ELVAL HOLDINGS S.A.

Announcement

In application of the provisions of paragraph xii of article 276 of the Regulation of the Athens Stock Exchange and of paragraph 1 of article 10 of Hellenic Law 3340/2005, it is hereby announced that in 2007 the competent tax authorities conducted an Ordinary Tax Audit of the company's fiscal years 2003 - 2005, which was completed in July 2007. Accounting differences in the amount of 1,810,392 Euros arose from the said tax audit, against which an income tax in the amount of 616,618 Euros plus a surcharge in the amount of 280,927 Euros was charged. In other words, the company was charged with a total amount of 897,545 Euros. This amount, due to the fact that it was paid in a lump sum, was reduced by 5% and the final amount that the company paid amounted to 852,668 Euros. The company has already burdened, in the form of a provision, its financial statements of 31 December 2006 with an amount of 452,899 Euros. The difference shall burden the results of fiscal year 2007.