In response to letter # 34070 / 10.08.2007 sent by the Athens Stock Exchange regarding an article posted on the www.capital.gr website on 10.08.2007, according to which J&P-AVAX SA is reportedly planning to become a holding company, to render ATHENA SA its construction arm, and to merge with J&P Overseas Ltd, we issue the following comments:
1. J&P-AVAX SA's management is not working on any plan to transform J&P-AVAX SA into a holding company
2. J&P-AVAX SA's intentions regarding ATHENA SA are outlined in detail in the published Information Memorandum for the Mandatory Public Tender to ATHENA SA's shareholders and make no mention of changes in its business orientation
3. J&P-AVAX SA's management has repeatedly declared in the past it is unaware of any developments regarding the rumoured merger with J&P Overseas Ltd.
Should there be any changes in the above conditions we will duly inform the investment public and the market authorities.