PRESS RELEASES / ANNOUNCEMENTS

EARNINGS BEFORE INTEREST AND DEPRECIATION (EBITDA) AT EURO 10 MLN FOR ATTICA ENTERPRISES GROUP IN THE FIRST QUARTER OF 2004 AGAINST EURO 2.6 MLN IN THE FIRST QUARTER OF 2003

Attica Enterprises Group posted a 7% increase in Turnover at Euro 69.7 mln generated by the operation of Superfast Ferries (Euro 47 mln) and Blue Star Ferries (Euro 22.7 mln). Consolidated Earnings before Interest and Depreciation (EBITDA) stand at Euro 10 mln, versus Euro 2.6 mln in the same period of 2003, an increase of 284%. Consolidated Group results before tax show a decrease of losses from Euro 16.9 mln to Euro 1.7 mln in the first quarter of 2004.

Group financial results for the first quarter of 2004 include net financial expenses of Euro 7.8 mln versus Euro 9.6 mln and Depreciation charges of Euro 10.1 mln versus Euro 9.5 mln in the same period of 2003, and net extraordinary income of Euro 8.1 mln. Net extraordinary income includes Euro 4.7 mln profit from the sale of Superfast I concluded within the first quarter of 2004

ATTICA ENTERPRISES GROUP MAINTAINS LARGE MARKET SHARES AND THE LEADING POSITION IN THE GREECE-ITALY ROUTES IN THE ADRIATIC SEA

SUPERFAST FERRIES RANKS FIRST IN THE GERMANY-FINLAND ROUTES IN THE BALTIC SEA IMPRESSIVE INCREASE IN LOAD FACTORS FOR SUPERFAST FERRIES IN THE SCOTLAND-BELGIUM ROUTE IN THE NORTH SEA

On the Greece-Italy, Adriatic Sea routes, the Group’s fleet ranked first in the transportation of passengers, freight units and private vehicles with a market share of 48.5%, 40.5% and 40.3% respectively on the total traffic of passengers, freight units and private vehicles between all Italian ports and Greece.

On the direct Germany-Finland, Baltic Sea route, Superfast VII and Superfast VIII carried in the first quarter of 2004, 20,857 passengers, 12,497 freight units and 9,290 private vehicles compared to 22,409 passengers, 11,327 freight units and 10,926 private vehicles. Superfast Ferries ranks first in the transportation of passengers and accompanied freight units between Germany and Finland. On the direct Scotland-Belgium route, Superfast IX and Superfast X carried 18,027 passengers, 7,777 freight units and 3,670 private vehicles compared to 21,368 passengers, 5,689 freight units and 3,950 private vehicles in the first quarter of 2003. To meet the high demand in passenger traffic, during their annual maintenance period, Superfast IX and Superfast X were fitted with additional cabins and new conference areas in the course of the first quarter of 2004. This has prolonged the maintenance period of the ships which operated 84 sailings during the first quarter of 2004 as opposed to 126 the year before.

INCREASE IN TURNOVER AND SIGNIGICANT REDUCTION IN LOSSES FOR STRINTZIS GROUP (BLUE STAR FERRIES) IN THE FIRST QUARTER OF 2004

Strintzis Lines Shipping S.A., in which Attica Enterprises holds a controlling stake of 48.6%, reported in the first quarter of 2004 an increase of 36.6% in Turnover at Euro 22.7 mln and Earnings before Interest and Depreciation (EBITDA) of Euro 2.3 mln versus a loss of Euro 0.8 mln in the same period last year. Consolidated results show losses of Euro 3.5 mln a significant drop against Euro 13.6 mln in the first quarter of 2003.

The steady growth exhibited in the Strintzis Lines Shipping S.A. (Blue Star Ferries) Group results is attributed primarily to the increase in turnover following the deployment of Blue Star 1 to the Dodecanese Islands , Blue Star 2 to Chania, Crete and the successful redeployment of Blue Horizon on the Patras-Igoumenitsa-Bari route, the suspension of non-profitable routes such as the Greece-Venice route, the curtailing of operating expenses and the decrease in financial expnses for the Group. The operation of Blue Star Paros, Blue Star Naxos and Blue Star Ithaki, Superferry II and SeaJet 2 on the Cycladic Islands routes also contributed to the considerable improvement in Group results.

In line with management’s stated policy for the renewal of the Group’s fleet, and Greece’s compliance with European Regulation 3577/92 which imposes the full liberalisation of maritime passenger services within Greek waters as of January, 2004, the Group sold in the first quarter of 2004, car-passenger ferry Blue Sky built in 1974 and in April entered into an agreement for the sale of Blue Bridge, built in 1976 and is looking to increase its presence in Greece’s domestic routes with the building of new tonnage.

Voula, 19th May, 2004 Τhe Board of Directors