In accordance with article 16 para 13 of codified law 2190/1920, we would like to inform you that the Board of Directors of our company, Babis Vovos International Construction S.A. (the Company), with its decision dated 13 October 2004 has decided to dispose of a block of own shares (in total up to 3,092,730 shares) amounting up to 9.115% of the total share capital of the Company. The own shares of the Company have been acquired during the time period between 18.07.2001 to 08.03.2002 according to the shareholders? resolutions dated 29.06.2001 and 29.08.2001.

According to the Decision 12/500/07.07.2004 of the Hellenic Capital Markets Commission the three 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. The above sale of own shares of the Company will be made by way of block trades to a limited number of institutional investors by way of book building and will be effected within October 2004. The minimum sale price for the own shares has been determined to be 11.75 euro per share.