Investor Relations - 03.04.2008

The BoD of PPC approved the Memorandum of Understanding between PPC and Halyvourgiki S.A

ANNOUNCEMENT

The Board of Directors of PPC at its meeting held on April 3, 2008 approved the Memorandum of Understanding between PPC and " Halyvourgiki S.A. ". The Memorandum of Understanding refers to the investigation of possible cooperation between the firms in the following areas:

1. Construction and exploitation of two combined cycle gas fired plants with a total capacity of 880MW to be built within the premises of Halyvourgiki. The Plants shall be built using the best available and environmentally friendly technology.

2. Conversion to natural gas firing and exploitation of two existing units located on the premises of Halyvourgiki S.A. having a total capacity of 100MVA, to meet increased summer peak demand requirements.
The MoU envisages, the creation of a separate legal entity in the form of a societe anonyme, which will manage the project. Halyvourgiki will own 51% of the new entity and PPC 49%.

Athens, April 3, 2008

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