Press Release

Further to its announcements dated 02.10.2020, 18.11.2020, 25.11.2020, 30.11.2020, 21.12.2020, 19.01.2021, the Company under the corporate name “TECHNICAL OLYMPIC S.A.” (hereinafter the “Company”) informs the investment community that its Cyprus-based second-tier subsidiary “T.O. SHIPPING LTD” (a 100% subsidiary of “T.O. INTERNATIONAL HOLDING LTD”), in the context of the restructuring of the corporate and shareholding structure of the shipping scheme in which it participates, increased its participation in such scheme from 15% to 30.30%.

At the same time, a seventh ship-owning company, “CONSTANTINOS P II MARITIME LLC”, with registered office in the Marshall Islands, was also integrated into the above shipping scheme, which owns a container vessel flying the Marshall Islands flag, with a capacity of 4,253 TEU and built in 2011, bearing the name “CONSTANTINOS P II”.

The transaction was financed through bank borrowing at the level of the shipping scheme (“Initiation Holding LLC”).

The Company will promptly inform the investment community of any further developments on the matter.