15.06.2005

ANNOUNCEMENT TO ATHENS STOCK EXCHANGE
 
By the relevant announcement of Athens Prefecture, we were notified that the resolution of the General Meeting of the records company “NITRO MUSIC S.A.”, made on April 30th, 2005, regarding the Company’s dissolution and liquidation and the appointment of liquidators, was registered in the Anonymous Companies Register. The Company "IMAKO MEDIA S.A." participates in the share capital of the company “NITRO MUSIC S.A.” with a percentage of 97,5%.
 
The dissolution and liquidation of “NITRO MUSIC S.A.” was considered to be a required measure, as from the end of 2002 the Company had already limited significantly the scope of its activities in the field of discography, as the investing public has already been informed by "IMAKO MEDIA S.A." through the 22/11/2002 Press Release to Athens Stock Exchange, while since the beginning of 2005 “NITRO MUSIC S.A.” has been inactive.
 
The resolution for the dissolution and liquidation of “NITRO MUSIC S.A.” has already been notified to the investing public by our announcement dated April 28th, 2005. The consolidated financial statements of 2005 shall not be affected by the resolution for dissolution and liquidation of “NITRO MUSIC S.A.” since, in the context of application of Law 2190/1920 regarding the preparation of consolidated financial statements, its financial position had been included in the consolidated financial statements of previous fiscal years.
 
N. Irakleio 15.06.2005