Takis Athanasopoulos Chairman & CEO

1. PUBLIC POWER CORPORATION SA6th Regular General Meeting of Shareholders Athens, June 12, 2008 Takis Athanasopoulos Chairman & CEO

2. General Meeting of Shareholders June 2008 1 Financial results 2 2007 Review 3 1st Quarter 2008 4 Challenges and Next Steps

3. 1 Financial results 2007 Review 1st Quarter 2008 2 3 4 General Meeting of Shareholders June 2008 Challenges and Next Steps

4. Company profile Company Data 2007 Installed capacity by fuel type Operating • Installed capacity: 12,760MW • Sales: 55,153 GWh • 24,602 Employees • 7.4million Low Voltage customers, 9,056Medium, and 33 High Voltage customers Financial • Revenues: €5.2 billion • EBIDTA: €818.7 million • Investments: €856.8 million • Total assets: €13.4 billion • Net debt: €3,724.4 million Renewable0.7% Lignite41.4% Hydroelectric23.6% Oil5.9% Natural gas15.4% Islands (oil)13.0% Shareholders Foreign structural investors Greek State Greek structural investors Personnel Insurance Organization [OAP] Natural persons

5. 4,787 4,291 4,095 1,207 901 740 502 196 42 Development of economic fundamentals 5,154 € million % Δ-Revenue % Δ-EBITDA % Δ-Profits before taxes % Δ-Profits before taxes (without Tellas) Revenue EBITDA Profits before taxes Profits before taxes without Tellas 819 276 111 2004 2005 2006 2007 + 5% - 25% - 61% - 61% + 12% - 18% - 79% - 79% + 8% + 11% + 558% + 165% • Despite the improved figures over the previous year, profitability remains at very low levels.

6. Energy Balance Total:60,313 GWh Total: 62,498 GWh GWh2.185 % % 480 8,789 8,309 -3,112 3,143 6,255 2,723 11,266 8,543 165 8,042 8,207 1,929 31,093 29,164 1 1. Includes PPC generation from renewable sources, 172GWh in ‘07 & 61GWh in ‘06

7. Fuel and electricity costs asShare of Revenue(2008 to 2007) 41% of revenue is directly exposed to the fluctuation of international fuel prices

8. 1 Financial results 2 3 4 General Meeting of Shareholders June 2008 2007 Review 1stQuarter2008 Challenges and Future Steps

9. Generation Strategy Corporate Culture Efficiency Improvements New Sources of Revenue Main priorities of PPC strategy Regulatory Framework Alignment

10. Regulatory Framework Alignment Accounting and Operational Unbundling Your Text Your Text Tariff regulations and measures SmallbutImportant steps of rationalization of the electricity market Establishment of International Fuel Surcharge mechanism Your Text Your Text Enactment of Public Utility Services and distinct recording of such services on customers’ bills Your Text

11. PPC Regulatory adjustments: Accounting and Operational Unbundling Accounting Unbundling: • Contract of Differences, between the PPC Divisions of Generation and Supply • Buy-and-Sell Contract, between the PPC Divisions of Mines and Generation Operational Unbundling: • Individual Annual Operations and Investments Budgets of the PPC Division, and Consolidated Budget for PPC SA • Individual budgetary accounting statements (pro-formastatements)of the Divisions, and consolidated for PPC SA

12. Tariff regulations and measures • Tariff increases: • Average increase 10% in 2007 • Average increase 7% as of July 2008 • Deregulation of high voltage tariffs from July 2008, with initial regulated tariff +10% • Improvement of transparency of Electricity charges: • Distinct recording of separate charges on end-user bills • Separate recording and presentation of charges in favor of third parties on PPC electricity bills

13. Fuel Surcharge Mechanism • Beginning on 1.1.2009, and on a quarterly basis, the fuel surcharge mechanism will integrate part of the fluctuation of international fuel prices into electricity tariffs • If, until the end of 2008, oil prices remain around $130/bbland the €/$ exchange rate at 1.55, and given that the price of natural gas follows the price of oil with a three-month delay, the implementation of the international fuel surcharge mechanism will lead to a revenue increase above 5%, for the first quarter of 2009

14. Enactment and distinct recordingof the cost of Public Service Obligations • Recognition of Public Service Obligations (PSO) • Approval of methodology for calculating the cost of PSO • Proposal from PPC, submitted for approval to RAE and the Ministry of Development, for a mechanism to distribute the cost of PSO between low, medium and high voltage consumers • Beginning on 1.1.2009 and on an annual basis, the PSO readjustment mechanism will integrate part of the fluctuation of international fuel prices and part of the consumer price index • If, until the end of 2008, oil prices remain around $130/bbland the €/$ exchange rate at 1.55, the regulatory mechanism will lead to an annual revenue increase above 1.5%

15. 5 2 3 4 Generation Strategy Objectives Strategies 1 Decommission aged and inefficient power plants A Power Plant Portfolio that: • Ensures reliability and higher efficiency • Reduces generation costs • Sustains competitiveness • Reduces environmental impact Build new plants, embodying state of the art technologies Θεσμοθέτηση μηχανισμού Διαχείρισης Διεθνών Τιμών Καυσίμων Accelerate completion of hydroelectric projects Decrease CO2emissions and pollutants Accelerated development of generation capacity from renewable energy sources

16. PPC Generation Strategy is aligned with Greek and European energy policy Οι στόχοι της Ενεργειακής Πολιτικής Energy Policy Objectives Supply sufficiency and security Environmental protection Provision of high-quality services to consumers, at competitive prices

17. Program of Thermal Plants, 3,700MW total capacity, to be commissioned in the Interconnected System Note(1):Under negotiation, to be constructed together with two minor partners (up to 200MW each).

18. Introduction of hard coal into the energy balance Aims to cover demand for base loads and achieves: • Competitiveness: lower current and projected future international prices, compared to oil and natural gas, which ensure a competitive generation cost • Supply security: availability of hard coal in many different countries, independent of each other, for a time frame many times greater than the natural gas reserves • Gradual substitution of lignite generation, which is decreasing for PPC, with a solid fuel that is significantly cleaner than lignite

19. Installation Program of Plants on the Islands

20. Installation Program of Hydroelectric Plants in the Interconnected System

21. Significant reduction of CO2 emissions and pollutants per generated KW from thermal plants 2006 2015 2006 2015 1.2 1.7 -25% -39% 0.9 1.1 Kg CO2 g NOx 8.3 0.7 -56% -91% 0.3 0.7 g SO2 g PM

22. Interconnections • Completion of upgrade to 400 kV of the interconnection Florina – Vitola (fYROM), 8km long, June 2007 • Completion of construction works of 400 kV interconnection line with Turkey, 208km long, June 2008 • Issuing of environmental permits and preparation of Call for Tenders Notice for the project of the interconnection of the Cyclades Islands • Completion of second underwater interconnection with Corfu

23. Improvement of Distribution Network Services

24. Expansion into new markets Natural Gas: • Commencement of the process of exercising the option to purchase 30% of DEPA (Public Gas Corporation SA) has commenced SENCAP: • PPC participates in the competition in Kosovo, in a joint venture with ENEL (50/50)

25. Non routed Geothermic Photovoltaic Small Hydroelectric Wind Renewable Energy Sources Total Installed Capacity (year end) MW 1,000 950 880 900 810 800 413 343 700 273 619 600 156 500 414 81 81 81 400 46 79 293 120 120 120 73 300 104 59 96 200 155 71 92 86 100 61 48 45 0 2006 2007 2008 2009 2010 2011 2012 2013 2014

26. PPC continues its dynamic activities in the Renewable Energy Sources sector Main projects under development • 50 MW Photovoltaic Park in Megalopolis • The second largest in Europe. Construction will begin in 2008. • Icaria Hybrid 6,5 MW – under construction. Model energy project at the European level, which combines the use of water and wind. • Wind Farm 38 MW – under construction in Voiotia, in collaboration with EDF Energies Nouvelles • Development of Geothermic Field of the Milos Island Complex (in collaboration with S&B), ofNisiros and Lesvos • Applications for important Wind Farms – Andros Island (130 MW) and Rodopi (150 MW) • PPC Renewables (100% subsidiary of PPC) has installations of 91 MW total capacity in operation and 84 MW under construction.

27. Manager and Employee Training • Workshops on the definition of the company culture, vision, and values, which support the achievement of PPC strategy • Training in technical and administrative-financial matters • Institution of scientific conferences and “Managers Forum” for management-level employees • Strengthening of the ability of higher-level managers to assess and evaluate a candidate’s suitability for recruitment

28. Share price development: 2007 Price on 31/12/2007 €36 +84% Price on 2/1/2007 €19.6

29. General Meeting June ‘08 1 Financial results 2 2007 Review 3 1st Quarter 2008 4 Challenges and Future Steps

30. Revenue EBITDA Profits before taxes Development of economic fundamentals(1st quarter ’08 – 1st quarter ’07) € million * Q 1 2007 Q 1 2008 +13.5% % Δ-Revenue % Δ-EBITDA -12.8% -39.8% % Δ-Profits before taxes *the results of the first quarter 2008 do not include the increased payroll expenses, which will result from the collective labor agreement.

31. Fuel Unit Prices Q1 ‘08 – Q1 ‘07(percentages of increases and quantities) Natural Gas€/kNm3 System Marginal Price €/ΜWh Fuel oil €/tn Diesel €/klt 20,4% 120.000 klt 629.655 1000Nm3 52,9% 14,8% 402.000tn 22,8% Q1 2008 Q1 2007

32. Participation of fuel and energy cost to revenue1st four-month period ‘08 – 1stfour-month period ‘07 49% of revenue is directly exposed to the fluctuation of international fuel prices 2%

33. Evolution of Energy ExpenditureQ1 ‘08 andQ1 ‘07 Million €

34. EC decision concerning the rights for lignite exploitation • Following the EC Decision of March 5th 2008, Greece is required to take measures regarding third party access to lignite exploitation for electricity generation, inside and outside PPC. • On 13.05.08, PPC made an appeal to the Court of First Instance of the European Communities against the Decision of the European Commission. • The positions of the Greek State coincide with those of PPC.

35. Evolution of share price:1.1.08-11.6.08 -25,5% -29% -32,2% • Decrease of PPC share price by 32.2% during the period 1/1/2008-11/6/2008against : • Decrease by 25.5% of the Athens Stock Exchange Index.

36. Annual Meeting June 08’ 1 Financial Results 2 2007 Overview 3 Q1 2008 4 Challenges and Next Steps

37. PPC’s Challenges in a “distorted” liberalized electricity market Rapid increases in oil and natural gas prices Electricity Supply Shortage CO2: the new additional cost of electricity De facto imposed and “loss resulting”dominant position No correlationbetween wholesale and retail market Slow rate in realizing our strategic objectives Challenges

38. Challenges:No correlation between wholesale and retail market Electricity Prices(1)for residential use(July 2007) (€/ΜWh) Wholesale price in Greece vs. European Electricity Exchanges (1) 2,500<Annual Consumption<5,000 kWh excl. tax, source: Eurostat Source: Electricity Markets • Wholesale price in Greece are amongst the highest in the EU • However, in Greece there is no correlation between price in wholesale electricity prices and end-user tariffs

39. Challenges:No correlation between wholesale and retail market €/MWh Source: Eurostat, annual consumption 3.500kWhof which 1.300kWhat night (incl. all taxes)

40. Challenges:No correlation between wholesale and retail market €/MWh €118,7 / MWh increase €94,3 / MWh increase * Market Cost PPC Average Revenue • For the period 1.12.07-30.4.08, market cost increased by €13,3/MWh in relation tothe previous • period 1.1-30.11.2007, i.e. 64% more than the increase in PPC’s average revenue (€8,1/ΜWh) *Including SMP, cost of Transmission and Distribution and other cost elements

41. Challenges: De facto imposed and “loss resulting” dominant position Non cost-reflective tariffs De facto imposed & “loss resulting” dominant position + Additional Loss for PPC “Last Resort” Obligation • PPC is the sole buyer at high prices in the wholesale market and the sole supplier at low prices in the retail market. • PPC is obliged to supply electricity to anyone that needs it. • These imposed obligations create an additional cost for PPC, for which the company is notcompensated

42. Challenges: Electricity Supply Shortage • Low levels of electricity prices • Annual increase in demand by3% and in peak load by 6% (2006-2007) • No installation of IPPs • Limitation on PPC in the development of additional capacity ELECTRICITY SUPPLY SHORTAGE Increase in cost of electricity due to expensive imports • The shortage in electricity supply in Greece results in expensive electricity importsfrom other • countries

43. Challenges:Large increases in oil and natural gas prices PPC’s expenditure for oil and natural gas purchases in electricity production 2004-2008 € BRENT €1.950

44. Challenges:Large increases in oil and natural gas prices Increase in energy prices for the Greek consumer (01/2004-05/2008) +135% +61% +54% +17% Source: National Statistical Service of Greece • Between 01/2004 and 05/2008 the price of heating oil and gas oil increased by135% and 54% respectively • Since 2005, the price of natural gas for household use has risen by 61% • During the same period from 01/2004 to 05/2008, residential electricity tariffs have increased by • a just 17%

45. Challenges:Large increases in oil and natural gas prices Reduction in Purchasing Power of Income due to increase in energy prices January 2004 - May 2008 Source: National Statistical Service of Greece

46. Challenges: The protection of the environment is a co-responsibility of both generators and consumers • The responsibility for environmental protection for generators arises from their choice of fuel and the technology used. Electricity companies should be judged based on their efforts to continuously decrease CO2 and other emissions per kWh. • Depending on their consumer behavior, consumers are also responsible for the greenhouse effect, since demand is created by them.

47. 46 Challenges: CO2, the new additional cost of electricity • For the period 2008-2012 PPC will face a deficit of CO2 allowances, which will be covered by • purchases in the free market • The cost of allowances for 2008 is estimated at €120-150 mil. (8 mil. Tones of CO2) Sharing the responsibility of PPC’s CO2 allowance deficit * 100% 8 Μt CO2 Excess emissions due to old units To be eliminated by implementing new technologies by PPC 1,6 20% Best Available Technologies Minimum possible deficit to cover consumers’ needs 80% 6,4 Emissions SharingPercentages PPC Allowance Deficit 2008 * Estimated • The implementation of best available technologies in electricity production by PPC using • today’s fuel mix would result in CO2 emissions’ reduction of 25% prekWh in 2014

48. Challenges: Slow rate in realizing our strategic objectives Causes Consequences • Difficulty in communicating the national importance of PPC’s strategic objectives • Obstructionand interruption of BoD meetings • Difficulties in the smooth operation of the company due to strike actions concerning the new insurance legislation • Occupation of company’s premises by groups of local associations • Time-consuming licensing procedures for new projects • Delay in the progress of new projects • Loss of opportunity of cooperation with RWEfor the construction of a 1.600MW modern technology coal plant in Greece, with commissioning in 2012 • - Delay in PPC’s adaptation to the modern European business environment

49. Challenges: We all need to reexamine our roles within the new energy environment Electricity Market Employees State Consumers

50. PPC’s Next Steps in the liberalized market Next Steps PPC’s transformation within the European environment The new Business Plan 2009-2014 Organic Growth and Partnerships