The company announces that on December 21, 2001, an agreement regarding the strategic alliance between the PIRAEUS BANK S.A. and ING regarding the Greek market.

The agreement provides for a strategic alliance through joint ventures in the sectors of bancassurance, employee benefits and asset management, by combining the potential of making the network of PIRAEUS BANK S.A. and the network of NN (Greece) (300 branches and 2,500 insurance representatives).

ING will participate to the joint ventures by 50.1% and PIRAEUS BANK S.A. will participate by 49.9%. The products of the joint ventures will bear the trade name ING (lion) · Piraeus.

The strategic alliance between the two groups will be sealed with a mutual holding between ING/NN (Greece) and PIRAEUS BANK S.A. and it will be concluded following the decision regarding the acquisition of ETBA BANK by PIRAEUS BANK S.A.

The agreement provides for an exclusive relation regarding the partnership of the two groups. The finalization of the structure and method of organizing the above are expected to be concluded by January 31, 2002 when they will be submitted for approval to the competent supervisory authorities.

PIRAEUS BANK S.A. and ING are optimistic regarding the potential of the strategic partnership, which will bring the two partners to a leading position in the sector of bancassurance in Greece.

The business activity of PIRAEUS BANK S.A. and ING are complementary, with ING participating to the market of life insurance by 14%, the BANK OF PIRAEUS S.A. by 8% to the banking market and both companies jointly representing more than 8% of the total market in the sector of Asset Management.

PIRAEUS BANK S.A. and ING are also interested in taking advantages of the opportunities that are expected in the sector of pension funds.