Announcement

LAMDA DEVELOPMENT S.A., a 49.24% shareholder in LAMDA OLYMPIA VILLAGE S.A. (owner of “THE MALL ATHENS” commercial and recreational centre), notes the following in reference to various publications on the decision of the Fifth (E) Department of the State Council, which pertains to “THE MALL ATHENS”:

1. In its review of the matter, the Fifth (E) Department of the State Council was limited to assessing whether a petition to annul a statute is permissible or not. In view of the nature of such issue, the matter was referred to the Plenary Session of the State Council, the Supreme Administrative Court.

2. Conversely, the Fifth (E) Department neither reviewed, nor resolved on the compatibility of Law 3207/2003 with the provisions of the Constitution; the said Law regulates the terms and conditions for the construction of “THE MALL ATHENS”. Accordingly, Law 3207/2003 remains in full force and effect.