The financial results of Kiriacoulis Mediterranean Cruises Shipping S.A. are expected to demonstrate significant growth this year, continuing the last years’ upward trend. This is what the President and Managing Director of Kiriacoulis Mediterranean Cruises Shipping S.A., Mr. Theofanis Kiriacoulis pointed out among other things, during the Annual General Meeting of the company’s shareholders. Mr. Kiriacoulis also underlined the favourable prospects the company has in particular in view of the Olympic Games. As the President stressed, the company will achieve high growth rates in this season and in the season of 2004. The preference of the Europeans for yacht vacations in Greece is unflagging and it is expected to reach a peak in the following season. Typical is the fact that bookings were not affected even by the war in Iraq. Moreover, the operation of Kiriacoulis Mediterranean Cruises Shipping S.A. in the marinas management business, as the company manages and holds an equity stake in the marinas of Zea, Gouvia-Corfu, Lefkas and Kalamata, will contribute to maintaining high growth rates. The management of the company already examines cases of participating in other marinas as well.

The company’s profit before taxes rose by 15,5% in 2002 reaching € 2.075.345,20 from € 1.797.350,29 in 2001. The company’s turnover (net sales) increased by 61,8%, amounting to € 6.648.499,85 from € 4.109.997,66 in 2001. As Mr. Kiriacoulis pointed out, an indication of the trend of the company’s financial figures for this year is the increased profitability in the first quarter of 2003. In particular, in the first quarter profit before taxes increased by 8,62% and turnover (net sales) by 4,65% as compared to the corresponding figures of the same period in 2001.

The Annual General Meeting of the company’s shareholders approved the proposal of the Board of Directors of Kiriacoulis Mediterranean Cruises Shipping S.A. for the distribution of a € 0,049 dividend per share, which is increased as compared to the dividend paid last year.

Entitled to receive dividend are all the company’s shareholders on June 30th, 2003 (at the close of the trading session of ATHEX). The payment of the dividend will begin on August 5th, 2003.

Αthens, June 30th, 2003