Announcement

By implementation of the provisions of article 16 par. 5 of L. 2190/1920, P.D. 14/1193 and article 290 par. 1 and 2 of the Athens Exchange regulation, LAMDA Development S.A. announces that the as of 23/06/2006 Annual Ordinary General Meeting of the Shareholders approved the purchase of own shares according to the following terms:

  1. Maximum number of shares to be purchased: 4.402.995shares (that is 10% of shares outstanding)

  2. Maximum purchase price: 10 euro/ share

  3. Minimum purchase price: 2 euro/ share

  4. Transaction period during which the Company will conduct the purchase: 12 months, from 24th June 2006 until 23rd June 2007