10 November 2018

Corporate developments in J&P (Overseas) Ltd

The Chairman of the Board of Directors, Mr Christos Joannou, informed J&P-AVAX SA that construction company J&P (Overseas) Limited, in which he holds the position of Alternate Board Member, filed today a petition for special administration at the courts of Guernsey, where it is incorporated, to deal with the deficits and liquidity issues it is faced with.

Management of J&P-AVAX does not expect this development to materially affect its ongoing activities and prospects. The relationship between J&P-AVAX and J&P (Overseas) Limited is limited to specific collaborations on construction joint ventures in the Persian Gulf area. Appropriate measures for cooperation with the respective banks and clients are taken regarding those projects, to continue the execution of the contracts with no interruption.

The share capital increase approved by J&P-AVAX is not affected and is pursued as normal.

Marousi, October 11, 2018