Election of new member of the BoD and CEO

Election of new member of the Board and CEO of LAMDA Development.

LAMDA Development’s Board of Directors has elected Μr. George K. Papageorgiou, who is the General Manager of the Company, as new member of the Board, effective from 26/5/2006, in substitution to the resigned member Mr. Lambros Anagnostopoulos.

Furthermore, the Board has decided that the Chairman of the Board of Directors, Mr Apostolos Tamvakakis will also hold the duties of the Chief Executive Officer.

The new Company’s Board of Directors is as following:

Apostolos Tamvakakis – Chairman of the Board of Directors & Chief Executive Officer, Executive Member

Evaggelos Chronis – Vice President, Non Executive Member

Georgios Papageorgiou – Executive Member

Emmanuel Leonard Bussetil – Non Executive Member

Petros Kalantzis – Non Executive Member

Spirodon Theodoropoulos - Non Executive & Independent Member

Dimitrios Papalexopoulos - Non Executive & Independent Member

Photios Antonatos - Non Executive Member

The validation of the aforementioned Board of Directors will be performed by the next Annual Shareholders Meting, in accordance with the provisions of law.