MICHANIKI Board of Directors announces the following:

1. According to the June 24, 2005 decisions of the Annual General Assembly of the Shareholders, which approved the company?s financial statements, the shares, both common and preferred, will trade x-dividend from Monday June 27, 2005. The dividend, for both shares, amounts to 0.12 euros per share (12 euro cents).

2. Entitled to the dividend distribution are the shareholders on record, on June 24, 2004.

3. Dividend Payment will begin on July 29, 2005.