ALPHA BANK issues a new series of its ALPHA BANK CAPITAL GUARANTEE Maximum Return investment products. ALPHA BANK CAPITAL GUARANTEE Maximum Return products guarantee investor's capital and offer high predetermined returns subject to satisfaction of certain market conditions during the life or at maturity of the issues.

The above products are designed for investors who seek to diversify part of their portfolios through investments in capital markets, combined with a capital guarantee.

The ALPHA BANK 'EUR/USD Digital' is linked to the EUR/USD exchange rate. The product with an investment horizon of four months offers 4.25% annualised return under the condition that the price of the index at maturity will be equal or higher than its initial price plus 0.0350.

Minimum investment amount is Euro 5,000.

Subscription period ends on 13/02/2004.