Transfer of Sales of Argonaftis

LAMDA Development S.A. announces on 14/04/2006 the sale of the total shares of ARGONAFTIS S.A held by its 75% subsidiary company LAMDA Shipyards S.A. The buyers of the shares sold, are the companies CRESTA SERVICES Limited, MOTOL SERVICES Limited and Mr. Ioannis Iakovos Benzonanas.

The total price of the sale is € 5.2m, which will improve the consolidated results after minority rights and the consolidated shareholders equity of LAMDA Development group by the amount of € 3.4m.