Our company, “ELGEKA S.A.”, discloses, according to the ATHEX Rulebook, article 6 par. 1 of Law 3340/2005 and article 2, par. e of Decision 3/347/12.7.2005 of Hellenic Capital Market Commission, as well as the Law 3016/2002 on Corporate Governance, that today, Friday, 11 May 2012, the Chief Executive Officer and executive member of the Board of Directors, Mr. Vasilios Evgenios, submitted a letter of resignation to the Board of Directors, following the decision to secede from the General Management of the Company.

The Chairman of the Board, Mr. Alexander Katsiotis, expressed on behalf of himself and of the Board of Directors their thanks and recognition to Mr. Vasilios Evgenios for the valuable services rendered to the company “ELGEKA S.A.”. The Board decided not to substitute at present the vacancy created on the Board following the retirement of the aforementioned member, given that under Company's Articles of Association the remaining Board members may continue seamlessly the management and representation of the Company.

Accordingly, the Board of Directors will have the following composition:

1. Alexander George Katsiotis, Chairman and Managing Director – Executive member,

2. Elli Katsioti husband of Nikolaou Drakopoulou, Vice Chairman – Executive member,                             3. Anthimos Vasilios Misailidis, Chief Financial Officer - Executive member,

4. Michael Emmanuel Fandridis - Non Executive member,

5. Stylianos Markos Stephanou - Non Executive Independent member,

6. Kyriakos Sokratis Sachanidis - Non Executive Independent member.

Finally, to substitute the vacancy created in Commercial Division of the Company in which Mr. Vasilios Evgenios had so far, tasks undertaken by Mr. Charalambos Papantonopoulos.

Thessaloniki, 11^th of May 2012