%

SCI

16.0%

Galaxy & Cepal

impact

2.3%

14.8%

2.20%

(1.0%)

Internal

Capital

measures

Other

(0.23%)(2.85%)

18.3% 17.4%

Organic capital

generation

0.02%

Total Capital ratio

Mar-21

Inorganic

NPE reduction

CET1

Jun-21

pf SCI

Capital evolution in line with plan; exceeding regulatory expectations

Total Capital ratio quarterly evolution€ bn

8.1

€1.3bn

regulatory

Buffer over

14.0% CAD6.7

FL CAD

Mar-21

14.2% 12.7%

FL CAD

Jun-21pf SCI

CET1

16.5%15.4%

Total Capital ratio%, Fully Loaded

CAD

1

CAD

2023-24E

requirement2021-22E

requirement

Total capital evolution 2021 - 2024

2.8%

13.9% 14.0%

2021E

2.9%

2022E

OCR:14.0%

CET1:9.2%

16.7% 16.9%

2.8%

14.2%

2023E

2.7%

15.6%

2024E

OCR:14.5%

CET1:9.7%

17.0%

18.3%

%, Transitional

14.9% factoring

RWA relief from

transactions

expected to

complete in 2022

2

1| 14% 2020 OCR pre relief measures or 11% post relief measures excluding CCB 2.5% and OS-II buffer 0.5%. 2| Organic capital generation includes Q2 21 profit and RWA growth for the period.

Expected completion by H1 2022

19

Solid capital position confirmed by 2021 stress test results

~+1%

Stress tests2021

Resilient Capital Levels Improved capital depletion

Best in class Leverage ratio (fully loaded) Strong capital generation

6.1%(reported)

Starting

31.12.20

Baseline

31.12.23

Adverse

31.12.23

CET1 FL (%) 14.6% 17.3% 8.3%

CET1 FL (%) pf SCI 19.1% 10.2%

7.6%(pf SCI)

17.1%2.7%

Starting

31.12.20

(2.4%)

Ending

31.12.23

Baseline

Capital

generation

IFRS 9

17.4%

2023, Adverse scenario CET1 Transitional (%)

7.5pps8.6pps

6.3pps

2015

STs

2018

STs

2021

STs

Adverse scenario, ex-IFRS9

20

Alpha Bank

3

9

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• Business update


• Appendix


P&L

Volumes

Asset Quality

Capital

ESG

Segment information

20

24

29

37

43

52

54

21

Growth expectations revised upwards despite the uncertainty related to«Delta» variant

Real GDP is expected to return to positive growth rates

from Q2 onwards, following a weaker than expected

recession in Q1 2021…

….and the observed weaker effect of lockdowns on

mobility. Domestic economic activity is expected to bounce back from the second

quarter of the year, re-entering a strong recovery phase marked by the

attraction of fresh investment and closing of the investment gap accumulated

during the previous decade.

The stringency index and community immobility moved in parallel since the

pandemic outbreak. However, from November 2020 onwards, the effect of

lockdown measures on community mobility is weakening.

The strong fiscal impulse is expected to remain in place in 2021,

underpinning households’ disposable income.

…supported by the strong fiscal impetus engineered by

the Greek government…

Sources: ELSTAT, Eurostat, Google Community Mobility Reports, Ministry of Finance, Stability Programme 2021

5.0% 5.3%

80

100

120

-15%

-10%

-5%

0%

5%

10%

Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ ΙΙΙ ΙV Ι ΙΙ

2017 2018 2019 2020 2021 2021f 2022fReal GDP - Greece (q-o-q) Real GDP - Greece (y-o-y)

Alpha Bank ERD forecasts ESI - Greece (3m average, rhs)

-6.70%-7.20%

-0.3%

2.0% 2.9%

140%

160%

180%

200%

220%

-8%

-6%

-4%

-2%

0%

2%

4%

2020 2021f 2022f 2023f 2024fPrimary Balance (% GDP) Interest Expenditure (% GDP)Gross Public Debt (% GDP), rhs

-65-50-35-20

-5102540557085

100

Retail and Recreation* Grocery and Pharmacy Transit Stations*Workplaces* Residential Stringency Index

(*) Immobility Index: 7-day moving average of

Google's inverted community mobility index.

22

The upward trend of several leading economic indicators paves the way for a strong economic recovery from Q2 onwards

Savings ratio continued its upward trend amid gains in

households’ gross disposable income

Retail trade on an upward trajectory with additional private

sector deposits inflowing into the economy

Households’ disposable income continued to exceed private consumption, growing by

5.1% in Q1 2021, while the households’ gross savings (as % of disposable income)

rose by 6.1% on an annual basis.

Retail trade (volume index, nsa) continued its upward trend for the second consecutive

month (after five months of negative annual changes), reaching a 15.3% y-o-y

increase in May. Private sector deposits increased by €6.3bn in the Greek banking

system in the first half of 2021.

Both manufacturing production index and PMI remain on an upward trajectory from

November 2020 onwards, signifying an improvement in operating conditions across

the Greek manufacturing sector.

Manufacturers’ expectations are well above the threshold

of the expansion phase

Sources: ELSTAT, Eurostat, Bank of Greece, IHS Markit

-13%

-10%

-7%

-4%

-1%

2%

5%

8%

Gross savings ratio (as % of gross disposable income, 4-quarter Moving Average)Households gross disposable income (annual % change)Private Consumption (annual % change)

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

3.0

-8%

-4%

0%

4%

8%

Retail Trade, volume index (annual % change-6month Moving Average)Private Sector Deposit Flows (bn €-6month Moving Average), rhs

1st Lockdown 2nd Lockdown

30

35

40

45

50

55

60

-20%

-10%

0%

10%

20%

30%

40%

Manufacturing Production Index (annual % change) PMI, rhs

23

Business confidence recorded the highest performance

since the beginning of the pandemic

Business confidence in all sectors of the economy is in an expansionary phase

in July 2021, with business expectations in construction recording their highest

performance (148.6 units) since April 2000.

Despite the heavy toll of the pandemic on economic activity, house prices

remained resilient, growing by 4.3% in 2020, while, in Q1 2021, house prices

continued to rise by 3.2% y-o-y.

Despite the pandemic crisis, the upward trend of investment in construction

continued last year, having lost, only to a small extent, its growth dynamics.

According to 2021 EC Spring Economic Forecasts, investment in construction is

expected to increase sharply in 2021 and 2022.

Sources: Bank of Greece, IOBE, Eurostat, ELSTAT, European Commission (2021 Spring Economic Forecast)

House prices growth dynamics remained resilient, despite

the heavy toll of the pandemic

Investment in construction is expected to climb sharply

during 2021-2022

Business confidence on an expansionary phase; housing market and construction activity remained resilient during the pandemic

-60%

-40%

-20%

0%

20%

40%

60%

-10%

-5%

0%

5%

10%

I II ΙΙΙ IV I II ΙΙΙ IV I II ΙΙΙ IV I II ΙΙΙ IV I II ΙΙΙ IV I II ΙΙΙ IV I

2015 2016 2017 2018 2019 2020 2021

Private Building Activity (Volume in thous. m3), rhs

House Prices, lhs

Residential Investment, rhs

% annual changes

20.6%

22.6%

0

10

20

30

40

-40%

-20%

0%

20%

40%

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21f

20

22f

Non-residential construction, rhsResidential construction, rhsInvestment in construction (% annual change)

in bn €

ESI Industry

Construction

Retail Trade

Services

ESIIndustry

Construction Retail Trade

Services

ESIIndustry

Construction

Retail Trade

Services

-1.5

-1.0

-0.5

0.0

0.5

1.0

1.5

2.0

2.5

-0.3 -0.2 -0.1 0.0 0.1 0.2 0.3 0.4 0.5 0.6

Level (H

-P)

m-o-m change

Pre-pandemic environment (Jan - Feb 2020) Beginning of tourism season 2020 (Jun - Jul 2020) July 2021

Downswing

Contraction Upswing

Expansion

24

Alpha Bank

3

9

Pages

• Business update


• Appendix


P&L

Volumes

Asset Quality

Capital

ESG

Segment information

20

24

29

37

43

52

54

25

Loan and deposit spreads

Net loan balances & spreads€ bn

Deposit mix & cost evolution€ bn, bps

Lending spreads (Greece and SEE) Deposit spreads (Greece and SEE)bps bps

End of

quarter

balances

39.4 39.8 39.4 39.4

37.5

396 393 397 397391

Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

Net Loans Group loans spread

25%

75%

% Total

783 769 769 763 762

565 566573 572 559

395 394

385373 382

391 387

395 394 386

258 255 262 269 262

Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

Consumer Credit

Small BusinessLoans

SEE

Large Corporates

Mortgages

25.8 27.3 30.1 31.3 33.9

15.0 14.4 13.7 12.3 11.2 40.9 41.7 43.8 43.6 45.0

(47)(49)

(51) (52) (51)

Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

Core deposits Time deposits Group deposits spread

(18) (24) (23)(28) (25)

(56)(51)

(51) (53) (52)(50)(55)

(57) (57) (55)

Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

SEEurope

TimeDeposits

Sight andSavings

Note: Lending Spreads are revised backwards and recalculated on interest bearing loan balances vs. net balances before.

26

NII and Net Fee and Commission income decomposition

Note: ΝΙΙ decomposition updated in line with new internal management reports, achieving greater analysis of customer data resulting in the most precise separation of recurring NII from one-off events (denomination N.3869, denounced etc.). This analysis also

led to the most accurate implementation of the Bank’s FTP policy.

NII decomposition€ mn

(49) (52) (55) (56) (56)(6)

5 642 26

393 391 397385

375

52 38 4029

26

Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

Bonds & other Loans Funding Deposits

391382 388

400

371

Net Fee and Commission income decomposition€ mn

18 14 16 15 17

26 34 28 2834

158

912 13

1520

23 24 24

25

Q2 20 Q4 20

456

Q3 20

5

Q1 21 Q2 21

8477

85 84

105

Business credit related Other

Asset management

Bancassurance

Cards & Payments

27

Operating Expenses

Recurring OPEX evolution

Employees Branches

€mn€ mn H1 20 H1 21 yoy %

Staff costs (213.4) (211.9) (0.7%)

General Administrative

expenses(211.2) (226.8) 7.4%

Depreciation and

amortisation(75.9) (80.6) 6.2%

Recurring OPEX (500.5) (519.3) 3.8%

Extraordinary costs (19.3) (173.1) …

Total OPEX (519.8) (692.4) 33.2%

106 107 114 106 106

107 118 122 109 118

38 39 3943

37252 264 275

258 261

Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

Depreciation &amortisation

Generaladministrativeexpenses

Staff costs

11,314

10,530 10,509 10,528 10,515

9,621

Dec-18 Dec-19 Jun-20 Dec-20 Mar-21 Jun-21

Greece 8,147 7,354 7,321 7,503 7,510 6,622

VSS Gr

-523

629580 549 519 511 501

Dec-18 Dec-19 Jun-20 Dec-20 Mar-21 Jun-21

Greece1 443 394 361 336 328 318

1 | Includes corporate and private banking centers. 2| including sabbaticals

VSS Gr

-836

2

Cepal

-818

28

Alpha Bank Group

(€ mn) Q2 20211 Q1 2021 Q4 2020 Q3 2020 Q2 2020qoq%

change

yoy %

change

Net interest income 371.0 399.6 388.0 381.8 390.7 (7.2%) (5.0%)

Net fee and commission income 105.4 84.3 83.8 84.8 77.5 25.1% 36.1%

Income from financial operations1 30.4 60.9 429.7 42.5 134.2 (50.2%) (77.4%)

Other Income 10.4 11.1 5.0 7.0 2.6 (5.6%) …

Operating Income 517.2 555.9 906.5 516.1 604.9 (7.0%) (14.5%)

Staff costs (105.6) (106.3) (113.7) (107.3) (106.4) (0.6%) (0.7%)

General administrative expenses (117.9) (109.0) (121.5) (117.8) (107.2) 8.2% 10.0

Depreciation and amortization (37.4) (43.1) (39.4) (39.2) (38.4) (13.2%) (2.4%)

Recurring Operating expenses (260.9) (258.4) (274.6) (264.3) (251.9) 1.0% 3.6%

Extraordinary costs (13.0) (160.1) (94.8) (4.2) (8.9) … …

Total Operating expenses (274.0) (418.4) (369.4) (268.6) (260.8) (34.5%) 5.1%

Impairment losses on loans (124.6) (390.6) (569.5) (168.6) (260.6) (68.1%) (52.2%)

Other impairment losses (9.6) (5.6) 1.3 (2.0) (3.7) 71.0% …

Profit / (Loss) before income tax 109.0 (258.7) (31.1) 77.0 79.8 … …

Income Tax (13.4) (23.4) 1.5 (32.7) 22.0 … …

Profit / (Loss) after income tax from continuing

operations95.6 (282.1) (29.6) 44.3 101.8 … …

Profit / (Loss) attributable to shareholders 95.7 (282.2) (29.7) 44.3 101.8 … …

Net interest Margin (NIM) 2.1% 2.3% 2.2% 2.2% 2.3%

1| pf for Galaxy and Cepal deconsolidation P&L impact of €2.1bn booked in Q2 21 trading line

29

Alpha Bank

3

9

Pages

• Business update


• Appendix


P&L

Volumes

Asset Quality

Capital

ESG

Segment information

20

24

29

37

43

52

54

30

3.4

6.0

1.7

33.9

11.2

1.4

12.9

Jun-21

3.4

8.0

1.7

31.3

12.3

1.6

12.9

Dec-20

Balance sheet composition

Asset split

€ bn

Liabilities and Equity split€ bn

3.9

5.3

0.8

37.5

10.4

3.3

9.4

Jun-21

Net

loans

PPE

DTA

Other

Securities

Cash

Due from Banks

Other (Incl. HFS)

Due to Banks

excl. ECB

45.1

ECB

Time

deposits

Core

deposits

Debt

securities

Equity

Other

70.5

Net

loans

PPE

DTA

Other

Securities

Cash

Due from Banks

Other (Incl. HFS)

Due to Banks

excl. ECB

ECB

Time

deposits

Core

deposits

Debt

securities

71.270.5

43.6

4.0

5.3

0.8

39.4

10.0

3.8

8.0

Dec-20

71.2

31

Deposits flow per quarter

Alpha Bank deposits evolution in Greece€ bn

35.0 35.838.0 37.9 39.3

1.32.8

1.2 2.4

(0.5) (0.6) (1.3)(1.0)

Jun-20 Core Time Sep-20 Core Time Dec-20 Core Time Mar-21 Core Time Jun-21

Δ Time

Δ Core

35.0 35.8 38.0 37.9 39.30.7 1.3

(0.6)

0.90.1 0.9 0.5 0.5

Jun-20 Bus. Indiv. Sep-20 Bus. Indiv. Dec-20 Bus. Indiv. Mar-21 Bus. Indiv. Jun-21

Δ Individuals

Δ Business

Alpha Bank deposits evolution in Greece€ bn

Deposits breakdown – June 2021

Note: Business deposits include State deposits

Deposits breakdown – June 2021

Core79%

Time21%

Individuals68%

Business32%

Q3:

€0.8bn

Q4:

€2.2bn

Q1:

(€0.1bn)

Q2:

€1.4bn

32

Securities portfolio breakdown

GGBs

5.2

T-bills

0.8

Mutual Funds & Equities

0.2

Other/ECB eligible

4.210.4bn

Securities portfolio breakdownBook value, Jun-21, € bn

▪ The “Other/ECB eligible” bonds of €4.2bn is broken down to the following

categories:

• €2.2bn other sovereign bonds

• €0.3bn bonds issued by supranationals

• €1.1bn bonds by other issuers &

• €0.6 bn bonds issued by Greek corporates

2.9 3.0

2.0 2.2

4.9

Amortised

Cost

Mar-21

5.2

Jun-21

FVOCI

0.2 GGB pre-tax

unrealised gains0.2

GGBs portfolio€ bn

33

Business Volumes

(€ mn) Jun 2021 Mar 2021 Dec 2020 Sep 2020 Jun 2020 % YoY

Group Gross Loans 43,533 49,785 49,130 49,148 48,756 (10.7%)

Mortgages 12,679 16,929 17,008 17,073 17,181 (26.2%)

Consumer Loans 3,254 4,131 4,187 4,208 4,207 (22.7%)

Credit Cards 1,162 1,170 1,257 1,309 1,297 (10.4%)

Small Business Loans 3,137 5,191 5,054 4,985 4,789 (34.5%)

Medium and Large Business Loans 23,301 22,364 21,623 21,574 21,281 9.5%

of which:

Greece 36,976 43,260 42,538 42,485 41,999 (12.0%)

Mortgages 9,560 13,833 13,893 13,955 14,049 (32.0%)

Consumer Loans 2,776 3,657 3,715 3,736 3,734 (25.7%)

Credit Cards 1,128 1,137 1,223 1,274 1,263 (10.6%)

Small Business Loans 3,076 5,129 4,990 4,920 4,724 (34.9%)

Medium and Large Business Loans 20,436 19,504 18,717 18,600 18,229 (32.0%)

of which: Shipping Loans 2,517 2,500 2,234 2,213 2,301 9.38%

Southeastern Europe 6,112 6,100 6,196 6,287 6,370 (4.1%)

Accumulated Provisions (6,081) (10,506) (9,841) (9,437) (9,419) (35.4%)

Group Net Loans 37,500 39,376 39,380 39,808 39,428 (4.9%)

Customer Assets 51,451 49,562 49,332 46,661 45,776 12.4%

of which:

Group Deposits 45,032 43,612 43,831 41,657 40,868 10.2%

Sight & Savings 33,870 31,322 30,141 27,288 25,845 31.0%

Time deposits & Alpha Bank Bonds 11,162 12,290 13,690 14,369 15,024 (25.7%)

Greece 39,341 37,922 38,035 35,804 34,991 12.4%

Sight & Savings 30,894 28,445 27,271 24,471 23,138 33.5%

Time deposits & Alpha Bank Bonds 8,448 9,477 10,764 11,333 11,852 (28.7%)

Southeastern Europe 5,170 5,142 5,222 5,267 5,290 (2.3%)

Money Market Mutual Funds 80 86 93 101 105 (24.3%)

Other Mutual Funds 2,292 1,971 1,741 1,530 1,485 54.3%

Private Banking 4,047 3,893 3,667 3,372 3,317 22.0%

34

Breakdown of loans portfolio – June 2021

Real Estate

4%

Media &

Communication

1%

Transportation

8%

Agriculture

1%

Energy

2%

Construction

5%

Tourism

5%Other

14%

Manufacturing

10%

Households

39%

Trade

11%€43.5bn

Consumer loans

7%

Credit Cards

3%

SBLs

7% Mortgages

29%

Wholesale loans

54%

Passenger Vessels

4%

Handysize/Handymax (Bulk Carriers)

16%

Capesize (Bulk Carriers)

10%

Panamax (Bulk Carriers)

21%

Product (Tankers)

11%

Panamax (Tankers)

2%

Aframax (Tankers)

5%

Suezmax (Tankers)

10%VLCC (Tankers)

4%

Containers

12%

LNG

5%

€43.5bn

€2.5bn

Total Group loans – per segment€ bn

Tankers

32%

Dry Bulk

47%

Group Loans portfolio structure € bn

Shipping loans portfolio structure€ bn

35

New disbursements of €1.2bn in Q2 2021

New disbursements – per category€ mn

Q2 2021 Business disbursements – per sector

Agriculture

2%

Entertainment

1%

Health

6%

Real Estate

4%

Other

5%

Tourism

6%

Construction

8%

Energy

11%Manufacturing

17%

Transportation

19%

Trade

21%

Loan disbursements of €1.2bn in Q2 2021

90% to business, 10% to individuals

Business disbursements primarily towards sectors that drive the economy

such as transportation, manufacturing, trade and energy

€1.2bn

Q1 20 Q2 20 H1 20 Q1 21 Q2 21 H1 21

Individuals 64 84 149 60 122 183

Business 1,575 938 2,512 1,055 1,049 2,104

Total 1,639 1,022 2,661 1,115 1,171 2,286

36

Wealth management evolution

Asset Management balances€ mn

Alpha Private Bank balances€ mn

0.5 0.5 0.6 0.7 0.7

2.8 2.8 2.9 2.9 3.0

1.0 1.01.1

1.2 1.24.3 4.3

4.64.8 4.9


Discretionary Advisory Execution Only

0.6 0.6 0.7 0.7 0.7

1.3 1.31.5

1.72.0

0.1 0.1

0.0

0.0

0.0

2.0 2.0

2.22.4

2.8


Money Market Mutual Funds

Non Money Market Mutual Funds

Other AUM

+14% +40%

37

Alpha Bank

3

9

Pages

• Business update


• Appendix


P&L

Volumes

Asset Quality

Capital

ESG

Segment information

20

24

29

37

43

52

54

38

(186)

(994)

(617)

(124) (94) (63)

3 72

2018 2019 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

Gross organic NPE formation in Greece per segment

Gross formation (Organic) - Wholesale€ mn

Gross formation (Organic) - SBL€ mn

Gross formation (Organic) - Retail€ mn

(326)

(495)

(155)

(36) (0)

13

(15)

19

2018 2019 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

Gross formation (Organic) - Mortgages€ mn

(20)

(373)(324)

(64) (65) (55)

9 29

2018 2019 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

Gross formation (Organic) - Consumer€ mn

160

(126) (141)

(24) (28) (22)

8 24

2018 2019 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

(461)

(192)

8034 50 35

(7)(80)

2018 2019 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21

Note: Gross formation including curings, repayments, liquidations and debt forgiveness. Q1 21 and Q2 21 formation excludes Galaxy.

39

Auctions and repossession activity evolution

Auctioned properties (Conducted) per quarter

REO portfolio evolution (entries/exits) – Greece€ mn

525

37%0%31%

Q2 2019

42%

Q1 2019 Q3 2019

40% 41%

Q4 2020Q4 2019

40%

Q1 2020

146

Q2 2020

036%

Q3 2020

34%0%

Q1 2021 Q2 2021

789

558

775

1.782

412 374

0

unsuccessful % of successful over conducted auctions

No conducted

auctions

due to Covid-

19

Sales

-58

REO

Portfolio

31.12.18

122

Sales REO

Portfolio

30.06.21

AcquisitionsREO

Portfolio

31.12.19

7

Acquisitions

40

-14

Acquisitions Sales REO

Portfolio

31.12.20

-110€0.7bn

€0.8bn€0.8bn

REO portfolio

4,0k properties

of €0.80bn value

Auction’s activity initiated again in Q2 following Q1 21 suspension

due to COVID-19 pandemic measures

During H1 21, the Bank continued with its disinvestment strategy

through the completion of €36mn REO sales

Sales in Greece included both commercial as well as residential

assets

Cyprus and SEE sales included both granular as well as a large

ticket transaction

1| BV of sales- include also 23mn related to the sale of the Skywalker Project. SPA signed during 2020 and transaction fully completed during Feb-21. Sale of assets part of Jupiter transaction are excluded from the presented

graph.

No conducted

auctions

due to Covid-

19

€0.8bn

1

40

Detailed overview of Alpha Bank’s asset quality by portfolio - Greece(€ bn) Wholesale SBL Mortgages Consumer Total

Gross loans 20.4 3.1 9.6 3.9 37.0

(-) Accumulated Provisions (1.4) (0.7) (0.8) (1.4) (4.4)

Net loans 19.1 2.3 8.7 2.5 32.6

NPLs 1.2 1.0 1.5 1.6 5.2

NPL ratio1 5.7% 31.2% 15.3% 41.3% 14.1%

NPEs 2.6 1.4 2.9 2.0 8.8

NPE ratio1 12.9% 44.5% 29.9% 50.1% 23.8%

NPL collateral 0.6 0.4 1.1 0.1 2.2

NPE collateral 1.6 0.6 2.3 0.2 4.7

Coverage ratio

NPLs 1.2 1.0 1.5 1.6 5.2

(+) Forborne NPLs < 90 dpds 1.2 0.4 1.3 0.3 3.2

(+) Unlikely to pay 0.3 0.0 0.1 0.0 0.4

NPEs 2.6 1.4 2.9 2.0 8.8

Forborne NPLs >90dpd 0.5 0.4 0.8 1.4 3.0

Forborne NPLs <90dpd 1.2 0.4 1.3 0.3 3.2

Performing forborne 0.4 0.7 2.4 0.4 3.9

Total forborne 2.1 1.5 4.5 2.1 10.1

117%

52% 76% 54% 57% 29% 87% 72% 84%

49%

54%

60% 39% 44%

74% 79%

9% 11% 43%

53%

171% 112% 115%

98% 131%

109% 96% 83%

126% 102%

NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE

Collateral

Cash

1| Total ratio takes into account the senior notes.

41

Detailed overview of Alpha Bank’s asset quality by portfolio - Group(€ bn) Wholesale SBL Mortgages Consumer Total

Gross loans 23.3 3.1 12.7 4.4 43.5

(-) Accumulated Provisions (2.1) (0.8) (1.7) (1.5) (6.1)

Net loans 21.2 2.4 11.0 2.9 37.5

NPLs 1.9 1.0 2.6 1.8 7.3

NPL ratio1 8.2% 31.8% 20.4% 40.2% 16.7%

NPEs 3.7 1.4 4.1 2.2 11.4

NPE ratio1 15.8% 44.9% 32.5% 48.8% 26.1%

NPL collateral 1.0 0.4 1.5 0.2 3.1

NPE collateral 2.1 0.6 2.8 0.3 5.8

Coverage ratio

NPLs 1.9 1.0 2.6 1.8 7.3

(+) Forborne NPLs < 90 dpds 1.4 0.4 1.4 0.4 3.6

(+) Unlikely to pay 0.3 0.0 0.1 0.0 0.5

NPEs 3.7 1.4 4.1 2.2 11.4

Forborne NPLs >90dpd 0.8 0.4 1.5 1.4 4.1

Forborne NPLs <90dpd 1.4 0.4 1.4 0.4 3.6

Performing forborne 0.6 0.7 2.5 0.5 4.3

Total forborne 2.8 1.5 5.4 2.2 11.9

109% 57% 76% 54% 65% 41%

87% 72% 84% 54%

52%

58% 38% 44%

58% 68%

11% 13% 42%

51%

161%

115% 115% 98%

124% 109% 98% 85%

126% 105%

NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE

Collateral

Cash

1| Total ratio takes into account the senior notes.

42

Excellent track record in off-loading the most problematic part of the NPEs

Q2 2021

Q3 2020

Q4 2018

Q4 2018

Q2 2018

Q3 2017

Q1 2018

Q4 2017

Portfolio comprised of Business Loans, Mortgages and

other Retail loans

SMEs loan portfolio secured with real estate assets

Portfolio of non-performing unsecured consumer and small

business loans

SMEs loan portfolio secured with real estate assets

Significant contribution in international assets deleveraging

Positive financial impact and capital ratio accretive

transaction for the Group

Portfolio of non-performing unsecured consumer and small

business loans

Syndicated non-performing corporate loan

c. €1.1bn

c. €1.1bn

c. €1.0bn

€264mn

€22mn

c. €0.9bn

€82mn

€10.8bn

“Project Mercury”

“Project Galaxy”

“Project Venus”

“Corporate Loan Sale”

“Project Mars”

“Project Neptune”

“Project Jupiter”

“Corporate Portfolio”

“Retail Portfolio”

Size Completion Transaction details

43

Alpha Bank

3

9

Pages

• Business update


• Appendix


P&L

Volumes

Asset Quality

Capital

ESG

Segment information

20

24

29

37

43

52

54

44

Regulatory Capital and Capital Requirements

€ mn

5,9875,516 4,877 4,878

5,892

(471)

(1,419)

780 11,013

OrdinaryEquity

Intangibles Tangiblebookvalue

DTADeductionfrom CET1

Other CET1capital

Hybrids Tier 1 LowerTier II

TotalCapitalRatio

7.9% Tangible book value / Tangible Assets

Equity to regulatory capital bridge

2020 OCR

(pre)

0.5%

2.0%2.0%

4.5%

1.5%

3.0%

2.5%

4.5%

1.5%

2020 OCR

(post relief measures)

3.0%

14.0%

11.0%O-S II

AT1

Pillar 1

Tier 2

P2R

CCBComposed by

CET 1 (1.7%)

AT1 (0.55%)

Tier 2 (0.75%)

Overall Capital Requirements

Composed

entirely by

CET 1

%

1| Excluding CCB 2.5% and OS-II buffer 0.5%

1

45

3.03.0

0.20.7

Jun-21

(phased-in)

Jun-21

(fully loaded)

0.6

3.93.5

Group RWAs and Regulatory Capital

Group Risk Weighted Assets€ bn

(€6.2bn)

0.11.5

OperationalMarket

39.6

3.2

Mar-21

(6.1)

Credit

38.1

(0.0)

33.5

1.43.2

Jun-21

44.3

Credit Market Operational

Credit Risk Weights per portfolio

58%

103%

66%

Performing Net NPE Total Loan PortfolioRWA Density

DTA & Tax Credit with CET1 Capital€ bn

DTA 250%

RWf

DTC 100%

RWf

CET1 4.9 4.0

DTC

IFRS9

Other DTA

%

Transitional arrangements - IFRS 9 and B3 DTA

Amortisation 2020 2021 2022 2023 2024

IFRS 9 -239 -319 -398 -398

DTA Basel 3 -39 -39 -39 -39 -39

€ mn

46

Capital position meeting regulatory expectations and management targets

Total Capital and CET1 ratios, (% transitional)

Regulatory capital evolution

16.7% 16.9% 17.0%

18.3%

13.9% 14.0% 14.2%15.6%

2.8% 2.9% 2.8%

2.7%

2021E 2022E 2023E 2024E

CET1 ratio

CET1:

9.7%

OCR:

14.5%

2023-24E

requirement

CET1:

9.2%

OCR:

14.0%

2021-22E

requirement

Total Capital and CET1 ratios, Fully loaded

Regulatory capital evolution

14.5%

15.7%

16.9%

18.3%

11.6%12.8%

14.1%15.6%

2.9%

2.9%

2.8%

2.7%

2021E 2022E 2023E 2024E

CET1 ratio

CET1:

9.7%

OCR:

14.5%

2024E

requirement

12.4% factoring

RWA relief from

transactions

expected to

complete in 2022

14.9% factoring

RWA relief from

transactions

expected to

complete in 2022

47

MREL strategy and issuance plan

1| The combined buffer requirement (CBR) applies on top of MREL target

MREL target was communicated in April 2021 and is in line with Group’s

expectations 22.76% of RWAs1.

Extended transitional period until 1 January 2026 in order to reach the final

MREL target (in line with the Greek banking system).

A binding interim target of 14.02% of RWAs1 must be met by 01 January 2022.

Currently no subordination requirements.

Alpha Bank’s MREL strategy for 2021

Alpha Bank is committed to fully abide to regulatory thresholds as to MREL

interim and final targets set.

Alpha Bank intends to issue capital (own funds instruments) from Holdco and

senior instruments from Opco to get capital benefit and funding cost

optimization.

The two Tier II transactions placed in the market form part of this commitment.

Based on the Business Plan of the Bank, a benchmark senior preferred

transaction is envisaged for H2 2021.

0.90%

16.40%

3.25%

14.02%

17.27% MREL target

(incl. CBR)

14.02% MREL target

Interim MREL target

(incl. CBR)

Distance to interim

MREL target

CBR

MREL Target

CBR

Interim MREL

Target

MREL GAP

Total Capital Ratio OpCo Group H1 2021

(pro-forma including Share Capital Increase)

48

Alpha Bank successfully concluded the 2021 EU-wise stress test

▪ Alpha Bank successfully concluded the 2021 EU-

wide Stress Test. Under the baseline scenario, the

capital generation for the 3-year period was 2.8%

absorbing 2.4% IFRS 9 phase-in, resulting in 2023

CET1 transitional ratio of 17.4%. Under the adverse,

the capital depletion for the 3-year period in the adverse

scenario was 8.7%, of which 2.4% is due to IFRS 9

impact

▪ The Stress Test methodology does not take into account

capital strengthening (i.e. Tier II, Share Capital

Increase) and balance sheet de-risking (i.e. Galaxy),

events post year end

Stress Test results performed by ECB

Stress Test results pro forma Share Capital Increase conducted in July 2021¹

1|The pro-forma calculations were conducted by the Bank and have not been quality assured by the ECB as part of the Stress Test exercise

31/12/2020 31/12/2020 – 31/12/2023 31/12/2023 31/12/2023

Starting point IFRS 9 impact Baseline Adverse

CET1 (in Euro million) 7,730 7,915 3,753

RWAs2 (in Euro million) 45,347 45,403 44,733

CET1 transitional (%) 17.1% 2.4% 17.4% 8.4%

CET1 fully loaded (%) 14.6% 17.3% 8.3%

Leverage Ratio (fully loaded) 10.7% 13.0% 6.1%

31/12/2020 31/12/2020 – 31/12/2023 31/12/2023 31/12/2023

Starting point IFRS 9 impact Baseline Adverse

CET1 (in Euro million) 7,730 8,740 4,636

RWAs2 (in Euro million) 45,347 45,590 45,048

CET1 transitional (%) 17.1% 2.4% 19.2% 10.3%

CET1 fully loaded (%) 14.6% 19.1% 10.2%

Leverage Ratio (fully loaded) 10.7% 14.4% 7.6%

49

EU-wide stress tests results overview

Source: EBA and company financial disclosure. 1 | Last year of ST period. 2 | Bank’s calculation which has not been quality assured by the ECB as part of the stress test.

2021 stress test CET1 FL(1)

Adverse scenario, %

▪ Alpha Bank has successfully concluded the 2021 EU-wide stress test

▪ No hurdle rate or capital thresholds were applied for this exercise but was designed to be used as an important input in the Supervisory Evaluation Process (SREP)

▪ The starting point of the exercise was 31-Dec-20, and does not include capital strengthening (i.e. Tier II issuance, Share Capital Increase) and balance sheet

de-risking (i.e. Galaxy transaction) actions post Dec-20 which would further increase Alpha Bank’s buffer vs its peers

▪ Alpha Bank’s CET1 FL pro forma for share capital increase in July 2021 in adverse scenario is at 10.2%(2)

▪ During the past four stress tests, Alpha Bank’s profitability, asset quality and capital position have helped Alpha Bank outperform its peers

▪ While the adverse scenario results have differed over the years, Alpha Bank’s strong capital position has been consistently proven

Historical stress test CET1 FL(1)

Adverse Scenario, %

6.5%

2015 20182014 2021

8.1%

2.1%

9.7%

-0.8%-0.4%

8.3%

6.8%

Greek Peers AverageAlpha Bank

Peer 2Alpha Bank

6.5%

Peer 1

7.6%

Peer 3

8.3%

6.4%

50

Corporate structure: minimal differences with figures expected to converge

Balance Sheet1

(€ bn)

Alpha

Services and Holdings

Group

Alpha

Bank

Group

Comments on current delta

Cash 10.1 10.1

Due from banks 3.3 3.3

Securities 10.4 9.7

Net loans 37.5 37.3

PPE 0.8 0.8

DTA 5.3 5.3

Other 3.9 3.8

Total Assets 71.1 70.2

Due to banks 14.3 14.3

Deposits 45.0 45.3

Debt securities 1.7 1.7

Other 3.4 2.7

Total Liabilities 64.4 64.1

Total Equity 6.7 6.2

Total Liabilities and Equity 71.1 70.2

Alpha Life (insurance) securities portfolio & mezzanine

/ junior Galaxy notes

The difference between the consolidated ratios of Alpha

Bank Group and of Alpha Services and Holdings Group is

mainly due to:

i. the cash reserves of the Alpha Services Holdings

Group which are deposited to the Bank and

ii. the net balances of unsecured NPE consumer

loans that will be part of upcoming NPE sales

(Project Orbit)

Considering the above, the consolidated ratios of the two

companies are expected to converge

Capital1

(%)

Alpha

Services and Holdings

Group

Alpha

Bank

Group2

CET1 ratio 14.8% 13.7%

Tier 1 ratio 14.8% 13.7%

CAD ratio 17.4% 16.4%

RWAs (€ bn) 38.4 37.9

1 | Pro forma for share capital increases (€0.8bn at Alpha Services and Holdings Group and €1bn at Alpha Bank Group). 2 | The €1.0 billion share capital increase of Alpha Bank Group comprises €0.2 billion excess cash of Alpha

Services and Holdings Group and €0.8 billion share capital increase of Alpha Services and Holdings Group which was completed on 8 July 2021.

Net balances of unsecured NPE consumer loans that

will be part of upcoming NPE sales (Project Orbit)

Alpha Services & Holdings’ cash reserves are kept as

deposits in the Bank

Insurance mathematical reserves of Alpha Life

Alpha Services & Holdings’ tax liabilities from H1 2020

income

Mainly due to cash reserves of Alpha Services & Holdings

and unsecured NPEs consumer loans

51

Company structure and resolution strategy

▪ On April 2021, the Group completed the demerger of “Former” Alpha Bank S.A. by way of hive-down of the banking business to the newly incorporated “New” Alpha

Bank S.A. Concurrently, the Group was renamed Alpha Services and Holdings S.A.

– The demerger means that the ultimate parent company of Alpha Bank Group is now Alpha Bank Services and Holdings S.A.

– No material change for investors as there has been no material change to the Group’s existing operating companies or core banking business

▪ The preferred resolution strategy for the Group consists of a Single Point of Entry (SPE) bail-in strategy through the “New” Alpha Bank S.A.

– Alpha Services and Holdings S.A. will be the sole issuer of external capital instruments in addition to the outstanding Tier 2 instruments

– “New” Alpha Bank S.A. will be the sole issuer of external MREL debt and funding instruments

New organisational structure(1)

Op

era

tin

g e

nti

ty

Alpha Services and

Holdings S.A. (2)

(“Former” Alpha Bank S.A.)

“New” Alpha Bank S.A.Issuer of funding and

MREL instruments

Issuer of own funds

(CET1, AT1 and T2)

MR

EL

/ Fu

nd

ing

Ho

ldin

g Cap

ital

1 | Simplified group structure (the description of “New” and “Former” is for illustrative purposes). 2 | Parent of Alpha Bank S.A. which has retained the following main scope of business: (a) investment

services, (b) insurance, (c) accounting and tax services and (d) issuance of own funds

100%

52

Alpha Bank

3

9

Pages

• Business update


• Appendix


P&L

Volumes

Asset Quality

Capital

ESG

Segment information

20

24

29

37

43

52

54

53

Alpha Bank demonstrates a positive trend in ESG scores and evaluations by international analysts

2015 2016 2017 2018 2019 2020 2021

MSCI ESG Rating

(scale CCC-AAA)B B BB BBB A ΑΑ Not scored yet

FTSE4Good Emerging Index 🗸 🗸 🗸 🗸 🗸🗸

ISS ESG Quality Score

(score 1-10, 1 indicates lower risk and better

disclosure)

Environment: 2

Social: 2

Governance: 8

November 2018

Environment: 1

Social: 2

Governance: 9

October 2019

Environment: 1

Social: 2

Governance: 4

December 2020

Environment: 1

Social: 2

Governance: 5

July 2021

Vigeo Eiris Best Emerging Market Performers 🗸 🗸Not scored yet

Climate Change CDP Awareness/C Management/B- Awareness/C Awareness/C Not scored yet

Bloomberg Gender Equality Index🗸

(Index 2019)

🗸

(Index 2020)

🗸

(Index 2021)

Not scored yet

(Index 2022)

Athex ESG Index🗸

Memberships in Associations & Organisations

Alpha Bank's sustainability journey

Alpha Bank significantly

contributes to 9 SDGs

Alpha Bank, signed (August 2019) the six

Principles for Responsible Banking (PRB) and

set targets for the implementation of the Principles

of Responsible Banking

Self assessment of the Bank’s practices against the

expectations set out by the European Central Bank (ECB) in

the Guide on Climate-related and environmental risks, has

already been performed in order to record and efficiently

manage any physical and transitional risk.

ECB GUIDE on climate related

and Environmental Risks

54

Alpha Bank

3

9

Pages

• Business update


• Appendix


P&L

Volumes

Asset Quality

Capital

ESG

Segment information

20

24

29

37

43

52

54

55

SEE Operations

1| Country View

€ mn Δ% Δ% Δ% Δ%

Jun-21 Romania yoy Cyprus yoy Albania yoy Total SEE yoy

Deposits 2,548 (1.6%) 2,102 (4.5%) 520 4.2% 5,170 (2.3%)

Gross Loans 2,655 0.0% 3,165 (7.9%) 292 5.0% 6,112 (4.1%)

Mortgages 1,286 7.8% 1,720 (6.8%) 82 13.8% 3,088 (0.7%)

Consumer Credit 240 5.4% 218 (7.3%) 42 14.7% 500 0.1%

Businesses 1,129 (8.5%) 1,227 (9.7%) 169 (0.7%) 2,524 (8.6%)

NPE ratio 6.5% 72.7% 16.9%

NPE Cash coverage 82% 68% 40%

NPE Total coverage 141% 112% 131%

NPL ratio 3.4% 61.7% 10.8%

NPL Cash coverage 157% 80% 63%

NPL Total coverage 213% 121% 150%

Total Operating Income 67.4 (0.8%) 38.7 (21.9%) 9.2 (1.0%) 115.3 (9.1%)

Operating Expenses (pre O/H allocation) (55.9) 5.8% (31.1) (14.1%) (9.6) 5.2% (96.7) (1.6%)

Impairment Losses (0.8) (93.3%) (318.8) … (1.4) … (321.1) …

Profit Before Tax (pre O/H allocation) 10.6 … (311.2) … (1.8) … (302.4) …

Branches 131 17 34 182

Employees 1,995 515 416 2,929

1

56

Group Results by Business Unit

(€ mn)

RetailCommercial &

CorporateSE Europe

Investment

Banking &

Treasury

Asset

ManagementOther Group

Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun Jan-Jun

2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020

Operating Income 370.4 385.9 282.1 311.5 115.3 126.8 245.3 311.9 46.8 34.0 (2,114.5) (1.4) (1,054.6) 1,168.7

Net Interest Income 286.5 327.8 257.0 260.9 91.2 101.3 129.2 74.3 5.9 7.3 0.9 0.4 770.6 771.9

Net fee and Commission Income 71.2 51.3 51.5 51.2 19.0 16.7 14.3 22.4 33.8 25.1 (0.0) (0.1) 189.7 166.7

Trading & Other 12.7 6.8 (26.3) (0.6) 5.1 8.8 101.7 215.2 7.1 1.6 (2,115.3) (1.7) (2,014.9) 230.2

Operating Expenses (289.2) (273.2) (81.3) (79.4) (104.4) (111.2) (16.1) (14.3) (18.7) (17.4) (182.7) (24.0) (692.4) (519.6)

Staff Costs (117.0) (111.2) (32.0) (36.0) (43.5) (47.4) (6.0) (6.0) (10.0) (9.2) (9.0) (3.9) (217.5) (213.8)

General Administrative Expenses (129.1) (121.7) (34.3) (29.2) (47.5) (51.0) (8.0) (6.6) (6.3) (6.0) (71.5) (15.5) (296.6) (230.0)

Depreciation & Amortisation (43.1) (40.3) (15.0) (14.3) (13.4) (12.8) (2.1) (1.7) (2.4) (2.1) (4.5) (4.6) (80.6) (75.9)

Expenses for VSS (97.7) (97.7)

Pre Provision Income (PPI) 81.2 112.7 200.9 232.1 10.9 15.6 229.1 297.5 28.1 16.6 (2,297.1) (25.4) (1,747.0) 649.1

Impairment Losses on Loans (210.2) (280.1) 16.7 (223.4) (320.5) (64.4) (0.5) (0.2) (0.0) (0.0) (0.6) 0.0 (515.1) (568.2)

Other Impairment Losses 0.0 0.0 0.0 0.0 (0.5) (0.4) (13.5) (11.9) (1.2) (0.4) 0.0 0.0 (15.2) (12.7)

Profit / (Loss) before tax (129.0) (167.4) 217.5 8.7 (310.2) (49.3) 215.1 285.4 26.9 16.2 (2,297.7) (25.4) (2,277.3) 68.2

1| Provision of €97.2mn for VSS and €0.5mn for senior executives’ compensation plan

1

57

Results: Retail Business Unit

(€ mn) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020

Operating Income 186.2 184.2 240.9 195.9 198.1

Net Interest Income 136.9 149.5 163.6 159.0 164.8

Net fee and Commission Income 43.2 28.0 27.8 31.5 27.3

Trading & Other 6.0 6.7 49.6 5.4 6.0

Operating Expenses (145.0) (144.2) (151.3) (141.7) (138.5)

Staff Costs (58.0) (59.1) (59.1) (55.5) (56.3)

General Administrative Expenses (67.2) (61.9) (70.7) (65.3) (61.9)

Depreciation and Amortisation (19.8) (23.3) (21.5) (21.0) (20.3)

Impairment losses on Loans (155.0) (55.2) (481.7) (136.5) (125.7)

Other Impairment Losses - - - - -

Profit / (Loss) before tax (113.8) (15.2) (392.1) (82.4) (66.1)

RWA e 14,580 17,076 17,378 17,614 17,869

58

Results: Commercial & Corporate Business Unit

(€ mn) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020




Trading & Other (6.1) (20.2) (2.5) (6.0) 0.8


Staff Costs (15.5) (16.5) (19.1) (18.7) (18.0)



Impairment losses on Loans 32.3 (15.7) 27.4 (39.9) (113.5)


Profit / (Loss) before tax 137.6 79.9 140.1 67.0 4.4

RWA e 13,741 14,044 14,324 15,177 16,257

59

Results: Asset Management Business Unit

(€ mn) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020




Trading & Other 2.9 4.3 6.7 (3.8) (0.2)


Staff Costs (4.8) (5.1) (5.4) (5.6) (4.5)



Impairment losses on Loans 0.0 (0.0) 0.2 (0.3) (0.0)

Other Impairment Losses (1.1) (0.1) (0.3) (0.5) (0.0)


RWA e 353 347 339 338 347

60

Results: Investment Banking & Treasury Business Unit

(€ mn) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020




Trading & Other 24.0 77.8 362.6 32.3 127.3


Staff Costs (3.1) (2.9) (3.8) (3.5) (3.0)



Impairment losses on Loans 0.5 (1.0) (0.6) (1.9) 1.8

Other Impairment Losses (8.0) (5.5) 1.7 (1.5) (3.6)


RWA e 6,269 6,079 6,059 5,911 5,792

61

Results: SE Europe Business Unit

(€ mn) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020




Trading & Other 1.1 4.0 5.6 4.8 4.6


Staff Costs (22.0) (21.5) (23.7) (23.2) (23.0)



Expenses for VSS - - (26.2) - -

Impairment losses on Loans (1.9) (318.6) (114.8) 10.1 (23.3)

Other Impairment Losses (0.5) (0.0) (0.2) (0.0) (0.1)

Profit / (Loss) before tax 4.7 (314.8) (141.5) 21.3 (13.4)

RWA e 3,865 4,049 4,370 4,287 4,361

62

Results: Other Business Unit

(€ mn) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020

Operating Income (2,113.8) (0.6) 13.2 17.2 (1.6)

Net Interest Income 0.9 (0.1) 0.5 0.3 0.2

Net fee and Commission Income (0.0) (0.0) 0.0 (0.0) (0.1)

Trading & Other (2,114.8) (0.5) 12.8 16.9 (1.7)


Staff Costs (7.3) (1.8) (26.7) (1.5) (1.8)



Expenses for VSS - (97.7) - - -

Impairment losses on Loans (0.5) (0.0) 0.1 0.0 (0.0)


Profit / (Loss) before tax (2,135.8) (161.9) (51.5) 3.5 (15.9)

RWA e 2,377 3,219 3,211 2,826 2,327

1| Provision of €97.2mn for VSS and €0.5mn for senior executives’ compensation plan

1

63

Glossary (1/3)

APM Definitions Relevance of the metricReference

numberAbbreviation

Accumulated Provisions and FV

adjustments

The item corresponds to (i) "the total amount of provision for credit risk that the Group has recognized and derive from

contracts with customers", as disclosed in the Consolidated Financial Statements of the reported period and (ii) the Fair

Value Adjustments.

Standard banking

terminology1 LLR

Impairment losses on loansThe figure equals "Impairment losses and provisions to cover credit risk on loans and advances to customers" as derived

from the Consolidated Financial Statements of the reported period

Standard banking

terminology10 LLP

"Income from financial operations" or

"Trading Income"

The figure is calculated as "Gains less losses on derecognition of financial assets measured at amortised cost" plus "Gains

less losses on financial transactions " as derived from the Consolidated Income Statement of the reported period.

Standard banking

terminology3

Core Operating Income

Operating Income less Income from financial operations less management adjustments on operating income for the

corresponding period. Management adjustments are: Euro -9.7 million related to Goodwill impairment of an associated

company in Q1 19 and Euro 13.0 million related to Insurance company compensation in Q4 18.

Profitability metric 5=4-3

Core Pre-Provision Income Core Operating Income for the period less Recurring Operating Expenses for the period. Profitability metric 5-7 Core PPI

Cost of RiskImpairment losses on loans for the period divided by the average Net Loans of the relevant period. Average balances is

defined as the arithmetic average of balance at the end of the period and at the end of the previous period.Asset quality metric 10/9 (avg) CoR

Deposits The figure equals "Due to customers" as derived from the Consolidated Balance Sheet of the reported period.Standard banking

terminology8

Extraordinary costs The figure equals the management adjustments on operating expenses.Standard banking

terminology

Fair Value adjustmentsThe item corresponds to the accumulated Fair Value adjustments for non-performing exposures measured at Fair Value

Through P&L (FVTPL).

Standard banking

terminologyFV adj.

Fully-Loaded Common Equity Tier 1

ratio

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)

Regulatory metric of

capital strengthFL CET 1 ratio

Gross Loans

The item corresponds to "Loans and advances to customers", as reported in the Consolidated Balance Sheet of the

reported period, gross of the "Accumulated Provisions and FV adjustments", excluding the accumulated provision for

impairment losses on off balance sheet items, as disclosed in the Consolidated Financial Statements of the reported period.

Standard banking

terminology2

Loan to Deposit ratio Net Loans divided by Deposits at the end of the reported period. Liquidity metric 9/8 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. Average

balances is defined as the arithmetic average of balance at the end of the period and at the end of the previous period.Profitability metric NIM

Net LoansThe figure equals "Loans and advances to customers" as derived from the Consolidated Balance Sheet of the reported

period.

Standard banking

terminology9

Non Performing Exposures Collateral

Coverage Value of the NPE collateral divided by NPΕs at the end of the reference period. Asset quality metric 13

NPE collateral

Coverage

Non Performing Exposure Coverage Accumulated Provisions and FV adjustments divided by NPEs at the end of the reference period. Asset quality metric 14=1/12NPE (cash)

coverage

Non Performing Exposure ratio NPEs divided by Gross Loans at the end of the reference period. Asset quality metric 12/2 NPE ratio

64

Glossary (2/3)

APM DefinitionsRelevance of the

metric

Reference

numberAbbreviation

Non Performing Exposure Total

Coverage

Accumulated Provisions and FV adjustment plus the value of the NPE collateral divided by NPEs at the end of the reported period. NPE Total

coverage equals the sum of NPE coverage and NPE collateral coverage.Asset quality metric 13+14

NPE Total

coverage

Non Performing Exposures

Non-performing exposures are defined according to "EBA ITS on forbearance and Non Performing Exposures" as exposures that satisfy either or

both of the following criteria: a) material 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.

Asset quality metric 12 NPEs

Non Performing Loan Collateral

Coverage Value of collateral received for Non Performing Loans divided by NPLs at the end of the reference period. Asset quality metric 16

NPL collateral

Coverage

Non Performing Loan Coverage Accumulated Provisions and FV adjustments divided by NPLs at the end of the reference period. Asset quality metric 17=1/15NPL (cash)

Coverage

Non Performing Loan ratio NPLs divided by Gross Loans at the end of the reference period. Asset quality metric 15/2 NPL ratio

Non Performing Loan Total

Coverage

Accumulated Provisions and FV adjustments plus the value of the NPL collateral divided by NPLs at the end of the reference period. NPL Total

coverage equals the sum of NPL coverage and NPL collateral coverage.Asset quality metric 16+17

NPL Total

Coverage

Non Performing Loans Non Performing Loans are Gross loans that are more than 90 days past-due. Asset quality metric 15 NPLs

Normalized Profit after (Income)

Tax

The caption normalized profit after income tax, excluding gains/losses that have been designated as non-recurring, gains/losses recognized either

in the context of planned transactions or the transformation plan of the group.

Gains/losses that have been designated as non-recurring, gains/losses recognized either in the context of planned transactions or the

transformation plan of the group are analysed below for the period H1 2020:

• gains less losses on financial transactions and gains less losses on derecognition of financial assets measured at amortised cost of amount

Euro 218 million that mainly relate to gains from sales of bonds and interest-bearing Greek Government and other bonds.

• expenses before impairment losses and provisions to cover credit risk of amount Euro 19 million, included in the captions of operating expenses

that have been designated as non-recurring.

• Impairment losses and provisions to cover credit risk of amount Euro 234 million which relates to the impact of the global economic crisis caused

by the COVID-19 pandemic.

• Income tax on the above mentioned results of amount Euro 5 million (income) as well as amount Euro 54 million (income) that concerns a

reversal of deferred tax liability, which has been calculated on investments classified as “held for sale”, as a result of change in tax regime by the

article 20 of the Law 4646/2019, according to which the gains from the sale of the aforementioned investments is exempt from taxation, while the

losses are deductible up to the amount that have been recognized as of 31.12.2019.

H1 2021

• Normalised Profit After Tax in H1 2021, adjusted for losses related to Project Galaxy of Euro 2.1 billion and excluding gains on financial

transactions of Euro 91 million, non-recurring expenses of Euro 173 million, transactions related impairment losses of Euro 351 million and tax of

Euro 21 million Project Galaxy of Euro 2.1 billion and excluding gains on financial transactions of Euro 91 million, non-recurring expenses of

Euro 173 million, transactions related impairment losses of Euro 351 million and tax of Euro 21 million.

Profitability metricNormalised

PAT

65

Glossary (3/3)

APM DefinitionsRelevance of the

metric

Reference

numberAbbreviation

Operating Income

The figure is calculated as "Total Income" plus "Share of profit/(loss) of associates and joint ventures" as derived from the Consolidated Income

Statement of the reported period, taking into account the impact from any potential restatement as described in Note 32 of the Consolidated

Financial Statements.

Standard banking

terminology4

Other impairment losses The figure equals "Impairment losses on other financial instruments" as derived for the Consolidated Financial Statements of the reported period.Standard banking

terminology

Other IncomeThis item corresponds to the sum of "Dividend income", "Other income" and "Share of profit/(loss) of associates and joint ventures", as defined in

the Consolidated Balance Sheet of the reported period.

Standard banking

terminology

Pre-Provision Income Operating Income for the period less Total Operating Expenses for the period Profitability metric 4-6 PPI

Recurring Cost to Income

ratio Recurring Operating Expenses for the period divided by Core Operating Income for the period. Efficiency metric 7/5 C/I ratio

Recurring Operating

Expenses

Total Operating Expenses less management adjustments on operating expenses. Management adjustments on operating expenses include events

that do not occur with a certain frequency, and events that are directly affected by the current market conditions and/or present significant variation

between the reporting periods, and are quoted in the appendix of the Financial Report.

Efficiency metric 7Recurring

OPEX

SecuritiesThis item corresponds to the sum of "Investment securities" and "Trading securities", as defined in the Consolidated Balance Sheet of the reported

period.

Standard banking

terminology

Shareholders' EquityThis item corresponds to "Equity attributable to equity owners of Alpha Services and Holdings S.A.", as defined in the Consolidated Balance Sheet

of the reported period.

Standard banking

terminology

Tangible Book Value (or

Tangible Equity)

TBV (or TE) is the sum of "Total Equity" less "Goodwill and other intangible assets", less "Non-controlling interests" and less "hybrid securities", as

defined in the Consolidated Balance sheet at the reported period.

Standard banking

terminologyTBV or TE

Tangible Book Value (or

Tangible Equity) per share Tangible Book Value (or Tangible Equity) divided by the outstanding number of shares. Valuation metric TBV/share

Total AssetsThe figure equals "Total Assets" as derived from the Consolidated Balance Sheet of the reported period taking into account the impact from any

potential restatement, as described in Note 32 of the Consolidated Financial Statements.

Standard banking

terminology11 TA

Total Operating Expenses

The figure equals "Total expenses before impairment losses and provisions to cover credit risk" as derived from the Consolidated Income Statement

of the reported period taking into account the impact from any potential restatement, as described in Note 32 of the Consolidated Financial

Statements.

Standard banking

terminology6 Total OPEX

66

Alpha Bank Contacts

General Manager – CFO

Internet : www.alphaholdings.gr

Reuters : ACBr.AT (shares)

Bloomberg : ALPHA GA (shares)

Alpha Bank Depository Receipts (ADRs)

Reuters : ALBKY.PK

Bloomberg : ALBKY US

Lazaros Papagaryfallou

[email protected]

+30 210 326 2261

Manager

Investor Relations Division

Dimitrios Kostopoulos

+30 210 326 2271

[email protected]

Deputy Manager


Elena Katopodi

+30 210 326 2272

[email protected]

Senior

Investor Relations Officer

Stella Traka

+30 210 326 2274

[email protected]


+30 210 326 2271

+30 210 326 2277

[email protected]

40 Stadiou Street,

102 52, Athens

Senior

Investor Relations Officer

Selini Milioni

+30 210 326 2273

[email protected]

http://www.alphaholdings.gr/

mailto:[email protected]






Documents

Alpha Bank H1 2021 Results