iO Adria Limited - Change of Directors

Hamilton, Bermuda – 27 September, 2011 – The Board of Directors of iO Adria Limited (the “Company”; Ticker: IAL.BH) announce the appointments of William Crewdson, Ivana Soljan and Alex Penkul as directors of the Company, with effect from 7 September, 2011.

William Crewdson is the Chief Executive of the iO Adria group of companies.  Previously, William was the Director of Jupiter Asset Management Limited responsible for that group’s private equity operations and interests. William has over twenty five years of private equity experience and has specialised in Central Europe for the past twenty years where he built a successful track record in a wide range of emerging countries, including Croatia. William has amassed considerable experience negotiating acquisitions and disposals in a variety of industries, of creating management teams mixing local and foreign component members, of complex public-to-private transactions, of structuring debt with a wide range of local and foreign banks, and of directing corporate strategy. William was responsible for the inception of the iO Adria group whilst at Jupiter.

Ivana Šoljan is the Chief Operating Officer of the iO Adria group of companies. Ivana has held various senior management positions in Croatia including that of chief producer of the first commercial television station in Croatia (Z3) , Head of Marketing, Strategic Planning and Development of  one of Croatia’s then largest magazine publishing house (EPH) before latterly acting as a board member of T-HT (Croatian telecom company owned by Deutsche Telecom) and as President of the Board of T-com (fixed and online unit) where she was responsible for more than 4000 people and more than 60% of the revenue of the group.

Alex Penkul is the Chief Financial Officer of the iO Adria group. Alex is a Chartered Accountant with 18 years experience in various finance roles in the hospitality industry. Prior to joining iO Adria, Alex worked for Kerzner International as Finance Director of One&Only Resorts, the operator of luxury, award winning properties located in the Maldives, Mauritius, Dubai, Bahamas, South Africa and Mexico. Prior to that, Alex was Treasury and Planning Director with Queens Moat Houses plc, which owned and operated over 80 hotels in the UK, Germany and The Netherlands.

The Board of Directors of iO Adria Limited also wish to announce that Reef Hogg retired as a Director of the Company having not put himself forward for re-election to the Board at the Company’s Annual General Meeting held on 29 July, 2011.