Further to our letter dated 14 October 2004, we would like to inform you that our company, BABIS VOVOS INTERNATIONAL CONSTRUCTION S.A. 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).

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 resolutions 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 extended for three (3) months.

Moreover, we inform you that:

a) 1,546,350 own shares of the company have been sold through the member of the Athens Exchange NATIONAL Securities SA from the code 290273; and

b) 1,546,380 own shares of the company have been sold through the member of the Athens Exchange ALPHA Finance Brokerage Investment Services SA from the code 737377.

All the above own shares have been sold through block trades to institutional investors at the price of twelve (12) euros per share.