Year 2002 was one of growth for LAMDA Development

Monday, September 16 2002

PRESS RELEASE

Year 2002 was one of growth for LAMDA Development

The significant progress of LAMDA Development S.A. was presented today by company’s CEO Mr. Lambros Anagnostopoulos on a gala held by CAPITAL LINK in the old hall of ASE.

Mr. Anagnostopoulos mentioned the steady elevating trend of LAMDA’s operating results, underscoring that 2002 brought the company closer to the aims set in the infrastructures sector. He made a special reference on complementary sectors such as development, real estate investment and utilization, tourism, ship-repair sector and air transports.

“Within two years time we multiplied the company’s turnout by 300%. We plan and materialize ten significant real estate projects with a total building land area that exceeds 500,000 m2 and a budget that amounts circa € 700 millions.

The recent acquisition of real estate property in Marousi for the development of the Media Village for the 2004 Olympics and the parallel development of the largest shopping center in Northern Hellas, establish the leading post of our company in the sector of real estate development.

The dynamic development of LAMDA Development S.A. Group activities reflects as well on the particularly satisfactory operating results of the first semester, having a turnout increase of 116% while pretax earnings were increased by 63%”.

Given the dynamic course of progress for the investment plan and mainly the contract of big projects recently, LAMDA Development referred to the company’s capital stock increase by € 115,970,000, which will take place after the approval of the relevant informative release by A.S.E.

Due to the increase, each old share is entitled to be inscribed as two new ones. The distribution price is € 4.00 per share. The period of exercise of the preemptive right will be from September 24th until October 8th 2002.

To the Author:

For further information, please contact CIVITAS
Pandora Lycouri Tel. 6852400 (ext. 203), 6835 403
Alexandra Kardami Tel. 6852400 (ext. 243)