Current affairs - 07.12.2004

Real Estate of PPC S.A.



With reference to certain articles published in the newspapers VIMA and IMERISIA on 2.12.04 which state that the PPC is planning to establish a subsidiary real estate company to which it shall transfer through a lease back its real estate property and that there are plans for the shares of this company to be listed in the stock exchange, please note the following:

1. The Board of Directors of the PPC S.A. has not made any decisions concerning the issue of the utilization of the corporation's real estate property.
2. A preliminary study (feasibility study) which had been assigned to the Joint Venture JP MORGAN, NBGI, ALPHA BANK and AMERICAN APPRAISAL was completed in 2003. This fact was announced by the Managing Director of the PPC S.A. at the Shareholders' Regular General Assembly of 20th April 2004 and was included in the Corporation's Annual Prospectus and Annual Report for the year 2003.
3. The figures referred to in the said publications have no relevance to reality.

Athens, December 7, 2004

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