TECHNICAL OLYMPIC S.A.

Replacement of BoD member of “TECHNICAL OLYMPIC S.A.”

TECHNICAL OLYMPIC S.A. announces that during its meeting on 2/12/2011, the Board of Directors elected, in replacement of Konstantinos Rizopoulos due to his sudden death, Mrs. Maria Svoli, as an independent non executive member, who had resigned from the position of a BoD member on 29/11/2011. Furthermore, the BoD decided not to replace the resigned member, pursuant to the provisions of the company's articles of deed, as well as the code of corporate governance.

Following the foregoing election, the new BoD, whose tenure expires on 29/6/2012, is as follows:

Α. Executive members:

  1. Stengos Konstantinos, son of Andreas, President, Executive Member
  2. Stengou Zoi, wife of Konstantinos Stengos, Vice President, Executive Member
  3. Stengos Andreas, son of Konstantinos, Vice President and General Director, Executive Member
  4. Stengos Georgios, son of Konstantinos, Managing Director, Executive Member
  5. Lirigos Constantinos, son of Dimitrios, Technical Director, Executive Member
  6. Klapadakis Athanasios, son of Nikolaos, Executive Member
  7. Kazantzis Panagiotis, son of Nikolaos, Executive Member

B.  Non Executive Members:

  1. Stengou Styliani, daughter of Konstantinos, Non Executive Member
  2. Stengou Marianna, daughter of Konstantinos, Non Executive Member

C. Independent and Non Executive Members:

1. Svoli Maria, daughter of Georgios, Independent Non Executive Member

2. Papaioannou Alexandros, son of Dimitrios, Independent Non Executive Member.

Due to the new formation, the BoD redefined its responsibilities and the rights of representation and commitment for the company, in accordance with those specifically defined in the foregoing minutes, dated 2/12/2011.

Furthermore, the Board of Director decided to place the new Independent – Non Executive Member Mrs. Maria Svoli in the Control Committee, in replacement of the deceased Konstantinos Rizopoulos.

The foregoing temporary election of the BoD member and the new establishment of the Control Committee will be announced for approval to the company's forthcoming General Shareholders Meeting, in accordance with Law.