The Board of Directors of Alpha Bank on 22.2.2005, proceeded to the separation of the Chairman?s duties from those of the Managing Director, following standards applied in many other countries abroad and in accordance with the prevailing trend in the European Union. Consequently, Mr Yannis S. Costopoulos was appointed Executive Chairman and Mr Demetrios P. Mantzounis, General Manager since 2002, Managing Director.

The Board of Directors' composition is as follows:

EXECUTIVE MEMBERS
Executive Chairman, Mr Yannis S. Costopoulos
Managing Director, Mr Demetrios P. Mantzounis

NON - EXECUTIVE MEMBERS
Vice Chairman, Mr A.L. Canellopoulos.
Members, Mr G..E. Agouridis, Mr P.A. Apostolides, Mr J.G. Goumas, Mr X.J. Kantonias, Mr P.G. Karakostas, Mr C.A. Kyriacopoulos, and Mr M.G. Tanes.

NON ? EXECUTIVE INDEPENDENT MEMBERS
Mr A.M. Averoff and Mr Th.M. Veremis.

During the same meeting, the Board of Directors decided to confer the title of General Manager to the Executive General Managers Mr Marinos S. Yannopoulos, Mr Spyros N. Filaretos and Mr Artemis Ch. Theodoridis.

Furthermore, Mr Ch.E. Papanayotou, Senior Manager, was named Executive General Manager, Mr O.A. Zacharakis was appointed Manager of the newly established Group Audit for Foreign Operations, Mr A.I. Lioudis, Manager of Group Audit for Domestic Operations and Internal Auditor and Mr G.I. Manolakenas, Group Compliance Officer.