Top Performances by ALPHA TRUST mutual funds in 2011

Last year's performances highlighted once again the high quality of investment management practiced by ALPHA TRUST over the last twenty years.

In the "Equity Funds – Greece" category and according to data provided by the Hellenic Fund and Asset Management Association as at 12/31/2011, the company's mutual funds ranked in the 1st, 3rd and 4th positions among the best performing out of 45 funds active in the Greek market in this category. Meanwhile they have consistently received top ratings of 5 and 4 stars by Morningstar® being the only mutual funds in this category with such high ratings in Greece.

More specifically, the year's top performance was held by ALPHA TRUST NEW STRATEGY Domestic Equity fund, which outperformed its benchmark FTSE 20 by 40.81% and consistently ranking in the top position of its category, since its inception and until the end of 2011. Moreover, in the same category, ALPHA TRUST GROWTH Domestic Equity fund ranked in the third position and outperformed its benchmark, the General Index of the Athens Stock Exchange by 17.53%. Since its inception on 13/8/1991 the Growth fund has consistently ranked at the top of its category recording a cumulative performance of 370.78% compared to ‐32.00% for its benchmark and an annualized performance of 7.89% compared to ‐1.87% for its benchmark.

In the same category, the fourth position was held by ALPHA TRUST ΝΕW ENTERPRISES Domestic Equity fund, which outperformed its benchmark, the General Index of the Athens Stock Exchange by 17.47% while since its inception it has recorded a cumulative performance of 146.47% compared to ‐22,71% for its benchmark and an annualized performance of 5.76% compared to –1.59% for its benchmark.

The year's top performance among the 31 domestic balanced mutual funds was held by THE ECONOMISTS' OCCUPATIONAL PENSION Domestic Balanced Fund.

High rankings were also recorded by the company's mutual funds, which invest in international markets. More specifically, ALPHA TRUST EMERGING EUROPE Foreign Equity Fund held the 3rd position among 17 mutual funds in its category, ALPHA TRUST GLOBAL LEADERS Foreign Equity Fund also came 3rd among 9 mutual funds in its category and S&B PENSION GLOBAL Equity Fund of Funds came 7th among 23 mutual funds in its category.

Total assets under management in the 1st and 2nd performance quartiles exceeded 85%.

Under difficult conditions, which prevailed in the international and even more so in the Greek market in 2011, ALPHA TRUST M.F.M. S.A.'s mutual funds continued its tradition of recording excellent performances in the various categories that is active.

NOTE. Cumulative return calculation includes reinvestment of dividends

Hellenic Capital Market Commission's Licenses / M/F Cumulative Returns:

ALPHA TRUST GROWTH Domestic Equity fund, Hellenic Capital Market Commission's License: 58546/Β737, Government Gazette Issue No679/Β/8.8.1991, 3Y 31/12/2008-31/12/2011: -47,79%, 1Y 31/12/2010-31/12/2011 : -34,35%

ALPHA TRUST ΝΕW ENTERPRISES Domestic Equity fund, Hellenic Capital Market Commission's License: 58th 31.10.1995/6Α, Government Gazette Issue No948/Β/17.11.1995, 3Y 31/12/2008-31/12/2011: -43,58%, 1Y 31/12/2010-31/12/2011: -34,40%

ALPHA TRUST NEW STRATEGY Domestic Equity fund, Hellenic Capital Market Commission's License: 512/23.8.2007, 3Y 31/12/2008-31/12/2011: -34,17%, 1Y 31/12/2010-31/12/2011: -19,24%

THE ECONOMISTS' OCCUPATIONAL PENSION Domestic Balanced Fund, Hellenic Capital Market Commission's License: 24/840/16.7.2008, 3Y 31/12/2008-31/12/2011: -31,92%, 1Y 31/12/2010-31/12/2011 : -16,18%

ALPHA TRUST EMERGING EUROPE Foreign Equity Fund, Hellenic Capital Market Commission's License: 196th/11.10.2000/12a, Government Gazette Issue No 1429/Β/27.11.2000 , 3Y 31/12/2008-31/12/2011 : 23,13%, 1Y 31/12/2010-31/12/2011: -16,82%

ALPHA TRUST GLOBAL LEADERS Foreign Equity Fund, Hellenic Capital Market Commission's License: 134th/4.8.1999/6, Government Gazette Issue No 1938/Β/27.10.1999, 3Y 31/12/2008-31/12/2011: -9,37%*, 1Y 31/12/2010-31/12/2011: -9,28%

S&B PENSION GLOBAL Equity Fund of Funds, Hellenic Capital Market Commission's License: 57/16.6.2010, 3Y 31/12/2008-31/12/2011: 3,02%*, 1Y 31/12/2010-31/12/2011 : -7,68%

*According to par. 4 of article 8 of the MFMC's Code of  Conduct, Mutual Funds which have not completed three years of operation or in the same category, are obliged to report their annual and cumulative performances beginning from their inception or last category change date until the end of the previous month.

Last category change M/F ALPHA TRUST GLOBAL LEADERS Foreign Equity Fund: Last amendment: Hellenic Capital Market Commission's License: 71/25.11.2010, Inception date of M/F S&B PENSION GLOBAL Equity Fund of Funds: 24/06/2010