Following the resolutions of the Boards of Directors of Alpha Bank and Delta Singular on the merger of the two companies through absorption of the latter by the former, and with a proposed share exchange ratio of 10 Delta Singular shares for every 1 newly issued Alpha Bank share, the Boards of Directors of the two companies, on their respective meetings of June 29, 2004, have decided to appoint as balance sheet merger date June 30, 2004.

The merger will be effected through the combined application of l. 2515/1997 and 2166/1993, in their current form. The completion of the merger is expected before year end and is subject to regulatory and legal approval, including approval from both companies? General Assemblies and the provision of a fairness opinion from independent auditors, regarding the proposed share exchange ratio.