Attica Enterprises S.A invests in Strintzis Lines Shipping S.A.

The Board of Directors of Attica Enterprises Holdings S.A., parent company of Superfast ferries, wishes to announce the signing of an agreement with shareholders of Strintzis Lines Shipping S.A. for the acquisition of approximately 38% of the outstanding shares Strintzis Lines Shipping S.A.

The agreement provides that the same shareholders will become stockholders of Attica Enterprises S.A. through their participation in a forthcoming capital increase of Attica Enterprises S.A.

Attica Enterprises S.A. will participate with 5 members in the 9-member Board of Directors of Strintzis Lines Shipping S.A. and at the next General Assembly, the shareholders of Attica will be asked to approve the increase of the number of Board members from 5 to 7. Mr G. Strintzis, Chairman of Strintzis Lines and Mr P. Strintzis, Managing Director of Strintzis Lines will be asked to join Attica/s Board.

Attica Enterprises S.A. and Strintzis Lines aim to expand their field of operations to include new domestic and international routes and to take advantage of economies of scale and size and the synergies which will occur at all levels of operation.

The fleet of the two companies comprises 16 ships of which 4 SuperFast ferries, another 10 large car-passenger ferries and 2 catamaran type passenger-only ferries, while the two companies have under construction a total of 11 large car passenger ships worth in excess of US$1 billion. In the next period of less than two years from now, the total fleet of Attica and Strintzis will number 27 units and they will employ some 2,500 persons ashore and at sea.

Strintzis Lines/ long time presence in the domestic and international passenger shipping scene is expected to offer additional strength to Attica Enterprises and a new and enlarged perspective of products and opportunities for the benefit of its customers.

This transaction will be finalised after completion of due diligence and the share capital increase of Attica Enterprises S.A.

Voula, 31th August, 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,