AVAX S.A.

Announcement pursuant to Law 3556/2007

Pursuant to Law 3556/2007, J&P-AVAX SA announces the following transactions on 31.01.2008 on its shares by insiders and related private investors (as per Article 13 of Law 3340/2005):
-purchase of 9,000 shares for a total consideration of euro 49,949.00 by its Managing Director Mr Constantine Mitzalis -purchase of 3,000 shares for a total consideration of ?16,572.00 by Mrs Eleni Mitzalis, a close relative of its Managing Director Mr Constantine Mitzalis
-purchase of 10,242 shares for a total consideration of euro 57,196,16 by Mrs Efrosini Mitzalis, a close relative of its Managing Director Mr Constantine Mitzalis.