As of December 30, 2003, the 30,420,617 new common registered (CR) shares of the Company PIRAEUS BANK S.A. start trading on the ATHEX, following the recent share capital increase of the Company due to the Merger with the Company Hellenic Industrial Development Bank (ETBA BANK S.A.), under the following terms:

a) Each shareholder of the acquiring Company exchanges 1 old share with 1 newly-issued (CR) share of a par value of euro 4.15, and

b) Each shareholder of the acquired exchanges 1 old share with 0.416300 newly issued share. Increase of the share par value to euro 4.15 (from euro 3.28 each).

As of the same date, the new total number of the Bank''s listed shares on the ATHEX amounts to 197,578,101 (CR) shares of a par value of 4.15 euro each.

According to Regulation 24/273/10.6.2003 of the Board of Directors of the Capital Market Commission and the Regulation No 45 of the ATHEX Board of Directors, the trading limits of the share price only for the trading session of the ATHEX on December 30, 2003, are set as follows:

Adjusted price: 9.28 euro

Closing price of the last day of trading (29/12/2003): 9.40 euro

Limit up +12%: 10.54 euro

Limit up +18%: 11.10 euro

Limit down -12%: 8.18 euro

Limit down -18%: 7.62 euro

According to the above and taking into account that in the OASIS subsystem as start price is considered the adjusted share price, the upper and lower trading limits are set as follows:

Start price: 9.28 euro

Limit up Α΄ +13.58%: 10.54 euro

Limit up Β΄ +19.61%: 11.10 euro

Limit down Α΄ -11.85%: 8.18 euro

Limit down Β΄: -17.89%: 7.62 euro

Detailed information for the merger is included in the related Prospectus that has been approved by the ATHEX BoD and is available at the ATHEX, the offices of the issuer, the offices of the consultant and www.ase.gr.