Investor Relations - 31.01.2006

Answer of PPC S.A. in from 26.01.06 letter of ASE

Following your letter dd 26.1.06 with reference to information published in financial press re PPC's CFO comments we inform you that he said his expectations, on the proposal of the Management to the Board of Directors regarding the latter's recommendation to the Annual Shareholders Meeting on the dividend for the year 2005, are for a dividend lower than that for 2004 but not lower than € 0,50 per share.

Addressing a question on a special dividend from the reserves formed after the revaluation of the fixed assets he said that if the Annual Shareholders Meeting decided for distributing an extra dividend of 1 euro per share then the company's debt of approx. €3,8 billion would increase by €232 million.

Grigoris Anastasiadis

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