Announcement of decisions for commencement of merger procedures through absorption of subsidiaries “DOMAINE PORTO CARRAS S.A.” and “PORTO CARRAS ENERGY S.A.” by the Group’s subsidiary “PORTO CARRAS S.A.”

TECHNICAL OLYMPIC S.A.

Announcement of decisions for commencement of merger procedures through absorption of subsidiaries “DOMAINE PORTO CARRAS S.A.” and “PORTO CARRAS ENERGY S.A.” by the Group’s subsidiary “PORTO CARRAS S.A.”

“TECHNICAL OLYMPIC S.A.” announces that the Board of Directors of “PORTO CARRAS S.A.”, “DOMAINE PORTO CARRAS S.A.” and “PORTO CARRAS ENERGY S.A.” during their meetings on January 27^th 2012 reached a unanimous decision regarding the following:

Approval of commencement of merger procedures through absorption by subsidiary “PORTO CARRAS S.A.”: a) of subsidiary “DOMAINE PORTO CARRAS S.A.”, as well as b) “PORTO CARRAS ENERGY S.A.”, pursuant to the provisions of articles 1-5 of L. 2166/1993 and C.L. 2190/1920.
Set January 31^st 2012 as the preparation date of the projected Balance Sheets of Transformation.
Appointed the auditing companies, for the audit, certification and signing of the foregoing Transformation's Balance Sheets, as well as the requisite certification report of the subscribed data.

Announcement of decisions for commencement of merger procedures through absorption of subsidiaries &ldquo;DOMAINE PORTO CARRAS S.A.&rdquo; and &ldquo;PORTO CARRAS ENERGY S.A.&rdquo; by the Group’s subsidiary &ldquo;PORTO CARRAS S.A.&rdquo;

Announcement of decisions for commencement of merger procedures through absorption of subsidiaries “DOMAINE PORTO CARRAS S.A.” and “PORTO CARRAS ENERGY S.A.” by the Group’s subsidiary “PORTO CARRAS S.A.”