PIRAEUS BANK S.A. announces that the 2nd Iterative General Meeting of the Bank's Shareholders, which was held on 15.5.2006 at 9:30am, was attended by shareholders representing 72.131.951 shares out of a total of 214,870,434 shares, namely 33,57%.

On the first item of the Agenda, the General Meeting resolved the following:
- share capital increase of Euro 256,232,994.93 and issuance of 53,717,609 new shares by capitalization of part of the share premium reserve account, and distribution to shareholders of one free share for every four old shares;
- corresponding amendment of article 5 of the Bank's articles of association, and
- related adjustment of the Stock Option Plan, established by resolution of the General Meeting of the Bank's Shareholders on 16.05.2005, so that the total issue price remains fixed.
On the second item of the Agenda, the General Meeting resolved, in accordance with article 13, par. 9, Law 2190/1920, to establish a five-year stock option plan for the Directors and executives of the Bank and its affiliated companies for maximum 4,028,820 new shares, corresponding to 1.5% of the Bank's total shares, after the share capital increase resolved today, namely 0.3% for every year of the Plan and at an issue price of Euro 17.25. The above price results from the average stock market price of the six-month period prior to the General Meeting, i.e. Euro 21.56, adjusted to today's resolution to distribute the free shares.