ΠΑΝΤΕΧΝΙΚΗ Α.Ε.

Announcement concerning participation in company break up activities

Taking into consideration the shareholders of PANTECHNIKI, all those (apart from the main shareholders regarding the percentage of the value of the assets of PANTECHNIKI to be absorbed by a company of their own interest) will exchange by the following exchange ratio their shares of PANTECHNIKI with only listed shares of ELTEB. The old shareholders of ELTEB will continue after the conclusion of the aforementioned transformation to have the same amount of shares.
The anticipated company transformation will be accomplished based on the provisions of the articles 81 par. 2 and 82-86 of the codified law 2190/1920 along with the articles 1-5 of the law 2166/1993 as they are in force, and the transformation balance sheet will be dated approximately on August 2007. The Board of Directors of PANTECHNIKI are willing, on the provision of verification by an established group of certified accountants, to propose to the general assembly of the shareholders: i) the value ratio of ELTEB and the absorbed -by ELTEB- activities and assets of PANTECHNIKI, as mentioned above, the ratio 10:1 and as the share exchange ratio of 1 common share of ELTEB with 2,318574 common shares of PANTECHNIKI of nominal value 1,25 euro each , and ii) and as the value ratio of the non listed company in relation to the absorbed activities and assets of PANTECHNIKI, as mentioned above, the exchange ratio 1:100. After the completion of the aforementioned transformation it will be proposed to the General Assembly of the shareholders of ELTEB that two board member seats are elected in favor of two main shareholders of PANTECHNIKI . The current transformation takes place in the context of addressing the strong competitive environment in which PANTECHNIKI operates and create value for its shareholders.