Distribution of shares free of charge to employee-shareholders

PUBLIC POWER CORPORATION S.A.

DISTRIBUTION OF SHARES FREE OF CHARGE TO EMPLOYEE-SHAREHOLDERS

Public Power Corporation S.A. (PPC) will distribute shares of PPC free of charge to 6,734 shareholders who held for twelve (12) months the shares they obtained in the December 2001 employee offering.

The ratio of free shares distributed is one share for each ten shares held, up to a limit of 200 shares per investor who held his or her PPC shares until December 11, 2002, marking the completion of a stock trading period of twelve months. The total number of shares to be distributed is 147,186, out of an overall 232,000,000 PPC shares outstanding. The Hellenic Republic will distribute the shares to beneficiaries over the counter on January 20, 2003.


Athens, 14 January 2003