PASAL Development announces that the consolidated operating results for the 1^st half of 2012 (before the results from valuation of investment properties) referred to losses of € 0.8 mio versus profits of € 1,0 mio for the for the 1^st half of 2011

The results after tax and minority inters referred to losses of € 9,7 mio versus losses of € 7.6 mio for the corresponding last year period

The consolidated operating income (from rents & services rendered) reached € 3,4 mio versus € 3,8 mio for the 1^st half of 2011.

Net Asset Value before deferred taxes (NAV) at 30.06.2012 amounted to € 53,7 mio (€ 3,58 per share), while the Net Asset Value after deferred taxes (triple net NAV) amounted to € 37,9 mio or € 2,53 per share.

Net bank debt of the group (loans less cash & equivalents available) at the end of the 1^st half of 2012 amounted to € 134,4 mio, showing no change compared to the balance of 31.12.2011.

Investment properties' value at 30.06.2012 was € 168,5 mio.

The company owns a quality property portfolio and, taking into account the current developments, focuses on actions for its investment utilization.

Particular emphasis is given to the support of the Athens Heart shopping mall through changes in the tenant mix and targeted promotional activities. Athens Heart during the 1^st half of 2012 showed an increase of 7% in footfall (number of visitors) and a decrease of 9.5% in the total sales of the stores it houses on a comparable basis with the corresponding period last year. These figures confirm the positive trends for the shopping malls in relation with the rest of the retail market.

PASAL actively supports its participation in TRASTOR REIC, which is an investment company with a strong property portfolio, enjoying a special taxation status, which is expected to play a significant role in the planned investment actions in the country.