According to applicable legislation, LAMDA DEVELOPMENT S.A. (the Company) announces that its Board of Directors on the 28^th of May 2020 decided the partial change of the use of the proceeds raised by the share capital increase which was approved by the Extraordinary General Meeting of shareholders held on the 10^th of October 2019 pursuant to which the net amount of 640 million Euros was raised (total proceeds amounted at 650 million Euros, minus expenses of 10 million Euros) (the SCI).

In particular, the Company's Board of Directors decided, based on the corporate interest of the Company, the following:

- out of the amount of €133 million that has been designated to be used within 3 years from the completion of the SCI in order to develop two shopping malls in the context of the Hellinikon project through participation in the share capital increase of a company that will be established for this purpose, an amount of €12.4 million has been used to acquire the stake in the company called LAMDA MARINAS INVESTMENTS S.M.S.A. (formerly and prior to the acquisition of the stake called LAMDA DOGUS INVESTMENTS S.A.), in order to increase the participation and acquisition of sole control in the company called (former LAMDA Flisvos Marina S.Α. This investment opportunity was considered to be in the interest of the Company for strategical reasons. The aforementioned use has not been included in the initial use of the proceeds of the SCI and

- out of the amount of €40 million that has been designated to be used within 3 years from the completion of the SCI to cover working capital needs, an amount of €11 million will be used to cover a bond loan to be issued by a subsidiary of the Company, the proceeds from which will be used to cover already assumed obligations by the Company's subsidiary. This change has been caused the by delays in the financing through bank loans of the aforementioned obligation due to the special conditions that the COVID-19 pandemic created. The plan is that when the bank loans financing is completed, the bond loan will be repaid. The aforementioned use has not been included in the initial use of the proceeds of the SCI.

Other than the above, the description of the use of proceeds included in chapter 4.1.2 (Reasons for the Offer and Use of Proceeds) of the approved by the Hellenic Capital Market Commission Prospectus, applies without any other amendment.

The aforementioned will be submitted to the forthcoming Annual General Meeting of the Company's shareholders for their approval.