The Annual General Meeting of the shareholders of Minoan Lines S.A. which was held in Heraklion, Greece on Sunday 20 June 2004, passed the following resolutions:

1. Approved the Company's Annual Financial Statements for the fiscal year ended 31.12.2003 (Balance Sheet, Profit and Loss Account Statement, Appropriation of Profits, Notes to the Financial Statements) and the Consolidated Financial Statements for the same period.

Approved the Management Report of the Board of Directors and the Audit Certificate of the Company's Chartered Auditor/Accountant on the Company's Financial Statements and activities for the fiscal year ended 31.12.2003.

2. Released the members of the Board of Directors and the Auditors of the Company from any liability for their activity during the fiscal year ended 31.12.2003.

3. Approved the remuneration of the members of the Board of Directors for their participation in the meetings of the Board of Directors and their services to the Company for the fiscal year 2003 and pre-approved their remuneration of the Chairman of the BoD for the period 1/7/2004 to 30/6/2005.

4. Approved the distribution of a dividend of euro 0,02 per share for the fiscal year of 2003. The record date for the dividend payment is Friday 18 June 2004. Minoan Lines' shares will trade ex-dividend on the Athens Exchange as of Monday 21 June 2004. The dividend payment date as well as the method of payment will be announced in the press at a later stage.

5. Elected the following four new directors for the 12-member Board of Directors:

Messrs: Michael Vavourakis, Konstantinos Mamalakis, Antonis Maniadakis and Pantelis Tzortzakis.

The new Board of Directors of the Company was formed into a body on Monday, June 21th 2004. Konstantinos Klironomos, as Chairman of the Board and Emmanuel Koulentakis, Vice Chairman of the Board of Directors extended their term in office.

6. Certified Auditors for the fiscal year 2004 were not elected and for that subject an extraordinary general meeting will be called.