In response to recent reports in printed and electronic Press, regarding developments in the construction sector ofSaudi Arabia, J&P-AVAX notes the following:

• J&P-AVAX has not been awarded any, and is not working on, projects inSaudi Arabia.
• There is no relationship at management level between J&P-AVAX and J&P (Overseas), which the reports in question refer to.
• J&P-AVAX and J&P (Overseas) are two distinct poles of activities under totally different management, which occasionally collaborate as partners in consortia for specific projects in thePersian Gulf.

According to the above, any reference to alleged involvement of J&P-AVAX in any developments inSaudi Arabia, as well as any impact on J&P-AVAX from the activities of J&P (Overseas), is completely untrue and unfounded.

Marousi, April 02, 2018

THE BOARD OF DIRECTORS