Ionian Hotel Enterprises S.A. announces that its Board of Directors:

(a) With its minutes no. 396/16.12.2016 elected Messrs. Ethem Naci Başerdem and Emmanouil Georgakopoulos to replace its resignee members Messrs. Themistoklis Korkontzelos and Georgios Poimenides, and designated Mr. Georgakopoulos as member of the Audit Committee of the company (article 37 L. 3693/2008) in lieu of Mr. Poimenides until the next General Meeting of the shareholders of the company; and

(b) With its minutes no. 397/16.12.2016 elected Messrs. Achilles V. Konstantakopoulos and Hüsnü Akhan to replace its resignee members Messrs. Pavlos G. Karakostas and Spyros N. Filaretos and constituted itself into a body corporate as follows:

1. Achiles V. Konstantakopoulos, executive member, Chairman of the Board

2. Hüsnü Akhan, executive member, Vice-Chairman of the Board

3. Ethem Naci Başerdem, executive member

4. Emmanouil Georgakopoulos, non-executive member

5. Nikolaos G. Koutsos, independent non-executive member

6. Georgios P. Arvanitis, independent non-executive member

The full text of the above minutes has been uploaded to the website of the company.