23.03.2006

Following the Company’s President and Managing Director, Mr. Petros Kostopoulos, relevant announcements made during the Ordinary General Meeting  of June 21st, 2005 , with regard to the Company’s business plans for the years 2005-2006 and the expansion of IMAKO’s publishing activities outside of Greece, IMAKO MEDIA S.A., announces that it has entered into a shareholders agreement with the Turkish Company VATAN DEGI GRUBU A.S., for the incorporation of a Turkish company under the name VATAN-IMAKO in Turkey.  ΙΜΑΚΟ MEDIA S.A. shall participate in said company with a percentage of 50% and VATAN DEGI GRUBU A.S. also with a percentage of 50%. The initial Company’s share capital shall amount to YTL 1.350.000 (approximately 1.031.000 Euros).

The purpose of the newly incorporated company shall be the publishing of international magazines titles in the local market.
 
At present, the procedures for the acquisition of the right of publishing in Turkey of the international female magazine INSTYLE are at the final stage of completion in cooperation with Time Inc.  The magazine INSTYLE is published in addition to the USA, also in Great Britain, Russia, Brazil, Korea, Germany, Australia, Greece and Spain. Time Inc is the biggest international magazines publishing company; it publishes more than 150 titles and its reading public exceeds the 300 millions people in the world every month; its advertisement expenses’ absorption reaches the 25% of the market of American magazines. Time Inc. is the subsidiary company of Time Warner Inc., a leading company in the field of means of mass information and entertainment, active in the field of television, publishing, cinema and interactive applications.
 
The intention of the new company is to proceed also to the publication of other international magazines titles in the local market, acquiring the relevant rights from international publishing companies.  The market of magazines in Turkey is at a primary stage, having significant development prospects for advertisement and circulation revenues from lifestyle and fashion magazines.

VATAN DEGI GRUBU A.S., was founded in 2002 with the exclusive purpose of newspapers and magazines publication. Today VATAN publishes three monthly magazines, among which one – Madame Figaro – is published in cooperation with the international publishing company LeFigaro Group of France, while the other two  – Boxer και Μιx – are local titles. It also publishes two weekly magazines, which are also local titles – Haftalik Magazine και Tekborsa. In the total, the magazines published by VATAN, are among the leading in circulation and advertisement absorption magazines. In addition to the magazines, VATAN also publishes the newspaper “VATAN DAILY”, which is established among the first three in circulation Turkish newspapers.