In accordance with article 4 of the Decision 5/204/14.11.2000 of the Hellenic Capital Markets Commission and article 281 of the Athens Exchange Regulation (Capital Market Commission decision 1/304/10.06.2004), we would like to inform you that the Board of Directors of our company, Babis Vovos International Construction S.A. (the Company) disposed today, 18 October 2004, of all of its own shares (3,092,730 own shares, which represent 9.115% of the company's total share capital) according to the relevant decision of the Company's Board of Directors dated 13 October 2004.

We would like to remind you that the own shares have been acquired by the Company during the time period between 18.07.2001 and 08.03.2002 according to the decisions of the shareholders' meetings dated 29.06.2001 and 29.08.2001, and that according to the Decision 12/500/07.07.2004 of the Hellenic Capital Markets Commission the three (3) year period set out in article 16 para 12 of codified law 2190/1920, within which the company must either sell the own shares or distribute these to its employees, was exte nded for three (3) months.

The above disposal was combined with the sale of a block of shares held by Charalampos Vovos, Chairman of the Board of Directors, Chief Executive Officer and shareholder of the Company (the Shareholder), who disposed of 3,693,280 of his shares in the Company representing 10.885% of the total share capital of the Company.

The disposal of the own shares of the Company and of the shares of the Shareholder was made to institutional investors by way of book building at the price of twelve (12) euro per share.

Deutsche Bank AG London was the Global Coordinator and Sole Bookrunner in relation to the offering of the own shares of the Company and of the shares of the Shareholder as stated above.