Under Article 2 par. 2, case (e) of Decision No 3/347/12.7.2005 of the Board of Directors of Hellenic Capital Market Commission and pursuant to ATHEX regulation, ELVAL S.A. announces that after its Annual General Meeting, which took place on Thursday, June 28, 2012, the Company's new Board of Directors convened and was constituted as follows:

1. MILTIADIS LIDORIKIS, Chairman, Non‐executive member

2. DIMITRIOS KYRIACOPOULOS, Vice‐chairman, Executive member

3. KONSTANTINOS KATSAROS, Executive member

4. NICHOLAS KOUDOUNIS, Executive member

5. JOHN PANAYIOTOPOULOS, Executive member

6. ANDREAS KYRIAZIS, Independent, Non‐executive member

7. KONSTANTINOS BAKOURIS, Non‐executive member

8. ABRAHAM MEYIR, Non‐executive member

9. KONSTANTINOS KOUKLELIS, Non‐executive member

10. REINHOLD WAGNER, Non‐executive member

11. GERARD DECOSTER, Independent, Non‐executive member

The term of the new Board of Directors, according to the Company's Articles of Association is one (1) year, starting at the day following its election and terminating at the date of the Annual General Meeting of the year 2013