LAMDA Development Announcement

Thursday, May 13, 2004


Consolidated LAMDA Holdings, the main shareholder of LAMDA Development, listed on the Athens Stock Exchange, has announced the reinforcement and restructuring of the LAMDA Development management team, to enable the company and its associated businesses to continue to increase their dynamic development and profitability, toward the benefit of their shareholders. A key element in the company’s new management policy will be the raising of its profile, highlighting the company’s innovation as well as its further expansion of business partnership strategies, both in the domestic and international markets.

This development aligns with the general strategy of the LAMDA Development group of companies that includes further penetration in the developing real estate, infrastructure and innovative high-quality service sectors both in Greece and abroad.

Within this context, Mr. Apostolos Tamvakakis has accepted the proposal from the main shareholder of Consolidated LAMDA Holdings to undertake the management responsibilities for LAMDA Development in the position of the company’s Chairman of the Board. Mr. Lambros Anagnostopoulos remains as Chief Executive Officer.

Mr. Apostolos Tamvakakis will also participate as a non-executive member of the Board of Directors of Consolidated LAMDA Holdings and will serve as a specialist consultant to the Latsis Group.

For the past seven and a half years, Mr. Apostolos Tamvakakis was vice-chairman of the National Bank group. Previously, he had served as Deputy General Manager of ABN – AMRO and as part of the management teams of both Investment Bank and Mobil Oil. He has also served as vice president of Greek Securities S.A., President of the Steering Committee of the Interalpha Group of Banks, President of both Ethnocard and National Securities, President of the Southeastern European Board of the Europay Mastercard group, and as a member of many Boards of Directors and committees.

With the addition of Mr. A. Tamvakakis, the new LAMDA Development Board of Directors is now composed as follows:

Chairman of the Board: Apostolos Tamvakakis
Executive member

Vice - Chairman: Evangelos Chronis
Non-executive member

Chief Executive Officer: Lambros Anagnostopoulos
Executive member

Member of the Board: Anastasios–Alexandros Livieratos
Independent non-executive member

Member of the Board: Dimitrios Papalexopoulos
Independent non-executive member

In addition, to further strengthen LAMDA Development’s Board of Directors, the main shareholders of Consolidated LAMDA Holdings plan to propose to the next Annual General Meeting of shareholders that the number of members of the Board of Directors be increased. In the first phase, the selection of Mr. Emmanuel Bussetil and Dr. Petros Kalantzi will be proposed with further additions to be made after the company’s Articles of Association have been revised accordingly.

The LAMDA Development group of companies offers a comprehensive range of integrated business services and high-quality products at competitive prices. Its activities focus on developing complementary business sectors, such as real estate, tourism, and land and air infrastructure as well as marina and yacht maintenance and refurbishment. With a sizeable portfolio of real estate development projects amounting to 500,000 m2 of buildable surface area both in Greece and abroad, LAMDA Development is continuing the steady implementation of its €700 million investment programme, part of which has already been successfully completed and the remainder of which will be completed during the two-year period 2004-2005.

LAMDA Development

LAMDA Development S.A., listed on the main market of the Athens Stock Exchange, is a holding company investing in the development of land, sea and air infrastructure. Combining a strong entrepreneurial drive, specialist international expertise, expert management, powerful strategic allies (Deutsche Bank, EFG Bank Group, Hochtief, Bilfinger Berger, Strabag, Swissport International, Sonae Imobiliaria) and with the business credibility and financial strength of the Latsis Group, LAMDA Development shapes and connects the business areas it is active in, creating growth, reaping synergies and providing value to both its clients and shareholders.

The LAMDA Development group of companies offers its clients integrated business solutions and high quality services and products at competitive prices. Its focus on complementary infrastructure sectors extends to real estate, marinas and yacht maintenance and refurbishment as well as airport services. At the forefront of exploiting numerous opportunities arising from regional developments, such as industry deregulation, Greece’s entry into the Euro Zone with the adoption of the Euro, and the preparation for the Athens 2004 Olympic Games, the LAMDA Development group of companies is leveraging its presence in Greece and neighbouring countries to play a leading role in the modernization and development of Southeastern Europe.

For more information, please contact CIVITAS:

Pandora Lycouri: +30 210 6835 403; [email protected]
Nectaria Metrakou: +30 210 6835404; [email protected]