Sales of Shares in HELLENIC SEAWAYS MARITIME SA

Announcement

03.02.10

SEA STAR CAPITAL PLC (the “Company”) herewith announces that the Board of Directors resolved to sell 8.612.500 shares in Hellenic Seaways Maritime SA (“HSW”) to Piraeus Bank SA for the total of €34,87m, which corresponds to 11,096% of the issued share capital of HSW. The consideration of the sale of shares in HSW to Piraeus Bank SA will be in cash at the price of €4,05 per share.

SEA STAR CAPITAL PLC directly and indirectly controls 36,5% of the share capital of HSW, which following the aforementioned corporate action will be reduced to 25,4%.

The cash raised through the sale of the shares in HSW will be used for the furtherance and implementation of the strategic objectives of the Company, including the expansion of its activities in areas similar to its current investments, as well as the reduction of its borrowing.

HSW commenced operations back in 1999 and was formed through the merger of eight small ferry operators. It is the biggest Greek shipping Company engaged in the Aegean and operates 35 vessels of various types, servicing more than 35 ports in the Cyclades, North East Aegean, South East Aegean, Argosaronikos and Sporades.

The transaction was concluded on an arms length basis.

The loss on the disposal of the shares in HSW is expected to reach the level of €13,8m, which will affect the financial performance of the Company in 2010. The loss on the disposal will be confirmed upon the release by HSW of its financial performance for 2009, as well as for the period as of January 1st, 2010, until the completion stage of the corporate action, expected to be announced by HSW towards the end of March 2010.

At the same time, the reduction in the long term borrowings of the Company will benefit the financial performance of the Company in 2010, with reference to a corresponding reduction of the debt service costs of the Company, estimated on the basis of the current interest rates at around €1,5m p.a..

The investment of the Company in the shareholding structure of HSW will continue to be accounted for on the basis of the “equity method”. The financial performance, assets and liabilities of HSW will continue to be incorporated in the financial statements of the Company at the rate of 36,5% until the date of the disposal and at the rate of 24,5% from then onwards.

Further to the completion of the aforementioned corporate action, the Company is on the process of implementation of its strategic plans, which further to the investments of the Company in Hellenic and ANEK SA, the Company plans to engage in new operations similar to those of coastal and maritime transportation.

Sea Star Capital PLC, press release