ALPHA SERVICES AND HOLDINGS S.A.

Announcement of approval of Information Circular relating to the (voluntary) Public Tender Offer for outstanding shares in Alpha Leasing A.E. and commencement of the acceptance period

Following the submission, on February 27, 2004, of a voluntary public tender offer for the purchase of all shares in its subsidiary Alpha Leasing, at an offer price of Euro 6,50 per share, Alpha Bank hereby announces that, on March 10, 2004, the Hellenic Capital Markets Commission approved the relevant Information Circular, copies of which can be obtained by all Alpha Leasing shareholders, from all branches in Greece of Proton Investment Bank, Alpha Bank and Alpha Finance, from March 15, 2004 onwards and during the acceptance period.

The period during which all Alpha Leasing shareholders can state their acceptance of the Tender Offer will commence on March 18, 2004 and will last up until April 19, 2004, abiding by the procedure which is duly prescribed in the Information Circular and in a relevant announcement, published in the Press, in accordance with the law, on March 15, 2004.

Alpha Leasing shareholders may submit the declarations of acceptance at all branches of Proton Investment Bank and Alpha Bank, and may obtain, if so required, clarifications of the terms or methods of accepting the Tender Offer, during normal business days and hours, from officers of the aforementioned financial institutions, on (210) 900 5410, 900 5482 for Proton Investment Bank, and on (210) 326 0000 for Alpha Bank.

It should be noted that from March 2, 2004 onwards, Alpha Bank, having effected all necessary share purchase announcements, has been acquiring Alpha Leasing shares via the Athens Exchange, and will continue to do so throughout the acceptance period, at a price which will not exceed Euro 6,50 per share. This Public Tender Offer is governed by the Hellenic Capital Market Commission Decision no. 2/258/05.12.2002 and is addressed exclusively to the Alpha Leasing shareholders legally capable of accepting it.

The Public Tender Offer does not apply, nor will be conducted directly or indirectly in countries where same is forbidden or restrictions apply, such as in the United States of America, Canada, Australia and Japan. Copies of this document or any other related material are not, and shall not, be posted, sent or distributed in any form to countries where same is forbidden or restrictions apply.