Alpha Trust-Andromeda Investment Trust S.A.

Annual / Quarterly Financial Statement • Sep 22, 2015

INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 31.3.2011

(In accordance with the International Accounting Standard 34)

Interim Consolidated Income Statement 3
Interim Consolidated Balance Sheet 4
Interim Consolidated Statement of Comprehensive Income 5
Interim Consolidated Statement of Changes in Equity 6
Interim Consolidated Statement of Cash Flows 8
Notes to the Interim Consolidated Financial Statements
General Information 9
Αccounting policies applied
1 Basis of presentation 11
Income Statement
2 Staff costs 12
3 Impairment losses and provisions to cover credit risk 12
4 Income tax 12
5 Earnings / (losses) per share 14
Assets
6 Loans and advances to customers 15
7 Investment securities 16
8 Investment property 17
9 Property, plant and equipment 18
10 Goodwill and other intangible assets 19
Liabilities
11 Due to banks 20
12 Debt securities in issue and other borrowed funds 20
13 Provisions 21
Equity
14 Share capital and Retained Earnings 23
Additional Information
15 Contingent liabilities and commitments 24
16 Group consolidated companies 27
17 Operating segment reporting 29
18 Capital adequacy 30
19 Related party transactions 30
20 Corporate events 31
21 Restatement of prior year balances 32
22 Events after the balance sheet date 32

Interim Consolidated Income Statement

			(Thousands of Euro)
		From 1 January to
	Note	31.3.2011	31.3.2010
Interest and similar income		879,970	857,556
Interest expense and similar charges		(450,567)	(401,785)
Net interest income		429,403	455,771
Fee and commission income		85,181	93,463
Commission expense		(15,277)	(10,441)
Net fee and commission income		69,904	83,022
Dividend income		2,456	312
Gains less losses on financial transactions		35,879	828
Other income		14,001	14,110
		52,336	15,250
Total income		551,643	554,043
Staff costs	2	(133,524)	(143,265)
General administrative expenses		(116,206)	(121,498)
Depreciation and amortization expenses	8, 9, 10	(23,475)	(22,453)
Other expenses		(682)	317
Total expenses		(273,887)	(286,899)
Impairment losses and provisions to cover credit risk	3	(260,287)	(199,970)
Share of profit / (loss) of associates		398	(1,384)
Profit before income tax		17,867	65,790
Income tax	4	(7,330)	(14,238)
		10,537	51,552
Extraordinary tax (Law 3845/2010)	4		(61,879)
Profit/(loss) after income and extraordinary tax		10,537	(10,327)
Profit /(loss) attributable to:
Equity owners of the Bank		10,475	(10,441)
Non-controlling interests		62	114
Earnings /(losses) per share:
Basic and diluted (€ per share)	5	(0.02)	(0.06)

Interim Consolidated Balance Sheet

			(Thousands of Euro)
	Note	31.3.2011	31.12.2010
ASSETS
Cash and balances with Central Banks		3,564,988	4,124,283
Due from banks		1,850,376	2,397,664
Securities held for trading		57,058	41,268
Derivative financial assets		409,383	441,082
Loans and advances to customers	6	48,354,925	49,304,745
Investment securities
-Available for sale	7	1,776,770	2,375,964
-Held to maturity	7	5,141,909	5,282,498
Investments in associates		50,080	49,617
Investment property	8	71,541	71,729
Property, plant and equipment	9	1,233,927	1,240,658
Goodwill and other intangible assets	10	191,568	193,191
Deferred tax assets		387,287	427,554
Other assets		686,993	666,984
		63,776,805	66,617,237
Non-current assets held for sale		180,319	181,078
Total Assets		63,957,124	66,798,315
LIABILITIES
Due to banks	11	14,903,706	16,461,381
Derivative financial liabilities		996,981	1,105,433
Due to customers (including debt securities in issue)		37,600,003	38,292,501
Debt securities in issue held by institutional investors and other borrowed funds	12	3,161,569	3,561,188
Liabilities for current income tax and other taxes		71,145	136,520
Deferred tax liabilities		247,861	263,510
Employee defined benefit obligations		53,023	52,592
Other liabilities		996,371	1,058,511
Provisions	13	83,824	82,745
Total Liabilities		58,114,483	61,014,381
EQUITY
Equity attributable to equity owners of the Bank
Share capital	14	3,451,067	3,451,067
Share premium		406,867	406,867
Reserves		178,942	104,441
Retained earnings	14	1,234,094	1,248,496
		5,270,970	5,210,871
Non-controlling interests		13,280	13,413
Hybrid securities		558,391	559,650
Total Equity		5,842,641	5,783,934
Total Liabilities and Equity		63,957,124	66,798,315

Interim Consolidated Statement of Comprehensive Income

			(Thousands of Euro)
		From 1 January to
	Note	31.3.2011	31.3.2010
Profit / (loss) after income tax, recognized in the income statement		10,537	(10,327)
Other comprehensive income recognized directly in Equity:
Change in available for sale securities' reserve		93,923	(27,397)
Change in cash flow hedge reserve		2,344	(29,197)
Exchange differences on translating and hedging the net investment in foreign
operations	21	5,185	12,276
Income tax	4	(27,073)	15,682
Total other comprehensive income recognized directly in Equity, after income
tax	4	74,379	(28,636)
Total comprehensive income for the period, after income tax		84,916	(38,963)
Total comprehensive income for the period attributable to:
Equity owners of the Bank		84,830	(39,286)
Non-controlling interests		86	323

Interim Consolidated Statements of Changes in Equity

									(Thousands of Euro)
	Note	Share capital	Share premium	Reserves	Retained earnings	Total	Non controlling interests	Hybrid securities	Total
Balance 1.1.2010		3,451,067	406,867	239,253	1,274,961	5,372,148	17,424	583,787	5,973,359
Changes for the period 1.1 - 31.3.2010
Profit/(loss) for the period, after income and extraordinary tax					(10,441)	(10,441)	114		(10,327)
Other comprehensive income, after income tax, recognized directly in Equity				(28,845)		(28,845)	209		(28,636)
Total comprehensive income for the period, after income tax				(28,845)	(10,441)	(39,286)	323		(38,963)
Expenses relating to the share capital increase, after income tax					(607)	(607)			(607)
Purchases/sales and change of ownership interests in subsidiaries					(21)	(21)	(286)		(307)
Purchases/sales of hybrid securities, after income tax					594	594		(1,517)	(923)
Dividends paid to hybrid securities owners					(21,339)	(21,339)			(21,339)
Other				(43)	446	403			403
Balance 31.3.2010		3,451,067	406,867	210,365	1,243,593	5,311,892	17,461	582,270	5,911,623
Changes for the period 1.4 - 31.12.2010
Profit for the period, after income and extraordinary tax					96,090	96,090	276		96,366
Other comprehensive income, after income tax, recognized directly in Equity				(126,796)		(126,796)	248		(126,548)
Total comprehensive income for the period, after income tax				(126,796)	96,090	(30,706)	524		(30,182)
Purchases / sales and change of ownership interests in subsidiaries					(11,220)	(11,220)	(4,242)		(15,462)
Purchases / redemptions, sales of hybrid securities, after income tax					5,721	5,721		(22,620)	(16,899)
Dividend paid for preference shares					(57,945)	(57,945)			(57,945)
Dividends distributed to non controlling interests							(330)		(330)
Dividends paid to hybrid securities owners					(6,834)	(6,834)			(6,834)
Appropriation to reserves				20,829	(20,829)
Other				43	(80)	(37)			(37)
Balance 31.12.2010		3,451,067	406,867	104,441	1,248,496	5,210,871	13,413	559,650	5,783,934

(Thousands of Euro)

Balance 1.1.2011 Changes for the period 1.1 - 31.3.2011 Profit for the period, after income tax Other comprehensive income, after income tax, recognized directly in Equity Total comprehensive income for the period, after income tax Purchases / sales and change of ownership interests in subsidiaries Purchases / sales of hybrid securities, after income tax Dividends paid to hybrid securities owners Appropriation to reserves Balance 31.3.2011	3,451,067	406,867	104,441 74,355	1,248,496 10,475	5,210,871 10,475	13,413 62	559,650	5,783,934
								10,537
					74,355	24		74,379
			74,355	10,475	84,830	86		84,916
				(25)	(25)	(219)		(244)
				614	614		(1,259)	(645)
				(25,320)	(25,320)			(25,320)
			146	(146)
	3,451,067	406,867	178,942	1,234,094	5,270,970	13,280	558,391	5,842,641

Interim Consolidated Statement of Cash Flows

			(Thousands of Euro)
		From 1 January to
	Note	31.3.2011	31.3.2010
Cash flows from operating activities
Profit before income tax		17,867	65,790
Adjustments for:
Depreciation of fixed assets	8, 9	15,568	16,024
Amortization of intangible assets	10	7,907	6,429
Impairment losses from loans and provisions		267,008	205,484
(Gains) / losses from investing activities		52,996	(12,977)
(Gains) / losses from financing activities		(129,285)	18,332
Share of (profit) / loss from associates		(398)	1,384
		231,663	300,466
Net (increase) / decrease in assets relating to operating activities:
Due from banks		433,998	(96,647)
Securities held for trading and derivative financial assets		15,909	(169,743)
Loans and advances to customers		687,994	(434,020)
Other assets		(20,009)	10,287
Net increase / (decrease) in liabilities relating to operating activities:
Due to banks		(1,557,675)	921,241
Derivative financial liabilities		(106,110)	172,276
Due to customers		(803,452)	(2,162,413)
Other liabilities		(90,444)	65,344
Net cash flows from operating activities before taxes		(1,208,126)	(1,393,209)
Income taxes and other taxes paid		(78,336)	(59,094)
Net cash flows from operating activities		(1,286,462)	(1,452,303)
Investment in subsidiaries and associates		(244)	(312)
Dividends received		2,455	312
Purchases of fixed and intangible assets		(15,237)	(19,519)
Disposals of fixed and intangible assets		3,240	8,853
Net (increase)/decrease in investment securities		779,889	(2,083,769)
Net cash flows from investing activities		770,103	(2,094,435)
Cash flows from financing activities
Expenses relating to the share capital increase			(799)
Dividends paid		(166)
Repayment of debt securities		(159,448)	(5,443)
(Purchases) / sales of hybrid securities		(966)	(738)
Dividends paid to hybrid securities owners		(25,320)	(21,339)
Net cash flows from financing activities		(185,900)	(28,319)
Effect of exchange rate fluctuations on cash and cash equivalents		29,051	11,735
Net increase / (decrease) in cash and cash equivalents		(673,208)	(3,563,322)
Cash and cash equivalents at the beginning of the period		3,151,288	6,187,182
Cash and cash equivalents at the end of the period		2,478,080	2,623,860

Notes to the Interim Consolidated Financial Statements

GENERAL INFORMATION

The Alpha Bank Group, which includes companies in Greece and abroad, offers the following services: corporate and retail banking, financial services, investment banking and brokerage services, insurance services, real estate management, hotel activities.

The parent company of the Group is ALPHA BANK A.E. which operates under the brand name of ALPHA BANK. The Bank's registered office is 40, Stadiou Street, Athens and it is listed as a societe anonyme with registration number 6066/06/B/86/05. The Bank's duration is until 2100 which can be extended by the General Meeting of Shareholders.

In accordance with article 4 of the Articles of Incorporation, the Bank's objective is to engage, for its own account or on behalf of third parties, in Greece and abroad, independently or collectively, including joint ventures with third parties,

CHAIRMAN (Executive Member)

Yannis S. Costopoulos

VICE CHAIRMAN (Non-Executive Independent Member) Minas G. Tanes ***

EXECUTIVE MEMBERS

MANAGING DIRECTOR

Demetrios P. Mantzounis

EXECUTIVE DIRECTORS AND GENERAL MANAGERS

Spyros N. Filaretos (COO) *** Artemis Ch. Theodoridis George C. Aronis (from 22.3.2011)

NON-EXECUTIVE MEMBERS

Sophia G. Eleftheroudaki Paul G. Karakostas * Nicholaos I. Manessis ** Ioanna E. Papadopoulou

NON-EXECUTIVE INDEPENDENT MEMBERS

George E. Agouridis * Pavlos A. Apostolides ** Thanos M. Veremis Evangelos J. Kaloussis */*** Ioannis K. Lyras **

* Member of the Audit Committee

** Member of the Remuneration Committee

*** Member of the Risk Management Committee

in any and all (main and secondary) operations, activities, transactions and services allowed to credit institutions, in conformity with whatever rules and regulations (domestic, community, foreign) may be in force each time. In order to serve this objective, the Bank may perform any kind of action, operation or transaction which, directly or indirectly, is pertinent, complementary or auxiliary to the purposes mentioned above.

Based on the decision of the Ordinary General Meeting of Shareholders, held on 22.6.2010, the tenure of the members of the Bank's Board of Directors expires 2014.

The Board of Directors as at 31.3.2011, according to the minutes of its meeting held on 22.3.2011, consists of:

NON-EXECUTIVE MEMBER

(in accordance with the requirements of Law 3723/2008)

Sarantis – Evangelos G. Lolos

SECRETARY

Hector P. Verykios

The Board of Directors will propose to the Ordinary General Meeting of Shareholders to appoint as certified auditors of the 2011 semi-annual and annual financial statements the company KPMG Certified Auditors A.E.

The Bank's shares have been listed in the Athens Stock Exchange since 1925. As at March 31, 2011 Alpha Bank was ranked sixth in terms of market capitalization. Additionally, the Bank's share is included in a series of international indices, such as S&P Europe 350, FTSE Med 100, MSCI Europe, DJ Euro Stoxx and FTSE4Good.

Apart from the Greek listing, the shares of the Bank are listed in the London Stock Exchange in the form of international certificates (GDRs) and they are traded over the counter in New York (ADRs).

As at March 31, 2011 the Bank has 534,269,648 ordinary and 200,000,000 preference shares in issue.

During the first quarter of 2011 an average of 2,806,473 shares have been traded daily.

The credit rating of the Bank performed by three international credit rating agencies is as follows:

• Moody's: Ba3
• Fitch Ratings: BB+ (from 23.5.2011: B+)
• Standard & Poor's: B+ (from 11.5.2011: B)

The financial statements were approved by the Board of Directors on May 24, 2011.

ACCOUNTING POLICIES APPLIED

1. Basis of presentation

The Group has prepared the condensed interim financial statements as at 31.3.2011 in accordance with International Accounting Standard (IAS) 34, Interim Financial Reporting.

The financial statements have been prepared on the historical cost basis except for the following assets and liabilities which are measured at fair value:

• Securities held for trading
• Derivative financial instruments
• Available for sale securities

The financial statements are presented in Euro, rounded to the nearest thousand, unless otherwise indicated.

The estimates and judgments applied by the Group in preparing the financial statements are based on historical information and assumptions which at present are considered appropriate.

The estimates and assumptions are reviewed on an on going basis to take into account current conditions and the effect of any revisions is recognized in the period in which the estimate is revised.

The accounting policies applied by the Group in preparing the condensed interim financial statements are consistent with those stated in the published financial statements for the year ended 31.12.2010, after taking into account the following amendments of International Accounting Standards and the Ιnterpretations, which were issued by the International Accounting Standards Board (IASB), adopted by the European Union and applied on 1.1.2011:

• • Amendment of International Financial Reporting Standard 1 «Limited Exemption from Comparative IFRS7 Disclosures for First-time Adopters» (Regulation 574/30.6.2010)
• • Amendment of International Accounting Standard 24 «Related Party Disclosures» (Regulation 632/19.7.2010)
• • Amendment of International Accounting Standard 32 «Classification of Rights Issues» (Regulation 1293/23.12.2009)
• • Improvements to International Accounting Standards (Regulation 149/18.2.2011)
• • Amendment of Interpretation 14 «Prepayment of a Minimum Funding Requirement» (Regulation 633/19.7.2010)
• Interpretation 19 «Extinguishing Financial Liabilities with Equity Instruments» (Regulation 662/23.7.2010)

The adoption of the above did not have a substantial impact on the Group's financial statements.

The adoption by the European Union, by 31.12.2011, of new standards, interpretations or amendments, which have been issued or may be issued during the year by the International Accounting Standards Board (IASB), and their mandatory or optional adoption for periods beginning on or after 1.1.2011 may retrospectively affect the periods presented in these interim financial statements.

INCOME STATEMENT

2. Staff costs

The Bank in collaboration with AXA Insurance has created a new savings plan for its employees that were hired and insured for the first time in 1.1.1993 and onwards. The program's aim is to provide a lump sum monetary benefit to retiring employees. The plan assets will be formed by the fixed monthly contributions, of the Bank and its employees, which will be invested in low risk mutual funds. In particular, for employees hired by the Bank and insured from 1.1.1993 until 31.12.2004 the final lump sum benefit to be received upon retirement will have as a minimum the amount as defined in Law2084/1992. The plan's effective date is January 1, 2011.

3. Impairment losses and provisions to cover credit risk

	From 1 January to
	31.3.2011	31.3.2010
Impairment losses on loans and advances to customers (note 6)	264,832	204,573
Provisions to cover credit risk relating to off-balance sheet items	(60)	(35)
Recoveries	(4,485)	(4,568)
Total	260,287	199,970

4. Income tax

According to Law 3697/2008 the tax rate for 2010 is 24%. According to article 14 of Law 3943/2011 "Combating tax evasion, staffing of the tax auditing department and other provisions under the responsibility of the Ministry Finance", a 20% tax rate is effective for the legal entities from 1.1.2011 and thereon. For profit distribution, withholding tax is imposed with a 25% tax rate. For financial statements up to 31.12.2010 a tax rate of 21% is imposed on distributed profits.

The nominal tax rates of years 2010 and 2011 of the subsidiaries and the Bank's branches operating abroad, are as follows:

Cyprus	10
Bulgaria	10
Serbia	10
Romania	16
FYROM	10 (1)
Albania	10
Ukraine	25
Jersey	10
United Kingdom	28
Luxembourg	28.59

In accordance with article 5 of Law 3845/6.5.2010 "Measures for the implementation of the supporting mechanism of the Greek economy through the Eurozone Member-States and the International Monetary Fund" an extraordinary tax was imposed to legal entities for social responsibility purposes and is calculated on the total net income for fiscal year 2010 (accounting year 1.1 - 31.12.2009) provided that it exceeds €100,000. The extraordinary tax is imposed on profits before income tax as reported under International Financial Reporting Standards (IFRS), only if these are greater than the total taxable profits.

The extraordinary tax recognized in the Consolidated Financial Statements as at 31.3.2010 amounts to €61.8 million which was paid in January 2011.

⁽¹⁾ From 1.1.2009 non distributable profits are not subject to tax. When distributed are taxed at the effective rate on the date of distribution.

The income tax expense is analysed as follows:

	From 1 January to
	31.3.2011	31.3.2010
Current	9,014	6,935
Deferred	(1,684)	7,303
Total	7,330	14,238
Extraordinary tax (Law 3845/2010)		61,879

The current tax for the first quarter of 2011 includes an additional tax arising from the Bank's tax audit for the years 2008 and 2009.

Deferred tax recognized in the income statement is attributable to temporary differences the effects of which are analyzed as follows:

	From 1 January to
	31.3.2011	31.3.2010
Write-offs and depreciation of fixed assets	1,135	568
Valuation of loans	(27,979)	20,884
Suspension of interest accruals	18,478	3,790
Loans impairment	(30,012)	(23,210)
Employee defined benefit obligations	2,803	14,988
Valuation of derivatives	30,517	(11,095)
Application of effective interest rate	(219)	1,652
Valuation of liabilities to credit institutions and other borrowed funds due to fair value hedge	3,818	(5,015)
Valuation of bonds	(5,665)	1,330
Valuation of other securities	(1,155)	(90)
Tax losses carried forward	(245)	(13,449)
Other	6,840	16,950
Total	(1,684)	7,303

A reconciliation between the effective and nominal tax rate is provided below:

	From 1 January to
	31.3.2011		31.3.2010
	%		%
Profit before income tax		17,867		65,790
Income tax (tax rate)	20.26	3,620	19.70	12,962
Increase/(decrease) due to:
Additional tax on income from fixed assets	0.30	54	0.04	29
Non taxable income	(0.11)	(19)	(13.90)	(9,144)
Non deductible expenses	0.97	173	0.54	353
Withholding tax that has not been offset			15.99	10,523
Other differences	19.60	3,502	(0.73)	(485)
Income tax (effective tax rate)	41.02	7,330	21.64	14,238

The tax rate of 19.70% for 2010 and 20.26% for 2011 is the weighted average nominal tax rate based on the nominal income tax rate and the profit before tax of the Group's subsidiaries.

Income tax of other comprehensive income recognized directly in Equity

	From 1 January to
		31.3.2011			31.3.2010
	Before income tax	Income tax	After income tax	Before income tax	Income tax	After income tax
Change in available for sale securities' reserve	93,923	(26,903)	67,020	(27,397)	8,996	(18,401)
Change in cash flow hedge reserve	2,344	(469)	1,875	(29,197)	7,007	(22,190)
Exchange differences on translating and hedging the net investment in foreign operations	5,185	299	5,484	12,276	(321)	11,955
Total	101,452	(27,073)	74,379	(44,318)	15,682	(28,636)

5. Earnings / (losses) per share

a. Βasic

Basic earnings per share are calculated by dividing the profit after income tax, attributable to ordinary equity owners of the Bank, by the weighted average number of ordinary shares outstanding during the period, after deducting the weighted average number of treasury shares held by Group companies, during the period.

b. Diluted

Diluted earnings per share are calculated by adjusting the weighted average number of ordinary shares outstanding for the period to assume conversion of all dilutive potential ordinary shares.

The Group does not have diluted potential ordinary shares and additionally, based on the preference shares' terms of issuance, basic and dilutive earnings per share should not differ.

	From 1 January to
	31.3.2011	31.3.2010
Profit / (loss) attributable to ordinary equity owners of the Bank	10,475	(10,441)
Weighted average number of outstanding ordinary shares	534,269,648	534,269,648
Basic and diluted earnings / (losses) per share (in €)	0.02	(0.02)

Taking into consideration the impact of the accrued return on preference shares, earnings / (losses) per share are formed as follows:

	From 1 January to
	31.3.2011	31.3.2010
Profit / (losses) attributable to ordinary equity owners of the Bank less the accrued return
on preference shares of the Greek State (Law 3723/2008)	(8,067)	(33,941)
Weighted average number of outstanding ordinary shares	534,269,648	534,269,648
Basic and diluted earnings / (losses) per share (in €)	(0.02)	(0.06)

ASSETS

6. Loans and advances to customers

	31.3.2011	31.12.2010
Individuals
Mortgages:
- Non-Securitized	14,150,870	14,288,457
Consumer:
- Non-Securitized	2,813,250	2,701,235
- Securitized	1,815,671	1,958,435
Credit cards
- Non-Securitized	445,426	466,927
- Securitized	690,152	724,027
Other	66,391	68,541
Total	19,981,760	20,207,622
Companies
Corporate loans
- Non-Securitized	27,237,620	27,494,817
- Securitized	1,561,889	1,562,067
Leasing
- Non-Securitized	727,020	736,627
- Securitized	448,513	460,872
Factoring	577,787	612,211
Total	30,552,829	30,866,594
Receivables from insurance and re-insurance activities	11,036	11,197
Other receivables	226,170	439,324
	50,771,795	51,524,737
Less:
Allowance for impairment losses (1)	(2,416,870)	(2,219,992)
Total	48,354,925	49,304,745

The Bank and Alpha Leasing A.E. have proceeded in securitizing consumer, corporate loans, credit cards and finance leases through special purpose entities controlled by them.

Based on the contractual terms and structure of the above transactions (e.g. allowance of guarantees or/and credit enhancement or due to the Bank owning the bonds issued by the special purpose entities) the Bank and Alpha Leasing A.E. retained in all cases the risks and rewards deriving from the securitized portfolios.

The Bank according to the direct issuance of covered bond program, proceeded with the issuance of an amount of €3.5 billion which was covered by mortgage loans. As at 31.3.2011 the value of mortgage loans provided as coverage for the above mentioned bonds amounted to €4.3 billion.

⁽¹⁾ In addition to the allowance for impairment losses of loans and advances to customers, a provision of € 376 (31.12.2010: € 438) has been recorded to cover credit risk relating to off-balance sheet items. The total provision recorded to cover credit risk amounts to € 2,417,246 (31.12.2010: € 2,220,430).

Allowance for impairment losses

Balance 1.1.2010	1,642,808
Changes for the period 1.1 - 31.3.2010
Impairment losses for the period (note 3)	204,573
Change in present value of impairment reserve	27,502
Foreign exchange differences	2,656
Loans written-off during the period	(89,882)
Balance 31.3.2010	1,787,657
Changes for the period 1.4 - 31.12.2010
Impairment losses for the period	697,304
Change in present value of impairment reserve	101,776
Foreign exchange differences	7,451
Loans written-off during the period	(374,196)
Balance 31.12.2010	2,219,992
Changes for the period 1.1 - 31.3.2011
Impairment losses for the period (note 3)	264,832
Change in present value of impairment reserve	40,469
Foreign exchange differences	(2,239)
Loans written-off during the period	(106,184)
Balance 31.3.2011	2,416,870

The finance lease receivables by duration are as follows:

	31.3.2011	31.12.2010
Up to 1 year	393,878	392,531
From 1 year to 5 years	473,598	557,665
More than 5 years	572,778	515,750
	1,440,254	1,465,946
Non accrued finance lease income	(264,721)	(268,447)
Total	1,175,533	1,197,499

The net amount of financial lease receivables by duration is analyzed as follows:

	31.3.2011	31.12.2010
Up to 1 year	354,871	353,345
From 1 year to 5 years	365,560	429,892
More than 5 years	455,102	414,262
Total	1,175,533	1,197,499

7. Investment securities

a. Available for sale

The available for sale portfolio amounts to €1.8 billion as at 31.3.2011 compared to €2.4 billion as at 31.12.2010. The aforementioned amounts include Greek State securities that amount to € 0.6 billion as at 31.3.2011 (31.12.2010: €1.4 billion) out of which €7 million (31.12.2010: €872 million) relate to treasury bills.

The Bank during the first quarter of 2011 has recognized an impairment loss in the aforementioned portfolio which amounts to €43.7 million and is included in "gain/losses on financial transactions".

b. Held to maturity

The held to maturity portfolio amounts to €5.1 billion as at 31.3.2011 compared to €5.3 billion as at 31.12.2010. The aforementioned amounts include Greek State securities that amount to €4 billion as at 31.3.2011 (31.12.2010: €4.1 billion) out of which €0.9 relates to security that was transferred to the bank's ownership for the issuance of the preference shares in the name of the Greek State according to Law 3723/2008.

The Bank during the first quarter of 2011 has recognized an impairment loss in the aforementioned portfolio which amounts to €33.4 million and is included in "gain/losses on financial transactions".

8. Investment property

	Land and Buildings
Balance 1.1.2010
Cost	79,570
Accumulated depreciation	(6,902)
1.1.2010 - 31.3.2010
Net book value 1.1.2010	72,668
Foreign exchange differences	(36)
Depreciation charge for the period	(199)
Net book value 31.3.2010	72,433
Balance 31.3.2010
Cost	79,528
Accumulated depreciation	(7,095)
1.4.2010 - 31.12.2010
Net book value 1.4.2010	72,433
Foreign exchange differences	(88)
Depreciation charge for the period	(616)
Net book value 31.12.2010	71,729
Balance 31.12.2010
Cost	79,426
Accumulated depreciation	(7,697)
1.1.2011 - 31.3.2011
Net book value 1.1.2011	71,729
Foreign exchange differences	19
Depreciation charge for the period	(207)
Net book value 31.3.2011	71,541
Balance 31.3.2011
Cost	79,445
Accumulated depreciation	(7,904)

9. Property, plant and equipment

	Land and buildings	Leased equipment	Equipment	Total
Balance 1.1.2010
Cost	1,404,715	12,191	471,015	1,887,921
Accumulated depreciation	(277,771)	(2,811)	(348,888)	(629,470)
1.1.2010 - 31.3.2010
Net book value 1.1.2010	1,126,944	9,380	122,127	1,258,451
Foreign exchange differences	(198)	81	504	387
Additions	6,936		2,800	9,736
Disposals	(25)	(744)	(185)	(954)
Depreciation charge for the period	(7,311)	(674)	(7,840)	(15,825)
Net book value 31.3.2010	1,126,346	8,043	117,406	1,251,795
Balance 31.3.2010
Cost	1,410,906	11,352	473,125	1,895,383
Accumulated depreciation	(284,560)	(3,309)	(355,719)	(643,588)
1.4.2010 - 31.12.2010
Net book value 1.4.2010	1,126,346	8,043	117,406	1,251,795
Foreign exchange differences	(3,756)	(101)	(914)	(4,771)
Additions	23,321	367	24,152	47,840
Disposals	(3,400)	(3,063)	(227)	(6,690)
Depreciation charge for the period	(22,197)	(877)	(24,442)	(47,516)
Reclassifications	(18)	77	(59)
Net book value 31.12.2010	1,120,296	4,446	115,916	1,240,658
Balance 31.12.2010
Cost	1,425,109	7,419	491,675	1,924,203
Accumulated depreciation	(304,813)	(2,973)	(375,759)	(683,545)
1.1.2011 - 31.3.2011
Net book value 1.1.2011	1,120,296	4,446	115,916	1,240,658
Foreign exchange differences	1,727	64	327	2,118
Additions	4,682	75	3,358	8,115
Disposals	(1,262)	(287)	(54)	(1,603)
Depreciation charge for the period	(7,516)	(274)	(7,571)	(15,361)
Net book value 31.3.2011	1,117,927	4,024	111,976	1,233,927
Balance 31.3.2011
Cost	1,429,105	7,309	494,705	1,931,119
Accumulated depreciation	(311,178)	(3,285)	(382,729)	(697,192)

10. Goodwill and other intangible assets

	Goodwill	Software	Other intangible	Total
Balance 1.1.2010
Cost	48,811	260,424	51,718	360,953
Accumulated amortization		(165,810)	(17,034)	(182,844)
1.1.2010- 31.3.2010
Net book value 1.1.2010	48,811	94,614	34,684	178,109
Foreign exchange differences	(1,528)	(550)	(115)	(2,193)
Additions		4,208	677	4,885
Amortization charge for the period		(5,104)	(1,325)	(6,429)
Net book value 31.3.2010	47,283	93,168	33,921	174,372
Balance 31.3.2010
Cost	47,283	264,105	51,794	363,182
Accumulated amortization		(170,937)	(17,873)	(188,810)
1.4.2010- 31.12.2010
Net book value 1.4.2010	47,283	93,168	33,921	174,372
Foreign exchange differences	(2,452)	156	(90)	(2,386)
Additions		43,688	234	43,922
Disposals		(16)		(16)
Amortization charge for the period		(18,552)	(4,149)	(22,701)
Net book value 31.12.2010	44,831	118,444	29,916	193,191
Balance 31.12.2010
Cost	44,831	307,642	51,252	403,725
Accumulated amortization		(189,198)	(21,336)	(210,534)
1.1.2011- 31.3.2011
Net book value 1.1.2011	44,831	118,444	29,916	193,191
Foreign exchange differences	657	82	19	758
Additions		5,423	105	5,528
Disposals		(2)		(2)
Amortization charge for the period		(6,782)	(1,125)	(7,907)
Net book value 31.3.2011	45,488	117,165	28,915	191,568
Balance 31.3.2011
Cost	45,488	313,242	51,598	410,328
Accumulated amortization		(196,077)	(22,683)	(218,760)

LIABILITIES

11. Due to banks

	31.3.2011	31.12.2010
Deposits:
- Current accounts	48,632	49,725
- Term deposits:
European Central Bank	13,493,341	14,242,970
Other credit institutions	739,200	994,563
Sale and repurchase agreements (Repos)		597,260
Borrowing funds	622,533	576,863
Total	14,903,706	16,461,381

12. Debt securities in issue and other borrowed funds

Long-term

i. Issues guaranteed by the Greek State (Law 3723/2008)

According to Law 3723/2008 for the enhancement of the Greek economy's liquidity program, the Bank issued on 15.2.2011 a senior debt security guaranteed by the Greek State amounting to €950 million, with a three year duration and bearing an interest rate of three month Euribor plus a spread of 8.5%.

After this issuance, the outstanding balance of the above mentioned issues as at 31.3.2011 amounts to €10.4 billion. The above mentioned securities are not presented in the

"Debt securities in issue and other borrowed funds", as they are held by the Bank.

ii. Covered bonds

The balance of covered bonds issued by the Bank as at 31.3.2011 amounts to € 3.5 billion.

The covered bonds are not included in the "Debt securities in issue and other borrowed funds" as they are held by the Bank (1).

Balance 31.12.2010 3,959,162 Changes for the period 1.1 – 31.3.2011 New issues 8,590 (Purchases)/Sales by Group companies 83,377 Maturities/Redemptions (266,281) Fair value change due to hedging (15,165) Accrued interest 8,641 Foreign exchange differences (1,059) Balance 31.3.2011 3,777,265 iii. Senior debt securities

The following securities are included in the amount of "new issues":

• nominal value of €5 million maturing on 11.3.2013, bearing a fixed three month interest rate of 4.25%
• nominal value of USD 5 million maturing on 11.3.2013, bearing a fixed three month interest rate of 3%

Additionally, the amount of maturities/redemptions includes maturities of issues amounting to €155 million.

⁽¹⁾ Financial disclosure regarding covered bond issues, as determined by the 2620/28.08.09 directive of Bank of Greece, will be published at the Bank's website

iv. Subordinated debt

Balance 31.12.2010	840,805
Changes for the period 1.1 – 31.3.2011
(Purchases)/Sales by Group companies	(2,633)
Maturities/Redemptions	(262,375)
Fair value change due to hedging	(7,285)
Accrued interest	(2,421)
Foreign exchange differences	(13,950)
Balance 31.3.2011	552,141

• On 1.2.2011 an amount of € 25 million was repaid from the issue maturing on 1.2.2017 with a call option on 1.2.2012.
• On 1.2.2011 an amount of € 15 million was repaid from the issue maturing on 8.3.2017 with a call option on 8.3.2012.
• On 24.3.2011 the issue of JPY 30 billion (equivalent in euro 262.4 million) maturing on 4.3.2035, was repaid.

Total of Debt securities in issue and other borrowed funds that are not owned by the Group 4,329,406

From the above debt securities in issue amounting to € 4,329,394 an amount of € 1,167,837 (31.12.2010: € 1,238,779) held by Bank customers has been reclassified to "Due from customers". Therefore, the balance of "Debt securities in issue held by institutional investors and other borrowed funds" as at March 31, 2011, amounts to € 3,161,569 (31.12.2010: € 3,561,188).

In addition, bonds of € 4.5 billion from the securitization of consumer and corporate loans, credit cards and finance lease loans are not presented in "debt securities in issue and other borrowed funds" since these securities, issued by Group companies established for this purpose, are held by the Group.

13. Provisions

	31.3.2011	31.12.2010
Insurance provisions	69,510	67,446
Provisions to cover credit risk and other provisions	7,779	7,918
Restructuring program provisions	6,535	7,381
Total	83,824	82,745

a. Insurance provisions

	31.3.2011	31.12.2010
Non-life insurance
Unearned premiums	5,512	5,743
Outstanding claim reserves	5,505	5,355
Total	11,017	11,098
Life insurance
Mathematical reserves	30,609	28,979
Outstanding claim reserves	2,626	2,635
Total	33,235	31,614
Reserves for investments held on behalf and at risk of life insurance policy holders	25,258	24,734
Total	69,510	67,446

b. Provisions to cover credit risk and other provisions

Changes for the period 1.1 - 31.3.2010 Reversal of provisions to cover credit risk relating to off-balance sheet items and other provisions	(364) (127)
Foreign exchange differences
Balance 31.3.2010	9,257
Changes for the period 1.4 - 31.12.2010
Reversal of provisions to cover credit risk relating to off-balance sheet items and other provisions	(1,154)
Foreign exchange differences	(185)
Balance 31.12.2010	7,918
Changes for the period 1.1 - 31.3.2011
Reversal of provisions to cover credit risk relating to off-balance sheet items and other provisions	(201)
Foreign exchange differences	62
Balance 31.3.2011	7,779

c. Restructuring program provisions

Balance 1.1.2010
Changes for the period 1.1 - 31.12.2010
Provisions for the restructuring program	7,381
Balance 31.12.2010	7,381
Changes for the period 1.1 - 31.3.2011
Provisions used during the period	(846)
Balance 31.3.2011	6,535

The amounts of other provisions charged to profit and loss account are included in the account "Other expenses" of the income statement.

EQUITY

14. Share capital and Retained earnings

a. Share Capital

The Bank's share capital as at 31.3.2011 amounts to €3,451,067,345.60 distributed as 734,269,648 shares, of which 534,269,648 are common, registered, voting, non paper and 200,000,000 are preference registered, non voting, paper and redeemable, of nominal value €4.70 each.

Preference shares have been issued on 21.5.2009 according to Law 3723/2008 for the enhancement of Greek economy's liquidity program.

According to article 39 of Law 3844/3.5.2010 which amended Law 3723/9.12.2008, the return on preference shares has a step up feature of 2% annually, if after five years following the issuance, the preference shares have not been redeemed.

The Bank has recognized the preference shares as part of its equity and the related return for the first quarter of 2011 amounts to €18.5 million after income tax.

b. Retained earnings

The Bank's Board of Directors will not propose to the Ordinary General Meeting of Shareholders the distribution of dividend to common shareholders, since no profits were performed during the year 2010.

It is noted that, according to the article 19 of the Law 3965/2011, the banks participating in the enhancement of Greek economy's liquidity program of Law 3723/2008, may distribute dividend for the year 2010 only in the form of shares.

Additionally, the Bank's Board of Directors will suggest the payment to the Greek State of the accrued return on its preference shares for the year 2010.

ADDITIONAL INFORMATION

15. Contingent liabilities and commitments

a) Legal issues

The Bank, in the ordinary course of business, is a defendant in claims from customers and other legal proceedings. No provision has been recorded because after consultation with the legal department, the ultimate disposition of these matters is not expected to have a material effect on the financial position or operations of the Bank.

There are no pending legal cases or issues in progress which may have a material impact on the financial statements or operations of the other companies of the Group. The Group recorded a provision amounting to €2.7 million for pending legal cases.

b) Tax issues

On March 2011, Bank's tax audit for the years 2008 and 2009 was completed. The Bank's branches in Albania, London and Bulgaria have been audited by the tax authorities for the years up to and including 2009, 2008 and 2007 respectively.

The Group's subsidiaries have been audited by the tax authorities up to and including the year indicated in the table below:

Name	Year
Banks
1. Alpha Bank London Ltd (voluntary settlement of tax obligation)	2008
2. Alpha Bank Cyprus Ltd	2007
3. Alpha Bank Romania S.A.	2006
4. Alpha Bank AD Skopje (the years 1998-2006 have not been audited by the tax authorities)	2009
5. Alpha Bank Jersey Ltd (voluntary settlement of tax obligation)	2008
6. Alpha Bank Srbija A.D.	2004
7. JSC Astra Bank (commencement of operation 2008)	*
Leasing Companies
1. Alpha Leasing A.E.	2007
2. Alpha Leasing Romania IFN S.A.	2007
3. ABC Factors A.E.	2008
4. Alpha Asset Finance C.I. Ltd (commencement of operation 2005)	*
Investment Banking
1. Alpha Finance A.E.P.Ε.Υ.	2007
2. Alpha Finance US Corporation	2001
3. SSIF Alpha Finance Romania S.A. (tax audit is in progress for years from 2003 - 2007)	2002
4. Alpha Α.Ε. Ventures	***
5. Alpha Α.Ε. Ventures Capital Management - ΑΚΕS (commencement of operation 2008)	***
Asset Management
1. Alpha Asset Management Α.Ε.D.Α.Κ. (In March 2011 the audit of years 2004-2008 was completed)	2008
2. ABL Independent Financial Advisers Ltd (voluntary settlement of tax obligation)	2008
Insurance
1. Alpha Insurance Agents Α.Ε.	***
2. Alpha Insurance Ltd	2008
3. Alpha Insurance Brokers S.R.L.	2005
4. Alphalife A.A.E.Z. (commencement of operation 2007)	***

^* These companies have not been audited by the tax authorities since the commencement of their operations.

^*** These companies have been audited by the tax authorities up to 2009 in accordance with Law 3888/2010 which relates to voluntary tax settlement for the unaudited tax years.

Name	Year
Real Estate and Hotel
1. Alpha Astika Akinita Α.Ε.	2005
2. Ionian Hotel Enterprises Α.Ε.	2005
3. Oceanos Α.Τ.Ο.Ε.Ε.	***
4. Alpha Real Estate D.O.O. Beograd	2008
5. Alpha Astika Akinita D.O.O.E.L. Skopje	2007
6. Alpha Real Estate Bulgaria E.O.O.D.	2006
7. Chardash Trading E.O.O.D. (commencement of operation 2006)	*
8. Alpha Astika Akinita Romania S.R.L.	1998
Special purpose and holding entities
1. Alpha Credit Group Plc (voluntary settlement of tax obligation)	2008
2. Alpha Group Jersey Ltd (voluntary settlement of tax obligation)	2008
3. Alpha Group Investments Ltd	2007
4. Ionian Holdings Α.Ε.	***
5. Messana Holdings S.A.	2008
6. Ionian Equity Participations Ltd (commencement of operation 2006)	*
7. ABL Holdings Jersey Ltd (voluntary settlement of tax obligation)	2008
8. Alpha Covered Bonds Plc (commencement of operation 2008)	*
9. Katanalotika Plc (commencement of operation 2008)	*
10. Epihiro Plc (commencement of operation 2009)	*
11. Irida Plc (commencement of operation 2009)	*
12. Pisti 2010 - 1 Plc (commencement of operation 2010)	*
13. AGI – BRE Participations 1 Ltd (commencement of operation 2010)	*
14. AGI – RRE Participations 1 Ltd (commencement of operation 2010)	*
15. AGI – RRE Participations 1 S.R.L. (commencement of operation 2010)	*
16. AGI – BRE Participations 1 E.O.O.D. (commencement of operation 2010)	*
Other companies
1. Alpha Bank London Nominees Ltd	**
2. Alpha Trustees Ltd	2002
3. Flagbright Ltd	**
4. Evremathea Α.Ε.	***
5. Kafe Alpha A.E. (commencement of operation 2006)	***
6. Alpha Supporting Services Α.Ε. (commencement of operation 2007)	***
7. Real Car Rental A.E. (commencement of operation 2009)	***

Additional taxes and penalties may be imposed for the unaudited years.

c) Operating leases

The Group's minimum future lease payments are:

	31.3.2011	31.12.2010
Less than one year	50,374	49,663
Between one year and five years	159,858	166,628
More than five years	221,384	235,527
Total	431,616	451,818

^* These companies have not been audited by the tax authorities since the commencement of their operations.

^** These companies are not subject to tax audits.

^*** These companies have been audited by the tax authorities up to 2009 in accordance with Law 3888/2010 which relates to settlement of taxable income for the unaudited tax years.

The minimum future lease revenues are:

	31.3.2011	31.12.2010
Less than one year	5,351	4,764
Between one year and five years	11,984	12,423
More than five years	4,702	5,112
Total	22,037	22,299

d) Off-balance sheet liabilities

The Group pursuant to its normal operations, is binded by contractual commitments, that in the future may result to changes in its asset structure. These commitments are monitored in off balance sheet accounts. The contractual commitments, that the Group has undertaken relate to letters of credit, letters of guarantee, undrawn credit facilities.

Letters of credit are used to facilitate trading activities and relate to the financing of contractual agreements for the transfer of goods domestically or abroad, by undertaking the direct payment of the third party bound by the agreement on behalf of the Group's client. Letters of credit, as well as letters of guarantee, are commitments under specific terms and are issued by the Group for the purpose of ensuring that its clients will fulfill the terms of their contractual obligations.

Undrawn credit facilities are loan agreements that may not be fulfilled immediately or may be partially fulfilled. The amount presented in the table below represents part of the agreed loan agreements and credit limits which remains unused.

The Group's off balance sheet items are summarized below:

	31.3.2011	31.12.2010
Letters of credit	140,537	108,154
Letters of guarantee	4,791,086	5,032,985
Undrawn loan agreements and credit limits	15,621,958	15,932,521
Total	20,553,581	21,073,660

e) Assets pledged

	31.3.2011	31.12.2010
Assets pledged	22,651,509	27,800,579

Assets pledged include:

• Loans and advances to customers amounting to €3.4 billion from which:
• i. An amount of €1.6 billion has been pledged as collateral to the Bank of Greece in accordance with the Monetary Policy Council Act No 54/27.2.2004 as in force. With this act the Bank of Greece accepts as collateral, for monetary policy purposes and intraday credit non marketable assets, which should meet the terms and conditions of the above act.
• ii. An amount of €1.6 billion has been granted as collateral to the Greek State in order for the Bank to receive securities issued by the Greek State that amount to €1.3 billion in accordance with Law 3723/2008.

• iii. An amount of €0.2 billion has been granted to the Cyprus State from Alpha Bank Cyprus Ltd in order for the Bank to receive securities issued by the Cyprus State in accordance with Law 118(I) of 2009.

• Securities of the held for trading and investment portfolio as well as securities from Reverse Repos amounting to €19.2 billion out of which:

• i. An amount of €0.2 billion arises from the securitization of receivables from finance lease loans.
• ii. An amount of €3.5 billion relates to the issuance of covered bonds secured by mortgage loans of €4.3 billion.
• iii. An amount of €10 billion relates to securities issued with the guarantee of the Greek State in accordance with Law 3723/2008.
• iv. An amount of €5.5 billion relates to Greek State bonds and other bonds.

From the aforementioned securities an amount of €0.6 billion is pledged as collateral in the Greek State for the issuance of securities amounting to €1.3 billion, according to Law 3723/2008. The remaining securities are pledged as collateral to the European Central Bank for participation in main refinancing operations and to the Bank of Greece for

the participation in the Intra-Europe clearing of payments system on an ongoing time (TARGET), to the derivative

f) Other guarantees:

On 7.5.2008 the Bank completed a new Medium Term Notes Program amounting to USD 7.5 billion, according to Rule 144A of the American Law, which will be offered to institutional investors. The issuer will be Alpha Group Jersey transaction clearing company, as well as to the European Investment Bank.

Ltd, a wholly owned subsidiary of the Bank. The Notes will be guaranteed by the Bank and will be traded in Luxembourg Stock Exchange. The program currently is inactive.

16. Group Consolidated Companies

The consolidated financial statements apart from the parent company ALPHA BANK include the following entities:

Α. SUBSIDIARIES

	Country of		Group's ownership interest %
Name	incorporation	31.3.2011	31.12.2010
Banks
1. Alpha Bank London Ltd	United Kingdom	100.00	100.00
2. Alpha Bank Cyprus Ltd	Cyprus	100.00	100.00
3. Alpha Bank Romania S.A.	Romania	99.92	99.92
4. Alpha Bank AD Skopje	FYROM	100.00	100.00
5. Alpha Bank Jersey Ltd (1)	Jersey	100.00	100.00
6. Alpha Bank Srbija A.D.	Serbia	100.00	100.00
7. JSC Astra Bank	Ukraine	100.00	100.00
Leasing companies
1. Alpha Leasing A.E.	Greece	100.00	100.00
2. Alpha Leasing Romania IFN S.A.	Romania	100.00	100.00
3. ABC Factors A.E.	Greece	100.00	100.00
4. Alpha Asset Finance C.I. Ltd	Jersey	100.00	100.00
Investment Banking
1. Alpha Finance A.E.P.Ε.Υ.	Greece	100.00	100.00
2. Alpha Finance US Corporation (2)	USA	100.00	100.00
3. SSIF Alpha Finance Romania S.A.	Romania	100.00	100.00
4. Alpha Ventures Α.Ε.	Greece	100.00	100.00
5. Alpha A.E. Ventures Capital Management - ΑΚΕS	Greece	100.00	100.00
Asset Management
1. Alpha Asset Management Α.Ε.D.Α.Κ.	Greece	100.00	100.00
2. ABL Independent Financial Advisers Ltd	United Kingdom	100.00	100.00
Insurance
1. Alpha Insurance Agents Α.Ε.	Greece	100.00	100.00
2. Alpha Insurance Ltd	Cyprus	100.00	100.00
3. Alpha Insurance Brokers S.R.L.	Romania	99.92	99.92
4. Alphalife A.A.E.Z.	Greece	100.00	100.00

⁽¹⁾ On 31.12.2010 Alpha Bank Jersey Ltd ceased its operations due to its liquidation. The process is expected to be completed on the first half of 2011.

⁽²⁾ On 13.5.2011 was certified the dissolution of the company.

INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS AT 31.3.2011

	Country of		Group's ownership interest %
Name	incorporation	31.3.2011	31.12.2010
Real estate and hotel
1. Alpha Astika Akinita Α.Ε.	Greece	91.62	91.46
2. Ionian Hotel Enterprises A.E.	Greece	97.12	97.10
3. Oceanos A.T.O.E.E.	Greece	100.00	100.00
4. Alpha Real Estate D.O.O. Beograd	Serbia	91.62	91.46
5. Alpha Astika Akinita D.O.O.E.L. Skopje	FYROM	91.62	91.46
6. Alpha Real Estate Bulgaria E.O.O.D.	Bulgaria	91.62	91.46
7. Chardash Trading E.O.O.D. (20b)	Bulgaria	91.62	91.46
8. Alpha Astika Akinita Romania S.R.L.	Romania	91.62	91.46
Special purpose and holding entities
1. Alpha Credit Group Plc	United Kingdom	100.00	100.00
2. Alpha Group Jersey Ltd	Jersey	100.00	100.00
3. Alpha Group Investment Ltd	Cyprus	100.00	100.00
4. Ionian Holdings A.E.	Greece	100.00	100.00
5. Messana Holdings S.A.	Luxemburg	100.00	100.00
6. Ionian Equity Participations Ltd	Cyprus	100.00	100.00
7. ABL Holdings Jersey Ltd	Jersey	100.00	100.00
8. Alpha Covered Bonds Plc (1)	United Kingdom	100.00	100.00
9. AGI – BRE Participations 1 Ltd	Cyprus	100.00	100.00
10.AGI – RRE Participations 1 Ltd	Cyprus	100.00	100.00
11.AGI – RRE Participations 1 S.R.L.	Romania	100.00	100.00
12.AGI – BRE Participations 1 E.O.O.D.	Bulgaria	100.00	100.00
13.Stockford Ltd	Cyprus	100.00	100.00
14. Katanalotika Plc	United Kingdom
15. Epihiro Plc	United Kingdom
16. Irida Plc	United Kingdom
17. Pisti 2010-1 Plc	United Kingdom
Other companies
1. Alpha Bank London Nominees Ltd	United Kingdom	100.00	100.00
2. Alpha Trustees Ltd	Cyprus	100.00	100.00
3. Flagbright Ltd	United Kingdom	100.00	100.00
4. Evremathea A.E. (2)	Greece	100.00	100.00
5. Kafe Alpha A.E.	Greece	100.00	100.00
6. Alpha Supporting Services Α.Ε.	Greece	100.00	100.00
7. Real Car Rental A.E.	Greece	100.00	100.00
Β. JOINT VENTURES
1. Cardlink Α.Ε.	Greece	50.00	50.00
2. APE Fixed Assets Α.Ε.	Greece	60.10	60.10
3. APE Commercial Property Α.Ε.	Greece	72.20	72.20
4. APE Investment Property Α.Ε.	Greece	67.42	67.42
5. Alpha ΤΑΝΕΟ Α.Κ.Ε.S.	Greece	51.00	51.00
C. ASSOCIATES
1. Evisak Α.Ε.	Greece	27.00	27.00
2. ΑΕDΕP Thessalias and Stereas Ellados	Greece	50.00	50.00
3. A.L.C. Novelle Investments Ltd	Cyprus	33.33	33.33
4. ΕL.P.ΕΤ. Valkaniki A.E.	Greece	26.71	26.71
5. Kritis Gi - Tsatsakis Α.V.Ε.Ε.	Greece	22.95	22.95
6. Βiokid Α.Ε.	Greece	28.83	27.22

(1) The Company is under liquidation, which is estimated to be completed on the fourth quarter of 2011.

(2) On 4.5.2011 was completed the liquidation of Evremathea A.E.

(Amounts in millions of Euro)

The subsidiaries are fully consolidated, joint ventures are consolidated under the proportionate method, while the associates are accounted under the equity method.

The consolidated financial statements do not include the Commercial Bank of London Ltd which is a dormant company and Prismatech Hellas S.A, which has been fully impaired and is in the process of liquidation.

The Group hedges the foreign exchange risk arising from the net investment in Alpha Bank London Ltd and Alpha Bank Romania S.A. through the use of FX swaps and interbank deposits in the functional currency of the above subsidiaries.

17. Operating segment reporting

1.1 - 31.3.2011
	Retail	Corporate Banking	Asset Management/ Insurance	Investment Banking/ Treasury	South Eastern Europe	Other	Group
Net interest income	213.8	110.2	3.7	6.3	95.3	0.1	429.4
Net fee and
commission income	24.9	20.0	8.7	1.0	15.6	(0.3)	69.9
Other income	1.8	2.1	0.7	38.1	9.2	0.8	52.7
Total income	240.5	132.3	13.1	45.4	120.1	0.6	552.0
Total expenses	(137.4)	(31.7)	(8.7)	(7.4)	(75.0)	(13.7)	(273.9)
Impairment losses	(79.8)	(120.3)			(60.2)		(260.3)
Profit before
income tax	23.3	(19.7)	4.4	38.0	(15.1)	(13.1)	17.8
Income tax							(7.3)
Profit after income tax							10.5

(Amounts in millions of Euro)

1.1 - 31.3.2010
	Retail	Corporate Banking	Asset Management/ Insurance	Investment Banking/ Treasury	South Eastern Europe	Other	Group
Net interest income	214.5	101.5	3.2	29.2	106.9	0.4	455.7
Net fee and commission income	26.5	21.2	11.0	6.9	17.5	(0.1)	83.0
Other income	1.8	2.5	0.4	(8.5)	9.8	7.9	13.9
Total income	242.8	125.2	14.6	27.6	134.2	8.2	552.6
Total expenses	(146.8)	(32.6)	(9.2)	(8.5)	(75.8)	(13.9)	(286.8)
Impairment losses	(73.2)	(81.4)			(45.4)		(200.0)
Profit before income
tax	22.8	11.2	5.4	19.1	13.0	(5.7)	65.8
Income tax							(76.1)
Profit / (loss) after income tax							(10.3)

i. Retail Banking

Includes all individuals (retail banking customers), professionals, small and very small companies operating in Greece and abroad except from South-Eastern Europe countries.

The Group through its extended branch network offers all types of deposit products (deposits/ savings accounts, working capital/ current accounts, investment facilities/ term deposits, Repos, Swaps), loan facilities (mortgages, consumer, corporate loans, letters of guarantee) and debit and credit cards to the above customers.

ii. Corporate Banking

Includes all medium-sized and large companies, corporations with international activities, corporations managed by the Corporate Banking Division (Corporate) and shipping corporations operating in Greece and abroad except from South Eastern Europe countries.

The Group offers working capital facilities, corporate loans, and letters of guarantee.

This sector also includes the leasing products which are offered through Alpha Leasing A.E. and factoring services offered through the subsidiary company ABC Factors A.E.

iii. Asset Management / Insurance

Consists of a wide range of asset management services offered through Group's private banking units and Alpha Asset Management A.E.D.A.K. In addition, it includes commissions received from the sale of a wide range of insurance products to individuals and companies through either AXA insurance, which is the corporate successor of the subsidiary Alpha Insurance A.E. or the subsidiary Alphalife A.A.E.Z.

18. Capital adequacy

The Group's capital adequacy is supervised by the Bank of Greece, to which reports are submitted on a quarterly basis. The minimum requirements regarding tier I ratio and the capital adequacy ratio of the Group are determined by Bank of Greece Governor's Act.

Since 1 January 2008, the new regulatory framework (Basel II) has been applied in order to calculate capital adequacy according to Law 3601/2007.

The capital adequacy ratio compares regulatory capital with the risks that the Group undertakes (risk-weighted assets). The regulatory capital includes Tier I capital (share capital, reserves and non-controlling interests), additional Tier I capital (hybrid securities) and Tier II capital (subordinated debt, real estate properties revaluation reserves). Risk-weighted assets include the credit risk of the investment portfolio, the

iv. Investment Banking / Treasury

Includes stock exchange, advisory and brokerage services relating to capital markets, and also investment banking facilities, offered either by the Bank or specialized Group companies (Alpha Finance A.E.P.E.Y., Alpha Ventures A.E.). It also includes the activities of the Dealing Room in the interbank market (FX Swaps, Bonds, Futures, IRS, Interbank placements – Loans etc.).

v. South-Eastern Europe

Consists of the Bank's branches and subsidiaries of the Group operating in South Eastern Europe.

vi. Other

This segment consists of the non-financial subsidiaries of the Group and Bank's income and expenses that are not related to its operating activities.

market risk of the trading portfolio and the operational risk.

Alpha Bank's policy is to maintain a robust capital base to sustain development of the Group and retain the trust of depositors, shareholders, markets and business partners.

The ratios (for Tier I capital and capital adequacy) are much higher than the minimum levels set by the respective Bank of Greece Governor's Act and provide a solid base that will allow the Group to support its business activities in the coming years.

In addition, the percentage of hybrid securities and subordinated debt is considerably lower than the regulatory limits and as a consequence the Group can, if necessary, further utilise these forms of capital.

	31.3.2011 (estimate)	31.12.2010
Tier I ratio	12.0%	11.9%
Capital adequacy ratio (Tier I + Tier II)	13.3%	13.6%

19. Related party transactions

The Bank and the Group companies entered into a number of transactions with related parties in the normal course of business. These transactions are performed at arm's length and are approved by the Group's relevant committees.

a. The outstanding balances of the transactions with members of the Board of Directors, their close family members and the entities controlled by them as well as the results related to these transactions are as follows:

	31.3.2011	31.12.2010
Assets
Loans and advances to customers	163,196	166,337
Liabilities
Due to customers	95,331	98,973
Debt securities in issue	18,528	19,763
Total	113,859	118,736
Letters of guarantee	4,171	4,806
	From 1 January to
	31.3.2011	31.3.2010
Income
Interest and similar income	1,686	1,111
Other income	19
Total	1,705	1,111
Expenses

The Group Companies' Board of Directors and Executive General Managers' fees recorded in the income statement for the first quarter of 2011 amounted to €2,648 (31.3.2010: €2,862).

b. The outstanding balances with associates and the results related to these transactions are as follows:

	31.3.2011	31.12.2010
Assets
Loans and advances to customers	20	24
Liabilities
Due to customers	262	431
	From 1 January to
	31.3.2011	31.3.2010
Income
Interest and similar income	-	1
Expenses
Interest expense and similar charges	1	8
Other expenses	428	529
Total	429	537

c. The Supplementary Fund of former Alpha Credit Bank employees holds bonds of the subsidiary Alpha Credit Group of € 82.6 million, receivables from Alpha Bank € 31.1 million, deposits with Alpha Bank of € 8 million and Alpha Bank's shares of € 3.5 million. The Bank has recognised in its income statement an amount of € 0.5 million that relates to the accrued expense of the new savings plan in collaboration with AXA Insurance.

20. Corporate events

a. On 28.2.2011 the liquidation of HSO Europe B.V. was completed.

b. On 14.3.2011 the Bank's subsidiary Alpha Astika Akinita A.E. participated in the 100% subsidiary Chardash Trading E.O.O.D share capital increase, by €9.3 million.

21. Restatement of prior year balances

Other comprehensive income recognized directly in equity as at 31.3.2010 was restated as follows:

	Published amounts	Restated amounts	Reclassifications
Other comprehensive income recognized directly in equity:
Changes in available for sale securities reserve	(27,397)	(27,397)
Change in cash flow hedge reserve	(29,197)	(29,197)
Exchange differences on translating and hedging the net investment in foreign operations	11,955	12,276	321
Income tax	16,003	15,682	(321)
Total comprehensive income after income tax recognized directly in equity	(28,636)	(28,636)

22. Events after the balance sheet date

According to the article 19, paragraph 5, of the Law 3965/2011 "Operations Reform of the Consignment and Loan Fund, Public Debt Management Agency, Public Enterprises and Goverment bodies, the establishment of the General Secretary of Public Property and other provisions" the banks participating in the enhancement of Greek economy's liquidity program of Law 3723/2008, may distribute dividend for the year 2010 only in the form of shares.

Athens, May 24, 2011

THE CHAIRMAN	THE MANAGING DIRECTOR	THE CHIEF	THE ACCOUNTING
OF THE BOARD OF DIRECTORS		FINANCIAL OFFICER	MANAGER

YANNIS S. COSTOPOULOS I.D. No. Χ 661480

DEMETRIOS P. MANTZOUNIS I.D. No. Ι 166670

VASILEIOS E. PSALTIS I.D. No. Ξ 116654

MARIANNA D. ANTONIOU I.D. No. X 694507