The Board of Directors of the companies HALCOR S.A. and FITCO S.A., during their sessions on 30.01.2006, decided to initiate the procedure for the merger of their companies by the absorption of the latter from the former. The shares' exchange ratio will be announced right after the completion of the studies pertaining to the valuation of each company. The date for the reformation balance-sheet is 31.1.2006. The said merger will be carried out in accordance with the provisions of L.2166/93 and L.2190/1920.