Investor Relations - 28.08.2003

The Hellenic Republic announced its intention to proceed with a secondary offering of "Public Power Corporation S.A" (PPC S.A.)

Not for publication or distribution in the United States, Canada, Japan or Australia.


For your information we attach a press release issued by the Greek State:

PRESS RELEASE


The Hellenic Republic announced its intention to proceed with a secondary offering of "Public Power Corporation S.A." ("PPC S.A.") shares owned by the Hellenic Republic and/or "DEKA S.A." to investors in Greece and abroad. For this purpose, the Hellenic Republic has appointed a syndicate of Greek and international banks to underwrite the offering. The terms, conditions and other details of the offering will be announced in due course as the case may be pursuant to applicable provisions. Subject to market conditions and necessary approvals, the offering is expected to be completed within the last quarter of this year.


ATHENS, 28 August 2003


This document is not an offer of securities for sale in the United States. The Securities have not been and are not being registered under the US Securities Act of 1933, as amended (the Securities Act) and may not be offered or sold in the United States or to or for the account or benefit of US persons (as such terms are defined in Regulation S under the Securities Act) unless registered under the Securities Act or pursuant to an exemption from such registration. PPC S.A. does not intend to register the Securities under the Securities Act. Any offering of securities to be made in the United States will be made by means of an offering circular that may be obtained from PPC S.A. or the selling shareholder and will contain detailed information about the company and management, as well as financial statements.


This communication is directed only at persons who (i) have professional experience in matters relating to investments or (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated persons etc") of the Financial and Service Markets Act 2000 (Financial Promotions Order 2001) as amended or to whom it may otherwise be lawfully communicated (all such persons together being referred to as "relevant persons"). This communication must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with relevant persons.


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