Election of new Board Directors

J&P-AVAX SA announces its Board of Directors decided on 18.06.2013 to appoint Mr Stelios Georgallides and Mrs Athena Eliades as new executive directors, replacing non-executive directors Mr Leonidas Joannou (non-executive director) and Mr George Demetriou (executive director), for the rest of the term of the Board, ie until 30.06.2015.

The new Board of Directors is as follows:

1. Christos Joannou, President [Executive Director]

2. Konstantinos Kouvaras, Deputy President [Executive Director]

3. Nicholas Gerarhakis, Vice President [Executive Director]

4. Konstantinos Mitzalis, Managing Director

5. Konstantinos Lysaridis [Executive Director]

6. Stelios Georgallides [Executive Director]

7. Athena Eliades [Executive Director]

8. Efthivoulos Paraskevaides [Non-Executive Director]

9. Leoni Paraskevaides Mavronikola [Non-Executive Director]

10. John Pistiolis [Non-Executive Director]

11. John Hastas [Independent, Non-Executive Director]

12. David Watson, Independent [Non-Executive Director]

The term of the Board of Directors ends on 30.06.2015.

Marousi, June 18, 2013

THE BOARD OF DIRECTORS