VARVARESSOS S.A.

Financial results for the 3-month period 2011

VARVARESSOS S.A. turnover during the 3-month period of 2011 reached 8,18 million EURO compared to 5,85 million EURO in 2010. The company's exports came up to 6,17 million EURO which is 75% of the revenues. Gains before depreciation (EBITDA) have reached 1,09 million EURO contrary to losses 219 thousand EURO during the same period of 2010. Gains after taxes reached 378 thousand EURO compared to losses 925 thousand EURO in the 3-month period of 2010. The aforementioned statements are posted at the company's website www.varvaressos.gr