In the context of the merger underway between ELVAL S.A. - HELLENIC ALUMINIUM INDUSTRY and ETEM S.A. - LIGHT METALS COMPANY through absorption of the latter by the former, the Draft Merger Agreement dated 01.10.2014 was entered on 22.10.2014, in the Companies Register of the Ministry of Development and Competitiveness.

The merger will take place in compliance with the provisions of Articles 68(2) and 69-77a of Codified Law 2190/1920, the commercial laws on S.A. and the provisions of Article 54 of Law 4172/2013 through absorption of ETEM S.A. by ELVAL S.A.

Management will recommend to the General Shareholder's Meetings of the two companies, the exchange of six (6) shares of ETEM with one (1) new share of ELVAL while the shareholders of ELVAL will maintain the same number of shares they own, according to the Report drafted pursuant to article 71 of Codified Law 2190/1920 by the independent firms Deloitte Business Solutions S.A. and RSM Greece S.A., for determining the relative values of the merging companies and drafted report of the auditing firm ABACUS Auditors S.A. for the assessment of the assets.

It is further disclosed that pursuant to article 73 of Codified Law 2190/1920, the following documents will be available for the shareholders at the company's registered office, Athens Tower, Building B 2-4 Messogion Avenue:

1. The Draft Merger Agreement.
2. The explanatory Reports of the Boards of Directors of ELVAL S.A. and ETEM S.A. according to article 69(4) of Codified Law 2190/1920.
3. The annual financial statements and the management reports of the Board of Directors regarding the last three financial years of the merging companies.
4. The valuation reports of independent firms Deloitte Business Solutions S.A. and RSM Greece S.A. and their respective opinions for the legitimate and fair to the above proposed exchange.
5. The assessment Report of the audit firm ABACUS Auditors S.A.

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