In reply to your letter with ref. no. 3124/23.1.2006, we notify you the following:

In reference with an article of the newspaper "HRIMATISTIRIO" of 20/01/2006, we point out that Piraeus Bank has no obligation to comment on assessments of journalists or analysts in relation to the financial results of the Bank and its Group. It is reminded that the results of 2005 will be announced on February 22, 2006. In addition, with reference to an article of the newspaper "KATHIMERINI" of 20/01/2006, we inform you the Vice-Chairman & Deputy Managing Director of the Bank Mr. Michalis Colakides, when asked about the content of its notice of 16.1.2006 in connection with the potential interest for the acquisition of Emporiki Bank, replied that Piraeus Bank is not interested in Emporiki under the present circumstances, as the Bank has repeatedly announced.