A contracct was signed between ETA and "LAMDA TECHNOL Flisvos Marina" Flisvos Marina to LAMDA Development and Techniki Olympiaki

Thursday, January 9th 2003

PRESS RELEASE

A contracct was signed between ETA and “LAMDA TECHNOL Flisvos Marina”
Flisvos Marina to LAMDA Development and Techniki Olympiaki

A contract was signed between ETA (Greek Tourist Real Estate SA.) and “Lamda Technol Flisvos Marina” which was established by the concessionaire joint venture “Triaina Marinas” for the operation and maintenance of Flisvos Marina in Faliro. “Triaina Marinas” had participated in an international tender concerning the long-term marina’s lease, operation and maintenance. Last August the above joint venture was announced as the highest bidder after the evaluation of associated technical and financial bids.

Apart from LAMDA Development S.A. and Techniki Olympiaki SA., which are the main shareholders of “LAMDA Technol Flisvos Marina”, the following Greek and foreign companies also participate in the jointventure: “Porto Karras SA.”, which belongs in the Group Techniki Olympiaki, “Triton: Yachts’ Complete Services SA.”, “T. AF. SA.” “Intercontinental Real Estate and Development Co”, “Odyssey Fun Worlds and Entertainment Co”, “Floating Docks/ Greece”, “LLC” and “Marina Management Services Inc.”

According to the contract terms, the company «LAMDA Technol Flisvos Marina» will be responsible for the management and operation of the marina for the next forty years, undertaking at the same time a number of projects for the marina’s upgrading and modernization in order for it to be classified as a VIP marina. In this framework, the marina will serve the needs arising during the 2004 Olympic Games. According to the same terms, ETA will receive annual leases, while at the same time, it will hold 25% of the concessionaire company’s shares. The cost of the investment is estimated to amount to 44 million euros.

The main projects of the marina’s development are expected to have been completed in summer 2004, contributing in this way to the upgrading of infrastructures and to the upgrading of environmental sea zone of Athens as well. The above projects will add some significant surplus values in the total investment.

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