1. Group Financial Performance Q2 & H1 2004 (pro forma) Flood Lighting of Acropolis Hill Monuments

2. 2 First Half 2004 - Financial Highlights Improved performance over H1 2003 - Turnover +6.1% to €260.1 m - Gross Profit +10.5% to €42.5 m - EBITDA +7.6% to €37.4 m - EBIT +12.4% to €33.1 m - Pre-Tax Profit after minorities +10.5% to €30.7 m Widening profit margins - Gross margin 16.4% (vs 15.7% in H1 2003) - EBITDA Margin 14.4% (vs 14.2%) - EBIT Margin 12.7% (vs 12.0%) - Pre-Tax Margin 11.8% (vs 11.3%)

3. 3 Second Quarter 2004 - Financial Highlights Upbeat performance over Q2 2003 - Turnover +4.5% to €139.8 m - Gross Profit +9.4% to €22.3 m - EBITDA +5.3% to €18.9 m - EBIT +9.8% to €16.8 m - Pre-Tax Profit after minorities +4.2% to €15.0 m Improvement in profit margins - Gross margin 16.0% (vs 15.2% in Q2 2003) - EBITDA Margin 13.6% (vs 13.4%) - EBIT Margin 12.0% (vs 11.4%) - Pre-Tax Margin 10.7% (vs 10.7%)

4. Group Results – First Half 4 amounts in € mH1 2004H1 2003chg Turnover260.1245.36.1% Gross Profit42.538.510.5% Other Income0.90.3 Operating Expenses10.49.5 Financial Results-0.6 Extraordinary Results0.0 Depreciation5.46.4 -included in operating cost4.35.3 Minorities0.0-0.2 Tax Adjustments0.30.00.0 Pre-Tax Earnings after Minorities 30.727.810.5% EBITDA37.434.77.6% EBIT 33.129.412.4%

5. Group Results – Second Quarter 5 amounts in € mQ2 2004Q2 2003chg Turnover139.8133.74.5% Gross Profit22.320.49.4% Other Income0.10.2 Operating Expenses5.75.3 Financial Results-0.5-0.3 Extraordinary Results-0.40.0 Depreciation2.73.3 -included in operating cost2.22.7 Minorities0.0 Tax Adjustments0.30.0 Pre-Tax Earnings after Minorities 15.014.44.2% EBITDA18.917.95.3% EBIT 16.815.39.8%

6. Consolidated Balance Sheet amounts in € m 06/2004 03/2004 06/2003 Start-Up Expenses1.3 1.4 1.81.8 Fixed Assets169.1 167.6 171.9 Current Assets229.4 201.1 161.9 Transitory Accounts14.5 8.1 25.7 Total Assets414.3 378.2 361.3 Shareholders’ Funds238.1 223.2 231.2 Provisions2.4 2.3 1.71.7 Liabilities173.5 152.5 128.2 Transitory Accounts 0.3 0.2 0.20.2 Total Liabilities414.3 378.2 361.3 Net Debt20.9 6.9 15.8 Capex 3.0 1.01.0 7.07.0 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 (30/08/2004)€274 m P / E7.9x * adjusted for rights issue 7

8. Semi-Annual 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