Pursuant to the provisions of the 3/347/12.7.2005 resolution of the Capital Market Commission and of par. 1, article 10 of Law 3340/2005, TECHNICAL OLYMPIC SA announces that according to a today''s (September 29, 2006) ruling by the court judging the appeal which relates to its Chairman, Mr. Konstantinos Stengos, being allegedly accused of misinforming investors in order to manipulate the Athens Exchange stock prices, it was unanimously judged that the charges brought against him were inadmissible and he was acquitted of all charges, under the res judicata doctrine, judging that the irrevocable acquittal ruling issued by the Athens Appeals Council is valid. According to this acquittal ruling, Mr. Konstantinos Stengos had no involvement in the Athens Exchange case which went on trial and he was not engaged in any misleading of the investors.