22 June 2016

Shareholder briefing on Group prospects & new energy project in Iraq

J&P-AVAX group management informed shareholders at the annual general meeting held on 22.06.2016 of the 2015 financial results and the prospects according to latest developments.

Management reported that the net result after taxation and minority rights in 2015 was a €32.7 million loss versus a €35.2 million loss in 2014, while turnover eased 3.4% to €500.3 million from €518.1 million in 2014.

For the current year, management expects turnover to grow by around 20% relative to 2015 and significantly improved results for the Group.

Group work-in-hand based on signed projects is currently in excess of €2.1 billion, with international projects accounting for around 50% of the total.

New Energy Project in Iraq

Shareholders were informed that the company was awarded a project of strategic importance, constituting the largest energy project ever to be won by a Greek company.

The value of the contract is around $400 million and was signed yesterday with private group Mass Global Holdings. It concerns the engineering and construction of a 1,500MW power plant in the suburbs of Baghdad in Iraq.

The total value of the project, including the equipment to be procured directly by the investor and installed and put in operation by J&P-AVAX, is in the order of $1 billion.

Marousi, June 22, 2016