Blue Star Maritime S a ANNUAL REPORT 2004 CONTENTS

Blue Star Maritime S a ANNUAL REPORT 2004 CONTENTS

Blue Star Maritime S A ANNUAL REPORT 2004 CONTENTS 3 Key Financial Data 4 Destinations 2004 5 Itineraries 2004 7 The Board of Directors 9 Chairman's Address 10 Report of the Board of Directors 16 Corporate Structure 17 Company flow chart Review of Operations 18 The Fleet 19 Traffic Volumes 2002-2004 20 Greece-Italy routes 21 Greek domestic market routes 23 Social Responsibility 24 Sales network Financial Statements BLUE STAR MARITIME S.A. 26 Group Balance Sheet and Profit and Loss Account as at 31st December, 2004 28 Company Balance Sheet and Profit and Loss Account as at 31st December, 2004 30 Group Cash Flow Statement 1st January, 2004 - 31st December, 2004 33 Invitation to the Annual General Shareholders’ Meeting 34 Investor Information KEY FINANCIAL DATA 3 (in million Euro) 2002 2003 2004 Turnover 119.15 131.75 128.49 Operating profit 15.10 18.06 18.81 EBITDA 23.57 30.98 33.15 Depreciation 8.52 12.92 14.34 Net Financials -10.22 -9.54 -9.30 Net Profit 4.05 4.94 10.90 EBITDA margin 19.8% 23.5% 25.8% Net Profit margin 3.4% 3.8% 8.48% Number of shares (weighted) 105,000,000 105,000,000 105,000,000 Earnings per share (Euro) 0.04 0.05 0.10 Shareholders' equity 253.57 181.16 185.26 Total Assets 542.60 447.71 416.27 2002 119.15 2002 23.57 2002 4.05 2003 131.75 2003 30.98 2003 4.94 2004 128.49 2004 33.15 2004 10.90 0 30 60 90 120 150 0 5 10 15 20 25 30 35 024681012 T u r n o v e r E B I T D A N e t P r o f i t (million Euro) (million Euro) (million Euro) DESTINATIONS 2004 Discontinued services in 2005 not included in the map. ITINERARIES 2004 5 In the course of 2004 the Group’s vessels served ñ P∞∆R∞S – S∞ªI (C∂PHALONIA) – πTHACA the following routes: Daily with car-passenger ferry ∫efalonia. This route was discontinued and vessel 1. GREEK DOMESTIC Kefalonia was sold on 3rd November, 2004. MARKET ROUTES ñ PIRAEUS – CH∞¡π∞ ñ RAFINA – ∞¡DROS – ∆I¡√S – ªÀC√¡√S Daily with car-passenger ferry Blue Star 2 or Daily with car-passenger ferry Superferry II Blue Star 1. This route was discontinued on ñ RAFINA – ∆I¡√S – ªÀC√¡√S – P∞R√S 3rd March, 2005, and the vessel was Up to twice-daily with catamaran Seajet 2 redeployed on the Greece-Italy routes. ñ PIRAEUS – P∞R√S – ¡∞X√S – SANTORINI Up to twice-daily with car-passenger ferries 2. GREECE – π∆∞LY ROUTES Blue Star Paros and Blue Star Naxos and SYROS–π√S–∞ª√RGOS–HERAKLIA– ñ PATRAS – IGOUMENITSA – BARI SCHINOUSSA–∫√UFONISSIA Daily departures with Blue Horizon, joined as With up to three departures a week of March, 2005, by Blue Star 1. ñ PIRAEUS – SÀR√S – ∆I¡√S – ªÀC√¡√S ñ IGOUMENITSA – CORFU – BRINDISI Daily with car-passenger ferry Blue Star Ithaki Daily with car-passenger ferry Blue Bridge. The Brindisi route was discontinued on 17th ñ PIRAEUS – RHODES May, 2004 and the vessel was sold. Four departures a week with car-passenger ferry Blue Star 1 or Blue Star 2 and PATMOS – LEROS up to twice a week. THE BOARD OF DIRECTORS 7 The board of Directors of Blue Star Maritime S.A. consists of the following Directors: CHARALAMBOS S. PASCHALIS Chairman, Non-executive Member MICHAEL G. GIALOURIS Vice-Chairman, ∂xecutive Member MICHAEL G. SAKELLIS Managing Director, ∂xecutive Member SPIROS CH. PASCHALIS Authorised Director, ∂xecutive Member ALEXANDER P. PANAGOPULOS Director, ∂xecutive Member ANTHONY D. STRINTZIS Director, Executive Member PERICLES S. PANAGOPULOS Director, ∂xecutive Member DIMITRIOS I. KLADOS Director, Independent non-executive Member EMMANOUIL E. KALPADAKIS Director, Independent non-executive Member CHAIRMAN’S ADDRESS 9 Dear Shareholders, Ladies and Gentlemen, to contain costs, was introduced in January 2005 and covers the operation of the Group’s In 2004, consolidated net profit for Blue Star services in the fields of Human Resources Maritime S.A. Group increased by 130% Management, Payroll, Supply and Materials compared to 2003 and stood at Euro 10.9 mln, Management, Accounting and Finance, against Euro 4.7 mln in 2003. Controlling and Management Accounting, Budgeting and Sales and Distribution It is worth noting that in view of the Management. compliance with the International Financial Reporting Standards, the Group’s results The Group’s future plans include the extension include increased expenses by Euro 1.4 mln of the Group’s presence to new routes in accounting for additional asset depreciation, Greece and abroad through the acquisition or Euro 2.4 mln as provision for the possible cost building of modern conventional fast car- of repayment of the Convertible Bond and an passenger ferries, whilst at the same time we additional provision of Euro 750,000 are closely following developments in the regarding the fine imposed by the European institutional framework governing Greek Union in 1998 although the Company has domestic shipping, which will determine the made an appeal against this decision. Group’s decisions regarding new investments. We simply wish for the application of the rules Contributing factors to the improvement in of free competition. results were the sale of older vessels Blue Sky, Blue Bridge, Cesme 1, and Kefalonia in the Closing, the Board of Directors wishes to course of 2004 as well as the very good thank the Company’s shareholders and the performance of the Dodecanese and Cycladic management of parent Attica Group for their Islands routes and that of Patras-Igoumenitsa- support. We are confident that with the help Bari during a year where the tourist season of our able staff on board the vessels and in was characterized by a slowdown in the Group’s offices we will further improve passenger and vehicle traffic on the domestic our efficiency. as well as on the Adriatic Sea routes. The change of name of the Company from Thank you. Strintzis Lines Shipping S.A. to Blue Star Maritime S.A. and the installation of an Voula, 18th May, 2005 Enterprise Resource Planning business platform (SAP) to support back-office operations fall Charalambos S. Paschalis within the broader framework of the Group’s Chairman modernization. SAP implementation, aiming 10 REPORT OF THE BOARD OF DIRECTORS Dear Shareholders, Ladies and Gentlemen, subject to the approval of the relevant Ministry, the compulsory operation of vessels The most important fact of the previous year for ten months a year, the imposition of non- was the improvement in financial performance reciprocal surcharges on passenger and combined with the successful modernization vehicle fares, among others. of the Group’s fleet and infrastructure. Our Group is nevertheless confident that Our Group in the course of achieving the through the efforts of the industry’s targets set for 2004, sold four older vessels of institutional bodies, the operational the Group and is now operating modern framework will improve ensuring the vessels offering high quality services. The development of conditions of free competition Group has established itself as the reliable and full coverage of the needs of the insular carrier of choice on the routes which it serves community for continuous connection to the while contributing to the continuous year- mainland. This will open the way for new round connection of the Greek insular investments and the modernization of the fleet community to mainland Greece, serving the serving the Greek Islands. needs of passengers and hauliers. Our Group managed to considerably improve The Group’s profitability also showed a marked its profitability against these less-than improvement despite the slowdown in market favourable conditions, owing partly to the sale conditions. Total passenger and vehicle traffic of older vessels whose operation was declined on domestic and international routes unprofitable and partly to the redeployment due to the strong Euro and the expectations of of vessels to busier and more profitable routes. high prices and increased demand ahead of the Olympic Games, which put off many potential Specifically, the year’s most important events visitors to Greece. were: The uncertainty over the institutional The sale in March, 2004 of car-passenger ferry framework governing the domestic Blue Sky (built in 1974) to Flanmare Shipping S.A. operations of shipping companies in Greece The sale in May, 2004 of car-passenger ferry also inhibits the Group’s progress and Blue Bridge (built in 1976) of subsidiary development. The current institutional company Strintzis Lines Shipping Ltd to framework as established by law 2932/01 is in Spanish company Meykel S.L. direct contrast to European Regulation 3577/92 and causes problems in the free In June 2004, the Annual General development of the Greek domestic market. Shareholders’ Meeting voted to change the The most important of these problems are the name of the parent company to Blue Star intervention in fare determination, the Maritime S.A. and the reduction of the parent process for determining routes which is REPORT OF THE BOARD OF DIRECTORS 11 company’s share capital through the Aegean Sea Routes adjustment of the par value of shares in line Piraeus-(Syros)-Paros-Naxos-(Ios)-Santorini- with Law 3193/03 on asset valuation. (Amorgos) with Blue Star Paros and Blue Star Naxos with two round trips a day. The ships The sale in October, 2004 of car-passenger also regularly called at the islands of Iraklia- ferry Cesme 1 (built in 1973) to Marco Schinoussa-Koufonissia-Donoussa-Astypalaia- Shipping Agency LL.C. Kalymnos. Piraeus-Syros-Tinos-Myconos-(Paros)-(Naxos) The sale in November, 2004 of car-passenger with Blue Star Ithaki with daily departures, ferry Kefalonia (built in 1975) to Eptanissos year-round.

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