Elval : 18/2/2016 Timeline of the Completion of the Cross-Border Merger

94a42913-8216-4f63-bf76-590ad659e069.pdf

PRESS RELEASE OF ELVAL HOLDINGS S.A.

Athens, 18 February 2016

Timeline of the completion of the cross-border merger

In accordance with the common draft of the cross border merger terms, as published on the website of ELVAL HOLDINGS S.A., (hereinafter referred to as "Εlval") the shareholders of the absorbed companies, i.e. Elval Holdings Société Anonyme, Diatour, Management and Tourism Société Anonyme (hereinafter "Diatour"), Alcomet Copper and Aluminium Société Anonyme (hereinafter "Alcomet") and Eufina Société Anonyme (hereinafter "Eufina" and together with Elval, Diatour and Alcomet, the "Absorbed Companies") have been provided with an option with regard to the delivery of the total number of the new shares that will arise as a result of the cross-border merger between the Absorbed Companies and Viohalco as absorbing company. Namely the shareholders of the Absorbed Companies have been provided with the right to elect, by submitting a special form of declaration to the respective Absorbed Company, to receive their new shares in Viohalco through a custodian other than the Hellenic Central Securities Depository S.A. (hereinafter the "AthexCSD"). Elval announces that, as of the date of this announcement, the above mentioned election form for the declaration of the relevant election right by the shareholders has been published on the website of Elval and Viohalco (www.elval.gr, www.viohalco.com), and has been made available to the shareholders of Alcomet, Diatour and Eufina. The period for exercising the election right has been set as starting from 18 February 2016 and expiring on 29 February 2016.

The indicative timeline of the steps linked to the completion of the cross-border merger and the delivery of the new shares of Viohalco to the shareholders of the Absorbed Companies is set forth in the table below:

Expected Date	Action
18.02.2016	- Extraordinary General Meeting of Shareholders of Elval, Alcomet and Diatour on the approval of the cross-border merger* -Start of election period for the delivery of the new shares of Viohalco.

*The cross-border merger has also been approved by the Extraordinary General Meeting of Shareholders of Eufina on the 4th February 2016.
24.02.2016	Pre-merger certificate issued by the Greek Ministry of Economy, Infrastructure, Marine and Tourism.
25.02.2016	Submission to the Athens Stock Exchange of an application regarding the suspension of trading in respect of the shares of Elval - Last trading date of the shares of Elval on the Athens Stock Exchange and OTC trading.
26.02.2016	Suspension of trading for the share of Elval. Signing of Belgian notarial deed for the completion of the cross-border merger.
29.02.2016	End of the election period.
04.03.2016	Delivery of the new shares of Viohalco to the shareholders of the Absorbed Companies, either through the AthexCSD or through a different custodian based on the exercise (or not) of their election right.
07.03.2016	Start of trading of the new shares of Viohalco simultaneously on Euronext Brussels and the Athens Stock Exchange.

The above mentioned dates are only indicative and may be amended.