6M 2003 Financial Results

J&P-AVAX SA’s consolidated pretax earnings after minorities grew 25.4% to €27.8 million in the first half of 2003 versus €22.1 million in the respective period of 2002.

Consolidated turnover rose 17.7% to €245.2 million in the first half of 2003, up from €208.3 million a year earlier.

On a non-consolidated basis, first-half turnover increased 15.2% to €193.8 million versus €168.2 million in 2002, while pretax earnings over the same period grew 46% to €25.7 million versus €17.6 million in 2002.

Management believes the first-half financial performance is compatible with its published full-year forecasts, which were upwardly revised last June, projecting pretax earnings after minorities to rise to €55 million in 2003 from €44.7 million in 2002 and turnover to exceed €510 million versus €445.5 million.

Strong top line growth in the first half of the year, coupled with widening profit margins, reflect on synergy benefits from the Group’s administrative and operating merger and facilitate the consolidation of the Group’s leading position in Greece and forey to international markets.

Marousi, August 26, 2003

The Board of Directors