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ALPHA REAL ESTATE S.A.
Full year 2005 results

February 16, 2006

Net profit after tax increased by 39%, and reached Euro 10 million from Euro 7.2 million in 2004. Profit before tax increased by 22% to Euro 14.6 million from Euro 12 million a year ago. Turnover increased by approximately 19% to Euro 20,8 million from Euro 17,5 million last year. The Board of Directors will propose to the Annual General Meeting of shareholders a dividend of Euro 0.25 per share, an increase of 25% compared with last year. It is noted that revenues from property management and valuations are expected to be significantly reduced in 2006, due to a changing operational environment in the sector.




     




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