Subsequent of the relevant decisions of 29/8/2014 of the Board of Directors of the companies ELVAL S.A. - HELLENIC ALUMINIUM INDUSTRY and ETEM S.A. - LIGHT METALS COMPANY regarding the merger through absorption of the latter by the former, the Board of Directors of both companies, approved on 01/10/2014 the Plan of Merger Agreement which will be submitted for approval to the Ministry of Development and Competitiveness.

According to the Merger Agreement the shareholders of ETEM will exchange 6 shares of ETEM they hold for 1 new share of ELVAL, and ELVAL'S shareholders will keep the same number of shares they hold. The proposed exchange ratio was determined based on reports of the independent firms RSM Greece SA and Deloitte Business Solutions which made the valuations of the companies.

The above are subject to approval by the General Meetings of the shareholders of both companies, within the time limits set by the relevant provisions of law. 2190/20 for the approval of the merger, which will be convened after the necessary registrations from the Ministry of Development and Competitiveness.

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