IONIAN HOTEL ENT.

First quarter 2007 results

Losses amounted to Euro 780 thousand compared with losses of Euro 860 thousand last year. Earnings before interest, tax, depreciation and amortisation (EBITDA) reached Euro 1.6 million from Euro 1.5 million last year, posting an increase of 6.7%. Turnover reached Euro 9.1 million from Euro 9.2 million last year.