RNS Number:5867T
Alpha Bank A.E.
23 December 2003




                                 PRESS RELEASE

COMMENCEMENT OF TRADING OF NEW SHARES FOLLOWING EXERCISE OF STOCK OPTION RIGHTS
                         BY THE BANK'S MANAGERIAL STAFF



Following Alpha Bank's Board of Directors approval on December 8, 2003, of the
capital increase due to 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 and the Athens Stock
Exchange's approval of 18/12/2003, Alpha Bank announces that on Wednesday,
December 24, 2003, 97,271 new common registered shares will commence trading on
the Athens Stock Exchange.

As a result, the total number of common registered shares of Alpha Bank trading
on the Athens Stock Exchange from Wednesday December 24, 2003, shall amount to
195,835,935 shares with a nominal value of Euro 4.87 each.



                                                       Athens, December 22, 2003




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