31 March 2011

Financial Results and Proposed Dividend for 2010

J&P-AVAX SA announces that according to its 2010 financial accounts, consolidated pretax earnings fell 41.3% to €20.5 million in 2010 from €34.9 million in 2009. Considerably increased taxation in 2010, amounting to €14.1 million inclusive of a €1.3 million extraordinary fiscal charge versus €7.8 million in 2009, reduced net profit to €6.3 million in 2010 from €27.1 million a year earlier.

Net profit for the Group after minorities fell accordingly, amounting to €5.4 million in 2010 versus €27.1 million in 2009, while consolidated turnover dropped 16.4% to €790.6 million in 2010 from €945.7 million in the previous year.

Net debt for the Group eased to €366.3 million at end-2010 from €370.4 million a year earlier, with increased participation of long-term debt.

Management will propose to shareholders at the Annual General Meeting scheduled for 29.06.2011 the distribution of a €0.04 gross dividend per share for fiscal 2010, unchanged from the previous year.

Marousi, March 31, 2011