11 March 2010

Strategic deal with Sorgenia Spa in the Greek energy sector

J&P-AVAX SA announces the official commencement of the strategic co-operation with SORGENIA Spa in the Greek energy sector, having received all necessary European Commission competition approvals and Greek authority and corporate approvals. The co-operation will be executed through VOLTERRA SA (formerly ARGESTIS SA), a company owned 50:50 by the two partners, J&P-AVAX and Sorgenia. VOLTERRA SA will aim at developing an electricity production, particularly from renewable sources, trading and retail supply business in Greece, gradually targeting to become a core market participant by capitalizing on the know-how of the 2 partners in construction of power plants, production, trading and marketing of electricity. At present VOLTERRA does not generate any turnover.

J&P-AVAX, a company incorporated under the laws of Greece, is a leading contractor and concession operator in the Greek market, active in the sectors of infrastructure assets, power plants, environmental works, pre-casts and real estate. J&P-AVAX operates mainly in Greece, Poland, Cyprus and in the Gulf region and does not exploit any energy infrastructure. J&P AVAX is listed on the Athens Stock Exchange.

Sorgenia, a company controlled by CIR Group and in which the Austrian company Verbund has a holding, is the first private operator in Italy in the domestic electricity and natural gas market. Established in 1999, Sorgenia has an installed capacity of approximately 3,000 MW, plants under construction for a further 1,700 MW and more than 560,000 clients. The company owns combined-cycle, solar and wind power plants. Sorgenia has operations in Italy, France and Romania.

Marousi, March 11, 2010