News Room 2008 (The former Furukawa-Sky)

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Capital Participation Agreement Concluded with British Aluminum Rolling Company

October 29, 2008

Furukawa-Sky Aluminum Corp., Elval S.A.(Hellenic Aluminium Industry S.A.; Headquarters: Athens, Greece; Managing Director: Lambros Varouchas; Capital: €37 million), and Bridgnorth Aluminium Limited have signed a Memorandum of Understanding to increase the capital and expand the capacity of Bridgnorth Aluminium Ltd, an aluminium rolling mill located in Bridgnorth, Shropshire, UK, and currently wholly owned by Elval S.A.

The objectives of the agreement are to expand the production capacity, and further improve the quality of the company's products.

Under the agreement, Furukawa-Sky Aluminum Corp, will become a 25% shareholder in Bridgnorth Aluminium Ltd. The remaining shares will continue to be held by Elval S.A., based in Athens. This is the first overseas equity investment in a rolling mill to be made by Furukawa-Sky.

In addition to the equity participation, the parties will agree a Technology Agreement, under which Bridgnorth Aluminium Ltd will receive ongoing technology support from Furukawa-Sky both in terms of product quality and production efficiency.

Bridgnorth Aluminium is focused on the production of lithographic strip and is currently #3 in the World in terms of market share by volume. The market demand for aluminium lithographic strip is developing strongly, both in terms of volume due to increased use of colour, and quality in support of the latest digital printing plate technologies used by the imaging companies and downstream printers. Following some important announcements of capacity expansion by the company's main customers, who are the world's leading imaging companies, it is important that supply capacity of very high quality lithographic aluminium, using latest technology process engineering, is expanded in order to support the future growth in demand.