The Management of TECHNICAL OLYMPIC Group of Companies announces that according to the 22/12/2006 verdict of the Three-Member Misdemeanors Court of Athens, the President and Chief Executive Officer Mr. Konstantinos Stengos is found innocent of the charges that the profits recorded from the subsidiary company TECHNICAL OLYMPIC USA in the 31/12/2000 consolidated balance sheet of the Group, were higher than actual. Regarding the abovementioned case the Hellenic Capital Market Commission had imposed on April 2006 fines amounting to euro 2.5 mil. According to the same decision all other defendants (financial executives, B.o.D. member and chartered accountant) were found innocent of the charges. The Court unanimously accepted that the defendants acted lawfully.