PIRAEUS REAL ESTATE INVESTMENT FUND S.A. announces that the Board of Directors, during its session on March 16, 2006, approved unanimously, in accordance with article 3, Law 3016/2002, the redefinition in the Board membership of Mr. Konstantinos Liapis from Non-Executive to Executive.

After the above decision, the company's Board memberships are as follows:
- Pantalakis Theodoros, Chairman of BoD - Non-Executive Member of BoD
- Hortarias Iraklis, Vice-Chairman of BoD & Managing Director - Executive Member of BoD
- Liapis Konstantinos, Executive Member of BoD
- Tsamis Christos, Executive Member of BoD
- Andrianos Michalis, Non-Executive Member of BoD
- Goumas Dimitrios, Non-Executive - Independent Member of BoD
- Matsaganis Dimitrios, Non-Executive - Independent Member of BoD