Alpha Astika Akinhta S.A.

Annual / Quarterly Financial Statement • Sep 29, 2015

INFORMATION OF ALPHA BANK Registered office					THE MEMBERS OF THE BOARD OF DIRECTORS CONSIST OF:
R.N.S.A.		:40 Stadiou Street, 102 52 Athens : 6066/06/Β/86/05			CHAIRMAN (Executive Member) EXECUTIVE DIRECTORS AND	NON-EXECUTIVE MEMBERS		NON-EXECUTIVE INDEPENDENT MEMBERS
Supervising authority Date of approval of the Financial Statements		: Bank of Greece, Ministry of Development			Yannis S. Costopoulos GENERAL MANAGERS (Executive Members)	George E. Agouridis Panayotis J. Athanassopoulos	Pavlos A. Apostolides Thanos M. Veremis
(from which the condensed financial statements were derived) Certified Auditors	: February 27, 2007 : Marios T. Kyriacou (Α.Μ. SOEL 11121) : Nick E. Vouniseas (Α.Μ. SOEL 18701) : KPMG Κyriacou Certified Auditors S.A. : Unqualified opinion – Emphasis of matter (as analyzed below in note 6)				VICE CHAIRMAN Marinos S. Yannopoulos (CFO) (Non-Executive Member) Spyros N. Filaretos Minas G. Tanes Artemis Ch. Theodoridis	(resigned on January 30, 2007) Ioannis K. Lyras Sophia G. Eleftheroudaki Paul G. Karakostas
Audit company Type of Auditor's Report					MANAGING DIRECTOR (Executive Member)	Nicholaos I. Manessis
Web site address	: www.alpha.gr				Demetrios P. Mantzounis
BALANCE SHEET	Consolidated		Alpha Bank		INCOME STATEMENT	Consolidated		Alpha Bank
						From 1 January to		From 1 January to
	31.12.2006	31.12.2005	31.12.2006	31.12.2005		31.12.2006	31.12.2005	31.12.2006	31.12.2005
ASSETS Cash and balances with Central Banks	2,675,702	2,202,382	1,477,675		1,621,172 Interest and similar income	2,699,217	1,822,884	2,442,729	1,594,680
Due from banks	4,636,712	4,775,229	6,184,088		5,673,393 Interest expense and similar charges	(1,281,601)	(604,490)	(1,301,845)	(612,490)
Securities held for trading	305,991	122,638	346,207		153,587 Net interest income	1,417,616	1,218,394	1,140,884	982,190
Derivative financial assets	245,676	138,997	254,566	139,114
Loans and advances to customers	32,223,034	27,356,543	28,237,691		24,201,139 Fee and commission income	434,093	378,408	313,844	271,119
Investment securities					Commission expense	(33,985)	(26,093)	(21,399)	(22,495)
- Available for sale	7,552,602	7,745,062	7,462,388		7,561,491 Net fee and commission income	400,108	352,315	292,445	248,624
Investments in subsidiaries, associates and joint ventures	-	-	1,593,550	1,481,979
Investments in associates	4,091	11,389	-		- Dividend income	2,700	2,580	52,907	59,608
Investment property	31,518	29,550	42,006		43,245 Gains less losses on financial transactions	55,496	25,248	121,626	(3,324)
Property, plant and equipment	935,996	937,973	544,636		529,511 Other income	66,655	90,115	15,015	27,010
Goodwill and other intangible assets	117,138	107,436	42,104	33,016		124,851	117,943	189,548	83,294
Deferred tax assets	276,973	202,519	261,363		177,936 Total income	1,942,575	1,688,652	1,622,877	1,314,108
Other assets	309,840	285,258	229,825	143,414
	49,315,273	43,914,976	46,676,099		41,758,997 Staff costs	(476,085)	(432,157)	(368,852)	(336,377)
Non-current assets held for sale	484,387	92,070	92,513		90,249 General administrative expenses	(345,292)	(301,647)	(276,333)	(241,185)
TOTAL ASSETS	49,799,660	44,007,046	46,768,612		41,849,246 Depreciation and amortization expenses	(62,648)	(59,561)	(40,467)	(37,177)
					Other expenses	(3,431)	(5,108)	(1,686)	(426)
					Total expenses	(887,456)	(798,473)	(687,338)	(615,165)
LIABILITIES					Impairment losses and provisions to cover credit risk	(253,954)	(254,873)	(219,505)	(231,536)
Due to banks	6,686,526	8,128,599	7,222,117		8,600,366 Share of profit (loss) of associates	(408)	(1,165)	-	-
Derivative financial liabilities	224,576	140,236	226,223	140,632		(254,362)	(256,038)	(219,505)	(231,536)
Due to customers	23,573,908	21,644,804	20,372,543		19,301,646 Profit before tax	800,757	634,141	716,034	467,407
Debt securities in issue and other borrowed funds	13,789,253	9,192,626	15,148,320	10,665,761
Liabilities for current income tax and other taxes	129,077	128,202	110,102		87,699 Ιncome tax	(175,427)	(132,071)	(139,839)	(89,537)
Deferred tax liabilities	140,208	23,857	137,901	19,517		625,330	502,070	576,195	377,870
Employee defined benefit obligations	548,584	561,748	513,311	513,797
Other liabilities	675,003	743,372	584,358		566,763 Tax on reserves (Law 3513/06, article 10)	(73,902)	-	(73,902)	-
Provisions	65,263	317,871	17,901		1,628 Profit after tax from continuing operations	551,428	502,070	502,293	377,870
	45,832,398	40,881,315	44,332,776	39,897,809
Liabilities related to non-current assets held for sale	353,595	3,047	-	-	Profit after tax from discontinued operations	2,687	3,800	-	-
Total Liabilities (a)	46,185,993	40,884,362	44,332,776		39,897,809 Profit after tax	554,115	505,870	502,293	377,870
					Attributable to equity holders of the Bank	551,987	502,174	-	-
					Attributable to minority interests	2,128	3,696	-	-
EQUITY					Attributable to equity holders of the Bank, excluding tax on reserves	625,889	502,174	576,195	377,870
Share Capital	1,591,286	1,456,018	1,591,286	1,456,018
Share premium	127,961	125,685	127,961		125,685 Earnings per share:
Reserves	351,697	324,297	207,853		220,423 From continuing and discontinued operations
Amounts recognised directly in equity relating to non-current assets					Basic earnings per share (€)	1.40	1.25	-	-
held for sale	(2,576)	-	-		- Diluted earnings per share (€)	1.40	1.25	-	-
Retained earnings	686,018	506,985	523,201		337,439 From continuing operations
Treasury shares	(14,653)	(188,316)	(14,465)		(188,128) Basic earnings per share (€)	1.40	1.24	1.28	0.94
Equity attributable to equity holders of the Bank	2,739,733	2,224,669	2,435,836		1,951,437 Diluted earnings per share (€)	1.39	1.24	1.28	0.94
Minority Interest	44,280	53,069	-	-
Hybrid securities	829,654	844,946	-	-	From continuing and discontinued operations, excluding tax on reserves
Total Equity (b)	3,613,667	3,122,684	2,435,836		1,951,437 Basic earnings per share (€)	1.59	1.25	1.47	0.94
TOTAL LIABILITIES AND EQUITY (a) + (b)	49,799,660	44,007,046	46,768,612		41,849,246 Diluted earnings per share (€)	1.59	1.25	1.46	0.94
					Proposed dividend for the year 2006 per share (€)			0.75
					Adjusted dividend for the year 2005 per share (€)				0.60
CASH FLOW STATEMENT	Consolidated		Alpha Bank
	From 1 January to		From 1 January to		STATEMENT OF CHANGES IN EQUITY	Consolidated		Alpha Bank
	31.12.2006	31.12.2005	31.12.2006	31.12.2005		31.12.2006	31.12.2005	31.12.2006	31.12.2005
Net cash flows from continuing operating activities (a)	(943,130)	5,811,211	(417,304)		4,983,494 Equity at beginning of the period (1.1.2006 and 1.1.2005 respectively)	3,122,684	2,347,446	1,951,437	1,812,017
Net cash flows from continuing investing activities (b)	(115,558)	(6,017,237)	1,289		(5,614,791) Profit for the period after tax	554,115	505,870	502,293	377,870
Net cash flows from continuing financing activities (c)	(65,480)	292,637	(60,561)	321,910		3,676,799	2,853,316	2,453,730	2,189,887
Net increase (decrease) in cash and cash equivalents					Capital increase due to acquisition of 61.24% of DELTA SINGULAR Α.Ε.P.	-	149,134	-	149,134
from continuing activities (a)+(b)+(c)	(1,124,168)	86,611	(476,576)		(309,387) Share capital increase	1,314	-	1,314	-
Effect of exchange rate fluctuations on cash and cash equivalents	31,909	(1,949)	1,028		1,320 Change of participating interests in subsidiaries and new acquisitions	(10,005)	(25,452)	-	-
Total cash flows for the period from continuing activities	(1,092,259)	84,662	(475,548)		(308,067) Dividends distributed	(238,981)	(175,548)	(237,556)	(174,064)
Net cash flows from discontinued operating activities	762	16,204	-		- Net income recognised directly in equity	(24,581)	(45,346)	(53,278)	(46,275)
Net cash flows from discontinued investing activities	1,514	(3,436)	-		- (Purchases) / disposals of treasury shares and hybrid securities	254,969	(209,850)	266,267	(169,490)
Net increase (decrease) in cash and cash equivalents					Proceeds from the issue of hybrid securities	-	588,000	-	-
from discontinued operating activities	2,276	12,768	-		- Dividends paid to hybrid securities holders	(51,006)	(13,815)	-	-
Cash and cash equivalents at beginning of the period	5,665,814	5,568,384	5,083,955	5,392,022 Other		5,158	2,245	5,359	2,245
Cash and cash equivalents at end of the period	4,575,831	5,665,814	4,608,407		5,083,955 Equity at end of the period (31.12.2006 and 31.12.2005 respectively)	3,613,667	3,122,684	2,435,836	1,951,437

CONDENSED FINANCIAL DATA AND INFORMATION ALPHA BANK Α.Ε. FOR THE PERIOD FROM JANUARY 1, 2006 TO DECEMBER 31, 2006

(In accordance with Law 2190 article 135, concerning financial institutions that prepare annual financial statements in accordance with International Financial Reporting Standards, I.F.R.S.)

(Amounts in thousands of €)

The financial information set out below provides a general presentation of the financial position and results of Alpha Bank A.E. and the Group. The reader who seeks to have a complete view of the financial position and its results may visit the web site www.alpha.gr where the financial statements prepared in accordance with International Financial Reporting Standards (I.F.R.S.) are available together with the auditor's report. THE MEMBERS OF THE BOARD OF DIRECTORS CONSIST OF:

ADDITIONAL DATA AND INFORMATION:

1. Companies included in the consolidated financial statements, other than "ALPHA BANK", as well as the parent's participation, directly or indirectly 2. During the period 1.1.2006 until 31.12.2006 the following changes took place in the companies included in the consolidated financial statements:

in them as at 31.12.2006 are:			a) Concerning companies which are fully consolidated:
A. Subsidiaries fully consolidated :			- Sales of: Alpha Insurance Romania S.A. ( 16.2.2006 ).
No Company name	Registered office	Participation %	- New companies: The company Alpha Insurance Brokers S.R.L., founded by Alpha Bank Romania S.A., was consolidated for the first time on 30.6.2006. The company Alpha Real Estate D.O.O. Beograd, founded by Alpha Astika Akinita Α.Ε., was consolidated for the first on 30.9.2006. The companies Alpha Astika Akinita D.O.O.E.L. Skopje, founded by Alpha Astika Akinita Α.Ε., Alpha Group
1 Alpha Bank London Ltd	United Kingdom	100.00	Investments Ltd, acquired by Alpha Bank A.E. and Kafe Alpha Α.Ε., founded by Alpha Bank A.E., were consolidated for the first time on 31.12.2006.
2 Alpha Bank Ltd	Cyprus	100.00	- Mergers by absorption: Alpha Equity Fund Α.Ε. by Alpha Ventures Α.Ε. ( 31.5.2006 ) and Alpha Asset Management A.E.P.E.Y. by Alpha Mutual Fund Management A.E. ( 19.9.2006 ), which was renamed
3 Alpha Bank Romania S.A.	Romania	99.91	to Alpha Asset Management A.E.D.A.K. and Alpha Asset Finance Ltd by Alpha Bank Ltd ( 12.12.2006 ).
4 Alpha Bank AD Skopje	FYROM	100.00	- Transfers within the Group: Alpha Private Investment Services A.E.P.E.Y., from the parent company Alpha Bank A.E. to Alpha Bank London Ltd ( 1.2.2006 ), Alpha Bank A.E. Belgrade Branch to Jubanka
5 Alpha Bank Jersey Ltd	Jersey	100.00	A.D. Beograd ( 31.5.2006 ), which was renamed to Alpha Bank A.D. Beograd ( 1.6.2006 ) and then to Alpha Bank Srbija A.D. ( 9.10.2006 ) and Kafe Mazi A.E. from the parent company Alpha Bank A.E. to
6 Alpha Bank Srbija A.D.	Serbia	99.99	Ionian Hotel Enteprises A.E. (12.10.2006). Kafe Mazi A.E. was renamed to Tourist Resorts A.E.
7 Alpha Leasing Α.Ε.	Greece	99.67	b) Concerning companies accounted for under the equity method:
8 Alpha Leasing Romania S.A.	Romania	100.00	- Sales of: Lesvos Tourist Company A.E. ( 24.2.2006 ), Geosynthesis A.E. ( 14.6.2006 ) and Icap Α.Ε. ( 21.12.2006 ).
9 ABC Factors Α.Ε.	Greece	100.00	- Liquidation: Gaiognomon A.E. ( 13.12.2006 ).
10 Alpha Asset Finance C.I. Ltd	Jersey	100.00	- Change in measurement method: As at 1.7.2006, the company Propindex A.E. is no longer accounted for under the equity method due to the reduction of Bank's subsidiary ownership interests below 20%.
11 Alpha Finance Α.Χ.Ε.P.Ε.Υ.	Greece	100.00	3. On 16 October 2006, the Bank announced the signing of an agreement for the sale of 99.57% of its subsidiary Alpha Insurance A.E. to AXA, an insurance company which is a worldwide leader in financial
12 Alpha Finance US Corporation	U.S.A.	100.00	protection. The Group applying IFRS 5 '' Non current assets held for sale and discontinued operations'' presented the company's assets and liabilities as held for sale. Consequently Alpha Insurance A.E. profit
13 Alpha Finance Romania S.A.	Romania	100.00	after tax has been classified as discontinued operation. Comparative figures in consolidated income statement and cash flow statement for the year 2005 have been restated, as analyzed in note 47 of Group's
14 Alpha Advisory Romania S.R.L.	Romania	100.00	Financial Statements. The income statement for discontinued operations for 2006 and 2005 is presented below:
15 AEF European Capital Investments B.V.	Holland	100.00
16 Alpha Asset Management A.E.D.A.K.	Greece	100.00
17 Alpha Group Jersey Ltd	Jersey	100.00	1.1 – 31.12.2006 1.1 – 31.12.2005
18 Alpha Private Investment Services A.E.P.E.Y.	Greece	100.00	Net interest income 5,501 6,551
			Net fee and commission income 2,381 1,972
19 ABL Independent Financial Advisers Ltd	United Kingdom	100.00	Dividend income - 60 Gains less losses on financial transactions 3,904 4,922
20 Alpha Insurance A.E.	Greece	99.57	Other income 26,970 21,546
21 Alpha Insurance Agents A.E.	Greece	100.00	Total income 38,756 35,051
22 Alpha Insurance LTD Cyprus	Cyprus	100.00	Staff costs (14,624) (13,967)
23 Alpha Insurance Brokers S.R.L.	Romania	100.00	General administrative expenses (10,923) (8,108)
24 Alpha Astika Akinita A.E.	Greece	67.30	Depreciation and amortization expenses (1,727) (2,927) Total expenses 27,274 25,002
25 Alpha Real Estate D.O.O. Beograd	Serbia	100.00	Impairment losses and provisions to cover credit risk (1,200) (1,972)
26 Alpha Astika Akinita D.O.O.E.L. Skopje	FYROM	100.00	Profit before taxes 10,282 8,077
27 Ionian Hotel Enterprises A.E.	Greece	93.25	Income tax (7,595) (4,277)
28 Ionian Holdings A.E.	Greece	100.00	Profit after tax 2,687 3,800
29 Alpha Group Investments Ltd	Cyprus	100.00
30 Oceanos A.T.O.E.E.	Greece	100.00
31 Alpha Credit Group Plc	United Kingdom	100.00	4. During 2006 the Bank's books and records were audited by tax authorities up to and including 2005. Tax audit was also completed for Alpha Insurance A.E. , Alpha Astika Akinita A.E. and Ionian Hotels
32 Alpha Bank London Nominees Ltd	United Kingdom	100.00	Enterprices A.E. up to and including 2005. The majority of other entities of the Group has been audited by the tax authorities up to and including 2002.
33 Alpha Trustees Ltd	Cyprus	99.99	5. On 5 December 2006 through the process of an accelerated book building, the Bank completed the placement of 21,250,000 treasury shares representing 5.20% of its issued share capital. The above placement
34 Alpha Ventures A.E.	Greece	100.00	was performed from the treasury share reserve relating to the acquisitions in 2004, 2005 and part of 2006 (until 6.11.2006) at a price of € 22.75 per share. The net proceeds of the sale amounted to € 476
35 Messana Holdings S.A.	Luxemburg	100.00	million. The profit from the sale of the treasury shares amounted to € 92,6 million which were recognized directly in retained earnings.
36 Flagbright Ltd	United Kingdom	100.00	6. The Management of the Bank submitted an application on 21.11.06, in accordance with Law 3371/2005, for its employees to join ETAT. The actuarial valuations to determine the Bank's contribution to
37 Tourist Resorts A.E.	Greece	100.00	IKA-ETEAM and ETAT funds are in progress. The Bank does not expect that the contribution will be materially different from the amount that is recognized in the Group's and Bank's financial statements,
38 Κafe Alpha Α.Ε.	Greece	100.00	notes 30 and 29 respectively.
39 Evremethea A.E.	Greece	100.00	7. No fixed assets have been pledged.
			8. There are no pending legal cases or issues in progress, which may have a material impact on the financial statements of the Group and the Bank.
B. Joint Ventures consolidated under the proportionate method :			9. The total employees of the Group as at 31.12.2006 were 12,069 ( 31.12.2005: 11,484 ) and the employees of the Bank as at 31.12.2006 were 7,184 ( 31.12.2005: 7,173 ).
No Company name	Registered office	Participation %	10. The related party transactions during the period 1.1.2006 until 31.12.2006 are as follows:
1 Cardlink A.E.	Greece	50.00	- with members of the Board of Directors and other key management personnel: a) of the Group: income € 82 thous., expenses € 12,545 thous. b) of the Bank: income € 36 thous., expenses € 6,371 thous.
2 APE Fixed Assets A.E.	Greece	60.10	- with other related parties: a) of the Group: income € 667 thous., expenses € 781 thous. b) of the Bank: income € 205,350 thous., expenses € 512,106 thous.
3 APE Commercial Property A.E.	Greece	60.10	The balances as at 31.12.2006 of the receivables and liabilities arising from the above transactions are as follows:
			- with members of the Board of Directors and other key management personnel: a) of the Group: receivables € 3,100 thous., liabilities € 46,755 thous., letters of guarantee € 165 thous. b) of the Bank:
C. Associates accounted for under the equity method :			receivables € 2,148 thous., liabilities € 29,761 thous., letters of guarantee € 165 thous.
No Company name	Registered office	Participation %	- with other related parties: a) of the Group: receivables € 611 thous., liabilities € 5 thous. b) of the Bank: receivables € 3,426,519 thous., liabilities € 16,803,598 thous., letters of guarantee and
1 Evisak A.E.	Greece	27.00	other guarantees € 84,063 thous.
2 AEDEP Thessalias & Stereas Ellados	Greece	50.00
3 A.L.C. Novelle Investments Ltd	Cyprus	33.33
			Athens, February 27, 2007
THE CHAIRMAN OF THE BOARD OF DIRECTORS	THE MANAGING DIRECTOR		THE EXECUTIVE DIRECTOR GROUP FINANCIAL REPORTING OFFICER

GEORGE N. KONTOS

MARINOS S. YANNOPOULOS

YANNIS S. COSTOPOULOS

DEMETRIOS P. MANTZOUNIS