Observer of BoD

LAMDA Development S.A. (hereinafter the “Company”) informs the investors that from 26.3.2015 Mr. Akshay Shah will attend the meetings of the Company’s Board of Directors as an observer, on behalf of the Investment Funds managed by GSO Capital Partners L.P. (hereinafter the “GSO Shareholders”), according to the relevant Shareholders Agreement dated 26.8.2014, between Consolidated Lamda Holdings, GSO Shareholders and the Company.