The Board of BVIC SA announces that it has decided to split the roles of President and Chief Executive Officer. Mr. Aris Vovos, until presently Managing Director of the company, will assume the responsibilities of Chief Executive Officer effective from today, 10th December 2004.

The new CEO stated that he welcomes the challenge of his new role and increased scope of responsibilities, and that he is committed to maximizing shareholders value, while upholding the principles of corporate governance and of social responsibility. Specifically, Mr. Aris Vovos announced that 'the company has secured international alliances, it is a member of international organisations, and has broadened its international institutional shareholder base, as illustrated by the fact that 23% of its sharehol ders consist of international institutional investors.

Therefore, it is an imperative for the company to adhere to international standards. BVIC's 30 years of experience in the field of real estate development and management, its strong corporate identity, its vision, innovative ideas, clear and focused corporate development strategy, increased international visibility, and leading management team, underwrite the company's long-term growth and leading market position. Within that context, I am committed to increasing shareholders value and upholding the principles of corporate governance and of social responsibility.'