The Greek Postal Savings Bank S.A. ("PSB") within the framework of providing accurate and timely information to the investor public and every other interested party announces that PSB's major shareholder, the "Hellenic Republic", reported today that on July 11, 2007 the planned sale of PSB's 28,173,354 common shares was successfully completed through a private placement to qualified investors in Greece and internationally, via an accelerated book building process.

The offering took place as part of the State's privatization program, at the price of 18.10 euros per share, selling at a small premium relative to the closing price of July 09, 2007. The offering was oversubscribed three times, while the revenue generated for the Greek Republic amounted to approximately 510 mil. Euros.
Following the aforementioned offering of shares, representing 20% of voting rights of PSB's outstanding share capital, the main shareholder's, "Hellenic Republic", direct participation percentage in PSB's share capital has declined to 34.43% from 54.43%, while the indirect participation of the Hellenic Republic, of 10%, via "Hellenic Post S.A." has remained unchanged.

All the shares that has been offered are existing shares listed on the Athens Exchange and were held by the Hellenic Republic.

THE PRESENT ANNOUNCEMENT IS NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES, CANADA, JAPAN, OR AUSTRALIA.