Financial Results for the Half Year 2011 (IFRS)

 HALF YEAR 2011 HIGHLIGHTS (Group level)

• Assets under Management (AUM) decreased by 2.9% from €733 to €712 million as compared to the same period last year.
• Gross Income decreased by 6.9% to €3.9 million.
• Loss after taxes of €372,954, an increase of 10.5%.

HALF YEAR 2011 HIGHLIGHTS (Company level)

• Alpha Trust Investment Services S.A. recorded a decrease in AUM of 0.8% inclusive of Alpha Trust Andromeda the closed end fund
• Gross income decreased by 3% to €877,520
• Loss after taxes of €227,101, representing a small reduction of 1%.

Despite the deep recession that has hit one of our two home markets, Greece, and the negative effect this has had particularly on our domestic equity and balanced funds, the Group managed to record only a minor decrease in Assets under Management and relative revenues.

The solid core results can be attributed to Taylor Young Investment Management Ltd., our subsidiary in the UK, which now accounts for 58% of total AUM as well as our Private Asset Management operation in Greece. Both of these operations service mainly private clients and whilst the first had almost no exposure to Greek assets the exposure of the latter was at a relatively low level and recorded an increase of 3.7% in AUM under the adverse market conditions.

In order to address the challenges imposed by the Greek macroeconomic environment, our operations in Athens have engaged in a cost cutting exercise and this should drive an improved financial performance in 2012.

At Group level a strategic reorganization is currently taking place aiming to increase the synergies between our operations in Athens and in London with a view to further rationalizing our structure and improving economies of scale.

In both of our home markets, UK and Greece, we are examining commercial and corporate opportunities in our industry which are designed to provide improved critical mass, greater revenues and a good level of profitability.

ALPHA TRUST Investment Services S.A. was founded in 1987 and constitutes the oldest and largest independent investment services firm domiciled in Greece. ALPHA TRUST is consistently ranked among the best performing fund managers over the past two decades.