The Board of Directors of Piraeus Bank S.A. (the "Bank") notifies its shareholders that on September 7, 2007 expired the pre-emptive rights subscription period related to the share capital increase by euro 322,207,575.66, through payment in cash of an amount of euro 1,350,975,160.00 and the issue of 67,548,758 new ordinary registered shares of a nominal value of euro 4.77 each (the "New Shares") at a subscription price of euro 20.00 per New Share, pursuant to the resolution taken by the Board of Directors of the Bank on July 6, 2007 after authorization granted from the 2nd Reiterate General Meeting of shareholders on May 3rd, 2007.
The share capital increase was oversubscribed by 1.78 times as the total number of New Shares demanded by those who exercised pre-emptive rights and by those entitled to pre-subscription right, amounted to 120,175,653 New Shares corresponding to euro 2,403,513,060.00 as against the 67,548,758 New Shares being offered corresponding to euro 1,350,975,160.00.
More specifically, the aforementioned share capital increase was fully subscribed as follows:
(a) 95.65% of the total increase of the share capital was covered through the exercise of pre-emptive rights of existing shareholders corresponding to a total of 64,609,266 New Shares; and
(b) 4.35% was covered through the exercise of pre-subscription rights corresponding to 2,939,492 New Shares. This leads to a 5.29% satisfaction of the pre-subscription demand.
Following the above, the share capital increase was fully covered through the offer of 67,548,758 New Shares with a nominal value of euro 4.77 each, and as a result there was no private placement and no subscription by the subscribers pursuant to the subscription agreement.
Consequently, the Bank's share capital increases by euro 322,207,575.66. The difference from the issue of shares above par value of a total amount of euro 1,028,767,584.34 is credited to the "share premium account". The Bank's share capital will amount to euro 1,611,037,873.53 divided in 337,743,789 ordinary registered voting shares of a nominal value of euro 4.77 per share.
The New Shares arising from the above share capital increase will be delivered to the beneficiaries in dematerialized form by crediting them into their share and securities account with the Dematerialized System of Securities ("SAT"). The date of crediting of the New Shares into the accounts of the beneficiaries and the date of the commencement of trading of the New Shares on the Athens Stock Exchange will be notified by a subsequent announcement of the Bank.