Investor Presentaiton

5% 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

View entire presentation