Investor Relations - 13.09.2012

Clarifications on the items of the Agenda of the EGM


Further to a relevant inquiry made by the Capital Markets Committee and commenting on press articles which refer to items of the Agenda of the Extraordinary General Meeting of Shareholders scheduled for 4.10.2012, PPC informs that:
1. The Draft Agreement with the Hellenic Republic Asset Development Fund (“HRADF”), which relates to PPC’s option in Public Gas Corporation S.A. (“DEPA”), was made available today on the website of the Company ( According to the said Draft Agreement, PPC and HRADF agree on the waiver on the part of PPC of PPC’s option against a Compensation of €32.9m. Citigroup Global Markets Limited, under its capacity as independent evaluator, with the task to estimate the value of the Option and specifically, the Compensation that PPC should be entitled to in case that it waived its right to exercise the Option, concluded to the aforementioned amount.

2. The main terms of the Draft Settlement Agreement of all pending disputes between PPC S.A. and DEPA S.A. will be available on the Company’s website on Friday, 14.09.12. The said Agreement provides, amongst other, that the total net amount which is due to PPC for the settlement of pending disputes with DEPA until 31.12.2011 amounts to €94.091 m (the amount due by DEPA to PPC is €120.5m, while the amount due by PPC to DEPA is € 26.4m). The amount will have to be paid by DEPA in five installments (31.10.2012 until 28.2.2013) and in lump sum by PPC on 28.2.2013, so that the unpaid amount by DEPA as of 28.2.2013 to be equal to the Guarantee for year 2013, which PPC is obliged to provide to DEPA for the exact and complete fulfillment of its obligations according to the relevant Natural Gas Supply Agreement and is estimated at €47 m. In case that the majority stake on the share capital of DEPA were to be abolished by the Greek State before 28.2.2013, the Agreement provides for the payment in full of amounts due by both DEPA and PPC within 20 days and for the simultaneous provision of a Letter of Guarantee for the respective year by PPC.

3. Τhe main terms of the Draft Natural Gas Supply Agreement with DEPA will be available on the Company’s website on Friday, 14.09.12. The said Agreement provides, amongst other, for a 9 year duration from 1.1.2012 to 31.12.2020, quantities of 1.08 billion cubic meters of natural gas for 2012, which gradually increase per year and until 2016, when they reach 1.54 billion cubic meters, whereas from 2017 onwards they decrease, ranging between 1.23 and 1.26 billion cubic meters per annum. Furthermore, it provides for a take or pay clause amounting to 80% of the annual contractual quantity according to which PPC has the right to reduce the said quantity up to 75% for two, non-consecutive years, on its discretion, by serving DEPA a 6-month notice. It is noted that the Annual Contractual Quantities provided for in the PPC-DEPA contract dated 9.6.1994, amounted to 1.48 billion cubic meters per annum with a take or pay clause by PPC equal to 85% of the abovementioned amount.

Athens, September 13, 2012

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