Transfer of Shares in Eurobank Properties Reic

LAMDA Development announces that further to the 10th August 2005 agreement with Efg Eurobank Ergasias S.A. for the transfer of the 16.7% of the share capital that held in Eurobank Properties REIC, an additional amount of 4.9 m. euro was received, in accordance to the specific terms of the agreement between the parties, which will improve consolidated Company’s earnings of the 2nd quarter of 2006 by 4.7 m. euro.

This difference is due to the I.P.O. pricing of Eurobank Properties REIC.