PRESS RELEASE

Commencement of absorption of

subsidiary “J&P Energy & Industrial Works SA” by “AVAX SA”

AVAX SA announces that the Board of Directors of «AVAX SA» and «J&P Energy & Industrial Works SA», the latter company being 100% subsidiary of the former, decided to commence their merger through the absorption of «J&P Energy & Industrial Works SA» by « AVAX SA».

The merger will be based on financial statements dated 31.12.2018 and carried out in accordance with Law 4601/2019, article 54 of Law 4172/2013 and article 61 of Law 4438/2016.

The Merger Plan was posted on 28.06.2019 as entry #1582313 on the General Commercial Registry of the General Secretariat of Commerce & Consumer Protection.

Marousi, July 03, 2019

THE BOARD OF DIRECTORS