Investor Relations - 24.07.2009

Better financial offer from the PPC S.A - Golden Energy One Holdings Ltd Joint Venture in the Τender for the acquisition of shares of EPCG

ANNOUNCEMENT

PPC SA announces that today, 24th of July, in Joint Venture with Golden Energy One Holdings Ltd of Restis group, the Company participated in the official procedure of the Privatisation Council of the Government of Montenegro, during which the Financial Offers of the two remaining Qualified Bidders of the tender for the acquisition through purchase of shares and participation in the share capital increase, of up to a 45% stake in the company Electroprivreda Crne Gore AD Niksic (EPCG), were opened and read out loudly. The Joint Venture of PPC SA and Golden Energy One Holdings Ltd, submitted a better financial offer, compared to the competitive offer of the Italian Company A2A.

The Advisors to the Joint Venture for the submission of the offer are the companies Morgan Stanley, PriceWaterhouseCoopers, Law Firm Sardelas, Saxonis, Liarikos & Associates and Law Office Velimirovic.

EPCG is the vertically integrated electric utility of Montenegro active in generation, distribution and supply of electricity. The installed capacity of the company's power plants is 868MW (210 MW thermal and 658 MW hydroelectric) and the annual net generation of energy is 2,045 GWh, supplying 322.5 thousand customers.

Athens, July 24, 2009

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