On February 27th, 2004, Alpha Bank launched a voluntary public tender offer for the purchase of all shares in its subsidiary Alpha Leasing it does not hold, which was duly announced in the Press in accordance with the requirements of the law.

In particular, Alpha Bank (the "Offeror") which, as of February 27, 2004, held directly or indirectly 77.41% of Alpha Leasing's share capital, intends to purchase the remaining 8,943,436 shares of Alpha Leasing representing 22.59% of its share capital, by means of a public tender offer pursuant to the provisions of the Hellenic Capital Market Commission ("HCMC") Decision 2/258/05.12.2002.

Τhe decision of the Offeror to launch a public tender offer is based on its declared intention to concentrate its core financial activities under the full control of the Group. In accordance with internationally accepted practices of large banking groups, these activities are usually exercised, either by internal divisions, or by independent companies under the parent bank's full control. Financial leasing is an integral part of the Business Unit of Retail and Commercial Banking which administers all types of financing under common credit rules and a fully fledged customer oriented system. Hence, the acquisition of 100% of the Alpha Leasing shares has been dictated by precisely this strategy.

Alpha Bank offers to pay Euro 6.50 per share, representing premia of 26.88% and 20.32% on the shares' average stock market price for the last twelve (12) and six (6) months respectively, and 17.43% and 19.85% for the last thirty (30) and seven (7) days respectively.

The public tender offer is subject to all potentially required administrative consents and approvals (e.g. Bank of Greece), and will apply regardless of the number of shares validly offered till the expiration of the acceptance period.

If Alpha Bank obtains, directly or indirectly, a percentage equal to, or greater than, 95% of Alpha Leasing?s shares and voting rights, it will seek to have the company's shares de-listed from the Athens Exchange.

Alpha Bank has filed for approval with HCMC a draft Information Circular in relation to the public tender offer. Upon receiving the HCMC?s approval, the Information Circular will be published within the time limits provided for in HCMC?s Decision 2/258/05.12.2002.

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 it be conducted directly or indirectly in countries where the 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 the same is forbidden or restrictions apply.