20.11.2007

he Board of Directors of IMAKO MEDIA S.A., at its meeting on 16.11.2007 resolved to transfer the allocation of funds amounting to four hundred thousand Euros (€400,000), which it had initially forecastto allocate during the second half  of 2007, to  2008.

Initially, the Company, according to the scheduled allocation of its funds, intended to finance the publication of the Fortune magazine in Turkey.

However, the publication of this magazine was financed primarily by the capital of the publishing company of the above-mentioned magazine in Turkey.  Consequently, the Company decided to proceed with the change of the usage  of the above-mentioned capital raised and to allocate it to the development of new publications, either to new specialized magazine titles or newspapers, in Greece, Turkey and Romania within 2008. The publication of new titles of magazines or newspapers will be carried out either through the establishment or acquisition of companies or through the participation in the increase in the share capital of the existing legal entity.

Furthermore, the Company resolved to proceed with the change in the allocation of funds, amounting to fifty thousand euros (€50,000), which it had initially estimated to allocate during the second half  of  2007 and  an amount of fifty thousand euros (€50,000), which was to be  allocated during the first half of 2008 for the exploration of investing opportunities regarding the further development of the existing event organization department.     The company resolved to allocate these funds too, amounting in total to one hundred thousand euros (€100,000), for the development of new publications of magazines and newspapers in Greece and in the Balkan countries.

Moreover, the Company notifies that the differentiation in the usage of the capital raised concerns capital with a  total value  less than 20% of the total of the capital raised and consequently there is not any liability for the issuance of a new prospectus.

Following this, the Board of Directors approved unanimously the revised Allocation Table of Funds Raised.