ALPHA BANK: Full Year 2018 Profit After Tax at Euro 53 million

Continued progress on Asset Quality with NPEs down by Euro 3.1 billion and NPLs down Euro 2.1 billion in Greece
y-o-y. In Q4 2018, NPE formation negative by Euro 0.5 billion.

– During 2018, the Bank successfully completed three transactions of NPE loan disposals totalling circa Euro 3 billion
on-balance sheet gross book value, corresponding to total claims of circa Euro 7 billion.

– Liquidity position continued to improve with Group deposits up by Euro 3.8 billion y-o-y, to Euro 38.7 billion at the end of
December 2018. Greek Deposits stable q-o-q at Euro 32.7 billion. Loan to Deposit ratio for the Group reduced further to
104% in December 2018 vs. 124% a year ago.

– Significant reduction in Eurosystem funding, down by Euro 6.8 billion y-o-y. In February 2019, ELA reliance was fully

– Strong capital position with Common Equity Tier 1 ratio (CET 1) at 17.4%; Tangible Book Value at Euro 7.7 billion.

– Net Interest Income at Euro 1,756 million, down 9.6% y-o-y, due to lower contribution from loans.

– Income from financial operations in Q4 2018 of Euro 64.3 million, primarily attributed to realisation of gains from our
Greek Government Bonds portfolio. Total income from financial operations for 2018 at Euro 462.7 million, up from
Euro 144.7 million a year ago.

– Pre-Provision Income at Euro 1.4 billion, up by 23.1% y-o-y supported by strong trading gains.

– Impairment losses on loans at Euro 1,614.9 million in 2018, materially affected by additional impairments recognised in
Q4 2018 to account for the Bank’s upsizing of its NPE sales’ perimeter for 2019, implying a Cost of Risk (CoR) of
296bps over gross loans for 2018 vs. an average CoR of 172bps for 2017.

– Profit/ (Loss) Before Tax at Euro (289.4) million for 2018. In 2018, Income Tax was positive at Euro 342.3 million,
mainly affected by the redefinition of the Bank’s tax base of loan impairments resulting in additional DTA recognition.
– Profit After Tax at Euro 53 million vs. Euro 21.1 million in 2017.

– For the next twelve months, Alpha Bank is accelerating the clean-up of its balance sheet by upsizing its designated
transactions perimeter to circa Euro 4.6 billion, according to the revised NPE Plan submission to SSM.

Alpha Bank’s CEO, Vassilios E. Psaltis stated:

“In the first set of financial results, that I present as Group CEO, we report a positive performance for 2018 which
coincides with the successful conclusion of the Bank’s Restructuring Plan, thus allowing us to regain our commercial
flexibility. Now, our priority is to take the next steps in accelerating our NPE workout, ensuring our preferred Bank status
in target segments and right-sizing our platform to deliver competitive services. Following a year that our Bank delivered
the seventh best performance in Europe in terms of NPL sales, we are upgrading our ambition to deliver a Euro 10.7
billion NPL and Euro 14.3 billion NPE reduction by 2021. These targets may be further improved following the
introduction of certain contemplated systemic solutions. Furthermore, we are embarking on a strategy formulation
process that would lead to our commitment to fresh financial targets as our transformation programme will unfold.”