Alpha Bank announces that, following the resolution of the Ordinary General Meeting of Shareholders on March 30, 2004, the Ministry of Development has consequently approved the Bank?s share capital increase (decision Κ2-4603/30.4.2004) of Euro 319,995,917.79, as a result of the capitalization of the surplus from the revaluation to fair value of the Bank?s real estate holdings as well as of reserves, which will be effected through the issuance of 39,167,187 bonus shares and the increase of the par value of the shares to Euro 5.42 from Euro 4.87.

The Board of Directors of the Athens Exchange, in its session of 12/5/2004, approved the trading of the bonus shares and acknowledged the increase of the par value of the shares, as stated above.

Consequently, shareholders entitled to the bonus shares, at a ratio of 2 new to 10 old shares, will be Alpha Bank shareholders on the closing of the Athens Exchange on 14/5/2004. From Monday 17/5/2004 onwards, Alpha Bank?s shares will trade ex-rights. It must be noted that Alpha Bank's share price will be adjusted accordingly on Monday 17/5/2004, as determined by Decision 45 of the Board of Directors of the Athens Exchange in its amended and current form.

The bonus shares will be credited to the accounts of the entitled shareholders in the Greek dematerialized securities system on Friday, 21/5/2004, and, on the same day, will be available for trading in the Athens Exchange. As a result, the total number of Alpha Bank?s outstanding shares will increase to 235.003.122, with a par value of Euro 5,42 each.

The fractional rights, which will result from the above issuance of bonus shares, will be sold and the product of the sale will be paid to the entitled Alpha Bank shareholders, by crediting their accounts or through banking check for those who do not hold an account with Alpha Bank.