Our company, "ELGEKA S.A.", discloses, according to the ATHEX Rulebook, article 6 par. 1 of Law 3340/2005 and article 2, par. e of Decision 3/347/12.7.2005 of Hellenic Capital Market Commission, as well as the Law 3016/2002 on Corporate Governance, that the Board of Directors held today, Thursday, 2 February 2012, after the resignation letter submitted for personal reasons by the non-executive member of its Board of Directors, Mr. Paraskevas Toktokoglou, regarding his retirement from the Board of "ELGEKA S.A.", the Economic Committee and the Audit Committee thereof, in which he participated as Chairman and non executive member respectively, as well as from the positions which he held (as a simple member) on the Boards of Directors of some companies of the Group.

The Chairman of the Board, Mr. Alexander Katsiotis, expressed firstly by himself, his family and the Board of Directors their thanks and recognition to Mr. Paraskevas Toktokoglou for the valuable services rendered to the Company and the Group and in general for all these 24 years of cooperation so far with  "ELGEKA S.A.", and then the Board decided not to cover at present the vacancy created on the Board following the retirement of that member, given that under Company's Articles of Association the remaining Board members may continue seamlessly the management and representation of the Company.

Accordingly, the Board of Directors will have the following composition:

1.      Alexander George Katsiotis, Chairman and Managing Director ? Executive member,

2.      Elli Katsioti husband of Nikolaou Drakopoulou, Vice Chairman ? Executive member,

3.      Vasilios Michael Evgenios, Chief Executive Officer ? Executive member,

4.      Anthimos Vasilios Misailidis, Chief Financial Officer - Executive member,

5.      Michael Emmanuel Fandridis - Non Executive member,

6.      Stylianos Markos Stephanou - Non Executive Independent member,

7.      Kyriakos Sokratis Sachanidis - Non Executive Independent member.

Then, it was decided to repeal the existing Economic Commission that was formed in 01/09/2009 and in which was attended by two non-executive members, of whom one member was Mr. Paraskevas Toktokoglou who served as president.

Also, under the provisions of article 7 of Law 3016/2002 on Corporate Governance and article 37 of Law 3693/2008, after the resignation of Mr. Paraskevas Toktokoglou from the Audit Committee, it was decided to be replaced by the non-executive member of the Board of the Company, Mr. Michael Fandridi. Consequently, the new three-member Audit Committee, whose mandate expires on 30/06/2013, composed of the following members:

1.      Stylianos Markos Stephanou - Non Executive Independent member,

2.      Kyriakos Sokratis Sachanidis - Non Executive Independent member,

3.      Michael Emmanuel Fandridis - Non Executive member.

Chairman of the Audit Committee will continue Mr. Stylianos Stephanou, who covers all the conditions required by article 37 of Law 3693/2008, while the above replenishment is subject to the approval of the forthcoming General Meeting of Shareholders of the Company.

Thessaloniki, 2^nd of February 2012