Announcement

LAMDA Development S.A., in accordance with article 53 par. 2 of L.3371/2005 (Government Gazette A' 178/14.7.2005) and the Capital Market Commission's Regulation 1/380/4.5.2006 (Government Gazette B' 657/25.5.2006), informs the public that the paper-based registered shares, including all shares resulting from corporate actions, not submitted to the Company for dematerialization by 14.7.2006 (within twelve months of the date the abovementioned law came into force), will be sold through Athens Exchange, under supervision of the Company, according to the following procedure:

Following the Company’s request, permission for the sale will be granted by the Capital Market Commission, a Member of Athens Exchange will be appointed in order to conduct the sale, and the shares to be sold, as well as the date of commencement of the sale procedure, will be determined. The proceeds from the sale will be deposited in the Deposits and Loans Fund and will be at the disposal of the beneficiaries. Regarding the abovementioned issues, the Company will be informing the shareholders through new announcements. As a result, shareholders of the Company, that have not had their shares dematerialized, are requested to contact the Company, if possible, no later than July, 6th 2006 and apply for the dematerialization of their shares, submitting their depository documents or the paper-based titles and a copy of the investor account in Dematerialized Securities System of Central Securities Depository S.A. In case the shareholder does not have an account in Dematerialized Securities System, he/she should contact any account operator, i.e. Stock Broker or Bank acting as a Custodian. For further information, the shareholders may contact the Investor Relation Service of the Company: 5, Santaroza Str., 105 64 Athens, tel. +30 210 33 57 262 and +30 210 33 57 158.