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ANNOUNCEMENTS

ELVAL: Stock Option Plan

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ELVAL S.A. (the Company), in the framework of the annual implementation of a share offer Programme to its management and personnel in the form of a Stock Option plan, as the Programme in question was initially decided upon at the General Meeting of Company shareholders for the purchase of its shares (the Plan), informs the public of the following:
 
1. In the framework of the annual implementation of the Stock Option Plan, those entitled to the stock options are called from November 1 till November 30, 2011 to declare in writing to the Companys Board of Directors - by filling in a special form granted by the Company - their intention to exercise their rights in full or partially.
 
2. This offer is addressed to 9 persons (Members of the Board of Directors, General Managers, managers), to whom the stock option rights were granted in 2002 and it concerns 1,480,6000 new ordinary unregistered Company shares of nominal value 0.30 euro each, which will arise from the Companys share capital increase to be performed in December 2011, without amendment of the Companys Articles of Association and without a pre-emptive right of the existing, at the time of the share issue, shares, according to article 13 par. 13 of Cod. Law 2190/1920.
 
3. The fully paid share capital of the Company amounts today to 37,230,244.50 euro, divided in 124,100,815 ordinary unregistered shares of nominal value 0.30 euro each.
 
4. According to the Plan, the issue price of the new shares has been set to 2.96 euro each.
 
5. Following the timely deposit of the value of exercised rights by the entitled parties, the Company Board of Directors will proceed to an increase of share capital and the issuance of new common bearer shares, depending on the number of rights exercised through the abovementioned declarations. Afterwards, the Board of Directors will undertake all lawful actions, according to the legislation in force, in order for the shares corresponding to exercised rights to be admitted for trading at the Athens Exchange.
 
6. The number of new shares, which will ultimately be issued and whose admission to the Athens Exchange will be requested, depends on the number of shares for which the relevant right will be exercised and the corresponding amount being deposited.
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