ASTIR PALACE VOULIAGMENI S.A. announces financial results for the year 2003. Turnover amounted to 21 million euros, from 27.2 million euros in 2002. Gross profit reached 2.7 million euros compare to 7.3 million euros in 2002.

The Operating results before depreciation accounted for 3.6 million euros, compared to 8.6 million euros in 2002

It is noted that turnover decrease is attributed to:

• The shut down of restaurant Club House from 1/05/2003, and the shutdown of the Hotel units Arion and Nafsika from 1/09/203 in order to proceed investments for their renovation.

• The absence of Posidonia exhibition, that take place every two years (even years)

• The decrease of incoming tourists in Attica Region Luxury Hotels attributed to the Global tourism recession.

Operating results were enhanced from net financial income of 1 million euros compared to 1.5 million euros last year. On the contrary, net extraordinary losses of 2.7 million euros, (from 0.2 million euros in 2002) and depreciation expenses, of 2 million euros (compared to 2.5 million euros last year), affected operating profit, leading to losses before taxes of 154.8 thousand euros.

Net results (after the appropriation of taxes) accounted to losses of 3.2 million euros, due to taxes and tax differences for the period 1999-2002.

B. Revaluation of Assets

The company appraised the value of its assets (land, buildings etc.) to current fair values, according to Article 15 L. 3229/2004, resulting to a surplus of 17.5 million euros. At the Annual General Meeting of shareholders on 24.3.2004, the Board of Directors will propose the capitalization of this surplus, distributing 2 new shares for every 10 holding, with nominal value of 3 euros / share, supplementing the difference from the share premium account.