J&P-AVAX SA announces its Board of Directors decided on 25.08.2011 to appoint Mrs Leoni Paraskevaides Mavronikola as new non-executive director, replacing non-executive director Mr Konstantinos Shiacolas who resigned, for the rest of the term of the Board.

 The new Board of Directors is as follows:

1. Leonidas Joannou, President [Non-Executive Director]
2. Konstantinos Kouvaras, Deputy President [Executive Director]
3. Nicholas Gerarhakis, Vice President [Executive Director]
4. Konstantinos Mitzalis, Managing Director
5. George Demetriou [Executive Director]
6. Konstantinos Lysaridis [Executive Director]
7. Christos Joannou [Executive Director]
8. Efthivoulos Paraskevaides [Non-Executive Director]
9. Leoni Paraskevaides Mavronikola [Non-Executive Director]
10. John Pistiolis [Non-Executive Director]
11. John Hastas [Independent, Non-Executive Director]
12. David Watson, Independent [Non-Executive Director]

 The term of the Board of Directors ends on 30.06.2012.

Marousi, September 01, 2011

THE BOARD OF DIRECTORS