By the Law 3340/2005 and article 2 of decision 3/347/12-7-2005 issued by the Board of Directors of the Hellenic Capital Market Committee, we inform the public that our related company (20,344% shareholding) LATIRUS ENTERPRISES LTD with registered offices in Cyprus, which holds 96,045% of the share capital of IKTINOS TECHNICAL AND TOURIST S.A., decided on 30/07/2007 to increase its share capital by 2.194.931,95 Euro. By resolution of the Board of Directors, IKTINOS HELLAS S.A. will participate in the above share capital increase and maintain its shareholdings (20.344%) by paying the amount of 446.648,99 Euro. The aforementioned increase is made so as to invest these amounts in IKTINOS TECHNICAL AND TOURIST S.A. for the development of the project at the Ormos Faneromenis location, in the Municipality of Sitia, Crete, and the construction of a tourist resort with a capacity of 700 beds, a conference centre with a capacity of 500 persons, a thalassotherapy centre with a capacity of 100 persons, a harbour with a capacity of 85 tourist boats, an 18-hole golf course, and two housing estates.