ASTIR PALACE VOULIAGMENI S. A. announced its Year-to-Date financial results, as on 30/9/03.

During the period 1/1-30/9/03 the total turnover of the company amounted to 19.709,000 euros versus 24.097,000 euros last year, showing a decrease of approximately 18%.

This decrease is due to the following reasons:

1) Closing down of the restaurant Club House on 1/5/03 as well of this of the two Hotels Arion & Nafsika on 1/9 for renovations.

2) 2002 figures included the revenue from Poseidonia, which take place every second year (even years).

3) General decrease of arrivals of tourists in Attika during the summer months. The GOP before depreciation for the same period amounted to 6.444,000 euros versus 10.971,000 euros in 2002, showing a decrease, due to the above mentioned reasons. The Year-to-Date net profit before taxes on 30/9/03 reached the amount of 4.447,000 euros versus 9.074,000 euros in 2002.