MICHANIKI S.A. participates in the 15th MIPIM, the leading international real estate forum and global marketplace that take place in Cannes, France, from 8 to 11 March 2005.

MIPIM 2005 includes 1.903 exhibiting companies representing 67 different countries and offers a unique opportunity to individual companies and organizations to make important contacts in the industry, to discover new possibilities for development and promote their activities and projects. In the international exhibition MICHANIKI promotes five of its current projects. Namely:

I. The Commercial Centre 'Athena' located in the heart of Odessa, Ukraine. 'Athena' was officially inaugurated in September 2004, and since then is considered a modern landmark of the city and one of the most impressive buildings in the country. Totalling 30,000 sq.m. of surface area, the shopping mall accommodates 162 shops, dept stores, recreational areas, and office spaces for international and local companies.

II. The Building Complex 'Darnitsa' located in the eastern suburbs of Kiev, Ukraine. Darnitsa is situated by the shores of Dnieper river, is totalling 40,700 sq.m. It comprises of two towers including 174 apartments, areas for shopping and recreational activities, cinemas, office spaces, underground levels for parking and surrounding landscaped areas.

III. The 'Delfinia' Recreational and Park Development Complex in Odessa, Ukraine. Located at the city's harbour in the Black Sea, Delfinia is an ambitious development of total surface area of 219,000 sq.m. including 28 buildings of six distinctive building types.

IV. The Housing and Commercial Complexes in Sofia, Bulgaria. MICHANIKI plans to build on its land plot of 17,600 sq.m. located on the main highway linking Sofia to its international airport, a modern complex of five towers covering an surface area of 33,000 sq.m. including shops, offices, convention centre, cinemas, restaurants, a hotel etc.

Additionally, the Company plans to develop an extensive area in the Botanic Gardens of the Bulgarian capital for urban housing complexes of high living standards.

V. The Model Residential Complex ?Dryades? in the affluent Ekali suburb of Athens, Greece. MICHANIKI is now building 55 two-floor residences that meet high quality requirements in a pine-forested area. The land area is totalling 28,000 sq. m. and is divided in integral plots each including two or three homes. The built space covers 25% and the remaining 75% is landscaped with cobbled terraces, tile covered patios, gardens and trees.