Pursuant to the provisions of Codified Law 2190/1920, Law 3016/2002, and the provisions of article 2 para. 2 (e) of the resolution of the Hellenic Capital Market Commission no.3/347/12.7.2005, the Board of Directors of Piraeus Real Estate Investment (PIRAEUS R.E.I.T.) notifies that on the meeting of September 26, 2008 resigned the Executive Member Mr. Dimitrios Papadimitriou and elected, in substitution of the resigned Member, Mr. Dimitrios Andriopoulos as a new Executive Member of the BoD.