Purchase of Own Shares

LAMDA Development S.A. announces that following the decision of the Annual General Meeting of the Shareholders dated 23/06/2006, which approved the acquisition of own shares in accordance with article 16 par. 5 of L.2190/1920, the Board of Directors decided at its meeting of 27/07/2006 the following:

During the period 9/8/2006 to 21/05/2007 the Company intends to purchase own shares, at a maximum acquisition price of 10 euros per share and a minimum acquisition price of 2 euros per share. The maximum number of own shares to be acquired during the above-mentioned period will not exceed the 2% of the total share capital, that is 880.599 shares.

Following the decision of the Annual General Meeting of the Shareholders dated 23/06/2006, the Company can purchase during the period 24/06/2006 to 23/06/2007 own shares that corresponds to a maximum of 10% of the total share capital, that is 4.402.995 shares, at a maximum acquisition price of 10 euros per share and a minimum acquisition price of 2 euros per share, in order to support the price of the share.