Expiration of the 2011 exercise period of the Stock options offered to the company’s management

ELVAL HOLDINGS S.A.

Expiration of the 2011 exercise period of the Stock options offered to the company’s management

ELVAL S.A. 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, informs that the 2011 exercise period expired without any of the options holders, exercising their options.