NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, OR JAPAN.

Piraeus Bank S.A. announces that "ING Greek Life Insurance Company S.A." and "ING Greek General Insurance Company S.A.", at the recommendation of Piraeus Bank pursuant to an agreement with the ING Group for liquidation of the cross shareholdings have completed via an accelerated bookbuilding process the sale of 8,357,875 ordinary Piraeus Bank shares or approximately 3.9% of the Piraeus Bank share capital, to institutional investors. The final placement price was fixed at Euro 24.20 per share. The transfers will be placed through the ATHEX on 2 March 2006. Citigroup Global Markets Limited acted as bookrunner of the offering. The book opened at 18:00 Athens time of March 1st , 2006 and closed at 10:40 Athens time of March 2nd, 2006. Sigma Securities will act as Greek broker. Piraeus Bank will realize close to Euro 130 million net gains from such liquidation of the cross shareholdings, which will appear in the results of the 1st quarter 2006. This press release does not in any manner constitute nor should it be characterised, considered or regarded as an invitation to the public to invest or as an invitation for collection of the public?s savings nor an advertisement, notification, statement or announcement soliciting investment in the shares of the Companies.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES DESCRIBED HEREIN. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF AN OFFER OR SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION, INCLUDING THE HELLENIC REPUBLIC. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 AND WILL NOT BE OFFERED OR SOLD IN THE UNITED STATES EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION. NO PUBLIC OFFERING OF SECURITIES IS BEING MADE IN THE UNITED STATES.

This communication is for distribution only to and is directed only at persons falling within Article 19 or Article 49 of The Financial Services and Markets Act 2000 (Financial Promotion) Order as persons having professional experience in matters relating to investments or meeting the asset tests set out in Article 49 and to persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This document must not be acted on or relied on by perso ns who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Stabilisation/FSA.

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, OR JAPAN.