03 June 2003

New project for Nafpaktos City By-Pass

ETETH SA, a 100% subsidiary of J&P-AVAX SA, signed on 26.05.2003 a contract with Greece’s Public Works Ministry for the project titled «Final Phase of Section C in Nafpaktos City By-Pass», budgeted at €12.6 million.

The project pertains to the construction and upgrading of a c.7km section of the Ring Road for Nafpaktos City, including the main highway, a c.400m tunnel, two intersections and various service roads.

The project is scheduled to be completed in the next 32 months.

Marousi, June 3, 2003

The Board of Directors