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ANNOUNCEMENTS

ELVAL: Announcement

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The Board of Directors of ELVAL SA decided to take over 80% of the share capital of ALURAME SRL, a commercial firm having its registered office in Milan, Italy, from the related party "STEELMET S.A." in exchange for the total consideration of €48,000, and to participate in the forthcoming increase in its share capital that will be decided during an extraordinary General Meeting of ALURAME SRL. ELVAL S.A. and its subsidiary SYMETAL S.A. will participate in the share capital increase of ALURAME SRL by paying €1,340,000 and €250,000 respectively while the conversion of its legal personality into ALURAME Spa will be decided. Following completion of the above actions, ELVAL S.A. will have a 70% direct holding and an 82.49% indirect holding through SYMETAL S.A. in the share capital of ALURAME.

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