Babis Vovos International Construction" with respect to its full year 2004 results, announces:

On the company level, according to Greek GAAP, turnover for the year amounted to EUR 146.25 mil., a 31.4% increase versus 2003. Earnings before tax, depreciation and amortization (EBITDA) fell by 33.6% to EUR 33.28, and earnings before tax were EUR 24.99 mil., a 38.6% decrease.

At a group level, turnover totalled EUR 171.5, up by 17.8% versus the prior year. Earnings before tax, depreciation and amortization (EBITDA) fell by 29.1% to EUR 38.19, and earnings before tax were EUR 28.9 mil., a 33.6% decrease.

The significant increase in turnover was mainly due to the replacement of a sale and leaseback contract with another contract of the same type in relation to the property located on Kifisias 66 that was higher by EUR 25 mil and contributed EUR 80 mil. to the turnover.

The fall in earnings was mainly due to the lower income received from the real estate development due to the halt in construction works that was imposed by the government during the period prior and until the conclusion of the Athens 2004 Olympic Games.

With regard to IFRS Proforma consolidated financial statements, the adjustments made on the statutory Group Net Asset Value as at 31 December 2004, in order to extract the Proforma NAV are summarised as follows:
Group's Net Asset Value as per Statutory accounts (as at 31.12.04) EUR 152,019,280

(+) Adjustments for revaluation of property EUR 604,968,154
(-) Adjustments for Sale & Leaseback EUR (183,664,298)
(-) Adjustments for revenue recognition EUR (26,218,612)
Proforma Group Net Asset Value (as at 31.12.04) EUR 547,101,566
Or EUR 16.12 per share

We emphasise that as the Proformas were prepared by selective application of certain IAS and IFRS, based on key assumptions and by performing specific adjustments to the statutory figures for items that were considered material, they do not comply with all the requirements for all applicable standards and interpretations of IFRS. The Proformas have not been formally audited or reported upon by auditors.

The Real Estate department of Ernst and Young Finance S.A., have prepared a new valuation report assessing the fair market value of the Group's property portfolio as at 31st December 2004. It is summarised here below:
Property Category Estimated Fair Market Value (euro)
Horizontal Ownerships 37.288.000
Land Plots 29.499.000
Under Construction Properties 120.681.000
Build Operate Transfer Agreement 72.510.000
Transfer of Building Coefficient 55.111.000
Sub Total 315.089.000

Sale & Leaseback Portfolio Estimated Fair Market Value (euro)
Value of the Sublease Agreements with 3rd Party tenants 144.662.000
Present value of the Residual Interest of the Sale & Leaseback Portfolio 270.326.000
Gross Value of the Sale & Leaseback Portfolio 414.988.000
Value of the Sale & Leaseback Obligations to the Leasing Companies (176.467.000)
Net Value of the Sale & Leaseback Portfolio 238.521.000

These values produce an estimated Total Fair Market Value as of 31 December 2004 of:
Property Category Estimated Fair Market Value (euro)
Other Property Categories (as above) 315.089.000
Gross Value of the Sale & Leaseback Portfolio 414.988.000
Total Gross Value of the Portfolio 730.077.000
Less: Value of the Sale & Leaseback Obligations to the Leasing Companies(176.467.000)
Total Net Value of the Portfolio 553.610.000

We would like to draw your attention to the fact that the Group's net asset value, as it was prepared for IFRS Proformas, does not include the market value of the properties on Poros and on 49 Kifissias Avenue, which amounts to EUR 37.22 million according to Ernst & Young's valuation as at 31 December 2004. This is due to the fact that there were pre-sale agreements in place until the 31 December 2004, on the basis of which the purchase of the property on 49 Kifissias Avenue was finalised, and the purchase of the Poros property will be finalised during the first quarter of 2005.