ALPHA REAL ESTATE SERVICES

Results FY 2004

ALPHA ASTIKA AKINITA net profit after tax amounted to Euro 6.7 million from Euro 7.6 million last year, a decline of about 12%. It is noted , however, that extraordinary profits from real estate sales in 2004 were limited to Euro 1.3 million, compared to Euro 1.8 million in 2003.

Turnover reached Euro 16.1 million from Euro 15.9 million in 2003, an increase of 1.3%. Moreover, operating costs declined by about 1.6%, as a result of continuing operational restructuring. The Board of Directors of ALPHA ASTIKA AKINITA has resolved to recommend approval by the General Assembly of a dividend of Euro 0.20 per share, unchanged from 2003.