Purchase of Own Shares

LAMDA Development S.A. announces that following the decision of the Annual General Meeting of the Shareholders dated 24/05/2007, which approved the acquisition of own shares in accordance with article 16 par. 5 and following of C.L.2190/1920, the Board of Directors decided at its meeting of 2/8/2007 the following:

During the period 16/8/2006 to 07/05/2008 the Company intends to purchase own shares, at a maximum acquisition price of 18 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 3% of the total share capital, that is 1.320.899 shares. The Company will conform to article 5 of the Committee Regulation 2273/2003 in relation to the price and the volume of the purchases, thus to article 6 par.1 of the same Regulation.

Following the decision of the Annual General Meeting of the Shareholders dated 24/05/2007, the Company can purchase during the period 25/05/2007 to 24/05/2008 own shares that corresponds to a maximum of 10% of the total share capital, that is 4.380.967 shares (including the purchased 22.028 own shares), at a maximum acquisition price of 18 euros per share and a minimum acquisition price of 2 euros per share.

Athens, August 2, 2007