In reply to the document no. 1555/10.04.2006 of the Hellenic Capital Market Commission, asking us to comment on today's article published in "Hrimatistirio" newspaper, in relation to the acquisition of banking institutions in Greece and Egypt, Piraeus Bank announces the following:

Piraeus Bank has repeatedly announced to the investing public its expansion strategy in Southeastern Mediterranean, which will be implemented through operational expansion of its branch network and appropriate acquisitions.

In this context, the Bank constantly looks for profitable acquisitions in the strategically targeted countries and often evaluates financial data of banks in this region. However, at this moment there is no agreement or negotiation for the acquisition of a bank in Greece or Egypt, according to the aforesaid published article. Therefore, the information on share capital increase of Piraeus Bank of Euro 700 million to 1 billion is also not true.