Lamda Development S.A. — Interim / Quarterly Report 2016

May 26, 2016

Supervising Authority: Ministry of Development (department of limited companies) Chairman of the Board: Anastasios K. Giannitsis Company's web address: www.lamdadev.com Vice Chairman: Evangelos I. Chronis

Company's data Board of Directors Chief Executive Officer: Odyssefs Ε. Athanasiou 26 May 2016 Members: Photios S. Antonatos Georgios K. Gerardos

Evgenia G. Paizi Odyssefs P. Kyriacopoulos Dimitrios Ch. Politis Achillefs V. Konstantakopoulos

STATEMENT OF FINANCIAL POSITION (Amounts in € thousands)					STATEMENT OF COMPREHENSIVE INCOME (Amounts in € thousands)
GROUP 31/3/2016 31/12/2015		COMPANY 31/3/2016 31/12/2015			GROUP		COMPANY 1/1-31/3/2016 1/1-31/3/2015 1/1-31/3/2016 1/1-31/3/2015
ASSETS					Revenues from investment property	10.490	10.078	-	-
Investment property	379.362	379.362	1.840		1.840 Revenues from services and other revenues	896	743	339	321
Owner occupied property, plant and equipment	3.903	4.010	393		399 Fair value gains/(losses) of investment property and other assets	-	-	(2.054)	-
Investments in subsidiaries and associates	106.482	106.570	237.612		230.012 Gain/(Loss) from sale of investment property	-	-	-	-
Other non-current assets	19.705	19.294	93.621		96.140 Minus: Operating expenses	(2.226)	(2.692)	-	-
Inventories	60.109	61.419	-		- Gross revenue	9.160	8.129	(1.715)	321
Trade and other receivables	32.280	29.932	28.050		27.755 Profit / (loss) before interest and taxes	5.838	4.964	(3.882)	(2.088)
Financial instruments held at fair value through profit or loss	18.364	23.642	18.364		23.642 Profit / (loss) before income tax	2.916	2.467	(6.130)	(3.800)
Cash and cash equivalents	104.047	107.173	69.098		76.388 Profit / (loss) after taxes (A)	1.646	1.357	(5.420)	(3.236)
TOTAL ASSETS	724.253	731.404	448.979	456.177
					Profit / (loss) attributable to:
EQUITY AND LIABILITIES					- Owners of the parent	1.650	1.360	(5.420)	(3.236)
Share capital	23.917	23.917	23.917		23.917 - Non-controlling interests	(3)	(4)	-	-
Share premium	360.110	360.110	360.110		360.110 Other comprehensive income / (loss) after tax (Β)	(63)	(29)	-	-
Treasury shares	(8.115)	(6.737)	(8.115)		(6.737) Total other comprehensive income / (loss) after tax (Α)+(Β)	1.583	1.328	(5.420)	(3.236)
Other equity components	(14.929)	(16.516)	(93.338)		(87.918) Profit / (loss) attributable to:
Total share capital and reserves (a)	360.983	360.773	282.575		289.371 - Owners of the parent	1.587	1.331	(5.420)	(3.236)
Non-controlling interests (b)	(172)	(168)	-	-	- Non-controlling interests	(3)	(4)	-	-
Total equity (c) = (a) + (b)	360.812	360.605	282.575		289.371 Earnings per share after taxes (expressed in € per share)
Long-term borrowings	267.528	269.186	129.463	129.293 - Basic		0,0212	0,0172	(0,0697)	(0,0409)
Deferred tax liabilities	31.965	31.572	-	-	- Diluted	0,0212	0,0172	(0,0697)	(0,0409)
Provisions / Other non-current liabilities	17.649	17.394	19.542	19.537
Short-term borrowings	16.304	20.419	2.666		2.666 Profit / (loss) before interest, taxes, depreciation and amortisation	6.026	5.212	(3.861)	(2.072)
Other short-term liabilities	29.996	32.227	14.733	15.310
Total liabilities (d)	363.442	370.798	166.405	166.806	CASH FLOW STATEMENT - Indirect Method (Amounts in € thousands)
TOTAL EQUITY AND LIABILITIES (c) + (d)	724.253	731.403	448.979	456.177		GROUP		COMPANY
								1/1-31/3/2016 1/1-31/3/2015 1/1-31/3/2016 1/1-31/3/2015
STATEMENT OF CHANGES IN EQUITY (Amounts in € thousands)					Cash flows from operating activities
	GROUP		COMPANY		Profit/(loss) before taxes from continuing operations	2.916	2.467	(6.130)	(3.800)
	31/3/2016	31/3/2015	31/3/2016	31/3/2015	Adjustments for:
Equity at the beginning of the period					Fair value gains/(losses) of investment property and other assets	-	-	2.054	-
(1/1/2016 and 1/1/2015 respectively)	360.605	387.522	289.371		321.491 Depreciation	187	247	21	17
Total comprehensive income after tax	1.583	1.328	(5.420)		(3.236) Provisions	-	-	-	-
Purchase of treasury shares	(1.377)	(1.317)	(1.377)		(1.317) Results (income, expenses, gains and losses) of investment operations	(1.033)	(829)	36	(18)
Equity at the end of the period					Finance costs - net	3.955	3.363	2.213	1.766
(31/3/2016 and 31/3/2015 respectively)	360.812	387.533	282.575		316.938 Other non-cash flow items	(120)	-	(50)	-
					Changes in working capital :
DATA AND INFORMATION					Increase in inventories	1.310	(11)	-	-
1. The Company has been audited by tax authorities until the fiscal year of 2008. For further information regarding the Company's and				Decrease in receivables	804	1.948	(244)	601
Group's unaudited fiscal years refer to note 19 of the interim financial statements for the period ended 31/3/2016.				Decrease in payables	(2.991)	(4.476)	(697)	(1.025)
2. The accounting principles adopted in the preparation and presentation of the condensed interim financial statements for the period					Minus:
that ended at 31/3/2016 are consistent with the same accounting principles adopted for the financial statements of the Company and				Interest paid	(3.605)	(3.658)	(2.200)	(2.299)
the Group for the year ended 31/12/2015.				Income tax paid	125	-	-	-
3. The company Consolidated Lamda Holdings SA, registered in Luxembourg, participates in Company's share capital by 50,87% as				Cash flows from/(to) operating activities - net	1.548	(948)	(4.997)	(4.758)
at 31/03/2015 and therefore the Group's financial statements are included in Consolidated Lamda Holdings SA's consolidated financial				Cash flows from investing activities
statements by the full consolidation method.				Purchases of property, plant and equipment and investment properties	(41)	(233)	(15)	(24)
4. Companies included in the consolidated financial statements together with names, country of establishment, participation interest,				Purchase of financial instruments held at fair value through profit or loss	5.293	(56.999)	5.293	(56.999)
directly and indirectly, and method of consolidation are presented in note 7 of the interim financial statements for the period ended				Proceeds from dividends Interest received	- 88	- 899	- 23	2.703 795
31/3/2016. 5. The Company proceeded to share capital increase in its subsidiary LAMDA Estate Development SA by €4m whereas in January					Proceeds from disposal of participations	219	328	219	328
2016 acquired 66% of the share capital of ECE-LAMDA HELLAS SA, the property manager of the shopping centers "The Mall Athens" Loans to related parties						(400)	-	1.166	-
and "Golden Hall". Given that the Company already held 34% of the share capital of ECE-LAMDA HELLAS SA, the Company					Purchase of share in participation	(2.437)	-	(3.600)	-
becomes the holder of 100% of the share capital of the aforementioned company, which is renamed to "Malls Management Services				Increase/(decrease) in share capital of participations	-	(40)	(4.000)	(6.954)
SA". For details in relation to the Group's participations, see note 7 of the interim financial statements for the period ended 31/3/2016.				Cash flows from/(to) investing activities - net		(56.045)		(60.151)
						2.721		(915)
6. The Group at 17/2/2016 acquired the 80% of joint ownership in 86 premises located in the office building Kronos Business Center in					Cash flows from financing activities
in Maroussi, by its 100% subsidiary LAMDA Estate Development S.A., following the exercise of the repurchase option upon the					Purchase of treasury shares	(1.377)	(1.317)	(1.377)	(1.317)
expiration of the financial lease paying the residual value of €3.9m. 7. Real estate liens and pre-notices over assets, amount to €12m concerning guarantees for bank loans.					Repayments of borrowings Capital repayments of finance leases	(2.012) (4.006)	(32.345) (207)	- -	(30.750) -
8. The number of employees at the end of the period was: Group 140, Company 66 (31/3/2015: Group 137, Company 66). There are					Cash flows to financing activities - net	(7.396)	(33.869)	(1.377)	(32.067)
no seasonal employees at the end of the period (31/3/2015: Group 0, Company 0).					Net increase/(decrease) in cash and cash equivalents	(3.126)	(90.863)	(7.289)	(96.976)
9. As at the end of the period, the Company acquires 2.106.476 treasury shares at an average price (before expenses and other					Cash and cash equivalents at the beginning of the period	107.173	187.636	76.388	157.191
commissions) of €3,84 per share, at an aggregate total value of €8,1m.					Cash and cash equivalents at the end of the period	104.047	96.774	69.098	60.215
10. Other comprehensive income/(loss) after tax includes: a) Cash flow hedges loss, after tax €49k (31/3/2015 €25k) at Group level
and €0 (31/3/2015 €0) at Company level and b) Foreign exchange difference €-14k (31/3/2015 €-4k) at Group level.					12. Intercompany transactions for the period ended March 31, 2016 and intercompany balances as at March 31, 2015 according to
11. i) There are neither cases under dispute, litigation, or arbitrations nor any court decisions that are likely to have a significant					IAS 24 are as follows:
impact on the Company's financial statements ii) During period ended 31/3/2016 a) No provision has been made regarding cases
under dispute, litigation, arbitrations or court decisions b) The total amount of the accumulative provision made for the Group's
and Company's unaudited by the tax authorities years amount to €1,1m and €0,7m respectively c) The other provisions that have been
made accumulatively for the Group and the Company amount to €8,6m and include provisions for customers' impairment.

CHAIRMAN OF THE BOARD OF DIRECTORS CHIEF EXECUTIVE OFFICER FINANCIAL DIRECTOR

(in accordance with 4/507/28.04.2009 resolution of the Greek Capital Market Committee)

LAMDA DEVELOPMENT S.A.

HOLDING AND REAL ESTATE DEVELOPMENT COMPANY S.A.

Company's number in the General Electronic Commercial Registry: 3379701000

Registered offices: 37A Kifissias Ave., 151 23 Maroussi

FINANCIAL DATA AND INFORMATION for the period 1 January 2016 - 31 March 2016

The financial information listed below is aiming to provide a general awareness about the financial position and the financial results of LAMDA DEVELOPMENT S.A. Consequently, it is recommended to the reader, before any investment decision or transaction performed with the Company, to visit the website of the Company where the financial statements are available with the certified auditor's report, whenever is required.

Date of approval of the financial statements by the Board of Directors: