To the Shareholders of

Financial Statements for 2006 PRICEWATERHOUSECOOPERS Certified Auditors Accountants SA 268 Kifisias Avenue, Halandri 152 32, Athens, Greece Independent Auditor’s Report To the Shareholders of the Public Gas Corporation of Greece (DEPA) S.A. Report on the Financial Statements We have audited the accompanying financial statements of DEPA S.A. (the “Company”) which comprise the balance sheet as of 31 December 2006 and the income statement, statement of changes in equity and cash flow statement for the year then ended and a summary of significant accounting policies and other explanatory notes. M anagement’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards as adopted by the European Union. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reaso nable in the circumstances. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Greek Auditing Standards which conforms with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the f inancial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Basis for Qualified Opinion Our audit revealed the following: 1. An additional bad debt provision of approximately € 46.5 million should have been recorded to cover against the potential loss that may arise from doubtful debts. Had a provision been recorded, the profit before tax and the net profit for the year would have been reduced by € 30.0 million and € 23.2 million respectively, and the deferred tax asset would have increased by € 11.6 million, while € 11.7 million would have been charged against the results of the prior years. 2. As discussed in Note 25a to the financial statements the Company’s statutory books and tax returns for the year 2006 have not been examined by the Tax Authorities. As a result, the Company’s tax liabilities for this year have not been finalised. Qualified Opinion In our opinion, except for the effects of the matters described in the Basis for Qualified Opinion paragraph, the accompanying financial statements present fairly, in all material respects the financial position of the Company as of 31 December 2006, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. Emphasis of M atter Without further qualifying our opinion, we draw your attention to the fact that the figures relating to the year ended 31 December 2006 are not comparable with the respective of the preceding accounting period, because as it is mentioned in note 1 of the financial statements, the operations of National System of Natural Gas were spinned off from DEPA S.A. and transferred to the newly formed subsidiary Desfa during 2006. Report on Other Legal and Regulatory Requirements The information given in the Directors’ Report is consistent with the financial statements. Athens, 5 June 2007 PUBLIC GAS CORPORATION OF GREECE (DEPA) S.A. Balance Sheet as at 31 December 2006 As at Notes 31 December 2006 31 December 2005 (€ in thousands) ASSETS Non-Current Assets Intangible assets Property, plant and equipment Investment in subsidiaries Deferred tax asset, net Other non-current assets Total non-current assets Current Assets Inventories Trade and other receivables Cash and cash equivalents Total current assets Total assets SHAREHOLDERS’ EQUITY AND LIABILITIES Capital and Reserves Share capital Reserves Total shareholders’ equity Non-Current Liabilities Long-term borrowings, net of current portion Provisions Grants Total long-term liabilities Current Liabilities Trade and other payables Current income tax payable Current portion of long-term borrowings Derivative financial instrument Total current liabilities Total shareholders’ equity and liabilities 19 991.238 31.040 ————— 1.022.278 2.573 11.378 ————— 13.951 ————— 171.532 11.951 0 0 ————— 183.483 ————— 1.219.712 =========== 990.079 17.863 ————— 1.007.942 289.939 6.978 220.740 ————— 517.657 ————— 93.423 18.136 788 5.595 ————— 117.942 ————— 1.643.541 =========== 11 12 13 15 3.606 82.254 832.820 6.707 85 ————— 925.472 ————— 9.775 240.222 44.243 ————— 294.240 ————— 1.219.712 =========== 19.408 1.165.175 203.478 9.135 174 ————— 1.397.370 ————— 44.310 153.296 48.565 ————— 246.171 ————— 1.643.541 =========== 16 17 18 20 21-22 23 24 20 20 Chairman of the Board of Directors & CEO Vice President of the Board Chief Financial Officer & Subsidiaries Director of Financial & Administrative Division Director of Accounting, Budget, Fiscal Control & Finance Asimakis A. Papageorgiou Michael I. Karamihas George A. Athanassopoulos Stefanos Economidis Maria Fantridaki PUBLIC GAS CORPORATION OF GREECE (DEPA) S.A. Income Statement For the year ended 31 December 2006 For the year ended Notes 31 December 2006 31 December 2005 (€ in thousands) Sales Cost of sales Gross profit Other operating income Selling, distribution and administrative expenses Amortisation of grants Operating profit Investment income Interest expense and other related expenses Interest and related income Currency exchange losses, net Profit before tax Taxation – current Taxation – deferred Net profit for the year 15 15 5 820.602 (766.778) ————— 53.824 6.433 (34.725) 4.107 ————— 29.639 136 (10.133) 5.383 2.956 ————— 27.981 (13.588) 4.070 ————— 18.463 =========== 615.027 (542.854) ————— 72.173 666 (38.605) 7.945 ————— 42.179 59 (20.727) 3.192 (1.713) ————— 22.990 (11.308) 4.019 ————— 15.701 =========== 6 7 8 5 PUBLIC GAS CORPORATION OF GREECE (DEPA) S.A. Statements of Changes in Equity For the year ended 31 December 2006 Tax deferred, extraordinary reserve and partially taxed reserves 12.949 (115) ──────── 12.834 ════════ 12.834 480 ───── 13.314 ======= Statutory reserve Other reserves Accumulated deficit Total Reserves Share capital 990.079 ──────── 990.079 ════════ ═ 990.079 1.159 ───── 991.238 ======= Total Shareholders’ Equity (€ in thousands) Balance at 1 January 2005 Net profit for the year Transfer to reserves Effect of change in income tax rate Balance at 31 December 2005 4.246 586 ──────── 4.832 ════════ 4.832 891 ───── 5.723 ====== 203 ──────── 203 ════════ 203 (191) ─── 12 ==== (15.121) 2.277 15.701 15.701 (586) (115) ──────── ──────── (6) 17.863 ═════════ ════════ (6) 18.463 (1.159) (3.936) (891) (480) ───── 11.991 ======= 992.356 15.701 (115) ──────── 1.007.942 ════════ 1.007.942 18.463 (3.936) (191) ───── 1.022.278 ======= Balance at 1 January 2006 Net profit for the period 1 January to 30 December 2006 Capitalisation of earnings Dividend declared Branch distribution (DESFA) Transfer to reserves Effect of change in income tax rate 17.863 18.463 (1.159) (3.936) (191) ──── 31.040 ===== Balance at 31 December 2006 PUBLIC GAS CORPORATION OF GREECE (DEPA) S.A. Cash Flow Statement For the year ended 31 December 2006 Cash Flows from Operating Activities: Net profit before taxation Adjustments for: Loss / (Profit) on disposal of property, plant and equipment Depreciation Amortisation of intangibles Exchange losses/(gains)-unrealised Amortisation of grants Provisions Interest expense Interest income Inventory obsolescence provision Investment income Accounts receivable impairment provision Operating profit before working capital changes Decrease / (Increase) in inventories Decrease / (Increase) in trade and other receivables Decrease / (Increase) in other assets (Decrease) / Increase in trade and other payables Cash generated from operations Interest paid Taxation refund / (paid) Dividends paid to shareholders Net cash generated from operating activities Investing activities Increase in investments Net payments from the acquisition and disposal of property, plant and equipment Intangibles acquired Grants received Interest received Investment income Net cash used in investing activities Financing activities Repayment of bank loans Net cash used in financing activities Increase / (decrease) in cash and cash equivalents Transfer to Desfa Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year For the year ended 31 December 2006 31 December 2005 (€ in thousands) 27.981 22.990 3 20.150 594 (1.694) (4.107) 972 10.250 (5.384) (136) ————— 48.629 126 (86.895) (3) 89.691 ————— 51.548 (5.499) (19.774) (3.936) ————— (2) 38.849 637 (765) (7.945) 1.149 20.727 (3.192) 2.394 (59) 15.000 ————— 89.783 (15.203) (60.674) 7 29.399 ————— 43.312 (22.440) 6.215 ————— 27.087 ————— (880) (49.055) (76) 25.239 3.192 59 ————— (21.521) ————— (626) ————— (626) ————— 4,940 43.625 ————— 48.565 =========== 22.339 ————— (27.997) (4.111) 8.671 3.467 136 ————— (19.834) ————— (827) ————— (827) ————— 1.678 (6.000) 48.565 ————— 44.243 ===========