Under Article 2 par. 2, case (e) of Decision No 3/347/12.7.2005 of the Board of Directors of Hellenic Capital Market Commission and pursuant to ATHEX regulation, «ELVAL S.A. » announces that according to the decision of 17/10/2013 of the Board of Directors, Mr. Lambros D. Varouchas was elected as a new executive member in place of the resigned member Mr. Nikolaos M. Stasinopoulos. By the aforementioned decision Mr. Miltiadis A. Lidorikis was appointed chairman of the Board of Directors of the Company.

The new Board of Directors consists as follows:

1. MILTIADIS LIDORIKIS, Chairman, Non‐executive member

2. DIMITRIOS KYRIACOPOULOS, Vice‐chairman, Executive member

3. KONSTANTINOS KATSAROS, Executive member

4. NICHOLAS KOUDOUNIS, Executive member

5. MICHAEL STASINOPOULOS, Executive member

6. LAMBROS VAROUCHAS, Executive member

7. ANDREAS KYRIAZIS, Independent, Non‐executive member

8. KONSTANTINOS BAKOURIS, Non‐executive member

9. ABRAHAM MEYIR, Non‐executive member

10 KONSTANTINOS KOUKLELIS, Non‐executive member

11. GERARD DECOSTER, Independent, Non‐executive member