• Increase in turnover by 7.8%

• Increase in operating profit (EBITDA) by 26.7%

• EUR 1.3 million net profits for the parent Company

• EUR 3.2 million net Group profits

MINOAN LINES' financial results for the year 2003, demonstrate strong growth rates on revenue and profitability.

Parent Company

The parent Company's revenues increased by 7.8% reaching EUR 193.5 million versus EUR 179.5 million in 2002. The operating profits (EBITDA) reached EUR 53.2 million (EUR 42 million in 2002) increased by 26.7% versus last year, while the respective margin (EBITDA margin) increased from 23.4% to 27.5%, due to the increased sales and the cutback in operating expenses.

On a net result basis there was a complete upturn over the negative results of the two previous years, with net profits for 2003 reaching EUR 1.3 million. We also note that the results for the year do not include profits of approximately EUR 1.5 million arising from the valuation of participations in affiliated companies which will be recorded with the drawing up of the final financial statements.

Group of companies

Group turnover reached EUR 194.2 million versus EUR 180.0 million in 2002. The operating profits for the Group (EBITDA) increased by 24.5% reaching EUR 53.4 million against EUR 42.9 million in 2002. The operating margin (EBITDA margin) rose to 27.5% from 23.8% in 2002, driving net consolidated profits to EUR 3.2 million.

Adriatic Sea - Improved market shares

Despite the fact that the total traffic volumes in the Adriatic Sea market marginally decreased, the rearrangement of the Company's routes and our intense efforts in marketing and sales, managed to increase the vessels loading factors and subsequently improved the market shares as shown on the following table.

Market shares in Ancona & Venice:

Passengers Cars Trucks

2003 2002 2003 2002 2003 2002

37.5% 34.9% 41.3% 37.3% 37.5% 37.4%

The competitive advantage of Minoan Lines' fleet operating with higher profit margins, supports our efforts for healthy growth and further improvement in profitability, targets already set for 2004.