Purchase of Own Shares

LAMDA Development S.A. announces that following the decision of the Annual General Meeting of the Shareholders dated 22/05/2008, which approved the acquisition of own shares in accordance with article 16 of C.L.2190/1920, the Board of Directors decided at its meeting on the same date the following:

During the period 27/05/2008 to 22/05/2009 the Company intends to purchase own shares, at a maximum acquisition price of 18 euros per share and a minimum acquisition price of 2 euros per share. The maximum number of own shares to be acquired during the above-mentioned period will not exceed the 5% of the total share capital, that is 2.201.497 shares.

It should be noted that the implementation of the above program will depend on the relative attractiveness of alternative investment opportunities and availability of funds. The Company will conform to article 5 of the Committee Regulation 2273/2003 in relation to the price and the volume of the purchases, thus to article 6 par.1 of the same Regulation.

It is also noted, that according to the decision of the Annual General Meeting of the Shareholders dated 22/05/2008, the Company can purchase within a period of 12 months own shares that corresponds to a maximum of 10% of the total share capital, (including the already purchased own shares), at a maximum acquisition price of 18 euros per share and a minimum acquisition price of 2 euros per share.