Due to the merger through absorption of the company Alpha Investment S.A. by Alpha Bank and the cessation of trading of the share of Alpha Investment S.A. as of November 28, 2003, the specific share is erased by the Indices it participates (ATHEX Composite Index and Investment Price Index).

According to the Ground rules for the Calculation & Management of the Price Indices of the Shares Market (par. 10.7), the above share is replaced instantly by the runner up, according to the classification criteria of the corresponding Index during the most recent ordinary revision.

Specifically, the following changes will take place:

• At ATHEX Composite Index the share of Alpha Investment S.A. (CB) is erased and replaced by the share ELMEC SPORT S.A.

• At the ATHEX Investments Price Index the share of Alpha Investment S.A. (CB) is erased and replaced by the share ARROW CLOSED END INVESTMENT FUND

The replacement will take place after the end of the trading session of 28.11.2003.