10.03.2006

In reply to Athens Stock Exchange letter dated March  9th , 2006, Protocol No:10768, regarding the no renewal of the License Agreement between IMAKO MEDIA S.A. and  EMAP ACTIVE Ltd for the publication of magazine CAR and in the context of application of articles 285 και 302 of the Athens Stock Exchange Regulation, we notify to you that there will be no negative impact on the Company’s revenues for the fiscal years after December 31st, 2005, as the Company has already inform Athens Stock Exchange by its letter dated March 9th , 2006, Protocol No: 10640, that it shall publish the new car magazine TOP GEAR, which addresses the same advertisement market and the same reading public as CAR magazine. The Company considers that the circulation of the new magazine not only shall cover the expenses but it shall also increase the Company’s revenues in respect of absorption of car market’s advertisement expenses as well as in respect of circulation.