Alpha Bank A E : First Quarter 2022

Alpha Bank

Q1 2022 Results

Investor Presentation

26th May 2022

Disclaimer

Systemic bank established in

1879

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

institution under the former name "Alpha Bank S.A." (which has been already renamed "Alpha Services and Holdings S.A.") was completed by way of hive-down of the banking business sector with the incorporation of a new company - credit institution under the name "Alpha Bank S.A.". References to "Alpha Bank" shall be construed to be references to Alpha Services and Holdings S.A., except to the extent otherwise specified or the context otherwise required, i.e. references to the entity acting as a credit institution shall be deemed to refer to (i) the former Alpha Bank (already renamed Alpha Services and Holding S.A.) prior to 16.04.2021 and to (ii) the new "Alpha Bank S.A." on and after 16.04.2021.

For the purposes of this disclaimer, this presentation shall mean and include materials, including and together with any oral commentary or presentation and any question and answer session. By attending a meeting at which the presentation is made, or otherwise viewing or accessing the presentation, whether live or recorded, you will be deemed to have agreed to the following restrictions and acknowledged that you understand the legal and regulatory sanctions attached to the misuse, disclosure or improper circulation of the presentation or any information contained herein. By reading this presentation, you agree to be bound by the following limitations:

No representation or warranty, express or implied, is or will be made in relation to, and no responsibility is or will be accepted by Alpha Services and Holdings (or any member of its Group as to the accuracy, fairness, completeness, reliability or sufficiency of the information contained in this presentation and nothing in this presentation shall be deemed to constitute such a representation or warranty. The information contained in this presentation may contain and/or be based on information that has been derived from publicly available sources that have not been independently verified. Alpha Services and Holdings is not under any obligation to update, revise or supplement this presentation or any additional information or to remedy any inaccuracies in or omissions from this presentation.

This presentation does not constitute an offer, invitation or recommendation to subscribe for or otherwise acquire securities. Also, it is not intended to be relied upon as advice to investors or potential investors and does not take into account the objectives, financial situation or needs of any particular investor. You are solely responsible for forming own opinion and conclusion.

Certain statements in this presentation may be deemed to be "forward-looking". You should not place undue reliance on such forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. Forward-looking statements are not guarantees of future performance, and the actual results, performance, achievements or industry results of Alpha Services and Holdings and/or Alpha Bank's operations, results of operations, financial position and the development of the markets and the industry in which they operate or are likely to operate may differ materially from those described in, or suggested by, the forward-looking statements contained in this presentation. In addition, even if the operations, results of operations, financial position and the development of the markets and the industry in which Alpha Services and Holdings and Alpha Bank operate is consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or implied by the forward-looking statements including, without limitation, general economic and business conditions, competition, changes in banking regulation and currency fluctuations.

Forward-looking statements may, and often do, differ materially from actual results. Any forward-looking statements in this document reflect Alpha Services and Holdings' current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to Alpha Services and Holdings and/or Alpha Bank's financial position, operations, results of operations, growth, strategy and expectations. Any forward-looking statement speaks only as of the date on which it is made. New factors will emerge in the future, and it is not possible for Alpha Services and Holdings to predict which factors they will be. In addition, Alpha Services and Holdings cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those described in any forward looking statements. Alpha Services and Holdings disclaims any obligation to update any forward-looking statements contained herein, except as required pursuant to applicable law.

About Alpha Services and Holdings

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

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

Alpha Bank S.A. is 100% subsidiary of Alpha Services and Holdings S.A. and one of the leading Groups of the financial sector in Greece which was founded in 1879 by J.F. Costopoulos. The Bank offers a wide range of high- quality financial products and services, including retail banking, SMEs and corporate banking, asset management and private banking, the distribution of insurance products, investment banking, brokerage and real estate management.

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

2

Alpha Bank

• Business update
• Financial Performance Analysis
• Appendix
• • Macroeconomic Update
  • P&L
  • Volumes
  • Asset Quality
  • Capital
  • ESG
  • Segment information

Pages

3

12

25

30

35

46

54

59

63

3

Expansion in Greece expected in 2022-2023 supported by solid fundamentals

A growth premium ahead: Greece's economic growth is expected to outpace EU average in 2022-2023

8.3%

5.4%

3.5%	2.7%	3.1%
	2.3%

Gains in employment (unemployment rate fell by 3pps to 12.2%1 within a

• year), which are expected to support private consumption
• High level of savings for both households and companies since the start of the Covid-19 pandemic (system deposits +€16.2bn in 2021)
• Redistribution of supply chains to benefit Greek economy

-5.9%
-9.0%				Greece	EU-27
2020	2021	2022f	2023f

• Strong support to economy by high-end tourists (50% of supply 5*&4* hotels), less price sensitivity and resilient to rising inflation
  Significantly stronger banking sector which played an important role in
• mitigating economic impact of the Covid-19 pandemic on households and companies
  A large benefit from the EU recovery & resiliency fund with close to 17%
• of Greek GDP to be deployed

Source: European Commission Spring 2022 Economic Forecasts. 1. As of March 2022

4

Inflation to impact households' disposable income; losses mitigated by fiscal support measures

12%

8%

4%

0%

-4%

-8%

-12%

% change unless otherwise stated

* for 2022, 4-month average

2016

2017

2018

2019

2020

2021

2022f

2023f

Primary balance (% GDP) Nominal gross disposable income HICP inflation

Food including alcohol and tobacco (HICP)*

Overall HICP index excluding energy, food, alcohol and tobacco* HICP (average 4m 2022)*

Energy (HICP)*, rhs

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

-40%

-50%

• Strong fiscal impetus underpins households' disposable income against pandemic-related effects and energy-related inflationary pressures.

Elements of disposable income dynamics:

• o Subsidies
  o Lower taxation
  o Minimum wage adjustment o Employment gains
  o Excess savings
• Greece's primary deficit reached 5% in 2021, reflecting mainly the pandemic-related emergency and support measures still in place.

Primary deficit of 1.9% of GDP is expected in 2022, mainly due to the

• temporary measures taken in response to soaring energy costs, while the return to primary surplus is expected for 2023.

Sources: ELSTAT, European Commission Spring 2022 Economic Forecasts	5