MINOAN LINES' Annual General Meeting took place on Sunday June 30th in Heraklion-Crete with great success and satisfactory participation from the company's shareholders.

Following the presentation and voting all the items on the agenda were approved by the company's shareholders, fully supporting the managements' proposals.

Among the approved items were:
§ The submission for approval of the Annual Financial Statements of the Company of the fiscal year from 1st January 2001 to 31st December 2001, the Management Report of the Board of Directors and the Report of the Certified Auditors.
§ An increase of the share capital of the Company, by EURO 3,473,448.64 with the simultaneous increase of the par value of each share to EURO 2.25 through the capitalization of (a) reserves of EURO 3,195,884.27 arising from the issuance of shares above par and (b) EURO 277,564.37 arising from the revaluation differences of real property as per L. 2065/1992, conversion of the par value of each share and the Company's share capital in Euro according to Law 2842/2000 and amendment of article 5 of the Company's Article of Association.

In a climate of consent and trust, the shareholders made their comments during the General Annual Assembly, which will be taken under consideration by the management of MINOAN LINES.

The Annual General Meeting elected four new and one alternative director for the 12-member Board of Directors. The new members are:

Members of the Board of Directors
§ Koulentakis Emmanuel
§ Sbokos Ioannis
§ Saris Stylianos
§ Serpetsidakis Nikolaos

Alternative Director
§ Lekkas Emmanuel

The Board of Directors of the company was formed into a body on Monday, July 1st. Costantinos Klironomos, Chairman of the Board and Emmanuel Koulentakis, Vice Chairman of the Board of Directors extended their term in office.