Alpha Bank S.a. · ATHEX:ALPHA

Alpha Bank — Q1 2021 Earnings Presentation

92 slides from Alpha Bank's earnings presentation, May 24, 2021

1. Slide 1: Alpha Bank Corporate Presentation

   Alpha Bank Corporate Presentation Strategy Update Share Capital Increase Announcement Q1 2021 Results May, 2021

2. Slide 2: Disclaimer

   Disclaimer This presentation (together with any materials, oral commentary or question and answer session delivered together herewith, the “Presentation”) have been prepared by Alpha Services and Holdings S.A... The information contained in this Presentation (“Information”) has been provided by Alph

3. Slide 3: Into Tomorrow: Raising capital for growth

   Into Tomorrow: Raising capital for growth Vassilios E. Psaltis, CEO 3

4. Slide 4: Alpha Bank is ready to take a step into Tomorrow

   Alpha Bank is ready to take a step into Tomorrow • Following an unprecedented decade-long financial crisis, Greece has now come at an economic inflection point • Significant improvement in sovereign risk profile, successful issues of government bonds and introduction of Economic HAPS facilitating cl

5. Slide 5: Greek economy facing a paradigm shift – risks skewed to the upside

   Greek economy facing a paradigm shift – risks skewed to the upside Key macroeconomic figures (2009-2019 vs 2021-2024E) 2009-2019 2021-2024E Key drivers Average real GDP  Base effects: coming back from deep, prolonged -2.3% 4.6% growth crisis BBB+ / A2 / BBB+ (Dec-09) (Dec-09) (Dec-09) Greece’s sove

6. Slide 6: Towards a new productive model based on investment and extroversion

   Towards a new productive model based on investment and extroversion Greece GDP growth contributors  Material opportunity for Greece to transform 8% 6.2% its productive model, driven by investments and increased extroversion of businesses 6% 4.1% 4.4% 3.6% 4% 1.9% 2%  National Recovery Plan anticip

7. Slide 7: Filling the decade-long investment gap; second order wealth effects

   Filling the decade-long investment gap; second order wealth effects Closing the investment gap Savings ratio to turn positive after nine years 6% 30% 4% 25% 2% 20% 16.0% 0% 15.1% 14.0% -2% 15% 11.4% -4% 10% -6% 5% -8% -10% 0% -12% 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021f 2022f Gr

8. Slide 8: Greek Real Estate market rebound continues

   Greek Real Estate market rebound continues Greek Real Estate market cycle I. Recession II. Stabilisation III. Recovery Greek Real Estate values have declined up to 42% during the  recession. Since 2018 there has been a sustained upward trend across asset classes, although still far from pre-crisis

9. Slide 9: EUR 82bn of funding earmarked for Greece by 2027

   EUR 82bn of funding earmarked for Greece by 2027 Funding programs for Greece 2021-2027E 2021E 2022E 2024E 2025E 2026E 2027E Recovery & Resilience EUR 30.9bn Facility (RRF) ~EUR 81.9bn NGEU Total funding EUR 2.7bn additional funds 2021-2027E National EUR 10.0bn Development Program European Funds EUR

10. Slide 10: RRF: the largest stimulus package ever financed in Europe

    RRF: the largest stimulus package ever financed in Europe… RRF unlocks ~EUR 31bn of Next Generation EU funds Greece: the largest relative beneficiary Mobilised funds 2021-2026E in Greece, EURbn RRF grants and government loans as % of GDP1 RRF, EURbn Grants and loans from the 16.8% 30.9 18 (32%) RRF

11. Slide 11: Mobilising expected credit expansion of up to EUR 33bn

    … mobilising expected credit expansion of up to EUR 33bn RRF-led credit expansion (2021-2026E) Total business credit growth (2021-2026E) EURbn EURbn 15 33 RRF grants +9bn ~40% ~60% EUR 24 EUR 4bn a 7bn EUR 18 18bn a 4 Including RRF multiplier RRF b b effect loans 14 ~x1.51 ~70%1 EUR EUR 13bn 14bn EU

12. Slide 12: Alpha Bank best placed to lead in RRF deployment

    Alpha Bank best placed to lead in RRF deployment… Bank of choice for businesses in Greece  Well-established relationships with all major corporations, immense footprint on SMEs, and proven reputation of a reliable bank that understands and supports its Market share in outstanding customers even in

13. Slide 13: Offering a lot more than traditional balance sheet financing

    … offering a lot more than traditional balance sheet financing A wealth of RRF-relevant Combining advice with experience in infra, concessions, Serving both corporates and The financial advisor of choice innovative financing solutions PPPs¹ and RES² projects investors where appropriate for corporate

14. Slide 14: Project Tomorrow: raising c.EUR 0.8bn of capital to reach 10% RoTBV

    Project Tomorrow: raising c.EUR 0.8bn of capital to reach 10% RoTBV Key targeted profitability levers Targets Core operations efficiency 1 NPE clean-up 2 3 Asset-light F&C income enhancements¹ • EUR 8.1bn NPE transactions to allow • 15+% opex reduction by 2024E driven by • ~9% net F&C income CAGR in

15. Slide 15: On track to execute the last mile of our NPE clean-up

    1 On track to execute the last mile of our NPE clean-up NPE sales Galaxy (HAPS) securitization Final leg of NPE clean-up Targets driven strategy and NPE servicing partnership with loss budget frontloaded in 2021 2017-2019 2020 2021-2022E  > EUR 4bn of NPE disposals  Largest securitization in  Ups

16. Slide 16: Continued focus on driving efficiency

    2 Continued focus on driving efficiency Key opex reduction drivers Recurring opex EURmn  - Reduction of non-core opex • In line with non-core resolution and NPE deleveraging, NPA (17%) management costs expected to decrease by ~65% in 2020-2024E 1,040 ~17% • >70% of total cost reduction expected to

17. Slide 17: Our Transformation Plan is currently in execution mode

    2 Our Transformation Plan is currently in execution mode Pillars of the Transformation Plan Grow with Revamp our Empower our customers operating model our people  Shift to a segment-based operating model  Digitally transform the end-to-end lending  Deploy new performance management system process

18. Slide 18: Partnerships and leadership in Affluent drive F&C income recovery

    3 Partnerships and leadership in Affluent drive F&C income recovery Targets RRF-led growth in lending Bancassurance • Exclusive bancassurance distribution • Economic recovery and increased Greek agreement with Generali until 2040 banking sector lending driven by RRF to drive historically high overal

19. Slide 19: RRF provides unique opportunities for proactive lenders

    4 RRF provides unique opportunities for proactive lenders RRF doubles sector lending growth by 2024E ~EUR 7bn business loan disbursements by 2026E Targets Sector business net loan disbursements, Greece, EURbn Alpha Bank net new loan disbursements, Greece, EURbn 33 18 15 24 ~EUR 10bn Including RRF mu

20. Slide 20: Bespoke approach in serving the RRF challenge

    Bespoke approach in serving the RRF challenge 4 Ongoing transformation process enhances customer experience Operational readiness Wholesale transformation dimensions Tailor-made end-  Specialized dedicated RRF PMO¹ Team mandated to to-end services coordinate the process Segmented for each segment s

21. Slide 21: Core international focus on the profitable Romanian banking sector

    Core international focus on the profitable Romanian banking 5 sector that is ripe for consolidation Large fast-growing economy Structurally attractive market Scope for consolidation Targets Banking sector penetration Banking sector concentration Private sector debt / GDP (2019) Top 5 banks market sh

22. Slide 22: Capital increase underpins financial targets, enhancing shareholder value

    Capital increase underpins financial targets, enhancing shareholder value From… …To 2020 2024E NII EUR 1.5bn ~EUR 1.4bn Net F&C inc. EUR 0.3bn ~EUR 0.5bn Profitable expansion driven by loan growth, partnerships and affluent Recurring opex EUR (1.04)bn ~EUR (0.86)bn customer segment, and active cost

23. Slide 23: Positioned for transformation and consistent delivery

    Positioned for transformation and consistent delivery Oldest privately-owned bank in Greece Strong competitive positioning 1 • Successful history with proven ability to • 25% of the market share in outstanding meet customers' needs and achieve best-in- business credit in 2021 class returns • Superio

24. Slide 24: Into Tomorrow: Financial performance

    Into Tomorrow: Financial performance Lazaros A. Papagaryfallou, CFO 24

25. Slide 25: Growth supported strategy paves path to >10% RoTBV

    Growth supported strategy paves path to >10% RoTBV Key targeted profitability levers Targets RoTBV 2020-2024E • CoR targeted to reach ~60bps by 2024E (NPE ratio ~2%) with 1 NPE clean-up ~4% significant reduction of NPE management costs ~10% Core operations • Further cost efficiency enhancement drive

26. Slide 26: Further clean-up in 2021-2022 to reduce NPEs by 90% until 2024

    1 Further clean-up in 2021-2022 to reduce NPEs by 90% until 2024… NPE portfolio to decrease by almost three quarters in 2021-2022E Group NPEs, EURbn NPE ratio (Group)¹ 26% ~7% ~2%  EUR 8.1bn expected 16% ~5% ~2% NPE reduction in 2021- NPL ratio (Group)¹ 2022E through accelerated clean-up 11.4  NPE

27. Slide 27: Series of new and upsized transactions of EUR 8.1bn

    1 …through a series of new and upsized transactions of EUR 8.1bn Cosmos Orbit Sky Solar Other transactions NPE GBV EUR 3.5bn EUR 1.3bn EUR 2.2bn EUR 0.4bn EUR 0.7bn Upsized from EUR 2.0bn Upsized from EUR 0.9bn Upsized from EUR 0.4bn New New Greek NPE Greek NPE Greek NPE Cyprus NPE portfolio Selecte

28. Slide 28: Organic evolution impacted by one-off COVID flows while CoR normalizes

    Organic evolution impacted by one-off COVID flows while CoR 1 normalization driven by transactions NPE organic formation CoR driven by Transaction costs and COVID Group, EUR bn CoR % (based on net loans) Group net 4.2% organic 0.8% 3.4% formation, Covid Related (1.2) (0.6) 0.6 (0.9) (1.0) (0.8) 0.6%

29. Slide 29: Cost reduction on track on Transformation Plan and lower NPEs

    2 Cost reduction on track on Transformation Plan and lower NPEs 2020-2024E recurring opex evolution Targets Recurring opex, Group, EURmn NPA management Core operations NPA management cost reduction 2020 1,040 • >50% of total gross opex reduction driven by non- <45% Evolution in 2021 9 core assets de

30. Slide 30: Leadership in Affluent segment and new partnerships to drive F&C growth

    Leadership position in Affluent segment and new partnerships to 3 drive growth in F&C income Targets Targeted key net F&C income levers 2020-2024E As % of As % of Net F&C income (Group, EURmn) gross loans As % of NII revenue 2020 335 0.7% 22% 13% ~9% Business • RRF-driven growth in loans and auxilia

31. Slide 31: Increased lending activity and partnerships to close gap to peers in fees

    Increased lending activity and strategic partnerships to help close 3 the gap to South European peers in fee generation Key drivers for enhanced growth in fees Closing the gap to peer countries PE book growth (indexed 2020) Net F&C income / avg. total assets (%)  Increase on lending, letter of cred

32. Slide 32: Domestic and international lending growth supporting NII

    4 Domestic and international lending growth supporting NII Targeted NII evolution 2020-2024E Net interest income, EURbn Interest income NIM¹ from NPEs²  Increased quality of NII post NII (2020) 1.5 2.3% ~28% clean-up, with NPE contribution <2% of total by 2024 (vs. ~28% in 2020) NPE volumes and rat

33. Slide 33: Banking book composition improving on growth and NPE resolution

    Banking book composition improving significantly on the back of 4 growth and NPE resolution Shift in loan book composition  Performing exposures to grow by 30+% in 2020-2024E Group gross loans, EURbn on macro recovery and RRF-driven credit expansion 43.5 43.9 +1% 2020 2024E 41.2 42.1 3.8 40.2 5.0 +

34. Slide 34: Strategic capital deployment in Romania to unlock further value

    5 Strategic capital deployment in Romania to unlock further value Targets Targeting Tier 1 status 2020 2024E RO  Only Greek bank with meaningful presence in Romania with 4.4% market share1, Capital allocated being the 6th largest privately-owned bank in country EUR 0.4bn ~EUR 0.6bn  Take advantage

35. Slide 35: Business development and capital generation supported by transactions

    Business development and capital generation supported by transactions Disposals with ~EUR 1bn RWA release and potential for capital gain Project Prometheus Project Riviera Project Crown Project Skyline Sale of merchant acquiring Sale of Alpha Bank Albania Sale of Alpha Bank London JV with internatio

36. Slide 36: Solid capital position with new money catering to growth

    Solid capital position throughout with new money catering to growth potential and strong internal capital generation 1 Alpha Bank’s initial capital buffers Alpha Bank’s capitalisation and the successful Tier 2 issuance, Group’s total regulatory capital, % allow for a comfortable capital position po

37. Slide 37: Capital position meeting regulatory expectations and management targets

    Capital position meeting regulatory expectations and management targets Regulatory capital evolution Regulatory capital evolution Total Capital and CET1 ratios, (% transitional) Total Capital and CET1 ratios, Fully loaded CET1 ratio CET1 ratio 18.3% 18.3% 2023-24E 2024E 2021-22E 16.7% 16.9% 17.0% re

38. Slide 38: Sound and profitable

    Capital increase underpins financial targets, enhancing shareholder value From… …To 2020 2021E 2022E 2023E 2024E • Loss of interest income from NPEs offset by NII EUR 1.5bn ~EUR 1.4bn ~EUR 1.3bn ~EUR 1.3bn ~EUR 1.4bn expansion of PEs and active management of securities book Sound and profitable • Ex

39. Slide 39: Into Tomorrow: Concluding remarks

    Into Tomorrow: Concluding remarks Vassilios E. Psaltis, CEO 39

40. Slide 40: Indicative terms and timeline

    Indicative terms and timeline Sizing  c.EUR 0.8bn capital increase  Fully-marketed offering with no pre-emptive rights to current shareholders Offering  Subject to applicable Law, existing shareholders that subscribe in the share offering will structure receive priority allocations Pricing  Fina

41. Slide 41: Execution of strategic plan will result in superior value creation

    Execution of strategic plan will result in superior value creation Significant growth opportunities for banks in Greek banking system Franchise best placed to capture opportunity c.EUR 0.8bn capital increase unlocks 10% RoTBV 41

42. Slide 42: Q1 2021 Results

    Q1 2021 Results Lazaros A. Papagaryfallou, CFO 42

43. Slide 43: Alpha Bank contents

    Pages • Financial Performance Analysis 43 Alpha Bank • Appendix  ESG 54  Asset Quality 56  Capital 64  Volumes 68  P&L 76 43

44. Slide 44: Q1 21 Key Financial Highlights

    Q1 21 Key Financial Highlights  Core PPI1 increased to €237mn in Q1 2021, up by +16% q-o-q, on the back of higher Net Interest Income and improved Operating Expenses, as Net Commission Income stood flat  Net Interest Income amounted to €400mn, up by +3.0% vs. last quarter, mainly on the back of th

45. Slide 45: Q1 Financial Performance overview

    Q1 21 Financial Performance overview Mostly due to wholesale Core PPI up by 16% q-o-q… …due to higher NII… funding; Q1 21 includes … resilient Fee Income.. EUR mn €25mn TLTRO benefit not EUR mn accrued in H2 20 EUR mn +€0.4mn +€33mn +€12mn 237 61 400 203 83.8 84.3 388 (118) 137 (42) Q4 20 Q1 21 Trad

46. Slide 46: Q1 2021 Group P&L and Balance Sheet

    Q1 2021 Group P&L and Balance Sheet Profit & Loss Q1 Q4 qoq % Q1 Q1 yoy % Balance Sheet YoY 2021 2020 change 2021 2020 change 31/03/21 31/12/20 31/03/20 (EUR mn) (EUR bn) change Net Interest Income (NII) 400 388 3.0% 400 381 4.8% Assets 71.2 70.1 66.6 4.5 Net fee and commission Income 84 84 0.5% 84

47. Slide 47: Higher NII in Q1 2021 mainly on the back of the TLTRO benefit

    Higher NII in Q1 2021 mainly on the back of the TLTRO benefit NII q-o-q evolution EUR mn +12mn  Net Interest Income in Q1 2021 stood at Euro 399.6 million, up by 24.7 399.6 3.0% q-o-q benefiting from TLTRO retrospective benefit that more than - €13mn counterbalanced lower contribution from the asse

48. Slide 48: Resilient Fee and Commission income generation in Q1 2021

    Resilient Fee and Commission income generation in Q1 2021 Net Fee & Commission Income evolution q-o-q Net Fee & Commission Income evolution y-o-y EUR mn EUR mn +0.5% -6% 1.5 0.1 89.2 1.4 0.9 0.8 1.0 0.5 0.3 84.3 84.3 83.8 3.6 (0.3) (1.0) 2.6 2.5 (0.6) (1.3) 2.6 18.1 (7.7) 19.9 18.1 19.9 67.5 61.8 63

49. Slide 49: Recurring operating expenses decreased by 6% q-o-q

    Recurring operating expenses decreased by 6% q-o-q, on the back of lower Staff and G&A expenses Recurring OPEX evolution q-o-q Recurring OPEX evolution y-o-y EUR mn EUR mn + €10mn - €15mn 273.6 5.6 258.4 248.6 5.0 3.8 258.4 Depreciation (7.5) 39.4 (0.7) & amortization (11.5) Depreciation 43.1 43.1 3

50. Slide 50: Capital base with Total Capital Ratio at 18.3%

    Capital base with Total Capital Ratio at 18.3%, comfortably above regulatory requirements Total Capital ratio quarterly evolution EUR bn 8.3 8.1 €1.9bn 7.2 Buffer over Galaxy impact 18.4% 30bps 110bps 18.3% 1 14.0% CAD of 280bps is 1.1% anticipated to 16.5% (62bps) (14bps) (8bps) 2.3% be booked in (

51. Slide 51: Loan disbursements remain strong at €1.1bn

    Loan disbursements remain strong at €1.1bn, combined with €0.3bn customer deposit inflows in Greece New loan disbursements – per category EUR mn  Q1 21 New disbursements of €1.1bn primarily to businesses, in a moderate market vs. Q1 19 Q1 20 FY 20 Q1 21 Q1 20 which exhibited significant credit line

52. Slide 52: Flattish gross organic formation in Greece, despite lockdown

    Flattish gross organic formation in Greece, despite lockdown Gross formation in Greece Gross formation (Organic) - Retail EUR bn EUR mn 3 (124) (94) (63) (186) Gross NPE (0.6) (1.2) (0.5) (0.4) (0.1) (0.0) (0.0) 0.0 (339) formation (620) EUR bn (994) 2018 2019 2020 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 Entr

53. Slide 53: NPE cash coverage increases to 53%; NPL cash coverage at 87%

    NPE cash coverage increases to 53%; NPL cash coverage at 87% Q1 21 Group impairment losses on loans New Transactions perimeter (€bn) From To EUR mn Cosmos 2.0 3.5 CoR 0.8% 3.2% 4.0% 4.0% Orbit 0.9 1.3 1,306 394 391 Sky 0.4 2.2 Transactions 320 (3) Solar - 0.4 Covid-19 283 317 703 Selected Wholesale

54. Slide 54: Alpha Bank contents

    Pages • Financial Performance Analysis 43 Alpha Bank • Appendix  ESG 54  Asset Quality 56  Capital 64  Volumes 68  P&L 76 54

55. Slide 55: Alpha Bank's sustainability journey

    Alpha Bank's sustainability journey ECB GUIDE on climate related and Environmental Risks Alpha Bank, signed (August 2019) the six Self assessment of the Bank’s practices against the Principles for Responsible Banking (PRB) and expectations set out by the European Central Bank Alpha Bank significantl

56. Slide 56: Alpha Bank contents

    Pages • Financial Performance Analysis 43 Alpha Bank • Appendix  ESG 54  Asset Quality 56  Capital 64  Volumes 68  P&L 76 56

57. Slide 57: Gross organic NPE formation in Greece per segment

    Gross organic NPE formation in Greece per segment Gross formation (Organic) - Wholesale Gross formation (Organic) - Retail EUR mn EUR mn 80 50 35 3 34 (7) (124) (94) (63) (40) (186) (339) (192) (617) (461) (994) 2018 2019 2020 Q1 20 Q2 20 Q3 20 Q4 20 Q1 21 2018 2019 2020 Q1 20 Q2 20 Q3 20 Q4 20 Q1 2

58. Slide 58: Auctions and repossession activity evolution

    Auctions and repossession activity evolution FY 19 – Q1 21 successfully auctioned properties: Auctioned properties (Conducted) per quarter Breakdown by highest bidder 1.782 No No conducted conducted auctions auctions 20% 789 775 due to due to Covid-19 Covid-19 525 558 412 374 40% 42% 41% 31% 0 36% 3

59. Slide 59: Asset quality by portfolio pro-forma Galaxy - Greece

    Detailed overview of Alpha Bank’s asset quality by portfolio pro-forma Galaxy - Greece (€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 16.5 3.0 9.6 3.9 33.0 (-) Accumulated Provisions (1.4) (0.7) (0.8) (1.3) (4.2) Net loans 15.1 2.3 8.8 2.5 28.8 NPLs 1.2 0.9 1.4 1.4 4.9 1 NPL ratio 7.0% 30

60. Slide 60: Asset quality by portfolio pro-forma Galaxy - Group

    Detailed overview of Alpha Bank’s asset quality by portfolio pro-forma Galaxy - Group (€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 19.3 3.1 12.7 4.4 39.5 (-) Accumulated Provisions (2.1) (0.7) (1.7) (1.5) (6.0) Net loans 17.2 2.4 11.0 2.9 33.5 NPLs 1.8 1.0 2.5 1.6 6.9 1 NPL ratio 9.4% 3

61. Slide 61: Excellent track record in off-loading NPEs; Galaxy expected to close

    Excellent track record in off-loading the most problematic part of the NPEs; Galaxy expected to close in June 2021 Size Completion Transaction details “Corporate Loan Sale” €82mn Q4 2017  Syndicated non-performing corporate loan Portfolio of non-performing unsecured consumer and small “Project Venu

62. Slide 62: Asset quality by portfolio before Galaxy impact - Greece

    Detailed overview of Alpha Bank’s asset quality by portfolio before Galaxy impact - Greece (€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 19.5 5.1 13.8 4.8 43.3 (-) Accumulated Provisions (3.2) (1.7) (2.1) (1.8) (8.8) Net loans 16.3 3.4 11.7 3.0 34.5 NPLs 3.6 2.8 4.8 2.2 13.3 NPL ratio 18

63. Slide 63: Asset quality by portfolio before Galaxy impact - Group

    Detailed overview of Alpha Bank’s asset quality by portfolio before Galaxy impact - Group (€ bn) Wholesale SBL Mortgages Consumer Total Gross loans 22.4 5.2 16.9 5.3 49.8 (-) Accumulated Provisions (3.9) (1.7) (3.0) (1.9) (10.5) Net loans 18.4 3.5 14.0 3.4 39.3 NPLs 4.2 2.8 5.9 2.4 15.3 NPL ratio 19

64. Slide 64: Alpha Bank contents

    Pages • Financial Performance Analysis 43 Alpha Bank • Appendix  ESG 54  Asset Quality 56  Capital 64  Volumes 68  P&L 76 64

65. Slide 65: Group RWAs and Regulatory Capital

    Group RWAs and Regulatory Capital Group Risk Weighted Assets IFRS 9 and B3 DTA amortisation EUR bn EUR mn (€1.1bn) 45.4 0.3 44.3 Amortisation 2020 2021 2022 2023 2024 3.2 (0.8) (0.0) 3.2 IFRS 9 -239 -319 -398 -398 1.7 1.5 DTA Basel 3 -39 -39 -39 -39 -39 40.4 39.6 Dec-20 Credit Market Operational Mar

66. Slide 66: Regulatory Capital and Capital Requirements

    Regulatory Capital and Capital Requirements Equity to regulatory capital bridge Overall Capital Requirements EUR mn % 10.5% Tangible book value / Tangible Assets 14.0% 0.5% O-S II 2.5% 11.0% Composed by 7,945 8,104 CCB Composed CET 1 (1.7%) 7,394 7,089 7,091 1013 3.0% 3.0% AT1 (0.55%) 894 1 P2R enti

67. Slide 67: MREL strategy and issuance plan

    MREL strategy and issuance plan Interim MREL target Distance to interim (incl. CBR) MREL target  MREL target was communicated in April 2021 and is in line with Group’s Galaxy expectations 22.76% of RWAs1. 1.60% impact of 17.27%  MREL target 280bps is CBR 3.25% (incl. CBR) anticipated to  Extended

68. Slide 68: Alpha Bank contents

    Pages • Financial Performance Analysis 43 Alpha Bank • Appendix  ESG 54  Asset Quality 56  Capital 64  Volumes 68  P&L 76 68

69. Slide 69: Balance sheet composition

    Balance sheet composition Asset split Liabilities and Equity split EUR bn 71.2 EUR bn 71.2 70.1 70.1 Cash 7.5 Cash 8.0 11.9 12.9 ECB ECB Due from Banks 2.7 Due from Banks 3.8 1.2 Due to Banks 1.6 Due to Banks Securities Securities excl. ECB excl. ECB 10.1 10.0 13.7 12.3 Time Time deposits deposits 4

70. Slide 70: Business Volumes

    Business Volumes (€ mn) Mar 2021 Dec 2020 Sep 2020 Jun 2020 Mar 2020 % YoY Group Gross Loans 49,785 49,130 49,148 48,756 49,095 1.4% Mortgages 16,929 17,008 17,073 17,181 17,294 (2.1%) Consumer Loans 4,131 4,187 4,208 4,207 4,218 (2.1%) Credit Cards 1,170 1,257 1,309 1,297 1,310 (10.7%) Small Busine

71. Slide 71: Breakdown of loans portfolio – March 2021

    Breakdown of loans portfolio – March 2021 Total Group loans – per segment Group Loans portfolio structure EUR bn SBLs EUR bn Households 45% Media & 11% Consumer loans Communication 8% Mortgages 1% Credit Cards 34% Agriculture 2% 1% €49.8bn €49.8bn Energy Trade 2% 14% Real Estate 4% Manufacturing Con

72. Slide 72: New disbursements of €1.1bn in Q1 2021

    New disbursements of €1.1bn in Q1 2021 New disbursements – per category Q1 2021 Business disbursements – per sector EUR mn Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 19 19 19 19 20 20 20 20 21 Construction 3% Agriculture Individuals 48 70 75 119 64 84 87 82 60 Entertainment 3% 3% Real Estate Business 567 842 907 89

73. Slide 73: Deposits flow per quarter

    Deposits flow per quarter Alpha Bank deposits evolution in Greece Deposits breakdown – March 2021 EUR bn Q2: Q3: Q4: Q1: (€1.1bn) €0.8bn €2.2bn (€0.1bn) 2.8 38.0 1.2 37.9 Time 36.1 0.9 35.0 35.8 1.3 Δ Time 25% (0.6) (1.3) (2.0) (0.5) Δ Core Core 75% Mar-20 Core Time Jun-20 Core Time Sep-20 Core Time

74. Slide 74: Liquidity profile improved y-o-y; Group LDR at 90%

    Liquidity profile improved y-o-y; Group LDR stands comfortably at 90% Mix towards Core deposits Group LCR & LDR Greece, EUR bn % 38.0 37.9 170% 120% 150% 165% 36.1 3% 2% 160% 155% 143% 150% 115% State 6% 145% 140% 135% 23% 130% 113% 118% 110% 25% 125% 120% LCR 101% 115% 105% 110% 105% 100% Term 32%

75. Slide 75: Wealth management evolution

    Wealth management evolution Alpha Private Bank balances Asset Management balances EUR mn EUR mn 4,553 4,760 4,262 4,282 4,039 2,433 1,190 2,230 46 1,102 997 993 48 953 1,779 54 1,664 1,474 2,859 2,919 2,779 2,764 1,139 2,639 586 708 723 448 486 525 593 652 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Mar-20 D

76. Slide 76: Alpha Bank contents

    Pages • Financial Performance Analysis 43 Alpha Bank • Appendix  ESG 54  Asset Quality 56  Capital 64  Volumes 68  P&L 76 76

77. Slide 77: Higher NII in Q1 2021 mainly on the back of the TLTRO benefit

    Higher NII in Q1 2021 mainly on the back of the TLTRO benefit NII q-o-q evolution EUR mn NII decomposition +12mn EUR mn 24.7 399.6 381 391 382 388 400 - €13mn 29 388.0 47 52 38 40 11.4 (4.5) (2.7) 375.0 (7.4) (9.9) 385 393 393 391 397 42 5 6 (49) (49) (52) (55) (56) (11) (6) Q4 20 Loans Deposits Bon

78. Slide 78: Loan and deposit spreads

    Loan and deposit spreads Net loan balances & spreads Deposit mix & cost evolution EUR bn EUR bn, bps 403 396 397 397 (48) (47) (49) (51) (52) 393 % Total 41.9 40.9 41.7 43.8 43.6 39.8 39.4 39.8 39.4 39.4 17.1 15.0 14.4 13.7 12.3 End of 28% quarter 24.8 25.8 27.3 30.1 31.3 72% balances Q1 20 Q2 20 Q3

79. Slide 79: Operating Expenses

    Operating Expenses EUR mn Q1 20 Q1 21 yoy % Recurring OPEX evolution EUR mn Staff costs (107.0) (106.3) (0.7%) General Administrative Depreciation & (104.0) (109.0) 4.8% 274 amortisation expenses 249 253 264 258 Depreciation and 38 38 39 39 43 (37.5) (43.1) 14.9% General amortisation administrative

80. Slide 80: SEE Operations

    SEE Operations 1 EUR mn Δ% Δ% Δ% Δ% Mar-21 Romania yoy Cyprus yoy Albania yoy Total SEE yoy Deposits 2,577 0.8% 2,049 (4.3%) 516 2.5% 5,142 (1.1%) Gross Loans 2,622 (1.7%) 3,186 (9.0%) 292 0.6% 6,100 (5.5%) Mortgages 1,261 6.6% 1,724 (7.9%) 78 10.2% 3,063 (2.0%) Consumer Credit 234 (0.7%) 224 (5.1%)

81. Slide 81: Alpha Bank Group

    Alpha Bank Group qoq% yoy % (€ mn) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 change change Net interest income 399.6 388.0 381.8 390.7 381.2 3.0% 4.8% Net fee and commission income 84.3 83.8 84.8 77.5 89.2 0.5% (5.5)% Income from financial operations 60.9 429.7 42.5 134.2 83.5 … (27.0%) Other Income 1

82. Slide 82: Group Results by Business Unit

    Group Results by Business Unit Investment Asset Commercial & Retail SE Europe Banking & Other Group Corporate Management (€ mn) Treasury Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Mar 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Operating Income 184.2 187.8 135.8 15

83. Slide 83: Results: Retail Business Unit

    Results: Retail Business Unit (€ mn) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Operating Income 184.2 240.9 195.9 198.1 187.8 Net Interest Income 149.5 163.6 159.0 164.8 163.0 Net fee and Commission Income 28.0 27.8 31.5 27.3 24.0 Trading & Other 6.7 49.6 5.4 6.0 0.8 Operating Expenses (144.2) (151.3)

84. Slide 84: Results: Commercial & Corporate Business Unit

    Results: Commercial & Corporate Business Unit (€ mn) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Operating Income 135.8 156.8 149.4 158.4 153.2 Net Interest Income 130.1 131.7 127.4 133.5 127.4 Net fee and Commission Income 25.9 27.6 28.0 24.1 27.1 Trading & Other (20.2) (2.5) (6.0) 0.8 (1.3) Operating

85. Slide 85: Results: Asset Management Business Unit

    Results: Asset Management Business Unit (€ mn) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Operating Income 22.9 25.0 11.9 14.0 20.0 Net Interest Income 2.5 3.5 3.7 4.1 3.2 Net fee and Commission Income 16.2 14.8 12.0 10.2 14.9 Trading & Other 4.3 6.7 (3.8) (0.2) 1.9 Operating Expenses (9.7) (10.8) (9.9

86. Slide 86: Results: Investment Banking & Treasury Business Unit

    Results: Investment Banking & Treasury Business Unit (€ mn) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Operating Income 155.0 406.4 77.8 174.1 137.7 Net Interest Income 71.6 38.6 40.9 38.9 35.3 Net fee and Commission Income 5.6 5.1 4.6 7.9 14.5 Trading & Other 77.8 362.6 32.3 127.3 87.9 Operating Expen

87. Slide 87: Results: SE Europe Business Unit

    Results: SE Europe Business Unit (€ mn) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Operating Income 58.6 64.2 63.9 61.8 65.0 Net Interest Income 46.0 50.1 50.3 49.3 52.0 Net fee and Commission Income 8.7 8.5 8.8 8.0 8.7 Trading & Other 4.0 5.6 4.8 4.6 4.2 Operating Expenses (54.8) (90.7) (52.7) (51.8)

88. Slide 88: Results: Other Business Unit

    Results: Other Business Unit (€ mn) Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Operating Income (0.6) 13.2 17.2 (1.6) 0.2 Net Interest Income (0.1) 0.5 0.3 0.2 0.2 Net fee and Commission Income (0.0) 0.0 (0.0) (0.1) (0.0) Trading & Other (0.5) 12.8 16.9 (1.7) (0.0) Operating Expenses (161.3) (64.8) (13

89. Slide 89: Glossary (1/2)

    Glossary (1/2) APM Definitions Relevance of the metric Reference number Abbreviation Accumulated Provisions and FV The item corresponds to (i) "the total amount of provision for credit risk that the Group has recognized and derive from contracts with Standard banking 1 LLR adjustments customers", as

90. Slide 90: Glossary (2/2)

    Glossary (2/2) Relevance of the Reference APM Definitions Abbreviation metric number Non Performing Exposure Total 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 NPE Total Asset quality me

91. Slide 91: Q&A Project tomorrow, we create value

    Q&A ALPHA BANK Project tomorrow, we create value

92. Slide 92: Alpha Bank Contacts

    Alpha Bank Contacts Lazaros Papagaryfallou General Manager – CFO +30 210 326 2261 cfo-office@alpha.gr Dimitrios Kostopoulos Elena Katopodi Stella Traka Manager Deputy Manager Senior Investor Relations Division Investor Relations Division Investor Relations Officer +30 210 326 2271 +30 210 326 2272 +

Alpha Bank — Q1 2021 Earnings Presentation on 6ix