The Second General Meeting of Shareholders to decide upon postponed items from the Extraordinary General Meeting of Alpha Bank of October 30, 2003, approved the merger of Alpha Investments by Alpha Bank through absorption of the former by the Bank, as well as the draft contract and the merger acts of the two Companies.

The merger has already been approved by the General Meeting of Shareholders of Alpha Investments, which took place on October 14, 2003 and it is expected that the consequent approvals of the competent authorities will be obtained by the end of November 2003.

It is noted that, only those shareholders of Alpha Investments registered on the date of registration of the approval by the Ministry of Development in the Registry of Societes Anonymes, will be entitled to shares of Alpha Bank. The date, on which the shareholders' accounts will be credited, shall be announced through the Press.