1. Group Financial Performance Q3 & 9M 2004 (pro forma) Canning Square Car Park, Athens

2. 2 9M 2004 - Financial Highlights Improved performance over 9M 2003 - Turnover +8.8% to €404.8 m - Gross Profit +6.3% to €58.7 m - EBITDA +1.7% to €51.3 m - EBIT +5.9% to €44.9 m - Pre-Tax Profit after minorities +3.7% to €41.1 m Easing profit margins - Gross margin 14.5% (vs 14.8% in 9M 2003) - EBITDA Margin 12.7% (vs 13.6%) - EBIT Margin 11.1% (vs 11.4%) - Pre-Tax Margin 10.1% (vs 10.7%)

3. 3 Third Quarter 2004 - Financial Highlights Lower profitability versus Q3 2003 - Turnover +14.2% to €144.7 m - Gross Profit -3.4% to €16.1 m - EBITDA -11.2% to €14.0 m - EBIT -8.8% to €11.8 m - Pre-Tax Profit after minorities -12.2% to €10.4 m Subdued profit margins - Gross margin 11.2% (vs 13.2% in Q3 2003) - EBITDA Margin 9.7% (vs 12.4%) - EBIT Margin 8.2% (vs 10.2%) - Pre-Tax Margin 7.2% (vs 9.4%)

4. Group Results – Nine Months 4 amounts in € m9M 20049M 2003chg Turnover404.8372.08.8% Gross Profit58.755.26.3% Other Income1.50.40.4 Operating Expenses15.213.3 Financial Results-1.6 Extraordinary Results-0.20.20.2 Depreciation8.19.79.7 -included in operating cost6.48.18.1 Minorities0.0-0.1 Tax Adjustments0.40.30.3 Pre-Tax Earnings after Minorities 41.139.63.7% EBITDA51.350.51.7% EBIT 44.942.45.9%

5. Group Results – Third Quarter 5 amounts in € mQ3 2004Q3 2003chg Turnover144.7126.814.2% Gross Profit16.116.7-3.4% Other Income0.50.10.1 Operating Expenses4.83.83.8 Financial Results-0.7-0.4 Extraordinary Results-0.20.10.1 Depreciation2.73.33.3 -included in operating cost2.12.82.8 Minorities0.00.00.0 Tax Adjustments0.00.30.3 Pre-Tax Earnings after Minorities 10.411.9-12.2% EBITDA14.015.8-11.2% EBIT 11.813.0-8.8%

6. Consolidated Balance Sheet amounts in € m09/2004 06/2004 09/2003 Start-Up Expenses1.1 1.3 1.71.7 Fixed Assets169.4 169.1 172.0 Current Assets220.1 229.4 150.9 Transitory Accounts24.1 14.514.5 29.8 Total Assets414.7 414.3 354.4 Shareholders’ Funds247.9 238.1 242.4 Provisions2.4 1.71.7 Liabilities164.2 173.5 110.1 Transitory Accounts 0.2 0.3 0.20.2 Total Liabilities414.7 414.3 354.4 Net Debt41.0 20.9 15.9 Capex 3.7 3.03.0 10.3 6

7. Group Financial Highlights amounts in € m2000200120022003 Turnover296.7368.5445.5523.4523.4 Gross Profit50.558.268.878.9 EBITDA38.551.158.469.8 Pre-Tax Earnings (after minorities) 28.028.040.844.756.8 Net Earnings15.622.028.534.6 Shareholders’ Funds187.6201.3203.7207.5 EPS€0.38 * €0.30€0.39€0.47 DPS€0.10 €0.30€0.32 Market Capitalisation (29/11/2004)€318 m P / E9.2x * adjusted for rights issue 7

8. Nine-Monthly Financial Performance 8

9. Quarterly Financial Performance 9

10. 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