The Shareholders of ALUMINIUM DE GRECE S.A. were convened to an Extraordinary General Meeting on Thursday, February 9th, 2006, in order to discuss the following items on the agenda:
1. Increase of the Company's share capital by capitalization of reserves and increase of the Company's shares' nominal value.
2. Decrease of the Company's shares' nominal value with simultaneous increase of their total number.
3. Amendment of article 5 of the Articles of Association, regarding the Company's Share Capital, and codification of the Articles of Association in a uniform text comprising the modifications under items 1 and 2 hereabove.
4. Various announcements.

Since the quorum of 1/5 of the paid share capital of the Company, as required by Article 26 par. 1 of the Company's Articles of Association, was met, the General Shareholders' Meeting was legally convened and proceeded to the discussions of the items on the agenda. Shareholders representing 14,520,313 shares, i.e. 67.29% of the share capital either attended or were represented, with 76 shareholders present in person or by proxy.

1) For the 1st item on the agenda, the General Shareholders' Meeting took the following unanimous decision:
To increase the Company's share capital by 431,560.80 through capitalization of reserves, deriving from a) the balance sheet item ?Other reserves? in the amount of 371,796.24 and b) the balance sheet item "Share Premium" in the amount of 59,764.56, resulting in a 0.02 increase of the share?s nominal value, from 10.58 to 10.60 each.

2) For the 2nd item on the agenda, the General Shareholders' Meeting took the following unanimous decision:
To decrease the share's nominal value by 5.30, i.e. from 10.60 to 5.30 each, with a parallel increase in the shares' total number to double their present number, by issuing 21,578,040 new ordinary, registered, nominal shares, without change to the Company's share capital, in order to distribute to the shareholders of the Company one (1) free share for each old one (split), and to authorize the Board of Directors of the Company to decide the cut-off date of the right of distribution of the new free shares.

3) For the 3rd item on the agenda, the General Shareholders' Meeting took the following unanimous decision:
To amend article 5 of the Articles of Association, regarding the Company's share capital, through the insertion of a 23rd paragraph, and the codification of the Company's Articles of Association in a uniform text.

The text of paragraph 23, which is added to Article 5 of the Articles of Association, is as follows:
a) By decision of the Extraordinary Shareholders? Meeting of the 9th February 2006, the share capital of the Company was increased by 431,560.80 through the capitalization of reserves, of which 371,796.24 derived from the balance sheet item "Other reserves" and a further 59,764.56 from the balance sheet item "Share premium", resulting in an increase of the nominal share value from 10.58 to 10.60. It was further decided to reduce the nominal share value by 5.30, from 10.60 to 5.30 each, with simultaneous issuance of 21,578,040 new ordinary registered nominal shares, to be distributed free to the shareholders in a ratio of one (1) new share for one (1) old share.
b) Subsequent to the aforesaid, the share capital of the Company amounts to 228,727,224.00 and is divided into 43,156,080 ordinary registered shares of a nominal value of 5.30 each.