Kiriacoulis is entering into the area of luxurious motor yachts by establishing a new company and signing an exclusive deal with the worldwide famous Italian motor yacht builder SANLORENZO S.P.A.

Kiriacoulis Mediterranean Cruises Shipping S.A. is entering into the luxurious motor yacht sales and management business through its 45% equity participation in the newly established company Executive Yachting S.A. the share capital of which amounts to 100.000 €.

The company will begin its operations immediately as it has signed a deal to be the exclusive representative in Greece, of the world famous Italian motor yacht builder SANLORENZO S.P.A. Sanlorenzo S.P.A. has 2 shipyards in Italy , in Viareggio and in Ameglia. Its presence in the business dates back over 46 years and has a worldwide reputation for building and delivering high quality motor yachts. The sales of the shipyard for 2004 amounted to € 40 million and for 2005 they ended up at around € 50 million. The target for 2008 is set to € 100 million.

According to predictions from the Italian market and in line with articles from the relevant world press, the Mediterranean will be the most developing area for luxurious motor yachts in the following years. It is worth noting that SANLORENZO S.P.A., applying strict criteria in selecting its partners has, apart from Greece through Executive Yachting S.A., 3 more sales outlets in Europe including the shipyard.

Executive Yachting S.A. apart from motor yacht sales is engaged in providing high quality services (yacht management) to owners of luxurious motor yachts relating to chartering, technical supervision, crew, insurance, mooring through Kiriacoulis Group, accounting and legal support in cooperation with a legal firm, yacht financing and leasing through banks and leasing companies in Greece and abroad.

Sanlorenzo yachts are of high quality and fine craftsmanship. At the Ameglia yard are built GRP yachts from 19m to 33m, whereas at the Viareggio yard are built navetta yachts as well as aluminium and steel/aluminium yachts from 38m to 60m. The interior of all yachts is tailor made according to the customers’ requirements and needs.

Kiriacoulis Group has been operating in the sea tourism industry since 1981 and ranks third in the world in terms of the number of yachts it manages ( 450 in total), the number of its service points ( 25 in total) and its operating profitability. Moreover, it is the only Greek Group that besides the 8 service points in Greece (Athens, Rhodes, Kos, Corfu, Lefkas, Skiathos, Paros, Kalamata), it also operates service points abroad and in particular 8 in Italy (Elba, Puntone, Sant’ Agata di Militello, Portisco, Carloforte, Agropoli, Marsala, Punta Ala), 4 in Croatia (Pula, Zadar, Split, Biograd), 1 in France (Bormes les Mimosas), 2 in Turkey (Marmaris, Bodrum) and 2 in the Caribbean Sea (Martinique, St. Lucia). The company owns charter agencies in Greece , France and Germany. At the same time it cooperates with more than 450 charter agents thus creating a worldwide charter network. This structure leads to the vertical integration of charter services and the strengthening of the Group in the world charter market. Kiriacoulis Group with a view to improving its position in the sea tourism industry has expanded its operations in the marina management area, having under its control 5 marinas in Greece (marina of Zea, Kalamata, Gouvia, Lefkas and Aghiou Nikolaou-Crete), having an equity participation in four of them.

Athens, 26 July 2006