ANEK LINES S.A.

PRESS RELEASE

FINANCIAL RESULTS FOR THE FULL YEAR 2010

ANEK LINES despite the adverse economic conditions and the intense competition succeeded in boosting traffic of both passengers and vehicles in FY 2010

Total Traffic for the Group: Passengers 2.7 mil. (+7%), Vehicles 447 thou. (+3%), Trucks 255 thou. (-2%)
Group Turnover: € 263.1 mil.

ANEK LINES S.A. (ANEK) announces its financial results for the full year from January 1 st to December 31st 2010 (FY 2010), in accordance with the International Financial Reporting Standards (IFRS):

During 2010, ANEK Group operated in the Adriatic Sea (Ancona, Venice), Cretan (Chania, Heraklion), Dodecanese, Cyclades and Northeast Aegean routes through a total of 17 own and chartered vessels.

The ongoing financial crisis due to the prolonged recession of the Greek economy, the drop of demand and international trade, the rising fuel prices (in excess of 30%) as well as the intense competition were the main factors shaping the passenger ferry industry during 2010.

Despite the prevailing adverse conditions, ANEK maintained market share whereas in some cases like as the Adriatic routes, ANEK managed to boost its share. As far as it concerns the Chania route the entry of a new competitor had caused ANEK to forego market share. As far as it concerns the Cyclades and the Dodecanese ANEK continued to service the public routes. Finally, via its subsidiary “AIGAION PELAGOS” that was incorporated during the first semester of 2010, the Group serviced an East Aegean route via a chartered vessel.

Overall, in FY 2010, ANEK serviced 2.7 million passengers versus 2.5 million in 2009, marking a 7% increase, 447 thousand vehicles versus 433 thousand in 2009 marking a 3% increase as well as 255 thousand trucks versus 260 thousand in 2009 marking a 2% decrease due to the drop of merchandise transfer.

Turnover

More specifically, Group turnover in FY 2010 amounted to euro 263.1 mil. versus euro 274.6 mil. in FY 2009. The decrease is primarily attributed to the intensifying competition, which resulted to the suppression of fare prices. As regards the Parent Company’s figures, its turnover amounted to euro 232.1 mil. versus euro 254.3 mil. in FY of 2009.

Gross Profit

ANEK LINES S.A. COMP.REG.NO. 11946/06/B/86/07 KARAMANLI AVE., 73100 CHANIA, CRETE TEL :+30 28210 24000, FAX: +30 28210 36200 e-mail: [email protected] 1 www.anek.gr

Consolidated gross profit in FY 2010 eased at euro 22.4 mil. versus euro 49.5 mil. in FY 2009. The decrease of gross profit is mainly attributed on the one hand to the drop of sales as well as the increasing cost of sales, which formed to euro 240.8 mil. versus euro 225.1 mil. in FY 2009. The key factor driving cost of sales higher was the sharp increase of fuel prices by euro 22.5 mil. as compared to FY 2009. Respectively, the Parent Company’s gross profit stood at euro 15.0 mil. versus euro 47.1 mil. in FY 2009.

EBITDA

Group EBITDA in FY 2010 formed at losses of euro 11.4 mil. versus profit of euro 24.2 mil. in FY 2009. This turnout is attributed to the drop of turnover by euro 11.5 mil., the rising cost of sales by euro 15.7 mil. and the other operating expenses, which rose by euro 9.5 mil. due to provisions for bad collectibles. Respectively, parent company EBITDA stood at losses of euro 15.1 mil. versus profit of euro 24.1 mil. in FY 2009.

Net results

Finally, consolidated net after taxes and minority rights results in FY 2010 amounted to losses euro 89.7 mil., versus losses euro 5.8 mil. in FY 2009. It should be highlighted however that the group results, beyond the aforementioned amounts, also includes extraordinary provision amounting to euro 47.5 mil., which is the amount that the Company has paid as advance payment, pursuant to the agreement for the acquisition of 33.35% in “HELLENIC SEAWAYS” following the seller’s withdrawal from the agreement. The corresponding Parent Company’s net after tax results amounted to losses euro 90.9 mil. versus losses euro 3.8 mil. in FY 2009.

Key developments during 2010

• In April of 2010 the 100% subsidiary under the name “AIGAION PELAGOS THALASSIES GRAMMES SHIPPING COMPANY” was established, which is headquartered in Chania, Crete and is active in the charter and management of vessels. The Company proceeded to the charter of a vessel that services a route in the east Aegean and specifically the “Piraeus - Syros - Mykonos - Ikaria - Fourni – Samos”. Moreover as of September 2010, the Company undertook the Heraklion route which it is servicing by chartering Parent Company’s vessels. • In December, the Extraordinary General Meetings of the Company’s shareholders approved: - the reverse split of the company’s shares via increase of the share’s par value from euro 1.00 to euro 1.20 and the subsequent reduction of the number of shares pro rata 1.2 to1, - the decrease of the Company’s share capital through the decrease of the company’s par value of its shares from euro 1.20 to 0.30 per share in order to form a special reserve by the same amount pursuant to the provisions of paragraph 4a, article 4 of law 2190/1920, as in effect, which amounts to euro 120,974,393.70 and

ANEK LINES S.A. COMP.REG.NO. 11946/06/B/86/07 KARAMANLI AVE., 73100 CHANIA, CRETE TEL :+30 28210 24000, FAX: +30 28210 36200 e-mail: [email protected] 2 www.anek.gr

- the increase of the Company’s share capital through cash payment up to the amount of euro 25,202,998.50 and the issuance of 84,009,995 new common registered voting shares of par value euro 0.30 each with the preemptive right in favor of the existing shareholders, which is underway.

• During 2010, the ANEK Group companies continued to comply with the contracts signed with the Ministry of Maritime Affairs, Islands and Fisheries to service the subsidized public lines which concern the transportation between several islands of the Aegean connecting Piraeus with Cyclades, the Dodecanese, Crete and Kithira. Moreover, the vessels “ARIADNI” and “EL. VENIZELOS” were again chartered to foreign companies.

• ANEK’s high quality services were acknowledged during the year after receiving several awards and distinctions by the world renowned travel magazine CONDE NAST TRAVELLER after being acknowledged as the “Top Passenger Ferry Company Domestic – International for 2009”. ANEK also was present in several International Fairs with the objective of promoting its top quality services in all destinations and routes it services in the Aegean as well as the Adriatic seas.

As regards the prospects and developments, the Group’s management will intensify its efforts for containment of operating cost to the extent that this is feasible, while examining the restructuring of the Group’s fleet in order to become more efficient. It is noted that at the beginning of 2011 ANEK managed to enhance its liquidity by chartering several of its vessels to transfer civilians from Libya.

The Group’s management objectives are to achieve recovery from the current adverse conditions the soonest possible providing that the international conditions as well as the country’s fiscal reforms will allow it. ANEK remains the only Greek owned passenger ferry company that contributes to the growth of the Aegean islands and Crete’s economy by maintaining thousands of employees while its non-negotiable values are the constant upgrade of its services to the benefit of its passengers and with respect to the environment.

Chania, March 30 th , 2011

THE BOARD OF DIRECTORS

ANEK LINES S.A. COMP.REG.NO. 11946/06/B/86/07 KARAMANLI AVE., 73100 CHANIA, CRETE TEL :+30 28210 24000, FAX: +30 28210 36200 e-mail: [email protected] 3 www.anek.gr