Approval of an International Public Tender for the concession of part of the port installations of the Container Terminal of PPA S.A.

Piraeus 11/1/2008

The Board of Directors of PPA SA in its meeting of 11/1/2008 approved the International Public Tender for the highest bid for the concession of Piers II & III of the Container Terminal at Ikonion with the aim:

1. to further develop, expand and modernize the existing infrastructure and superstructure, including the machinery and electronic equipment (planning, finance, construction, maintenance) through self finance and

2. to operate and exploit the installations for a period of thirty (30) years with an option for an extension for a further five (5) year period.

The total area under concession includes existing spaces as well as future port projects in a total area of 690.000sqm, which includes the existing superstructure, consisting of buildings and offices, warehouses and supporting areas, machinery & equipment, port information systems etc.

The operation of Pier I under expansion will remain with PPA S.A., which undertakes the necessary financing for the completion of the

PIRAEUS PORT AUTHORITY S.A.