1. Group Annual Accounts 2004

2. 2 Financial Highlights – 2004 vs 2003 Headline figures * Turnover -8.9% to €476.9 m * Gross Profit -6.9% to €73.4 m * EBITDA -14.8% to €59.5 m * EBIT -16.6% to €50.9 m * Pre-Tax Profit after minorities -18.9% to €46.1 m Profit margins * Gross margin 15.4% (vs 15.1% in 2003) * EBITDA Margin 12.5% (vs 13.4%) * EBIT Margin 10.7% (vs 11.7%) * Pre-Tax Margin 9.7% (vs 10.8%)

3. Group Results – 2004 vs 2003 3 amounts in € m20042003chg Turnover476.9523.4-8.9% Gross Profit73.478.9-6.9% Other Income1.30.6 Operating Expenses23.818.6 Financial Results-1.8-0.7 Extraordinary Results-0.4 Depreciation10.811.1 -included in operating cost8.78.9 Minorities0.0-0.1 Tax Adjustments0.50.9 Pre-Tax Earnings after Minorities 46.156.8-18.9% EBITDA59.569.9-14.8% EBIT 50.961.0-16.6%

4. Consolidated Balance Sheet amounts in € m12/200412/2003 12/2002 Start-Up Expenses1.01.51.51.9 Fixed Assets169.1168.8168.2 Current Assets226.1214.4142.5 Transitory Accounts5.21.91.4 Total Assets401.4 386.6314.0 Shareholders’ Funds219.1207.4203.7 Provisions3.02.41.3 Liabilities178.9176.0108.5 Transitory Accounts0.40.80.5 Total Liabilities401.4 386.6314.0 Net Debt23.3-15.43.4 Capex5.112.07.6 4

5. Group Financial Highlights amounts in € m20002001200220032004 Turnover296.7368.5445.5523.4523.4476.9 Gross Profit50.558.268.878.973.4 EBITDA38.551.158.469.859.5 Pre-Tax Earnings (after minorities) 28.028.040.844.756.846.1 Net Earnings15.622.028.534.727.1 Shareholders’ Funds 187.6201.3203.7207.5219.1 EPS€0.38 * €0.30€0.39€0.47€0.37 DPS€0.10 €0.30€0.32€0.20 Capitalisation (31/05/05)€278 m 5 * adjusted for rights issue

6. Annual Financial Performance 6

7. Quarterly Financial Performance 7

8. 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