PIRAEUS FINANCIAL HOLDINGS S.A.

Liquidation of material registered shares

Piraeus Bank S.A. informs the investing public that, pursuant to the provisions of article 53 of Law 3371/2005 (Official Gazette 178 Α 14.07.2005) and Resolution no.1/380/4.5.2006 (Official Gazette 657 Β 25.5.2006) of the Board of Directors of the Hellenic Capital Market Commission, the tangible registered shares of the Bank (materialized securities & depository certificates) which will not have been deposited for dematerialization the latest until 14/07/2006, will be liquidated via the Athens Stock Exchange. The tangible registered shares will be liquidated according to the provisions of article 99A of the Athens Stock Exchange Regulation, as in force, and the net result of the liquidation will be deposited with the Deposits and Loans Fund, as required by the above resolution of the Capital Market Commission. Upon completion of the liquidation process of the total shares, the Bank will notify by mail the eligible shareholders of the amount deposited with the Deposits and Loans Fund on their behalf, as well as of the process and supporting documents needed for collection of such amount. Shareholders who hold tangible registered shares are kindly requested to contact as soon as - tel.: 210-3288011, 210-3335211 & 210-3335039), in order to have their tangible shares of Piraeus Bank S.A. dematerialized by 14/7/2006.