The Board of Directors of PIRAEUS AEEAP (hereinafter the Company) informs the investing public that the Extraordinary General Shareholders' Meeting of the Company, which was held on 21/02/2006, approved the increase in its capital share by Euro 12,125,311.20 as follows: increase of the share's nominal value to Euro 1.13 from Euro 1.00 for the total amount of Euro 6,486,792, and issue and distribution of free shares in the ratio of one (1) new share for every ten (10) old shares for the total amount of Euro 5,638,519.20. Following the foregoing increase, the Company's share capital amounts to Euro 62,023,711.20, and consists of 54,888,240 common registered shares of a nominal value of Euro 1.13 each. The decision no.K2-2574 of the Minister of Development, which approves the amendment of the relevant article of the Company's articles of association, was registered in the Record of Societes Anonymes on 02/03/2006. The ATHEX Board of Directors, during its session on 16/03/2006, approved the introduction of the above new free shares into public trading on the Stock Exchange. By decision of the Company's BoD it is specified that the Company's shareholders registered on the closing of the trading session of the ATHEX on 21/03/2006 will be eligible for the above increase. On the next business day, 22/03/2006, the Company's shares will be traded on the ATHEX without the right to participation in the above increase. In addition, as of the same date, the starting price of the Company's shares on the ATHEX will be defined according to the ATHEX Regulation. March 29, 2006 is the effective date of trading on the ATHEX of the 4,989,840 new free common registered shares, as well as the date when they will be credited to the Dematerialised Securities System accounts of the beneficiaries. The shares will be traded with the new nominal value as of 22/03/2006. For further information, shareholders are kindly asked to contact the Company's Shareholders Service Department (2-4, Mesogion Av., Pyrgos Athinon, building A, P.C. 115 27 Athens, tel. (210) 77 28 464, contact person Mrs. F. Polonifi, or tel. (210) 33 35 382).