The public limited companies ELVAL S.A. and ETEM S.A. inform the investors of the following:

 The Draft Merger Agreement, whereby the former absorbs the latter, was signed by the authorised representatives of the aforementioned companies on 22.05.2014 and was recorded in the Companies Register of the Ministry of Development and Competitiveness on 12.06.2014. An announcement was released on the same date informing investors of the main terms of the agreement.

However, after the Ministry of Development and Competitiveness notified ELVAL S.A. (as well as the company being absorbed, ETEM S.A.) with the document no. K2-3024/12.06.2014 that the Ministry of Finance has not issued an interpretative circular on Article 54 of Law 4172/2013 based on which this merger was to take place and that it is possible that following the issuance of the expected circular, the Draft Merger Agreement may have to undergo certain changes, the management of the two companies involved in the merger have decided to suspend the merger process at this time.

The process will recommence after the issuance of the expected circular, which will not affect the values of the merging companies or change the exchange ratio in any way.