Announcement [27.10.2016]

Ionian Hotel Enterprises S.A. (hereinafter “IHE”) announces that it has been informed by Alpha Bank A.E. (“Alpha Bank” or the “Bank”), its majority shareholder, by way of a letter dated 27.10.2016, of the following:

“Alpha Bank hereby informs IHE that, further to its letters of 26.7.2016 and 5.8.2016, the Bank has concluded a definitive agreement with Home Holdings S.A., a company owned by Tourism Enterprises of Messinia S.A. and D-Marine Investments Holding B.V. for the sale of its majority stake (approximately 97.3%) in the share capital of IHE. The total transaction consideration, including the refinancing of the existing debt of IHE (Euro 67 million), amounts to Euro 142 million and is subject to a customary adjustment mechanism as at the day of completion.

The completion of the transaction is subject to approval by the Hellenic Competition Commission and is expected to take place within 2016”.

IHE will duly inform investors, in accordance with all applicable laws, of any further developments.