PIRAEUS FINANCIAL HOLDINGS S.A.

Announcement for the commencement of trading of the new shares

NOT FOR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR SOUTH AFRICA.
These materials may not be published, distributed or transmitted in or into the United States. These materials do not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933 (the "Securities Act") or the laws of any state, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as such term is defined in Regulation S under the Securities Act) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. There will be no public offering of the securities in the U.S. These materials are being distributed only to, and are directed solely at, persons who (i) are outside the United Kingdom, (ii) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (iii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Order, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). These materials must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which these materials relate is available only to relevant persons and will be engaged in only with relevant persons. These materials and the information contained therein are not a public offer or advertisement of securities in the Hellenic Republic, and are not an offer, or an invitation to make offers, to purchase or invest in any securities in the Hellenic Republic within the meaning of Art. 2 (1) (d) of Greek Law 3401/2005. Any investment decision should be based wholly on the information contained in the approved by the Hellenic Capital Market Commission Greek prospectus, prepared in connection with the Offering and the admission of the Company's securities to trading on the Athens Exchange, as the sole legally binding document, which is available on the Bank's website, as well as on the Athens Stock Exchange and the Hellenic Capital Market Commission websites, and not on the contents hereof.
Announcement for the commencement of trading of the new shares.
PIRAEUS BANK S.A. (hereinafter the "Bank") announces to the investors that trading on the Athens Exchange (hereinafter the "ATHEX") of the 807,054,045 new ordinary registered shares of the Bank, of a nominal value of € 0.30 each (the "New Shares") will commence on Thursday 10th February 2011. The said shares resulted from a share capital increase through payment in cash and pre-emption rights by existing shareholders, which was decided by the Board of Directors of the Bank on 03.01.2011 in line with the respective authorisation granted by the Second Repetitive General Meeting of the ordinary shareholders of the Bank of 03.05.2007, as amended and modified by the Second Repetitive General Meeting of the ordinary shareholders of the Bank of 20.12.2010.
On 08.02.2011 the ATHEX has approved the admission to trading on the ATHEX of the 807,054,045 New Shares. The New Shares will be credited to the Dematerialised Securities System (DSS) on the accounts of the beneficiaries by the date of commencement of trading.
For further information, the shareholders may refer to the Shareholders Service Department of the Bank, 3 Korai str, 105 64 Athens (telephone numbers: +30 210 - 32 88 737, +30 210 - 33 35 211, +30 210 - 32 88 011 and +30 210 - 33 35 039).