Ionian Hotel Enterprises : Announcement

Announcement [5.8.2016]

Ionian Hotel Enterprises S.A. ('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 5.8.2016, as follows:

'Alpha Bank hereby informs IHE that, further to its letter dated 26.7.2016, the Bank, with the support of its financial adviser Citigroup Global Markets Ltd., has completed the evaluation of the binding offers ('Binding Offers') submitted by investors in the context of a process to acquire the majority stake in the share capital of IHE (the 'Process'). Following the evaluation of the Binding Offers, Alpha Bank has selected a consortium comprised of Tourism Enterprises of Messinia S.A. and D-Marine Investments Holding B.V. as the preferred bidder ('Preferred Bidder').

Alpha Bank has entered into exclusive discussions with the Preferred Bidder for the completion of the Process'. IHE will duly inform investors, in accordance with all applicable laws, of any further developments in the Process.

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