The Ordinary Annual General Meeting of Astir Palace Vouliagmeni S.A. Shareholders took place today on 20.06.2003.During the Meeting Shareholders:

1.Approved the Financial Statements for the fiscal year 01.01.2002 - 31.12.2002.

2.Approved for the distribution of EUR 0.10 dividend per share to the shareholders. Shareholders entitled to dividend are owners of shares of the Company at the closing of the trading session of the Athens Stock Exchange on June 20th, 2003, according to the clearing of the Central Securities Depository S.A. As of June 23rd, 2003 shares are traded on the Athens Exchange ex-dividend. The commencement day of the dividend payment will be announced on time through the press during the next 2 months.

3. Approved the differentiation of the allocation and time scale of the capital raised from the share capital increase (with cash) compared to the provision of the company?s prospectus and the previous alteration, as well as the announcement of the new table of capital allocation to the press, after its submission to the ATHEX. It is reminded that despite the international unfavorable economic environment, the financial results of the company continued the positive trend with turnover increasing by 7,5% year on year reaching euro 27.2 million in 2002 compared to euro 25.3 million in 2001. The total cost of goods sold and operating expenses increased by 2.1% y-o-y and reached euro 19.3 million compared to euro 18.9 million in 2001. Operating profit increased significantly by 19.7% and reached euro 8.606 thousand versus euro 7.190 thousand in 2001. Pre tax profit, for 2002 reached euro 7.340 thousand versus euro 7.008 thousand during the same period last year, showing an increase of 4.7% y-o-y, despite the decrease in financial expenses and the increase in depreciation expenses.