Invitation to the Annual General Meeting of the Shareholders

GENERAL MEETINGS
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LAMDA DEVELOPMENT S.A. – HOLDING AND REAL ESTATE DEVELOPMENT COMPANY

Co Reg. No 3039/06/Β/86/28

INVITATION TO THE ANNUAL GENERAL MEETING OF THE SHAREHOLDERS

In accordance with the Companies Law 2190/1920 "Re: Societes Anonymes" and article 21 of the Articles of Association, the Board of Directors of the company "LAMDA DEVELOPMENT S.A. – HOLDING AND REAL ESTATE DEVELOPMENT COMPANY" invites the Shareholders to the Annual General Meeting, on Friday, 23 April 2006, at 13:00 a.m. in Athens, at the Hotel "Athens Hilton", Vas. Sofias 46, in order to discuss and decide upon the following items of the Agenda:

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. Result distribution.
  2. Discharge of the Board of Directors and the Auditors from all actions for the fiscal year starting on January 1st, 2005 and ending December 31st, 2005.
  3. Appointment of Auditors for the fiscal year starting January 1st, 2005 and ending December 31st, 2005 and determination of their fee.
  4. Approval of the remuneration of the Board of Directors and agreements in accordance with articles 23a and 24 of Companies Law 2190/1920.
  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.
  6. Purchase of company’s own shares in accordance with article 16 par. 5 of Companies Law 2190/1920 and Presidential Decree 14/1993.
  7. Modification of the Company’s Articles of Association – Codification: article 5 – share capital.
  8. Confirmation of the election of Member of the Board of Directors in replacement of resigned member.
  9. Corporate Governance issues. – Internal Audit
  10. Various announcements.

According to the law and the articles of association, the Shareholders willing to participate and vote in the General Meeting, in person or by proxy, should block the total or part of their shares through their Operator in the Dematerialized Securities System (D.S.S.) or the Central Security Depositor, if the shares are registered in the special account, and submit the relevant Certificate of the Blocking of Shares along with the representation documents, five (5) days prior to the General Meeting, to the Investors Relation Service of the Company, Santaroza 5, Athens 105 64, tel. 210-3357158, 210-3357263, fax: 210-3357260.

The Board of Directors,
May 30, 2006