Technical Olympic S.A.

COMPANY DATA		for the period form January 1 till September 30 2007 (Amounts in thousand Euros)
Full Registered Name:	TECHNICAL OLYMPIC SA
Registered address:	Solomou 20, 17456 Alimos			THE GROUP (CONSOLIDATED)		THE COMPANY (STAND ALONE)
Main activity:	Holding Company		30/9/2007	30/9/2006	30/9/2007	30/9/2006
S.A. Registration Number:	6801/06/B/86/08	Cash flows from operating activities
Supervising Tax Authority:	Societe Anonyme Administration & Credit of the Ministry of Development	Earnings before taxes of continued operations	(549.149)	58.665	(128.161)	(8.063)
Tax identification number:	094105288	Earnings before taxes of discontinued operations	(11.578)	958	0	0
Board of directors composition:		Net profit before taxes for the period (PAT)	(560.727)	59.623	(128.161)	(8.063)
Konstantinos Stengos , President of Board of Directors	Maria Svoli,Member	Adjustments for :
Andreas Stengos , Executive Vice-President	Ilias Koukoutsis,Member	Depreciations	17.264	16.605	169	175
George Stengos , Managing director	Alexandros Papaioannou , Member	Provisions-Impairments	542.535	187.573	126.653	1.678
Zoi Stengou,Member	Stiliani Stengou,Member	Foreign exchange differences	(46)	0	89	(545)
Konstantinos Rizopoulos , Member	Marianna Stengou , Member	(Profits)/losses from sale of tangible property	1.228	(55)	0	0
Nikolaos Stathakis , Member	Athanasios Klapadakis , Member	Results from discontinued operations	11.578	0	0	0
Ending date of current period:	31/12/2007	(Profits)/losses from sale of financial assets at fair value	35.999	(187)	0	(96)
Date of approval of the financial statements (from which the synoptic
data & information were deduced from) :	29/11/2007	(Profits)/Losses at fair value of financial assets in fair value through results	(108)	(456)	(262)	(148)
Certified Auditors:	GRANT THORNTON SA	(Profits)/ Losses of subsidiary at fair value	0	0	0	10.269
Auditors certificate:	Unqualified Opinion-Emphasis for not tax oudited financial years	Interest income / expense	11.060	3.174	535	1.377
Website were financial statements are presented	www.techol.gr	Earnings from state grants	(530)	(428)	0	(2)
	Balance sheet of September 30, 2007	Proceeds from dividends	(19)	0	(19)	(1.467)

ASSETS 30.09.2007 31.12.2006 30.09.2007 31.12.2006 (Increase)/Decrease in other current assets 0 0 0 1.351 Tangible assets 332.702 323.656 4.074 4.168 Exchange rate differences (6.449) (50.190) (11) 0 Intangible assets 14.516 14.684 76 100 Income taxes paid (99.396) (56.178) 91 (4.601) Investments and other long term receivables 98.173 291.477 336.298 585.182 Net cash flows from operating activities (92.631) (232.598) (4.754) (1.421) Non-current assets 445.391 629.817 340.448 589.450 Inventories 1.141.245 1.685.353 0 0 Purchase of non-current assets (17.448) (13.526) (51) 0 Debtors 87.194 27.935 178 0 Proceeds from fixed and intagible assets sales (389) 0 0 0 Other receivables 308.392 135.627 2.124 7.241 Dividends receivables 19 0 19 0 Cash & cash equivalents 75.204 65.515 572 1.161 Purchase of financial assets availiable for sale 0 (4.284) 0 0 Current assets 1.612.035 1.914.430 2.874 8.402 Purchase of financial assets at fair value through results (20.458) 0 743 0 Total assets 2.057.426 2.544.247 343.322 597.852 (Increase) / Decrease of subsidiary companies' Share capital (4.488) 5.948 0 0 LIABILITIES Increase / Decrease of affiliated companies' Share Capital (2) (485) (2) (485) Long-term liabilities 1.122.170 842.149 0 28.000 Sale of real estate investments (252) 0 0 0 Other long-term liabilities 182.281 597.730 23.087 48.852 Tangible assets own production (845) 0 0 0 Total long-term liabilities 1.304.451 1.439.879 23.087 76.852 Granted loans (143) 0 0 (2.110) Loans 160.574 52.318 4.700 4.215 Proceeds from loans issued (22.209) 0 0 540 Liabilities to Suppliers 113.176 113.660 2.972 698 Sales of financial assets at fair value through results 1.097 728 0 178 Current Tax Liabilities 3.287 5.569 492 2.398 Proceeds from subsidiary share capital reduction 10.106 0 0 0 Other short-term liabilities 265.233 200.273 2.543 13.169 Results (income,expenses,profit and loss) from investing activity 0 98.262 0 1.467 Total short-term liabilities 542.270 371.820 10.707 20.480 Net cash cash flows from investing activities (8.755) 86.643 709 (410) Total liabilities 1.846.721 1.811.699 33.794 97.332 Cash flows from financing activities (Amounts in thousand Euros) THE GROUP (CONSOLIDATED) THE COMPANY (STAND ALONE)

The following data and information aim at a general briefing on the financial position and results of Technical Olympic SA. We suggest, therefore to the reader, before advancing any investing decision or other transaction with the company, to visit the we
										CASH FLOW STATEMENT
COMPANY DATA										for the period form January 1 till September 30 2007 (Amounts in thousand Euros)
Full Registered Name:	TECHNICAL OLYMPIC SA
Registered address: Main activity:	Solomou 20, 17456 Alimos Holding Company										30/9/2007	THE GROUP (CONSOLIDATED) 30/9/2006	30/9/2007	THE COMPANY (STAND ALONE) 30/9/2006
S.A. Registration Number:	6801/06/B/86/08								Cash flows from operating activities
Supervising Tax Authority: Tax identification number:	094105288		Societe Anonyme Administration & Credit of the Ministry of Development						Earnings before taxes of continued operations Earnings before taxes of discontinued operations		(549.149) (11.578)	58.665 958	(128.161) 0	(8.063) 0
Board of directors composition:									Net profit before taxes for the period (PAT)		(560.727)	59.623	(128.161)	(8.063)
Konstantinos Stengos , President of Board of Directors Andreas Stengos , Executive Vice-President	Maria Svoli,Member Ilias Koukoutsis,Member								Adjustments for : Depreciations		17.264	16.605	169	175
George Stengos , Managing director	Alexandros Papaioannou , Member								Provisions-Impairments		542.535	187.573	126.653	1.678
Zoi Stengou,Member	Stiliani Stengou,Member								Foreign exchange differences		(46)	0	89	(545)
Konstantinos Rizopoulos , Member Nikolaos Stathakis , Member	Marianna Stengou , Member Athanasios Klapadakis , Member								(Profits)/losses from sale of tangible property Results from discontinued operations		1.228 11.578	(55) 0	0 0	0 0
Ending date of current period:	31/12/2007								(Profits)/losses from sale of financial assets at fair value		35.999	(187)	0	(96)
Date of approval of the financial statements (from which the synoptic data & information were deduced from) :	29/11/2007								(Profits)/Losses at fair value of financial assets in fair value through results		(108)	(456)	(262)	(148)
Certified Auditors:	GRANT THORNTON SA								(Profits)/ Losses of subsidiary at fair value		0	0	0	10.269
Auditors certificate:			Unqualified Opinion-Emphasis for not tax oudited financial years						Interest income / expense		11.060	3.174	535	1.377
Website were financial statements are presented	www.techol.gr		Balance sheet of September 30, 2007						Earnings from state grants Proceeds from dividends		(530) (19)	(428) 0	0 (19)	(2) (1.467)
			(Amounts in thousand Euros)						Change of the employee bonus obligations		2.361	0	0	0
									Results (income,expenses,profit and loss) from investing activity		0	11.526	0	(5.234)
			THE GROUP (CONSOLIDATED)			THE COMPANY (STAND ALONE)			(Increase)/Decrease in trade and other receivables (Increase)/Decrease in inventory		65.177 (78.789)	(22.293) (304.658)	3.981 0	1.674 0
									(Increase)/Decrease in trade payables		(33.768)	70.587	(7.819)	2.211
ASSETS		30.09.2007		31.12.2006	30.09.2007		31.12.2006		(Increase)/Decrease in other current assets		0	0	0	1.351
Tangible assets		332.702		323.656	4.074		4.168		Interest expenses & similar charges Exchange rate differences		(1) (6.449)	(147.241) (50.190)	0 (11)	0 0
Intangible assets		14.516		14.684	76		100		Income taxes paid		(99.396)	(56.178)	91	(4.601)
Investments and other long term receivables Non-current assets		98.173		291.477	336.298		585.182		Net cash flows from operating activities		(92.631)	(232.598)	(4.754)	(1.421)
		445.391		629.817	340.448		589.450		Cash flows from investing activities
Inventories		1.141.245		1.685.353	0		0		Purchase of non-current assets		(17.448)	(13.526)	(51)	0
Debtors		87.194		27.935	178		0		Proceeds from fixed and intagible assets sales		(389)	0	0	0
Other receivables Cash & cash equivalents		308.392 75.204		135.627 65.515	2.124 572		7.241 1.161		Dividends receivables Purchase of financial assets availiable for sale		19 0	0 (4.284)	19 0	0 0
Current assets		1.612.035		1.914.430	2.874		8.402		Purchase of financial assets at fair value through results		(20.458)	0	743	0
Total assets		2.057.426		2.544.247	343.322		597.852		(Increase) / Decrease of subsidiary companies' Share capital		(4.488)	5.948	0	0
									Proceeds from the disposal of discontinued operations		46.257	0	0	0
LIABILITIES Long-term liabilities		1.122.170		842.149	0		28.000		Increase / Decrease of affiliated companies' Share Capital Sale of real estate investments		(2) (252)	(485) 0	(2) 0	(485) 0
Other long-term liabilities		182.281		597.730	23.087		48.852		Tangible assets own production		(845)	0	0	0
Total long-term liabilities		1.304.451		1.439.879	23.087		76.852		Granted loans		(143)	0	0	(2.110)
Loans Liabilities to Suppliers		160.574 113.176		52.318 113.660	4.700 2.972		4.215 698		Proceeds from loans issued Sales of financial assets at fair value through results		(22.209) 1.097	0 728	0 0	540 178
Current Tax Liabilities		3.287		5.569	492		2.398		Proceeds from subsidiary share capital reduction		10.106	0	0	0
Other short-term liabilities		265.233		200.273	2.543		13.169		Results (income,expenses,profit and loss) from investing activity		0	98.262	0	1.467
Total short-term liabilities Total liabilities		542.270 1.846.721		371.820 1.811.699	10.707 33.794		20.480 97.332		Net cash cash flows from investing activities Cash flows from financing activities		(8.755)	86.643	709	(410)
Share Capital		165.625		132.500	165.625		132.500		Increase of Share capital		34.782	0	34.782	0
Own Equity		(1.215) 46.295		404.753 195.295	143.903 0		368.020 0		Share Capital Increase Expenses		(528) 130.989	0 218.837	(528) 5.653	0 21.500
Minority interest Total equity		210.705		732.548	309.528		500.520		Proceeds from issued / granted loans Loan repayments		(52.035)	(70.565)	(33.181)	(18.346)
									Payments from leasing liabilities		(1.888)	(1.854)	0	0
Total equity and liabilities		2.057.426		2.544.247	343.322		597.852		Inflows from state subsidies Paid interests		1.654 (2.999)	0 (3.141)	0 (902)	2 (543)
			INCOME STATEMENT						Dividends paid (to parent company's shareholders)		(2.370)	(3.349)	(2.368)	(1.633)
			for the period form January 1 till September 30 2007						Other		3.498	0	0	0
			(Amounts in thousand Euros) THE GROUP			THE COMPANY			Net cash flows from financing activities Net increase in cash and cash equivalents		111.103 9.717	139.928 (6.027)	3.456 (589)	980 (851)
			01/01-30/09/07 01/07-30/09/07 01/01-30/09/06 01/07-30/09/06				01/01-30/09/07 01/07-30/09/07 01/01-30/09/06 01/07-30/09/06		Cash and cash equivalents at beginning of period		65.515	52.539	1.161	2.493
									Foreign exchange differences cash equivalents at end of period		(28)	0	0	(36)
Turnover Cost of sales	1.343.488 (1.573.901)	417.980 (730.970)	1.544.863 (1.204.900)	504.135 (425.074)	3.214 (2.563)	2.614 (2.411)	600 (438)	0 (111)	Cash and cash equivalents at end of period		75.204	46.512	572	1.606
Depreciation	8.379	2.405	7.319	2.735	0	0	0	0		GROUP STRUCTURE
Gross profit	(222.034)	(310.585)	347.282	81.796	651	203	162	(111)	Company	Country of incorporation		Equivalent % of Holding
Other operating Income Administrative expenses	6.602 (108.131)	2.216 (37.300)	6.382 (131.933)	691 (30.443)	120 (1.821)	14 (451)	5.326 (994)	5.294 (248)	TECHNICAL OLYMPIC S.A. MOCHLOS S.A.	GREECE GREECE		HOLDING 48,23%
Depreciation	8.885	3.517	9.286	2.866	169	57	175	58	ALVITERRA HELLAS SA	GREECE		74,11%	(1)
Selling, Distribution expenses Other operating expenses	(100.015) (78.433)	(30.640) (34.428)	(103.115) (7.531)	(36.157) (1.519)	(42) (17)	(12) (13)	(9) (2.687)	(3) (74)	TECHNICAL OLYMPIC USA INC TECHNICAL OLYMPIC SERVICES INC	US US		66,94% 100%
Earnings before interest, taxes and depreciation (EBITDA)	(493.126)	(407.220)	120.371	17.234	(940)	(202)	1.973	4.916	PORTO KARRAS SA	GREECE		94,82%	(2)
Depreciation	(17.264)	(5.922)	(16.605)	(5.601)	(169)	(57)	(175)	(58)	MELITON BEACH PORTO KARRAS SA	GREECE		92,81%
Earnings before interest, taxes (EBIT) Income from participations and securities	(510.390) (28.087)	(413.142) (24.099)	103.766 (42.584)	11.633 (96.193)	(1.109) (126.369)	(259) (125.739)	1.798 (8.558)	4.858 (3.404)	CASINO PORTO KARRAS SA ΜΑRΙΝΑ PORTO KARRAS SA	GREECE GREECE		62,34% 90%
Finance costs-(net)	(10.672)	(8.249)	(2.517)	(653)	(683)	14	(1.303)	28	GOLF PORTO KARRAS SA	GREECE		90%
Earnings before taxes (EBT)	(549.149)	(445.490)	58.665	(85.213)	(128.161)	(125.984)	(8.063)	1.482	VILLAGE INN PORTO KARRAS SA	GREECE		96,25%
Income Tax Net profit for the period (PAT)	13.996 (535.153)	(5.977) (451.467)	(33.019) 25.646	28.284 (56.929)	124 (128.037)	(5) (125.989)	(286) (8.349)	1 1.483	PORTO CARRAS HYDROPLANES & STUDIES SA DOMAIN PORTO KARRAS SA	GREECE GREECE		96,93% 94,39%
Earning after taxes of discontinued operations	(11.578)	(2.830)	958	211	0	0	0	0	PORTO KARRAS DEVELOPMENT SA	GREECE		51%
Earning after taxes of continued operations	(546.731)	(454.297)	26.604	(56.718)	(128.037)	(125.989)	(8.349)	1.483	MELTEMI CASTRI SA	GREECE		75%
Distributed to: Holdings' shareholders	(400.809)	(334.785)	16.667	(37.079)	(128.037)	(125.989)	(8.349)	1.483	STROFYLI TECHNICAL SA DELOS MARINES SA	GREECE GREECE		99% 67,58%
Minority interest	(145.922)	(119.512)	9.937	(19.639)	0	0	0	0	MARKO MARINES S.A	GREECE		DILOS participated with 84%
Earnings per share after tax- basic (in Euros) (Basic EPS)	(3)	(2)	0	(0)	(1)	(1)	(0)	0	SAMOS MARINES S.A	GREECE		DILOS participated with 97%
			STATEMENT OF CHANGES IN EQUITY						SKIATHOS MARINES SA EUROROM CONSTRUCT II SRL	GREECE ROMANIA		DILOS participated with 88% MOCHLOS S.A participated with 100%
			for the period form January 1 till September 30 2007						TOXOTIS SA	GREECE		MOCHLOS S.A participated with 100%
			(Amounts in thousand Euros) THE GROUP (CONSOLIDATED)			THE COMPANY (STAND ALONE)			EQUITY METHOD
		01/01-30/09/07		01/01-30/09/06	01/01-30/09/07		01/01-30/09/06		LAMDA TECHNOL FLISVOS HOLDING AE	GREECE		29,74%	(3)
Balance b/f ( On 1/1/2007 and 1/1/2006 respectively)		732.548		1.018.093	500.520		736.973		AGROTOURISTIKI	GREECE		30,98%
Increase/Decrease of Share capital		34.782 (544)		5.941 0	34.782 (528)		0 0
Share Capital Increase Expenses Deferred expenses taxation of share capital increase		136		0	132		0		(1) TECHNICAL OLYMPIC 50% - TOXOTIS 50% (2) TECHNICAL OLYMPIC 90% - MOCHLOS 10%
Dividends paid		0		(3.349)	0		(2.650)		(3) TECHNICAL OLYMPIC 25% - PORTO CARRAS 5%
Foreign exchange differences Profit/(Loss) for the period, after taxation		(9.547) (546.731)		(50.751) 26.604	(11) (128.037)		0 (8.349)		ADDITIONAL NOTES 1.The Basic accounting principles that are applied are in conformity with the International Financial Reporting Standards (I.F.R.S.)
Revaluation of financial assets availiable for sale		0		0	(137.011)		(262.275)		2.TECHNICAL OLYMPIC S.A has been tax audited through the fiscal year 2005.As for the companies included in the consolidation,MOCHLOS S.A
		0		0	25.518		0		has been tax audited through the fiscal year 2003,CASINO P.C(as well as the merged company SITHONIA BEACH PORTO CARRAS S.A)through
		0		0 309	14.163 0		0 0		the fiscal year 2004,TOXOTIS S.A-Constructions,STROFILI S.A,PORTO CARRAS S.A,ANAP S.A,MELTEMI KASTRI S.A,ALVITERRA HELLAS S.A, PORTO CARRAS ESTATE S.A,VILLAGE INN PORTO CARRAS S.A,GOLF PORTO CARRAS S.A,MELITON BEACH PORTO CARRAS S.A,MARINA PORTO CARRAS S.A,
				7	0		0		MARKO MARINES S.A,SAMOS MARINAS S.A,DILOS MARINAS S.A,and SKIATHOS MARINAS S.A, have met all their tax requirements throughout the fiscal year 2002
Deferred taxation of reserves of financial assets availiable for sale Counter Balance of the devaluation of financial assets availiable for sale Increase/Decrease of subsidiary's share capital Other		17 44					463.699		in accordance with Law 259/2004. The companies PORTO CARRAS DEVELOPMENT S.A and PORTO CARRAS CAMPUS S.A have not been audited
		210.705		996.854	309.528
									since their establishment.
Balance c/f (On 30/09/2007 & 30/09/2006 respectively)									3.The company has pledged 6,6 million shares of the TOUSA subsidiary as a collateral for taking a short-term loan of 4 million euro.
									4.The average number of employees of the group of TECHNICAL OLYMPIC during the period 1/1-9/30/2007 was 3.317 compared to 3.662 employees during the period 1/1-9/30/06.
									5. In the period's result losses from the valuation of the parent company's participation in the subsidiary TOUSA Inc. amounted to € 125,795 thou. is included which
									corresponds to the balance net of reserves amounting € 137,011 thou.
									6. All inter company transactions and the account balances of the companies included in the consolidation have been eliminated from the above financial statements of the Group.More precisely, the following transactions have been eliminated: revenues from invoices of €204.398 thou., accounts receivable/liabilities of € 86.319 thou.
									7. For the period from 1/1/07 to 30/9/07, the following amounts resulted by the transactions with the affiliated parties:
									Amounts in thousands Euro			GROUP	COMPANY

									Payments from leasing liabilities	(1.888)	(1.854)	0	0
Total equity and liabilities		2.057.426		2.544.247	343.322		597.852		Inflows from state subsidies	1.654	0	0	2
									Paid interests	(2.999)	(3.141)	(902)	(543)
			INCOME STATEMENT						Dividends paid (to parent company's shareholders)	(2.370)	(3.349)	(2.368)	(1.633)
			for the period form January 1 till September 30 2007						Other	3.498	0	0	0
			(Amounts in thousand Euros)						Net cash flows from financing activities	111.103	139.928	3.456	980
			THE GROUP			THE COMPANY			Net increase in cash and cash equivalents	9.717	(6.027)	(589)	(851)
				01/01-30/09/07 01/07-30/09/07 01/01-30/09/06 01/07-30/09/06		01/01-30/09/07 01/07-30/09/07 01/01-30/09/06 01/07-30/09/06			Cash and cash equivalents at beginning of period	65.515	52.539	1.161	2.493
									Foreign exchange differences cash equivalents at end of period	(28)	0	0	(36)
Turnover	1.343.488	417.980	1.544.863	504.135	3.214	2.614	600	0	Cash and cash equivalents at end of period	75.204	46.512	572	1.606
Cost of sales	(1.573.901)	(730.970)	(1.204.900)	(425.074)	(2.563)	(2.411)	(438)	(111)
Depreciation	8.379	2.405	7.319	2.735	0	0	0	0		GROUP STRUCTURE
Gross profit	(222.034)	(310.585)	347.282	81.796	651	203	162	(111)	Company	Country of incorporation	Equivalent % of Holding
Other operating Income	6.602	2.216	6.382	691	120	14	5.326	5.294	TECHNICAL OLYMPIC S.A.	GREECE	HOLDING
Administrative expenses	(108.131)	(37.300)	(131.933)	(30.443)	(1.821)	(451)	(994)	(248)	MOCHLOS S.A.	GREECE	48,23%
Depreciation	8.885	3.517	9.286	2.866	169	57	175	58	ALVITERRA HELLAS SA	GREECE	74,11%	(1)
Selling, Distribution expenses	(100.015)	(30.640)	(103.115)	(36.157)	(42)	(12)	(9)	(3)	TECHNICAL OLYMPIC USA INC	US	66,94%
Other operating expenses	(78.433)	(34.428)	(7.531)	(1.519)	(17)	(13)	(2.687)	(74)	TECHNICAL OLYMPIC SERVICES INC	US	100%
Earnings before interest, taxes and depreciation (EBITDA)	(493.126)	(407.220)	120.371	17.234	(940)	(202)	1.973	4.916	PORTO KARRAS SA	GREECE	94,82%	(2)
Depreciation	(17.264)	(5.922)	(16.605)	(5.601)	(169)	(57)	(175)	(58)	MELITON BEACH PORTO KARRAS SA	GREECE	92,81%
Earnings before interest, taxes (EBIT)	(510.390)	(413.142)	103.766	11.633	(1.109)	(259)	1.798	4.858	CASINO PORTO KARRAS SA	GREECE	62,34%
Income from participations and securities	(28.087)	(24.099)	(42.584)	(96.193)	(126.369)	(125.739)	(8.558)	(3.404)	ΜΑRΙΝΑ PORTO KARRAS SA	GREECE	90%
Finance costs-(net)	(10.672)	(8.249)	(2.517)	(653)	(683)	14	(1.303)	28	GOLF PORTO KARRAS SA	GREECE	90%
Earnings before taxes (EBT)	(549.149)	(445.490)	58.665	(85.213)	(128.161)	(125.984)	(8.063)	1.482	VILLAGE INN PORTO KARRAS SA	GREECE	96,25%
Income Tax	13.996	(5.977)	(33.019)	28.284	124	(5)	(286)	1	PORTO CARRAS HYDROPLANES & STUDIES SA	GREECE	96,93%
Net profit for the period (PAT)	(535.153)	(451.467)	25.646	(56.929)	(128.037)	(125.989)	(8.349)	1.483	DOMAIN PORTO KARRAS SA	GREECE	94,39%
Earning after taxes of discontinued operations	(11.578)	(2.830)	958	211	0	0	0	0	PORTO KARRAS DEVELOPMENT SA	GREECE	51%
Earning after taxes of continued operations	(546.731)	(454.297)	26.604	(56.718)	(128.037)	(125.989)	(8.349)	1.483	MELTEMI CASTRI SA	GREECE	75%
Distributed to:									STROFYLI TECHNICAL SA	GREECE	99%
Holdings' shareholders	(400.809)	(334.785)	16.667	(37.079)	(128.037)	(125.989)	(8.349)	1.483	DELOS MARINES SA	GREECE	67,58%
Minority interest	(145.922)	(119.512)	9.937	(19.639)	0	0	0	0	MARKO MARINES S.A	GREECE	DILOS participated with 84%
Earnings per share after tax- basic (in Euros) (Basic EPS)	(3)	(2)	0	(0)	(1)	(1)	(0)	0	SAMOS MARINES S.A	GREECE	DILOS participated with 97%

	STATEMENT OF CHANGES IN EQUITY				EUROROM CONSTRUCT II SRL	ROMANIA	MOCHLOS S.A participated with 100%
	for the period form January 1 till September 30 2007				TOXOTIS SA	GREECE	MOCHLOS S.A participated with 100%
	(Amounts in thousand Euros)
	THE GROUP (CONSOLIDATED)			THE COMPANY (STAND ALONE)	EQUITY METHOD
	01/01-30/09/07	01/01-30/09/06	01/01-30/09/07	01/01-30/09/06	LAMDA TECHNOL FLISVOS HOLDING AE	GREECE	29,74%	(3)
Balance b/f ( On 1/1/2007 and 1/1/2006 respectively)	732.548	1.018.093	500.520	736.973	AGROTOURISTIKI	GREECE	30,98%
Increase/Decrease of Share capital	34.782	5.941	34.782	0
Share Capital Increase Expenses	(544)	0	(528)	0	(1) TECHNICAL OLYMPIC 50% - TOXOTIS 50%
Deferred expenses taxation of share capital increase	136	0	132	0	(2) TECHNICAL OLYMPIC 90% - MOCHLOS 10%
Dividends paid	0	(3.349)	0	(2.650)	(3) TECHNICAL OLYMPIC 25% - PORTO CARRAS 5%
Foreign exchange differences	(9.547)	(50.751)	(11)	0	ADDITIONAL NOTES
Profit/(Loss) for the period, after taxation	(546.731)	26.604	(128.037)	(8.349)	1.The Basic accounting principles that are applied are in conformity with the International Financial Reporting Standards (I.F.R.S.)
Revaluation of financial assets availiable for sale	0	0	(137.011)	(262.275)	2.TECHNICAL OLYMPIC S.A has been tax audited through the fiscal year 2005.As for the companies included in the consolidation,MOCHLOS S.A
Deferred taxation of reserves of financial assets availiable for sale	0	0	25.518	0	has been tax audited through the fiscal year 2003,CASINO P.C(as well as the merged company SITHONIA BEACH PORTO CARRAS S.A)through
Counter Balance of the devaluation of financial assets availiable for sale	0	0	14.163	0	the fiscal year 2004,TOXOTIS S.A-Constructions,STROFILI S.A,PORTO CARRAS S.A,ANAP S.A,MELTEMI KASTRI S.A,ALVITERRA HELLAS S.A,
Increase/Decrease of subsidiary's share capital	17	309	0	0	PORTO CARRAS ESTATE S.A,VILLAGE INN PORTO CARRAS S.A,GOLF PORTO CARRAS S.A,MELITON BEACH PORTO CARRAS S.A,MARINA PORTO CARRAS S.A,
Other	44	7	0	0	MARKO MARINES S.A,SAMOS MARINAS S.A,DILOS MARINAS S.A,and SKIATHOS MARINAS S.A, have met all their tax requirements throughout the fiscal year 2002
Balance c/f (On 30/09/2007 & 30/09/2006 respectively)	210.705	996.854	309.528	463.699	in accordance with Law 259/2004. The companies PORTO CARRAS DEVELOPMENT S.A and PORTO CARRAS CAMPUS S.A have not been audited

Sale of goods,services with subsidiaries	0	3.822
Sale of goods with other affiliated parties	1.372	0
Sales of assets to other affiliated companies	873	0
Purchases and remunerations for receiving services from subsidiary	0	2.484
Purchases and remunerations for receiving services from other affiliated parties	443	0
Receivables from subsidiaries	0	16.425
Receivables from affiliated companies	103	103
Receivables from completed projects to other affiliated parties	2.138	0
Receivables from affiliated parties	8.362	71
Liabilities to subsidiaries	0	2.650
Liabilities to other affiliated parties	4.541	220

KONSTANTINOS A. STENGOS	ANDREAS K. STENGOS	GEORGE K.STENGOS	KONSTANTINOS P.RIZOPOULOS	STILIANI X.PAPADOPOULOU
CIVIL ENGINEER	CIVIL ENGINEER	MECHANICAL ENGINEER	ECONOMIST	ECONOMIST
Id.N. AB 342754	Id.N. Χ 055522	Id.N. AB 342752	Id.N. S 332143	Id.N. S 576787

CONDENSED FINANCIAL COMPONENTS AND PERIOD'S INFORMATION FROM 1/1/2007 TO 30/09/2007

( published based on Law 2190, article 135 for companies issuing annual financial statements, consolidated or not, in accordance with IAS)

COMPANY DATA		for the period form January 1 till September 30 2007 (Amounts in thousand Euros)
Full Registered Name:	TECHNICAL OLYMPIC SA
Registered address:	Solomou 20, 17456 Alimos			THE GROUP (CONSOLIDATED)		THE COMPANY (STAND ALONE)
Main activity:	Holding Company		30/9/2007	30/9/2006	30/9/2007	30/9/2006
S.A. Registration Number:	6801/06/B/86/08	Cash flows from operating activities
Supervising Tax Authority:	Societe Anonyme Administration & Credit of the Ministry of Development	Earnings before taxes of continued operations	(549.149)	58.665	(128.161)	(8.063)
Tax identification number:	094105288	Earnings before taxes of discontinued operations	(11.578)	958	0	0
Board of directors composition:		Net profit before taxes for the period (PAT)	(560.727)	59.623	(128.161)	(8.063)
Konstantinos Stengos , President of Board of Directors	Maria Svoli,Member	Adjustments for :
Andreas Stengos , Executive Vice-President	Ilias Koukoutsis,Member	Depreciations	17.264	16.605	169	175
George Stengos , Managing director	Alexandros Papaioannou , Member	Provisions-Impairments	542.535	187.573	126.653	1.678
Zoi Stengou,Member	Stiliani Stengou,Member	Foreign exchange differences	(46)	0	89	(545)
Konstantinos Rizopoulos , Member	Marianna Stengou , Member	(Profits)/losses from sale of tangible property	1.228	(55)	0	0
Nikolaos Stathakis , Member	Athanasios Klapadakis , Member	Results from discontinued operations	11.578	0	0	0
Ending date of current period:	31/12/2007	(Profits)/losses from sale of financial assets at fair value	35.999	(187)	0	(96)
Date of approval of the financial statements (from which the synoptic
data & information were deduced from) :	29/11/2007	(Profits)/Losses at fair value of financial assets in fair value through results	(108)	(456)	(262)	(148)
Certified Auditors:	GRANT THORNTON SA	(Profits)/ Losses of subsidiary at fair value	0	0	0	10.269
Auditors certificate:	Unqualified Opinion-Emphasis for not tax oudited financial years	Interest income / expense	11.060	3.174	535	1.377
Website were financial statements are presented	www.techol.gr	Earnings from state grants	(530)	(428)	0	(2)
	Balance sheet of September 30, 2007	Proceeds from dividends	(19)	0	(19)	(1.467)

ASSETS 30.09.2007 31.12.2006 30.09.2007 31.12.2006 (Increase)/Decrease in other current assets 0 0 0 1.351 Tangible assets 332.702 323.656 4.074 4.168 Exchange rate differences (6.449) (50.190) (11) 0 Intangible assets 14.516 14.684 76 100 Income taxes paid (99.396) (56.178) 91 (4.601) Investments and other long term receivables 98.173 291.477 336.298 585.182 Net cash flows from operating activities (92.631) (232.598) (4.754) (1.421) Non-current assets 445.391 629.817 340.448 589.450 Inventories 1.141.245 1.685.353 0 0 Purchase of non-current assets (17.448) (13.526) (51) 0 Debtors 87.194 27.935 178 0 Proceeds from fixed and intagible assets sales (389) 0 0 0 Other receivables 308.392 135.627 2.124 7.241 Dividends receivables 19 0 19 0 Cash & cash equivalents 75.204 65.515 572 1.161 Purchase of financial assets availiable for sale 0 (4.284) 0 0 Current assets 1.612.035 1.914.430 2.874 8.402 Purchase of financial assets at fair value through results (20.458) 0 743 0 Total assets 2.057.426 2.544.247 343.322 597.852 (Increase) / Decrease of subsidiary companies' Share capital (4.488) 5.948 0 0 LIABILITIES Increase / Decrease of affiliated companies' Share Capital (2) (485) (2) (485) Long-term liabilities 1.122.170 842.149 0 28.000 Sale of real estate investments (252) 0 0 0 Other long-term liabilities 182.281 597.730 23.087 48.852 Tangible assets own production (845) 0 0 0 Total long-term liabilities 1.304.451 1.439.879 23.087 76.852 Granted loans (143) 0 0 (2.110) Loans 160.574 52.318 4.700 4.215 Proceeds from loans issued (22.209) 0 0 540 Liabilities to Suppliers 113.176 113.660 2.972 698 Sales of financial assets at fair value through results 1.097 728 0 178 Current Tax Liabilities 3.287 5.569 492 2.398 Proceeds from subsidiary share capital reduction 10.106 0 0 0 Other short-term liabilities 265.233 200.273 2.543 13.169 Results (income,expenses,profit and loss) from investing activity 0 98.262 0 1.467 Total short-term liabilities 542.270 371.820 10.707 20.480 Net cash cash flows from investing activities (8.755) 86.643 709 (410) Total liabilities 1.846.721 1.811.699 33.794 97.332 Cash flows from financing activities (Amounts in thousand Euros) THE GROUP (CONSOLIDATED) THE COMPANY (STAND ALONE)

The following data and information aim at a general briefing on the financial position and results of Technical Olympic SA. We suggest, therefore to the reader, before advancing any investing decision or other transaction with the company, to visit the we
										CASH FLOW STATEMENT
COMPANY DATA										for the period form January 1 till September 30 2007 (Amounts in thousand Euros)
Full Registered Name:	TECHNICAL OLYMPIC SA
Registered address: Main activity:	Solomou 20, 17456 Alimos Holding Company										30/9/2007	THE GROUP (CONSOLIDATED) 30/9/2006	30/9/2007	THE COMPANY (STAND ALONE) 30/9/2006
S.A. Registration Number:	6801/06/B/86/08								Cash flows from operating activities
Supervising Tax Authority: Tax identification number:	094105288		Societe Anonyme Administration & Credit of the Ministry of Development						Earnings before taxes of continued operations Earnings before taxes of discontinued operations		(549.149) (11.578)	58.665 958	(128.161) 0	(8.063) 0
Board of directors composition:									Net profit before taxes for the period (PAT)		(560.727)	59.623	(128.161)	(8.063)
Konstantinos Stengos , President of Board of Directors Andreas Stengos , Executive Vice-President	Maria Svoli,Member Ilias Koukoutsis,Member								Adjustments for : Depreciations		17.264	16.605	169	175
George Stengos , Managing director	Alexandros Papaioannou , Member								Provisions-Impairments		542.535	187.573	126.653	1.678
Zoi Stengou,Member	Stiliani Stengou,Member								Foreign exchange differences		(46)	0	89	(545)
Konstantinos Rizopoulos , Member Nikolaos Stathakis , Member	Marianna Stengou , Member Athanasios Klapadakis , Member								(Profits)/losses from sale of tangible property Results from discontinued operations		1.228 11.578	(55) 0	0 0	0 0
Ending date of current period:	31/12/2007								(Profits)/losses from sale of financial assets at fair value		35.999	(187)	0	(96)
Date of approval of the financial statements (from which the synoptic data & information were deduced from) :	29/11/2007								(Profits)/Losses at fair value of financial assets in fair value through results		(108)	(456)	(262)	(148)
Certified Auditors:	GRANT THORNTON SA								(Profits)/ Losses of subsidiary at fair value		0	0	0	10.269
Auditors certificate:			Unqualified Opinion-Emphasis for not tax oudited financial years						Interest income / expense		11.060	3.174	535	1.377
Website were financial statements are presented	www.techol.gr		Balance sheet of September 30, 2007						Earnings from state grants Proceeds from dividends		(530) (19)	(428) 0	0 (19)	(2) (1.467)
			(Amounts in thousand Euros)						Change of the employee bonus obligations		2.361	0	0	0
									Results (income,expenses,profit and loss) from investing activity		0	11.526	0	(5.234)
			THE GROUP (CONSOLIDATED)			THE COMPANY (STAND ALONE)			(Increase)/Decrease in trade and other receivables (Increase)/Decrease in inventory		65.177 (78.789)	(22.293) (304.658)	3.981 0	1.674 0
									(Increase)/Decrease in trade payables		(33.768)	70.587	(7.819)	2.211
ASSETS		30.09.2007		31.12.2006	30.09.2007		31.12.2006		(Increase)/Decrease in other current assets		0	0	0	1.351
Tangible assets		332.702		323.656	4.074		4.168		Interest expenses & similar charges Exchange rate differences		(1) (6.449)	(147.241) (50.190)	0 (11)	0 0
Intangible assets		14.516		14.684	76		100		Income taxes paid		(99.396)	(56.178)	91	(4.601)
Investments and other long term receivables Non-current assets		98.173		291.477	336.298		585.182		Net cash flows from operating activities		(92.631)	(232.598)	(4.754)	(1.421)
		445.391		629.817	340.448		589.450		Cash flows from investing activities
Inventories		1.141.245		1.685.353	0		0		Purchase of non-current assets		(17.448)	(13.526)	(51)	0
Debtors		87.194		27.935	178		0		Proceeds from fixed and intagible assets sales		(389)	0	0	0
Other receivables Cash & cash equivalents		308.392 75.204		135.627 65.515	2.124 572		7.241 1.161		Dividends receivables Purchase of financial assets availiable for sale		19 0	0 (4.284)	19 0	0 0
Current assets		1.612.035		1.914.430	2.874		8.402		Purchase of financial assets at fair value through results		(20.458)	0	743	0
Total assets		2.057.426		2.544.247	343.322		597.852		(Increase) / Decrease of subsidiary companies' Share capital		(4.488)	5.948	0	0
									Proceeds from the disposal of discontinued operations		46.257	0	0	0
LIABILITIES Long-term liabilities		1.122.170		842.149	0		28.000		Increase / Decrease of affiliated companies' Share Capital Sale of real estate investments		(2) (252)	(485) 0	(2) 0	(485) 0
Other long-term liabilities		182.281		597.730	23.087		48.852		Tangible assets own production		(845)	0	0	0
Total long-term liabilities		1.304.451		1.439.879	23.087		76.852		Granted loans		(143)	0	0	(2.110)
Loans Liabilities to Suppliers		160.574 113.176		52.318 113.660	4.700 2.972		4.215 698		Proceeds from loans issued Sales of financial assets at fair value through results		(22.209) 1.097	0 728	0 0	540 178
Current Tax Liabilities		3.287		5.569	492		2.398		Proceeds from subsidiary share capital reduction		10.106	0	0	0
Other short-term liabilities		265.233		200.273	2.543		13.169		Results (income,expenses,profit and loss) from investing activity		0	98.262	0	1.467
Total short-term liabilities Total liabilities		542.270 1.846.721		371.820 1.811.699	10.707 33.794		20.480 97.332		Net cash cash flows from investing activities Cash flows from financing activities		(8.755)	86.643	709	(410)
Share Capital		165.625		132.500	165.625		132.500		Increase of Share capital		34.782	0	34.782	0
Own Equity		(1.215) 46.295		404.753 195.295	143.903 0		368.020 0		Share Capital Increase Expenses		(528) 130.989	0 218.837	(528) 5.653	0 21.500
Minority interest Total equity		210.705		732.548	309.528		500.520		Proceeds from issued / granted loans Loan repayments		(52.035)	(70.565)	(33.181)	(18.346)
									Payments from leasing liabilities		(1.888)	(1.854)	0	0
Total equity and liabilities		2.057.426		2.544.247	343.322		597.852		Inflows from state subsidies Paid interests		1.654 (2.999)	0 (3.141)	0 (902)	2 (543)
			INCOME STATEMENT						Dividends paid (to parent company's shareholders)		(2.370)	(3.349)	(2.368)	(1.633)
			for the period form January 1 till September 30 2007						Other		3.498	0	0	0
			(Amounts in thousand Euros) THE GROUP			THE COMPANY			Net cash flows from financing activities Net increase in cash and cash equivalents		111.103 9.717	139.928 (6.027)	3.456 (589)	980 (851)
			01/01-30/09/07 01/07-30/09/07 01/01-30/09/06 01/07-30/09/06				01/01-30/09/07 01/07-30/09/07 01/01-30/09/06 01/07-30/09/06		Cash and cash equivalents at beginning of period		65.515	52.539	1.161	2.493
									Foreign exchange differences cash equivalents at end of period		(28)	0	0	(36)
Turnover Cost of sales	1.343.488 (1.573.901)	417.980 (730.970)	1.544.863 (1.204.900)	504.135 (425.074)	3.214 (2.563)	2.614 (2.411)	600 (438)	0 (111)	Cash and cash equivalents at end of period		75.204	46.512	572	1.606
Depreciation	8.379	2.405	7.319	2.735	0	0	0	0		GROUP STRUCTURE
Gross profit	(222.034)	(310.585)	347.282	81.796	651	203	162	(111)	Company	Country of incorporation		Equivalent % of Holding
Other operating Income Administrative expenses	6.602 (108.131)	2.216 (37.300)	6.382 (131.933)	691 (30.443)	120 (1.821)	14 (451)	5.326 (994)	5.294 (248)	TECHNICAL OLYMPIC S.A. MOCHLOS S.A.	GREECE GREECE		HOLDING 48,23%
Depreciation	8.885	3.517	9.286	2.866	169	57	175	58	ALVITERRA HELLAS SA	GREECE		74,11%	(1)
Selling, Distribution expenses Other operating expenses	(100.015) (78.433)	(30.640) (34.428)	(103.115) (7.531)	(36.157) (1.519)	(42) (17)	(12) (13)	(9) (2.687)	(3) (74)	TECHNICAL OLYMPIC USA INC TECHNICAL OLYMPIC SERVICES INC	US US		66,94% 100%
Earnings before interest, taxes and depreciation (EBITDA)	(493.126)	(407.220)	120.371	17.234	(940)	(202)	1.973	4.916	PORTO KARRAS SA	GREECE		94,82%	(2)
Depreciation	(17.264)	(5.922)	(16.605)	(5.601)	(169)	(57)	(175)	(58)	MELITON BEACH PORTO KARRAS SA	GREECE		92,81%
Earnings before interest, taxes (EBIT) Income from participations and securities	(510.390) (28.087)	(413.142) (24.099)	103.766 (42.584)	11.633 (96.193)	(1.109) (126.369)	(259) (125.739)	1.798 (8.558)	4.858 (3.404)	CASINO PORTO KARRAS SA ΜΑRΙΝΑ PORTO KARRAS SA	GREECE GREECE		62,34% 90%
Finance costs-(net)	(10.672)	(8.249)	(2.517)	(653)	(683)	14	(1.303)	28	GOLF PORTO KARRAS SA	GREECE		90%
Earnings before taxes (EBT)	(549.149)	(445.490)	58.665	(85.213)	(128.161)	(125.984)	(8.063)	1.482	VILLAGE INN PORTO KARRAS SA	GREECE		96,25%
Income Tax Net profit for the period (PAT)	13.996 (535.153)	(5.977) (451.467)	(33.019) 25.646	28.284 (56.929)	124 (128.037)	(5) (125.989)	(286) (8.349)	1 1.483	PORTO CARRAS HYDROPLANES & STUDIES SA DOMAIN PORTO KARRAS SA	GREECE GREECE		96,93% 94,39%
Earning after taxes of discontinued operations	(11.578)	(2.830)	958	211	0	0	0	0	PORTO KARRAS DEVELOPMENT SA	GREECE		51%
Earning after taxes of continued operations	(546.731)	(454.297)	26.604	(56.718)	(128.037)	(125.989)	(8.349)	1.483	MELTEMI CASTRI SA	GREECE		75%
Distributed to: Holdings' shareholders	(400.809)	(334.785)	16.667	(37.079)	(128.037)	(125.989)	(8.349)	1.483	STROFYLI TECHNICAL SA DELOS MARINES SA	GREECE GREECE		99% 67,58%
Minority interest	(145.922)	(119.512)	9.937	(19.639)	0	0	0	0	MARKO MARINES S.A	GREECE		DILOS participated with 84%
Earnings per share after tax- basic (in Euros) (Basic EPS)	(3)	(2)	0	(0)	(1)	(1)	(0)	0	SAMOS MARINES S.A	GREECE		DILOS participated with 97%
			STATEMENT OF CHANGES IN EQUITY						SKIATHOS MARINES SA EUROROM CONSTRUCT II SRL	GREECE ROMANIA		DILOS participated with 88% MOCHLOS S.A participated with 100%
			for the period form January 1 till September 30 2007						TOXOTIS SA	GREECE		MOCHLOS S.A participated with 100%
			(Amounts in thousand Euros) THE GROUP (CONSOLIDATED)			THE COMPANY (STAND ALONE)			EQUITY METHOD
		01/01-30/09/07		01/01-30/09/06	01/01-30/09/07		01/01-30/09/06		LAMDA TECHNOL FLISVOS HOLDING AE	GREECE		29,74%	(3)
Balance b/f ( On 1/1/2007 and 1/1/2006 respectively)		732.548		1.018.093	500.520		736.973		AGROTOURISTIKI	GREECE		30,98%
Increase/Decrease of Share capital		34.782 (544)		5.941 0	34.782 (528)		0 0
Share Capital Increase Expenses Deferred expenses taxation of share capital increase		136		0	132		0		(1) TECHNICAL OLYMPIC 50% - TOXOTIS 50% (2) TECHNICAL OLYMPIC 90% - MOCHLOS 10%
Dividends paid		0		(3.349)	0		(2.650)		(3) TECHNICAL OLYMPIC 25% - PORTO CARRAS 5%
Foreign exchange differences Profit/(Loss) for the period, after taxation		(9.547) (546.731)		(50.751) 26.604	(11) (128.037)		0 (8.349)		ADDITIONAL NOTES 1.The Basic accounting principles that are applied are in conformity with the International Financial Reporting Standards (I.F.R.S.)
Revaluation of financial assets availiable for sale		0		0	(137.011)		(262.275)		2.TECHNICAL OLYMPIC S.A has been tax audited through the fiscal year 2005.As for the companies included in the consolidation,MOCHLOS S.A
		0		0	25.518		0		has been tax audited through the fiscal year 2003,CASINO P.C(as well as the merged company SITHONIA BEACH PORTO CARRAS S.A)through
		0		0 309	14.163 0		0 0		the fiscal year 2004,TOXOTIS S.A-Constructions,STROFILI S.A,PORTO CARRAS S.A,ANAP S.A,MELTEMI KASTRI S.A,ALVITERRA HELLAS S.A, PORTO CARRAS ESTATE S.A,VILLAGE INN PORTO CARRAS S.A,GOLF PORTO CARRAS S.A,MELITON BEACH PORTO CARRAS S.A,MARINA PORTO CARRAS S.A,
				7	0		0		MARKO MARINES S.A,SAMOS MARINAS S.A,DILOS MARINAS S.A,and SKIATHOS MARINAS S.A, have met all their tax requirements throughout the fiscal year 2002
Deferred taxation of reserves of financial assets availiable for sale Counter Balance of the devaluation of financial assets availiable for sale Increase/Decrease of subsidiary's share capital Other		17 44					463.699		in accordance with Law 259/2004. The companies PORTO CARRAS DEVELOPMENT S.A and PORTO CARRAS CAMPUS S.A have not been audited
		210.705		996.854	309.528
									since their establishment.
Balance c/f (On 30/09/2007 & 30/09/2006 respectively)									3.The company has pledged 6,6 million shares of the TOUSA subsidiary as a collateral for taking a short-term loan of 4 million euro.
									4.The average number of employees of the group of TECHNICAL OLYMPIC during the period 1/1-9/30/2007 was 3.317 compared to 3.662 employees during the period 1/1-9/30/06.
									5. In the period's result losses from the valuation of the parent company's participation in the subsidiary TOUSA Inc. amounted to € 125,795 thou. is included which
									corresponds to the balance net of reserves amounting € 137,011 thou.
									6. All inter company transactions and the account balances of the companies included in the consolidation have been eliminated from the above financial statements of the Group.More precisely, the following transactions have been eliminated: revenues from invoices of €204.398 thou., accounts receivable/liabilities of € 86.319 thou.
									7. For the period from 1/1/07 to 30/9/07, the following amounts resulted by the transactions with the affiliated parties:
									Amounts in thousands Euro			GROUP	COMPANY

									Payments from leasing liabilities	(1.888)	(1.854)	0	0
Total equity and liabilities		2.057.426		2.544.247	343.322		597.852		Inflows from state subsidies	1.654	0	0	2
									Paid interests	(2.999)	(3.141)	(902)	(543)
			INCOME STATEMENT						Dividends paid (to parent company's shareholders)	(2.370)	(3.349)	(2.368)	(1.633)
			for the period form January 1 till September 30 2007						Other	3.498	0	0	0
			(Amounts in thousand Euros)						Net cash flows from financing activities	111.103	139.928	3.456	980
			THE GROUP			THE COMPANY			Net increase in cash and cash equivalents	9.717	(6.027)	(589)	(851)
				01/01-30/09/07 01/07-30/09/07 01/01-30/09/06 01/07-30/09/06		01/01-30/09/07 01/07-30/09/07 01/01-30/09/06 01/07-30/09/06			Cash and cash equivalents at beginning of period	65.515	52.539	1.161	2.493
									Foreign exchange differences cash equivalents at end of period	(28)	0	0	(36)
Turnover	1.343.488	417.980	1.544.863	504.135	3.214	2.614	600	0	Cash and cash equivalents at end of period	75.204	46.512	572	1.606
Cost of sales	(1.573.901)	(730.970)	(1.204.900)	(425.074)	(2.563)	(2.411)	(438)	(111)
Depreciation	8.379	2.405	7.319	2.735	0	0	0	0		GROUP STRUCTURE
Gross profit	(222.034)	(310.585)	347.282	81.796	651	203	162	(111)	Company	Country of incorporation	Equivalent % of Holding
Other operating Income	6.602	2.216	6.382	691	120	14	5.326	5.294	TECHNICAL OLYMPIC S.A.	GREECE	HOLDING
Administrative expenses	(108.131)	(37.300)	(131.933)	(30.443)	(1.821)	(451)	(994)	(248)	MOCHLOS S.A.	GREECE	48,23%
Depreciation	8.885	3.517	9.286	2.866	169	57	175	58	ALVITERRA HELLAS SA	GREECE	74,11%	(1)
Selling, Distribution expenses	(100.015)	(30.640)	(103.115)	(36.157)	(42)	(12)	(9)	(3)	TECHNICAL OLYMPIC USA INC	US	66,94%
Other operating expenses	(78.433)	(34.428)	(7.531)	(1.519)	(17)	(13)	(2.687)	(74)	TECHNICAL OLYMPIC SERVICES INC	US	100%
Earnings before interest, taxes and depreciation (EBITDA)	(493.126)	(407.220)	120.371	17.234	(940)	(202)	1.973	4.916	PORTO KARRAS SA	GREECE	94,82%	(2)
Depreciation	(17.264)	(5.922)	(16.605)	(5.601)	(169)	(57)	(175)	(58)	MELITON BEACH PORTO KARRAS SA	GREECE	92,81%
Earnings before interest, taxes (EBIT)	(510.390)	(413.142)	103.766	11.633	(1.109)	(259)	1.798	4.858	CASINO PORTO KARRAS SA	GREECE	62,34%
Income from participations and securities	(28.087)	(24.099)	(42.584)	(96.193)	(126.369)	(125.739)	(8.558)	(3.404)	ΜΑRΙΝΑ PORTO KARRAS SA	GREECE	90%
Finance costs-(net)	(10.672)	(8.249)	(2.517)	(653)	(683)	14	(1.303)	28	GOLF PORTO KARRAS SA	GREECE	90%
Earnings before taxes (EBT)	(549.149)	(445.490)	58.665	(85.213)	(128.161)	(125.984)	(8.063)	1.482	VILLAGE INN PORTO KARRAS SA	GREECE	96,25%
Income Tax	13.996	(5.977)	(33.019)	28.284	124	(5)	(286)	1	PORTO CARRAS HYDROPLANES & STUDIES SA	GREECE	96,93%
Net profit for the period (PAT)	(535.153)	(451.467)	25.646	(56.929)	(128.037)	(125.989)	(8.349)	1.483	DOMAIN PORTO KARRAS SA	GREECE	94,39%
Earning after taxes of discontinued operations	(11.578)	(2.830)	958	211	0	0	0	0	PORTO KARRAS DEVELOPMENT SA	GREECE	51%
Earning after taxes of continued operations	(546.731)	(454.297)	26.604	(56.718)	(128.037)	(125.989)	(8.349)	1.483	MELTEMI CASTRI SA	GREECE	75%
Distributed to:									STROFYLI TECHNICAL SA	GREECE	99%
Holdings' shareholders	(400.809)	(334.785)	16.667	(37.079)	(128.037)	(125.989)	(8.349)	1.483	DELOS MARINES SA	GREECE	67,58%
Minority interest	(145.922)	(119.512)	9.937	(19.639)	0	0	0	0	MARKO MARINES S.A	GREECE	DILOS participated with 84%
Earnings per share after tax- basic (in Euros) (Basic EPS)	(3)	(2)	0	(0)	(1)	(1)	(0)	0	SAMOS MARINES S.A	GREECE	DILOS participated with 97%

	STATEMENT OF CHANGES IN EQUITY				EUROROM CONSTRUCT II SRL	ROMANIA	MOCHLOS S.A participated with 100%
	for the period form January 1 till September 30 2007				TOXOTIS SA	GREECE	MOCHLOS S.A participated with 100%
	(Amounts in thousand Euros)
	THE GROUP (CONSOLIDATED)			THE COMPANY (STAND ALONE)	EQUITY METHOD
	01/01-30/09/07	01/01-30/09/06	01/01-30/09/07	01/01-30/09/06	LAMDA TECHNOL FLISVOS HOLDING AE	GREECE	29,74%	(3)
Balance b/f ( On 1/1/2007 and 1/1/2006 respectively)	732.548	1.018.093	500.520	736.973	AGROTOURISTIKI	GREECE	30,98%
Increase/Decrease of Share capital	34.782	5.941	34.782	0
Share Capital Increase Expenses	(544)	0	(528)	0	(1) TECHNICAL OLYMPIC 50% - TOXOTIS 50%
Deferred expenses taxation of share capital increase	136	0	132	0	(2) TECHNICAL OLYMPIC 90% - MOCHLOS 10%
Dividends paid	0	(3.349)	0	(2.650)	(3) TECHNICAL OLYMPIC 25% - PORTO CARRAS 5%
Foreign exchange differences	(9.547)	(50.751)	(11)	0	ADDITIONAL NOTES
Profit/(Loss) for the period, after taxation	(546.731)	26.604	(128.037)	(8.349)	1.The Basic accounting principles that are applied are in conformity with the International Financial Reporting Standards (I.F.R.S.)
Revaluation of financial assets availiable for sale	0	0	(137.011)	(262.275)	2.TECHNICAL OLYMPIC S.A has been tax audited through the fiscal year 2005.As for the companies included in the consolidation,MOCHLOS S.A
Deferred taxation of reserves of financial assets availiable for sale	0	0	25.518	0	has been tax audited through the fiscal year 2003,CASINO P.C(as well as the merged company SITHONIA BEACH PORTO CARRAS S.A)through
Counter Balance of the devaluation of financial assets availiable for sale	0	0	14.163	0	the fiscal year 2004,TOXOTIS S.A-Constructions,STROFILI S.A,PORTO CARRAS S.A,ANAP S.A,MELTEMI KASTRI S.A,ALVITERRA HELLAS S.A,
Increase/Decrease of subsidiary's share capital	17	309	0	0	PORTO CARRAS ESTATE S.A,VILLAGE INN PORTO CARRAS S.A,GOLF PORTO CARRAS S.A,MELITON BEACH PORTO CARRAS S.A,MARINA PORTO CARRAS S.A,
Other	44	7	0	0	MARKO MARINES S.A,SAMOS MARINAS S.A,DILOS MARINAS S.A,and SKIATHOS MARINAS S.A, have met all their tax requirements throughout the fiscal year 2002
Balance c/f (On 30/09/2007 & 30/09/2006 respectively)	210.705	996.854	309.528	463.699	in accordance with Law 259/2004. The companies PORTO CARRAS DEVELOPMENT S.A and PORTO CARRAS CAMPUS S.A have not been audited

Sale of goods,services with subsidiaries	0	3.822
Sale of goods with other affiliated parties	1.372	0
Sales of assets to other affiliated companies	873	0
Purchases and remunerations for receiving services from subsidiary	0	2.484
Purchases and remunerations for receiving services from other affiliated parties	443	0
Receivables from subsidiaries	0	16.425
Receivables from affiliated companies	103	103
Receivables from completed projects to other affiliated parties	2.138	0
Receivables from affiliated parties	8.362	71
Liabilities to subsidiaries	0	2.650
Liabilities to other affiliated parties	4.541	220

KONSTANTINOS A. STENGOS	ANDREAS K. STENGOS	GEORGE K.STENGOS	KONSTANTINOS P.RIZOPOULOS	STILIANI X.PAPADOPOULOU
CIVIL ENGINEER	CIVIL ENGINEER	MECHANICAL ENGINEER	ECONOMIST	ECONOMIST
Id.N. AB 342754	Id.N. Χ 055522	Id.N. AB 342752	Id.N. S 332143	Id.N. S 576787

CONDENSED FINANCIAL COMPONENTS AND PERIOD'S INFORMATION FROM 1/1/2007 TO 30/09/2007

( published based on Law 2190, article 135 for companies issuing annual financial statements, consolidated or not, in accordance with IAS)

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CONDENSED FINANCIAL COMPONENTS AND PERIOD'S INFORMATION FROM 1/1/2007 TO 30/09/2007

CONDENSED FINANCIAL COMPONENTS AND PERIOD'S INFORMATION FROM 1/1/2007 TO 30/09/2007

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