Response to Hellenic Capital Market Commission

In response to the respective query from the Hellenic Capital Market Commission and following our previous clarifications with regard to the sale and purchase agreement for 100% of the share capital of "HELLINIKON S.A.” (hereinafter the "Agreement"), which the respective special purpose company (hereinafter the "SPC") will sign with the Hellenic Republic Asset Development Fund (hereinafter the "HRADF") and the Hellenic Republic following the appointment of «LAMDA DEVELOPMENT S.A.» (hereinafter the "Company") as the Preferred Investor, the Company confirms to the investing public that – as already published in the last couple of days in the press and electronic media after a press conference held by HRADF – the ratification of the Agreement by the Greek Parliament, the approval by a Presidential Decree of the Integrated Development Plan (article 2 of Law 4062/2012) on the basis of the technical offer of the Company, the enactment of the Ministerial Decisions specified in article 3 of Law 4062/2012 with regard to the implementation of the Integrated Development Plan and the conduct of an independent public tender for the granting of a casino license in the Site are basic prerequisites and conditions for the transfer of the aforesaid shares, the deadline for their fulfillment being two (2) years from the execution of the Agreement. According the Agreement the SPC shall undertake to invest for the implementation of its plan the amount of 4,6 billion euros in the first fifteen (15) years from the transfer of the shares, divided in three (3) five-year periods.