Announcement in relation to business development

LAMDA DEVELOPMENT S.A. (the Company) announces the acquisition of 66% of the share capital of ECE-LAMDA HELLAS S.A., the property management company of THE MALL ATHENS and GOLDEN HALL. Given that the Company already held 34% of the share capital of ECE-LAMDA HELLAS S.A., the Company becomes the holder of 100% of the share capital of the aforementioned company, which will be renamed to «Malls Management Services S.A.». As a result of the above transaction, the Company acquires full control of the property management of both malls, which is consistent with the Company’s strategy of enhancing management services, as well as for cost saving purposes.