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Investor Presentaiton

-0.5 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Improved market sentiment and solid growth dynamics GGB spreads and ASE index improve; one notch below investment grade Economic activity and business sentiment 17.5 75 3.0 1600 15.0 70 12.5 1400 2.5 Fitch: BB+ 65 10.0 1200 7.5 60 2.0 5.0 55 S&P: BB+ 1000 2.5 1.5 0.0 50 800 -2.5 45 1.0 -5.0 600 40 -7.5 S&P: BB -10.0 0.5 35 400 -12.5 30 0.0 00 -15.0 200 -17.5 25 Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 -10-year Greek Government Bond spread vs. German 10-year Greek Government Bond spread vs. Italian ASE general index, rhs Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sources: Eurostat, S&P Global, Bloomberg, European Central Bank, European Commission, Alpha Bank Research calculations 0 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1 2020-Q2 2020-Q3 2020-Q4 2021-Q1 2021-Q2 2021-Q3 2021-Q4 2022-Q1 2022-Q2 2022-Q3 2022-Q4 2023-Q1 2023-Q2 GDP (yoy)- Euro area ESI*- Greece, rhs GDP (yoy)- Greece PMI**- Euro area, rhs ESI*- Euro area, rhs PMI** Greece, rhs (*) rescaled in order to have the same mean and standard deviation as the PMI, quarterly average (**) quarterly average 29 ALPHA SERVICES AND HOLDINGS
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