The Annual General Meeting of the shareholders of Minoan Lines S.A. which was held in Heraklion, Greece on Sunday 25 June 2006, represented by 800 shareholders - 35.046.952 shares (percentage 49.41%), passed the following resolutions:

1.Approved the Companys Annual Financial Statements for the fiscal year ended 31.12.2005 (Balance Sheet, Profit and Loss Account Statement, Appropriation of Profits, Notes to the Financial Statements) and the Consolidated Financial Statements for the same period (percentage 98.09%).
2. Released the members of the Board of Directors and the Auditors of the Company from any liability for their activity during the fiscal year ended 31.12.2005 (percentage 97.86%).
3.Approved the remuneration of the members of the Board of Directors and of the General Manager for the fiscal year 2005(Percentage 97.89%).
4. Elected the following four new directors for the 12-member Board of Directors: Messrs: Minas Papadakis (percentage 90.38%), Evaggelos Froudakis (percentage 83.34%), Ioannis Xenikakis (percentage 67.87%) and George - Prokopios Karistinos (percentage 63.17%). Also elected Mr. Konstantinos Klironomos as substitute member.
5. Elected KPMG Certified Auditors as auditors for the fiscal year 2006 (percentage 74.64%).
6. Approved the disposal of a part from the companys other reserves to offset the retain losses that had been derived from the implementation of International Financial Reporting Standards (percentage 97.45%).
7. Approved the Amendment of Article 2 (mission of the company) of the Article of Association, for the purpose of constraining the companys mission to the current operating status (percentage 97.77%).
8. Approved the Amendment of Article 6, Article 8 (second paragraph) and Article 39 (third paragraph) of the Article of Association (percentage 97.22%) relating to the necessary majority in a share capital increase.