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 according to the decision of 29/10/2014 of the Board of Directors, Mr. Stavros E. Voloudakis was elected as a new executive member in place of the deceased member Abraham M. Meyir.

The new Board of Directors consists 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. MICHAEL STASINOPOULOS, Executive member
6. LAMBROS VAROUCHAS, Executive member
7. STAVROS VOLOUDAKIS, Executive member
8. ANDREAS KYRIAZIS, Independent, Non‐executive member
9. KONSTANTINOS BAKOURIS, Non‐executive member
10 KONSTANTINOS KOUKLELIS, Non‐executive member
11. GERARD DECOSTER, Independent, Non‐executive member