Announcement regarding bonus shares of PPC S.A.

PUBLIC POWER CORPORATION S.A.

Announcement regarding bonus shares of PPC S.A.

Public Power Corporation S.A. (PPC) is to distribute bonus shares to 2,279 shareholders-employees who held for twelve (12) months the shares they obtained through the placement to employees of the Company in December 2002.

The ratio of bonus shares distribution is one share for each ten shares, and up to a maximum number of 200 bonus shares per individual investor (PPC's employee) who held their PPC shares still on December 11, 2003, marking the completion of a stock trading period of twelve months. The total amount of shares to be distributed is 88,257 pieces, of a total 232,000,000 PPC shares. The Hellenic Republic will distribute the shares to beneficiaries over the counter on January 15, 2004.