New Managing Director of PROET SA

As of July 1, 2003 George Papageorgiou has assumed his duties as Managing Director of PROET SA, a fully owned subsidiary of J&P-AVAX SA.

George Papageorgiou, 45 years old, is a civil engineer with substantial experience in building and infrastructure projects, human resources, supplies & equipment and financial management. In the past he has worked for AEGEK SA as well as AVAX SA, the forerunner of J&P-AVAX SA, in which he was member of the Board of Directors for 15 years and supervised large-scale construction projects. In the past two years he was Managing Director of Astir Palace Hotels SA.

The hiring of George Papageorgiou for the post of Managing Director of PROET SA, which manufactures precast building blocks and carries a 3rd-class public works certificate, is part of J&P-AVAX SA’s strategy on promoting the use of precast construction technology for buildings and special structures, and penetrating the market for smaller-budgeted public works.

George Papageorgiou also assumed the duties of Vice President of J&P Development, another J&P-AVAX SA subsidiary specialising in real estate development.

Marousi, July 3, 2003

The Board of Directors