13 May 2014

Award of PPP project for school facilities worth €52.6 million

J&P-AVAX SA (the “Company”) signed with Greek Building Infrastructure SA (formerly School Building Organisation SA) a contract worth a total of €52.6 million for the construction of 10 school facilities in the Attica region under a Public-Private Partnership scheme.

The project involves the construction of 10 schools which will host over 2,000 pupils in the cities of Athens, Heraklion, Oropos and Megara of the Attica region, and the subsequent management of the facilities for a 25-year period by the Company, against an annual availability payment from the Greek state.

The project is financed by own equity amounting to €10 million as well as long-term debt raised from the European Investment Bank and the EU’s JESSICA fund, totalling €33.4 million.

The construction phase of the project has a 24 month deadline.

Marousi, May 13, 2014