ALPHA SERVICES AND HOLDINGS S.A.

Share capital increase of Alpha Bank following exercise of stock options right by the bank's managerial staff

The Board of Directors of Alpha Bank, at its meeting on 23 November 2004, approved a share capital increase of Euro 555,251.90, by issuing 102,445 common shares of nominal value and offer price of Euro 5.42 each, following the exercise of stock option rights by 36 managers, as provided for in the stock options plan, approved at the General Shareholder Meetings of 11/4/2000 and 9/4/2001.

As a result, the share capital of the Bank amounts to Euro 1,274,272,173.14 divided into 235,105,567 common shares of Euro 5.42 each.

The new shares will commence trading at a date to be specified by further announcement.