Further to the announcement dated 13.10.2008 re the acquisition of a 26.98% stake in the share capital of PROTON BANK, Piraeus Bank management announces that it has accepted a request made by Proton Bank and its selling shareholders calling for the cancellation of the acquisition agreement and has signed a mutual termination agreement to that effect. In view of the above, Piraeus Bank has ceased as of this morning all confirmatory legal and financial due diligence work being conducted on Proton Bank.