The Board of Directors of the company MICHANIKI SA announces the following:
1. The extraordinary General Assembly of the shareholders, holders of preferred shares, which met on July 18, 2006, resolved that the Company will proceed to the purchase of its own preferred shares through the Athens Stock Exchange, in order to support the stock exchange value of the share and it determined a) the maximum number of the shares to be bought is up to 10% of the 25,968,987 of the total preferred shares of the Company, b) the maximum purchase value of the common share to euro 3.50, and the minimum purchase value of the common share to euro 1.50, and c) the time period, within which the aforementioned buyback program will take place, to twelve (12) months from the date when the aforementioned General Assembly of the shareholders has approved this resolution.
2. The timeframe for the application of the aforementioned resolution will begin 10 days after the publication of this announcement, i.e. July 28, 2006 and will run through July 18 2007.