Bond Amendment

PIRAEUS BANK S.A. - BOND AMENDMENT

Piraeus Bank S.A. Series 50 Tranche 1 EUR 1,970,000,000 Floating Rate Notes due April 2013

Piraeus Bank S.A. Series 50 Tranche 2 EUR 400,000,000 Floating Rate Notes due April 2013

Piraeus Bank S.A. Series 51 Tranche 1 EUR 2,206,500,000 Floating Rate Notes due June 2013

Piraeus Bank S.A. Series 52 Tranche 1 EUR 3,572,100,000 Floating Rate Notes due December 2013

Piraeus Bank hereby announces that following unanimous agreement of the holders of such Notes, the margin on the above bonds of Piraeus Bank, guaranteed by the Hellenic Republic have been increased to 12.00 per cent. per annum., so that the interest basis applicable to all the above bonds will be 3 month EURIBOR plus 12.00 per cent. per annum Floating Rate, effective as mentioned in the relevant Amended & Restated Final Terms.

Copies of the Amended & Restated Final Terms have been submitted to the National Storage Mechanism and will shortly be available for inspection (at www.Hemscott.com/nsm.do).

For further information, please contact:

Piraeus Bank S.A.

Mr Kostas Fouskas

Deputy Treasurer

5, Korai str. GR-105 64

Athens - Greece

Telephone: 0030 210 333 5480

Fax: 0030 210 325 4207

Email: [email protected]