PRESS RELEASE

MINOAN LINES
WITH THE DELIVERY OF H/S/F ARIADNE PALACE
COMPLETES SUCCESSFULLY THE INVESTMENT PROGRAM

Minoan Lines announce that the delivery of the H/S/F ARIADNE PALACE will take place on October 9, 2002 at Samsung Shipyards of South Korea.

This ultramodern vessel will further strengthen the company's leading position on the Adriatic Sea market creating better conditions for the newly shaped business environment. The newly built vessel has an overall length of 212 m., width of 25m. and capacity of 1,250 passengers, 120 trucks and 150 cars or alternatively 600 private cars, powered by 4 Wartsila 12V46C engines and a service speed of 30 knots.

The vessel is equipped among others, with 412 beds and 138 business class seats with private TV sets and radio, as well as shopping center, restaurants, discotheque with panoramic view, cinema, children playground, lounges and a gym.

With the delivery of the ARIADNE PALACE the investment program that was initiated back in 1995 with the construction of 10 ultramodern vessels and a cost of approximately 1 billion euros, is now completed. Minoan Lines' fully renewed fleet enters dynamically into this new phase by offering a truly enjoyable comfortable and fast sea travel.

The deployment of the new Minoan Lines' ultramodern and fast vessels and the firm implementation of the management's strategic decision led to a complete positive upturn of the company's financial performance as first indicted in the financial results of the 1st half of 2002.

Press Office
Heraklion, October 7, 2002