Investor Relations - 02.10.2003

Announcement by Hellenic Republic for Offering of Shares in Public Power Corporation S.A

PUBLIC POWER CORPORATION S.A.

For your information we attach a press release issued by the Greek State:
"NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, OR JAPAN.


PRESS RELEASE


2 October 2003

Offering of Shares in Public Power Corporation S.A. by the Hellenic Republic


The Hellenic Republic today announces a further step in its privatisation programme through the planned sale of the common shares of the Public Power Corporation S.A. (the "Company") in a combined international Regulation S / Rule 144A institutional offering, an offering to both institutional investors and the public in Greece and a placement to the employees of the Company. Shares in the employee placement will be offered at a discount. In addition, employees participating in the employee offering and retail investors participating in the Greek offering may receive certain bonus shares.

The size of the offering is expected to be up to 36.5 million common shares or 15.7% of the Company's outstanding share capital, including an over-allotment option of 5.4 million shares in order to meet excess demand. Pricing is expected to take place by the end of October 2003. All the shares to be offered are secondary shares listed on the Athens Exchange and currently held, directly and indirectly through the Public Enterprise of Negotiable Securities S.A. ( "DEKA"), by the Hellenic Republic. The Hellenic Republic will announce more details of the planned offering after obtaining all approvals required by any competent authorities and after all relevant procedural requirements have been complied with.

Alpha Finance, Deutsche Bank, EFG Telesis Finance, Morgan Stanley and National Bank of Greece have been appointed as Joint Global Coordinators of the offering by the Hellenic Republic.

This press release does not in any manner constitute nor should it be characterised, considered or regarded as an invitation to the public to invest or as an invitation for collection of the public's savings nor an advertisement, notification, statement or announcement soliciting investment in the shares of the Company.

THIS PRESS RELEASE IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY OF THE SECURITIES DESCRIBED HEREIN.

THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR FORM PART OF AN OFFER OR SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES OR ANY OTHER JURISDICTION, INCLUDING THE HELLENIC REPUBLIC. THE SECURITIES REFERRED TO HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 AND WILL NOT BE OFFERED OR SOLD IN THE UNITED STATES EXCEPT PURSUANT TO AN APPLICABLE EXEMPTION FROM REGISTRATION. NO PUBLIC OFFERING OF SECURITIES IS BEING MADE IN THE UNITED STATES.
This communication is for distribution only to and is directed only at persons falling within Article 19 or Article 49 of The Financial Services and Markets Act 2000 (Financial Promotion) Order as persons having professional experience in matters relating to investments or meeting the asset tests set out in Article 49 and to persons to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This document must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this document relates is available only to relevant persons and will be engaged in only with relevant persons. Stabilisation/FSA

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, OR JAPAN."

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