Announcement for the exercise of stock option rights

LAMDA Development S.A. (herein the Company), by implementing the approved by the Annual General Meeting of the Shareholders dated 23.06.2006, stock option plan for the acquisition of the Company’s shares from the members of the Board of Directors, Company employees and its subsidiaries, in the sense of article 42e of C.L.2190/1920 and as it was modified according to the decision of the Annual General Meeting dated 20.05.2010, announces that for the period 03.12.2012 to 14.12.2012 it is requested by:

a. 13 beneficiaries, to whom non transferable stock option rights have been granted based on the 07.06.2007 Board of Directors decision, to exercise their stock option rights totally or partially for the acquisition of up to 138.490 common registered shares, at the issue price of 7,50 euro per share (initial year of exercise December 2009, total rights that have been granted 138.490, remaining rights to be exercised 138.490).

b. 22 beneficiaries, to whom non transferable stock option rights have been granted based on the 17.12.2008 Board of Directors decision, to exercise their stock option rights totally or partially for the acquisition of up to 278.700 common registered shares, at the issue price of 2,50 euro per share (initial year of exercise December 2010, total rights that have been granted 505.750, remaining rights to be exercised 278.700).

c. 28 beneficiaries, to whom non transferable stock option rights have been granted based on the 28.12.2009 Board of Directors decision, to exercise their stock option rights totally or partially for the acquisition of up to 170.196 common registered shares, at the issue price of 4,50 euro per share (initial year of exercise December 2011, total rights that have been granted 170.196, remaining rights to be exercised 170.196).

d. 28 beneficiaries, to whom non transferable stock option rights have been granted based on the 27.12.2010 Board of Directors decision, to exercise their stock option rights totally or partially for the acquisition of up to 173.250 common registered shares, at the issue price of 2,30 euro per share (initial year of exercise December 2012).

1. Stock option rights can be exercised totally or partially after a three (3) years period from the end of the fiscal year that the rights refer and for the next three fiscal years thereafter. After this period, all rights that have not been exercised will be lapsed. The issue price will be determined as the average of the price of the share for the two previous months from the date where the rights were issued, decreased by 35% to 55%, a percentage of decrease that the Board of Directors will decide.

2. Depending on the number of the exercised stock option rights and the timely payment on the part of the beneficiaries of the corresponding amount, the Board of Directors will convene right after the expiration of the stock option exercise period and will resolve on the certification of the share capital increase of the Company, without amendment of its Articles of Association, pursuant to article 13, par. 13 of C.L. 2190/1920, and issue new ordinary registered shares. Subsequently, the Board of Directors shall take all legal actions, in accordance with the law in force, in order for the shares corresponding to the exercised rights to be listed for trading on the Athens Stock Exchange.

3. The fully paid share capital of the Company as of today amounts to 13.277.100 euro, divided into 44.257.000 common registered shares with a nominal value of 0.30 euro each.

4. Full description of the Stock Option Plan according to the decision of the Annual General Meeting of the Shareholders dated 23.06.2006, as it was modified according to the decision of the Annual General Meeting of the Shareholders dated 20.05.2010 and specialized further with the specific terms of the decision of the Board of Directors dated 01.11.2010 is posted on the Company’s website www.lamda-development.net.