The management of TECHNICAL OLYMPIC Group of Companies informs the investors that Technical Olympic S.A. has been included in a list of defendants in a class action filed before a Federal US Court, but not as yet served to the Company. Banks, subsidiary Technical Olympic USA Inc. ("TOUSA"), which recently sought protection under the provisions of chapter 11 of the US bankruptcy law, as well as directors thereof, are included amongst the defendants. The lawsuit purports to be brought on behalf of unidentified purchasers of stock of TOUSA, which allege that they can raise claims under the US securities laws for the period between August 1, 2005 and March 19, 2007 due to warranties allegedly made by TOUSA and the other defendants in connection with the Transeastern joint venture. Technical Olympic S.A has already appointed a specialized U.S law firm, which will immediately seek from the court a complete dismissal of the lawsuit, and pursuant to its consultants? assessments, believes that the aforementioned claims are entirely unfounded, which is not unusual in this type of actions.