AVAX S.A.

J&P-AVAX shares ex-dividend date and dividend payment procedure

The Annual General Meeting of J&P-AVAX SA's shareholders, held on June 26, 2007, unanimously approved the distribution of a euro 0.12 dividend per share for fiscal year 2006.
Shareholders on the Company's registry at the close of the Athens Stock Exchange session on June 27, 2007 are entitled to the dividend.
The Company's shares will trade ex-dividend on the Athens Stock Exchange on June 28, 2007.
The Board of Directors decided the dividend for fiscal year 2006 to be paid into shareholders' broker accounts starting on July 06, 2007 by Piraeus Bank.
Shareholders wishing to be exempt from the dividend payment should inform the Central Securities Depository or their stockbroker at least 5 work days ahead of the scheduled date of dividend payment. Shareholders who invoke this exemption may then receive their dividend through any Piraeus Bank branch.