Investor Relations - 18.02.2014

Court Decision for illegal state aid to ALUMINIUM S.A.

                                                                                       Announcement

The Athens Single-Membered Court of First Instance rejected the appeal filed by ALUMINIUM as well as its application for the suspension of the Payment Order issued by PPC SA regarding the unlawful state aid, amounting to 17.4 million Euros (plus interests), based on a relevant decision of the European Commission.
 
Despite the existence of an express Decision of the European Commission, ALUMINIUM SA had until now refused to pay the relevant amount, compelling PPC to proceed to the necessary legal actions.

In view of the non- recovery of the abovementioned amount of unlawful aid until today, the European Commission has initiated proceedings against the Hellenic Republic before the European Court. It is reminded that the European Commission by its Decision in 2011, considered as unlawful State aid the reduced electricity tariffs compared to the other High Voltage customers applied for the supply of energy by PPC to ALUMINIUM for the period from 1.1.2007 to 6.3.2008 and requested the recovery of the relative SUMS amounting to 17.4 million Euros (plus interests) for the said period. Said reduced electricity tariffs had been imposed on PPC by a court Decision , following relevant request of ALUMINIUM, which held that ALUMINIUM should be priced by the reduced tariff of the special status of the PECHINEY 1960 contract with PPC , despite the fact that the said contract had been terminated in 2006.

It is also noted that the special pricing based on the PECHINEY contract for the said time period, that was considered to constitute unlawful state aid, amounted to a total average charge of 44.23€/ MWh.



Athens, February 18, 2014

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