NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN

UPDATE TO THE REPORT OF "EUROBANK PROPERTY REAL ESTATE INVESTMENT COMPANY" BOARD OF DIRECTORS PURSUANT TO ARTICLES 9 OF L. 3016/2002 AND 289 OF THE ATHENS EXCHANGE REGULATION
In its report dated 6/8/07, which was published pursuant to articles 9 of L. 3016/02 and 289 of the Athens Exchange Regulation, the Board of Directors of EUROBANK PROPERTIES REAL ESTATE INVESTMENT COMPANY S.A. (the "Company") mentioned that the individual investments to which the Company will proceed have not yet been fully determined and consequently could describe them in detail therein. However, it committed itself to provide the information required pursuant to article 289 of the ATHEX Regulation upon realisation of the said investments and to also comply to all its regulatory obligations.
In this context, the Company's Board of Directors announces a further step in the materialisation of its investment plan via the conclusion of a promissory contract with EFG Eurobank Ergasias S.A. (as seller) for the purchase of nine properties (used as offices and retail spaces) of total surface area 17.077,78 m2, for a consideration of euro 51.6 million. The Company has paid euro 2.6 as an advance whereas the remaining euro 49 million will be paid upon the execution of the final contract, expected to occur by 31st December 2007, and will be financed by the funds to be raised by the proposed share capital increase.
In particular, the promissory contract involves the following properties:
1. A seven-storey, mixed use building (retail & office), with a gross leasable area of 2,035.40 sqm, located at 22, Voukourestiou & 3, Valaoritou St, Central Athens.
2. A building complex comprising three joined buildings, located at 19, Kallirois St, wider central Athens, with a gross leasable area of 2,524.05 sqm.
3. A four-storey, mixed use building (retail & office) with a gross leasable area of 2,151.21 sqm located at 21 Kallirois St, Athens, wider central Athens.
4. Part (of a gross leasable area of 2,198.14sqm) of an office building located at 34, El. Venizelou (ex Panepistimiou) & Ippokratous St, Central Athens.
5. A listed three-storey office building, with a gross leasable area of 2,336.60sqm located at 5, Santaroza St, Central Athens.
6. An seven-storey office building, with a gross leasable area of 2,156.30 sqm. located at 7, Santaroza St, Central Athens.
7. The second floor of a seven-storey building, located at 8, Othonos St, Central Athens. The property having a gross leasable area of 788.50 sqm.
8. A mixed use building (retail and office), located at 9, Megalou Alexandrou. & Kouma, Larissa with a gross leasable area of 1,202.80 sqm.
9. A mixed use, four-storey listed building (retail and offices), located at 56-64, 25th Augoustou & Koronaiou St, Iraklion, Crete, with a gross leasable area of 1582.18 sqm.
The Company's Board of Directors repeats that, with regard to the net funds to be raised through the proposed share capital increase, the Company aims to invest it according to the provisions of L. 2778/1999 (as amended by L. 3581/2007) on Real Estate Investment Companies S.A. and according to its business plan and strategy.
To the extent permitted by the real estate market conditions, the Company's strategy on its future growth is (also benefiting from the institutional changes brought by the recent change in the legal regime) to acquire high quality office and store areas, storage and industrial areas in locations of high or potentially high marketability and prominence in Greece as well as in the Central and Eastern Europe, for the purpose of leasing them to corporate lessees according to its investment strategy and in compliance to applicable laws. With regard to the timetable for the application of proceeds, the Company aims to use the best part of the obtained capital within a period of 24 months following the final subscription for the share capital increase.
Moreover, the individual investments to which the Company will proceed have not yet been fully determined and consequently can not herein be described in detail. The Company, however, commits itself to provide the information required pursuant to article 289 of the ATHEX Regulation upon realisation of the said investments and to also comply to all its regulatory obligations pursuant to current legislation.
Finally, it is noted that the Company has also published a relevant press release, as required by law.
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia). This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.