Announcement of Resolution for the sale of own shares

The company under the commercial name “LAMDA Development – LAMDA Development Holding and Real Estate Development Société Anonyme” (hereinafter, the “Company”) announces, pursuant to the provisions of the Athens Exchange Rulebook and Regulation 596/2014, respectively as in force, that on 07.10.2019 the Board of Directors of the Company resoluted in favor of the sale of part of the own shares, which the Company holds, to the company under the commercial name “Aegean Airlines S.A.” (hereinafter, “AEGEAN”), where Mr. Eftichios Vassilakis, independent non-executive member of the Board of Directors of the Company, is Chairman of the Board of Directors, executive member and major shareholder (holding 36.68%), as well as significant management executive.

Particularly, the Board of Directors of the Company resoluted in favor of the sale of 1.319.840 own shares (hereinafter, the “Own Shares”), representing approximately 1,66% of the total shares and voting rights of the Company, following the fulfillment of all conditions provided by law, pursuant to articles 99 seq. of law 4548/2018. The Company received for the transaction above, a report dated 03.10.2019 under the title “Evaluation Report, pursuant to the provisions of L. 4548/2018 (Ar. 101), on whether the sale of an own-shares package (percentage of 1,66%) by Lamda Development S.A. (hereinafter, “Lamda”) to Aegean Airlines S.A. (hereinafter, “AEGEAN”) is fair and reasonable for Lamda and its shareholders, who do not constitute related parties” (hereinafter, the “Report”), drafted by the independent Auditor – Accountant Mr. Demitrios Koutsos – Koutsopoulos (Certified Auditors Registry no. 26751), Deloitte Limited Liability Auditors Company, according to article 101 of law 4548/2018.

As regards the purchase price, it has been decided that the sale of the aforementioned Own Shares will be for the previously agreed price of: a) €7,00 per share or b) in case that on the date of completion of the transaction the closing price of Company shares is lower than €7,00 per share, for a price equal to the closing price of the date of transaction and for the minimum price of €6,50 per share.

The Company shall inform the investors by further announcement on the implementation of the above sale, following the completion of the procedure provided by article 99 seq. of law 4548/2018.