Annual General Meeting 23/6/06 Resolutions

GENERAL MEETINGS
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The Annual General Meeting of the Shareholders of the Company LAMDA Development SA., was held today, Friday, June the 23rd, 2006, at a central Athens hotel 24 Shareholders were present or represented at the Meeting, representing 36.822.994 Shares and Voting Rights, which is 83,63% out of 44.029.950 shares of the Company, and resolutions were made on the issues of the agenda:

  1. Approval of the Financial Statements of the fiscal year starting on January 1st, 2005 and ending December 31st, 2005 along with the Board of Director’s Report and the Auditor’s Report. Income distribution. The Financial Statements of the fiscal year starting on January 1st, 2005 and ending December 31st, 2005 along with the Board of Directors report and the Auditors report were approved. The income distribution was approved. It was decided not to pay any dividend due to transfer of losses from previous fiscal years.
  2. Release of the Board of Directors and the Auditors from any responsibility for the fiscal year starting on January 1st, 2005 and ending December 31st, 2005. The Board of Directors and the Auditors were exempted from any responsibility related to the financial year starting on January 1st, 2005 and ending December 31st, 2005.
  3. Appointment of Auditors for the fiscal year starting January 1st, 2006 and ending December 31st, 2006 and determination of their fee. Auditing firm "PRICEWATERHOUSECOOPERS" was appointed to conduct the audit for the 29th fiscal year (from 1st January to 31st December 2006) with an annual fee of up to €60.000.
  4. Approval of the remuneration of the Board of Directors and agreements in accordance with articles 23a and 24 of Companies Law 2190/1920. The remuneration of the Board of Directors and agreements in accordance with articles 23a and 24 of Companies Law 2190/1920 were approved.
  5. Approval of the stock option plan for the company’s personnel, the members of the Board of Directors and the personnel of the subsidiary companies, in accordance with article 13 paragraph 9 of Companies Law 2190/1920. The stock option plan for the Company’s personnel, the members of the Board of Directors and the personnel of the subsidiary companies, in accordance with article 13 paragraph 9 of Companies Law 2190/1920 was approved. In addition, the 16/6/2004 respective decision of the Annual General Meeting of the Shareholders was cancelled.
  6. Purchase of Company’s own shares in accordance with article 16 par. 5 of Companies Law 2190/1920 and Presidential Decree 14/1993. The purchase of Company’s own shares, up to 10%, for the support of the stock price, in accordance with article 16 par. 5 of Companies Law 2190/1920 and Presidential Decree 14/1993 was approved with a minimum price of €2 and maximum price of up to €10.
  7. MODIFICATION OF THE COMPANY’S ARTICLES OF ASSOCIATION – CODIFICATION: ARTICLE 5 – SHARE CAPITAL. The amendment to the Company’s Articles of Association: Article 5 – share capital was approved as well as its codification.
  8. CONFIRMATION OF THE ELECTION OF MEMBER OF THE BOARD OF DIRECTORS IN REPLACEMENT OF RESIGNED MEMBER. The election of Mr. G. Papageorgiou was confirmed as executive member of the Board of Directors, in replacement of the resigned member Mr. Lambros Anagnostopoulos.
  9. CORPORATE GOVERNANCE ISSUES – INTERNAL AUDIT. The, as of 26-5-2006 Board of Directors resolution in relation to the re-constitution of the Audit Committee were confirmed, as well as the appointment of Mrs. Maria Papakonstantinou as Internal Auditor of the Company.