On Thursday the 9th of June 2005, took place the annual ordinary General Meeting of the Shareholders of the Anonymous Company STELIOS KANAKIS, which focuses on the commerce of raw materials of pastry-making, bakery and ice-cream. The shareholders representing the 83% of the share capital attended the meeting.

The General Meeting of the Shareholders approved the distribution of dividend 0,07 Euros per share resulting from the profits of the year 2004. The dividend equals to price-earnings ratio (dividend yield) 3,8% approximately, based on the closing of the share during the yesterday?s of the Athens?s Stock Exchange session.

The individuals being shareholders on the closing of the Athens?s Stock Exchange session on the 10th of June 2005 will be the beneficiaries of the dividend. The dividend distribution will start on the 4th of July 2005. During the General Meeting, the new Board of Directors was elected. It will be consisted of the same seven members of the actual Board of Directors and will fulfill its duties until the 30th of June 2010.

The President and managing director of the company, Stelios Kanakis, referred to the transactions of the financial year 2004 and to the course of the company during the first months of this year (2005). Among other issues, he insisted on:

- The year 2004 the course of development of the company continued for the 11th consecutive year. The annual turnover increased 8,92% to euros 13,765 millions from euros 12,637 millions in 2003 and the profits before taxes increased 3,47% to euros 1,491 millions

- The bases were placed for the expansion of the company in Northern Greece with the important progress of the construction of the hypermodern center of storage and distribution of raw materials of pastry-making, bakery and ice-cream. The new premises are expected to function in autumn 2005 and to contribute to the increase of the turnover of the company for the future years.

- The stable economical and financial structure of the company with owned capitals over euros 10 millions and the sum of liabilities only euros 2,8 millions.

- The reinforcement of the export activity of the company in the region (Cyprus and Balkans markets).

The chairman of the Board of Directors referred to the transition to the new accounting standards and to the harmonization of the company?s ranges with the International Standards of Financial and Economical Information. He stated that referring to the aforementioned transition emerged significant capital gains in reference to the consolidated debts. From the readjustment of the real estate value resulted capital gain of euros1,956 millions, which was registered in owned capitals. As a result of this readjustment the increase of the owned capital was significant and the net position was formed to ?10,829 millions on the 31/12/2004.

Finally, for the year 2005 he insisted on the fact that based on the actual indications the turnover of the company is expected to present an increase corresponding to the percentage of the preceding year.

THE BOARD OF DIRECTORS