As at 30 September 2005, the Net Asset Value ("NAV") per share of BVIC before deferred tax stood at Euro 13.69, increased by 2.9% compared to 30 June 2005. This was mainly attributable to a Euro 15m revaluation surplus on the 54% of the 49 Kifissias Avenue development that was completed and leased to Media Markt. As at 30 September 2005, the Net Asset Value ("NAV") per share of BVIC after deferred tax stood at Euro 11.03, increased by 3.2% compared to 30 June 2005. Profit after tax for the nine months ended 30 September 2005 was Euro 30.4 million compared to Euro 102.3 million during the nine months ended 30 September 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.

Business update
49 Kifissias Avenue:
Significant progress was made on the retail development at 49 Kifissias Avenue during Q3 2005. 54% was fully completed in September 2005, and a 12 year lease agreement was signed with Media Markt. Furthermore, a sale and leaseback agreement for the aforementioned part of the development (54%), was signed with Ethniki Leasing resulting in a Euro 20m cash inflow. During November, 871 sqm of the 8,800 sqm development at 49 Kifissias Avenue were sold for Euro 3.6m to EFG Eurobank Ergasias Leasing, on behalf of Embryogenesis Ltd, who will be the occupier. We expect 100% of the development to have been allocated by the end of the year.
Delta Falirou:
A fourth lease agreement concerning the Delta Falirou development has been signed with a parking station operator. The lease covers 741 parking spaces, available at the leisure and retail centre, for a 12 year period. The annual lease income for the first year was set at Euro 840,000, bringing the total annual lease income for the 90% of the lettable area and the parking spaces that have been leased thus far to Euro4,488,420.
Poros - Galatas:
The finalisation of a purchase agreement, during Q3 2005, regarding 2 land plots on Poros Galatas, and 18,000 sqm of semi-developed residences, contributed Euro 1.5m to BVIC's NAV before deferred tax. In November 2005, BVIC Group was granted all of the necessary permits for the tourist development on Poros - Galatas ('Stella Maris'), by the Greek National Tourism Organisation ('GNTO'). The permit covers the refurbishment of the existing hotel, as well as the completion of semi-developed residences. The total building area for the development will be approximately 23,000 sqm, covering a land plot of 85,000 sqm.