1. ATTICA ENTERPRISES S.A. submitted to the Minister of Merchant Marine an application for inclusion in the greek ship register of the two brand new ferries, SUPERFAST V and SUPERFAST VI to be delivered in the coming months. The two new car passenger ferries of Attica Enterprises which will be deployed in the Adriatic Sea and they will fly the Greek flag offering employment to approximately 200 persons ashore and at sea.

2. Following the Ministers of Merchant Marine statement of 6th October, 1999 that "there is an imminent need to improve the fleet of the Dodecanese routes", the Company submitted today applications for licenses for two brand new fast ferries for the routes Piraeus - Kos - Rhodes and Piraeus - Chania, Crete.

The route Piraeus - Rhodes via Kos will be covered in 10 hours and 10 minutes (currently in about 18 hours) and the route Piraeus to Chania in 5 hours and 15 minutes (currently in about 10 hours).

The Company has committed itself that it intends to serve the route Piraeus (or Rafina) - Patmos - Leros - Kalymnos - Kos - Nissyros - Tilos - Rhodes with another ship of the Group.

For the route between Piraeus and Chania, Crete, the Company committed itself for fare reductions and discounts of 23.5% on the official passenger return fares. It also offers a 20% price cut on private car and truck fares. Additional to these discounts, the Company intends to offer season tickets, family and group packages.

3. The ships to be deployed are 28 knot, 30,000 grt, SUPERFAST type ferries with a maximum length over all of 175m and the capacity to carry 1,600 passengers and 850 private cars or 110 large trucks and 100 private cars.

Voula, 12th October, 1999

Ohe Board of Directors

For more information please contact:
Mr. Yannis Criticos,
Attica Enterprises S.A.,
tel.: +301 891 9500,
fax : +301 891 9509,