NAV (net asset value) per share before deferred tax stood at €1.29, compared to €2.20 at year-end 2010, a decrease of 41.5%.  NAV per share after deferred tax stood at €0.85, compared to €1.72 at year-end 2010, a decrease of 50.9%. This decrease stemmed mainly from the loss from the cancellation of a Build Operate Transfer (BOT) agreement amounting to € 39.8 million which offset the net gain from fair value adjustment of the Group's investment property portfolio of €22.7 million.

BVIC Group's investment properties for Q3 2011 stood at €788 million, a 5.0% decrease from year-end 2010. The Group's entire investment property portfolio was revalued by Proprius S.A. (member of Cushman & Wakefield Alliance) in Q1 2011, leading to the increase in the portfolio value. The cancellation of the Build Operate Transfer (BOT) agreement which has led the fair value of the Group Investment property to a decrease of € 64.7 million has offset the increase in the investment property portfolio value resulted from the Valuation Report.

The Group's revenue stood at € 24.6 million in Q3 2011, a decrease of 32.8% compared to Q3 2010 mainly due to the fact that rental revenue decreased by 31.5% to €24.5 million. The rental revenue generated by investment properties decreased by 13.1% year-on-year, as per management's guidance at Q3 2010, mainly due to the re-negotiation of many of the investment property lease contracts during H2 2010. This process has also resulted to the extension of the lease maturity of the investment properties by average 3 years. The rental revenue generated by sublease properties fell by 87% since the respective non – profit generating contracts were not renewed.

BVIC Group's EBITDA stood at a loss of €7.8 million, compared to earnings of €5.9 million in Q3 2010. This was mainly due to the loss from the cancellation of the aforementioned BOT agreement amounting to € 39.8 million which offset the net gain from fair value adjustment of the Group's investment property portfolio of €22.7 million. In Q3 2010 there was no gain from fair value adjustment of the investment property portfolio whereas a loss from disposal of investment property amounting to € 9.7 million had also been recognized.

The Group's loss after tax for Q3 2011 stood at €32.3 million compared to a loss of €30.2 million in Q3 2010.

Business Update

During June 2011, the legislation on “Maritime Strategy For the Protection and Management of the Marine Environment - harmonization with the directive 2008/56/EC of the European Parliament and its Council of the 17th of June 2008”, which incorporates, as article 23, the amendment for the Double Redevelopment Project of Votanikos - Alexandras Ave. was voted in principle and article by the Parliament. The amendment for the Double Redevelopment Project includes the construction of the company's mall with a building coefficient of 1.2 in building block 45a.

The draft presidential decree as provided by article 23 has already been completed and submitted for review to the Organization for Planning and Environmental Protection of Athens. Following the completion of this review, the draft presidential decree will be voted by the Municipal Council of Athens and will be submitted to the Ministry of the Environment, Energy, and Climate Change. The Ministry will then submit it for approval to the Council of State.