On Tuesday, December 4th 2001, during a reception on the Piraeus Marine Club the new syndicated loan structure of ? 200,000,000 for the financing of the construction of the vessels H/S/Fs OLYMPIA PALACE, EUROPA PALACE και ARIADNE was signed by the company's representatives.

On the company's behalf attendees included Kostas Klironomos, President of the Board, Panagiotis Kassapakis, General Manager and George Vassilokonstantakis, Finance Manager.

This loan facility is one of the largest ever granted for a Greek passenger shipping company, while it is worth mentioning the response and participation of several banks · 12 in total- many of which expressed their interest in the Greek passenger shipping sector for the first time.

MINOAN LINES' management is grateful to all the participating banks to this joint loan structure and especially the Joint Lead Arrangers CITIBANK N.A., ALPHA BANK S.A., ABN AMRO BANK N.V. and the Agent Bank CITIBANK INTERNATIONAL PLC for the excellent coordination of this joint scheme.

On the syndicated term loan structure participants are the following lender banks:

ABN AMRO BANK N.V.
ALPHA BANK A.E.
CITIBANK N.A.
LANDESBANK SCHLESWIG-HOLSTEIN GIROZENTRALE
NATIONAL BANK OF GREECE S.A.
NEDSHIP BANK N.V.
PIRAEUS BANK S.A.
COMMERCIAL BANK OF GREECE S.A.
GENERAL BANK OF GREECE S.A.
FRANKFURTER SPARKASSE
LANDESBANK SAAR GIROZENTRALE
NATEXIS BANQUES POPULAIRES