In accordance with article 278 of the Athens Stock Exchange Regulation, J&P-AVAX SA informed the Athens Stock Exchange that on 17/11/2005 Guernsey-based Joannou & Paraskevaides (Overseas) Ltd transferred to Cyprus-based Joannou & Paraskevaides (Investments) Ltd 34,500,000 shares of J&P-AVAX SA out of its total 34.872.124 share position. Following the share block transfer, our shareholders include Joannou & Paraskevaides (Overseas) Limited with 374,124 shares or 0.511% and Joannou & Paraskevaides (Investments) Limited with 34.500.000 shares or 47.131%. The share block transfer was carried out to facilitate J&P-AVAX SA's strategic investor to meet the requirements of Laws 3340/2005 & 3414/2005