Start of construction towards Limassol Marina concession project

J&P-AVAX SA announces the signing of the contract for the start of construction, development and operation of Limassol Marina, worth a total of €360 million, between the Republic of Cyprus, represented by Minister of Commerce, Industry and Tourism Mr Anthony Paschalides, and concessionaire Limassol Marina Ltd, in which J&P-AVAX SA and its subsidiary ATHENA SA participate with an aggregate 31% stake, while also controlling an aggregate 55% share in the construction joint venture which is already set up.

The deal includes the construction of Limassol Marina with a birth capacity of 1,000 vessels of various sizes along with related installations and buildings, the operation of the marina under a concession agreement, and the development of a 50,000 sq.m. land zone with buildings of a total surface of 40,000 sq.m., including 274 houses and apartments, restaurants, cafes, bars, commercial stores, a gym and spa, as well as a cultural centre.

The project carries a three-year deadline for the construction, while the concession term is 53 years for the marina and 90 years for the residential units.

Marousi, February 19, 2010

THE BOARD OF DIRECTORS