Lamda Development S A : Ordinary General Meeting 2024 Presentation

Disclaimer

This presentation has been prepared by LAMDA Development S.A. (the "Company") for the purposes of the Company's Annual General Meeting (AGM)(27.06.2024).

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.

This document is not intended to be relied upon as legal, accounting, regulatory, tax or other advice, does not take into consideration the goals, or the legal, accounting, regulatory, tax or financial situation or the needs of a potential investor and do not form the basis for an informed investment decision.

On this basis, the Company does not and will not undertake any liability whatsoever from the information included herein. Furthermore, none of the Company nor any of its respective shareholders, affiliates, directors, advisers, officers, managers, representatives or agents, accepts any liability whatsoever (in negligence or otherwise, whether direct or indirect, in contract, tort or otherwise) for any loss or damage arising from any use of this document or its contents or otherwise arising in connection with this document and explicitly disclaim any and all liability whatsoever arising from this document and any error contained therein and/or omissions arising from it or from any use of this document or its contents or otherwise in connection with it.

All financials contained herein are based on Company's management accounts.

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. This presentation does not constitute a recommendation regarding the securities of the Company.

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 the law.

The information in this presentation must not be used in any way which would constitute "market abuse".

The document contains several renderings related to The Ellinikon project developments. The completed project may differ significantly from the mock-ups that the Company has currently developed with its partners.

FORWARD LOOKING STATEMENTS

This document contains certain forward-looking statements pertaining to the Company and its Group. All projections are rounded figures, except for historical information. Forward-looking statements are based on current expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. You can identify these forward-looking statements by the use of words such as "outlook," "believe," "think," "expect," "potential," "fair", "continue," "may," "should," "seek," "approximately," "predict," "forecast", "project", "intend," "will," "plan," "estimate," "anticipate," the negative version of these words, other comparable words or other statements that do not relate strictly to historical or factual matters, but any such words are not the exclusive means of identifying these statements.

These forward-looking statements are based on the Company's beliefs, assumptions and expectations, but these beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to the Company or within its control. These include, among other factors, the uncertainty of the national and global economy; economic conditions generally and the Company's sector specifically; competition from other Companies, changing business or other market conditions, changing political conditions and the prospects for growth anticipated by the Company's management, fluctuations in market conditions affecting the Company's income and the exposure to risks associated with borrowings as a result of the Company's leverage. These and other factors could adversely affect the outcome and financial effects of the plans and events described herein and could cause the actual results of operations, financial condition, liquidity, performance, prospects and opportunities of the Company and its Group to differ materially.

Due to various risks and uncertainties, actual events or results may differ materially from those reflected or contemplated in such forward-looking statements. Therefore, there can be no assurance that developments will transpire as forecasted. Past performance is no guarantee of future results.

All forward-looking statements speak only as of the date of the document. The Company does not undertake any obligation to update or revise any forward-lookingstatements to reflect circumstances, the receipt of new information, or events that occur after the date of this document. As such, you should not place undue reliance on forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions and that it has used all reasonable assumptions for the targets, estimates or expectations expressed or reflected in the forward-looking statements included herein, it can give no assurance that such targets, estimates or expectations will be attained.

This document also includes certain non-IFRS and other operating and performance measures, which have not been subject to any financial audit for any period. These non-IFRS measures are in addition to, and not a substitute for, measures of financial performance prepared in accordance with IFRS and may not include all items that are significant to an investor's analysis of the Company's financial results.

Agenda

O1. 2023 Group results overview

O2. Investment Assets: Malls & Marinas

O3. Development Assets: The Ellinikon

O4. Share price performance considerations

O5. International Media Campaign

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O1

Group Results Overview

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Group 2023 Results Overview

Group

Malls

Marinas

The Ellinikon

69% Increase in Group EBITDA over 2022 at €206m after valuations

18% Increase in Operating Malls EBITDA over 2022 New Record High at €81m

5% Increase in Marinas EBITDA over 2022

New Record High at €18m

EBITDA of €65m achieving profitability in only 2.5 years since acquisition

Total Cash Proceeds of €0.7bn (until 27.05.2024)

Construction works visible from Posidonos

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Group Balance Sheet Snapshot - March 31, 2024

NAV

Cash

Borrowings

€1.4bn	OR	€8.04 /share

€0.6bn				€3.3bn
	Investment
		Portfolio

€1.2bn				18%
	Net Borrowings
		/Inv. Portfolio

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The Ellinikon | Funding

• Total Cash Proceeds from property sales have reached €0.7bn
• Very healthy group cash position €0.6bn
• No Bank Financing to-date

Funding for The Ellinikon is secured on the back of the project's exceptional Commercial Success

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O2

Investment Assets

Malls & Marinas

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Four Operating Malls

EBITDA +18% - New record high

4 Malls1

Tenant Sales

+18% €823m

Rent Collection

100%

Footfall

+17% 25m

Occupancy

100%

1. Designer Outlet Athens was acquired in early August 2022. FY2022 EBITDA included Designer Outlet for c.5 months (since 06.08.2022)

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