Financial Report (January 1, 2010 - December 31, 2010)

EXPLANATORY REPORT OF BOARD OF DIRECTORS(Article 4, paragraph 7 & 8 of L. 3556)a) Share Capital StructureThe Company’s share capital amounts to Euro 1,067,200,000 divided into 232,000,000 ordinary registered shares,corresponding to 232,000,000 voting rights with a nominal value of Euro 4.60 each.b) Restrictions in transferring Company sharesThe Greek State’s percentage, in PPC’s share capital, cannot be less than 51%, according to article 43 para.3 of L.2773/1999.c) Significant direct or indirect participations to articles 9 to 11 of L. 3356/2007Major participant is the Greek State holding 51,12%.Significant participation (over 5%) at December 31, 2010 had the Greek State and Silchester International Investors LLP .On 8/01/2010On 3/8/2010On 13/8/2010On 1/11/2010On 1/11/20104. “Silchester International Investors Limited” for its clients:- Silchester International Investors International Value Equity Trust,-Silchester International Investors International Value Equity Taxable Trust,- Silchester International Investors International Value Equity Group Trust,- Silchester International Investors Tobacco Free International Value Equity Trust,- The Calleva Trust.5. “BlackRock, Inc “ in its capacity as investment manager for the following companies:– BlackRock Asset Management Australia Limited- BlackRock Asset Management Japan Limited– BlackRock Advisors (UK) Limited- BlackRock Institutional Trust Company, N.A.- BlackRock Fund Advisors- BlackRock Asset Management Canada Limited- BlackRock Financial Management, Inc– BlackRock Investment Management, LLC- BlackRock Investment Management (Australia) Limited- BlackRock Investment Management (Dublin) Limited- BlackRock (Netherlands) B.V.- BlackRock Fund Managers Limited- BlackRock International Limited- BlackRock Investment Management (UK) Limited6. “BlackRock, Inc “ in its capacity as investment manager for the following companies:– BlackRock Asset Management Australia Limited- BlackRock Asset Management Japan Limited– BlackRock Advisors (UK) Limited- BlackRock Institutional Trust Company, N.A.- BlackRock Fund Advisors- BlackRock Asset Management Canada Limited- BlackRock Financial Management, Inc– BlackRock Investment Management, LLC- BlackRock Investment Management (Australia) Limited- BlackRock Investment Management (Dublin) Limited- BlackRock (Netherlands) B.V.- BlackRock Fund Managers Limited- BlackRock International Limited- BlackRock Investment Management (UK) Limited7. A. Silchester International Investors Limited (“Silchester Limited”) transferred its regulatedbusiness to Silchester International Investors LLP (“Silchester LLP”). On the same day,“Silchester Limited” changed its name to Silchester Partners Limited. All employees of“Silchester Limited”, including all portfolio managers, investment analysts and members,investment analysts and members of its administration and operations teams, became partnersor employees of “Silchester LLP”. As of 1 st November 2010, “Silchester Limited” does notexercise any control over Public Power Corp shares.7.B. Silchester International Investors LLP in its capacity as investment manager for the clients:– Silchester International Investors International Value Equity Trust,– Silchester International Investors International Value Equity Taxable Trust,– Silchester International Investors International Value Equity Group Trust ,- Silchester International Investors Tobacco Free International Value Equity Trust,- The Calleva Trust.5,0145%5,0163%4,9998%0%6,3723%d) Shares with special control rightsThere are no shares granting special control rights, stricto sensu. It is hereby noted, the procedure of election of themembers of the Board of Directors, (articles 10 and 20 of the Company’s Articles of Incorporation), through two GeneralShareholders’ Meetings. In the first one participates among the company’s shareholders the majority shareholder – i.e. theGreek State –, while in the other participate only the minority shareholders.44