Contract for the construction of the Greek AirForce Cadet Training Academy

J&P-AVAX SA, jointly with its fully-owned subsidiary ETETH SA, signed a contract with Greece’s Air Force Command on September 08, 2003 for the construction of the project titled “South Section of Air Force Cadet Training Academy in Tatoi”, budgeted at €15.3 million.

The project involves the construction of two separate buildings, a lecture theatre block and a library.

The lecture theatre block includes a main lecture theatre with a capacity of 1.000 seats as well as two 200-seat lecture rooms, a large café and related service areas.

The library building, designed to operate as a loan library, includes a 210-seat reading area, book racks for 80,000 volumes, computer section, office rooms and service areas.

The project is scheduled to be completed in 24 months.

Marousi, September 08, 2003

The Board of Directors