LAMDA Development S.A. announces that on Thursday, February 16th, 2006 commences the trading of the 244.100 new common registered shares of the Company, which resulted from the recent share capital increase by 73.230,00 due to the exercise of stock option rights (stock option plan) from the Members of the Board of Directors, executives of the Company and its subsidiaries, from a total of 38 beneficiaries, 5 of which exercised their rights at issue price of 1,80 Euro per share for 40.600 shares and 37 at issue price 2,00 Euro for 203.500 shares, according to the decisions of the Annual General Meeting of the Shareholders on 07/06/2002 and 19/06/2003 and according to the decisions of the Board of Directors on 20/12/2002 and 05/04/2004. The aforementioned share capital increase does not constitute an amendment of the Company's Articles of Association, was certified by the Company's Board of Directors on 30/12/2005, following the decisions of the above mentioned Annual General Meetings of the Shareholders, and it was registered with the Register of Societe Anonyme Companies pursuant to the Announcement No Κ2-307/20-1-2006. The ATHEX Board of Directors during its meeting on 9/2/2006 approved the listing of the aforementioned 244.100 new common registered shares of the Company.

Τhe Company's Board of Directors has resolved that trading on the ATHEX of the aforementioned shares shall commence on 16/2/2006. On the same date, the opening price of the Company's shares will be determined according to ATHEX Regulation, and the new shares will be credited to the beneficiaries' accounts in the Dematerialized Securities System.

For further information, the Shareholders may refer to the relevant document, available since 19/12/2005 in hardcopy and electronic form at the Company's web site www.lamda-development.net, or may contact the Company's Investor Relations Department (tel. 210- 7450600 Mr. A. Kaffas).