TECHNICAL OLYMPIC S.A.

Reports Results for its First Quarter and Announces Conference Call

TECHNICAL OLYMPIC (ASE: OLYr.AT) the leading Greek construction and home building group, announces that its listed American subsidiary TECHNICAL OLYMPIC USA, INC. (TOUSA) (NASDAQ: TOUS), reported results on Thursday for the first quarter ended March 31, 2003.

Highlights of the results include:

  • · Income from continuing operations of $17.7 million, or $0.63 per share
  • · Homebuilding revenues of $315.9 million
  • · Delivery of 1,234 homes
  • · Backlog of 2,826 homes, representing $764.0 million in revenues
  • · Actively marketing homes in 176 communities
  • · Financial Services revenues of $10.6 million
During the three months ended March 31, 2003, total revenues increased to $326.5 million from $310.5 million during the three months ended March 31, 2002. Income from continuing operations increased to $17.7 million (or $0.63 per share) during the three months ended March 31, 2003 from $8.9 million (or $0.32 per share) during the three months ended March 31, 2002. The increase in income from continuing operations is attributable to an increase in Homebuilding pretax income to $23.3 million during the three months ended March 31, 2003 from $9.5 million during the three months ended March 31, 2002; the results for the prior year include severance expenses of $13.8 million. Additionally, we experienced an increase in Financial Services pretax income to $4.5 million during the three months ended March 31, 2003 from $4.2 million during the three months ended March 31, 2002.

Conference Call Information

In conjunction with its scheduled conference call, on Thursday, May 22nd at 11:00 A.M. EDT, TOUSA will release a more detailed press release to discuss quarterly results and 2003 and 2004 guidance after the close of business on Wednesday, May 21, 2003.

Participants are asked to RSVP prior to the conference call by dialling 1-800-289-0579 and referencing confirmation number 764046 at which time participants will be provided the dial-in number.

Replay Information

Time: From 3:00 P.M. May 22, 2003 to 12:00 A.M. May 29, 2003
Replay Number: 1-888-203-1112
Access Code: 764046