18 June 2003

Contract for the construction of Karaiskakis football ground

J&P-AVAX SA signed a contract with Karaiskakis SA regarding the complete reconstruction of the G.Karaiskakis football ground at Neo Phaliro in Athens, budgeted at €40.2 million.

The project involves the construction of a fully-roofed modern football ground at FIFA/UEFA standards with a total capacity of 35,000 seats, as well as suites, executive stand and area for disabled spectators.

The first phase of construction is scheduled to be completed by July 31, 2004, allowing for the use of the ground during the Athens Olympic Games, while the second phase of construction will be completed on January 31, 2005.

Marousi, June 18, 2004

The Board of Directors