As of December 23, 2003, the shares of the Company PIRAEUS LEASING S.A. start trading on the ATHEX, due to the Merger with the Company ETBA LEASING S.A., under the following terms:

a) The existing shareholders of the acquiring Company PIRAEUS LEASING S.A. pertain the same number of shares they hold, according to the exchange ratio: 1 old (CR) share exchanged with 1 newly-issued (CR) share, and

b) 5,765,760 new common registered (CR) shares will receive in total the shareholders of the acquired Company ETBA LEASING S.A., in terms of 1 old (CR) share with 0.333333333 newly-issued common registered shares.

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 23, 2003, are set as follows:

Adjusted price: 7.06 euro

Closing price of the last day of trading (22/12/2003): 7.38 euro

Limit up +12%: 8.26 euro

Limit up +18%: 8.70 euro

Limit down -12%: 6.22 euro

Limit down -18%: 5.80 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: 7.06 euro

Limit up Α΄: 8.26 euro

Limit up Β΄: 8.70 euro

Limit down Α΄: 6.22 euro

Limit down Β΄: 5.80 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.