Lamda Development has signed definitive contracts and preliminary sale and purchase agreements for the sale of five (5) different plots in the Area for Urbanization "A-P3" within the project in Elliniko (near the Commercial Hub and The Ellinikon Mall), with a total maximum permissible building area of approximately 51 thousand sq. m.

The total consideration for the sale of these five (5) land plots amounts to €106 million, corresponding
to an average price of c€2,100 per buildable area sqm. The transaction consideration is 4 times the amount of the book value of the plots.

The total book value of the land plots (booked at cost, including the allocated infrastructure cost) on December 31, 2023, amounted to c€27 million, or €531 per square meter. LAMDA Development Group is expected to recognize, upon completion of said transactions, an accounting profit before taxes of €76 million. (including transaction expenses), hence further strengthening the profitability as well as the net cash flow generation during Phase 1 of the project.

The transaction highlights yet another way of creating value in the Ellinikon project, which benefits the company and, by extension, its shareholders. Also notable is the fact that the Ellinikon project continues to progress while maintaining zero bank borrowing, which represents a unique case at an international level among similar developments.

The buyers, who resulted from a tender process, will undertake the cost of each development as
well as the obligation to complete the residential developments in their entirety. The buyers are
well-established international companies Brook Lane Capital and TENBRINKE, as well as the Greek
companies Hellenic Ergon SA and Daedalus Development, which will further contribute towards
the development as well as in the acceleration of the pace of completion of the Ellinikon urban
regeneration project. The total investment for these developments is estimated to reach at least €300 million.

CEO STATEMENT

The company’s CEO, Mr. Odisseas Athanasiou, stated the following: “The result of the sales highlights the significant value that has already been created by the project implementation so far, which will continue at an accelerated pace as the development of the wider Ellinikon project progresses. The total remaining residential developments amount to approximately 1 m2.”