Alpha Bank?s Board of Directors approved a capital increase of Euro 473,709,77 by issuing 97,271 common shares of Euro 4.87 each, following the exercise of stock option rights by the Bank?s managerial staff, as provided for by the approved at the General Shareholder Meetings of 11/4/2000 and 9/4/2001 stock option programme.

As a result, the shareholders? equity of the Bank amounts to Euro 953,721,003.45 divided into 195,835,935 shares of Euro 4.87 each.

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