PRESS RELEASE

ALPHA TRUST ANDROMEDA S.A. released its financial results for the nine month period of 2011, under the International Financial Reporting Standards. 

In the framework of the adverse conditions prevailing in the markets and in Greece, mainly due to the deep financial troubles the country is facing, the Company's results during the third quarter continued on negative ground. 

In the nine month period of 2011 the Company marked losses after tax amounting to € -11.821 mil. (€ -3.649 mil. at the end of the second quarter), compared to losses after tax amounting to € -4.400 mil. in the respective period last year. 

Gross income from portfolio management stood at approximately € -10.307 mil. which breaks down to € -10.992 mil. from security transaction losses and approximately € 0.685 mil. from portfolio revenues. 

According to the data provided by the Association of Greek Institutional Investors, the returns of the sector companies ranged from 0.67% to -32.26% and were substantially higher than the Athens Exchange General Index, the latter returning -43.53% in the same period. 

ANDROMEDA's Net Asset Value (NAV) per share at the end of the nine month period, stood at € 1.21 while its share price at € 0.89, thus trading at a discount of -26.45%. All ATHEX listed Investment Trust Companies were also trading at a discount ranging from -13.18% to –30.19% while the sector's weighted average discount stood at -23.00%.

ANDROMEDA's total assets at the end of the nine month period stood at € 32.59 mil., decreased by -25.93% compared with the beginning of the year. ANDROMEDA's portfolio at current prices including treasury shares, was invested as follows: approximately 57.02% in stocks (out of which 32.36% in Greece and 24.66% abroad), 20.22% in bonds, 2.76% in cash reserves, 9.91% in mutual funds and 10.09% in foreign funds investing abroad. 

The geographical allocation of the Company's portfolio at the end of the nine month period, stood at about 50.42% in Greece, 6.41% in Eurozone countries (excluding Greece), 22.35% in USA, 6.06% in Switzerland, 5.18% in Asian countries, 4.26% in Norway, 3.45% in Romania, 0.97% in Australia and 0.90% in the UK.         

The company's top ten equity holdings at the end of the nine month period were those in S&B, APPLE, NESTLE, BLACKROCK, FRIGOGLASS, RECONSTRUCTION CAPITAL II,  COCA COLA, CORNING, FOLI FOLI GROUP, INFORM Π. ΛΥΚΟΣ.