Alpha Bank Q1 2021 Results Investor Presentation May 24th, 2021 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 Alpha Bank’s 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 banking industry in which it operates or is 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 banking industry in which Alpha Bank operates 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 Pages • Financial Performance Analysis 3 Alpha Bank • Appendix . ESG 14 . Asset Quality 16 . Capital 24 . Volumes 28 . P&L 36 3 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 the positive contribution on the Q1 21 Financial wholesale funding; NII benefited by €36mn in total in Q1 2021 from lower cost of financing from TLTRO of -1.00% for the period June 2020 to March 2021 Performance . Recurring OPEX amounted to €258mn in Q1 2021, down by -5.6% q-o-q on the back of lower Staff and G&A costs . Impairment losses stood at €391mn in Q1 21, out of which €317mn transaction related, with the majority of them supporting NPE portfolio sales in Cyprus . Total Capital ratio at 18.3% in March 2021 Commercial . Customer deposit inflows in Greece of €0.3bn in Q1 21, mainly from individuals activity . New disbursements in Greece of €1.1bn in Q1 21, providing significant support to the economy . Continued improvement in liquidity profile with Group LDR at 90% and LCR at 143% as of March 2021 Funding & . ECB funding increased to €12.9bn in March 2021 vs. €3.9bn last year with a significant positive contribution on the Net Interest Liquidity Income from the benefit of -1.00% TLTRO cost . Flattish organic NPE formation in Q1 21 Asset Quality . Alpha Bank’s NPE and NPL ratio2 in Greece pro-forma for Galaxy are reduced to 24% and 13% respectively as of March 2021 . Group NPE cash coverage pro-forma for Galaxy increased to 53% and Group NPL coverage to 87% in March 2021 1| Q1 21 Core PPI includes €25mn TLTRO benefit not accrued in H2 20. 2| including senior notes on the ratio basis. 4 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 Trading Restructuring Other Q1 21 1 Q4 20 Q1 21 Q4 20 Q1 21 Core PPI Core PPI gains charges2 one-off Reported costs 3 PPI o/w 58 branches …and lower Opex Lower Staff costs Reduced G&As in 2020 EUR mn EUR mn EUR mn Greece Dec-18 Mar-21 Δ C/I 57% 52% -€7mn -€11mn -€15mn 274 114 120 Branches 443 328 -115 109 258 106 Employees 7,793 6,319 -1,474 Q4 20 Q1 21 Q4 20 Q1 21 Q4 20 Q1 21 1| Q1 21 Core PPI includes €25mn TLTRO benefit not accrued in H2 20. 2| Restructuring charges mainly include €97mn VSS cost and €19mn infrastructure to be replaced or obsolete. 3| Other one-offs mainly 5 include €27mn Goodwill and intangible assets impairment. 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 89 (5.5%) Securities 10.0 10.1 9.1 1.0 Trading Income 61 430 (86%) 61 84 (27%) Cash & CB 8.0 7.5 3.7 4.2 Other Income 11 5 … 11 10 …