PIRAEUS Real Estate Investment Company (PIRAEUS A.E.E.A.P.) announces that the Extraordinary General Assembly of the Company was held on 21.02.2006 in the presence of shareholders representing 37,886,680 shares and votes (percentage of 75.93%) out of a total of 49,898,400 shares.This particular Extraordinary General Assembly unanimously decided with 37,886,680 votes on the following:

- Approval of increase in the share capital through capitalization of part of the at par surplus and issue of 4,989,840 new shares and free distribution to the company's shareholders in the ratio of 1 new share per every 10 old ones, with parallel increase of the nominal value of each share by euro 0.13. It has also been decided to amend article 5, par. 1 of the company's articles of association, consequent upon the above increase in the share capital.

- Approval of contracts concluded with Piraeus Bank S.A. and DIAGONIOS S.A. for the operational and technical support of the company.

- Modification in the use of assets under management from the Stock Exchange, so that the company?s investments are consistent with the provisions of L.2778/99, as amended by L.2992/2002.