ANNOUNCEMENT

Comments on press articles regarding refinancing of loans

Commenting on recent press articles, PPC clarifies that the refinancing of loans amounting to € 525 million was completed today with the participation of three banks and with average interest rate of 8.9%. It is noted that, prior to the refinancing, the average interest rate of these loans was 8.1%. PPC's cost of debt for its total debt portfolio remains below 5.5%.

Athens, July 4, 2012