Comment on Press reports regarding new High Voltage tariffs

                                                        ANNOUNCEMENT

                                                     High Voltage tariffs

In relation to recent press reports regarding new High Voltage tariffs for 2012, PPC clarifies the following:

• Tariffs for High Voltage customers remained stable since July 2008.

• In 2011 and 2012, international fuel prices (natural gas, oil, etc), as well as energy prices in wholesale market have risen significantly.

• Especially for High Voltage:

• We are in continuous consultation with all our customers since January 2011.

• We satisfied almost all their requests, as evidenced in the tariff proposals that we submitted to them in July 2011, in December 2011 and in February 2012.

• The cost data for High Voltage customers had been submitted to RAE since April 2011 and their review was completed in June. Any further proposal is also sent to RAE, along with any clarifications requested.

• Based on the legislation for competition, new HV tariffs should at least reflect the cost of the Company.

• The average increase of 2012 HV tariffs is in the order of 7% (and not 15% or 20%) whereas for certain customers there are also reductions.