PPC's international activities
Following journalists' queries regarding PPC' s collaboration with the energy company ContourGlobal LLC, PPC's Management wishes to inform on the following:
1. The decision to form a subsidiary company aiming to develop PPC's international energy investments, in collaboration with ContourGlobal, was taken following the recommendation of the relevant PPC departments and the unanimous decision of the Board of Directors. It is common knowledge that representatives of shareholders and employees participate in the Board of Directors of PPC.
2. PPC and ContourGlobal participate in this strategic investment scheme with 45% stake each, whereas the European Bank of Reconstruction and Development (EBRD) is in the process of entering the scheme with a minority stake of 10% .
3. The International Finance Corporation (IFC), the subsidiary investment group of the World Bank, has shown interest, among other investors, in participating in this investment scheme.
4. The choice to collaborate with ContourGlobal was made, given that its executives have considerable credentials in energy investments in more than 25 countries having realized more than 55 energy projects. The major shareholder of ContourGlobal is Reservoir Capital Group, a company that has $3 bn under management.
5. Well respected financial institutions and large New York based law firms have provided PPC with letters of recommendation for ContourGlobal.
6. The new management of the international joint venture is meeting this week in London, executives from EBRD in order to finalize the equity participation of the latter in the strategic scheme.
PPC S.A. develops its international activities by protecting the interests of both its shareholders and employees. The increased interest of top financial institutions in entering the equity capital of the new company of international investments proves the reliability and the creditworthiness of PPC.
Athens, 26 September 2006