CORINTH PIPEWORKS SA announces to the investors' community the establishment of its 100% owned subsidiary company Warsaw Tubulars Trading sp. z.o.o., with a registered office in Poland and main scope, marketing of the products of CORINTH PIPEWORKS SA, as well as participation in companies with similar activities. The initial share capital was set at 50,000 PLΝ, divided into 1,000 company shares with a par value of 50 PLΝ each. At the same time, it was decided to increase the share capital by 2,733,750 PLN, with the issue of 54,675 company shares, covered by CORINTH PIPEWORKS SA as follows: a) 53,444 company shares of total value of 2,672,200 PLN, with in-kind contribution, namely all shares that CORINTH PIPEWORKS SA owns (5,000 shares) in its 100% subsidiary company CPW AMERICA Co., based in the USA; and, b) 1,231 company shares, of total value of 61,550 PLN, with cash contribution. After the completion of the above, the share capital of Warsaw Tubulars Trading sp. z.o.o. will comprise of 55,675 company shares, with a total value of 2,783,750 PLN.