The presentation of Eurobank Properties REIC took place today at the premises of the Association of Greek Institutional Investors. Eurobank Properties REIC was represented by Mr Charalampos Kyrkos, Chairman of the BoD, Mr Nikolaos Galetas, General Manager, Mr Aristotelis Karytinos, Executive Member of the BoD and Member of the Investment Committee, Mr George Chryssikos, Investment Manager and Mrs Theresa Messari, Manager - Investors Relations. The Company, which is the largest Real Estate Investment Company in Greece, pointed out the successful listing of the Company''s shares at the Athens Stock Exchange earlier in 2006, stressing that the oversubscribtion ratio was over 8.3 times and the final offer price was set at 11% premium in relation to the NAV. Following its listing in the Athens Stock Exchange, the Company strengthens and further contributes to the development of a new prommising investment sector, giving the possibility to Greek and foreign investors for an indirect investment in the greek real estate market. Eurobank Properties operates in an attractive market, which offers growth prospects in the near future, with yields still above the European average, as well as significant demand, which exceeds supply, for quality commercial space. Moreover, the Company as a REIC, has a tax efficient structure, which allows the maximisation of cashflow available for distribution to the Company''s shareholders. The Company owns a high quality portfolio of commercial properties, located in prime areas and leased to prime corporate tenenats, operating in several sectors. As a result, the Company enjoys a very high occupancy rate. In addition, competitive advantages of the Company are the strong shareholder strucuture, the dynamics and credibility due to the strategic partnership with Eurobank EFG and the experienced management team, with siginificant experience in the Greek Real Estate Market, that is in position to identify and capitalise on market trends and investment opportunities. The strategy of Eurobank Properties focuses on the active management of the portfolio, with a particular focus on the strengthening of the tenant relationship as well as the disposal of assets when the market circumastances indicate, the expansion of the Company''s property portfolio through selective acquisitions of office, retail and logistics assets located in prime urban areas, the active leveraging of the strategic partnership with the EFG Eurobank Ergasias, by drawing on its expertise and resources, as well as access to investment opportunities. The Company plans to grow its portfolio mainly based on the following criteria: (i) Properties located in prime urban locations or main transit hubs, (ii) Attractive yields in relation to the risk profile of the property and the prevailing market trend and (iii) Occupied properties with strong, low-risk tenants. Eurobank Properties'' portoflio comprises 34 high quality commercial properties, with a total gross leaseable area of 192,966 sq.m. and a total market value that exceeds Euro 326 million. The portfolio is mainly concentrated in the Attica region and other major cities as Thessaloniki, Patra and Ioannina. The Company has a well-balanced, mixed use portfolio, where the office sector represents 66.1% of the total market value, the retail sector represents 17.4% of the market value, while the remaining 16.5% are mainly industrial assets, such as logistics and distribution centers. An important feature that characterises the Company''s portfolio is the long average maturity of the leases, which secures a stable cash flow generation for the Company''s shareholders. The weighted average remaing term of the leases is aproximately 11 years. It must be stressed that the Company has managed to absorb approximately half the proceeds from the IPO within three months. More specifically, after the IPO, the Company invested approximately Euro 37.2 million in (a) an office building in Moschato, Southern Atmarket value Euro 10.2 million and (b) three independent buildings of office and conference centre use and a number of car park spaces that are situated within a building complex in Nea Ionia, Attica; market value at acquisition time was estimated at Euro 27.35 million. At the same time, negotiations for various projects related to the use of the remaining IPO proceeds continue. It is noted that the company''s investment strategy for future growth focuses on the acquisition of office, retail, logistics and industrial spaces in prime locations, taking into consideration the prevailing market conditions. In relation to the basic financial information, the Company''s nine month realised profits before tax (profits before tax and investment property revaluation) have increased by 54.6% compared to those of 2005 nine-month period (Euro 12.5m for 2006 vs Euro 8.1m for 2005). Income from rentals and cash management increased by 34.9% while the Company benefited from its re-organisation into a REIC since, as a result of the re-organisation, finance costs were reduced by 48.3% and income and property related taxes were decreased by 65.2%. Profits before tax amounted to Euro 15.44 million compared to Euro 15.37 million for the relevant period in 2005. Taking into account the applied tax expense / benefit of each period, net profits for the period 1/1-30/9/2006 amounted to Euro 14.6 million as opposed to Euro 23.9 million for the respective 2005 period. It is stressed that this decrease does not relate to the operating profits of the Company but only to the accounting treatment (non-cash item) of the deferred tax provision in 2005 due to the Company''s transformation into a REIC. Specifically, in 2005 the Company reversed the deferred tax provision resulting in a Euro 10.9 million increase of its net profits. It is also underlined that the market value increase of investment properties resulting from improvements realised in the last quarter will be depicted in the 31/12/2006 financial statements ("net value increase from revaluation of investment properties") following the valuations from the Greek Body of Sworn-In Valuers (SOE) as dictated by the relevant legal framework. The management of the Company anticipates a further increase in its profits as rental inflow from the significant recent investments in Nea Ionia and Moschato has already partially begun and is expected to be completed in the last quarter of 2006. Due to the positive development relating to the financial information, the Company''s Board of Directors, decided to distribute interim dividend of Euro 0.29 per share, which is part of the dividend for the fiscal year 2006, and is based on the Company''s net profits for the period 1.1.2006-30.9.2006. Before concluding the Company presentation, it was stressed that REICs are an investment tool which offer to the investor the advantages of an investment in real estate, while also offering the advantages of easier liquidation and proffesional management. REICs are governed by a tax efficient legal structure, are usually able to maximise cash flow available for distribution to the shareholders and have a diverisfied portoflio of properties and other investments. The greek market is in a position that can but also needs to develop this sector and Eurobank Properties is expected to play a leading part in the developments.