Slide2: Forward-Looking Statements Certain statements in this presentation constitute forward-looking statements, which involve known and unknown risks, uncertainties, and other factors including, but not limited to, the performance of the securities markets and individual portfolio companies, future economic conditions and other factors, that may cause the actual results, levels of activity, performance, or achievements of the company, or industry results, to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. As a results, no assurance can be given as to future results, levels of activity, performance, or achievements, and neither the company nor any other person assumes responsibility for the accuracy and completeness of such statements.


Slide3: Surface Area: 132 thousand sq km Population: 10.6 million (Dec 2003) GDP (US$bn.): 201.1 GDP per capita (US$): 19,100 ASE Market Cap (US$bn.): 106.78 ASE Market Cap/ Global Market Cap: 0.34% ASE Market Cap/ European Market Cap: 1.18% Greece- General Information Source: Ministry of Economy and Finance


Greece- Basic Economic Indicators: Greece- Basic Economic Indicators *Revised forecasts **thousand m3 Sources: Ministry of Economy and Finance, Eurostat, ALPHA TRUST Data, Analysis & Research dep't.


Greece- A booming economy: Greece- A booming economy Sources: Ministry of Economy and Finance, Eurostat *Forecast Real GDP growth Greece EU-15 1996 1997 1998 1999 2000 2001 2002 2003 2004*


Greece- A regional hub for SE Europe: Greece- A regional hub for SE Europe Greece is the only Southeastern European country that is concurrently: EU full member NATO member OECD member A part of Euro (€)


Slide7: Greece- A regional hub for SE Europe GDP per capita (US$): 2,600 Stock Market: Moldova Stock Exchange GDP per capita (US$): 7,600 Stock Market: Bucharest SE GDP per capita (US$): 2,200 Stock Market: Belgrade SE GDP per capita (US$): 4,500 Stock Market: Ukrainian SE GDP per capita (US$): 4,400 Stock Market: Tirana SE GDP per capita (US$): 6,500 Stock Market: Bulgarian SE GDP per capita (US$): 5,100 Stock Market: Macedonian SE GDP per capita (US$): 15,000 Stock Market: Cyprus SE GDP per capita (US$): 7,300 Stock Market: Istanbul SE GDP per capita (US$): 19,100 Stock Market: Athens SE Moldova Slightly larger than Maryland Romania Slightly smaller than Oregon Serbia & Montenegro Slightly smaller than Kentucky Ukraine Slightly smaller than Texas Albania Slightly smaller than Maryland Bulgaria Slightly larger than Tennessee FYROM Slightly larger than Vermont Cyprus About 0.6 times the size of Connecticut Turkey Twice the size of Montana Greece Slightly smaller than Alabama Total Region Land Area: 2,064,154 sq.km. Total Population: 178,152,925 Sources: CIA, NATO, FEAS EU member/ EU applicant NATO member/ NATO partner


ASE- General Index (12/95-4/04): ASE- General Index (12/95-4/04) Source: ALPHA TRUST Data, Analysis & Research dep't. Index Volume


ASE- Basic Statistics: ASE- Basic Statistics Listed companies 215 355 Market Cap (US$bn.) 15.14 106.78 Total value of transactions (US$mn.) 5,293.43 39,479.91 Average daily value of transactions (US$mn.) 21.43 159.84 FTSE 20% of value of transactions - 48.43% Source: ALPHA TRUST Data, Analysis & Research dep't. 12/31/1995 12/31/2003


ASE- Company Size Allocation: ASE- Company Size Allocation Source: ALPHA TRUST Data, Analysis & Research dep't. Market Capitalization as of 5/28/04 Number of Listed Companies % of Listed Companies >3bn.€ 8 2.23% 1bn.€ - 3bn.€ 9 2.51% 0.5bn.€ - 1bn.€ 12 3.34% 0.1bn.€ - 0.5bn.€ 67 18.66% 0bn.€ - 0.1bn.€ 263 73.26% Total Market 359 100.00%


ASE- Market Structure by Industry: ASE- Market Structure by Industry Source: ALPHA TRUST Data, Analysis & Research dep't. Data as of 5/28/04


Slide12: ASE- Evolution of foreign investor holdings on the total number of listed companies of the FTSE/ASE 20 INDEX 5/02 7/03 3/04 35.6% 41.4% 33.4% Source: Ministry of Economy and Finance


Greece- Major Events: Greece- Major Events New Government Primary Goals: - Ease corporate taxation - More transparency - Increase of foreign direct investments The Athens Olympic Games August 2004 The 2000-06 EU structural assistance budget for Greece amounts to a total of 20 billion dollars Improvement in macroeconomic indicators in Southern region


Fund Profile: Fund Profile Closed-end Fund, ~$83 mn under management (to increase to ~$95 mn after June by absorption of smaller closed-end fund). Inception Date: 07/26/2000 – Launch Date: 12/19/2001. Investment Philosophy: Best ideas of all Alpha Trust investment professionals (11 in Athens, 5 in London). Universe: European equities and corporate bonds. Focus: Greece. Style: Value with Growth. Number of Shareholders: ~11,400 (to increase to ~13,700 after absorption). Major Shareholders (>5%): QVT Fund (20.38%), Alpha Trust New Enterprises Fund (6.69%). Average discount (LTM): -10.6% , Peer Group Average: -14.0% (data as of 04/30/04). Data as of 5/31/04


Allocation of Assets: Allocation of Assets Geographic Allocation (equities) Data as of 5/31/04


Slide16: Performance Comparisons (in local currency) Andromeda NAV* ASE General Index Avg. Sector NAV Closed-end Fund Index *12/09/2002: Merger with AT ORION Data as of 4/30/04


Slide17: Top Equity Holdings Data as of 5/31/04


Slide18: Europe - Market Statistics


Slide19: Major Tender Offers in Greek Market Source: Bloomberg, ALPHA TRUST Data, Analysis & Research dep't.


Slide20: Sector Evolution (Number of Closed-End Funds) Source: AGII, ALPHA TRUST Data, Analysis & Research dep't. Data as of 4/30/04


Slide21: Sector Evolution ($FUM) ($ mn, end of year FUM) Source: AGII, ALPHA TRUST Data, Analysis & Research dep't. Data as of 4/30/04


Slide22: Banks PROS Consumer Credit & Mortgages drive the market. Major players (3) are increasingly more cost effective. Regional expansion is starting to bear fruit. CONS Pension Funding still an issue. Rigidities in Labour Market (similar to French).


Slide23: Telecoms PROS Fast Growing Region (SE Europe) especially in Mobile. On-going cost cutting. Underleveraged major players. CONS Greek Market has peaked. Haphazard investments in region by Greek major players.


Slide24: Property Developers PROS Very low valuations. Revenues are ahead. Commercial property is at a seven-year low. Retirement development is starting. The Olympics infrastructure will be apparent after September. New Government very supportive. CONS Laws and regulations are strict and antiquated. Many natural obstacles to large scale development.


Slide25: Retailing PROS Rationalization in sector and subsectors. Move towards larger, organized units. Expansion in consumption- hungry SE Europe. CONS Competition severe in some areas. Major global players move-in gradually.


Slide26: Gaming PROS Greeks gamble second only to the Chinese. Market only recently liberalized. State owned lotteries are privatised. CONS Difficult to expand in neighbouring countries (high corruption).


Slide27: ASE General Index vs. MSCI Europe (12/31/02 – 05/31/04)


Slide29: Appendix


Corporate History: Corporate History Established in 1987, Alpha Trust is the first investment advisory services company to be set up in Greece. In 1993, Alpha Trust in partnership with Hambros Bank acquired Schweiz Fund M.F.M.S.A. which was renamed Hambros Hellenic M.F.M.S.A. In 1994, Alpha Trust formed “Orion International” closed-end fund. In 1995, Alpha Trust became a subsidiary of Hambros Bank Limited, which acquired 51% of the company’s share capital and consequently Alpha Trust came under the supervision of the Bank of England. During 1996, Alpha Trust became the first company to receive license by the Capital Markets Commission (2396/96), to operate as an "Investment Services Company“. In 1998, the management of Alpha Trust together with a number of individual investors bought the Hambros Bank’s holding in the Greek entities and Hambros Hellenic M.F.M.S.A. was renamed Alpha Trust M.F.M.S.A. In 2000, Alpha Trust formed “Andromeda” closed-end fund and acquired the majority in “Ionian” closed-end fund which was renamed Alpha Trust Asset Manager Fund. In 2001, Alpha Trust acquired the majority in Taylor Young Investment Management Ltd., a London based private client management company. In 2002, Alpha Trust Orion was absorbed by Alpha Trust Andromeda. In 2003, Alpha Trust Andromeda decided to merge with Alpha Trust Asset Manager Fund.


Corporate Profile: Corporate Profile Currently, the largest independent asset management group in the country, with 512 mio $ of domestic discretionary funds under management, 367 mio $ of private discretionary funds in the UK and a professional staff of 62 locally and 21 in the UK. Ranks consistenly among the best performing investment managers in the last ten years. Experienced team of investment professionals (11 in Greece and 6 in the UK). The only Investment Services Company in Greece with exclusive focus in managing assets and no conflicting affiliations (securities trading, investment banking, proprietary desk etc.)


Business Areas: Business Areas Retail asset management ALPHA TRUST Mutual Funds Private Asset Management Greece & UK (Taylor Young Investment Management) ALPHA TRUST Nautilus (managed accounts of mutual funds) Investment Trust Management ALPHA TRUST ANDROMEDA * ALPHA TRUST ASSET MNAGER FUND * Private equity/Venture Capital ALPHA TRUST Innovation Fund * The two funds are to merge in the 1st half of 2004


Breakdown of Assets under Management - ALPHA TRUST Greece : Breakdown of Assets under Management - ALPHA TRUST Greece Data as of 5/31/2004 Closed-End Funds 18.68% Mutual Funds 56.36% Private Asset Management 21.79% Venture Capital 1.39% AT Nautilus 1.77%


Slide34: ORION Closed-end Fund, ~$45 mn under management Inception Date: 04/21/94 - Merger with Andromeda: 12/06/02 ORION Cumulative Performance (04/21/94-12/06/02) : +123.7% Annualized Performance : + 9.8% ASE General Index Performance (04/21/94-12/06/02) : +85.8% Annualized Performance : +7.4%


Slide35: Premium/Discount: NAV vs. Share Price Data as of 04/30/04


Slide36: Sector Evolution I Data as of 04/30//04


Slide37: Data as of 04/30//04 Sector Evolution II


Slide38: …Greek Sectors…


Greece- Major Greece Investments in Southeastern Europe and the Black Region: Greece- Major Greece Investments in Southeastern Europe and the Black Region Source: Ministry of Economy and Finance