Greece's largest commercial property developer and manager Babis Vovos - International Construction Group of Companies releases the following announcement:

B.V.I.C. is the first Greek company to enter EPRA/NAREIT Global Real Estate Index, effective as of Thursday 1 April 2004 with a 20% index participation band.

The EUROPEAN PUBLIC REAL ESTATE ASSOCIATION (EPRA) is a not-for-profit association primarily focused on promoting the European quoted real estate sector. Members are real estate companies, such as British Land (UK), Klepierre (France), IVG Holding (Germany) and Rodamco (Holland), investment banks, such as CitiGroup, Deutsche Bank, Merrill Lynch, Morgan Stanley and Henderson Global Investors, and pension funds such as Phillips Pension Fund.

The NATIONAL ASSOCIATION OF REAL ESTATE INVESTMENT TRUSTS (NAREIT) is the national trade association for REITs and publicly traded real estate companies in the United States. Members are real estate investment trusts (REITs) and other businesses that own, operate and finance income ? producing real estate.

It has to be highlighted that the EPRA/NAREIT Global Real Estate Index was introduced on 1999 from the European Public Real Estate Association (EPRA) and the National Association of Real Estate Investment Trust NARE and since then is maintained under their guidance and the participation into the index is based upon the following criteria:
1. Total Free Float Market Capitalization > Euros 50 million.
2. Total 3 months traded value > Euros 25 million.
3. At least 75% of its EBITDA from relevant real estate activities in Europe (commercial real estate development and property management).

EPRA/NAREIT Global Real Estate Index is calculated on a daily bases by Euronext Indices B.V. and on 30th of January 2004 had a total free float market cap more than Euros 302 billion.