As at 30 June 2005, the Net Asset Value (NAV) per share of BVIC (before deferred tax) stood at euros 13.31, decreased by 2.4% compared to 31 March 2005. This was mainly due to the additional dividend recognition of approximately euros 6.8 million approved by the AGM of 30.06.2005.

As at 30 June 2005, the Net Asset Value (NAV) per share of BVIC (after deferred tax) stood at euros 10.69, decreased by 4.8% compared to 31 March 2005, mainly due to tax audit differences and deferred tax provision. Profit after tax for the six months ended 30 June 2005 was euros 18.9 million compared to euros 104.7 million during the six months ended 30 June 2004 (as restated under IFRS). This volatility is due to the completion of a number of development projects that occurred during H1 2004. Based on IFRS (IAS 16 and 40) the Group is required to recognise revaluation gains upon completion. Aris Vovos, CEO of BVIC said:

BVIC continues to strengthen its development pipeline and property portfolio. Our commitment remains to uphold our strong customer focus approach and maximize shareholders value.

Early delivery of premises at 49 Kifissias Avenue to Media Markt

The management of BVIC Group is pleased to announce that the Media Markt premises that represent 54% of the 8,800 sqm retail development project at 49 Kifissias Avenue, has been completed and delivered approximately one month before the official delivery date of 30 October, 2005.

This underlines the Group's commitment to key customers and its ability to complete turn-key projects on record time. Management estimates that the completion of the Media Markt project is expected to have a positive impact on BVIC's NAV before deferred tax of approximately ? 15 million during the third quarter of 2005.