#1R Alpha Bank H1 2021 Results Investor Presentation August 26th, 2021 ALPHA BANK EUROMONEY AWARDS FOR EXCELLENCE GREECE BEST BANK 2021#2Disclaimer 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 2 ALPHA SERVICES AND HOLDINGS#3R Alpha Bank Business update Pages 3 · Financial Performance Analysis 9 . Appendix Macroeconomic Update 20 P&L Volumes 222 24 Asset Quality Capital ◉ ESG Segment information 29 37 43 52 54 3 ALPHA SERVICES AND HOLDINGS#4Greek economy outperforming expectations Key recent macroeconomic highlights GDP growth (%, y-o-y) Total Passenger Traffic AIA (%, y-o-y) Vaccinations (% of total population) Economic Sentiment Indicator (period average) Retail Trade (volume, nsa, %, y-o-y) Manufacturing Production (%, y-o-y) Private Building Activity (volume, %, y-o-y) Residential Prices (%, y-o-y) Latest Comments -2.3% (1Q21) >5% (2021f) ■>5% growth projected for 2021; activity expected to bounce back from Q2 371.2% 107.5% (2Q21) (Jul 21) 56.8% (Aug 23, 2021) 100.8 (Jan-Jul 21) 8.1% (Jan-May 21) 8.5% (Jan - Jun 21) 53.0% (Jan-May 21) 3.2% (1Q21) ■ Arrivals exceeding expectations: first week of August >70% of 2019 levels. ■ New government initiatives in place targeting improvement in uptake ■ ESI higher at 100.8 compared to equivalent 2020 levels of 100 ■ +15.3% y-o-y in May, second month with growth post five negative reads Continuous growth since Nov 2020 shows improving operating conditions Sharp increase reflecting the resilience of the construction sector ■ Accelerating growth in house prices despite pandemic toll on activity Sources: AIA (Athens International Airport), Bank of Greece, ELSTAT, European Commission, Ourworldindata.org 4 ALPHA SERVICES AND HOLDINGS#585% (€7bn) of NPE transactions leading to 13% NPE ratio by year end NPE GBV Cosmos €3.5bn Orbit €1.3bn Sky €2.2bn Solar €0.4bn Other transactions €0.7bn Description Status Greek NPE securitization under HAPS II Greek NPE portfolio sale ✓ Transaction on track to complete by year end Preliminary rating expected in Sep-21 HAPS submission expected in Oct-21 21% Portfolio breakdown Mortgage 11% Consumer SBL Wholesale 50% 18% Cyprus NPE portfolio sale Greek NPE common SME portfolio transaction Selected Wholesale & Leasing exposures ✓ Transaction on track for Sep-21 launch ✓ Transaction on track for signing by year end ✔ Binding offers targeted for ✓ Binding offers targeted for Q4 21 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 0 84% 12% 4% 35% 53% 6% 7% O 100% 5 100% ALPHA SERVICES AND HOLDINGS#6Partnership with Nexi offers significant benefits based on terms and structure nexi Project Prometheus Strategic partnership in merchant acquiring business Description MoU Signed • MOU signed on 3 August 2021 between Alpha Bank and Nexi S.p.A. to form long-term partnership Key transaction terms (on 100% basis) Value Item Strategic partnership approach used for transaction structure 2 Valuation Strategic partnership with EU payments leader offers unique proposition with high growth prospects in rapidly evolving Greek market 3 Earnouts Amounts (in € mn) Comments Up to 60 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 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 Significant upside potential based on business plan achievement and actual profitability 307 Additional payments to Alpha Bank within 4 years from Closing Structure ensures optionality for further business development Total price for business Up to 367 and growth in earnings stream Status Final contractual arrangements under negotiation between parties 4 Referral Agreement c.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) Impact Positive P&L impact and ~60bps CAD accretion Total value to the Bank c.570 Timing Final agreement expected in Q4 2021 6 ALPHA SERVICES AND HOLDINGS#7Internal measures on track to deliver envisaged capital relief Skyline JV with international partner in RE market Launched Description • Creation of a unique large-scale real estate investment platform in Greece • Focus on CRE across Office, Retail and Logistics • • • Use of Alpha Astika Akinita (listed subsidiary) as vehicle for the transaction 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 Riviera Sale of Alpha Bank Albania Binding Offers phase Aurora Status Impact Expected RWA relief of up to €0.4bn Status Process to be launched in early September 2021 Impact Description Timing offers within Q4 2021 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 Transaction in binding offer stage with offers due in Q4 2021 Expected RWA relief of €0.4bn Timing offers within Q4 2021 Description Synthetic securitization Status Synthetic Securitisation of c. € 2bn performing SME/Corporate loans portfolio Non Binding Offers received from investors Binding Offers phase Impact Expected RWA relief of €1bn Timing concluded within Q4 2021 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 Crown Status Sale of Alpha Bank London Impact Expected RWA relief of €0.2bn Transaction launch expected in Q4 2021 Timing signing within H1 2022 7 ALPHA SERVICES AND HOLDINGS#8Solid balance sheet Sound and profitable Normalised Profit after Tax at €0.21bn for H1 2021 2020 H1 2021 2021E • 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 • 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 Targets 2024E ~10% ROTBV Core PPI1 € 0.9bn € 0.5bn ~€ 0.8bn Net income² € 0.10bn € 0.21bn ~€ 0.32bn Reduction in CoR to benefit bottom line ~€ 6.7bn TBV 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 Revised from ~18% on Sky acceleration Best-in-class performance among Greek systemic banks at ECB's 2021 Stress Tests, consistent with previous exercise Resilient TBV levels post Galaxy deconsolidation 1| NII+NFC+Other income-rec. OpEx; 21 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; 8 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 ALPHA SERVICES AND HOLDINGS ~15.6% FL CET1%#9R Alpha Bank Business update Pages 3 Financial Performance Analysis 9 Appendix ◉ Macroeconomic Update P&L Volumes Asset Quality Capital ESG Segment information 20 24 29 222 37 43 52 54 9 ALPHA SERVICES AND HOLDINGS#10H1 2021 Group P&L and Balance Sheet Normalised Profit After Tax4 Profit & Loss (€ mn) H1 20211 H1 2020 Q2 Q1 yoy % change 20211 2021 qoq % change €0.10bn €0.32bn €0.21bn €0.11bn Net Interest Income 771 772 (0%) 371 400 (7%) Net fee and commission Income 190 167 14% 105 84 25% Q1 21 Q2 21 H121 FY21e Trading Income¹ a. 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% ■ 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 Extraordinary b. (173) (19) (13) (160) Total Operating Expenses (692) (520) 33% (274) (418) (35%) Balance Sheet 30/06/21 31/03/21 30/06/20 Core Pre Provision Income Pre Provision Income 451 Impairment Losses on Loans 463 3% 381 649 (41%) 243 (515) (568) (9%) 226 237 137 (5%) (€ bn) YoY change Assets 70.5 71.2 68.6 1.9 (125) (391) (68%) o/w Underlying (164) (334) (90) (77) Securities 10.4 10.0 9.9 0.5 o/w Transactions related o/w Covid related C. (351) (34) (317) Cash & CB 9.4 8.0 5.7 3.7 (234) Other Impairment Losses (15) (13) 20% Profit/ (Loss) before income tax (150) 68 109 (10) (6) 71% (259) Net Loans 37.5 39.4 39.4 -1.9 Income Tax (37) Deposits 45.0 43.6 40.9 4.2 21 (13) (23) Profit/ (Loss) after income tax (186) 89 96 (282) Tangible Equity 5.5 7.4 7.8 -2.3 Galaxy & Cepal deconsolidation impact d. (2,140)| - (2,140) CET1 ratio 14.8% 16.0% 17.2% Reported Profit/ (Loss) after income tax Normalised Profit After Tax4 (2,327) 89 (2,044) (282) 213 66 104 108 Total Capital ratio 17.4% 18.3% 18.3% NPE ratio 26% 43% 43% Net Interest Margin (NIM%) Cost to Income ratio 2.2% 53% 2.3% 53% 2.1% 54% 2.3% 52% NPE Cash Coverage 54% 49% 44% 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. 31 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 10 ALPHA SERVICES AND HOLDINGS#11Positive signs of growth in disbursements; lending spreads remain at healthy levels, also supported by new production H1 21 New disbursements Greece, € bn 1.2 2.3 Businesses 0.1 0.2 Individuals 1.0 1.1 0.1 1.1 PE Lending spreads over Gross loans. Greece, bps 386 Spread of new production at 413bps in Q2 21 389 389 383 381 high-yielding loan repayments 359 359 356 356 352 2.1 Q1 21 Q2 21 H121 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Businesses - Individuals Performing loans Greece, €bn Performing loans evolution Group, €bn Q1 21 Q2 21 H121 Beginning of period 24.3 24.5 24.3 ! 3.8 i 5.4 Net credit Disbursements 1.1 1.2 2.3 expansion 11.2 11.2 11.2 11.1 10.8 10.8 €0.4bn Repayments -0.8 -1.0 -1.9 (o/w +€0.6bn PEs in Galaxy transaction 0.0 -0.3 -0.3 Businesses, - €0.2bn 16.4 16.9 17.0 17.4 17.6 17.7 Net Flows to/from NPE 0.0 -0.1 -0.1 Individuals) Other 0.0 0.1 0.1 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 FY21 End of period Target 24.5 24.4 24.4 Businesses Individuals Senior Notes 1| Alpha Bank rate excluding subs, cards, overdrafts and merchant discounting. 11 ALPHA SERVICES AND HOLDINGS#12Mix shift towards core deposits continues; €1.4bn of inflows in Greece Deposits evolution Group, € bn YOY +€4.1bn Mix towards Core deposits Greece, €bn QoQ + €1.4bn 39.3 37.9 35.0 -2% 43.6 0.4 1.0 45.0 2% 40.9 State 2% 20% 5.7 0.0 5.7 23% Abroad 5.9 Term 32% 37.9 Customer deposit inflows of €1.4bn Greece 35.0 Jun-20 Mar-21 Individual Business Abroad Jun-21 ECB balances €bn 39.3 75% 79% Core 66% Jun-20 Mar-21 Jun-21 Group LCR & LDR % % over Total Assets 19% 18% 18% +€1bn Y-o-Y 164% 150% 143% 113% 118% -LCR 12.9 12.9 ECB Collateral pledged ☐ O-LDR 11.9 96% 96% ☐ ㅁ TLTRO Credit claims GGBS & T-bills 90% 90% ☐ 83% Other bonds Jun-20 Mar-21 Jun-21 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 12 ALPHA SERVICES AND HOLDINGS#13Net interest income remains under pressure from clean-up effort Q1 21 Reported Retrospective 2020 TLTRO benefit booked in Q1 Q2 2021/Q1 2021 400 Q1 21 375 PES (0.4) NPES (9.4) Deposits 0.0 Funding Bonds & Other (2.9) Q2 21 364 Retrospective 2020 TLTRO benefit booked in Q2 Q2 21 371 Reported Comments (24.7) • Q1 TLTRO benefit: €24.7mn benefit related to H2 20 • PES: Lower spreads on specific corporate repayments • NPES: Galaxy and increased provisioning leading balances lower Deposits: Positive impact from repricing & mix shift offset by growing balances 1.8 . Funding: ECB benefit partly counterbalanced by Tier Il cost Bond & other: Lower one-off income related to loans and GGB recycling 6.9 • Q2 Additional TLTRO benefit: €6.9mn for H2 20 13 ALPHA SERVICES AND HOLDINGS#14Pick-up in activity and impact from partnerships drives fee growth QoQ +€21mn (+25%) YOY +€23mn (+14%) Comments Q1 2021 H1 20 84 167 NCI NCI Business credit related 1.0 5.6 Asset management 1.3 Bancassurance 10.0 GENERALI Cards & Payments Other Q2 21 NCI Asset Management - AuMs increase €bn €0.8bn Non-Money Market (22%) H121 6.5 2.4 7.9 9.4 GENERALI • • 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 9.0 • Cards & payments: Stronger transaction volumes (8.9) 105 H121 NCI 190 • Other: €11.8mn non-recurring benefit in first half of last year to modify collateral agreements (CSA) affects year-on-year comparison in line with 2021E Target of €0.4bn AuM Target €3.5bn growth to 2024 2021-2024 14 ALPHA SERVICES AND HOLDINGS#15Benefits from staff and NPE reduction to offset near term cost pressure H1 20 Recurring pf for Cepal YOY Staff costs (9.1) G&A D&A H121 Recurring 12.3 5121 • • 4.2 519 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 NPA Management Group Recurring, € mn -60% (-103) 173 85 70 | H121 2021E BP Target 2024E BP Target Core Operations Group Recurring, € mn 858 795 434 H121 2021E BP Target 2021E target 2024E BP Target 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 ~ € (1.03)bn 15 ALPHA SERVICES AND HOLDINGS#16Organic formation and underlying CoR remain better than FY guidance NPE organic formation. Greece, € bn 2021E CoR driven by Transaction costs and COVID % over net loans Gross NPE (0.1) (0.0) (0.0) 0.0 (0.0) 0.6 formation € bn Inflows 0.4 0.4 1.7 0.4 0.4 0.4 Covid Related 5.8% Transaction costs Underlying 3.2% 4.0% 2.6% 1.2% 1.7% 3.2% 1.3% 0.5% 2.6% -0.4% 1.5% 1.2% 0.8% 0.9% Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 NPE and Cash Coverage % o/w Moratoria 0.1 0.1 0.2 o/w 0.8 NPE Group Coverage % 50% 55% Cures & (0.2) 54% (0.3) (0.3) (0.3) repayments (0.4) (0.8) 43% 43% 43% 43% 40% 50% (0.2) 0.0 (0.3) CPs (0.2) (0.1) (0.1) 30% 49% 47% 45% Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 44% 45% NPE % NPE Coverage 26% 20% 40% Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 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 16 ALPHA SERVICES AND HOLDINGS#17NPE ratio down to 13% by end of 2021, outperforming BP target of 18% NPE ratio (Group)¹ 43% 26% NPL ratio (Group)¹ 30% 17% Group NPES, €bn 20.9 11.4 ~13% ~ -8% ~2% ~2% Significant improvement in the actual NPE ratio delivered (3.5) (1.3) 0.6 5.0 2.9 (2.2) (0.4) (0.7) (0.9) 1.1 Dec-20 Jun-21 Cosmos Orbit Sky post Galaxy 2021 2021E Solar Other 2022 organic formation 2022E 2024E organic formation Cost of risk (bps) 2 180bps 87bps ~120bps 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; Higher NPE cash coverage which increased by ~10pps yoy Group, NPE coverage (%) 47% 44% 54% Jun-20 Dec-20 Jun-21 ~60bps Robust capital position post completion of Share Capital Increase with Total Capital Ratio at 17.4% 17 ALPHA SERVICES AND HOLDINGS#18Capital evolution in line with plan; exceeding regulatory expectations Total Capital ratio quarterly evolution € bn 8.1 6.7 €1.3bn regulatory Buffer over 14.0%¹ CAD 1.4% CAD 18.3% 0.02% 2.20% 2.3% 17.4% 2.6% (1.0%) (2.85%) (0.23%) 16.0% CET1 Expected completion by H1 2022 14.8% Total Capital ratio Mar-21 Organic capital Galaxy & Cepal generation² impact Other SCI Jun-21 pf SCI Internal Capital measures Inorganic NPE reduction Total Capital ratio %, Fully Loaded CAD 16.5% 15.4% CET1 14.2% 12.7% Total capital evolution 2021 - 2024 %, Transitional 18.3% 2023-24E 2021-22E requirement 17.0% 16.7% 16.9% 2.7% requirement 2.8% 2.8% 2.9% OCR: OCR: 14.5% 14.0% 14.9% factoring 15.6% RWA relief from 13.9% 14.0% 14.2% CET1: transactions expected to complete in 2022 CET1: 9.2% 9.7% 2021E 2022E 2023E 2024E FL CAD Mar-21 FL CAD Jun-21pf SCI 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. 18 ALPHA SERVICES AND HOLDINGS#19Solid capital position confirmed by 2021 stress test results Resilient Capital Levels 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% Best in class Leverage ratio (fully loaded) 2023, Adverse scenario 6.1% (reported) 7.6% (pf SCI) Improved capital depletion Adverse scenario, ex-IFRS9 7.5pps 8.6pps 6.3pps 2015 STS 2018 2021 STS STS Stress tests 2021 Strong capital generation CET1 Transitional (%) 17.1% 2.7% 17.4% (2.4%) Starting 31.12.20 Capital generation IFRS 9 Ending 31.12.23 Baseline 19 ALPHA SERVICES AND HOLDINGS#20R Business update Pages 3 Alpha Bank • Financial Performance Analysis 9 Appendix Macroeconomic Update 20 P&L 24 Volumes 29 Asset Quality 37 Capital 43 ◉ ESG Segment information 52 54 20 ALPHA SERVICES AND HOLDINGS#215% 0% -5% -10% -15% 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... 10% ...supported by the strong fiscal impetus engineered by the Greek government... 4% 120 2% 5.0% 5.3% 0% -2% -0.3% ▪ 100 -4% -6.70% -7.20% -6% 80 -8% 2020 2021f 220% 2.0% 2.9% 200% 180% 160% 140% 2022f Primary Balance (% GDP) 2023f 2024f Interest Expenditure (% GDP) Gross Public Debt (% GDP), rhs 2017 - IV I 2018 || III IV 2019 Real GDP Greece (q-o-q) Alpha Bank ERD forecasts I || 2021 - 2020 2021f 2022 Real GDP Greece (y-o-y) ESI Greece (3m average, rhs) ....and the observed weaker effect of lockdowns on mobility. 18954 100 85 70 55 40 25 10 -5 -20 -35 -50 (*) Immobility Index: 7-day moving average of -65 Feb-20 Mar-20 Google's inverted community mobility index. Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 mFeb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Retail and Recreation* Workplaces* Grocery and Pharmacy Residential Transit Stations* Stringency Index Sources: ELSTAT, Eurostat, Google Community Mobility Reports, Ministry of Finance, Stability Programme 2021 ■ 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. 21 ALPHA SERVICES AND HOLDINGS#228% 5% 2% -1% -4% -7% -10% -13% The upward trend of several leading economic indicators paves for a strong economic recovery from Q2 onwards Savings ratio continued its upward trend amid gains in households' gross disposable income the way Retail trade on an upward trajectory with additional private sector deposits inflowing into the economy 8% 2018Q1 2018Q2 2018Q3 4% 0% 2018Q4 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 Gross savings ratio (as % of gross disposable income, 4-quarter Moving Average) Households gross disposable income (annual % change) Private Consumption (annual % change) 2016Q1 2016Q2 2016Q3 2016Q4 2017Q2 2017Q4 2017Q1 2017Q3 -4% -8% Mar-17 Sep-17 Jun-17 Dec-17 Mar-18 Sep-18 Jun-18 Manufacturers' expectations are well above the threshold of the expansion phase 40% 30% 20% 10% 0% -10% -20% Jan-17 Apr-17 Jul-17 Oct-17 Jan-21 Apr-21 Jul-21 PMI, rhs Jul-18 Manufacturing Production Index (annual % change) Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Apr-20 Jul-20 Oct-20 Jan-18 Apr-18 Sources: ELSTAT, Eurostat, Bank of Greece, IHS Markit Dec-18 Mar-19 Jun-19 3.0 1st Lockdown 2nd Lockdown 2.5 2.0 1.5 1.0 0.5 0.0 -0.5 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 - Retail Trade, volume index (annual % change-6month Moving Average) Private Sector Deposit Flows (bn €-6month Moving Average), rhs Dec-20 Mar-21 Jun-21 60 55 50 45 40 35 30 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. 22 ALPHA SERVICES AND HOLDINGS#23Level (H-P) Business confidence on an expansionary phase; housing market and construction activity remained resilient during the pandemic Business confidence recorded the highest performance since the beginning of the pandemic 2.5 Downswing 2.0 1.5 Industry 1.0 Construction ESI Services ESI Industry 0.5 Retail Trade Retail Trade 0.0 Retail Trade Construction -0.5 ESI Industry -1.0 -1.5 Services Contraction -0.3 -0.2 -0.1 0.0 0.1 m-o-m change 0.2 0.3 during 2021-2022 40% House prices growth dynamics remained resilient, despite the heavy toll of the pandemic 10% Expansion Construction 5% Services 0% -5% -10% 2015 2016 0.4 Upswing 0.5 0.6 2017 2019 Private Building Activity (Volume in thous. m3), rhs House Prices, Ihs % annual changes || IV I 2018 60% 40% 20% 0% -20% -40% -60% II III IV 2020 2021 Pre-pandemic environment (Jan-Feb 2020) ▲ Beginning of tourism season 2020 (Jun - Jul 2020) July 2021 Investment in construction is expected to climb sharply 20% 0% -20% -40% 2005 2006 2007 2008 Non-residential construction, rhs Residential construction, rhs Investment in construction (% annual change) Sources: Bank of Greece, IOBE, Eurostat, ELSTAT, European Commission (2021 Spring Economic Forecast) in bn € 40 22.6% 30 20.6% 20 2014 2015 2016 2017 2018 2019 2020 2021f 2022f Residential Investment, rhs 10 0 ■ 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. 23 ALPHA SERVICES AND HOLDINGS#24大 Alpha Bank Business update Pages 3 • Financial Performance Analysis 9 • Appendix Macroeconomic Update 20 P&L 24 ◉ Volumes 29 Asset Quality 37 Capital ◉ ESG 43 52 ◉ Segment information 54 24 ALPHA SERVICES AND HOLDINGS#25Loan and deposit spreads Net loan balances & spreads Deposit mix & cost evolution €bn € bn, bps 396 393 397 397 391 (47) (49) (51) (52) (51) % Total 39.4 39.8 40.9 41.7 43.8 43.6 45.0 39.4 39.4 End of 15.0 14.4 13.7 12.3 11.2 25% 37.5 quarter 25.8 27.3 30.1 31.3 33.9 balances 75% Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q2 20 Q3 20 Net Loans Q4 20 Q1 21 -Group loans spread Q2 21 Lending spreads (Greece and SEE) Core deposits Time deposits Deposit spreads (Greece and SEE) Group deposits spread bps bps -Consumer Credit 783 769 769 763 762 -SE (18) (24) (23) (28) -Small Business (25) Europe 573 565 566 572 559 Loans -SEE (50) (51) (53) (52) -Time 395 394 395 394 (55) 386 Deposits (51) 391 387 (56) (57) 385 -Large Corporates (57) (55) 373 382 258 255 262 269 262 Sight and Savings Mortgages Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Note: Lending Spreads are revised backwards and recalculated on interest bearing loan balances vs. net balances before. 25 ALPHA SERVICES AND HOLDINGS#26NII and Net Fee and Commission income decomposition NII decomposition € mn Net Fee and Commission income decomposition € mn 391 400 382 388 371 29 52 38 40 26 105 25 85 84 84 77 23 24 24 15 20 20 88 16 9 15 12 13 5 LO 385 393 391 397 375 6 5 34 26 34 28 28 42 26 18 14 16 15 17 6 (49) (6) (52) (55) (56) (56) Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 ☐ Bonds & other Loans ■Funding □ Deposits Business credit related Asset management Bancassurance Cards & Payments Other Note: NII 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. 26 ALPHA SERVICES AND HOLDINGS#27Operating Expenses € mn H1 20 H121 yoy % Recurring OPEX evolution €m n Staff costs (213.4) (211.9) (0.7%) Depreciation & General Administrative (211.2) 275 (226.8) 7.4% 264 amortisation 252 258 261 expenses 39 39 38 37 43 Depreciation and General (75.9) (80.6) 6.2% administrative amortisation 107 118 122 109 118 expenses Recurring OPEX (500.5) (519.3) 3.8% Staff costs Extraordinary costs (19.3) (173.1) 106 107 114 106 106 Total OPEX (519.8) (692.4) 33.2% Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Employees Branches Greece 8,147 7,354 7,321 7,503 7,510 6,622 Greece1 443 394 361 336 328 318 VSS Gr -523 VSS Gr² -836 11,314 10,530 10,509 10,528 10,515 Cepal -818 9,621 629 580 549 519 511 501 Dec-18 Dec-19 Jun-20 Dec-20 Mar-21 Jun-21 Dec-18 Dec-19 Jun-20 Dec-20 Mar-21 Jun-21 1 | Includes corporate and private banking centers. 2] including sabbaticals 27 ALPHA SERVICES AND HOLDINGS#28Alpha Bank Group 909% (€ mn) Q2 20211 Q1 2021 Q4 2020 Q3 2020 Q2 2020 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 95.6 (282.1) (29.6) 44.3 101.8 operations 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 28 ALPHA SERVICES AND HOLDINGS#29大 Alpha Bank Business update Pages 3 • Financial Performance Analysis 9 • Appendix Macroeconomic Update 20 P&L 24 ☐ Volumes 29 Asset Quality 37 Capital 43 ◉ ESG 52 ◉ Segment information 54 29 ALPHA SERVICES AND HOLDINGS#30Balance sheet composition Asset split €bn Liabilities and Equity split 71.2 70.5 €bn 71.2 8.0 Cash Cash 9.4 Due from Banks 3.8 Due from Banks 3.3 Securities 10.0 Securities 10.4 43.6 Net loans Net 39.4 loans 37.5 70.5 12.9 12.9 ECB ECB 1.6 Due to Banks excl. ECB Due to Banks 1.4 excl. ECB 12.3 Time deposits 31.3 Core deposits 45.1 11.2 Time deposits 33.9 Core deposits Debt Debt 1.7 securities securities 0.8 0.8 PPE PPE 1.7 DTA 5.3 DTA 5.3 8.0 6.0 Equity Other (Incl. HFS) 4.0 Other (Incl. HFS) 3.9 3.4 3.4 Other Dec-20 Jun-21 Dec-20 Jun-21 30 ALPHA SERVICES AND HOLDINGS#31Deposits flow per quarter Alpha Bank deposits evolution in Greece € bn Deposits breakdown - June 2021 Q3: €0.8bn Q4: €2.2bn Q1: (€0.1bn) Q2: €1.4bn 1.2 38.0 37.9 2.4 39.3 Time 21% 35.0 1.3 35.8 2.8 □ A Time (1.0) (0.5) (0.6) (1.3) Jun-20 Core Time Sep-20 Core Time Dec-20 Core Time Mar-21 Core Time Jun-21 Alpha Bank deposits evolution in Greece €bn □ A Core Core 79% Deposits breakdown - June 2021 0.9 0.7 0.9 0.1 35.0 35.8 1.3 38.0 0.5 37.9 0.5 39.3 OA Individuals Business 32% (0.6) Jun-20 Bus. Indiv. Sep-20 Bus. Indiv. Dec-20 Bus. Note: Business deposits include State deposits Indiv. Mar-21 Bus. Indiv. Jun-21 □ A Business Individuals 68% 31 ALPHA SERVICES AND HOLDINGS#32Securities portfolio breakdown Securities portfolio breakdown Book value, Jun-21, € bn T-bills Mutual Funds & Equities 0.8 0.2 Other/ECB eligible 10.4bn 4.2 GGBs 5.2 GGBS portfolio € bn 0.2 0.2 GGB pre-tax unrealised gains 5.2 4.9 2.0 2.2 FVOCI Amortised 2.9 3.0 Cost Mar-21 Jun-21 ■ 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 32 ALPHA SERVICES AND HOLDINGS#33Business Volumes (€ mn) Group Gross Loans Mortgages Consumer Loans Jun 2021 Mar 2021 Dec 2020 Sep 2020 Jun 2020 % YoY 43,533 49,785 49,130 49,148 48,756 (10.7%) 12,679 16,929 17,008 17,073 17,181 (26.2%) 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 Customer Assets of which: 37,500 39,376 39,380 39,808 39,428 (4.9%) 51,451 49,562 49,332 46,661 45,776 12.4% 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% 33 ALPHA SERVICES AND HOLDINGS#34- Breakdown of loans portfolio – June 2021 Total Group loans - per segment €bn Consumer loans SBLS 7% 7% Credit Cards Mortgages 29% 3% €43.5bn Wholesale loans Shipping loans portfolio structure 54% €bn Group Loans portfolio structure €bn Households 39% Media & Communication 1% Trade 11% €43.5bn Agriculture -1% Energy 2% Real Estate 4% Manufacturing Construction 10% Transportation 5% 8% Tourism 5% Other 14% Suezmax (Tankers) VLCC (Tankers) 10% 4% Tankers 32% Aframax (Tankers) 5% Containers 12% Panamax (Tankers). 2% Product (Tankers)/ 11% LNG 5% Passenger Vessels €2.5bn 4% Capesize (Bulk Carriers) Handysize/Handymax (Bulk Carriers) 10% 16% Dry Bulk Panamax (Bulk Carriers) 47% 21% 34 ALPHA SERVICES AND HOLDINGS#35New disbursements of €1.2bn in Q2 2021 New disbursements - per category € mn Q2 2021 Business disbursements - per sector I Q1 20 Q2 20 H1 20 Q1 21 Q2 21 H121 Agriculture I I I 2% Real Estate Individuals 64 84 149 60 122 183 Entertainment 4% I I 1% Business 1,575 938 2,512 1,055 1,049 2,104 I Trade 21% Other 5% Total 1,639 1,022 2,661 1,115 1,171 2,286 Tourism 6% Health 6% €1.2bn Construction 8% ■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 Transportation 19% Energy 11% Manufacturing 17% 35 ALPHA SERVICES AND HOLDINGS#36Wealth management evolution Alpha Private Bank balances € mn Asset Management balances € mn PWM The Banker GLOBAL PRIVATE BANKING AWARDS 2020 BEST PRIVATE BANK IN GREECE PUM The Banker GLOBAL PRIVATE BANKING AWARDS 2019 BEST PRIVATE BANK IN GREECE Pшm The Banker GLOBAL PRIVATE BANKING AWARDS 2018 BEST PRIVATE BANK IN GREECE +40% +14% 2.8 0.0 4.9 2.4 4.8 4.6 2.2 0.0 4.3 4.3 1.2 2.0 2.0 0.0 1.2 1.1 0.1 0.1 1.0 1.0 2.0 1.7 1.5 1.3 1.3 2.8 2.8 2.9 2.9 3.0 0.6 0.6 0.7 0.7 0.7 0.5 0.5 0.6 0.7 0.7 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 Discretionary Advisory Execution Only ■Money Market Mutual Funds Non Money Market Mutual Funds ■ Other AUM 36 ALPHA SERVICES AND HOLDINGS#37大 Alpha Bank Business update Pages 3 • Financial Performance Analysis 9 • Appendix Macroeconomic Update 20 P&L 24 Volumes 29 ☐ Asset Quality 37 ☐ Capital 43 ■ ESG 52 ◉ Segment information 54 37 ALPHA SERVICES AND HOLDINGS#38Gross organic NPE formation in Greece per segment Gross formation (Organic) - Wholesale € mn (461) (192) 80 34 50 35 (7) (80) 2018 2019 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Gross formation (Organic) - SBL € mn Gross formation (Organic) - Retail € mn (186) | (994) (617) 3 72 (124) (94) (63) 2018 2019 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 Gross formation (Organic) - Mortgages € mn Gross formation (Organic) - Consumer € mn 160 (326) י 13 19 (36) (0) (15) (20) (155) 9 29 29 (64) (65) (55) 8 24 (24) (28) (22) (126) (141) (324) (373) (495) 2018 2019 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 2018 2019 2020 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 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. 38 ALPHA SERVICES AND HOLDINGS#39Auctions and repossession activity evolution Auctioned properties (Conducted) per quarter 1.782 No conducted auctions 789 775 525 due to Covid- No conducted auctions due to Covid- 558 19 19 412 374 40% 146 42% 40% 41% 31% 0 -0% 0 36% 34% 0% Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 37% Q2 2021 unsuccessful % of successful over conducted auctions REO portfolio evolution (entries/exits) - Greece € mn 122 40 €0.8bn €0.7bn -110 €0.8bn 7 €0.8bn -58 -14 REO portfolio 4,0k properties of €0.80bn value REO Acquisitions Sales Portfolio 31.12.18 REO Acquisitions Portfolio 31.12.19 Sales REO Portfolio 31.12.20 Acquisitions Sales REO Portfolio 30.06.21 ■ 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. 39 ALPHA SERVICES AND HOLDINGS#40(€ bn) SBL Gross loans 3.1 Detailed overview of Alpha Bank's asset quality by portfolio - Greece Wholesale 20.4 Mortgages 9.6 Consumer 3.9 Total 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 NPE ratio¹ NPL collateral 2.6 1.4 2.9 2.0 8.8 12.9% 44.5% 29.9% 50.1% 23.8% 0.6 0.4 1.1 0.1 2.2 NPE collateral 1.6 0.6 2.3 0.2 4.7 171% 131% 126% 54% 112% 115% 109% 98% 96% 102% □ Collateral 83% 43% Coverage ratio 39% 74% 9% 60% 11% 44% 53% 117% 79% Cash 76% 87% 52% 54% 57% 72% 84% 49% 29% NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE NPLs (+) Forborne NPLs < 90 dpds 1.2 1.0 1.5 1.6 5.2 1.2 0.4 1.3 0.3 3.2 (+) Unlikely to pay NPES Forborne NPLs >90dpd 0.3 0.0 0.1 0.0 0.4 2.6 1.4 2.9 2.0 8.8 0.5 0.4 0.8 1.4 3.0 Forborne NPLs <90dpd Performing forborne 1.2 0.4 1.3 0.3 3.2 0.4 0.7 2.4 0.4 3.9 Total forborne 2.1 1.5 4.5 2.1 10.1 1| Total ratio takes into account the senior notes. 40 ALPHA SERVICES AND HOLDINGS#41Detailed overview of Alpha Bank's asset quality by portfolio - Group SBL Consumer Total (€ bn) Wholesale Gross loans 23.3 3.1 Mortgages 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 NPE ratio¹ NPL collateral 3.7 1.4 4.1 2.2 11.4 15.8% 44.9% 32.5% 48.8% 26.1% 1.0 0.4 1.5 0.2 3.1 NPE collateral 2.1 0.6 2.8 0.3 5.8 161% 115% 115% 124% 126% 109% 52% Collateral 98% 98% 105% 85% 42% 38% 58% 1% Coverage ratio 58% 44% 68% 13% 51% 109% □ Cash 76% 87% 57% 54% 65% 72% 84% 54% 41% NPL NPE NPL NPE NPL NPE NPL NPE NPL NPE 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 NPES Forborne NPLs >90dpd 0.3 0.0 0.1 0.0 0.5 3.7 1.4 4.1 2.2 11.4 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 Total forborne 0.6 0.7 2.5 0.5 4.3 2.8 1.5 5.4 2.2 11.9 1| Total ratio takes into account the senior notes. 41 ALPHA SERVICES AND HOLDINGS#42Excellent track record in off-loading the most problematic part of the NPES "Project Galaxy" Size Completion €10.8bn Q2 2021 "Project Neptune" c. €1.1bn Q3 2020 "Project Mercury" c. €1.1bn Q4 2018 "Project Jupiter" c. €1.0bn Q4 2018 "Corporate Portfolio" "Project Mars" "Retail Portfolio" €264mn €22mn Q2 2018 Q3 2017 "Project Venus" "Corporate Loan Sale" c. €0.9bn Q1 2018 €82mn Q4 2017 Transaction details 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 42 ALPHA SERVICES AND HOLDINGS#43大 Alpha Bank Business update Pages 3 • Financial Performance Analysis 9 • Appendix Macroeconomic Update 20 P&L Volumes 222 24 Asset Quality ☐ Capital ESG Segment information 29 37 43 52 54 43 ALPHA SERVICES AND HOLDINGS#44Regulatory Capital and Capital Requirements Equity to regulatory capital bridge € mn 5,987 (471) Overall Capital Requirements % 14.0% 7.9% Tangible book value / Tangible Assets 0.5% O-S II 2.5% 11.0% Composed by CCB Composed CET 1 (1.7%) 3.0% 3.0% 5,892 P2R entirely by AT1 (0.55%) CET 1 Tier 2 (0.75%) 5,516 4,877 4,878 1,013 Tier 2 2.0% 2.0% 780 AT1 1.5% 1.5% (1,419) Pillar 1 4.5% 4.5% Ordinary Intangibles Tangible Equity book DTA Deduction value from CET1 1| Excluding CCB 2.5% and OS-II buffer 0.5% Other CET1 capital Hybrids Tier 1 Lower Tier II Total Capital Ratio 1 2020 OCR 2020 OCR (pre) (post relief measures) 44 ALPHA SERVICES AND HOLDINGS#45Group RWAs and Regulatory Capital Group Risk Weighted Assets €bn Credit Risk Weights per portfolio % (€6.2bn) 44.3 3.2 1.5 0.1 38.1 3.2 (6.1) (0.0) 1.4 39.6 33.5 Mar-21 Credit Market Operational Jun-21 Credit Market Operational 103% 58% 66% Performing Net NPE Total Loan Portfolio RWA Density - Transitional arrangements IFRS 9 and B3 DTA DTA & Tax Credit with CET1 Capital €bn € mn CET1 4.9 4.0 3.9 Amortisation 2020 2021 2022 2023 2024 3.5 IFRS 9 -239 -319 -398 -398 DTC DTC 100% IFRS9 3.0 DTA Basel 3 -39 -39 -39 -39 -39 3.0 RWf Other DTA 0.2 DTA 250% 0.7 0.6 RWf Jun-21 Jun-21 (phased-in) (fully loaded) 45 ALPHA SERVICES AND HOLDINGS#46Capital position meeting regulatory expectations and management targets Regulatory capital evolution Total Capital and CET1 ratios, (% transitional) Regulatory capital evolution Total Capital and CET1 ratios, Fully loaded ■ CET1 ratio ■CET1 ratio 18.3% 18.3% 2021-22E 16.7% 16.9% 17.0% 2023-24E requirement 16.9% 2024E requirement requirement 2.7% 2.7% 15.7% 2.8% 2.9% 2.8% OCR: OCR: 14.5% 14.5% 2.8% 2.9% OCR: 14.5% 14.0% 2.9% CET1: 9.2% 14.9% factoring RWA relief from transactions expected to complete in 2022 CET1: 9.7% 15.6% 13.9% 14.0% 14.2% 2021E 2022E 2023E 2024E CET1: 9.7% 15.6% 14.1% 12.8% 12.4% factoring RWA relief from transactions expected to complete in 2022 11.6% 2021E 2022E 2023E 2024E 46 ALPHA SERVICES AND HOLDINGS#47MREL strategy and issuance plan Interim MREL target (incl. CBR) Distance to interim MREL target ■ MREL target was communicated in April 2021 and is in line with Group's expectations 22.76% of RWAs1. 0.90% CBR 3.25% 17.27% MREL target (incl. CBR) 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. 1| The combined buffer requirement (CBR) applies on top of MREL target Interim MREL Target 14.02% 14.02% MREL target CBR MREL Target 16.40% MREL GAP Total Capital Ratio OpCo Group H1 2021 (pro-forma including Share Capital Increase) 47 ALPHA SERVICES AND HOLDINGS#48Alpha Bank successfully concluded the 2021 EU-wise stress test Stress Test results performed by ECB 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 RWAs2 (in Euro million) 45,347 45,403 3,753 44,733 CET1 transitional (%) 17.1% 2.4% 17.4% 8.4% CET1 fully loaded (%) Leverage Ratio (fully loaded) 14.6% 10.7% 17.3% 8.3% 13.0% 6.1% Stress Test results pro forma Share Capital Increase conducted in July 20211 31/12/2020 31/12/2020 - 31/12/2023 Starting point CET1 (in Euro million) 7,730 RWAs2 (in Euro million) 45,347 CET1 transitional (%) 17.1% CET1 fully loaded (%) 14.6% Leverage Ratio (fully loaded) 10.7% 31/12/2023 31/12/2023 IFRS 9 impact Baseline Adverse 8,740 4,636 45,590 45,048 2.4% 19.2% 10.3% 19.1% 10.2% 14.4% 7.6% 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 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 48 ALPHA SERVICES AND HOLDINGS#49EU-wide stress tests results overview Historical stress test CET1 FL (1) Adverse Scenario, % 2021 stress test CET1 FL (1) Adverse scenario, % 8.1% -0.8% 2014 2.1% Alpha Bank Greek Peers Average 9.7% 8.3% 6.5% 6.8% -0.4% 2015 2018 2021 8.3% 7.6% 6.5% 6.4% Alpha Bank Peer 1 Peer 2 Peer 3 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 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. 49 ALPHA SERVICES AND HOLDINGS#50Corporate structure: minimal differences with figures expected to converge Balance Sheet¹ (€ bn) Alpha Services and Holdings Group Alpha Bank Comments on current delta Group Capital¹ (%) Cash 10.1 10.1 CET1 ratio Due from banks 3.3 3.3 Securities 10.4 9.7 Net loans 37.5 37.3 Net balances of unsecured NPE consumer loans that will be part of upcoming NPE sales (Project Orbit) Alpha Life (insurance) securities portfolio & mezzanine / junior Galaxy notes Tier 1 ratio CAD ratio RWAS (€ bn) Alpha Services and Holdings Group Alpha Bank Group2 14.8% 13.7% 14.8% 13.7% 17.4% 16.4% 38.4 37.9 PPE 0.8 0.8 DTA 5.3 5.3 The difference between the consolidated ratios of Alpha Bank Group and of Alpha Services and Holdings Group is mainly due to: Other 3.9 3.8 Total Assets 71.1 70.2 i. the cash reserves of the Alpha Services Holdings Group which are deposited to the Bank and Due to banks 14.3 14.3 I Deposits 45.0 45.3 Alpha Services & Holdings' cash reserves are kept as deposits in the Bank Debt securities 1.7 1.7 Other I 3.4 2.7 " Insurance mathematical reserves of Alpha Life Alpha Services & Holdings' tax liabilities from H1 2020 income 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 ii. Total Liabilities 64.4 64.1 Total Equity 6.7 6.2 Mainly due to cash reserves of Alpha Services & Holdings and unsecured NPEs consumer loans Total Liabilities and Equity 71.1 70.2 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 50 Services and Holdings Group and €0.8 billion share capital increase of Alpha Services and Holdings Group which was completed on 8 July 2021. ALPHA SERVICES AND HOLDINGS#51Company structure and resolution strategy New organisational structure (1) Operating entity Holding Alpha Services and Holdings S.A. (2) ("Former" Alpha Bank S.A.) 100% Issuer of own funds (CET1, AT1 and T2) "New" Alpha Bank S.A. Issuer of funding and MREL instruments Capital MREL/Funding ■ 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 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 51 ALPHA SERVICES AND HOLDINGS#52大 Alpha Bank Pages 3 Business update • Financial Performance Analysis 9 • Appendix Macroeconomic Update 20 P&L 24 Volumes 29 ☐ Asset Quality 37 Capital 43 ☐ ESG Segment information 52 54 52 ALPHA SERVICES AND HOLDINGS#53Alpha Bank's sustainability journey SUSTAINABLE DEVELOPMENT Alpha Bank significantly contributes to 9 SDGs GOALS UNEP PRINCIPLES FOR FINANCE RESPONSIBLE INITIATIVE BANKING Alpha Bank, signed (August 2019) the six Principles for Responsible Banking (PRB) and set targets for the implementation of the Principles of Responsible Banking Alpha Bank demonstrates a positive trend in ESG scores and evaluations by international analysts ECB GUIDE on climate related and Environmental Risks 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. MSCI ESG Rating (scale CCC-AAA) FTSE4Good Emerging Index ISS ESG Quality Score (score 1-10, 1 indicates lower risk and better disclosure) Vigeo Eiris Best Emerging Market Performers Climate Change CDP Bloomberg Gender Equality Index Athex ESG Index 2015 2016 B B 2017 BB 2018 2019 2020 2021 BBB A AA Not scored yet Environment: 1 Environment: 2 Social: 2 Governance: 8 November 2018 Environment: 1 Environment: 1 Social: 2 Social: 2 Governance: 9 Governance: 4 October 2019 December 2020 Social: 2 Governance: 5 July 2021 Not scored yet Awareness/C Management/B- Awareness/C Awareness/C Not scored yet (Index 2019) (Index 2020) (Index 2021) Not scored yet (Index 2022) Memberships in Associations & Organisations INITIATIVE FINANCE UNEP CSRⓇ HELLAS SP ΕΛΛΗΝΙΚΗ ΕΝΩΣΗ ΤΡΑΠΕΖΩΝ EBF Europ opean Federan - - - - - - - - - - - - - - --- --- - - - - - - - - - - - - - - - - - Global Sustain People | Planet | Profit PRI Principles for Responsible. Investment 53 ALPHA SERVICES AND HOLDINGS#54大 Alpha Bank Business update Pages 3 • Financial Performance Analysis 9 • Appendix Macroeconomic Update 20 P&L 24 Volumes 222 Asset Quality Capital ■ ESG ☐ Segment information 54 ALPHA 29 37 43 52 54 SERVICES AND HOLDINGS#55SEE Operations € mn Jun-21 A% A% A% A% 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| Country View 55 ALPHA SERVICES AND HOLDINGS#56Group Results by Business Unit Investment Commercial & Retail SE Europe Corporate (€ mn) Banking & Treasury Asset Management Other 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 Trading & Other 12.7 6.8 (26.3) (0.6) 5.1 8.8 101.7 215.2 7.1 1.6 (0.0) (0.1) (2,115.3) (1.7) 189.7 166.7 (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) 1 Expenses for VSS (97.7) (80.6) (75.9) (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 56 ALPHA SERVICES AND HOLDINGS#57Results: Retail Business Unit (€ mn) Operating Income Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 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 57 ALPHA SERVICES AND HOLDINGS#58Results: Commercial & Corporate Business Unit (€ mn) Operating Income Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 146.4 135.8 156.8 149.4 158.4 Net Interest Income 126.9 130.1 131.7 127.4 133.5 Net fee and Commission Income 25.6 25.9 27.6 28.0 24.1 Trading & Other (6.1) (20.2) (2.5) (6.0) 0.8 Operating Expenses (41.1) (40.1) (44.2) (42.5) (40.5) Staff Costs (15.5) (16.5) (19.1) (18.7) (18.0) General Administrative Expenses (18.6) (15.6) (16.8) (15.9) (15.3) Depreciation and Amortisation (6.9) (8.0) (8.2) (7.9) (7.1) Impairment losses on Loans 32.3 (15.7) 27.4 (39.9) (113.5) Other Impairment Losses 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 58 ALPHA SERVICES AND HOLDINGS#59Results: Asset Management Business Unit (€ mn) Operating Income Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 23.9 22.9 25.0 11.9 14.0 Net Interest Income 3.4 2.5 3.5 3.7 4.1 Net fee and Commission Income 17.6 16.2 14.8 12.0 10.2 Trading & Other 29 2.9 4.3 6.7 (3.8) (0.2) Operating Expenses (9.0) (9.7) (10.8) (9.9) (8.4) Staff Costs (4.8) (5.1) (5.4) (5.6) (4.5) General Administrative Expenses (3.0) (3.3) (4.1) (3.2) (2.9) Depreciation and Amortisation (1.2) (1.3) (1.3) (1.0) (1.1) 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) Profit (Loss) before tax 13.8 13.1 14.1 1.3 5.5 RWA e 353 347 339 338 347 59 ALPHA SERVICES AND HOLDINGS#60Results: Investment Banking & Treasury Business Unit (€ mn) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Operating Income 90.3 155.0 406.4 77.8 174.1 Net Interest Income 57.6 71.6 38.6 40.9 38.9 Net fee and Commission Income 8.7 5.6 5.1 4.6 7.9 Trading & Other 24.0 77.8 362.6 32.3 127.3 Operating Expenses (7.9) (8.3) (7.8) (8.1) (7.1) Staff Costs (3.1) (2.9) (3.8) (3.5) (3.0) General Administrative Expenses (3.7) (4.3) (2.9) (3.5) (3.2) Depreciation and Amortisation (1.1) (1.1) (1.1) (1.1) (0.9) Impairment losses on Loans 0.5 95 (1.0) (0.6) (1.9) 1.8 Other Impairment Losses (8.0) (5.5) 1.7 (1.5) (3.6) Profit (Loss) before tax 74.9 140.2 399.8 66.3 165.2 RWA e 6,269 6,079 6,059 5,911 5,792 60 ALPHA SERVICES AND HOLDINGS#61Results: SE Europe Business Unit (€ mn) Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Operating Income 56.7 58.6 64.2 63.9 61.8 Net Interest Income 45.3 46.0 50.1 50.3 49.3 Net fee and Commission Income 10.3 8.7 8.5 8.8 8.0 Trading & Other 1.1 4.0 5.6 4.8 4.6 Operating Expenses (49.6) (54.8) (90.7) (52.7) (51.8) Staff Costs (22.0) (21.5) (23.7) (23.2) (23.0) General Administrative Expenses (21.4) (26.1) (35.9) (23.6) (22.3) Depreciation and Amortisation (6.3) (7.2) (4.9) (5.9) (6.5) 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 61 ALPHA SERVICES AND HOLDINGS#62Results: Other Business Unit (€ mn) Operating Income Net Interest Income Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 (2,113.8) (0.6) 13.2 17.2 (1.6) 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) Operating Expenses (21.4) (161.3) (64.8) (13.7) (14.4) Staff Costs (7.3) (1.8) (26.7) (1.5) (1.8) General Administrative Expenses (12.0) (59.5) (28.9) (9.8) (10.1) Depreciation and Amortisation (2.2) (2.3) (9.2) (2.4) (2.5) 1 Expenses for VSS (97.7) Impairment losses on Loans (0.5) (0.0) ..... 0.1 0.0 00 (0.0) Other Impairment Losses Profit (Loss) before tax RWA e (2,135.8) (161.9) (51.5) 3.5 (15.9) 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 62 ALPHA SERVICES AND HOLDINGS#63Glossary (1/3) APM Accumulated Provisions and FV adjustments Impairment losses on loans "Income from financial operations" or "Trading Income" Core Operating Income Core Pre-Provision Income Cost of Risk Deposits Extraordinary costs Fair Value adjustments Fully-Loaded Common Equity Tier 1 ratio Gross Loans Loan to Deposit ratio Net Interest Margin Net Loans Non Performing Exposures Collateral Coverage Non Performing Exposure Coverage Non Performing Exposure ratio Definitions 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. The 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 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. 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. Core Operating Income for the period less Recurring Operating Expenses for the period. Impairment 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. The figure equals "Due to customers" as derived from the Consolidated Balance Sheet of the reported period. The figure equals the management adjustments on operating expenses. The item corresponds to the accumulated Fair Value adjustments for non-performing exposures measured at Fair Value Through P&L (FVTPL). Common Equity Tier 1 regulatory capital as defined by Regulation No 575/2013 (Full implementation of Basel 3), divided by total Risk Weighted Assets (RW As) 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. Net Loans divided by Deposits at the end of the reported period. 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. The figure equals "Loans and advances to customers" as derived from the Consolidated Balance Sheet of the reported period. Value of the NPE collateral divided by NPEs at the end of the reference period. Accumulated Provisions and FV adjustments divided by NPEs at the end of the reference period. NPEs divided by Gross Loans at the end of the reference period. Standard banking terminology Relevance of the metric Reference number Abbreviation 1 LLR Standard banking terminology Standard banking terminology 10 LLP 3 Profitability metric Profitability metric Asset quality metric Standard banking terminology Standard banking terminology Standard banking terminology Regulatory metric of capital strength Standard banking terminology 5=4-3 5-7 Core PPI 10/9 (avg) COR 8 2 FV adj. FL CET 1 ratio Liquidity metric Profitability metric Standard banking terminology 9/8 LDR or L/D ratio NIM 9 Asset quality metric Asset quality metric Asset quality metric 13 NPE collateral Coverage NPE (cash) 14=1/12 12/2 coverage NPE ratio 63 ALPHA SERVICES AND HOLDINGS#64Glossary (2/3) APM Non Performing Exposure Total Coverage Non Performing Exposures Non Performing Loan Collateral Coverage Definitions 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. 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. Value of collateral received for Non Performing Loans divided by NPLs at the end of the reference period. Non Performing Loan Coverage Accumulated Provisions and FV adjustments divided by NPLs at the end of the reference period. Non Performing Loan ratio NPLs divided by Gross Loans at the end of the reference period. Non Performing Loan Total Coverage Non Performing Loans Normalized Profit after (Income) Tax 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. Non Performing Loans are Gross loans that are more than 90 days past-due. 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. Relevance of the metric Reference Abbreviation number Asset quality metric 13+14 NPE Total coverage Asset quality metric 12 NPES Asset quality metric Asset quality metric Asset quality metric Asset quality metric Asset quality metric 16 17=1/15 NPL collateral Coverage NPL (cash) Coverage 15/2 NPL ratio 16+17 15 NPL Total Coverage NPLs Profitability metric Normalised PAT 64 ALPHA SERVICES AND HOLDINGS#65Glossary (3/3) APM Definitions Relevance of the metric Reference number Abbreviation Operating Income Other impairment losses Other 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. The figure equals "Impairment losses on other financial instruments" as derived for the Consolidated Financial Statements of the reported period. This 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. Operating Income for the period less Total Operating Expenses for the period Recurring Operating Expenses for the period divided by Core Operating Income for the period. Standard banking terminology Standard banking terminology Standard banking terminology Profitability metric 4 Pre-Provision Income Recurring Cost to Income ratio Recurring Operating Expenses Securities Shareholders' Equity Tangible Book Value (or Tangible Equity) Tangible Book Value (or Tangible Equity) per share Total Assets Total 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. This item corresponds to the sum of "Investment securities" and "Trading securities", as defined in the Consolidated Balance Sheet of the reported period. This 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. 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. Tangible Book Value (or Tangible Equity) divided by the outstanding number of shares. The 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. 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. 4-6 PPI Efficiency metric 7/5 C/I ratio Efficiency metric 7 Recurring OPEX Standard banking terminology Standard banking terminology Standard banking terminology Valuation metric Standard banking terminology Standard banking terminology TBV or TE TBV/share 11 TA 6 Total OPEX 65 ALPHA SERVICES AND HOLDINGS#66Alpha Bank Contacts Lazaros Papagaryfallou General Manager - CFO +30 210 326 2261 [email protected] Dimitrios Kostopoulos Manager Investor Relations Division +30 210 326 2271 [email protected] Investor Relations Division 40 Stadiou Street, 102 52, Athens +30 210 326 2271 +30 210 326 2277 [email protected] Elena Katopodi Deputy Manager Senior Investor Relations Division +30 210 326 2272 [email protected] Stella Traka Selini Milioni Investor Relations Officer +30 210 326 2274 [email protected] Senior Investor Relations Officer +30 210 326 2273 [email protected] Internet Reuters Bloomberg : www.alphaholdings.gr : ACBr.AT (shares) : ALPHA GA (shares) Alpha Bank Depository Receipts (ADRs) : ALBKY.PK Reuters Bloomberg : ALBKY US 66 ALPHA SERVICES AND HOLDINGS