Further to the companys announcement relating to the non-dividend payment for the fiscal year 2005, we would like to inform the investment community with the followings:

The management of the company, in order to improve further Minoan Lines financial performance and rationalize its balance sheet, decides in the next General Assembly to put the issue of losses offset from the past financial years, that arises by the adjustment of the companys balance sheet from the Greek GAAP to International Financial Reporting Standards, so that the fiscal year 2006, Minoan Lines could pay the optimum level of dividend to its shareholders.