In response to your letter dated May 5th 2006 and remaining faithful to the framework of regulations ruling the prompt and equal informing of the investment community it is announced that the Board of Directors of GERMANOS SA approved today the sale of its stake (24,67%) at Hellenic Duty Free Shops to Folli Follie company at a price of Euro 15.6 per share.
The proceeds from the sale (approximately Euro 202.000.000) -according to the Company?s conventional obligations to the banks, which have granted the Company with a bond loan - the Company will repay almost the aggregate loan.
Finally, the Company announces that it does not intend to proceed with an additional or extraordinary dividend. Germanos SA remains committed to its dividend policy already announced, according to which, the Management will propose to the Annual Shareholders? Meeting in June a dividend of Euro 0.26 per share.