In the context of the announced strategic understanding between the two companies, ABU DHABI MAR/PRIVINVEST GROUP (ADM) acquired today 3% of the shares of MIG through the company PRIVINVEST OFFSHORE SAL (Holding).  It is expected that in the next Board of Directors meeting, Mr. Iskandar Safa will be elected as MIG's non-Executive Vice Chairman.

Furthermore, it has been agreed between the parties that MIG will acquire 10% of HELLENIC SHIPYARDS S.A./SKARAMANGAS, following all necessary approvals, for the price of one (1) euro in order to assist the progress of ADM's relevant investment in Greece.

Commenting on this announcement, Mr. Andreas Vgenopoulos, Chairman of MIG made the following statement:

“We welcome ADM as a shareholder in MIG. We also express our gratitude for our participation in HELLENIC SHIPYARDS S.A./SKARAMANGAS for a symbolic price. This participation obviously does not have any financial risk but it might entail substantial benefits for MIG in case the terms upon which ADM has been attracted to this investment in Greece i.e. that ADM can bring for execution in Greece building contracts of military vessels from foreign countries, become a reality.

In any event, it is clear that if this, in cooperation with the Greek government and the European Union does not materialize, then the ship building/ship repairing industry in our country does not have any future.”