Group Financial Performance Q 4 12 M 2004

Group Financial Performance Q 4 & 12 M 2004 (pro forma)

12 M 2004 - Financial Highlights ü Underperformance relative to 2003 - Turnover -8. 6% to € 477. 6 m - Gross Profit -5. 9% to € 75. 1 m - EBITDA -14. 6% to € 60. 4 m - EBIT -16. 4% to € 51. 8 m - Pre-Tax Profit after minorities -19. 4% to € 46. 3 m ü Easing profit margins - Gross margin 15. 7% (vs 15. 3% in 12 M 2003) - EBITDA Margin 12. 7% (vs 13. 5%) - EBIT Margin 10. 8% (vs 11. 8%) - Pre-Tax Margin 9. 7% (vs 11. 0%) 2

4 th Quarter 2004 - Financial Highlights ü Decline in results versus Q 4 2003 - Turnover -51. 7% to € 72. 8 m - Gross Profit -33. 2% to € 16. 4 m - EBITDA -55. 3% to € 9. 1 m - EBIT -64. 8% to € 6. 9 m - Pre-Tax Profit after minorities -70. 8% to € 5. 2 m ü Profit margin squeeze - Gross margin 22. 6% (vs 16. 3% in Q 4 2003) - EBITDA Margin 12. 5% (vs 13. 5%) - EBIT Margin 9. 4% (vs 12. 9%) - Pre-Tax Margin 7. 1% (vs 11. 8%) 3

Group Results – 2004 pro forma amounts in € m 12 M 2004 12 M 2003 chg 477. 6 522. 8 -8. 6% Gross Profit 75. 1 79. 8 -5. 9% Other Income 1. 6 0. 5 Operating Expenses 24. 9 18. 6 Financial Results -2. 5 -1. 5 Extraordinary Results -0. 4 0. 2 Depreciation 10. 8 11. 0 -included in operating cost 8. 6 8. 9 Minorities 0. 0 -0. 1 Tax Adjustments 0. 4 1. 0 Pre-Tax Earnings after Minorities 46. 3 57. 4 -19. 4% EBITDA 60. 4 70. 8 -14. 6% EBIT 51. 8 61. 9 -16. 4% Turnover 4

Group Results – 4 th Quarter pro forma amounts in € m Q 4 2004 Q 4 2003 chg Turnover 72. 8 150. 8 -51. 7% Gross Profit 16. 5 24. 6 -33. 2% Other Income 0. 1 0. 2 Operating Expenses 9. 7 5. 3 Financial Results -0. 9 -0. 6 Extraordinary Results -0. 2 0. 0 Depreciation 2. 7 1. 3 -included in operating cost 2. 2 0. 8 Minorities 0. 0 Tax Adjustments 0. 1 0. 6 Pre-Tax Earnings after Minorities 5. 2 17. 8 -70. 8% EBITDA 9. 1 20. 3 -55. 3% EBIT 6. 9 19. 5 -64. 8% 5

Consolidated Balance Sheet 12/2004 09/2004 12/2003 0. 9 1. 1 1. 5 Fixed Assets 168. 9 169. 4 168. 8 Current Assets 195. 8 220. 1 197. 3 Transitory Accounts 41. 0 25. 7 Total Assets 406. 6 24. 1 414. 7 393. 3 Shareholders’ Funds 254. 0 247. 9 254. 9 Provisions 3. 0 2. 4 2. 5 Liabilities 149. 3 164. 2 135. 2 0. 3 0. 2 414. 7 0. 7 393. 3 amounts in € m Start-Up Expenses Transitory Accounts Total Liabilities 406. 6 Net Debt 23. 3 41. 0 -15. 4 Capex 5. 1 3. 7 12. 0 6

Group Financial Highlights amounts in € m 2000 2001 2002 2003 2004 Turnover 296. 7 368. 5 445. 5 523. 4 477. 6 Gross Profit 50. 5 58. 2 68. 8 78. 9 75. 1 EBITDA 38. 5 51. 1 58. 4 69. 8 60. 4 28. 0 40. 8 44. 7 56. 8 46. 3 Net Earnings 15. 6 22. 0 28. 5 34. 6 n/a Shareholders’ Funds 187. 6 201. 3 203. 7 207. 5 254. 0 € 0. 39 € 0. 47 n/a € 0. 10 € 0. 32 n/a Pre-Tax Earnings (after minorities) EPS € 0. 38 DPS * € 0. 10 Capitalisation ( 25/02/05) € 313 m * adjusted for rights issue Note: Figures for 2004 are based on the year-end pro forma accounts, whereas past years’ figures refer to the annual accounts 7

Annual Financial Performance 8

Quarterly Financial Performance 9

INVESTING IN THE FUTURE Investor Relations Officer Angelos Kiosklis 9 Frangokklisias St, 151 25, Marousi, Greece tel +30 -210 -6185592 fax +30 -210 -6185698 email akiosklis@jp-avax. gr