We regret to announce that Piraeus Bank, using confidential information provided to Mr. Sallas as a gesture of good will and in accordance with market''s ethics, proceeded immediately thereafter to issue an announcement last night of an alleged "public tender offer" for the acquisition of Marfin Popular Bank. Such announcement, contrary to market regulations and best practices, was issued without having previously informed nor obtained the necessary approvals by the relevant regulatory authorities.

This confidential information was that Marfin Popular Bank, following all appropriate procedures, intended to submit today public offers for the acquisition of Piraeus Bank and of Bank of Cyprus, aimed at creating the largest bank in the Greek-Cypriot market and a sizeable European player.

Our public offers will of course be submitted as originally planned in order to give to the shareholders of all three banks the opportunity to assess whether their acceptance adds value to their investment.

We believe that the efforts of Piraeus Bank''s management to obstruct or dictate the judgment of the shareholders and the market cannot be successful.