Monday, May 7th, 2001 The Pierre Hotel, New York City

Hellenic Tourist Properties S.A. (E.T.A.)

Hellenic Tourist Properties S.A. (E.T.A.) was established with the purpose privatizing and developing the Greek National Tourist Organization's (EOT) portfolio of assets. Using international financial and investment market criteria, methodology and tools, the Greek Government owned company is poised to benefit both the National Tourist Policy and the Greek tourist Industry in general. The company is part of the Greek public sector and is governed by a seven-member board. Through a diverse portfolio of properties and business, E.T.A. not only currently provides the entire spectrum of traditional tourist services (hotels, marinas, ski resorts, restaurants, beaches, etc.), but is positioned to satisfy all modern forms of tourist demand such as marine, therapeutic, mountain, conference and sporting tourism.

The assets that Hellenic Tourist Properties manages are valued in excess of three trillion Drachmas (US $8 billion) and constitute the largest property portfolio in Greece. E.T.A.'s real estate portfolio comprises of more than 300 properties whose total area exceed 70,000 stremmata (17,290 acres), more than 40 enterprises and a significant number of businesses on lease contracts or concession agreements.

In order to better finance the upgrade of existing operations as well as explore potential business interest and attract investment capital for tourism development, the company has proceeded with an international tender to obtain the services of a Financial Consultant. To tap the necessary funds, E.T.A. looks to the capital market and will make use of various stock exchange products. The company will primarily target institutional investors, strategic investors as well as private investors

Contact Information:
Mrs. E.K. Delivorias Managing Directror's Office Communications/Public Relations
7 Voulis Street, 6th Floor Athens Greece
Tel: 30 1 33 39 409 Fax: 30 1 33 39 458 30 1 33 39 550