Pursuant to the resolutions of the Boards of Directors of Alpha Bank A.E. and Delta Singular A.E. on 29/6/2004 and 27/7/2004 concerning the initiation of the merger process, through absorption of the latter by the former, and with a proposed share exchange ratio of 10 Delta Singular A.E. shares to 1 Alpha Bank A.E. share and merger Balance Sheet date 31/7/2004, the Boards of Directors of the two companies, on their respective meetings on the 5th August 2004, approved the merger Balance Sheet and the Draft Merger Agreement.