Consolidated Financial Results

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Carmel Ellis
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1 Consolidated Financial Results June YTD

2 Solid shopping centers performance against adverse market conditions Average shopping centers occupancy approaching 99% Retail Recurring EBITDA down 9% to 17.4mil. NAV decreased by 6% vs Dec2011 to 373mil. ( 9.1 euro per share) EBITDA (excl. valuations) decreased by 8% to 16.3mil. Net loss -18.3mil. - Net Profit of 1.4mil. (excl. valuations) Liquidity remains strong - LTV at 53% - Group cash availability approaches 109 mil. EFG Properties shares accounting treatment of cumulative impairment losses through P&L 44m. ( No change in market price compared to Dec.11) Focus on retail sector, liquidity, risk and cost management 2

M euros Net Asset Value 373-6% 396-12% 448 NAV Jun.

market price 2,12 per share as of 27/08 vs NAV per

3 M euros Net Asset Value 373-6% % 448 NAV Jun vs Dec % Jun.2012 Dec Dec.2010 Net Asset Value Per Share (excl. treasury shares)- per share 10,9 78% discount of market price 2,12 per share as of 27/08 vs NAV per share of 9,1 Total market cap 94m. as of 27/08 vs NAV 373m. 9,6 9,1 Jun.2012 Dec Dec

4 NAV Reconciliation NAV 31/12/2011 (in mil.) 396,1 Net profit of the period(excluding valuations) 1,4 Accumulated EUPRO losses ( P&L effect) -62,3-44,0 Net of tax valuation losses -19,7 Share buy back cash outflow -0,5 Accumulated EUPRO losses (NAV Reserves) 44,0 Other elements -4,3 NAV 30/06/ ,9 Eurobank Properties valuation Eurobank Properties shares on 31/12/11 Number of shares MV 30/06/12 in mil. MV 31/12/11 in mil Total profit/loss in mil ,3 34,3 0,0 Acquisition cost Shares acquired in ,0 0,0 0,0 Treasury shares 7,8% at 4,9 average cost Eurobank Properties market price remains at ( Totals ,3 34,3 0,0 4

&other 176,2 178,5-2,3-1,3% Total 711,6 733,6-22,0-3,0% The table includes total valuations effect of 24.4mil. and other assets additions /disposals.

5 Property June 2012 Dec 2011 Difference %Difference %yields 2012 %yields 2011 The Mall Athens (50%) 229,9 237,4-7,5-3,2% 7,0 7,1 Mediterranean Cosmos 171,2 175,1-3,9-2,2% 9,2 9,1 Golden Hall 100,6 105,0-4,4-4,2% 8,6 8,7 Total Malls 501,7 517,4-15,8-3,0% 8,1 7,9 Total offices 33,8 37,7-3,9-10,4% 8,4 8,1 Total Land &other 176,2 178,5-2,3-1,3% Total 711,6 733,6-22,0-3,0% The table includes total valuations effect of 24.4mil. and other assets additions /disposals. The Group performs independent valuations in June and December. Property at cost that is depreciated according to IFRS is not included. Consolidated Financial Results December YTD

Jun. YTD: 2012 VS 2011 18,6 21,1 16,3 17,8 2012 2011 10,0 Recurring EBITDA decreased by 12% -8,1-1,5-3,2-3,2 EBITDA before Valuations decreased by 8% -20,6-18,3 Total Net Loss

6 Jun. YTD: 2012 VS ,6 21,1 16,3 17, ,0 Recurring EBITDA decreased by 12% -8,1-1,5-3,2-3,2 EBITDA before Valuations decreased by 8% -20,6-18,3 Total Net Loss includes 44m. restatement of accumulated Eurobank Properties impairment losses to P&L. -62,3 Recurring EBITDA EBITDA before VALUATIONS EBITDA Pre-tax Loss Net Loss Total Net Loss 6

Jun. YTD: 2012 VS 2011 (in million) Retail EBITDA 2012 2011 6,8 7,5 7,2 7,3

Cosmos Golden Hall Total Retail EBITDA 2012 2011 21,1 17,4 19,1 18,6 5,0 5,4 0,8

Offices recurring EBITDA decreased by 0.3mil.

Marina affected by negative market conditions and concession rental step-up by 20%

7 Jun. YTD: 2012 VS 2011 (in million) Retail EBITDA ,8 7,5 7,2 7,3 Recurring EBITDA -9% 17,4 19,1 4,3 3,4 The Mall Athens Med. Cosmos Golden Hall Total Retail EBITDA ,1 17,4 19,1 18,6 5,0 5,4 0,8 1,9-4,6-5,3 Recurring EBITDA from retail sector decreased by 9%. Offices recurring EBITDA decreased by 0.3mil. due to Othonos office disposal in H Marina affected by negative market conditions and concession rental step-up by 20% in Overheads reduction 13%. Retail EBITDA Offices & Marina Dividends & participations Overheads Recurring EBITDA The Athens Mall is consolidated on a proportional basis (50 %) for published results purposes 7

YTD: 2012 VS 2011 18,6 21,1-2,4-3,3-7,8-8,2 10,0-11,2-10,2-1,3-1,3 0,5 0,3 1,9 (in million) -2,0-3,2 0,0-3,2 Other

8 Recurring EBITDA Other income - expense Valuations EBITDA Net Interest Depreciation Minorities Taxes Net Loss EUPRO Impairment Total Net loss Jun. YTD: 2012 VS ,6 21,1-2,4-3,3-7,8-8,2 10,0-11,2-10,2-1,3-1,3 0,5 0,3 1,9 (in million) -2,0-3,2 0,0-3,2 Other expense relates mainly to assets improvements, marketing support plans and provisions build up ,4-18,3-44,0-62,3 Net interest increased by 1m. due to increased loan interest rates and reduced cash deposits 8

9 (in million) Jun Dec Investment Property 582,5 603,8 Fixed Assets & Inventory 180,3 180,3 Available for sale (EFG Properties) 34,3 34,3 Total Investment Portfolio 797,1 818,3 Cash 108,6 131,3 VAT Receivable 0,6 4,8 Other Receivables & accruals 49,3 48,2 Total Assets 955, ,7 Bank Debt 530,4 552,2 Payables 38,8 41,3 Deferred Tax Liability 51,1 54,6 Total Liabilities 620,3 648,1 Total investment portfolio decreased, due to losses from valuations. VAT receivable decreased by 4.2m. Bank loans decreased by 22m. Share Capital 219,7 220,2 Retained Earnings 105,1 123,3 Minorities 10,5 11,1 Total Equity 335,3 354,6 Total Liabilities & Equity 955, ,7 NAV 372,9 396,1 9

By Sector In million 1,4% Retail Jun.2012 Dec.

Other Income Generating Assets Retail 501,7 517,4 4,2%

generating Assets 86,6 88,0 By Country Land 170,7

Bulgaria Serbia Total 804,5 825,9 2% Romania *Includes

10 By Sector In million 1,4% Retail Jun.2012 Dec ,3% Offices Investment Portfolio 10,8% 62,4% Other Income Generating Assets Retail 501,7 517,4 4,2% Land Other Assets Offices 33,8 37,7 Other income generating Assets 86,6 88,0 By Country Land 170,7 172,5 83% 2% Greece Other Assets 11,8 10,3 13% Bulgaria Serbia Total 804,5 825,9 2% Romania *Includes minority participations in two properties 7,4 7,6 Balance Sheet Total 797,1 818,3 10

11 Retail - Offices - Income Generating Assets (In million) % Yields Name Value LAMDA Dev. % Balance Sheet Value Valuation Method Jun. 12 Dec.11 Dec.10 Retail The Mall Athens 459, ,9 Fair Value 7,0 7,1 6,9 Mediterannean Cosmos 171, ,2 Fair Value 9,2 9,1 9,2 Golden Hall 100, ,6 Fair Value 8,6 8,7 8 Total 731,5 501,7 8,1 8,1 7,9 Offices Cecil 21, ,3 Fair Value 8,2 7,9 7,6 Kronos 8,0 80 8,0 Fair Value 9,0 8,6 8,3 Othonos 0, ,6 Fair Value 8,7 8,7 7,8 Ploesti Building 9,7 40 3,9 Fair Value 11,2 10,1 9,2 Total Office 39,6 33,8 8,7 8,3 7,9 Income Generating Assets Kronos Parking 5, ,5 Fair Value 9,0 9,3 8,0 Koropi 6,8 80 6,8 Cost Flisvos Marina 37,1 47,1 36,5 NBV Metropolitan Expo 29,9 11,7 3,5 NBV EFG Properties Shares 231,8 14,8 34,3 Total Income Gen. Assets 311,2 86,6 Market price@3,80 11

2012 2011 (in million) Occupancy 98% 18,0 16,5 EBITDA decreased by 9.9% 14,7 13,5 13,6 15,1 Revenue decreased by 8.

9% 0,5 0,6 1,9 2,1 0,6 0,6-0,9-1,0-2,1-2,0 Base Turnover Parking Other Total Revenue Mngm.

12 (in million) Occupancy 98% 18,0 16,5 EBITDA decreased by 9.9% 14,7 13,5 13,6 15,1 Revenue decreased by 8.3% Number of visitors decreased by 1.7% Shopkeeper sales decreased by 9.9% 0,5 0,6 1,9 2,1 0,6 0,6-0,9-1,0-2,1-2,0 Base Turnover Parking Other Total Revenue Mngm. Fee Other costs EBITDA Above chart represents 100% operational results for the Shopping center. The Athens Mall is consolidated on a proportional basis (50 %) in our financial statements. 12

13 (in million) 9,0 9,3 9,7 9, Occupancy 98% EBITDA decreased by 1.4% Revenue decreased by 2 % 7,2 7,3 Number of visitors decreased by 4.5% Shopkeeper sales decreased by 5.8% 0,2 0,2 0,5 0,4-0,1-0,1-2,4-2,6 Base Turnover Other Total Revenue Mangmnt fee Lease-hold& Other costs EBITDA 13

14 (in million) 9,9 8,8 9, ,9 Occupancy 97% EBITDA decreased by 20.9% 3,4 4,3 Revenues decreased by 7% Number of visitors decreased by 4.5% 0,1 0,1 0,7 0,8 0,5 0,2 Shopkeeper sales decreased by 13.9% -0,5-0,5-5,3-5,1 Base Turnover Parking Other Total Revenue Mangmnt fee Lease-hold & Other costs EBITDA 14

15 Land and Other Fixed Assets (In million) Initial cost Value LAMDA Dev. % Balance Sheet Value Valuation Method Land Spata 16,0 26, ,4 Fair Value Viltanioti 8,3 7,7 50 3,8 Fair Value Aegina (Residential) 13,8 10, ,9 Fair Value Sofia / Dragalevtsi (Residential) 3,9 3, ,3 Fair Value Sofia / Ring Road (Mixed) 5,5 4,2 50,0 2,1 Fair Value Sofia / V.Levski Blvd. (Mixed) 14,7 10,2 100,0 10,2 Fair Value Belgrade / Vrakar (Residential) 3,1 3, ,1 Fair Value Belgrade / Kalemegdan (Mixed) 59,3 63, ,3 Cost Belgrade (Mixed) 78,8 92, ,4 Cost Montenegro / Budva (Residential) 4,1 4, ,1 Cost Bucharest / Pitesti (Logistics) 3,4 2,7 90 2,7 Fair Value Bucharest (Residential) 9,8 5, ,3 Fair Value Total Land 220,8 234,1 170,7 Other Assets Other Fixed Assets 11, ,8 15

16 Debt per Project Jun. 30, 2012 Dec. 31, 2011 The Mall Athens (HSBC) Medit. Cosmos Mall (Eurohypo) Marina (Bank of Cyprus) Golden Hall (Alpha,Eurobank,HSBC) Other (Alpha,Eurobank,Piraeus,Emporiki) Lamda Development (Alpha,Millennium,Eurobank,Piraeus,Emporiki) Total Debt Cash Net Debt Debt Highlights Debt Ratios 30/6/ /12/2011 Long Term 96% Total interest rate cost 4,27% Average debt maturity 3,0 years No major refinancing until 2014 Loan covenants are comfortably met Interest rates hedged for 46% of total loans Net debt /Investment portfolio (LTV) 53% 51% Net debt /Book equity 126% 119% Sensitivity Analysis 25bps change in loans linked to EURIBOR- Effect on Group's annual interest expense 0,8 Euro M. 16

17 CAP Rates Sensitivity MALL MC GH Offices NAV change from 0,25% cap rate change 19,7 5,9 4,5 1,6 Lamda Development share in euro M 9,8 5,9 4,5 1,6 21,8 EBITDA Sensitivity MALL MC GH Offices NAV change from 1M NOI change per project 16,8 12,0 13,0 - LAMDA Development share in euro M 8,4 12,0 13,0-33,4 Total cap rates and EBITDA sensitivity 55,2 17

01/01/2012 30/06/2012 130 LAMDA = -26,0% - 1,85 ASE = -10,18% - 611,16

18 01/01/ /06/ LAMDA = -26,0% - 1,85 ASE = -10,18% - 611,16 MID-40 = 0,69% - 643, /06/12 17/06/12 07/06/12 28/05/12 18/05/12 08/05/12 28/04/12 18/04/12 08/04/12 29/03/12 19/03/12 09/03/12 28/02/12 18/02/12 08/02/12 29/01/12 19/01/12 09/01/12 30/12/11 18

INTERNATIONAL INVESTORS GREEK INSTITUTIONAL LAMDA

19 as of 21/08/2012 7,87% 3,05% 15,70% 5,44% 5,92% 62,02% CONSOLIDATED LAMDA HOLDINGS EFG EUROBANK ERGASIAS INTERNATIONAL INVESTORS GREEK INSTITUTIONAL LAMDA DEVELOPMENT S.A. PRIVATE INVESTORS Total number of shares :

20 DISCLAIMER This presentation has been prepared by Lamda Development S.A. (the Company ). The information contained in this presentation has not been independently verified and no representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. None of the Company, shareholders or any of their respective affiliates, advisers or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. Unless otherwise stated, all financials contained herein are stated in accordance with International Financial Reporting Standards ( IFRS ). This presentation does not constitute an offer or invitation to purchase or subscribe for any shares and neither it or any part of it shall form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. The information included in this presentation may be subject to updating, completion, revision and amendment and such information may change materially. No person is under any obligation to update or keep current the information contained in the presentation and any opinions expressed in relation thereof are subject to change without notices. This presentation is subject to any future announcements of material information made by the Company in accordance with law. This presentation is only for persons having professional experience in matters relating to investments and must not be acted or relied on by persons who are not Relevant Persons (as defined below). Solicitations resulting from this presentation will only be responded to if the person concerned is a Relevant Person. This presentation and its contents are confidential and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person, whether or not they are a Relevant Person. Nor should the recipient use the information in this presentation in any way which would constitute "market abuse". If you have received this presentation and you are not a Relevant Person you must return it immediately to the Company. This presentation does not constitute a recommendation regarding the securities of the Company. FORWARD LOOKING STATEMENTS This document contains forward-looking statements. Except for historical information, the matters discussed in this presentation are forward-looking statements that are subject to certain risks and uncertainties that could cause the actual results of operations, financial condition, liquidity, performance, prospects and opportunities to differ materially, including but not limited to the following: the uncertainty of the national and global economy; economic conditions generally and the Company s sector specifically; competition from other Companies. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this presentation, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. By attending this presentation, you agree to be bound by the foregoing limitations. LAMDA Development S.A. 37Α Kifissias Ave. (Golden Hall) Maroussi Greece Tel: Fax: Web site : CEO : Mr. Odisseas Athanassiou athanasiou@lamda-development.net Investor Relations : Mr. Alexandros Kokkidis akokkidis@lamda-development.net

Consolidated Financial Results

Consolidated Financial Results March YTD 2012 1 Solid shopping centers performance against adverse market conditions Average shopping centers occupancy approaching 99% NAV increased by 1% vs Dec2011 Liquidity