Reds S.A.

Quarterly Report • Oct 5, 2015

COMPANY DETAILS :

Company website address: www.reds.gr

Approval date of the Interim Financial Statements 28 November 2007

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD

CONSOLIDATED COMPANY			Company
1/1-30/09/2007	1/1-30/09/2006	1/1-30/09/2007	1/1-30/09/2006	REDS S.A.	1 year	(2.006,00)

			BALANCE SHEET FIGURES (amounts in €)					INCOME STATEMENT FIGURES (amounts in €)
		CONSOLIDATED		COMPANY		CONSOLIDATED
	30/09/2007	31/12/2006	30/09/2007	31/12/2006		1/1-30/09/2007		1/1-30/09/2006 1/7-30/09/2007	1/7-30/09/2006
ASSETS
Investments property	102.378.877	107.451.874	13.320.293	35.268.810	Turnover	26.773.586	8.672.531	155.238	2.690.877
Fixed assets	534.905	255.071	92.371	136.213	Gross profit/(loss)	12.938.690	2.839.554	52.592	888.977
Advances for long-term Operating Leases	-	9.432.146	-	9.432.146
Other non-current assets	2.249.160	2.470.322	41.345.083	41.514.298	Profit/(loss) before taxes, financing and investment results	9.736.035	2.389.294	(477.697)	334.320
Inventories	8.225.815	9.026.078	8.194.396	6.719.997
Trade Receivables	5.690.605	7.232.075	5.359.506	4.304.912	Profit/(loss) before taxes	9.667.093	2.401.742	(481.992)	368.816
Other current assets	49.187.721	23.353.851	18.308.701	2.435.714	Profit/(loss) after taxes	6.600.072	1.786.235	(524.511)	292.875
Intended for sale non-current assets	35.000	-	35.000	-
TOTAL ASSETS	168.302.083	159.221.417	86.655.350	99.812.090	Attributable to:
					Company Shareholders	6.600.072	1.786.235	(524.511)	292.875
					Minority Shareholders	-	-	-	-
EQUITY AND LIABILITIES					Profit/(loss) after tax per share - basic (in €)	0,1666	0,0451	(0,0132)	0,0074
Share Capital	51.889.447	51.889.447	51.889.447	51.889.447
Other equity figures	62.258.788	55.938.296	8.213.587	1.489.891
Total Shareholders' Equity (a)	114.148.236	107.827.743	60.103.034	53.379.338	Profit/(loss) before taxes, financing and investment results and total depreciation	10.152.336	2.903.975	(406.951)	581.194
Minority Interest (b)	-	-	-	-
Total Equity (c)=(a)+(b)	114.148.236	107.827.743	60.103.034	53.379.338
Non-current loan liabilities	22.363.084	-	-	-				COMPANY
Provisions / Other non-current liabilities	18.461.431	22.126.109	18.459.715	22.124.393		1/1-30/09/2007		1/1-30/09/2006 1/7-30/09/2007	1/7-30/09/2006
Current loan liabilities	-	10.750.000	-	10.750.000
Other current liabilities	13.329.332	18.517.564	8.092.601	13.558.359	Turnover	24.020.524	4.484.253	195.697	1.330.002
Total liabilities (d)	54.153.847	51.393.674	26.552.316	46.432.753	Gross profit/(loss)	12.218.971	1.489.546	116.096	420.946
TOTAL EQUITY & LIABILITIES (c) + (d)	168.302.083	159.221.417	86.655.350	99.812.090
					Profit/(loss) before taxes, financing and investment results	10.018.706	1.515.809	(133.342)	195.247

		(in €)			Profit/(loss) before taxes	9.981.632	1.310.466	66.735	112.406
					Profit/(loss) after taxes	7.119.799	907.622	25.180	29.752
		CONSOLIDATED		COMPANY
	30/09/2007	30/09/2006	30/09/2007	30/09/2006	Attributable to:
Start of period total equity (01/01/2007 and 01/01/2006, respectively)	107.827.743	105.794.262	53.379.338	52.578.500	Company Shareholders	7.119.799	907.622	25.180	29.752
Profit/(loss) of the period, after taxes	6.600.072	1.786.235	7.119.799	907.622	Minority Shareholders	-	-	-	-
Share capital increase through premium reserves capitalisation	-	5.545.437	-	5.545.437	Profit/(loss) after tax per share - basic (in €)	0,1797	0,0229	0,0006	0,0008
Share Premium Reserve Capitalisation	-	(5.545.437)	-	(5.545.437)
Previous years' loss write-off	-	20.993.440	-	20.993.440
Share capital reduction to write-off previous years' losses	-	(20.993.440)	-	(20.993.440)	Profit/(loss) before taxes, financing and investment results and total depreciation	10.304.000	1.923.753	(123.610)	263.682
Dividend allocated	(396.103)	-	(396.103)	-
Foreign exchange differences	116.523	-	-	-
End of period total equity (30.09.07 and 30.09.06, respectively)	114.148.236	107.580.497	60.103.034	53.486.122

Profit/(loss) before taxes, financing and investment results	9.736.035	2.389.294	(477.697)	334.320
Company Shareholders Minority Shareholders	6.600.072 -	1.786.235 -	(524.511) -	292.875 -
Profit/(loss) before taxes, financing and investment results and total depreciation	10.152.336	2.903.975	(406.951)	581.194
			COMPANY
Profit/(loss) before taxes, financing and investment results	10.018.706	1.515.809	(133.342)	195.247
Profit/(loss) before taxes	9.981.632	1.310.466	66.735	112.406
Profit/(loss) after taxes	7.119.799	907.622	25.180	29.752

			CASH FLOW STATEMENT FIGURES (amounts in €)
					4 The following table presents the unaudited years of the parent company and the Group's companies:
	CONSOLIDATED		COMPANY		Company
	1/1-30/09/2007	1/1-30/09/2006	1/1-30/09/2007	1/1-30/09/2006	REDS S.A. 1 year (2.006,00)
Operating Activities					PMS. PARKING SYSTEMS S.A. 4 years (2003-2006)
Profit/(loss) before taxes	9.667.093	2.401.742	9.981.632	1.310.466	LOFOS PALLINI S.A. 5 years (2002-2006)
Plus/less adjustments for:					8 years KANTZA COMMERCIAL S.A. (1999-2006)
Depreciation	416.301	514.681	285.294	407.944	5 years YIALOU COMMERCIAL & TOURIST S.A. (2002-2006)
Provisions	7.561	1.457	7.561	5.683	3G S.A. 4 years (2003-2006)
Foreign exchange differences	113.981	-	-		- 5 There are no encumbrances on the Company's or the Group's real property.
Results (income, expenses, profits and loss) from investing activity	1.705.817	(258.557)	2.272.768		(28.170) 6 The Group's companies have no disputes under litigation or arbitration, nor are there any court or arbitration decisions that are likely to have a significant
Debit interests and related expenses	954.298	246.110	355.479	233.513	impact on the Group's companies' financial condition or operation, except the pending court dispute between the "LOFOS PALLINI S.A." subsidiary
Plus/less adjustments for differences in working capital balances or in balances related to
operating activities:					and the City of Pallini before the State Council and the Athens Administrative Court of First Instance, regarding the amount payable as special contribution
Decrease / (increase) in inventories	800.263	2.676.099	(1.474.399)	(55.429)	under Law 2947/2001, which, according to the City, rises to approx. €750,000. No provision has been made for this eventual obligation, as the
Decrease / (increase) in receivables	12.721.037	4.700.269	10.221.086	126.319	Company's Management believes that the final outcome will be positive for the Company.
(Decrease) / increase in current liabilities (except banks)	(10.745.060)	2.919.079	(10.675.208)		(809.721) 7 On 30.09.2007 the Group employed 27 people and the Company 27. On 30.09.2006, the Group employed 26 people and the Company 24.
Less:					8 On 28/07/2005 the company concluded an agreement with "LA SOCIETE GENERAL IMMOBILLIERE ESPANGE (LSGIE)", to sell 100% of the shares
Debit interest and similar paid charges	(616.528)	(246.110)	(355.479)	(233.513)	in subsidiary "KANTZA COMMERCIAL SA", at a total price of €70 mil. The transaction is expected to be completed by the end of 2009, and is subject
Taxes paid	(3.067.313)	(615.976)	(2.984.881)	(463.711)	to the acquisition of the neighbouring property belonging to "KANTZA, REAL ESTATE DEVELOPMENT, MANAGEMENT & OPERATING S.A." and to obtaining
Total operating activities inflow (outflow) (a)	11.957.451	12.338.792	7.633.853	493.382	all permits and approvals for the entire property in Kantza, Pallini.
Investing Activities					9 The company has recognised a provision to cover the obligation it has against OTE (Greek Telecoms Org.) to acquire 33% of the shares in subsidiary
Acquisition of subsidiaries, affiliates, joint ventures and other investments	-	-	(16.001)	(1.500.000)	"LOFOS PALLINI S.A." for a minimum price, as stipulated in the relevant contract dated 28/2/2002. The amount of the provision rises to €18.3 mil. and has
Purchase of tangible and intagible fixed assets	(17.737.764)	(390.294)	(427.602)	(15.895)	increased REDS's investment cost in said subsidiary, now consolidated at 100%.
Collections from the sale of tangible and intangible fixed assets	19.543.945	2.940	19.543.494		2.940 10 The value of the property belonging to subsidiary "YIALOU EMPORIKI & TOURISTIKI S.A." was re-assessed due to the fact that an area of approx.
Available for sale investments purchased	(35.000)	-	(35.000)	-	133.000 sq.m. was included int he town plan, by virtue of Gov. Gazette 319/D/2005 approving the design for the "Yialou Business Park-City of Spata".
Interests received	885.356	258.557	257.869	15.580	The entire property of approx. 173.000 sq.m. belonging to said subsidiary, appears in the Consolidated Financial Statements at a value of €32.9 million,
Dividend received	-	-	60.536	12.590	under "Investment property", according to IAS 40, and in April 2007 was reassessed to €41.9 million.
Total investing activities inflow (outflow) (b)	2.656.537	(128.796)	19.383.296		(1.484.785) 11 On 20/6/2006 a draft contract was signed for the sale of part of the property belonging to "YIALOU EMPORIKI & TOURISTIKI S.A." at the Gyalou Spata
Financing Activities					location, for a consideration of €13.4 mil. with MACARTHURGLEN HELLAS Ltd. The final sale contract is subject to the issuing of the building licence.
Proceeds from loans	25.363.084	-	3.000.000	-	The company will not recognise any income until the transaction is finalised.
Repayments of loans	(13.750.000)	(100.000)	(13.750.000)		- 12 In February 2007, "CLH ESTATE S.R.L." purchased a plot of approx. 8,500 sq.m. in Baneassa location, Bucharest, Romania, where it intends to build a
Dividend paid	(394.162)	-	(394.162)	-	deluxe residential complex, with a total budget of approx €15 mil.
Total financial activities inflow (outflow) (c)	11.218.923	(100.000)	(11.144.162)		- 13 In April 2007, the Company acquired 100% of the Share Capital in "CORREA HOLDINGS LTD", registered in Cyprus. Then, "CORREA HOLDINGS LTD",
Net increase/(decrease) in cash and cash equivalents for the period (a)+(b)+(c)	25.832.910	12.109.996	15.872.988	(991.403)	acquired all the shares in "PROFIT CONSTRUCT SRL", registered in Romania. The Company, through its associate "Profit Construct SRL", now owns
Cash and cash equivalents at beginning of period	23.354.786	9.526.034	2.435.689	1.777.114	a plot of 6.000 sq.m. at the Spaiul Unirii location, in the center of Bucharest. The plot will be used for the construction of a residential and business
Cash and cash equivalents at end of period	49.187.696	21.636.029	18.308.677	785.711	complex, with a total budget of approx €45 mil. The above participations were included for the first time in the Parent Company's Consolidated
					Statements on 30.06.07 with the Full Consolidation method.
					14 On 12.06.2007 the Company concluded with companies managed by the HENDERSON investment house the following: a) sale agreements of its two

14 On 12.06.2007 the Company concluded with companies managed by the HENDERSON investment house the following: a) sale agreements of its two shopping centres Veso Mare and Escape Center, for a total price of €40.5 million & b) a preliminary sale agreement regarding 100% of the sharew ADDITIONAL FIGURES AND INFORMATION in subsidiary YIALOU COMMERCIAL & TOURIST S.A.", for an estimated price of €70 mil. The deal is expected to become final in the second half of 2009,

following completion of construction and start of operations of the "Business Park", that the company will develop on part of its property in the Yialou,

	List of Group companies with their countries of registration and participating interests, included on the consolidated financial statements with full consolidation of Assets,
1	Liabilities and Profit & Loss figures:

	Country of		Participation %	Spata location. The company will not recognise any income until the transaction is finalised.
REDS REAL ESTATE DEVELOPMENT & SERVICES SA	registration Greece		Parent	15 In September 2007, the Company was a co-founder of "ATHENS METROPOLITAN EXPO S.A", by contributing €35 thousand to the new company's
LOFOS PALLINI S.A. (see note 9)	Greece		67,00%	share capital, namely an interest of 11.66%; the new company is registered in Greece. "ATHENS METROPOLITAN EXPO S.A." was awarded the
YIALOU EMPORIKI & TOURISTIKI S.A.	Greece		100,00%	concession contract for the development and operation of a new Exhibition and Conference Centre at the Athens International Airport.
KANTZA EMPORIKI S.A.	Greece		100,00%	16 Group and Company purchase and sales amounts for 01.01.2007 - 30.09.2007, as well as balances of receivables and liabilities as at
PMS. PARKING SYSTEMS S.A.	Greece		100,00%	30.09.2007 from transactions with associates, as defined in IAS 24, are:
KARTEREDA HOLDINGS LIMITED	Cyprus		100,00%	a) Sales of goods and services, Group € 99.962, Company € 563.821.
CLH ESTATE S.R.L.	Romania	Indirectly	100,00%	b) Purchases of goods and services, Group € 694.265, Company € 684.285.
CORREA HOLDINGS LIMITED	Cyprus		100,00%	c) Receivables, Group € 358.941, Company € 1.487.042.
PROFIT CONSTRUCT S.R.L.	Romania	Indirectly	100,00%	d) Liabilities, Group € 144.431, Company € 126.670.
List of Group companies with their countries of registration and participating interests, included on the consolidated financial statements with proportional consolidation: 2
				e) Transactions and fees of management executives and BoD members, Group € 438.942, Company € 436.289.
3G ANAPTIXEOS KATASKEVASTIKON POLEODOMIKON & TOURISTIKON ERGON S.A.	Greece		50,00%	f) Receivables from management executives and BoD members, Group € 37.289, Company € 0.
3 REDS SA is consolidated in the financial statements of "ELLINIKI TECHNODOMIKI TEB A.E." which holds 50.83% of its share capital and is registered in Greece.				g) Liabilities to management executives and BoD members, Group € 4.627, Company € 0.
				Athens, 28 November 2007
CHAIRMAN OF THE BOARD		MANAGING DIRECTOR		GENERAL MANAGER & MEMBER OF THE BOARD	FINANCIAL MANAGER
DIMITRIOS KOUTRAS		ANASTASSIOS KALLITSANTSIS		IOANNIS MORAITIS	GEORGE ILIOPOULOS
ID card no 023455		ID CARD NO. Ξ434814		ID card no AE574340	OEE License no. 37081

Profit/(loss) before taxes, financing and investment results and total depreciation	10.304.000	1.923.753	(123.610)	263.682

REDS REAL ESTATE DEVELOPMENT & SERVICES SA

FIGURES & INFORMATION FOR THE PERIOD 1 JANUARY 2007 TO 30 SEPTEMBER 2007

(Pursuant to Decision no 6/448/11.10.2007 of the Capital Market Commission's Board of Directors)

PUBLIC COMPANIES REG. NO.: 13564/06/B/86/123

Registered office address: 39 Akakion str. & Minemvassias str., Maroussi 15125

The following figures and information, drawn from the financial statements, are intended to offer a general overview on the financial condition and results of REDS REAL ESTATE DEVELOPMENT & SERVICES S.A.. Therefore, we recommend readers to visit the Company's website (www.reds.gr) and consult the financial statements as well as the certified auditor's report, when such a report is necessary, prior to making any investment decision or any other transaction with the company.