In response to your letter of the 13th of the current month, we inform you of the following:
(a) After the division of Pantechniki S.A., its assets which were transferred to and absorbed by Elliniki Technodomiki Techniki Ependitiki Viomihaniki S.A. (ELTEB), include mainly its holdings in: (i) Concession companies for infrastructure and other projects, (ii) construction joint ventures for technical projects where companies of ELTEB group and Pantechniki jointly participate, and (iii) contracts for the construction of technical projects where, due to the geographical proximity, the possibility for functional synergies is provided. A precise recording and description of the activities and assets of Pantechniki which shall be absorbed by the recipient companies (ELTEB included) after the division, shall be comprised in the Division Contract Draft which shall be published according to the law. Subsequently, the precise definition of the percentage of the above transferred assets and activities shall be possible, both as to the turnover and the results of Pantechniki, according to its transformation balance dated 31-03-1007.
(b) The company, belonging to the main shareholders interests of Pantechniki, which, due to the division of the latter shall absorb its activities and assets, shall be announced in the near future and its net position shall reflect the already announced assets ratio. As to the assets transferred to it due to the division and their quota to the turnover and the results of Pantechniki, the content of the above paragraph (a) applies.
(c) The published share exchange ratio, that is the numerical ratio of 2.318574 shares of Pantechniki to 1 share of ELTEB concerns and applies only to the side of the division by which ELTEB shall absorb the activities and assets of Pantechniki described in paragraph (a).
(d) After the completion of the division and in application of the combined provisions of article 81 par. 2 and article 85 par. 1 of C.L. 2190/1920, Pantechniki shall cease to exist and its shares, due to their write-off, shall not be a transaction asset in Athens Exchange.