We  would like to thank you again for your interest in Alpha Bank. With  regards to your questions, please find below our answers. 
  
  The merger of Alpha Bank with Eurobank EFG is under way. Currently, the two banksare  expecting a hearing by the Hellenic Competition Committee on January  23rd 2012, which will be followed by other approvals by several other  competent authorities, most importantly from the Hellenic Capital  Markets Commission and the Athens Stock Exchange. 
  Regarding  capital, there are two issues that need to be determined and will  affect our future planning. Firstly, we are expecting for the  negotiations over the Private Sector Involvement deal for private  bondholders of Greek Government Bonds to conclude in the coming weeks.  The result of these will give us insight for any additional impairments  that have to be taken on our Greek Government Bond portfolio. Secondly, Bank  of Greece will evaluate the findings of Blackrock’s diagnostic loan  test regarding additional provisions and will determine the capital  shortfall that will arise. Greek banks will then have to submit their  business and capital plans, which will be examined in association with  the US firm Bain & Company, one of the world’s biggest consultancy  groups, acting as an independent consultant for the assessment of the  plans’ feasibility.
  
  With reference to your question about the payment of the securityin  your possession, please kindly note that relevant decisions will be  made close to the coupon payment date. As for the exchange offer for  preference securities proposed by National Bank of Greece, we are  following actions from all market participants and peers both in Greece  and abroad very closely, although currently, we have no further comments  to make on that issue. 
  
  For  further details regarding legal matters, we kindly refer you to the  prospectus for the issuance of the bonds (see attached documents for the issuance of preferred securities of €200mn in 2002 and €100mn in 2003). 
  
  In closing, we would appreciate it if you would provide us with your contact details for our files.