J&P-AVAX SA informs the investment public it signed a contract with Papastratos Cigarette Manufacturing Company SA, a subsidiary of Philip Morris inGreece, and works already started towards the expansion and modernization of its cigarette production and packaging plant in Aspropyrgos, near Athens, worth €20.1 million. The project is due for completion in eight months' time.

The project pertains to the upgrading and modernisation of the production plant to accommodate the manufacturing of “IQOS” tobacco sticks, becoming the client's third production unit inEurope.

Included in the project is the refurbishment of the existing plant's manufacturing and storage facilities, the construction of new buildings as well as all auxiliary installations to meet the needs of the new production units.

It should be noted that J&P-AVAX SA built and delivered in 2010 Papastratos' existing cigarette production plant and office complex in Aspropyrgos, worth a total of €49.6 million.

Marousi, September 21, 2017

THE BOARD OF DIRECTORS