TECHNICAL OLYMPIC (ASE: OLYr.AT) the leading Greek construction and home building group, announces that its listed American subsidiary TECHNICAL OLYMPIC USA, INC. (NASDAQ: TOUS), today announced it has entered the Baltimore, Maryland market through the acquisition of Masonry Homes for approximately $28 million in cash through January 2003 plus additional performance-based payments in the future. The acquisition is part of TOUSA's strategy to expand within its existing markets and selectively enter new markets.

The acquisition of Masonry immediately provides TOUSA with approximately 240 lots and an option to acquire 2,000 lots over the next several years from related land development entities. The agreement also provides for first rights to acquire all future additional residential land acquired by the related land development entities over the next three years.

Founded in 1971, Masonry is a regional homebuilder operating in the northwestern suburbs of Baltimore, Maryland and Southern Pennsylvania. Masonry offers a broad range of homes to its homebuyers and is well respected for its homebuilding activities in the greater Baltimore region. Masonry closed approximately 250 homes during the past twelve months at an average selling price of approximately $214,000.

Antonio B. (?Tony?) Mon, TOUSA's Chief Executive Officer, stated, ?We are privileged to have Martin K.P. Hill and the men and women of Masonry Homes as part of the TOUSA team. Their reputation for excellence is unequalled. This transaction positions us for the future as we build on our existing Northern Virginia operations within the growing Baltimore-Washington region.?

In October, TOUSA announced its entry into Jacksonville, Florida by acquiring D.S. Ware Homes for $35 million in cash plus additional performance-based payments in the future. Ware closed approximately 375 homes during the past twelve months at an average selling price of approximately $145,000 and owns or controls over 2,000 building lots.