Decision for the change of proceeds

In accordance with L.3016/2002 and paragraph 4.1.3.9 of ATHEX Exchange Rulebook, LAMDA DEVELOPMENT S.A. (hereinafter referred to as “the Company”) informs the investors that the Board of Directors convened on the 22^nd May 2015 and decided the partial change to the use of the funds raised from the share capital increase of the Company, decided by the Extraordinary General Meeting of the Shareholders, dated as of 29 April 2014 (hereinafter referred to as the "Capital Increase"), which totaled to the net amount of Euro 146.1 million (total amount Euro 150 million, less issuance costs Euro 3.9 million).

More specifically, due to substantial and extraordinary opportunities occurring in the secondary debt markets, the Board of Directors decided that it would be reasonable to invest an amount up to Euro fifty million (€50,000,000) from the funds raised by the Capital Increase, in the acquisition of loan commitments and/or loan commitments portfolios, including commitments of Group companies, against a price lower than the nominal value.

To this end, the Board of Directors decided the widening of the third (c) category of intended uses of the raised funds, referred to in section 4.2. (Use of Proceeds) of the Prospectus, approved by the Hellenic Capital Markets Commission, the renaming of said category from "investments in real estate" to "investments in real estate and in the assets and liabilities of real estate exploitation Group companies", and the formation of a new (fourth) sub-category of intended uses of the raised funds, within the aforementioned category, under the name "Investment in credit claims offered on the secondary market against Group companies", with an expenditure amount of up to fifty million Euros (€50,000,000) in aggregate.

The Board of Directors decided that, the abovementioned investment would enhance the financial position and the financial results of the Company and would contribute decisively to the replanning of the Company's investment strategy and growth, taking into consideration the current conditions in the markets where the Company is active.

The rest of the provisions of section 4.2 (Use of Proceeds) of the Prospectus approved by Hellenic Capital Markets Commission, still apply with no further modifications.

The abovementioned modification is under the Annual General Meeting of the Shareholders’ approval.