Draft Merger Agreement approved
Blue Star Minority shareholders will exchange each of their shares for 0.69 new shares of Attica Holdings S.A.

13th October, 2008

The Boards of Attica Holdings S.A. Blue Star Maritime S.A. and Superfast Ferries Maritime S.A., after taking into account the valuation reports of two independent auditors, approved today the Draft Merger Agreement of the merger by absorption of Blue Star Maritime S.A. and Superfast Ferries Maritime S.A. by Attica Holdings S.A.

According to the Draft Merger Agreement, the Minority Shareholders of Blue Star Ferries will exchange each of their shares, of par value Euro 1.00, for 0.6963 new shares of Attica Holdings S.A. which will derive from the merger by absorption. On completion of the merger, Attica’s share capital will be Euro 117,539,371 comprising of 141,613,700 common shares, with a par value Euro 0.83, of which Attica’s current shareholders will hold 104,173,680 shares. The exchange ratio and the Draft Merger Agreement are subject to approval by the General Assemblies of the Merging companies and of the authorities.

Upon completion of the merger, Blue Star Minority Shareholders in Attica will be entitled to participate in Attica Holdings S.A. profits.

Attica Group press release