Alpha Bank announces that from Wednesday 22 December onwards, the 102.445 newly issued, registered, voting shares of the Bank, arising from the recent share capital increase of Euro 555,251.90 due to the exercise of stock option rights by 36 managers of the Bank and subsidiaries, at an exercise price of Euro 5,42 per share, following the decisions of the Bank?s Annual Meeting of Shareholders of April 11, 2000 and April 9, 2001 and the Board of Directors? resolution of December 2, 2004.

The full payment of the above share capital increase has been certified by the relevant decision of the Board of Directors of the Bank of December 2, 2004, following the aforementioned decisions of the Annual Meetings of Shareholders, copied in to the Ministry of Development and subsequently registered in the Company Register (M.A.E) with decision number Κ2-14904.

The Board of Directors of the Athens Exchange, in its meeting on 16/12/2004, approved the trading of the 102.445 new shares of Alpha Bank A.E. The 102.445 new shares will be credited to the accounts of the entitled shareholders in the Greek dematerialized securities system on 22/12/2004, and, on the same day, will be available for trading in the Athens Exchange. Alpha Bank?s share price will be adjusted accordingly on the same date, as determined by decision 37 of the Board of Directors of the Athens Exchange.