Investor Relations - 05.02.2006

Clarification on the Financial Statements 9M 2006

PUBLIC POWER CORPORATION S.A.


                                                                  ANNOUNCEMENT


Public Power Corporation SA clarifies that, in the published Financial Statements for the nine month period ended 30 September 2006, Earnings before interest, tax, depreciation and amortization (EBITDA) for the comparable data of the nine month period ended 30 September 2005, differs from those previously published in the Financial Statements for the nine month period ended 30 September 2005, by an amount of € 12.043 thousands. This is due to the following two reasons:
1. The Company, according to the provisions of IFRIC 1 " Changes in existing Decommissioning, Restoration and similar Liabilities" adjusted the Interim Financial Statements of the nine month period ended 30 September 2005, resulting to a decrease of profit before tax by € 462 thousands, due to an increase of financial expenses by € 705 thousands and to a decrease of the cost of lignite used by € 243 thousands. Consequently,an amount of € 243 thousands affected Earnings before interest, tax, depreciation and amortization (EBITDA) for the nine month period ended 30 September 2005.
2. Starting from the publication of Financial Statements of the year 2005 onwards, the Company changed the form of presentation of the Statement of Income by not separating expenses and revenues as operating and non operating. As a result, amounts that were classified as non operating revenues and expenses affected the calculation of EBITDA for the periods ended 2005 and onwards, compared to the previous periods. Specifically,in the published Financial Statements for the nine month period ended 30 September 2006, the comparable amount of EBITDA of the nine month period ended 30 September 2005, was affected by an amount of € 11.800 thousand, representing revenues that were classified as non operating in the published Financial Statements for the nine month period ended 30 September 2005 and in this respect had not been taken into account for the calculation of the EBITDA figure in the aforesaid period.

Athens, 5-2-2007





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