ETEM S.A. informs investors that:

  1. As already announced, on 29.08.2014 the companies ETEM S.A. and ELVAL S.A. announced that their Boards of Directors decided on 29.08.2014 to restart the procedure of absorption of ETEM S.A. by ELVAL S.A. The transformation balance sheet will be as at 31.08.2014.
  2. Moreover, the Administration bodies of both companies have appointed two independent Audit Firms, namely RSM and Deloitte on behalf of ELVAL S.A. and ETEM S.A. respectively, to evaluate the assets of the companies and prepare the relevant reports.
  3. As soon as the appointed Audit Firms complete the compilation of the relevant valuation reports (see point 2 above) and the Draft Merger Agreement is prepared by the independent certified auditor "ABACUS AUDITORS S.A.", as appointed by the meeting of the Boards of Directors of both companies, held on 29.08.2014, the Boards of Directors of ELVAL S.A. and ETEM S.A. will convene to approve the draft merger agreement and the explanatory report and also proceed with other legal actions.
  4. Regarding the issue of the share exchange ratio of the merging companies ELVAL S.A. and ETEM S.A., it is noted that this will be based on the companies' valuation reports of the two independent Audit Firms.
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