Following the decision 4328/2005 of the Council of State cancelling the building permit that was awarded to the Group on the 30 June 2004, for the development of 105 vacation homes on a land plot in Pountazeza Sounio, BVIC Group announces:

There were severe time delays for the announcement of the Council of State's verdict, which was pending for over a year, concerning the validity of the building permit awarded to BVIC for the development of 105 residences in Pountazeza Sounio. Therefore the Group investigated alternative development plans for the land plot. Specifically, BVIC completed a building design for the development of three distinct hotel units, with a total above ground area of 12,000 sqm. BVIC Group has already received all the necessary permits from the Greek National Tourist Organisation (GNTO) and is thus ready to apply for a new building permit, which is expected within the first quarter of 2006.

The management of BVIC believes that the development of the land plot in Sounio, in a particularly attractive location, will generate significant demand from Greek and foreign hotel operators. The Group intends to secure a long-term lease agreement with a hotel operator to manage the units that will be developed, confirming BVIC's Group main strategic goal of maximising shareholder value.