Change in the equity stakes of the Share Capital of the PPC S.A

PUBLIC POWER CORPORATION S.A.

Notice

PPC SA notices that, the Hellenic Republic and the Public Enterprise of Negotiable Securities S.A. (?DEKA?), as per their letters dated 16/5/2003 announce to the Athens Stock Exchange, pursuant to Presidential Decree 51/92, the following change in the equity stakes of the Share Capital of the PPC S.A., illustrated fully below:

Over the counter transfer of 23,200,000 shares (percentage 10%) in the ownership of the Hellenic Republic to Public Enterprise of Negotiable Securities S.A., pursuant to number 2/27165/0025/13.5.2003 decision of the Minister of Economy and Finance.

A. Listed Company Concerned: PPC S.A.

Announcing Party: Hellenic Republic
Security type: Shares with voting rights
Percentage Change: Directly
Percentage of Voting Rights: Before the change: 67.41%
After the change: 57.41%
Number of Shares with Voting rights: Before the change: 156,390,748
After the change: 133,190,748
Percentage of Share Capital: Before the change: 67.41%,
After the Change: 57.41%
Total Number of Shares per Share type: 232,000,000
Date of Transaction: 15 May 2003
Date of announcement of the Transaction to the Party concerned: 15 May 2003
Date of announcement of the Transaction to the ASE: 16 May 2003

B. Listed Company Concerned: PPC S.A.

Announcing Party: Public Enterprise of Negotiable Securities S.A.
Security type: Shares with voting rights
Percentage Change: Directly
Percentage of Voting Rights: Before the change: 0%
After the change: 10%
Number of Shares with Voting rights: Before the change: 0
After the change: 23,200,000
Percentage of Share Capital: Before the change: 0%,
After the Change: 10%
Total Number of Shares per Share type: 232,000,000
Date of Transaction: 15 May 2003
Date of announcement of the Transaction to the Party concerned: 15 May 2003
Date of announcement of the Transaction to the ASE: 16 May 2003