PIRAEUS FINANCIAL HOLDINGS S.A.

Changes in interest rates

Piraeus Bank announces the changes in interest rates that will take effect as of 20.3.06. It is estimated that deposit rates will rise up to 0.25%, while all interest rates of business, mortgage and consumer loans remain unchanging. Fixed interest rates of mortgage loans starting at 3.50% for one year are also being reviewed. In particular, increases in deposit accounts reach 0.25% and interest rates are as follows:

- Simple Savings Account from 0.60% to 2.10%
- Savings "Plus" Account from 0.60% to 2.25%
- Piraeus Payroll Account from 1.10% to 2.35%

Prime and Preferential interest rates of Mortgage Loans remain unchanging, as well as the Prime Interest Rate of Consumer Loans. Moreover, the interest rates of the following products remain unchanged: Business Loans Prime Rate, Business Loans Preferential Rate, Long-term Credits Prime Rate, and Business Premises Loans Prime Rate. Credit card rates will increase by 0.25% (as of 20.4.06). Fixed rates of Mortgage Loans start at 3.50% for 1 year and continue as follows: 3 years from 4.50%, 5 years from 4.85%, 10 years from 5.10%, 15 years from 5.30%. Mortgage Loans with fixed interest rates for 20 years (new product) are from 5.60%.