Attica Holdings S.A.

Quarterly Report • Sep 28, 2015

ATTICA HOLDINGS S.A.

Review of Financial Results for the Nine Months ended September 30, 2007 & Interim Financial Statements for the period 1-1-2007 to 30-9-2007

Unaudited

(amounts in € thousand)

The Interim Financial Statements and the Review of Financial Results for the period 1-1-2007 to 30-9-2007 were approved by the Board of Directors of Attica Holdings S.A. on November 23, 2007.

ATTICA HOLDINGS S.A. 157, C.Karamanli Avenue Voula 166 73 Athens, Greece

I. REVIEW OF FINANCIAL RESULTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2007

1

ATTICA HOLDINGS S.A. Review of Financial Results for the nine months ended 30th September, 2007

Review of financial results

In the nine months period ended 30th September, 2007, Attica Group operated in the Adriatic Sea, the Greek domestic market and the North Sea with four Superfast vessels, eight Blue Star vessels and the RoRo Marin. The rest of Group's RoRo vessels, Nordia, Shield and Challenge, are time-chartered to foreign companies.

Total revenue for the Group in the nine months ended 30th September, 2007, stood at € 254.0 mln against € 244.8 mln during the same period in 2006, posting a 3.8% increase. Earnings before taxes, investing and financial results, depreciation and amortization (EBITDA) increased by 7.5% and stood at € 69.6 mln against € 64.8 mln in the same period of 2006. The Group's Profit after taxes and minority interests stood at € 61.7 mln against € 23.5 mln in the same period of 2006. It must be pointed out that the above results refer to the Group's continuing operations and do not include the three Superfast vessels operation in the Baltic Sea which was sold in April 2006.

The breakdown of the Group's total revenue per market is as follows: Adriatic Sea 50.1%, domestic routes 39.4%, and North Sea 8.5% while other income represents 2.0% of total revenue. The revenue per market is as follows:

• In the Adriatic Sea, revenue increased by 1.3% despite a 9.9% decrease in the number of sailings. The Group's vessels that operated in the Adriatic Sea were Superfast V, Superfast VI, Superfast XI, Superfast XII and Blue Horizon while Blue Star 1 operated only during January 2007 and was redeployed in the North Sea thereafter.
• In the domestic routes, revenue increased by 17.5% over a 11.9% increase in the number of sailings. The Group's vessels that operated in the Greek domestic market were Blue Star Paros, Blue Star Naxos, Blue Star Ithaki, Superferry II, Blue Star 2 and vessel Diagoras acquired in July 2006 and deployed in August 2006.
• In the North Sea, revenue decreased by 9.2% while the number of sailings remained unaltered. The North Sea route was initially served by Group's vessel Superfast X which was sold and replaced by Blue Star 1 on 29th January, 2007.

The growth in operating profitability (EBITDA) is attributed to the increase in revenue in the two main Group's markets, the Greek domestic market and in the Adriatic sea market, where revenue increase was achieved despite the fact that the number of vessels operating were reduced from six to five, following the redeployment of Blue Star 1 to the North Sea route. This improvement was accomplished despite the significant increase by 11.0% of average fuel oil prices during the third quarter of 2007, compared to the same period of the previous year. It should be noted that fuel oil prices keep recording an upward trend, exceeding greatly the high prices in the same period of the previous year. It should also be noted that as from 1st October, 2007, within the framework of the harmonization process of the Greek to the European legislation, all passenger ships operating on regular services are obliged to comply with the European Directive regarding the use of Low Sulphur fuel. The higher cost of Low Sulphur fuel will have a negative impact in the financial results of all shipping companies in the sector.

In the reported period, Attica Group's profit after taxes and minority interests stood at € 61.7 mln and include extraordinary capital gains of € 12.4 mln from the sale of Superfast X and other non-current assets and capital gains of € 27.7 mln from the sale of Group's parent company's participation in the share capital of Minoan Lines.

Profits after taxes for Attica Holdings S.A. (parent company) stood at € 60.8 mln (€ 22.1 mln in the nine months ended 30th September, 2006) and are derived from the dividend of € 29.9 mln received from the subsidiary Superfast Group and from the dividend of € 4.6 mln from the subsidiary company Blue Star Maritime S.A. as well as from the capital gains of € 27.7 mln from the sale of the participation in the share capital of Minoan Lines.

It should be noted that the Group sales are highly seasonal particularly in the passenger and private vehicle segments, with more traffic between July and September and less traffic between November and February. Freight sales are not affected significantly by seasonality.

Balance Sheet and Cash Flow Statement

Attica Group held its strong cash position which stood at € 185.4 mln on 30.09.2007 against € 123.4 mln on 30.09.2006. The Group's cash flow from operating activities grew considerably during the nine months period ended 30th September, 2007, and stood at € 45.8 mln against € 32.8 mln compared to the same period in 2006. At the same time, the Group's long-term bank liabilities have decreased significantly.

Cash and cash equivalents of the parent company stood at € 75.9 mln on 30.09.2007 against € 23.1 mln on 30.09.2006 and are derived from dividend receipts, from the sale of the participation in the share capital of Minoan Lines as well as from the share capital return of € 19.1 mln received from its subsidiary Supefast Deka MC, due to the sale of Superfast X.

In the course of the third quarter of 2007, the parent company repaid the amount of approximately € 35 mln of its bank loan liabilities.

In September 2007, the Group changed its accounting policy regarding the investments in subsidiaries and decided to record them at fair value instead of cost. Consequently, the investments in subsidiaries and the total shareholders equity of the parent company only, have increased by € 284,335 thousand. The consolidated accounts of the Group are not affected by this change.

Developments in the Group

The most important developments for the Group in the reported period are:

• The Group sold the vessel SUPERFAST X for €112.0 mln in February 2007. The profit from the sale of the vessel stood at €12.5 mln and is posted in the results of 2007. In the North Sea, in the Scotland-Belgium route, Superfast X was replaced by Blue Star 1 as of the end of January 2007.

• In February 2007 the RoRo Marin was redeployed from the Baltic to the Adriatic Sea, to the Patras – Venice route.

• In February 2007 the parent company increased its stake in the share capital of Minoan Lines S.A. to 22.5%. The total participation was sold in June 2007 for € 94.7 mln, releasing capital gains of € 27.7 mln.
• In June 2007, the Annual General Meeting of Shareholders decided upon the distribution of dividend for the fiscal year 2006 of € 8.33 mln or Euro 0.08 per share. The payment of the dividend began on Monday 9th July, 2007.
• In September 2007, Attica Group announced the purchase of two RoRo vessels for a total amount of € 30.4 mln. Each vessel can carry approximately 70 unaccompanied freight units. RoRo Shield (built in 1999) and RoRo Challenge (built in 1998) were delivered in October 2007 and remain time-chartered between the UK and Ireland.
• On 3rd October, 2007, Marfin Investment Group Holdings S.A. (MIG), acquired a 51.64% percentage of participation in the share capital and voting rights of Attica Holdings S.A. (a 1.71% percentage was acquired directly by MIG and a 49.93% was acquired through its subsidiary MIG SHIPPING S.A.). On 9th November, 2007, the total participation hold by MIG (directly and indirectly) in the share capital and voting rights of Attica Holdings S.A. was increased to 54.68%.
• On 22nd October, 2007, the Board of Directors of Attica Holdings S.A. convened and accepted the resignation of Executive Board Member, Mr Constantine Stamboulelis and replaced him with Mr Petros Vettas, Managing Director and Executive Member.
• On 23rd October, 2007, MIG Shipping S.A., a wholly owned subsidiary of Marfin Investment Group Holdings S.A. (MIG), submitted a mandatory Public Offer to the shareholders of Attica Holdings S.A. in respect of the purchase of the entirety of their common bearer shares with voting rights, at the price of € 5.50 per share, in cash. A respective mandatory Public Offer was submitted by MIG Shipping S.A. to the shareholders of by 48.795% subsidiary Blue Star Maritime S.A., in respect of purchase of their common bearer shares with voting rights, at the price of € 3.83 per share, in cash.

Both mandatory Public Offers are in progress.

Volumes carried and market analysis

Adriatic Sea

Total carryings for the Superfast fleet (Superfast V, Superfast VI, Superfast XI, Superfast XII) in the routes Patras – Ancona, Patras – Igoumenitsa – Ancona, and Patras – Igoumenitsa – Bari during the nine months ended 30th September, 2007, stood at 497,838 passengers, 103,186 private vehicles and 85,597 freight units. Compared with the same period last year where same number of vessels were operated, traffic increased by 14.2% in the passenger traffic segment, by 17.0% in the private vehicle traffic segment, and by 28.3% in the freight unit segment.

Since the beginning of February 2007, the Group increased its presence in the Adriatic Sea through the redeployment of the RoRo Marin from the Baltic Sea route to the Patras – Venice route. In the course of the nine months period ended 30th September, 2007, RoRo Marin carried 5,209 freight units and 1,091 private vehicles and total revenue stood at € 3.2 mln.

Blue Star Group was present in the Adriatic Sea (Patras – Igoumenitsa – Bari route) with one vessel, Blue Horizon, due to the redeployment of Blue Star 1 on the Rosyth – Zeebrugge route in the North Sea. Total carryings of Blue Star Group for the nine months ended 30th September, 2007 stood at 114,570 passengers (44.8% decrease compared to the nine months ended 30th September, 2006), 16,705 private vehicles (40.2% decrease), and 21,063 freight units (34.8% decrease) with 47.6% less sailings compared to the previous year.

Overall, Attica Group achieved a considerable increase of 20.6% in EBITDA in the Adriatic Sea operations during the nine months period ended 30th September, 2007, which stood at € 29.8 mln against €24.7 mln in the same period of 2006.

The market shares for the Superfast Group on the Greece-Italy-Greece routes stood for the nine months ended 30th September, 2007, at 27.6% in passengers (against 23.2% during the same period in 2006), 24.6% in private vehicles (against 20.9% during the same period in 2006), and 25.4% in freight units (against 19.8% during the same period in 2006). The respective shares for the Blue Star Group is 6.0% in passengers (against 10.7%), 3.4% in private vehicles (against 5.7%), and 6.0% in freight units (against 9.9%).

Market shares are derived by the Greek port authorities of Patras and Igoumenitsa.

The Greek Domestic Market

In the Greek domestic market (Piraeus – Cyclades, Rafina – Cyclades and Piraeus – Dodecanese), the Group's subsidiary Blue Star Group achieved considerable growth in the nine months period ended 30th September, 2007, both in terms of revenue as well as in its operating profitability.

In the nine months ended 30th September, 2007 the sailings increased by 11.9% compared with the same period last year, due to the acquisition of the vessel Diagoras and its deployment in the Piraeus – Dodecanese route. The carryings in the nine months ended 30th September, 2007, stood at 2,761,813 passengers (4.2% increase compared to the third quarter of 2006), 349,634 private vehicles (4.0% increase), and 85,885 freight units (16.4% increase).

Earnings before taxes, investing and financial results, depreciation and amortization (EBITDA) of Blue Star Group in the Greek domestic market in the nine months period ended 30th September, 2007 stood at € 34.8 mln against €32.3 mln in the same period of 2006.

North Sea

The Group operated in the North Sea (Rosyth, Scotland – Zeebruge, Belgium) at the beginning of the year with the vessel Superfast X which was replaced by Blue Star 1 on 29th January 2007. Total carryings on the same number of sailings, stood at 87,812 passengers (1.3% decrease compared to the third quarter of 2006), 30,622 private vehicles (2.2% increase), and 16,889 freight units (18.7% decrease). It must be noted that the garage capacity of Blue Star 1 is smaller compared to the one of Superfast X operating in the North Sea route in 2006.

Earnings before taxes, investing and financial results, depreciation and amortization (EBITDA) in the nine months period ended 30th September, 2007 stood at € 4.3 mln against € 8.1 mln in the same period of 2006.

Voula, November 22, 2007

II. INTERIM FINANCIAL STATEMENTS for the period 1/1 – 30/9/2007

1

CONTENTS Page

	Income Statement of the Group	4
	Income Statement of the Company	5
	Balance Sheet as at 30th of September 2007 and at December 31, 2006	6
	Statement of Changes in Equity (period 1-1 to 30-9-2007)	7
	Statement of Changes in Equity (period 1-1 to 30-9-2006)	8
	Cash Flow Statement (period 1-1 to 30-9 2007 and 2006)	9
	Notes to the Financial Statements	10
1.	General Information	10
2.	Significant Group accounting policies	10-11
2.1.	Adoption of new IFRS and Interpretations from 1/1/2007	11-12
2.1.1.	IFRS 7 Financial Instruments	12
2.1.2.	Interpretation 7, Applying the Restatement Approach under IAS 29	12
2.1.3.	Interpretation 8, Application scope of IFRS 2. Share-based
	payment	12
2.1.4.	Interpretation 9, Reassessment of Embedded Derivatives	13
2.1.5.	Interpretation 10, Interim Financial Reporting and Impairment	13
2.1.6.	Interpretation 11, Application scope of IFRS 2. Group and
	Treasury Share Transactions	13
2.2.	Adoption of new or revised IFRS on and after 1/1/2008	13
2.2.1.	IFRS 8 Operating Segments	13
2.2.2.	IAS 23 Borrowing Costs (revised)	13-14
2.2.3.	Interpretation 12, Service Concession Arrangements	14
3.	Consolidation	14-15
4.	Related party disclosures	16
4.1.	Intercompany transactions	16-22
4.2.	Participation of the members of the Board of Directors
	to the Board of Directors of other companies	22-23
4.3.	Guarantees	23
4.4.	Board of Directors and Executive Directors' Fees	23
5.	Financial Statements Analysis	23
5.1.	Revenue analysis and geographical segment report	23-25
5.2.	Cost of sales	26
5.3.	Other Operating Income	26
5.4.	Administrative Expenses	26
5.5.	Distribution Expenses	27
5.6.	Financial Results	27-28
5.7.	Profit/ (Loss) from sale of tangible assets	28
5.8.	Income taxes	29
5.9.	Tangible assets	29-31
5.10.	Intangible assets	32-34
5.11.	Financial assets	34
5.12.	Investments in subsidiaries	35
5.13.	Investments in associated companies	36

5.14.	Non-current receivables	36
5.15.	Deferred Tax Assets	36
5.16.	Inventories	36
5.17.	Trade receivables and prepayments	37
5.18.	Tax receivables	37
5.19.	Other receivables	38
5.20.	Financial assets held for trading	38
5.21.	Cash and cash equivalents	38-39
5.22.	Deferred expenses - Accrued income	39
5.23.	Share capital – Reserves	39
5.24.	Secured loans	39-40
5.25.	Finance – Operating Leases	40
5.26.	Deferred tax liabilities	41
5.27.	Retirement benefit provisions	41
5.28.	Provisions	41
5.29.	Bank loans and overdrafts – Current portion
	of long term liabilities	41
5.30.	Trade and other payables	42
5.31.	Tax liabilities	42
5.32.	Deferred income - Accrued expenses	43
5.33.	Analysis of the effect of the change of the accounting policy,
	regarding investments in subsidiaries, in the financial
	statements	43-57
6.	Events after the balance sheet date	58

INCOME STATEMENT

For the period ended September 30, 2007 & 2006 and for the quarterly period 1/7 - 30/9 2007 & 2006

		G R O U P
	No te s	1 / 1- 3 0 / 9 / 0 7		1 / 1- 3 0 / 9 / 0 6		1 / 3 0 / 9 / 0 7- 7		1 / 3 0 / 9 / 0 6 7-
			Co inu ing t n	D isc inu d t on e			Co inu ing t n	D isc inu d t on e
		To l ta	ion t op era s	ion t op era s	To l ta	To l ta	ion t op era s	ion t op era s	To l ta
Re ve nu e	( 1 ) 5.	2 5 4. 0 1 3	2 4 4. 7 6 2	1 8. 0 6 0	2 6 2. 8 2 2	1 0 9. 1 9 8	1 1 1. 6 9 0		1 1 1. 6 9 0
Co t o f s les s a	( 5. 2 )	( 1 6 2 9 8 ) 5.	( 1 6 1. 3 4 3 )	( 1 9. 3 9 6 )	( 1 8 0. 3 9 ) 7	( 6 1. 8 0 0 )	( 8 3 9 ) 5 7.	5	( 8 3 4 ) 5 7.
Gr Pr f i t / ( los ) os s o s		8 8. 1 7 5	8 3. 4 1 9	( 1. 3 3 6 )	8 2. 0 8 3	4 3 9 8 7.	3. 8 1 5 5	5	3. 8 6 5 5
O he ing inc t t r o p era om e	( 3 ) 5.	8 4 2	6 2 8	2 5 8	8 8 6	2 7 0	9 3	5	9 8
A dm in is tra t ive ex p en se s	( 5. 4 )	( 1 6. 2 8 7 )	( 1 7. 6 7 ) 5	( 2. 1 3 3 )	( 1 9. 8 0 8 )	( 4. 2 9 ) 5	( 4. 6 7 9 )	( 3 1 ) 5	( 2 1 0 ) 5.
D is tr i bu t ion ex p en se s	( 5. 5 )	( 2 3. ) 7 5 5	( 2 2. 8 1 ) 7	( 2. 8 0 3 )	( 2 8 ) 5. 5 4	( 1 0. 6 3 ) 5	( 1 3. 6 6 6 )	( 9 )	( 1 3. 6 ) 7 5
Ea ing be fo tax rn s re es ,
inv t ing d f ina ia l re l ts es an nc su		4 9. 5 1 5	4 3. 5 9 1	( 6. 0 1 4 )	3 7. 5 7 7	3 2. 7 7 4	3 5. 5 9 9	( 5 3 0 )	3 5. 0 6 9
D iv i de d inc / Pr f i t fro le f inv tm ts n om e o m sa o es en	( 5. 6 )	2 6 9 3 7.	0 9 7. 4		0 9 7. 4	2 3	2 8		2 8
In & o he im i lar inc ter t t es r s om e	( 5. 6 )	4. 0 2 9	1. 7 1 6	4 6 4	2. 1 8 0	1. 8 1 6	3 6 2	1 2 2	4 8 4
In d o he f ina ia l e ter t a t es n r nc xp en se s	( 6 ) 5.	( 1 7. 6 9 1 )	( 1 8. 1 8 7 )	( 1. 9 0 8 )	( 2 0. 0 9 5 )	( 5. 8 2 4 )	( 6. 4 6 6 )	7	( 6. 4 5 9 )
Pr f i t / ( los ) fro lua t ion f inv tm ts o s m rev a o es en
in bs i d iar ies ia te d c ies su - a ss oc om p an	( 5. 6 )	( ) 1 2 4				( ) 9 7
Fo ig ha d i f fer re n e xc ng e en ce s	( 6 ) 5.	( 7 7 7 )	2 6 5	1 2	2 7 7	( 6 0 7 )	6 8	3 3	1 0 1
F ina ia l re l ts nc su		1 3. 1 3 0	( 9. 1 1 2 )	( 1. 4 3 2 )	( 1 0. 5 4 4 )	( 4. 6 8 9 )	( 6. 0 0 8 )	1 6 2	( 5. 8 4 6 )
Pr f i t / ( los ) fro le f tan i b le ts o s m sa o g as se	( 5. 7 )	1 2. 3 6 8	1. 3 2 9	1 1. 9 6 1	1 3. 2 9 0	( 1 3 6 )	3 0 7		3 0 7
Pr f i t / ( los ) be fo tax o s re es		7 5. 0 1 3	3 5. 8 0 8	4. 5 1 5	4 0. 3 2 3	2 7. 9 4 9	2 9. 8 9 8	( 3 6 8 )	2 9. 5 3 0
Ta xe s	( ) 5. 8	( 2 7 9 )	( 8 5 9 )	( 2 8 )	( 8 8 7 )	( 1 6 2 )	( 1 1 )		( 1 1 )
f / ( ) f Pr i t los te tax o s a r es		7 4. 7 3 4	3 4. 9 4 9	4. 4 8 7	3 9. 4 3 6	2 7. 7 8 7	2 9. 8 8 7	( 3 6 8 )	2 9. 5 1 9
fo A t tr i bu ta b le l low as s:
Co S ha ho l de mp an re rs y		6 1. 1 2 7	2 3. 4 3 7	4. 4 8 7	2 9 6 0 7.	1 9. 6 8 5	2 1. 6 0 4	( 3 6 8 )	2 1. 2 3 6
M ino i ty In ter ts in bs i d iar ies r es su		1 3. 0 2 2	1 1. 4 7 6		1 1. 4 7 6	8. 1 2 9	8. 2 8 3		8. 2 8 3
Ea ing f te tax Pe S ha ba ic ( in € ) rn s a r es r re s -		0, 5 9	0, 2 3	0, 0 4	0, 2 7	0, 1 9	0, 2 1	( 0, 0 0 )	0, 2 0

INCOME STATEMENT

For the period ended September 30, 2007 & 2006 and for the quarterly period 1/7 - 30/9 2007 & 2006

			COMPANY
	Notes	1/1-30/9/07	1/1-30/9/06	1/7-30/9/07	1/7-30/9/06
Revenue
Cost of sales
Gross Profit/(loss)
Other operating income
Administrative expenses	(5.4)	(986)	(998)	(315)	(259)
Distribution expenses
Earnings before taxes,
investing and financial results		(986)	(998)	(315)	(259)
Dividend income/Profit from sale of investments	(4.1)+(5.6)	62.192	24.218	4.635	28
Interest & other similar income	(5.6)	1.425	647	991	122
Interest and other financial expenses	(5.6)	(1.345)	(1.439)	(70)	(509)
Profit/(loss) from revaluation of investments
in subsidiaries - associated companies	(5.6)	(483)		(97)
Foreign exchange differences
Financial results		61.789	23.426	5.459	(359)
Profit/(loss) from sale of tangible assets
Profit/(loss) before taxes		60.803	22.428	5.144	(618)
Taxes	(5.8)	(20)	(344)
Profit/(loss) after taxes		60.783	22.084	5.144	(618)
Attributable as follows:
Company shareholders		60.783	22.084	5.144	(618)
Minority interests in subsidiaries
Earnings after taxes Per Share - basic (in €)		0,58	0,21	0,05	(0,01)

BALANCE SHEET

As at 30th of September 2007 and at December 31, 2006

		GROUP		COMPANY
	Notes	30/9/2007	31/12/2006	30/9/2007	31/12/2006
ASSETS
Non-current assets
Tangible assets	(5.9)	705.918	719.549	5	2
Intangible assets	(5.10)	2.320	2.660	72	80
Financial assets	(5.11)	3.332
Investments in subsidiaries	(3)+(5.12)			398.140	386.910
Investments in associated companies	(5.13)		34.732		34.732
Non-current receivables	(5.14)	199	215
Deferred tax assets	(5.15)	178	127
		711.947	757.283	398.217	421.724
Current assets
Inventories	(5.16)	4.205	3.790
Trade receivables and prepayments	(5.17)	72.685	55.983
Tax receivables	(5.18)	1.464	1.495	688	349
Receivables from subsidiaries-associated companies
Other receivables	(5.19)	4.304	2.903		31
Financial assets held for trading	(5.20)	611	734	611	734
Cash and cash equivalents	(5.21)	185.420	105.449	75.892	13.888
Deferred expenses	(5.22)	6.048	8.108
Accrued income	(5.22)	92	138	15	30
		274.829	178.600	77.206	15.032
Non-current assets classified as held for sale			99.679
Total assets		986.776	1.035.562	475.423	436.756
EQUITY AND LIABILITIES
Equity Share capital	(5.23)	62.504	62.504	62.504	62.504
Reserves	(5.23)	229.991	259.077	349.124	316.620
Retained earnings	(5.23)	107.558	22.713	63.354	21.738
Total Shareholders equity		400.053	344.294	474.982	400.862
Minority interests in subsidiaries		119.126	110.107
Total equity		519.179	454.401	474.982	400.862
Non-current liabilities
Secured loans	(5.24)	373.523	399.465
Finance leases	(5.25)	72	304
Deferred tax liabilities	(5.26)	330	329	267	267
Retirement benefit provisions	(5.27)	1.199	1.131	54	54
Provisions	(5.28)	1.082	321
		376.206	401.550	321	321
Current liabilities
Bank loans and overdrafts	(5.29)		9.931		9.931
Current portion of long term liabilities	(5.29)	38.661	63.661		25.000
Trade and other payables	(5.30)	34.560	28.217	79	109
Payables to subsidiaries-associated companies
Tax liabilities	(5.31)	2.179	2.688	9	20
Deferred income	(5.32)	2.356	1.933
Accrued expenses	(5.32)	13.635	8.018	32	513
		91.391	114.448	120	35.573
Liabilities directly associated with non current assets
classified as held for sale			65.163
Total equity and liabilities		986.776	1.035.562	475.423	436.756

Statement of Changes in Equity

For the Period 1/1-30/9/2007

				Fa ir v lue a		To ta l	M ino i ty r
	S ha re	S ha re	O t he r	fro res erv es m	Re ta ine d	ha ho l de s re rs	in ter ts in es	To ta l
	Ca i ta l p	Pr ium em	Re se rve s	he dg ing	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan 1 Ja 2 0 0 t 7 ce a nu ary	6 2. 0 4 5	2 0 6 4 8 7.	1. 4 2 9 5		2 2. 1 3 7	3 4 4. 2 9 4	1 1 0. 1 0 7	4 4. 4 0 1 5
C ha in Eq i ty for t he Pe io d 1 / 1- 3 0 / 9 / 2 0 0 7 ng es u r				2. 9 6 4	( 9 ) 5	2. 0 0 4	8 3 6	3. 2 3 7
f Re las i ie d i tem c s s			( ) 3 1. 5 8 2		3 1. 5 8 2	0		0
Ex ha d i f fer tra la t ing for ig c ng e en ce s o n ns e n
ion t op era s					( 2 0 )	( 2 0 )		( 2 0 )
Ne Pr f i for he Pe io d 1 / 1- 3 0 / 9 / 2 0 0 7 t t t o r					6 1. 7 1 2	6 1. 7 1 2	1 3. 0 2 2	7 4. 7 3 4
D iv i de ds n					( 8. 3 3 4 )	( 8. 3 3 4 )	( 4. 8 3 9 )	( 1 3. 1 7 3 )
Ba lan t 3 0 Se te be 2 0 0 7 ce a p m r	6 2. 5 0 4	2 0 7. 6 4 8	1 9. 8 4 7	2. 4 9 6	1 0 7. 5 5 8	4 0 0. 0 5 3	1 1 9. 1 2 6	5 1 9. 1 7 9
C O M P A N Y
				Fa ir v lue a		To ta l	M ino i ty r
	S ha re	S ha re	O t he r	fro res erv es m	Re ta ine d	ha ho l de s re rs	in ter ts in es	To ta l
	Ca i ta l p	Pr ium em	Re se rve s	he dg ing	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan t 1 Ja 2 0 0 7 ce a nu ary	6 2. 5 0 4	1 9 4. 3 4 0	( ) 1 4 9. 9 4 4		2 1. 7 3 8	1 2 8. 6 3 8		1 2 8. 6 3 8
Re fro lua ion f inv t tm ts se rve s m rev a o es en
in bs i d iar ies t fa ir v lue su a a			2 7 2. 2 2 4			2 7 2. 2 2 4		2 7 2. 2 2 4
Ne ba lan 1 Ja 2 0 0 t 7 w ce a nu ary	6 2. 0 4 5	1 9 4. 3 4 0	1 2 2. 2 8 0		2 1. 3 8 7	4 0 0. 8 6 2		4 0 0. 8 6 2
C ha in Eq i ty for t he Pe io d 1 / 1- 3 0 / 9 / 2 0 0 7 ng es u r			9. 5 8 8		( ) 2 8	9. 5 6 0		9. 5 6 0
f Re las i ie d i tem c s s			1 0. 8 0 4		( ) 1 0. 8 0 4	0		0
Re fro lua t ion f inv tm ts se rve s m rev a o es en
fa in bs i d iar ies t ir v lue su a a			1 2. 1 1 0			1 2. 1 1 0		1 2. 1 1 0
Ex ha d i f fer la ing for ig tra t c ng e en ce s o n ns e n
ion t op era s
Ne t Pr f i t for t he Pe io d 1 / 1- 3 0 / 9 / 2 0 0 7 o r					6 0. 7 8 3	6 0. 7 8 3		6 0. 7 8 3
D iv i de ds n					( 8. 3 3 4 )	( 8. 3 3 4 )		( 8. 3 3 4 )
3 0 Se 2 0 0 Ba lan t te be 7	6 2. 5 0 4	1 9 4. 3 4 0	1 5 4. 7 8 4			4 7 4. 9 8 2		4 7 4. 9 8 2

Statement of changes in reserves from revaluation of investments in subsidiaries at fair value

For the Period 1/1-30/9/2007

	for Be t he e	f A ter t he
	ha c ng es	ha c ng es
S S. B L U E T A R M A R I T I M E A.	( ) 1 4 3. 5 0 8	1 0. 7 0 9
S S S S. U P E R F A T F E R R I E M A R I T I M E A.	0	1 2 1. 4 3 5
N O R D I A M C.	0	8. 7 9 5
M A R I N M C.	0	2 5 5
A T T I C A P R E M I U M S. A.	( 6 5 1 )	( 1. 0 1 9 )
O T T A L	( 1 4 4. 1 5 9 )	1 4 0. 1 7 6	2 8 4. 3 3 5

Statement of Changes in Equity

For the Period 1/1-30/9/2006

					To ta l	M ino i ty r
	S ha re	S ha re	O he t r	Re ine d ta	ha ho l de s re rs	in in te ts res	To l ta
	Ca i ta l p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
1 2 0 0 6 Ba lan t Ja ce a nu ar y	9 3. 6 7 5	2 3 9. 2 4 4	0. 4 0 0 5	6 8 0 5.	3 8 9. 0 8 0	1 0 2. 2 6 7	4 9 1. 8 0 6
Inc f S ha Ca i ta l rea se o re p	3 1. 2 5 2				3 1. 2 5 2		3 1. 2 5 2
f S Ca De ha i ta l cre as e o re p	( ) 6 2. 5 0 4	( ) 3 1. 2 5 2			( ) 9 3. 7 5 6		( ) 9 3. 7 5 6
Ex la te d to ha i ta l inc p en se s r e s re ca p rea se		( 3 4 4 )			( 3 4 4 )		( 3 4 4 )
Ex ha d i f fe tra la t ing fo ig t ion c ng e re nc es o n ns re n o p er a s			( 3 2 )		( 3 2 )		( 3 2 )
Ne Pr f i fo he Pe io d 1 / 1- 3 0 / 9 / 2 0 0 6 t t t o r r				2 7. 9 6 0	2 7. 9 6 0	1 1. 4 7 6	3 9. 4 3 6
D iv i de ds n				( 8. 3 3 4 )	( 8. 3 3 4 )	( 3. 7 6 3 )	( 1 2. 0 9 7 )
Ba lan t 3 0 Se te be 2 0 0 6 ce a p m r	6 2. 5 0 4	2 0 7. 6 4 8	5 0. 3 6 8	2 5. 3 0 6	3 4 5. 8 2 6	1 1 0. 4 3 9	4 5 6. 2 6 5
C O M P A N Y					To ta l	M ino i ty r
	S ha re	S ha re	O t he r	Re ta ine d	ha ho l de s re rs	in te ts in res	To ta l
	Ca i ta l p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan t 1 Ja 2 0 0 6 ce a nu ar y	9 3. 7 5 6	2 2 5. 9 3 6	( ) 1 5 0. 6 2 3	1 0. 9 1 9	1 7 9. 9 8 8		1 7 9. 9 8 8
Inc f S ha Ca i l ta rea se o re p	3 1. 2 2 5				3 1. 2 2 5		3 1. 2 2 5
De f S ha Ca i l ta cre as e o re p	( 6 2. 0 4 ) 5	( 3 1. 2 2 ) 5			( 9 3. 6 ) 7 5		( 9 3. 6 ) 7 5
Ex la d ha i l inc te to ta p en se s r e s re ca p rea se		( 3 4 4 )			( 3 4 4 )		( 3 4 4 )
Re fro lua t ion f inv tm ts se rve s m rev a o es en
in bs i d iar ies t fa ir v lue su a a			2 4 3. 6 4 6		2 4 3. 6 4 6		2 4 3. 6 4 6
Ne Pr f i fo he Pe io d 1 / 1- 3 0 / 9 / 2 0 0 6 t t t o r r				2 2. 0 8 4	2 2. 0 8 4		2 2. 0 8 4
D iv i de ds n				( 8. 3 3 4 )	( 8. 3 3 4 )		( 8. 3 3 4 )
Ba lan t 3 0 Se te be 2 0 0 6 ce a p m r	6 2. 5 0 4	1 9 4. 3 4 0	9 3. 0 2 3	2 4. 6 6 9	3 7 4. 5 3 6		3 7 4. 5 3 6

Statement of changes in reserves from revaluation of investments in subsidiaries at fair value

For the Period 1/1-30/9/2006

	Be fo t he re	A f ter t he
	ha c ng es	ha c ng es
S S. B L U E T A R M A R I T I M E A.	( 1 3. 0 8 ) 4 5	( 2 1. 0 ) 5 7
S U P E R F A S T F E R R I E S M A R I T I M E S. A.	0	1 1 5. 8 2 6
N O R D I A M C.	0	6. 4 3 5
C. M A R I N M	0	( ) 5 6 7
A T T I C A P R E M I U M S. A.	( 7 3 8 )	( 1. 2 3 8 )
T O T A L	( ) 1 4 4. 2 4 6	9 9. 4 0 0	2 4 3. 6 4

CASH FLOW STATEMENT

For the period 1/1-30/9 2007 & 2006

		GROUP		COMPANY
	Notes	1/1-30/9/2007	1/1-30/9/2006	1/1-30/9/2007	1/1-30/9/2006
Cash flow from Operating Activities
Profit/(Loss) Before Taxes		75.013	35.808	60.803	22.428
Adjustments for:
Depreciation & amortization	(5.9)	20.129	21.180	9	6
Provisions		2.507	910	483
Foreign exchange differences	(5.6)	776	(265)
Net (profit)/Loss from investing activities		(45.241)	(10.152)	(63.526)	(24.864)
Interest and other financial expenses	(5.6)	17.691	18.186	1.345	1.439
Plus or minus for Working Capital changes:
Decrease/(increase) in Inventories		(414)	(346)
Decrease/(increase) in Receivables		(15.733)	10.798	(45)	159
(Decrease)/increase in Payables (excluding banks)		7.373	(13.758)	(566)	57
Less:
Interest and other financial expenses paid		(15.957)	(15.567)	(1.846)	(1.372)
Taxes paid		(342)	(1.373)		(845)
Operating cash flows of discontinued operations			(12.629)
Total cash inflow/(outflow) from operating activities (a)		45.802	32.792	(3.343)	(2.992)
Cash flow from Investing Activities
Acquisition of subsidiaries, associated companies, joint
ventures and other investments	(5.13)	(30.338)		(39.338)
Purchase of tangible and intangible assets	(5.9)+(5.10)	(6.984)	(24.000)	(4)	(5)
Proceeds from sale of tangible and intangible assets	(5.7)+(5.13)	207.073	28.298	112.022	75.925
Interest received		4.013	1.716	1.410	647
Dividends received	(4.1)	23	28	34.522	17.151
Investing cash flows of discontinued operations			301.085
Total cash inflow/(outflow) from investing activities (b)		173.787	307.127	108.612	93.718
Cash flow from Financing Activities
Proceeds from issue of Share Capital
Proceeds from Borrowings			9.895
Payments of Borrowings	(5.21)	(126.036)	(40.871)	(34.931)
Payments of finance lease liabilities	(5.21)	(409)	(398)
Dividends paid		(13.173)	(12.097)	(8.334)	(8.334)
Equity return to shareholders			(62.504)		(62.504)
Financing cash flows of discontinued operations			(203.123)
Total cash inflow/(outflow) from financing activities (c)		(139.618)	(309.098)	(43.265)	(70.838)
Net increase/(decrease) in cash and cash equivalents
(a)+(b)+(c)		79.971	30.821	62.004	19.888
Cash and cash equivalents at beginning of period		105.449	92.558	13.888	3.251
Cash and cash equivalents at end of period		185.420	123.379	75.892	23.139

The method used for the preparation of the above Cash Flow Statement is the Indirect Method.

Cash and cash equivalents analysis is presented in paragraph 5.21.

NOTES TO THE FINANCIAL STATEMENTS

1. General information

ATTICA HOLDINGS S.A. ("ATTICA GROUP") is a Holding Company and as such does not have trading activities of its own. The Company, through its subsidiaries, mainly operates in passenger shipping and in travel agency services.

The headquarters of the Company are in Athens, Greece, C. Karamanli Avenue 157, 16673, Voula.

The number of employees, at period end, was 8 for the parent company and 1.315 for the Group, while at 30/9/2006 was 9 and 1.425 respectively.

Attica Holdings S.A. shares are listed in the Athens Stock Exchange under the ticker symbol ATTICA.

The corresponding ticker symbol for Bloomberg is ATTEN GA and for Reuters is EPA.AT.

The total number of common bearer shares outstanding as at 30 September 2007 was 104.173.680. Each share carries one voting right. The total market capitalization was € 541.703 thousand approximately.

The interim financial statements of the Company and the Group for the period ended September 30, 2007 were approved by the Board of Directors on November 23, 2007.

Due to rounding there may be minor differences in some amounts.

2. Significant Group accounting policies

The accounting policies used by the Group for the preparation of the financial statements for the period 1/1-30/9/2007 are the same with those used for the preparation of the financial statements for the fiscal year 2006, except for the method of recognition of the value of investments in subsidiaries.

More specifically, the Group's management decided to recognise the investments in subsidiaries at fair value instead of acquisition cost.

The Group's management believes that the new accounting policy is a more rational approach to reflect the value of the Company's investments in subsidiaries.

This change has affected the "Investments in subsidiaries" account and the net equity of the parent company only. There is no effect in any other account of the parent company, nor to any account in consolidated level.

In order to determine the fair value of investments, the Company has appointed on independent valuator, who used the following assumptions in order to perform his study:

• a) The Group will operate in the same geographical segments that operated on September 30, 2007.
• b) The vessels will execute the same number of sailings.
• c) The useful life and residual value of the vessels are calculated according to the existing accounting policy for tangible assets.
• d) Annual increases in revenue and expenses have been calculated based on Group's historical data.
• e) The Weighted Average Cost of Capital is equal to 9,8%.

The effect of the change in the accounting policy is presented in the Statement of Changes in Equity and in the following paragraphs:

1. Consolidation

5.33. Analysis of the effect of the change of the accounting policy, regarding investments in subsidiaries, in the financial statements.

The financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) which have been issued by the International Accounting Standards Board (IASB) and the interpretations which have been issued by the International Financial Reporting Interpretations Committee as adopted by the European Union. More specifically, for the preparation of the current period's Financial Statements the Group has applied IAS 34 "Interim Financial Reporting".

In addition, the Group has prepared the financial statements in compliance with the historical cost principle, the going concern principle, the accrual basis principle, the consistency principle, the materiality principle and the accrual basis of accounting.

For the fiscal year 2007, the going concern principle does not apply for the 100% subsidiary SUPERFAST DEKA M.C., the shipowning company of SUPERFAST X, who sold the above vessel and therefore it does not have any trading activity.

The preparation of the financial statements calls for the use of estimates and assumptions which must be in line with the provisions of generally accepted accounting principles.

The above estimates are based οn the knowledge and the information available to the Management of the Group until the date of approval of the financial statements for the period ended September 30, 2007.

2.1. Adoption of new IFRS and Interpretations from 1/1/2007

International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC) have issued new Standards and Interpretations, the implementation of which is mandatory for accounting periods starting from January 1, 2007 or subsequently.

The view of the Management of the Group about the effect of the application of these new Standards and Interpretations, on the financial statements of the Company and the Group, is set out below:

2.1.1. IFRS 7 Financial Instruments: Disclosures and supplementary adjustment of IAS 1, Presentation of Financial Statements, Capital Disclosures.

IFRS 7 requires further disclosures about:

a) the significance of financial instruments for the entity's financial position and performance

b) qualitative and quantitative information about the exposure to risks arising from financial instruments, including minimum determined disclosures about credit risk, liquidity risk and market risk.

IFRS 7 replaces IAS 30 and the disclosures required by IAS 32.

The presentation requirements of IAS 32 remain unaltered.

The Group will implement IFRS 7 and the amendment of IAS 1 on the annual financial statements of the fiscal year which begins on 1/1/2007.

2.1.2. Interpretation 7, Applying the Restatement Approach under IAS 29 Financial Reporting in Hyperinflationary Economies.

Interpretation 7 requires entities to apply IAS 29 in the reporting period in which an entity first identifies the existence of hyperinflation in the economy of its functional currency, as if the economy had always been hyperinflationary.

The above interpretation is not applicable to the operations of the Company and the Group.

2.1.3. Interpretation 8, Application scope of IFRS 2 Share-based payment.

Interpretation 8 clarifies that IFRS 2 will apply to any arrangement when equity instruments are granted or liabilities (based on the value of an entity's equity instrument) are incurred by an entity, when the identifiable consideration appears to be less that the fair value of the instruments given.

The above interpretation is not applicable to the operations of the Company and the Group.

2.1.4. Interpretation 9, Reassessment of Embedded Derivatives

Interpretation 9 requires an entity to assess whether a contract contains an embedded derivative at the date an entity first becomes a party to the contract and prohibits reassessment unless there is a change to the contract that significantly modifies the cash flows.

The above interpretation is not applicable to the operations of the Company and the Group.

2.1.5. Interpretation 10, Interim Financial reporting and Impairment

Interpretation 10 requires that, an entity shall not reverse an impairment loss recognised in a previous interim period in respect of goodwill or an investment in either an equity instrument or a financial asset carried at cost.

This Interpretation has not been adopted by the European Union.

2.1.6. Interpretation 11, Application scope of IFRS 2 Group and Treasury Share Transactions.

For the scope of accounting treatment, the transactions in which employees are granted rights to equity instruments, are regarded as equity settled –share based payments even in the case in which the company chooses or has the obligation to buy such equity instruments from third parties.

The same is followed in the financial statements of the parent company, when employees of its subsidiaries are granted rights to equity instruments of the parent company.

The above interpretation is not applicable to the operations of the Company and the Group.

• 2.2. Adoption of new or revised IFRS on and after 1/1/2008
• 2.2.1. IFRS 8 Operating Segments

The Group will implement on 1/01/2009 IFRS 8 "Operating Segments", which replaces IAS 14 "Segment Reporting" and requires the information disclosed to the users of the financial statements to be the same with those that the management uses internally in order to assess its segment performance.

2.2.2. IAS 23 Borrowing Costs (Revised)

The revised IAS 23 provides that an entity should capitalize the borrowing cost to the extent that is attributable to the acquisition, construction or production of an asset and shall be capitalized as part of the cost of that asset.

Any other cost should be recognized as an expense in the period in which it is incurred.

The Group will not be affected by the revision of IAS 23 because it already applies the alternative treatment for the recognition of the borrowing cost which was provided by the previous version of IAS 23. This treatment is the same treatment that is provided by the revised IAS 23.

2.2.3. Interpretation 12, Service Concession Arrangements (is applicable for annual periods beginning on or after 1 January 2008).

Interpretation 12 deals with the way service concession operators should apply existing IFRS to account for the rights and obligations they undertake in service concession arrangements. In accordance with this Interpretation the operators should not recognise the relevant infrastructure as tangible assets, but should recognise a financial asset or an intangible asset. Interpretation 12 is not applicable to the operations of the Group.

3. Consolidation

a) The following fully owned subsidiaries are being consolidated using the full consolidation method.

				Impairment /	Revaluation of
	Value at		Equity	(Reversal of	investments in	Net Book	Registered
Company name	31/12/2006	Additions	Return	Impairment)	subsidiaries at fair value	Value	in	Participation
SUPERFAST FERRIES MARITIME S.A.	45.779				121.435	167.214	GREECE	100%
SUPERFAST EPTA MC.*	44					44	GREECE	100%
SUPERFAST OKTO MC.*	44					44	GREECE	100%
SUPERFAST ENNEA MC.*	4.823					4.823	GREECE	100%
SUPERFAST DEKA MC.*	10.625		(19.110)	9.589		1.104	GREECE	100%
ATTICA CHALLENGE LTD		4.500				4.500	MALTA	100%
ATTICA SHIELD LTD		4.500				4.500	MALTA	100%
NORDIA MC.	4.005				8.795	12.800	GREECE	100%
MARIN MC.	3.620			(360)	256	3.516	GREECE	100%
BLUE STAR MARITIME S.A.**	42.525			143.508	10.709	196.742	GREECE	48,79%
ATTICA PREMIUM S.A.	3.222				(368)	2.854	GREECE	100%
Total	114.686	9.000	(19.110)	152.737	140.827	398.140

* Non operating companies. These companies were not revalued at fair value.

** Blue Star Maritime S.A. is consolidated in Attica Holdings S.A. because the company controls the Board

of Directors of Blue Star Maritime S.A. although it owns less than 50% of its share capital.

As stated in paragraph 2 "Significant Group accounting policies", the company used an independent valuator in order to determine the fair value of investments in subsidiaries.

More specifically, for the determination of the fair value of the listed company Blue Star Maritime S.A., the company used its closing price in the Athens Stock Exchange on September 30, 2007 (i.e. € 3,84 per share). This price is within the range of prices as provided by the independent valuator.

With regard to the non listed companies Superfast Ferries Maritime S.A., Nordia MC., Marin MC. and Attica Premium S.A. the company used as fair value the value proposed by the independent valuator.

The independent valuator, in order to determine the fair value of the above subsidiaries used the income approach and the market approach methods.

Due to the completion of liquidation procedures of the subsidiary companies SUPERFAST EPTA INC., SUPERFAST OKTO INC., SUPERFAST ENNEA INC., SUPERFAST DEKA INC. these are not anymore consolidated in the Group. From this change there is no effect to the Group's results.

The newly founded 100% subsidiary companies ATTICA CHALLENGE LTD and ATTICA SHIELD LTD, did not operate in the current period. These companies are consolidated since September 2007, with the full consolidation method. In October 2007 they took delivery of the newly acquired M/V Challenge and M/V Shield respectively.

b) The following companies are also fully consolidated using the full consolidation method indirectly into the ATTICA GROUP:

1. The following 100% subsidiaries of SUPERFAST FERRIES MARITIME S.A.:

a) Registered in Liberia:

SUPERFAST ENA INC.*, SUPERFAST DIO INC.*, SUPERFAST TRIA INC.*, SUPERFAST TESSERA INC.*, SUPERFAST PENTE INC., SUPERFAST EXI INC., SUPERFAST ENDEKA INC., SUPERFAST DODEKA INC. and SUPERFAST FERRIES S.A.

b) SUPERFAST DODEKA (Hellas) INC. & Co. JOINT VENTURE, registered in Greece which operates under common management.

1. The following 100% subsidiaries of BLUE STAR MARITIME S.A.:

a) Registered in Greece:

BLUE STAR FERRIES MARITIME S.A., BLUE STAR FERRIES JOINT VENTURE which operates under common management.

b) Registered in Cyprus:

STRINTZIS LINES SHIPPING LTD.*

c) Registered in Liberia:

BLUE STAR FERRIES S.A., WATERFRONT NAVIGATION COMPANY*, THELMO MARINE S.A.*

d) Registered in Panama:

BLUE ISLAND SHIPPING INC.*

*inactive companies

c) In the second quarter of 2007, MINOAN LINES SHIPPING S.A., which has been consolidated for the first time in the first quarter of 2007, using the equity method, is not anymore consolidated in the Group due to the sale of the participation. The profit from the sale stood at € 27.670 thousand approximately. From this change in consolidation, there is no significant effect to the Group's results, given the above company's results for the first quarter of 2007.

4 Related Party disclosures

4.1. Intercompany transactions

For the period 1/1-30/9/2007, ATTICA HOLDINGS S.A. didn't post any intercompany transactions with its subsidiaries that create commercial revenue, except for the purchase of airline tickets of total value € 4 thousand from its 100% subsidiary ATTICA PREMIUM S.A. This amount is written-off in the consolidated accounts of ATTICA GROUP.

The Company in the period 1/1-30/9/2007 received the amount of € 29.887 thousand as dividend from its 100% subsidiary SUPERFAST GROUP and € 4.611 thousand as dividend from its 48,795% subsidiary BLUE STAR MARITIME S.A. These amounts are written-off in the consolidated accounts of ATTICA GROUP.

There are no any receivables or payables of the parent Company arising from its transactions with directly or indirectly related entities, except for an amount payable to its 100% subsidiary ATTICA PREMIUM S.A. amounting € 1 thousand approximately.

The 100% subsidiary SUPERFAST DEKA MC. has decided to return part of its share capital to its parent company ATTICA HOLDINGS S.A. due to sale of its assets. The capital return amounts € 19.110 thousand.

In September 2007, ATTICA HOLDINGS S.A. participated in the share capital increase of its 100% subsidiaries ATTICA CHALLENGE LTD and ATTICA SHIELD LTD with the amount of € 4.500 thousand per company.

The intercompany balances as at 30/9/2007 are presented in the following tables.

Intercompany balances of SUPERFAST Group

COMPANY	SUPERFAST PENTE INC.		SUPERFAST PENTE (HELLAS) INC.		SUPERFAST EXI INC.		(HELLAS) INC.	SUPERFAST EXI
	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT
SUPERFAST PENTE INC.				29.922
SUPERFAST PENTE (HELLAS) INC.	29.922
SUPERFAST EXI INC.								38.593
SUPERFAST EXI (HELLAS) INC.					38.593
SUPERFAST EPTA MC.
SUPERFAST OKTO MC.
SUPERFAST ENNEA MC.
SUPERFAST DEKA MC.
SUPERFAST ENDEKA INC.
SUPERFAST ENDEKA (ΗΕLLAS) INC.
SUPERFAST DODEKA INC.
SUPERFAST DODEKA (HELLAS) INC.
NORDIA MC.
MARIN MC.
ATTICA CHALLENGE LTD.
ATTICA SHIELD LTD.
SUPERFAST FERRIES S.A.		41.172				46.808
SUPERFAST DODEKA (HELLAS) INC. &
CO JOINT VENTURE			39.112				47.260
SUPERFAST FERRIES MARITIME S.A.
TOTAL	29.922	41.172	39.112	29.922	38.593	46.808	47.260	38.593

Intercompany balances of SUPERFAST Group-Continued

COMPANY		SUPERFAST EPTA MC.		SUPERFAST OKTO MC.		SUPERFAST ENNEA MC.	SUPERFAST DEKA MC.
	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT
SUPERFAST PENTE INC.
SUPERFAST PENTE (HELLAS) INC.
SUPERFAST EXI INC.
SUPERFAST EXI (HELLAS) INC.
SUPERFAST EPTA MC.
SUPERFAST OKTO MC.
SUPERFAST ENNEA MC.
SUPERFAST DEKA MC.
SUPERFAST ENDEKA INC.
SUPERFAST ENDEKA (ΗΕLLAS) INC.
SUPERFAST DODEKA INC.
SUPERFAST DODEKA (HELLAS) INC.
NORDIA MC.
MARIN MC.
ATTICA CHALLENGE LTD.
ATTICA SHIELD LTD.
SUPERFAST FERRIES S.A.		5		36				2.630
SUPERFAST DODEKA (HELLAS) INC.& CO JOINT VENTURE					3.760
SUPERFAST FERRIES MARITIME S.A.
TOTAL		5		36	3.760			2.630

Intercompany balances of SUPERFAST Group-Continued

COMPANY	SUPERFAST ENDEKA INC.		SUPERFAST ENDEKA (HELLAS) INC.		SUPERFAST DODEKA INC.		SUPERFAST DODEKA (HELLAS) INC.
	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT
SUPERFAST PENTE INC.
SUPERFAST PENTE (HELLAS) INC.
SUPERFAST EXI INC.
SUPERFAST EXI (HELLAS) INC.
SUPERFAST EPTA MC.
SUPERFAST OKTO MC.
SUPERFAST ENNEA MC.
SUPERFAST DEKA MC.
SUPERFAST ENDEKA INC.				39.115
SUPERFAST ENDEKA (ΗΕLLAS) INC.	39.115
SUPERFAST DODEKA INC.								25.240
SUPERFAST DODEKA (HELLAS) INC.					25.240
NORDIA MC.
MARIN MC.
ATTICA CHALLENGE LTD.
ATTICA SHIELD LTD.
SUPERFAST FERRIES S.A.		23.437				19.515
SUPERFAST DODEKA (HELLAS) INC.& CO
JOINT VENTURE			47.791				34.399
SUPERFAST FERRIES MARITIME S.A.
TOTAL	39.115	23.437	47.791	39.115	25.240	19.515	34.399	25.240

Intercompany balances of SUPERFAST Group-Continued

COMPANY		NORDIA MC.		MARIN MC.		ATTICA CHALLENGE LTD		ATTICA SHIELD LTD		SUPERFAST FERRIES S.A.	SUPERFAST DODEKA (HELLAS) INC. & CO JOINT VENTURE
	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT	DEBIT	CREDIT
SUPERFAST PENTE INC.									41.172
SUPERFAST PENTE (HELLAS) INC.												39.112
SUPERFAST EXI INC.									46.808
SUPERFAST EXI (HELLAS) INC.												47.260
SUPERFAST EPTA MC.									5
SUPERFAST OKTO MC.									36
SUPERFAST ENNEA MC.												3.760
SUPERFAST DEKA MC.									2.630
SUPERFAST ENDEKA INC.									23.437
SUPERFAST ENDEKA (ΗΕLLAS) INC.												47.791
SUPERFAST DODEKA INC.									19.515
SUPERFAST DODEKA (HELLAS) INC.												34.399
NORDIA MC.												12
MARIN MC.												226
ATTICA CHALLENGE LTD.									68
ATTICA SHIELD LTD.									72
SUPERFAST FERRIES S.A.						68		72			151.256
SUPERFAST DODEKA (HELLAS) INC. & CO JOINT VENTURE	12		226							151.256
SUPERFAST FERRIES MARITIME S.A.
TOTAL	12		226			68		72	133.742	151.256	151.256	172.561

Reconciliation of intercompany balances:

Total debit:	590.429
Total credit:	590.429
Balance	0

Intercompany Balances of Blue Star Group

	T H	O E L M	W A T E R	O F R N T	B L U E	S T A R	S T R I N T	S S Z I L I N E
C O M P A N Y	M A R	I N E S. A.	N A V I G A	T I O N C O.	F E R R	I E S S. A.	S H I P P I	N G L T D.
	D E B I T	C R E D I T	D E B I T	C R E D I T	D E B I T	C R E D I T	D E B I T	C R E D I T
B L U E S T A R M A R I T I M E S. A.		6 8		1	8 2. 2 2 7	1 0 1. 2 7 0	1 0. 9 3 5	7 9 8
O S. T H E L M M A R I N E A.					8
W A T E R F R O N T N A V I G A T I O N C O.
S T R I N T Z I S L I N E S S H I P P I N G L T D.					9. 6 5 0	1
S S S. B L U E T A R F E R R I E M A R I T I M E A.					1 3 1. 0 9 5	7 3. 3 9 1		1 0
B L U E S T A R F E R R I E S S. A.		8					1	9. 6 0 5
B L U E S T A R F E R R I E S J O I N T V E N T U R E
B L U E I S L A N D S H I P P I N G I N C.					1. 0 5 4	9 8		8 8 4
T O T A L		6 7		1	2 2 4. 0 3 5	1 4. 6 0 7 7	1 0. 9 3 6	1 0. 9 4 6
	B L U	S E T A R	S B L U E T A	S R F E R R I E	S B L U E T A	S R F E R R I E	B L U E	S I L A N D
C O M P A N Y	M A R I	T I M E S. A.	J O I N T V	E N T U R E	M A R I T	I M E S. A.	S H I P P	I N G I N C.
	D E B I T	C R E D I T	D E B I T	C R E D I T	D E B I T	C R E D I T	D E B I T	C R E D I T
S S. B L U E T A R M A R I T I M E A.			6 6. 1 7 7	1 2 5. 2 7 1			4 4 0
T H E L M O M A R I N E S. A.	6 8
W A T E R F R O N T N A V I G A T I O N C O.	1
S T R I N T Z I S L I N E S S H I P P I N G L T D.	7 9 8	1 0. 9 3 5			1 0		4 8 8
S S S. B L U E T A R F E R R I E M A R I T I M E A.			2 4 7. 5 3 3	1 6 5. 4 0 9
B L U E S T A R F E R R I E S S. A.	1 0 1. 2 7 0	8 2. 2 2 7			7 3. 3 9 1	1 3 1. 0 9 5	9 8	1. 0 5 4
B L U E S T A R F E R R I E S J O I N T V E N T U R E	1 2 5. 2 7 1	6 6. 1 7 7			1 6 5. 4 0 9	2 4 7. 5 3 3
B L U E I S L A N D S H I P P I N G I N C.
		4 4 0

Reconciliation of Intercompany Balances

To	1.
ta	0
l	1
de	5.
b	9
i	2
t :	5
To	1.
l c	0
d	1
i	5.
ta	9
t :	2
re	5
Ba lan ce	0

Attica Premium S.A.

Reconciliation of intercompany balances:

	30/9/2007		31/12/2006
	Debit	Credit	Debit	Credit
Superfast Group		6.308		7.818
Blue Star Group		1.576		833
Attica Holdings S.A.	1
	1	7.884		8.651

Sales to associated companies:

1/1-30/9/2007	1/1-30/9/2006
2.812	3.682
891	742
4	4
3.707	4.428

The transactions between Attica Premium S.A. and the other companies of Attica Group have been priced with market terms.

Furthermore, there are intercompany transactions between Superfast Dodeka (Hellas) Inc. and Co Joint Venture and Blue Star Group amounting € 13.868 thousand approximately.

• 4.2. Participation of the members of the Board of Directors to the Board of Directors of other companies
• a) Mr. Pericles S. Panagopulos, president of the Board of Directors, participates in the Boards of Directors of all the companies of Attica Group. Additionally, Mr. Pericles S. Panagopulos participates in the management of a number of foreign companies, mainly shipping companies, that are represented by Magna Marine Inc., which is established in Greece under Law 378/68.

No other business exists between these companies and Attica Group, except with Odyssey Maritime Inc and Pellucid Trade Inc owners of the buildings on 157 C. Karamanli Avenue and 139 Vasileos Pavlou in Voula, where the headquarters of the Group are located. The rent paid by the Group to the above companies for the period 1/1 – 30/9/2007 totaled an amount of € 319 thousand approximately.

• b) Mr. Yannis Criticos, vice president of the Group, participates in the Board of Directors of Superfast Ferries Maritime S.A.
• c) Mr. Petros Vettas, managing director, is also member of the Board of Directors of Bariba Corporation which is established in Greece under Law 378/68. The above company represents in Greece a number of foreign companies and is not related to the Group.

• d) Mr. Charalambos Zavitsanos, authorized director, is also member of the Board of Directors of the 100% subsidiary Superfast Ferries Maritime S.A.

• e) Mr. Alexander P. Panagopulos, non-executive member of the Board of Directors, participates in the Board of Directors of Superfast Ferries S.A. and is also member of the Board of Directors of all the companies of Blue Star Group.

• f) Mr. Charalambos Paschalis, non-executive member of the Board of Directors, is also President – non executive member of the Board of Directors of Blue Star Maritime S.A. and Blue Star Ferries Maritime S.A.
• g) Mr. George Karystinos and Mr. Emmanouil Kalpadakis, non-executive members of the Board of Directors, are also members of the Board of Directors of Blue Star Maritime S.A.
• h) Mr. Nikolaos Tapiris, financial director of the Group is member of the Board of Directors of subsidiaries of BLUE STAR MARITIME S.A.

4.3. Guarantees

The parent company has guaranteed to lending banks the repayment of loans of the Superfast vessels.

4.4. Board of Directors and Executive Directors' Fees

Executive Directors' Fees (Managing Director, Authorized Director, Financial Director, Sales Director, Technical Director, Hotel Director) totaled an amount of € 1.440 thousand.

Board of Directors' Fees for the fiscal year 2006, are as follows: Executive members: € 276 thousand Non Executive members: € 125 thousand

5. Financial statements analysis

The figures of the period 1/1 – 30/9/2007 are not fully comparable with the corresponding figures of continuing operations of the previous year because: a) car passenger ferry Diagoras was acquired in July 2006 and therefore didn't operate in the entire period 1/1 – 30/9/2006 but as of 12/08/2006,

b) the vessel Blue Star 1 has been redeployed from the Adriatic Sea to the North Sea in January 2007 replacing of the vessel SUPERFAST X, which has been sold in February 2007,

c) the freight-only RoRos, Nordia and Marin have been redeployed from the Baltic Sea routes and especially the RoRo Nordia has been chartered from 29/11/2006 to the French company Fret Cetam and the RoRo Marin from 10/02/2007 has been deployed in the Adriatic Sea and particularly on the Patras – Venice route.

5.1. Revenue Analysis and Geographical Segment Report

The Group has decided to provide information based on the geographical segmentation of its operations.

The Group operates in the Greek Domestic Routes, in Adriatic Sea and in North Sea. The Group's vessels provide transportation services to passengers, private vehicles and freight.

Seasonality

The Group's sales are highly seasonal. The highest traffic for passengers and vehicles is observed during the months July, August and September while the lowest traffic for passengers and vehicles is observed between November and February. On the other hand, freight sales are not affected significantly by seasonality.

Τhe Group has chartered out from 29/11/2006 the RoRo Nordia to the French company Fret Cetam. The time charter will last until October 2008, with daily hire € 11 thousand.

The Company, as a holding company, does not have any sales activity and for this reason there is no revenue analysis by geographical segment.

The consolidated results and other information per segment for the period 1/1 – 30/9/2007 are as follows:

	GROUP
		1/1-30/9/2007
	Domestic	Adriatic	North
Geographical Segment	Routes	Sea	Sea	Other *	Total
Revenue from Fares	92.717	108.311	20.243	2.994	224.266
On-board Sales	7.320	19.063	1.334	4	27.721
Travel Agency Services				2.027	2.027
Total Revenue	100.037	127.374	21.577	5.024	254.013
Gross profit/(loss)	44.735	35.708	5.338	2.934	88.715
Financial results	(4.292)	(8.543)	(1.766)	27.732	13.130
Earnings before taxes, investing
and financial results, depreciation
and amortization	34.833	29.768	4.280	764	69.644
Profit/(Loss) before Taxes	23.251	11.053	12.552	28.157	75.013
Profit/(Loss) after Taxes	23.189	10.970	12.524	28.051	74.734
Vessels' Book Value at 1/1**	228.139	476.349	98.002	13.340	815.830
Improvements / Additions	2.174	71	1.346		3.591
Vessels' Redeployment		(82.410)	88.620	(6.210)
Vessels' Disposals			(98.002)		(98.002)
Depreciation for the Period	(6.859)	(9.790)	(2.335)	(233)	(19.217)
Net Book Value of vessels at 30/9	223.454	384.219	87.631	6.898	702.202
Secured loans	111.234	216.179	43.680	2.430	373.523

* The column "Other" includes the parent company, the shipowning company of the chartered RoRo NORDIA and the 100% subsidiary ATTICA PREMIUM S.A.

** Includes the vessel SUPERFAST X which was sold in February 2007.

Revenue from Fares in Domestic routes includes the grants received for public services performed under contracts with the Ministry of Mercantile Marine and the Ministry of Aegean and Island Policy amounting € 3.100 thousand for the period 1/1 – 30/9/2007 and € 1.474 thousand for the period 1/1 – 30/9/2006.

There are no transactions related to income and expenses between segments.

The vessels' values represent the tangible assets in the geographical segments where the vessels operate in.

Secured loans are the loans obtained by the Group for the acquisition and construction of vessels.

The Revenues that appear in the Group's Consolidated Financial Statements for the period 1/1 - 30/9/2007 belong to the following Business Activity Categories:

Sea & Coastal Transportation	224.266
Restaurants on board	8.151
Bars on board	13.929
Casino on board	3.806
Shops on board	1.834
Travel agency services	2.027
Total	254.013

The consolidated results and other information per segment for the period 1/1 – 30/9/2006 are as follows:

	GROUP
					1/1-30/09/2006
Geographical Segment	Domestic	Adriatic	Baltic Sea		North Sea	Other		Total
	Routes	Sea							Grand Total
			Continuing	Discontinued			Continuing	Discontinued
			operations	operations			operations	operations
Revenue from Fares	79.100	106.580	6.200	17.380	22.384		214.263	17.380	231.643
On-board Sales	6.008	19.220		680	1.376		26.605	680	27.285
Travel Agency Services						3.894	3.894		3.894
Total Revenue	85.108	125.800	6.200	18.060	23.760	3.894	244.762	18.060	262.822
Gross profit/(loss)	39.662	30.217	1.028	(1.336)	8.618	3.894	83.419	(1.336)	82.083
Financial results	(3.602)	(9.744)	(236)	(1.432)	(1.913)	6.383	(9.112)	(1.432)	(10.544)
Profit/(Loss) before Taxes
investing and financial results,
depreciation and
amortization	32.265	24.686	990	(3.436)	8.118	(1.288)	64.769	(3.436)	61.335
Profit/(Loss) before Taxes	23.655	2.991	304	4.515	3.911	4.948	35.808	4.515	40.323
Profit/(Loss) after Taxes	23.549	2.862	290	4.487	3.901	4.346	34.949	4.487	39.436
Vessels' Book Value at 01/01*	217.972	492.019	13.920	291.107	99.785		823.696	291.107	1.114.803
Improvements / Additions	3.383						3.383		3.383
Vessel acquisitions in the present
period	18.369						18.369		18.369
Vessel Disposals	(3.815)			(288.661)			(3.815)	(288.661)	(292.476)
Depreciation for the Period	(5.950)	(11.607)	(435)	(2.446)	(2.250)		(20.243)	(2.446)	(22.689)
Net Book Value of vessels at 30/09	229.959	480.412	13.485	0	97.535		821.390	0	821.390
Secured loans	120.269	286.142	5.786				412.197		412.197

* Includes vessel SUPERFAST X which was operating in the North Sea.

5.2. Cost of sales

Below can be obtained the Cost of Sales analysis as stated in the Income Statement for the period ended 30/9 2007 and 2006.

	GROUP
	1/1-30/9/2007		1/1-30/9/2006
		Continuing	Discontinued
		operations	operations	Total
Crew Expenses	35.092	32.627	3.729	36.356
Fuel-Lubricants	67.460	71.582	9.030	80.612
Insurance Premia	2.710	2.840	272	3.112
Repairs-Maintenance-Spare
Parts	21.594	15.982	1.586	17.568
Port Expenses	12.431	12.459	2.301	14.760
On-board Cost of Goods Sold	5.896	5.611	32	5.643
Vessels Depreciation	19.217	20.242	2.446	22.688
Cost of Travel Agency Services	898
Total	165.298	161.343	19.396	180.739

The parent company, as a holding company, does not have any sales activity and therefore there is no cost of sales.

5.3. Other Operating Income

The item "Other Operating Income", amounting € 842 thousand, refer mainly to amounts received from insurance claims and various grants.

5.4. Administrative Expenses

	GROUP
	1/1-30/9/2007		1/1-30/9/2006
		Continuing	Discontinued
		operations	operations	Total
Personnel Expenses	9.812	9.226	1.328	10.554
Rent and related Expenses	1.176	1.029	103	1.132
Telecommunication Expenses	544	444	115	559
Stationery	223	257	33	290
Office Repair-Maintenance Expenses	1.012	697	174	871
Third Party Services & Expenses	1.099	1.230	35	1.265
Other	1.509	3.853	213	4.066
Office Depreciation	912	939	132	1.071
Total	16.287	17.675	2.133	19.808

	COMPANY
	1/1-30/9/2007	1/1-30/9/2006
Personnel Expenses	300	274
Rent and related Expenses	14	13
Telecommunication Expenses	6	10
Stationery	39	38
Office Repair-Maintenance Expenses	7	8
Third Party Services & Expenses	353	400
Other	257	249
Office Depreciation	9	6
Total	986	998

5.5. Distribution Expenses

	GROUP
	1/1-30/9/2007		1/1-30/9/2006
		Continuing	Discontinued
		operations	operations	Total
Advertising Expenses	4.207	3.019	1.233	4.252
Sales Promotional Expenses	242	351	169	520
Sales Commissions	18.653	18.958	1.329	20.287
Other	653	453	72	525
Total	23.755	22.781	2.803	25.584

There are no any distribution expenses for the parent company because it is a holding company.

5.6. Financial Results

a) Dividend Income/Profit from sale of investments Includes the dividend of € 29.887 thousand and € 4.611 thousand that the parent company received from SUPERFAST GROUP and Blue Star Maritime S.A. respectively.

Furthermore, it includes the profit from the sale of shares of the previously associated company MINOAN LINES SHIPPING S.A. The profit from this sale stood at € 27.670 thousand and it is derived as follows:

	Number of shares	Value (in €)	Total
Revenue from the sale of shares	15.781.380	6,0000	94.688
Less: Acquisition cost	15.781.380	4,1123	64.898
Less: Transaction expenses			2.120
Profit			27.670

It should be noted that the profit from the sale of shipping companies' shares is exempted from taxes, according to L.27/75.

• b) Interest and similar Income The Group has invested its cash in time deposits with an average interest rate of 4,1% net of taxes.
• c) Interest and Other Financial Expenses They refer to the interest paid on loans.
• d) Foreign Exchange Differences They were created from the revaluation at 30/9/2007 of the balances of the cash and cash equivalents, receivables and payables in foreign currencies.

The analysis of the financial results is the following:

	GROUP
	1/1-30/9/2007	1/1-30/9/2006
		Continuing	Discontinued
		operations	operations	Total
Interest on Long-Term Borrowings	(9.311)	(9.601)	(1.682)	(11.283)
Interest on Bonds	(7.193)	(6.101)		(6.101)
Interest on Short-Term Borrowings	(426)	(353)		(353)
Other Financial Expenses	(762)	(2.132)	(226)	(2.358)
Interest Income	4.029	1.716	464	2.180
Dividend income/Profit from sale of investments	27.693	7.094		7.094
Profit/(loss) from revaluation of investments in
subsidiaries - associated companies	(124)
Foreign Exchange Differences	(777)	265	12	277
Total	13.130	(9.112)	(1.432)	(10.544)

	COMPANY
	1/1-30/9/2007	1/1-30/9/2006
Interest on Long-Term Borrowings Interest on Bonds	(794)	(923)
Interest on Short-Term Borrowings	(426)	(353)
Other Financial Expenses	(125)	(163)
Interest Income	1.425	647
Dividend income/Profit from sale of investments Profit/(loss) from revaluation of investments in	62.192	24.218
subsidiaries - associated companies Foreign Exchange Differences	(483)
Total	61.789	23.426

Interest on Borrowings include profit of € 248 thousand approximately that arised from the interest rate hedging contract of the Group.

Other Financial Expenses include loss of € 115 thousand approximately that arised from the fuel hedging contract of the Group.

5.7. Profit/(Loss) from sale of tangible assets

It refers to:

a) the profit from the sale of the vessel SUPERFAST X, which took place in February 2007. The selling price was € 112.000 thousand. More specifically:

Vessel sale proceeds	112.000
Less: Net book value	97.981
Less: Transaction expenses	1.515
Profit	12.504

b) the sale, which took place in September 2007, from the 48,795% subsidiary Blue Star Maritime S.A., of its office building in the town of Rhodes and its building in the city of Piraeus with net book value € 1.698 thousand and € 825 thousand respectively. The above properties had been posted in the previous periods as "Non – current assets classified as held for sale". The sale price for both properties was € 2.400 thousand.

5.8. Income taxes

Special taxation policies apply on the Group's profits. Consequently, it is believed that the following analysis provides a better understanding of the income taxes.

	GROUP
	1/1-30/9/2007	1/1-30/9/2006
		Continuing	Discontinued
		operations	operations	Total
Dividend distribution Tax	182	188		188
Property Tax	23
Tax according to Law 27/75	104	120	28	148
Provision for unaudited fiscal years	20	364		364
Taxes charged from the taxation audit		187		187
Deferred tax expense	(51)
Total	279	859	28	887
	COMPANY
	1/1-30/9/2007	1/1-30/9/2006
Dividend distribution Tax
Property Tax
Tax according to Law 27/75
Provision for unaudited fiscal years	20	344
Taxes charged from the taxation audit Deferred tax expense
Total	20	344

All the companies of the Group have been audited by tax authorities until fiscal year 2005.

For the unaudited fiscal year 2006 the Group had made a tax provision of € 130 thousand.

5.9. Tangible assets

The vessels of the Group have been mortgaged as security of the long-term borrowings for the amount of € 682 mil.

There is no indication of impairment for the below-mentioned tangible assets.

The depreciation analysis can be found in following table.

	GROUP
	1/1-30/9/2007	1/1-30/9/2006
		Continuing	Discontinued
		operations	operations	Total
Vessels	19.216	20.242	2.446	22.688
Office	912	939	132	1.071
Total	20.129	21.181	2.578	23.759

	COMPANY
	1/1-30/9/2007	1/1-30/9/2006
Vessels
Office	9	6
Total	9	6

5.9 Tangible Assets

				Fu i & tu rn re	Im ts p rov em en		F ixe d As ts se
Co l i da te d F ig ns o ure s	Ve ls ss e	La d n	Bu i l d ing s	O t he r	In T h ir d Pa t ies r	Ve h ic les	Un de r	To ta l
				F ix tu res	Pr ty op er		Co tru t ion ns c
In i t ia l Co t a t 1. 1. 2 0 0 7 s	8 3 5. 2 0 1	2 7 4	7 6 5	7. 3 6 3	9 7 3	2 0 1	1 2 2	8 4 4. 8 9 9
Ac is i t ion A d d i t ion q u s - s	3. 5 9 1			1 1 9	1		3. 0 4 0	6. 7 5 1
/ f fs D isp ls W i te- os a r o		( ) 2 7 4	( ) 7 6 5					( ) 1. 0 3 9
A d j tm ts- Im irm ts d de d to t he Ne t Eq i ty us en p a en a u
A d j tm ts- Im irm ts d de d to t he Inc S ta te t us en p a en a om e me n
Co t a t 3 0. 9. 2 0 0 7 s	8 3 8. 7 9 2	0	0	7. 4 8 2	9 7 4	2 0 1	3. 1 6 2	8 5 0. 6 1 1
Ac la d De ia io 1. 1. 2 0 0 te t t 7 cu m u p re c n a	1 1 7. 3 7 3		2 0 5	6. 9 2 5	7 7 9	6 7		1 2 5. 3 4 9
De ia ion fo he Pe io d t t p re c r r	1 9. 2 1 7		1 1	2 2 6	8 1	2 3		1 9. 8 5 5
D isp ls / W i f fs te- os a r o			( 2 1 6 )					( 2 1 6 )
Ac la te d De ia t ion t 3 0. 9. 2 0 0 7 cu mu p re c a	1 3 6. 5 9 0		0	7. 1 5 1	8 6 0	9 0		1 4 4. 6 9 1
Ne t Bo k Va lue t 3 0. 9. 2 0 0 7 o a	7 0 2. 2 0 2	0	0	3 3 1	1 1 4	1 1 1	3. 1 6 2	7 0 5. 9 2 0
In i t ia l Co t a t 1. 1. 2 0 0 6 s	1. 2 6 0. 1 9 3	2 7 4	7 6 5	7. 2 5 9	9 7 2	1 2 9	9 7	1. 2 6 9. 6 8 8
Ac is i t ion A d d i t ion q s - s u	2 1. 9 9 2			1 7 0	1	2 0 0	7 2	2 2. 4 3 5
D isp ls / W i f fs te- os a r o	( 4 4 6. 9 8 4 )			( 6 6 )		( 1 2 8 )	( 4 6 )	( 4 4 2 2 4 ) 7.
A d j tm ts- Im irm ts d de d to t he Ne t Eq i ty us en p a en a u
S A d j tm ts- Im irm ts d de d to t he Inc ta te t us en p a en a om e me n
Co t a t 3 1. 1 2. 2 0 0 6 s	8 3 5. 2 0 1	2 7 4	7 6 5	7. 3 6 3	9 7 3	2 0 1	1 2 2	8 4 4. 8 9 9
Ac la te d De ia t io t 1. 1. 2 0 0 6 cu m u p re c n a	1 4 3 8 9 5.		1 9 7	6. 1 5 7	6 4 4	4 3		1 2. 3 5 7 7
De ia ion fo he Pe io d t t p re c r r	2 6. 7 4 9		2 6	4 0 8	1 3 5	2 4		2 7. 3 4 1
D isp ls / W i te- f fs os a r o	( 5 4. 7 6 5 )							( 5 4. 7 6 5 )
Ac la d De ia ion 3 1. 1 2. 2 0 0 6 te t t cu mu p re c a	1 1 3 3 7. 7		2 0 5	6. 9 2 5	9 7 7	6 7		1 2 3 4 9 5.
Ne Bo k Va lue 3 1. 1 2. 2 0 0 6 t t o a	7 1 7. 8 2 8	2 7 4	5 6 0	4 3 8	1 9 5	1 3 4	1 2 2	7 1 9. 5 5 0

				Fu i tu & rn re	Im ts p rov em en		F ixe d As ts se
Co F ig m p an ur es y	Ve ls ss e	La d n	Bu i l d ing s	O he t r	In T h ir d Pa ies t r	Ve h ic les	Un de r	To l ta
				F ix tu re s	Pr ty op er		Co tru t ion ns c
In i ia l Co 1. 1. 2 0 0 t t a t 7 s				9 7		6		8 5
Ac is i t ion A d d i t ion q u s - s				4				4
D isp ls / W i te- f fs os a r o
A d j tm ts- Im irm ts d de d to t he Ne t Eq i ty us en p a en a u
A d j Im irm d de d he Inc tm ts- ts to t us en p a en a om e
S ta te t me n
Co t a t 3 0. 9. 2 0 0 7 s				8 3		6		8 9
Ac la te d De ia t io t 1. 1. 2 0 0 7 cu m u p re c n a				7 7		6		8 3
fo De ia t ion t he Pe io d p re c r r				1				1
D isp ls / W i te- f fs os a r o
3 0. 9. 2 0 0 Ac la te d De ia t ion t 7 cu m p re c a u				8 7		6		8 4
Ne Bo k Va lue 3 0. 9. 2 0 0 t t 7 o a				5		0		5
In i ia l Co 1. 1. 2 0 0 6 t t a t s				7 7		6		8 3
Ac is i t ion A d d i t ion q u s - s				2				2
D isp ls / W i te- f fs os a r o
A d j tm ts- Im irm ts d de d to t he Ne t Eq i ty us en p a en a u
A d j tm ts- Im irm ts d de d to t he Inc us en p a en a om e
S ta te t me n
Co 3 1. 1 2. 2 0 0 6 t a t s				9 7		6		8 5
Ac la d De ia io te t t 1. 1. 2 0 0 6 cu m p re c n u a				7 7		6		8 3
De ia ion fo he Pe io d t t p re c r r
D isp ls / W i f fs te- os a r o
Ac la d De ia ion 3 1. 1 2. 2 0 0 6 te t t cu m u p re c a				7 7		6		8 3
Ne t Bo k Va lue t 3 1. 1 2. 2 0 0 6 o a				2		0		2

5.10. Intangible assets

There is no indication of impairment for the following intangible assets.

Consolidated Figures	Trademarks	Software	Total
Initial Cost at 1.1.2007	150	9.985	10.135
Acquisitions - Additions		231	231
Disposals / Write-offs
Adjustments-Impairments added to the Net Equity
Adjustments-Impairments added to the Income
Statement
Cost at 30.9.2007	150	10.216	10.366
Accumulated Depreciation at 1.1.2007	72	7.401	7.473
Depreciation for the Period	7	566	573
Disposals / Write-offs
Accumulated Depreciation at 30.9.2007	79	7.967	8.046
Net Book Value at 30.9.2007	71	2.249	2.320
Initial Cost at 1.1.2006	150	9.750	9.900
Acquisitions - Additions		327	327
Disposals / Write-offs		(39)	(39)
Adjustments-Impairments added to the Net Equity
Adjustments-Impairments added to the Income
Statement		(53)	(53)
Cost at 31.12.2006	150	9.985	10.135
Accumulated Depreciation at 1.1.2006	61	6.595	6.656
Depreciation for the Period	11	806	817
Disposals / Write-offs
Accumulated Depreciation at 31.12.2006	72	7.401	7.473
Net Book Value at 31.12.2006	78	2.584	2.662

Company figures Initial Cost at 1.1.2007 Acquisitions - Additions Disposals / Write-offs Adjustments-Impairments added to the Net Equity Adjustments-Impairments added to the Income Statement	Trademarks Software 9	105	Total 114
Cost at 30.9.2007	9	105	114
Accumulated Depreciation at 1.1.2007 Depreciation for the Period Disposals / Write-offs	2	31 9	33 9
Accumulated Depreciation at 30.9.2007	2	40	42
Net Book Value at 30.9.2007	7	64	72
Initial Cost at 1.1.2006 Acquisitions - Additions Disposals / Write-offs Adjustments-Impairments added to the Net Equity Adjustments-Impairments added to the Income Statement	9	99 6	108 6
Cost at 31.12.2006	9	105	114
Accumulated Depreciation at 1.1.2006	1	21	22
Depreciation for the Period Disposals / Write-offs	1	10	11
Accumulated Depreciation at 31.12.2006	2	31	33
Net Book Value at 31.12.2006	7	73	81

As presented above, intangible assets consist of the following assets:

• a) Trademarks, the cost of which include the cost of development and registration of the trademarks of Attica Holdings S.A., Superfast Ferries and Blue Star Ferries both in Greece and abroad.
• b) Computer software programs, the cost of which include the cost of the ticket booking systems and the cost of purchasing and developing the Group's integrated Enterprise Resource Planning system.

The table below analyzes the tangible and intangible assets held by the Group under finance leases. These assets are included in table 5.9 "Tangible Assets" and table 5.10 "Intangible Assets".

Leased Assets	GROUP COMPANY
Net Book Value 2006	1.113
Additions 1/1-30/9/07
Disposals / Write-offs 1/1-30/9/07
Depreciation 1/1-30/9/07	(310)
Net Book Value 30/9/07	803

The most important assets acquired with finance lease are: the vessels' satellite antennas purchased for € 1.444 thousand, software programs purchased for € 571 thousand and various office electronic equipment purchased for € 243 thousand.

5.11. Financial assets

The "financial assets" account includes the fair value, on September 30, 2007, of the interest rate hedging contract. The same amount is included in the equity of the Group.

5.12. Investments in subsidiaries

The following table depicts the development of the investments in subsidiaries.

	COMPANY	GROUP
Initial Cost at 01.01.2007	114.686
Revaluation of investments
in subsidiaries at fair value	272.224
New Initial Cost at 01.01.2007	386.910
Acquisitions - Additions	9.000
Disposals/Write-offs *	(19.110)
Adjustments-Impairments added to Net
Equity **	9.589
Revaluation of investments
in subsidiaries at fair value***	12.110
Adjustments-Impairments added to the
Income Statement	(360)
Value at 30.09.2007	398.140
Initial Cost at 01.01.2006	168.434
Acquisitions - Additions
Disposals/Write-offs	(52.928)
Adjustments-Impairments added to Net
Equity	87
Revaluation of investments
in subsidiaries at fair value***	272.224
Adjustments-Impairments added to the
Income Statement	(906)
Value at 31.12.2006	386.911

* Refers to the return of capital from the 100% subsidiary company SUPERFAST DEKA MC.(§ 4.1).

** Refers to the reversal of impairment loss from the company SUPERFAST DEKA MC. which was added to Net Equity.

*** Refers to the presentation of all the investments in subsidiaries at fair value (§ 2 and 5.33).

Revaluation of investments in subsidiaries at fair value

Company	31/12/2006	30/09/2007
BLUE STAR MARITIME S.A.	116.303	154.217
SUPERFAST FERRIES MARITIME S.A.	150.164	121.435
NORDIA MC.	6.628	8.795
MARIN MC.	(303)	255
ATTICA PREMIUM S.A	(568)	(368)
TOTAL	272.224	284.335	12.110

5.13. Investments in associated companies

The Group within the first quarter of 2007 invested € 30 mln approximately for the acquisition of 5.681.000 shares of MINOAN LINES SHIPPING S.A. Afterwards, within the second quarter of 2007 the Group sold its total participation in the previously associated company MINOAN LINES SHIPPING S.A. for € 94.688 thousand less the transaction expenses (§ 5.6). The profit from this sale amounted € 27.670 thousand.

5.14. Non-current receivables

Non-current receivables are guarantees given against office rent and public utility companies such as P.P.C. (Public Power Corporation) and H.T.O. (Hellenic Telecommunications Organization). This account also includes an advance for office rent paid by the 100% subsidiary company Attica Premium S.A.

5.15. Deferred Tax Assets

		30/9/2007
	GROUP	COMPANY
From subsidiary's losses	155
From provisions for personnel reimbursement
From tax-free Reserves	24
Total	179

5.16. Inventories

The "Inventories" account includes the following items:

	30/9/2007		31/12/2006
	GROUP	COMPANY	GROUP	COMPANY
Food-Beverages-Tobacco	771		727
Fuel-Lubricants	2.324		1.906
Hotel Equipment	1.110		1.157
Total	4.205		3.790

There is no indication of impairment for the above-mentioned inventories.

5.17. Trade receivables and prepayments

	30/9/2007
	GROUP	COMPANY
Trade Receivables	55.680
Post Dated Cheques	20.810
Less: Provisions for Bad Debts	7.706
Trade Receivables (net)	68.784
Prepayments to Suppliers - Creditors	3.901
Total	72.685
	31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Trade Receivables	41.832		41.832
Post Dated Cheques	20.203		20.203
Less: Provisions for Bad Debts	7.790		7.790
Trade Receivables (net)	54.245		54.245
Prepayments to Suppliers - Creditors	1.736	2	1.738
Total	55.981	2	55.983

The Group recognized a loss for bad debts of € 28 thousand for the period 1/1- 30/9/2007. The amount of this provision has been charged to the income statement of the present period.

The short-term receivables need not be discounted at the end of the period. The Group has a very wide spectrum of clientele in Greece, as well as abroad, thus the credit risk is very low.

5.18. Tax receivables

	30/9/2007
	GROUP	COMPANY
Income Tax Advances	229
VAT Receivable	371
Withholding Tax on Interest Income	344	264
Income Tax Receivable	520	424
Total	1.464	688
		31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Income Tax Advances	192	130	322
VAT Receivable	512	224	736
Withholding Tax on Interest Income	183		183	139
Income Tax Receivable	233	21	254	210
Total	1.120	375	1.495	349

5.19. Other receivables

There is no need for the other receivables to be discounted at the end of the period since they are short-term receivables.

	30/9/2007
	GROUP	COMPANY
Prepayments to Employees	166
Receivables from the Greek State
Receivables from Insurance Companies	320
Masters' General Accounts	541
Other Receivables*	3.277
Total	4.304
		31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Prepayments to Employees	159		159
Receivables from the Greek State	590		590
Receivables from Insurance Companies	379	28	407
Masters' General Accounts	426		426
Other Receivables	1.321		1.321	31
Total	2.875	28	2.903	31

purchase of marine diesel engines of the indirectly subsidiary company BLUE STAR FERRIES MARITIME S.A. * Other receivables include the amount of € 2.160 thousand which represents an advance payment for the

5.20. Financial assets held for trading

Refer to the investment in the listed company SCIENS INTERNATIONAL INVESTMENTS AND HOLDING. The number of shares owned is 388.381 and their value at 30/9/07 is € 610 thousand.

5.21. Cash and cash equivalents

This account includes all cash and cash equivalents that the Group can liquidate within three months.

	30/9/2007
	GROUP	COMPANY
Cash in hand	148	10
Cash at banks	10.892	496
Short-term Time Deposits	174.380	75.387
Total	185.420	75.892
		31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Cash in hand	138	3	141	8
Cash at banks	12.056	34	12.090	98
Short-term Time Deposits	67.078	26.140	93.218	13.782
Total	79.272	26.177	105.449	13.888

During the nine months period, the Group has paid the amount of € 126.036 thousand against its long-term borrowings and for the repayment of the loans of the parent company.

Furthermore, the Group paid the amount of € 409 thousand against finance leases.

5.22. Deferred expenses - accrued income

The "Deferred expenses" account includes the following items:

	30/9/2007
	GROUP COMPANY
Insurance Premia	1.362
Drydocking Expenses	3.860
Other	827
Total	6.049

		31/12/2006
	GROUP			COMPANY
	Continuing Discontinued
	operations	operations	Total
Insurance Premia	581		581
Drydocking Expenses	6.371		6.371
Other	1.156		1.156
Total	8.108		8.108

The accrued income relates to interest revenue.

5.23. Share capital – Reserves

a) Share Capital

The company's Share Capital amounts € 62.504.208 and is divided in 104.173.680 common bearer shares with a nominal value of € 0,60 each.

b) Reserves

The Reserves are stated in the statement of Changes in Equity.

5.24. Secured loans

Long-term secured loans analysis:

	30/9/2007		31/12/2006
	GROUP	COMPANY	GROUP	COMPANY
Bank Loans	204.591		223.783
Bond Loans	168.932		175.682
Total	373.523		399.465

There are no overdue liabilities, or liabilities that are about to become due, that cannot be paid.

All loans are denominated in Euro. The Bond Loans are discounted.

The average weighted interest rates at 30/9/2007 are:

		SUPERFAST	BLUE STAR
Bond loans	Euribor plus		1,31%
Bank loans	Euribor plus	0,65%

The payments of the loans are as follows:

	30/9/2007
Loans	GROUP	COMPANY
Payments within the next two years	77.321
Payments from 3 to 5 years	115.339
Payments beyond 5 years	221.092

After the sale of the vessel SUPERFAST X its loan was fully repaid.

The above table includes the current portion of the long-term debt.

5.25. Finance – Operating leases

The average weighted interest rate of the finance leases is Euribor plus 2,35%.

The Group's finance leases can be found in the following table:

		30/9/2007
Finance Leases	GROUP	COMPANY
Payments within 1 year	391
Payments from 2 to 5 years	72
Payments beyond 5 years

The finance leases that have been recognized in the income statement of the period 1/1 - 30/9/2007, amount € 321 thousand.

The operating leases that have been recognized in the income statement of the period 1/1 - 30/9/2007, amount € 861 thousand.

The operating leases refer to office rent and have been contracted with market terms. The only exception is the rental agreement of Attica Premium's branch in Athens for which an advance equal to 3 years rent has been paid in November 2006.

5.26. Deferred tax liabilities

The deferred tax liabilities involve the tax free reserves and other special taxable reserves that will be taxed only when they are distributed.

		30/9/2007
	GROUP COMPANY
Tax-free Reserves	328	265
Special taxable Reserves	2	2
Total	330	267

5.27. Retirement benefit provisions

These provisions refer to personnel compensation due to retirement. The Group has the legal obligation of paying to its employees a compensation at their first date of retirement on a pension.

The above-mentioned obligation is a defined benefit plan according to IAS 19.

The assumptions used for the retirement benefit provisions for the period 1/1 – 30/9/2007 are the same with those used for the retirement benefit provisions for the fiscal year 2006.

The analysis of this liability is as follows:

	30/9/2007			31/12/2006
	GROUP	COMPANY	GROUP	COMPANY
Outstanding Balance at the Beginning of
the period	1.131	54	1.018	54
Current period's cost	52		102
Interest cost	11		42
Compensation paid			(31)
Provisions over and above the actuarial
valuation	5
	1.199	54	1.131	54

5.28. Provisions

a) Superfast Group has made a provision amounting € 463 thousand which concerns claim for compensation from the crew that was employed on board the vessels previously deployed in the Baltic Sea. The case is under litigation.

b) The 48,795% subsidiary Blue Star Maritime S.A. has made a provision amounting € 550 thousand which concerns a claim for compensation from the Buyer of the vessel Blue Aegean. The case is in arbitration.

5.29. Bank loans and overdrafts - Current portion of long term liabilities

In July 2007, the company repaid its short-term borrowings, amounting € 9,9 mln approximately and prepaid its long-term debt of € 25 mln which had to be repaid in October 2007.

5.30. Trade and other payables

	30/9/2007
	GROUP	COMPANY
Suppliers - Creditors	27.136	79
Social Security Contributions	193
Greek Seamens' Pension Fund (NAT)	1.012
Passengers' & Vehicles' Insurance
Contribution (NAT)	2.609
Insurance Brokers	841
Wages payable	1.937
Other	832
Total	34.560	79
	31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Suppliers - Creditors	22.824	15	22.839	50
Social Security Contributions	367		367	4
Greek Seamens' Pension Fund (NAT)	1.150	2	1.152
Passengers' & Vehicles' Insurance
Contribution (NAT)	863		863
Insurance Brokers	432		432
Wages payable	1.598		1.598
Other	965	1	966	55
Total	28.199	18	28.217	109

During the nine months period, the Companies of the Group paid the amount of € 13.173 thousand as dividend for the fiscal year 2006 to their shareholders.

5.31. Tax liabilities

		30/9/2007
	GROUP	COMPANY
Value Added Tax	1.456
Wages Tax	156	9
Income Tax	111
Taxes on crew wages	168
Other	288
Total	2.179	9
		31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Value Added Tax	921		921
Wages Tax	327		327	11
Income Tax	288	290	578
Taxes on crew wages	760	12	772
Other	90		90	9
Total	2.386	302	2.688	20

5.32. Deferred Income - Accrued expenses

Deferred income refer to passenger tickets issued but not yet travelled until 30/9/2007. Accrued expenses are as follows:

	30/09/2007
	GROUP	COMPANY
Interest Expense Provision	6.554
Travel Agents' Commissions	3.551
Tax Provision for Unaudited Fiscal Years	150	20
Provisions for Operating Expenses	3.543	12
Total	13.798	32

	31/12/2006
		GROUP		COMPANY
	Continuing	Discontinued
	operations	operations	Total
Interest Expense Provision	5.246		5.246	501
Travel Agents' Commissions	1.456		1.456
Tax Provision for Unaudited Fiscal Years	130		130
Provisions for Operating Expenses	845	341	1.186	12
Total	7.677	341	8.018	513

The Group has the adequate cash and cash equivalents to cover the abovementioned liabilities.

5.33. Analysis of the effect of the change of the accounting policy, regarding investments in subsidiaries, in the financial statements

The following tables depict the effect of the change in accounting policy, as described in paragraph 2, regarding the investments in subsidiaries.

Effect of the change in accounting policy, regarding investments in subsidiaries

1. Effect in the account "Investments in subsidiaries" for the period 1/1 – 30/9/2007

	COMPANY	GROUP
(before the change)
Initial Cost at 01.01.2007	114.686
Acquisitions - Additions	9.000
Disposals/Write-offs	(19.110)
Adjustments-Impairments added to Net Equity	9.589
Adjustments-Impairments added to the Income
Statement	(360)
Value at 30.09.2007	113.805
(after the change)
Initial Cost at 01.01.2007	114.686
Revaluation of investments in subsidiaries at
fair value	272.224
New Initial Cost at 01.01.2007	386.911
Acquisitions - Additions	9.000
Disposals/Write-offs	(19.110)
Adjustments-Impairments added to Net Equity	9.589
Revaluation of investments in subsidiaries at
fair value	12.110
Adjustments-Impairments added to the Income
Statement	(360)
Value at 30.09.2007	398.140

Revaluation of investments in subsidiaries at fair value

Period 1/1 - 30/09/2007

Company	Before the change After the change
BLUE STAR MARITIME S.A.	42.525	196.742
SUPERFAST FERRIES MARITIME S.A.	45.779	167.214
NORDIA MC.	4.005	12.800
MARIN MC.	3.261	3.516
ATTICA PREMIUM S.A	3.222	2.854
TOTAL	98.791	383.126	284.335

1. Effect in the account "Investments in subsidiaries" for the period 1/1 – 30/6/2007

	COMPANY	GROUP
(before the change) Initial Cost at 01.01.2007	114.686
Acquisitions - Additions Disposals/Write-offs	(19.110)
Adjustments-Impairments added to Net Equity Adjustments-Impairments added to the Income	9.589
Statement	(360)
Value at 30.06.2007	104.805
(after the change)
Initial Cost at 01.01.2007	114.686
Revaluation of investments in subsidiaries at
fair value	272.224
New Initial Cost at 01.01.2007	386.911
Acquisitions - Additions
Disposals/Write-offs	(19.110)
Adjustments-Impairments added to Net Equity	9.589
Revaluation of investments in subsidiaries at
fair value	55.673
Adjustments-Impairments added to the Income
Statement	(360)
Value at 30.06.2007	432.702

Revaluation of investments in subsidiaries at fair value Period 1/1 - 30/06/2007

Company	Before the change After the change
BLUE STAR MARITIME S.A.	42.525	215.187
SUPERFAST FERRIES MARITIME S.A.	45.779	189.958
NORDIA MC.	4.005	15.671
MARIN MC.	3.620	3.257
ATTICA PREMIUM S.A	3.222	2.975
TOTAL	99.151	427.048	327.897

3. Effect in the account "Investments in subsidiaries" for the period 1/1 – 31/3/2007

	COMPANY	GROUP
(before the change)
Initial Cost at 01.01.2007	114.686
Acquisitions - Additions
Disposals/Write-offs	(19.110)
Adjustments-Impairments added to Net Equity	9.589
Adjustments-Impairments added to the Income
Statement
Value at 31.03.2007	105.165
(after the change)
Initial Cost at 01.01.2007	114.686
Revaluation of investments in subsidiaries at
fair value	272.224
New Initial Cost at 01.01.2007	386.911
Acquisitions - Additions
Disposals/Write-offs	(19.110)
Adjustments-Impairments added to Net Equity	9.589
Revaluation of investments in subsidiaries at
fair value	(4.160)
Adjustments-Impairments added to the Income
Statement
Value at 31.03.2007	373.229

Revaluation of investments in subsidiaries at fair value

Period 1/1 - 31/03/2007

Company	Before the change After the change
BLUE STAR MARITIME S.A.	42.525	173.174
SUPERFAST FERRIES MARITIME S.A.	45.779	170.108
NORDIA MC.	4.005	16.410
MARIN MC.	3.620	4.346
ATTICA PREMIUM S.A	3.222	3.177
TOTAL	99.151	367.215	268.064

1. Effect in the account "Investments in subsidiaries" for the period 1/1 – 31/12/2006

	COMPANY	GROUP
(before the change) Initial Cost at 01.01.2006	168.434
Acquisitions - Additions Disposals/Write-offs Adjustments-Impairments added to Net Equity	(52.928) 87
Adjustments-Impairments added to the Income Statement	(906)
Value at 31.12.2006	114.686
(after the change)
Initial Cost at 01.01.2006 Acquisitions - Additions	168.434
Disposals/Write-offs	(52.928)
Adjustments-Impairments added to Net Equity Revaluation of investments in subsidiaries at	87
fair value	272.224
Adjustments-Impairments added to the Income
Statement	(906)
Value at 31.12.2006	386.911

Revaluation of investments in subsidiaries at fair value Period 1/1 - 31/12/2006

Company	Before the change After the change
BLUE STAR MARITIME S.A.	42.525	158.829
SUPERFAST FERRIES MARITIME S.A.	45.779	195.943
NORDIA MC.	4.005	10.633
MARIN MC.	3.620	3.317
ATTICA PREMIUM S.A	3.222	2.654
TOTAL	99.151	371.376	272.224

1. Effect in the account "Investments in subsidiaries" for the period 1/1 – 30/9/2006

	COMPANY	GROUP
(before the change)
Initial Cost at 01.01.2006 Acquisitions - Additions	168.434
Disposals/Write-offs	(52.929)
Adjustments-Impairments added to Net Equity
Adjustments-Impairments added to the Income Statement
Value at 30.09.2006	115.505
(after the change) Initial Cost at 01.01.2006	168.434
Acquisitions - Additions
Disposals/Write-offs Adjustments-Impairments added to Net Equity	(52.929)
Revaluation of investments in subsidiaries at
fair value	243.646
Adjustments-Impairments added to the Income Statement
Value at 30.09.2006	359.150

Revaluation of investments in subsidiaries at fair value

Period 1/1 - 30/09/2006

Company	Before the change After the change
BLUE STAR MARITIME S.A.	42.525	164.977
SUPERFAST FERRIES MARITIME S.A.	45.779	161.605
NORDIA MC.	4.005	10.440
MARIN MC.	3.805	3.238
ATTICA PREMIUM S.A	3.135	2.635
TOTAL	99.249	342.895	243.646

1. Effect in the account "Investments in subsidiaries" for the period 1/1 – 30/6/2006

	COMPANY	GROUP
(before the change)
Initial Cost at 01.01.2006	168.434
Acquisitions - Additions Disposals/Write-offs	(52.929)
Adjustments-Impairments added to Net Equity
Adjustments-Impairments added to the Income Statement
Value at 30.06.2006	115.505
(after the change) Initial Cost at 01.01.2006	168.434
Acquisitions - Additions
Disposals/Write-offs Adjustments-Impairments added to Net Equity	(52.929)
Revaluation of investments in subsidiaries at
fair value Adjustments-Impairments added to the Income	222.732
Statement
Value at 30.06.2006	338.237

Revaluation of investments in subsidiaries at fair value

Period 1/1 - 30/06/2006

Company	Before the change After the change
BLUE STAR MARITIME S.A.	42.525	148.069
SUPERFAST FERRIES MARITIME S.A.	45.779	155.909
NORDIA MC.	4.005	11.252
MARIN MC.	3.805	4.179
ATTICA PREMIUM S.A	3.135	2.572
TOTAL	99.249	321.981	222.732

1. Effect in the account "Investments in subsidiaries" for the period 1/1 – 31/3/2006

	COMPANY	GROUP
(before the change) Initial Cost at 01.01.2006 Acquisitions - Additions Disposals/Write-offs Adjustments-Impairments added to Net Equity Adjustments-Impairments added to the Income	168.434
Statement Value at 31.03.2006	168.434
(after the change) Initial Cost at 01.01.2006 Acquisitions - Additions Disposals/Write-offs	168.434
Adjustments-Impairments added to Net Equity Revaluation of investments in subsidiaries at fair value Adjustments-Impairments added to the Income Statement	237.273
Value at 31.03.2006	405.706

Revaluation of investments in subsidiaries at fair value

Period 1/1 - 31/03/2006

Company	Before the change After the change
BLUE STAR MARITIME S.A.	42.525	125.526
SUPERFAST FERRIES MARITIME S.A.	60.479	203.943
NORDIA MC.	4.005	13.217
MARIN MC.	3.805	5.964
ATTICA PREMIUM S.A	3.135	2.572
TOTAL	113.949	351.222	237.273

Effect of the change in accounting policy regarding net Equity

1. Statement of Changes in Equity

For the Period 1/1-30/9/2007

C O M P A N Y

( be for he ha ) t e c ng e					To ta l	M ino i ty r
	S ha re	S ha re	O t he r	Re ta ine d	ha ho l de s re rs	in ter ts in es	To ta l
	Ca i ta l p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan t 1 Ja 2 0 0 7 ce a nu ary	6 2. 5 0 4	1 9 4. 3 4 0	( 1 4 9. 9 4 4 )	2 1. 7 3 8	1 2 8. 6 3 8		1 2 8. 6 3 8
C for 1 / 1- 3 0 / 9 / 2 0 0 ha in Eq i ty t he Pe io d 7 ng es u r			9. 5 8 8	( 2 8 )	9. 5 6 0		9. 5 6 0
Re las i f ie d i tem c s s			1 0. 8 0 4	( 1 0. 8 0 4 )	0		0
Ex ha d i f fer la ing for ig tra t c ng e en ce s o n ns e n t ion op era s
Ne t Pr f i t for t he Pe io d 1 / 1- 3 0 / 9 / 2 0 0 7 o r				6 0. 8 3 7	6 0. 8 3 7		6 0. 8 3 7
D iv i de ds n				( 8. 3 3 4 )	( 8. 3 3 4 )		( 8. 3 3 4 )
Ba lan 3 0 Se be 2 0 0 t te 7 ce a p m r	6 2. 0 4 5	1 9 4. 3 4 0	( 1 2 9. 1 ) 5 5	6 3. 3 4 5	1 9 0. 6 4 7		1 9 0. 6 4 7
C O M P A N Y
( f ter t he ha ) a c ng e					To ta l	M ino i ty r
	S ha re	S ha re	O t he r	Re ta ine d	ha ho l de s re rs	in ter ts in es	To ta l
	Ca i ta l p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan 1 Ja 2 0 0 t 7 ce a nu ary	6 2. 0 4 5	1 9 4. 3 4 0	( 1 4 9. 9 4 4 )	2 1. 3 8 7	1 2 8. 6 3 8		1 2 8. 6 3 8
Re fro lua ion f inv t tm ts se rve s m rev a o es en
fa in bs i d iar ies t ir v lue su a a			2 2. 2 2 7 4		2 2. 2 2 7 4		2 2. 2 2 7 4
Ne ba lan t 1 Ja 2 0 0 7 ce a nu ary w	6 2. 5 0 4	1 9 4. 3 4 0	1 2 2. 2 8 0	2 1. 7 3 8	4 0 0. 8 6 2		4 0 0. 8 6 2
C ha in Eq i for he Pe io d 1 / 1- 3 0 / 9 / 2 0 0 ty t 7 ng es u r			9. 5 8 8	( 2 8 )	9. 5 6 0		9. 5 6 0
f Re las i ie d i tem c s s			1 0. 8 0 4	( ) 1 0. 8 0 4	0		0
Re fro lua t ion f inv tm ts se rve s m rev a o es en
in bs i d iar ies fa ir v lue t su a a			1 2. 1 1 0		1 2. 1 1 0		1 2. 1 1 0
Ex ha d i f fer tra la t ing for ig c ng e en ce s o n ns e n
t ion op era s
Ne t Pr f i t for t he Pe io d 1 / 1- 3 0 / 9 / 2 0 0 7 o r				6 0. 8 3 7	6 0. 8 3 7		6 0. 8 3 7
D iv i de ds n				( 8. 3 3 4 )	( 8. 3 3 4 )		( 8. 3 3 4 )
Ba lan 3 0 Se be 2 0 0 t te 7 ce a p m r	6 2. 5 0 4	1 9 4. 3 4 0	1 5 4. 7 8 4	6 3. 3 5 4	4 7 4. 9 8 2		4 7 4. 9 8 2

Statement of changes in reserves from revaluation of investments in subsidiaries at fair value

	Be for t he e	A f ter t he
	ha c ng es	ha c ng es
S S. B L U E T A R M A R I T I M E A.	( 1 3. 0 8 ) 4 5	1 0. 0 9 7
S U P E R F A S T F E R R I E S M A R I T I M E S. A.	0	1 2 1. 4 3 5
N O R D I A M C.	0	8. 7 9 5
M A R I N M C.	0	2 5 5
A T T I C A P R E M I U M S. A.	( 6 5 1 )	( 1. 0 1 9 )
T O T A L	( 1 4 4. 1 5 9 )	1 4 0. 1 7 6	2 8 4. 3 3 5

For the Period 1/1-30/9/2007

2. Statement of Changes in Equity

For the Period 1/1-30/6/2007

COMPANY

( be for he ha ) t e c ng e					To ta l	M ino i ty r
	S ha re	S ha re	O he t r	Re ine d ta	ha ho l de s re rs	in in ter ts es	To l ta
	Ca i ta l p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan t 1 Ja 2 0 0 7 ce a nu ary	6 2. 5 0 4	1 9 4. 3 4 0	( 1 4 9. 9 4 4 )	2 1. 7 3 8	1 2 8. 6 3 8		1 2 8. 6 3 8
C ha in Eq i ty for t he Pe io d 1 / 1- 3 0 / 6 / 2 0 0 7 ng es u r			2 0. 3 9 3	( 1 0. 8 3 3 )	9. 6 0 5		9. 6 0 5
Re las i f ie d i tem c s s					0		0
Ex ha d i f fer tra la t ing for ig c ng e en ce s o n ns e n
t ion op era s
Ne t Pr f i t for t he Pe io d 1 / 1- 3 0 / 6 / 2 0 0 7 o r				6 3 9 5 5.	6 3 9 5 5.		6 3 9 5 5.
D iv i de ds n				( 8. 3 3 4 )	( 8. 3 3 4 )		( 8. 3 3 4 )
Ba lan t 3 0 Ju 2 0 0 7 ce a ne	6 2. 5 0 4	1 9 4. 3 4 0	( 1 2 9. 5 5 1 )	5 8. 2 1 0	1 8 5. 5 0 3		1 8 5. 5 0 3
C O M P A N Y
( f he ha ) ter t a c ng e					To ta l	M ino i ty r
	S ha re	S ha re	O he t r	Re ine d ta	ha ho l de s re rs	in in ter ts es	To l ta
	Ca i ta l p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan 1 Ja 2 0 0 t 7 ce a nu ary	6 2. 0 4 5	1 9 4. 3 4 0	( 1 4 9. 9 4 4 )	2 1. 3 8 7	1 2 8. 6 3 8		1 2 8. 6 3 8
Re fro lua t ion f inv tm ts se rve s m rev a o es en
fa in bs i d iar ies t ir v lue su a a			2 7 2. 2 2 4		2 7 2. 2 2 4		2 7 2. 2 2 4
Ne ba lan t 1 Ja 2 0 0 7 w ce a nu ary	6 2. 5 0 4	1 9 4. 3 4 0	1 2 2. 2 8 0	2 1. 7 3 8	4 0 0. 8 6 2		4 0 0. 8 6 2
C ha in Eq i ty for t he Pe io d 1 / 1- 3 0 / 6 / 2 0 0 7 ng es r u			2 0. 3 9 3	( 1 0. 8 3 3 )	9. 5 6 0		9. 5 6 0
Re las i f ie d i tem c s s			1 0. 8 0 4	( 1 0. 8 0 4 )	0		0
Re fro lua t ion f inv tm ts se rve s m rev a o es en
in bs i d iar ies t fa ir v lue su a a			5 6. 0 3 2		5 6. 0 3 2		5 6. 0 3 2
Ex ha d i f fer tra la t ing for ig c ng e en ce s o n ns e n
ion t op era s
Ne Pr f i for he Pe io d 1 / 1- 3 0 / 6 / 2 0 0 7 t t t o r				5 5. 6 3 9	5 5. 6 3 9		5 5. 6 3 9
D iv i de ds n				( 8. 3 3 4 )	( 8. 3 3 4 )		( 8. 3 3 4 )
Ba lan t 3 0 Ju 2 0 0 7 ce a ne	6 2. 5 0 4	1 9 4. 3 4 0	2 0 9. 5 1 0	4 7. 4 0 5	5 1 3. 7 6 0		5 1 3. 7 6 0

Statement of changes in reserves from revaluation of investments in subsidiaries at fair value

	for Be t he e	f A ter t he
	ha c ng es	ha c ng es
S S. B L U E T A R M A R I T I M E A.	( ) 1 4 3. 5 0 8	2 9. 1 5 4
S U P E R F A S T F E R R I E S M A R I T I M E S. A.	0	1 4 4. 1 7 9
O C. N R D I A M	0	1 1. 6 6 6
M A R I N M C.	0	( 4 )
C S. A T T I A P R E M I U M A.	( ) 6 5 1	( ) 8 9 8
T O T A L	( 1 4 4. 1 9 ) 5	1 8 4. 0 9 7	3

For the Period 1/1-30/6/2007

COMPANY

3. Statement of Changes in Equity

For the Period 1/1-31/3/2007

( be fo he ha ) t re c ng e					Fa ir v lue a	To ta l	M ino i ty r
	S ha re	S ha re	O t he r	Re ta ine d	re se rve s	ha ho l de s re rs	in te ts in re s	To ta l
	Ca i l ta p	Pr ium em	Re se rve s	Ea ing rn s	fro he dg ing m	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan t 1 Ja 2 0 0 7 ce a nu ar y	6 2. 5 0 4	1 9 4. 3 4 0	( 1 4 9. 9 4 4 )	2 1. 7 3 8	0	1 2 8. 6 3 8		1 2 8. 6 3 8
C ha in Eq i ty fo t he Pe io d 1 / 1- 3 1 / 3 / 2 0 0 7 ng es u r r			9. 8 9 5		4 1 0	9. 9 9 8		9. 9 9 8
f Re las i ie d i te c s ms						0		0
Ne Pr f i fo he Pe io d 1 / 1- 3 1 / 3 / 2 0 0 t t t 7 o r r				2 9. 1 6 5		2 9. 1 6 5		2 9. 1 6 5
D iv i de ds n
Ba lan t 3 1 Ma h 2 0 0 7 ce a rc	6 2. 5 0 4	1 9 4. 3 4 0	( 1 4 0. 3 5 5 )	5 0. 9 0 3	4 1 0	1 6 7. 8 0 1		1 6 7. 8 0 1
C O M P A N Y
( f te t he ha ) a r c ng e					Fa ir v lue a	To ta l	M ino i ty r
	S ha re	S ha re	O he t r	Re ine d ta	re se rve s	ha ho l de s re rs	in in te ts re s	To l ta
	Ca i ta l p	Pr ium em	Re se rve s	Ea ing rn s	fro he dg ing m	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan t 1 Ja 2 0 0 7 ce a nu ar y	6 2. 5 0 4	1 9 4. 3 4 0	( 1 4 9. 9 4 4 )	2 1. 7 3 8	0	1 2 8. 6 3 8		1 2 8. 6 3 8
Re fro lua ion f inv t tm ts se rve s m rev a o es en
in bs i d iar ies fa ir v lue t su a a			2 2. 2 2 4 7			2 2. 2 2 4 7		2 2. 2 2 4 7
Ne ba lan t 1 Ja 2 0 0 7 w ce a nu ar y	6 2. 5 0 4	1 9 4. 3 4 0	1 2 2. 2 8 1	2 1. 7 3 8		4 0 0. 8 6 3		4 0 0. 8 6 2
C ha in Eq i ty fo t he Pe io d 1 / 1- 3 1 / 3 / 2 0 0 7 ng es u r r			9. 8 9 5		1 0 4	9. 9 9 8		9. 9 9 8
Re las i f ie d i te c s ms						0		0
fro f Re lua t ion inv tm ts se rve s m rev a o es en
in bs i d iar ies fa ir v lue t su a a			( 4. 1 6 0 )			( 4. 1 6 0 )		( 4. 1 6 0 )
Ne t Pr f i t fo t he Pe io d 1 / 1- 3 1 / 3 / 2 0 0 7 o r r				2 9. 1 6 5		2 9. 1 6 5		2 9. 1 6 5
D iv i de ds n
Ba lan t 3 1 Ma h 2 0 0 7 ce a rc	6 2. 5 0 4	1 9 4. 3 4 0	1 2 7. 7 0 9	5 0. 9 0 3	4 1 0	4 3 5. 8 6 6		4 3 5. 8 6 6

Statement of changes in reserves from revaluation of investments in subsidiaries at fair value

Before the changes After the changes BLUE STAR MARITIME S.A. (143.508) (12.859) SUPERFAST FERRIES MARITIME S.A. 0 124.329NORDIA MC. 0 12.405MARIN MC. 0 726ATTICA PREMIUM S.A. (651) (696) TOTAL(144.159) 123.905 268.064

For the Period 1/1-30/3/2007

4. Statement of Changes in Equity

For the Period 1/1-31/12/2006

C O M P A N Y
( be fo t he ha re c ng e	)

( be fo t he ha ) re c ng e					To ta l	M ino i ty r
	S ha re	S ha re	O t he r	Re ta ine d	ha ho l de s re rs	in te ts in res	To ta l
	Ca i l ta p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan t 1 Ja 2 0 0 6 ce a nu ar y	9 3. 7 5 6	2 2 5. 9 3 6	( ) 1 5 0. 6 2 3	1 0. 9 1 9	1 7 9. 9 8 8		1 7 9. 9 8 8
Inc f S ha Ca i l ta rea se o re p	3 1. 2 5 2				3 1. 2 5 2		3 1. 2 5 2
De f S ha Ca i ta l cre as e o re p	( 6 2. 5 0 4 )	( 3 1. 2 5 2 )			( 9 3. 7 5 6 )		( 9 3. 7 5 6 )
Ex la te d to ha i ta l inc p en se s r e s re ca p rea se		( ) 3 4 4			( ) 3 4 4		( ) 3 4 4
C ha in Eq i ty fo t he Pe io d 1 / 1- 3 1 / 1 2 / 2 0 0 6 ng es u r r			2 3 4		2 3 4		2 3 4
Ne Pr f i fo he Pe io d 1 / 1- 3 1 / 1 2 / 2 0 0 6 t t t o r r			4 4 5	1 9. 1 5 3	1 9. 5 9 8		1 9. 5 9 8
D iv i de ds n				( ) 8. 3 3 4	( ) 8. 3 3 4		( ) 8. 3 3 4
Ba lan t 3 1 De be 2 0 0 6 ce a ce m r	6 2. 5 0 4	1 9 4. 3 4 0	( 1 4 9. 9 4 4 )	2 1. 7 3 8	1 2 8. 6 3 8		1 2 8. 6 3 8
C O M P A N Y
( f te t he ha ) a r c ng e					To ta l	M ino i ty r
	S ha re	S ha re	O t he r	Re ta ine d	ha ho l de s re rs	in te ts in res	To ta l
	Ca i l ta p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan t 1 Ja 2 0 0 6 ce a nu ar y	9 3. 7 5 6	2 2 5. 9 3 6	( 1 5 0. 6 2 3 )	1 0. 9 1 9	1 7 9. 9 8 8		1 7 9. 9 8 8
Inc f S ha Ca i l ta rea se o re p	3 1. 2 5 2				3 1. 2 5 2		3 1. 2 5 2
De f S ha Ca i l ta cre as e o re p	( 6 2. 0 4 ) 5	( 3 1. 2 2 ) 5			( 9 3. 6 ) 7 5		( 9 3. 6 ) 7 5
Ex la te d to ha i ta l inc p en se s r e s re ca p rea se		( ) 3 4 4			( ) 3 4 4		( ) 3 4 4
C ha in Eq i ty fo t he Pe io d 1 / 1- 3 1 / 1 2 / 2 0 0 6 ng es u r r			2 3 4		2 3 4		2 3 4
Re fro lua ion f inv t tm ts se rve s m rev a o es en
fa in bs i d iar ies t ir v lue su a a			2 7 2. 2 2 4		2 7 2. 2 2 4		2 7 2. 2 2 4
Ne Pr f i fo he Pe io d 1 / 1- 3 1 / 1 2 / 2 0 0 6 t t t o r r			4 4 5	1 9. 1 5 3	1 9. 5 9 8		1 9. 5 9 8
D iv i de ds n				( ) 8. 3 3 4	( ) 8. 3 3 4		( ) 8. 3 3 4
Ba lan 3 1 De be 2 0 0 6 t ce a ce m r	6 2. 5 0 4	1 9 4. 3 4 0	1 2 2. 2 8 1	2 1. 7 3 8	4 0 0. 8 6 3		4 0 0. 8 6 3

Statement of changes in reserves from revaluation of investments in subsidiaries at fair value

	fo Be t he re	f A te t he r
	ha c ng es	ha c ng es
S S. B L U E T A R M A R I T I M E A.	( ) 1 4 3. 5 0 8	( ) 2 7. 2 0 5
S U P E R F A S T F E R R I E S M A R I T I M E S. A.	0	1 0. 1 6 4 5
N O R D I A M C.	0	6. 6 2 8
C. M A R I N M	0	( ) 3 0 3
A T T I C A P R E M I U M S. A.	( 6 1 ) 5	( 1. 2 1 9 )
T O T A L	( 1 4 4. 1 5 9 )	1 2 8. 0 6 5

For the Period 1/1-31/12/2006

COMPANY

5. Statement of Changes in Equity

For the Period 1/1-30/9/2006

( be fo t he ha ) re c ng e					To ta l	M ino i ty r
	S ha re	S ha re	O he t r	Re ine d ta	ha ho l de s re rs	in in te ts re s	To l ta
	Ca i ta l p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan 1 Ja 2 0 0 6 t ce a nu ar y	9 3. 6 7 5	2 2 9 3 6 5.	( 1 0. 6 2 3 ) 5	1 0. 9 1 9	1 9. 9 8 8 7		1 9. 9 8 8 7
f S Ca Inc ha i ta l re as e o re p	3 1. 2 5 2				3 1. 2 5 2		3 1. 2 5 2
De f S ha Ca i ta l cre as e o re p	( 6 2. 5 0 4 )	( 3 1. 2 5 2 )			( 9 3. 7 5 6 )		( 9 3. 7 5 6 )
Ex la d ha i l inc te to ta p en se s r e s re ca p re as e		( 3 4 4 )			( 3 4 4 )		( 3 4 4 )
Ne t Pr f i t fo t he Pe io d 1 / 1- 3 0 / 9 / 2 0 0 6 o r r				2 2. 0 8 4	2 2. 0 8 4		2 2. 0 8 4
D iv i de ds n				( 8. 3 3 4 )	( 8. 3 3 4 )		( 8. 3 3 4 )
Ba lan 3 0 Se be 2 0 0 6 t te ce a p m r	6 2. 5 0 4	1 9 4. 3 4 0	( ) 1 5 0. 6 2 3	2 4. 6 6 9	1 3 0. 8 9 0		1 3 0. 8 9 0
C O M P A N Y
( f ) te t he ha a r c ng e					To ta l	M ino i ty r
	S ha re	S ha re	O t he r	Re ta ine d	ha ho l de s re rs	in te ts in re s	To ta l
	Ca i l ta p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
Ba lan 1 Ja 2 0 0 6 t ce a nu ar y	9 3. 6 7 5	2 2 9 3 6 5.	( 1 0. 6 2 3 ) 5	1 0. 9 1 9	1 9. 9 8 8 7		1 9. 9 8 8 7
Inc f S ha Ca i l ta re as e o re p	3 1. 2 2 5				3 1. 2 2 5		3 1. 2 2 5
De f S ha Ca i ta l cre as e o re p	( 6 2. 5 0 4 )	( 3 1. 2 5 2 )			( 9 3. 7 5 6 )		( 9 3. 7 5 6 )
Ex la te d to ha i ta l inc p en se s r e s re ca p re as e		( 3 4 4 )			( 3 4 4 )		( 3 4 4 )
fro f Re lua t ion inv tm ts se rve s m rev a o es en
in bs i d iar ies fa ir v lue t su a a			2 4 3. 6 4 6		2 4 3. 6 4 6		2 4 3. 6 4 6
f fo / / / Ne t Pr i t t he Pe io d 1 1- 3 0 9 2 0 0 6 o r r				2 2. 0 8 4	2 2. 0 8 4		2 2. 0 8 4
D iv i de ds n				( 8. 3 3 ) 4	( 8. 3 3 ) 4		( 8. 3 3 ) 4
Ba lan t 3 0 Se te be 2 0 0 6 ce a p m r	6 2. 5 0 4	1 9 4. 3 4 0	9 3. 0 2 3	2 4. 6 6 9	3 7 4. 5 3 6		3 7 4. 5 3 6

Statement of changes in reserves from revaluation of investments in subsidiaries at fair value

For the Period 1/1-30/9/2006

	Be fo t he A f te t he re r
	ha c ng es	ha c ng es
B L U E S T A R M A R I T I M E S. A.	( 1 4 3. 5 0 8 )	( 2 1. 0 5 7 )
S U P E R F A S T F E R R I E S M A R I T I M E S. A.	0	1 1 5. 8 2 6
O C. N R D I A M	0	6. 4 3 5
M A R I N M C.	0	( 5 6 7 )
A T T I C A P R E M I U M S. A.	( 7 3 8 )	( 1. 2 3 8 )
T O T A L	( 1 4 4. 2 4 6 )	9 9. 4 0 0	2 4 3. 6 4

COMPANY

6. Statement of Changes in Equity

For the Period 1/1-30/6/2006

Ba lan 3 0 Ju 2 0 0 6 t ce a ne	6 2. 5 0 4	1 9 4. 3 4 0	7 2. 1 0 9	2 5. 2 8 7	3 5 4. 2 4 0		3 5 4. 2 4 0
D iv i de ds n				( 8. 3 3 4 )	( 8. 3 3 4 )		( 8. 3 3 4 )
Ne Pr f i fo he Pe io d 1 / 1- 3 0 / 6 / 2 0 0 6 t t t o r r				2 2. 7 0 2	2 2. 7 0 2		2 2. 7 0 2
in bs i d iar ies t fa ir v lue su a a			2 2 2. 7 3 2		2 2 2. 7 3 2		2 2 2. 7 3 2
Re fro lua t ion f inv tm ts se rve s m rev a o es en
Ex la d ha i l inc te to ta p en se s r e s re ca p re as e		( 3 4 4 )			( 3 4 4 )		( 3 4 4 )
De f S ha Ca i l ta cre as e o re p	( 6 2. 0 4 ) 5	( 3 1. 2 2 ) 5			( 9 3. 6 ) 7 5		( 9 3. 6 ) 7 5
Inc f S ha Ca i ta l re as e o re p	3 1. 2 5 2				3 1. 2 5 2		3 1. 2 5 2
Ba lan t 1 Ja 2 0 0 6 ce a nu ar y	9 3. 7 5 6	2 2 5. 9 3 6	( 1 5 0. 6 2 3 )	1 0. 9 1 9	1 7 9. 9 8 8		1 7 9. 9 8 8
	Ca i ta l p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
	S ha re	S ha re	O he t r	Re ine d ta	ha ho l de s re rs	in in te ts re s	To l ta
C O M P A N Y ( f te t he ha ) a r c ng e					To ta l	M ino i ty r
Ba lan t 3 0 Ju 2 0 0 6 ce a ne	6 2. 0 4 5	1 9 4. 3 4 0	( 1 0. 6 2 3 ) 5	2 2 8 5. 7	1 3 1. 0 8 5		1 3 1. 0 8 5
D iv i de ds n				( 8. 3 3 4 )	( 8. 3 3 4 )		( 8. 3 3 4 )
Ne t Pr f i t fo t he Pe io d 1 / 1- 3 0 / 6 / 2 0 0 6 o r r				2 2. 0 2 7	2 2. 0 2 7		2 2. 0 2 7
Ex la d ha i l inc te to ta p en se s r e s re ca p re as e		( 3 4 4 )			( 3 4 4 )		( 3 4 4 )
De f S ha Ca i ta l cre as e o re p	( 6 2. 5 0 4 )	( 3 1. 2 5 2 )			( 9 3. 7 5 6 )		( 9 3. 7 5 6 )
f S Ca Inc ha i ta l re as e o re p	3 1. 2 5 2				3 1. 2 5 2		3 1. 2 5 2
Ba lan 1 Ja 2 0 0 6 t ce a nu ar y	9 3. 7 5 6	2 2 5. 9 3 6	( 1 5 0. 6 2 3 )	1 0. 9 1 9	1 7 9. 9 8 8		1 7 9. 9 8 8
	Ca i l ta p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
	S ha re	S ha re	O he t r	Re ine d ta	ha ho l de s re rs	in in te ts re s	To l ta
( be fo t he ha ) re c ng e					To ta l	M ino i ty r

Statement of changes in reserves from revaluation of investments in subsidiaries at fair value

For the Period 1/1-30/6/2006

	fo Be t he re	f A te t he r
	ha c ng es	ha c ng es
B L U E S T A R M A R I T I M E S. A.	( 1 4 3. 0 8 ) 5	( 3 9 6 4 ) 7.
S S S S. U P E R F A T F E R R I E M A R I T I M E A.	0	1 1 0. 1 3 0
N O R D I A M C.	0	7. 2 4 7
M A R I N M C.	0	3 7 4
A T T I C A P R E M I U M S. A.	( 3 8 ) 7	( 1. 3 0 1 )
O T T A L	( 1 4 4. 2 4 6 )	7 8. 4 8 6

7. Statement of Changes in Equity

For the Period 1/1-31/3/2006

COMPANY(before the change)

Ba lan t 3 1 Ma h 2 0 0 6 ce a rc	9 3. 7 5 6	2 2 5. 9 3 6	8 6. 6 3 0	1 6. 9 8 8	4 2 3. 3 1 0		4 2 3. 3 1 0
f fo / / / Ne t Pr i t t he Pe io d 1 1- 3 1 3 2 0 0 6 o r r D iv i de ds n				6. 0 4 9	6. 0 4 9		6. 0 4 9
in bs i d iar ies fa ir v lue t su a a			2 3 2 3 7. 7		2 3 2 3 7. 7		2 3 2 3 7. 7
fro f Re lua t ion inv tm ts se rve s m rev a o es en
C ha in Eq i fo he Pe io d 1 / 1- 3 1 / 3 / 2 0 0 6 ty t ng es u r r
Ba lan t 1 Ja 2 0 0 6 ce a nu ar y	9 3. 7 5 6	2 2 5. 9 3 6	( 1 5 0. 6 4 3 )	1 0. 9 3 9	1 7 9. 9 8 8		1 7 9. 9 8 8
	Ca i ta l p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
ng	S ha re	S ha re	O he t r	Re ine d ta	ha ho l de s re rs	in in te ts re s	To l ta
( f te t he ha ) a r c e					To ta l	M ino i ty r
C O M P A N Y
D iv i de ds n Ba lan t 3 1 Ma h 2 0 0 6 ce a rc	9 3. 7 5 6	2 2 5. 9 3 6	( 1 5 0. 6 4 3 )	1 6. 9 8 8	1 8 6. 0 3 7		1 8 6. 0 3 7
Ne Pr f i fo he Pe io d 1 / 1- 3 1 / 3 / 2 0 0 6 t t t o r r				6. 0 4 9	6. 0 4 9		6. 0 4 9
C ha in Eq i fo he Pe io d 1 / 1- 3 1 / 3 / 2 0 0 6 ty t ng es u r r
Ba lan 1 Ja 2 0 0 6 t ce a nu ar y	9 3. 7 5 6	2 2 5. 9 3 6	( 1 5 0. 6 4 3 )	1 0. 9 3 9	1 7 9. 9 8 8		1 7 9. 9 8 8
	Ca i ta l p	Pr ium em	Re se rve s	Ea ing rn s	Eq i ty u	bs i d iar ies su	Eq i ty u
	S ha re	S ha re	O he t r	Re ine d ta	ha ho l de s re rs	in in te ts re s	To l ta
( be fo t he ha ) re c ng e					To ta l	M ino i ty r

Statement of changes in reserves from revaluation of investments in subsidiaries at fair value

	Be fo t he re	A f te t he r
	ha c ng es	ha c ng es
B L U E S T A R M A R I T I M E S. A.	( 1 4 3. 0 8 ) 5	( 6 0. 0 8 ) 5
S S S S. U P E R F A T F E R R I E M A R I T I M E A.	0	1 4 3. 4 6 4
N O R D I A M C.	0	9. 2 1 2
M A R I N M C.	0	2. 1 9 5
C S. A T T I A P R E M I U M A.	( ) 7 3 8	( ) 1. 3 0 1
T O T A L	( 1 4 4. 2 4 6 )	9 3. 0 2 7	2 3 7. 2 7 3

For the Period 1/1-31/3/2006

6. Events after the Balance Sheet date

a) On 23rd October, 2007, MIG Shipping S.A., registered in the British Virgin Islands, 100% subsidiary of MARFIN INVESTMENT GROUP HOLDINGS S.A., submitted a Mandatory Public Offer to the shareholders of Attica Holdings S.A. in respect of the purchase of the entirety of their common bearer shares, at the price of € 5,50 per share in cash as well as to the shareholders of Blue Star Maritime S.A. in respect of the purchase of the entirety of their common bearer shares, at the price of € 3,83 per share in cash.

According to an announcement of MARFIN INVESTMENT GROUP HOLDINGS S.A., on 9th November 2007, its total participation in the company (directly & indirectly) was 54,68%.

b) In October 2007, Attica Group took delivery of two RoRo vessels, namely the M/V Attica Challenge and the M/V Attica Shield. The total acquisition price was € 30.400 thousand.

The above vessels operate on time-charter between UK and Ireland.

Voula, November 22, 2007

PRESIDENT MANAGING AUTHORIZED FINANCIAL DIRECTOR DIRECTOR DIRECTOR

PERICLES PANAGOPULOS PETROS VETTAS CHARALAMBOS ZAVITSANOS NIKOLAOS TAPIRIS

Interim Financial Statements for the period 1/1/07 to 30/9/07