Attica Holdings S.A.

Interim / Quarterly Report • Sep 24, 2015

ATTICA HOLDINGS S.A.

Condensed Interim Financial Statements for the period ended 30 June 2008

In accordance with

article 5 of Low 3556/2007

Voula, August 28, 2008.

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

	CONTENTS	Page
Statement of the Board of Directors' Members
Independent Auditor's Report
	Report of the Board of Directors in accordance with L.3556/2007	4-5 6-17
	Interim Financial Statements 1-1 to 30/06/2008	19
	Income Statement of the Group and the Company	20
	Balance Sheet as at 30th of June 2008 and at December 31, 2007	21
	Statement of Changes in Equity of the Group (period 1-1 to 30-06-2008)	22
	Statement of Changes in Equity of the Company (period 1-1 to 30-06-2008)	23
	Statement of Changes in Equity of the Group (period 1-1 to 30-06-2007)	24
	Statement of Changes in Equity of the Company (period 1-1 to 30-06-2007)	25
	Cash Flow Statement (period 1-1 to 30-06 2008 and 2007)	25
	Notes to the Financial Statements	26
1.	General Information
2.	Significant Group accounting policies	26-27
2.1.	Major accounting judgements and main sources
	of uncertainty for accounting estimations	27-28
3.	Consolidation	28-29
4.	Related party disclosures	29
4.1.	Intercompany transactions between Attica Holdings S.A.
	and the companies of Attica Group	29-30
4.1.1.	Intercompany transactions between Attica Holdings S.A.
	and the companies of MARFIN INVESTMENT Group	30
4.1.2.	Intercompany transactions between Attica Holdings S.A.
	and MARFIN POPULAR BANK	30
4.2.	Guarantees	30
4.3.	Board of Directors and Executive Directors' Fees	31
5.	General information for the Financial Statements
5.1.	(period 1-1 to 30-06-2008) Revenue Analysis and Geographical Segment Report	31 31-34
5.2.	Cost of sales	34
5.3.	Profit/(loss) from sale of tangible assets	34
5.4.	Tangible assets	34
5.5.	Derivatives	34
5.6.	Other current assets	34
5.7.	Cash and cash equivalents	34
5.8.	Fair value reserves	34
5.9.	Long – term and Short – term liabilities	34
5.10.	Non – current provisions	35
5.11.	Other short – term liabilities	35
6.	Other information	35
6.1.	Unaudited fiscal years	35
6.2.	Stock option	35
6.3.	Payments of borrowings	35
6.4.	Payments of finance and operating leases	36
6.5.	Contingent assets and liabilities	36-37

7.	Presentation and analysis of reclassified items of
	the period 1-1 to 31-12-2007	37-38
8.	Significant events	38
9.	Events after the balance sheet date	39
	Figures and Information for the period from January 1 to June 30, 2008	40

STATEMENTS OF MEMBERS OF THE BOARD OF DIRECTORS (In accordance with article 5 par. 2 of Law 3556/2007)

It is hereby stated that, to the best of our knowledge, the semiannual company and consolidated financial statements of ATTICA HOLDINGS S.A. for the period from 1 January 2008 to 30 June 2008, which were prepared in accordance with the current International Financial Reporting Standards (IFRS), give a true picture of the assets and liabilities, the shareholder's equity and the profit and loss acount of the Group and of the Company, as well as of the companies included in the consolidation as a whole, in accordance with the provisions laid down in paragraphs 3 to 5 of Law No. 3556/2007.

It is also hereby stated, to the best of our knowledge, the semiannual report prepared by the Board of Directors includes a true presentation required in accordance with the provisions laid down in paragraphs 6 of article 5 of Law No. 3556/2007.

	Voula, 28th August, 2008
--	--------------------------	--

Confirmed by

Charalambos S. Paschalis	Petros M. Vettas	Spiros Ch. Paschalis
Chairman of the B.O.D.	Managing Director	Member of the B.O.D.

Report on Review of Interim Financial Information

To the Sharehorders of «ATTICA HOLDINGS S.A.»

Introduction

We have reviewed the accompanying balance sheet of «ATTICA HOLDINGS S.A.» (the Company), as well as the accompanying consolidated balance sheet of the Company and its Subsidiaries (the Group) as of June 30, 2007 and the related statements of income, changes in equity and cash flows for the six-month period then ended, and the selected explanatory notes, that comprise the interim financial information and which form an integral part of the six-month financial report as required by article 5 of L.3556/2007. The Company's Management is responsible for the preparation and fair presentation of this interim financial information in accordance with the International Financial Reporting Standards that have been adopted by European Union and apply for interim financial information ("IAS 34"). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review

Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" to which the Greek Auditing Standards indict. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Greek Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Review Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34.

Reference to Other Legal and Regulatory Requirements

Apart from the aforementioned interim financial information, we also reviewed the remaining information included in the six-month financial report as required by article 5 of L.3556/2007 as well as the information required by the relevant Decisions of the Capital Markets Committee as set-out in the Law. Based on our review we concluded that the financial report includes the data and the information that are required by the Law and the Decisions referred to above and is consistent with the accompanying financial information.

Athens, 29 August 2008

The Chartered Accountant

The Chartered Accountant

Vasilis Kazas SOEL Reg. No 13281 Manolis Michalios

SOEL Reg. No 25131

Chartered Accountants Vassileos Konstantinou 44, 116 35 Athens

HALF YEAR REPORT OF THE BOARD OF DIRECTORS OF ATTICA HOLDINGS S.A. regarding the Interim Financial Results of the period 01.01.2008 – 30.06.2008

(§5 of Law 3556/2007)

The Group's vessels operate in two main markets, the Adriatic Sea and the Greek domestic market. In the Adriatic Sea operate four Superfast and one Blue Star vessel on the routes Patras – Igoumenitsa – Ancona and Patras - Igoumenitsa – Bari, while in the Greek domestic market operate six Blue Star vessels on the routes of Cyclades and the Dodecanese Islands.

Further, the subsidiary Blue Star is also present in the North Sea market serving the route Zeebrugge (Belgium) – Rosyth (Scotland). Blue Star has already decided to discontinue this service and redeploy the vessel Blue Star 1 on the routes of Cyclades and the Dodecanese Islands.

During the first months of the first half of 2008 the Group proceeded to the sale of the four Ro-Ro vessels (Nordia, Marin, Challenge, and Shield) it owned. The contribution of these vessels to the Group's sales and results was very small.

Attica Group's Financial Results

The total revenue for the Group during the first half of 2008 was €156.48 million and the earnings before interest, taxes, depreciation, and amortization reached €22.21 million. The figures for the same period of 2007 were €144.81 million and €30.08 million, respectively.

The figures per geographic segment are as follows: 48.56% of the revenue stems from the operations in the Adriatic Sea (49.34% for the first half of 2007), 42.73% stems from the operation in the domestic Greek Market (versus 39.83%), and 6.98% stems from the North Sea operations (versus 8.55%), while the rest of the revenue represent 1.73% (versus 2.88%). The main source of the earnings before interest, taxes, depreciation, and amortization was the domestic Greek market, while the contribution from the operations in the Adriatic Sea to the Group's earnings before interest, taxes, depreciation, and amortization was low when compared with the one of the same period of 2007.

The main factors that affected the results of the first half of 2008 were the high price of the marine fuel oil and the intensity of competition. It is worth noticing here that according to a ministerial decree, the use of low sulphur fuel oil became mandatory since 01.10.2007 to all passenger ships serving the Greek domestic market. This type of fuel oil (380 Cst, 1.5% sulphur) is more expensive than the 380 Cst, 3.5% sulphur fuel oil that all the vessels used. This switch to the new and more expensive fuel oil type caused an additional burden to all shipping companies' results. The average fuel oil price (380 Cst, 1.5% sulphur) increased by more than 60% compared with the already high price of the 380 Cst, 3.5% sulphur of the same period last year. The effect of this increase was that the vessels' operational expenses increased by €19.1 million compared with the same period of 2007. Additionally, the maturity phase the Adriatic Sea market has entered to, during the last years, led to a price competition curtailing the operational profitability in this market.

The Group's operation per geographic segment is as follows:

In the Adriatic Sea operate the vessels Superfast V, Superfast VI, Superfast XI, Superfast XII, and Blue Horizon on the Patras – Igoumenitsa – Ancona and Patras – Igoumenitsa – Bari routes. Despite the fact that this specific market has entered during the last years into a maturity phase and a fierce price competition, the Group achieved a revenue increase, from €71.45 million to €75.98 million (6.34% increase), mainly due to the increased number of the freight units carried. It must be noted that the number of sailings decreased by 1.99%.

The revenue increase has partially offset the considerable increase in the operational expenses, due to the increase of the fuel oil price. The result was that the earnings before interest, taxes, depreciation, and amortization decreased by 53.78% from €10.19 mil (first half of 2007) to €4.71 million.

In the Greek domestic market the Group deploys the vessels Blue Star Paros, Blue Star Naxos, Blue Star Ithaki, and Superferry II on the Cyclades route and Blue Star 2 and Diagoras on the Dodecanese route. In this market the Group's revenue was €66.87 million, while during the same period of 2007 the revenue stood at €57.67 million (15.95% increase), despite the decrease of sailings by 5.17%. The vessels' load factor improvement contributed to the before-mentioned revenue increase.

This revenue increase has offset the operational cost increase, caused by the higher fuel oil price, so that the final result was a marginally higher earnings before interest, taxes, depreciation, and amortization. These earnings stood during the first half of 2008 at €19.16 million, versus €18.78 million during the same period of 2007 (2.01% increase).

In the Zeebrugge (Belgium) – Rosyth (Scotland) route the Group's revenue was €10.92 million, versus €12.38 million during the same period of 2007 (11.82% decrease), while the number of sailings was 150, versus 155 during the same period of 2007. The Group deployed on this route the vessel Superfast X until its sale at the 29th January, 2007 and then the vessel Blue Star 1. The Group's earnings before interest, taxes, depreciation, and amortization were negative (€-0.7 million) on this route, versus €0.90 million during the same period of 2007. The subsidiary Blue Star Ferries Group has decided the discontinuation of this service as of September 2008 and the redeployment of the vessel Blue Star 1 on the routes of Cyclades and the Dodecanese Islands.

The Group's total profit before taxes for the first half of 2008 was €9.74 million, including the €9.65 million profit from the sale of the four Ro-Ro vessels (Marin, Challenge, Shield, and Nordia). During the first half of 2007 the Group's total profit before taxes was €47.06 million, including the €12.5 million extraordinary profit from the sale of the vessel Superfast X and the €27.67 million profit from the sale of the Group's participation in Minoan Lines S.A.

The Group's total profit after taxes and minority interests was €5.51 million, versus €42.05 million during the same period of 2007.

It must be noted here that the Group's financial data during the first half of 2008 and those of the same period of 2007 are not completely comparable, since: a) the RoRo vessel Marin operated throughout the year 2007 until its sale at the beginning of February 2008, b) the RoRo vessel Nordia operated throughout the year 2007 until its sale at the beginning of April 2008, c) the RoRo vessels Challenge and Shield operated until their sale in mid February 2008. The Group acquired these vessels in the second half of 2007.

Analyzing the results of the first half of 2008, it must be taken into consideration the fact that the Group operates in markets with very high seasonality. The volumes carried in the passenger and private vehicle segments are high between July and September and low between November and February. The opposite takes place in the freight unit segment. The seasonality is lower in this segment, with the volumes carried being allocated evenly throughout the whole year.

Operating review

1. Adriatic Sea

The volumes carried of the four Superfast vessels (Superfast V, Superfast VI, Superfast XI, Superfast XII) on the Patras – Igoumenitsa – Ancona and Patras – Igoumenitsa – Bari routes during the first half of 2008 were 239,239 passengers, 43,521 private vehicles, and 66,376 freight units. Compared with the same period during 2007, these figures represent a 1.44% and 3.20% decrease in the passenger and private vehicle numbers, respectively and a 10.73% increase in the freight unit numbers. The number of sailings remained almost the same (0.86% increase during the first half of 2008).

Blue Star Ferries was present in the Adriatic Sea with the vessel Blue Horizon (on the Patras – Igoumenitsa – Bari route). The volumes carried of the Blue Star Group were 48,936 passengers (11.1% decrease compared with the same period during 2007), 5,091 private vehicles (28.05% decrease), and 12,525 freight units (9.23% decrease). The number of sailings decreased by 14.84% during the first half of 2008, compared with the same period during 2007.

The market shares of Superfast Group on the Greece – Italy routes for the first half of 2008 were 29.1% in the passenger (30.5% in the same period during 2007), 25.2% in the private vehicle (26.3% in the same period during 2007), and 25.3% in the freight unit segment (26.2% in the same period during 2007). The shares of the Blue Star Group were 5.9% in the passenger (versus 6.9%), 2.7% in the private vehicle (versus 3.7%), and 4.7% in the freight units segment (versus 5.9%).

The above-mentioned market shares were derived by data of the Greek Port Authorities of Patras and Igoumenitsa.

2. The Greek Domestic Market

The Group operated in the Piraeus – Cyclades, Rafina – Cyclades, and Piraeus – Dodecanes routes. Despite the fact that the number of sailings decreased by 5.17% during the first half of 2008, compared with the same period during 2007, the volumes carried increased significantly. The figures are 1,596,943 passengers, versus 1,502,805 during the same period of 2007 (increase 6.26%), 211,612 private vehicles, versus 196,759 during the same period of 2007 (increase 7.55%), and 58,353 freight units, versus 58,210 during the same period of 2007 (increase 0.25%).

Selected financial data and ratios

Total Equity for the Group after minority interests were €385.05 million, versus €389.12 million at 31.12.2007.

The Group's long-term debt obligations stood at €333.93 million, versus 361.75 million at 31.12.2007. The long-term liabilities to equity (after minority interests) ratio stood at 0.86 versus 0.93 for the fiscal year 2007. This considered satisfactory for the industry the Group is active in.

The Group's total bank obligations (long- and short-term debt) stood at €367.67 million, versus €422.80 million at 31.12.2007. The Group's cash position was at 30.06.2008 €158.89 million, versus €171.87 million at 31.12.2007.

The gearing ratio (net debt / total capital employed) was 29% at 30.06.2008, versus 33% at 31.12.2007.

The Group's liquidity ratio was 2.44 at 30.06.2008, versus 2.90 during the fiscal year 2007. The acid-test ratio was 2.40 at 30.06.2008, versus 2.85 during the fiscal year 2007. The equity (excluding minority interests) to total debt ratio was 1.05 at 30.06.2008, versus 0.92 during the fiscal year 2007.

The Group's cash flow from operating activities was negative (€-4.50 million), versus a positive operational cash flow of €18.10 million at 30.06.2007.

Financial results of the parent company Attica Holdings S.A.

ATTICA HOLDINGS S.A. is a Holding Company and its revenues derive from dividends and from interest received.

During the first half of 2008 the Company's dividend received of the fiscal year 2007 was €4.61 million from Blues Star Maritime S.A. and €4.00 million from Superfast Maritime S.A. The Company's receivables derived from fiscal year 2007 dividend are €6.62 million and originate from its 100% subsidiaries.

During the first half of 2008 the Company's interest received was €1.5 million.

Taking into consideration the above, as well as the administrative and other expenses, the profit after taxes of Attica Holdings S.A. was €15.17 million, versus €55.64 mil during the same period of 2007. It must be noted that there is no direct comparability possible, mainly due to the additional profit of €27.67 million the Company achieved through the sale of its stake in Minoan Lines S.A.

Cash and cash equivalents of the parent company at 30.06.2008 stood at €84.06 million, versus 76.87 million at 31.12.2007. An amount of €15.6 million is committed to the agreement for the acquisition of the two Ro-Pax vessels that are built in the Italian yards Nuovi Cantieri Apuania.

The parent company has neither long- nor short-term debt obligations.

Important developments for the half year 2008

After the acquisition of the majority stake in October 2007 and the completion of the Mandatory Public Offering in January 2008, MARFIN INVESTMENT GROUP HOLDINGS S.A. (MIG) owns - directly or indirectly through its 100% subsidiary MIG SHIPPING S.A. – 89.8% of the company's equity capital.

The most important decisions of the Extraordinary Shareholders Meeting of the 12th of February 2008 are the following:

• o The conversion of the Group's outstanding shares from bearer to registered.
• o Establishment of a stock options plan for the Members of the Board of Directors, the Company's members of staff, and these of affiliated companies, including persons who offer their services to the Company and its affiliates on a regular basis. The strike price was fixed at €6.20 per share and the duration of the program was set to five years.
• o Election of new Board of Directors with the following members:

Mr. Charalambos S. Paschalis (Chairman / Non Executive Member), Andreas E. Vgenopoulos (Vice Chairman / Non Executive Member), Mr. Petros M. Vettas (C.E.O. / Executive Member), Mr. Michalis G. Sakellis (Executive Member), Mr. Spiros Ch. Paschalis (Executive Member), Mr. Markos A. Foros (Non Executive Member), Mrs. Areti Souvatzoglou (Non Executive Member), Mr. Theofilos – Aristeides G. Priovolos (Independent, Non Executive Member), and Mr. Alexander Th. Edipidis (Independent, Non Executive Member).

At the beginning of April 2008 the Group concluded the sale of the four RoRo vessels, achieving capital gains of €9.64 million and generating additional cash of approximately €24.48 million.

In May 2008 the Board of Directors of the subsidiary Blue Star Maritime S.A. decided the discontinuation of the route Rosyth (Scotland) – Zeebrugge (Belgium) as of September 2008. The vessel Blue Star 1 will be redeployed on the routes of the Dodecanese Islands and the Cyclades.

At 05/06/2008 Attica Group announced the agreement with Grimaldi Holdings S.p.A. of Genova, Italy, regarding the acquisition of two modern Ro-Pax vessels that are built in the yards Nuovi Cantieri Apuania in Italy. The vessels are of high standards, have a speed of 24 knots, and a carrying capacity of 950 passengers, 170 freight units, and 100 private vehicles. The first vessel will be delivered during autumn 2008 and the second one during summer/autumn 2009. The vessels will be deployed on routes the Group's vessels already operate in.

The Annual General Meeting at 17/06/2008 approved, among others, a dividend distribution of €0.08 per share.

At 27/06/2008 the Group's Board of Directors, following the respective decision at 26/02/2008, decided to propose to the Shareholders' General Meeting the merger by absorption of the listed in the Athens Stock Exchange subsidiary Blue Star Maritime S.A. and the 100% owned subsidiary Superfast Ferries Maritime S.A. by the parent company Attica Holdings S.A., as per the provisions of the articles 69-78 of Common Law 2190/1920, the articles 1-5 of Law 2166/1993, and other provisions of the Commercial Law as applicable. The Transformation Balance Sheet date is the 30th of June, 2008.

Prospects

The prospects for the second half of 2008 are that our Group, as well as the rest of the Greek passenger shipping industry, will be affected by the considerable fuel oil price increase, the highly competitive environment, and the economic slowdown observed not only in the Euro zone countries, but also in the rest of the world. In this context, the Group is prepared accordingly in order to take advantage of any opportunity that could emerge in the before-mentioned environment. Attica Group is studying methodically potential markets and operational areas, streamlining its corporate structure, and enhancing its size through the upcoming acquisition of the minorities by its merger of its subsidiaries Blue Star Maritime S.A. and Superfast Ferries Maritime S.A. In this context, several decisions have been made, such as the agreement for the acquisition of two modern Ro-Pax vessels that are built by the Italian yards Nuovi Cantieri Apuania, as well as the discontinuation of the route Zeebrugge (Belgium) - Rosyth (Scotland) and the redeployment of the vessel Blue Star 1 in the routes of the Cyclades and the Dodecanese Islands

Principal risk factors

The principal risk factors the Group and its operation are exposed to continuously and not only during the second half of 2008 are the following:

1. Foreign exchange risk

The Group faces financial risk from adverse movements in the currency exchange rates. Such risk arises: a) from sales (until September 2008) in GBP, due to the employment of the car-passenger ferry Blue Star 1 on the Zeebrugge (Belgium) – Rosyth (Scotland) route. Approximately 3% of the Group's sales are denominated in GBP; b) from the USD pricing of the fuel oil that the Group's vessels use; c) from the fact that the Group includes in its cash position USD53.5 million. A potential weakening of the USD versus the Euro would have a negative impact on the Group's results, while the opposite will take place with a stronger USD / € rate.

2. Credit risk

The Group has established credit control procedures in order to minimize the credit risk. To this purpose, the management has established specific credit policies and limits for all of its customers, while the Group has obtained bank guarantees from its major customers (port and sales agents), in order to secure its trade receivables.

The maximum Group's exposure to the credit risk is described in the following table (all amounts are in € thousand).

Maximum Group's exposure to credit risk
Total receivables Plus:	30/06/2008 64,310	31/12/2007 41,345
Customers' guarantees	1,388	699
Minus:
Provisions for bad debts	7,448	8,084
Post dated cheques	20,328	16,758
Contingency guarantees	324	324
Letters of guarantee, mortgages, mortgage attachments	7,148	6,538
Maximum credit risk exposure	30,450	10,340

A respective analysis does not apply for the parent company, due to its nature as a holding company.

The

3. Liquidity risk

The Group is monitoring its risk to a shortage of funds considering carefully the maturity of both its receivables and payables aiming to a balance between the continuity of its funds and its flexibility driven by the high credit rating from the banks.

The Group's cash position was at 30.06.2008 €158,887 thousand, while its short-term liabilities were €107,595 thousand. There are no overdue liabilities, or liabilities that are about to become due that cannot be paid.

4. Interest rate risk

The Group's exposure to the risk of changes in the market interest rates relates primarily to the Group's long-term debt obligations. For hedging this risk, the Group purchased a financial instrument according to which, if the interest rates are floating between 3.5% and 5.5% the Group has a profit, while in the case that the interest rates move beyond these barriers the Group has a loss.

5. Capital management risk

The management's objective when managing capital is to safeguard the Group's going concern, thus its ability to provide adequate returns to its shareholders and benefits to the other related parties and maintain an optimal capital structure in order to minimize the cost of capital. The Group's gearing ratio at 30.06.2008 and 30.12.2007 was as the following table shows (amounts in € thousand):

	30/06/2008	31/12/2007
Total debt	367,673	422,803
Minus:
Cash and cash equivalents	158,887	171,873
Net debt	208,786	250,930
Plus:
Total equity (incl. minority interests)	500,905	506,145
Total capital employed	709,691	757,075
Gearing ratio	29%	33%

The Group is continuously monitoring its funds targeting to sustain its gearing ratio between 20% and 45%.

6. Fuel oil prices fluctuation risk

The Group, as the rest of the ferry industry, is significantly affected by the volatility of the fuel oil prices. It must be noted that the fuel oil and lubricant expenses are the most important component of Attica Group's operational expenses, representing them by 54% during the first half of 2008. It must be also noted that during the first six months of 2008 the average price of marine fuel oil (380 Cst, 1.5% sulphur) has increased by over 60% compared with the already high average price of 380 Cst, 3.5% sulphur during the same period of 2007.

The following table gives an example of the impact on the Group's profit during 6 months, following a fuel price increase (decrease):

Increase / (decease) in fuel price	Effect on the Profit before Taxes (in € thousand)
+ / - € 10 / mt	- / + 1,565

7. Competition

The Group operates on routes that are characterized by intense competition. There are between two to four major competitors that operate on the same routes as Attica Group.

Corporate Social Responsibility

Attica Group continued throughout 2008 its Corporate Social Responsibility Program, through its subsidiaries Superfast Ferries and Blue Star Ferries, promoting and supporting various activities in areas such as Education, Sports, Culture, and Environment.

Various activities have been undertaken, mainly for the benefit of children, students, and the inhabitants of Cyclades and the Dodecanese Islands. We can refer here to the completion of the school competition "Aegean – O Mikros Naftilos", the donation of laboratory equipment to the 1st Technical Vocational Educational School of Kalimnos in order to support the Maritime Studies, as well as the Group's support to the cultural, nonprofit organization "Diadrasi" that visited remote Aegean islands, where it undertook programs of cultural education for students and for the local inhabitants.

Further, demonstrating its active concern about the major issue of climatic changes and their implications into our quality of life, the Group seeks practices and methods that will contribute to the conservation of our environment.

For this purpose we:

• o Calculate our carbon footprint
• o Have initiated a round of information and discussion with our staff and crew in order to comprehend and encounter the climatic change issue
• o Recycle all the printers' ink cartridges and batteries we use in our offices and on our ships
• o Recycle the paper we use in our offices
• o Cooperate with an agency specialized in the collection and recycling of frying-oil. The agency collects and recycles the frying-oil used on our vessels and converts it into bio-fuel.

Related party transactions

The most important transactions during the period 1/1 - 30/06/2008 between the Company and any other related party were the following:

• o Attica Holdings S.A. (parent company) received €4,000 thousand as a dividend for the fiscal year 2007 from its 100% subsidiary Superfast Ferries Maritime S.A. and €4,611 thousand from its 48.795% subsidiary Blue Star Maritime S.A. Further, the Company's receivables derived from fiscal year 2007 dividend are €6,628 thousand and originate from its 100% subsidiaries. The before-mentioned dividends are written-off in the Group's consolidated accounts.
• o The inter-company transactions between the parent company and its subsidiaries represent the purchase of travel services (airline tickets) from its 100% subsidiary ATTICA PREMIUM S.A. Their value is €1 thousand.

The purchases (ticket purchases for group trips) / sales (ticket sales commissions), as well the receivables / payables (outstanding payments from ticket sales) of ATTICA PREMIUM S.A. from and to other Group's companies that are written-off in the Group's consolidated accounts, are as follows (in € thousand):

ATTICA PREMIUM S.A.
COMPANIES	Sales	Purchases	Receivables from	Payables to
Superfast Group	1,909	73		8,116
Blue Star Group	576	14		2,909
Attica Holdings S.A.	1
	2,486	87	0	11,025

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

The inter-company transactions with the other companies of the MARFIN INVESTMENT GROUP S.A. HOLDINGS are as follows (in € thousand):

COMPANIES	Sales	Purchases	Receivables from	Payables to
GEVSIPLOIA S.A.	1,999		600
VIVARTIA S.A.	149
NENDOS STAVROS S.A.		17		11
HELLENIC CATERING S.A.		91		65
HELLENIC FOODSERVICE PATRAS S.A.		336		164
	2,148	444	600	240

There are no inter-company transactions between the ship owning companies of the SUPERFAST Group and the ones of BLUE STAR Group.

The inter-company balances at 30.06.2008 between the Groups of SUPERFAST and BLUE STAR are of administrative and by no means substantive nature and derive from the Groups' operations in the maritime industry and the need for common management of the vessels' revenues and expenses that takes place through the joint ventures and the ship management companies that produce the inter-company transactions with the other Group's companies.

The before-mentioned inter-company transactions are presented in the following tables (amounts in € thousand):

COMPANIES	SUPERFAST PENTE INC.		SUPERFAST EXI INC.		SUPERFAST EPTA MC.		SUPERFAST OKTO MC.		SUPERFAST ENNEA MC.		SUPERFAST DEKA MC.		SUPERFAST ENDEKA INC.
	D	C	D	C	D	C	D	C	D	C	D	C	D	C
SUPERFAST FERRIES S.A.	43,313	1,265	48,335	820	9		40			1,040	182		25,787	733
SUPERFAST DODEKA (HELLAS) INC. & CO JOINT
VENTURE	10,623	43,215	5,851	48,239						3,757		4,170	6,073	51,710
TOTAL	53,936	44,480	54,186	49,059	9	0	40	0	0	4,797	182	4,170	31,860	52,443
														SUPERFAST DODEKA
COMPANIES											SUPERFAST			INC. & CO
		SUPERFAST						ATTICA			FERRIES S.A.			JOINT VENTURE
	D	DODEKA INC. C	D	NORDIA MC. C	D	MARIN MC. C	D	CHALLENGE LTD C	D	ATTICA SHIELD LTD C	D	C	D	C
SUPERFAST PENTE INC.											1,265	43,313	43,215	10,623
SUPERFAST EXI INC.											820	48,335	48,239	5,851
SUPERFAST EPTA MC.												9
SUPERFAST OKTO MC.												40
SUPERFAST ENNEA MC.											1,040		3,757
SUPERFAST DEKA MC.												182	4,170
SUPERFAST ENDEKA INC.											733	25,787	51,710	6,073
SUPERFAST DODEKA INC.											1,139	21,990	37,917	5,864
NORDIA MC.											8,882	1,013		5
MARIN MC.											5,137	96	29	16
ATTICA CHALLENGE LTD											6,384	100
ATTICA SHIELD LTD											6,306	96
SUPERFAST FERRIES S.A.	21,990	1,139	1,013	8,882	96	5,137	100	6,384	96	6,306				7,057 146,483
SUPERFAST DODEKA
(HELLAS) INC. & CO JOINT VENTURE	5,864	37,917	5		16	29					146,483	7,057
TOTAL	27,854	39,056	1,018	8,882	112	5,166	100	6,384	96	6,306	178,189			148,018 196,094 174,915
inter-company balances
Total debit (D):		543,676
Total credit (C):		543,676
Balance		0
Inter-company balances of BLUE STAR Group
										JOINT VENTURE		BLUE STAR
COMPANIES		THELMO MARINE		WATERFRONT		BLUE STAR		BLUE STAR		BLUE STAR	FERRIES MARITIME			BLUE ISLAND
	D	S.A. C	D	NAVIGATION CO C	D	FERRIES S.A. C	D	MARITIME S.A. C	D	FERRIES C	S.A. D	C	D	SHIPPING INC. C
BLUE STAR MARITIME S.A.		68		1	126,965	137,036			94,456	142,585
THELMO MARINE S.A.					8		68
WATERFRONT NAVIGATION
CO							1
STRINTZIS LINES SHIPPING
LTD					10,140	7	798	10,935			10
BLUE STAR FERRIES MARITIME S.A.					170,482	151,702			323,713	246,905
BLUE STAR FERRIES S.A.		8					137,036	126,965			151,702	170,482		29
JOINT VENTURE BLUE STAR
FERRIES							142,585	94,456			246,905	323,713
BLUE ISLAND SHIPPING INC.	0	76	0	1	29 307,624	288,745	280,488	232,356	418,169	389,490	398,617	494,195	0	29
TOTAL
inter-company balances
Total debit (D):		1,415,840
Total credit (C):		1,415,840

The inter-company balances between SUPERFAST DODEKA (HELLAS) INC. AND CO JOINT VENTURE and BLUE STAR GROUP amount €10,093 thousand approximately and are written-off in the Group's consolidated accounts.

Further, following the relevant decision of the Annual Shareholders' Meeting of Blue Star Maritime S.A. on 19.05.2008, three vessels of Blue Star Maritime S.A. have been sold to its 100% subsidiary Blue Star Ferries Maritime S.A. at their book value, thus €37,649 thousand.

0

Balance

Inter-company balances of SUPERFAST Group

Board of Directors and Executive Directors' Fees (in € thousand)

Senior management compensation
	30.06.2008	30.06.2007
Salaries & other employees benefits	1,649	893
Social security expenses	125	125
B.O.D. remuneration	401	346
Termination benefits
Other long-term benefits
Share-based payments
Total	2,050	1,239
	30.06.2008	30.06.2007
Number of senior management personnel	14	16

Senior management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the entity, directly or indirectly, including any sector (whether executive or otherwise) of that entity.

Guarantees

The parent company has guaranteed to lending banks the repayment of loans of the vessels of SUPERFAST and BLUE STAR Group. The guarantees cover an amount of €205,953 thousand and €200,000 thousand, respectively.

There are no changes in the transactions between the Company and any associated person that occurred since the publication of last fiscal year's report. The transactions that could affect the Company's financial situation and performance during the current fiscal year are described in the last fiscal year's report.

Voula, the 28th of August, 2008

The Board of Directors

ATTICA HOLDINGS S.A.

Interim Financial Statements for the period 1-1-2008 to 30-6-2008

(amounts in € thousand)

The Interim Financial Statements for the period 1-1-2008 to 30-6-2008 were approved by the Board of Directors of Attica Holdings S.A. on August 28, 2008.

I N C O M E S T A T E M E N T
Fo he io d e de d Ju 3 0 2 0 0 8 & 2 0 0 d for he ly io d 1 / 4 - 3 0 / 6 2 0 0 8 & 2 0 0 t 7 a t ter 7 r p er n ne n q ua r p er

			G R O	U P		C O M P A N Y
		1. 0 1- 3 0. 0 6. 2 0 0 8	1. 0 1- 3 0. 0 6. 2 0 0 7	1. 0 4- 3 0. 0 6. 2 0 0 8	1. 0 4- 3 0. 0 6. 2 0 0 7	1. 0 1- 3 0. 0 6. 2 0 0 8	1. 0 1- 3 0. 0 6. 2 0 0 7	1. 0 4- 3 0. 0 6. 2 0 0 8	1. 0 4- 3 0. 0 6. 2 0 0 7
Sa les	1 5.	1 6. 4 9 5 7	1 4 4. 8 1 5	9 3. 0 6 9	8 3 6 0 5.
Co t o f s les s a	5. 2	1 2 1. 6 8 5 -	1 0 3. 4 9 8 -	6 6. 0 8 4 -	5 5. 5 7 3 -
Gr f i t os s p ro		3 4. 7 9 4	4 1. 3 1 7	2 6. 9 8 5	2 9. 7 8 7
A dm in is ive tra t ex p en se s		-1 3. 2 4 0	1 2. 0 2 8 -	6. 8 8 7 -	6. 3 1 5 -	9 4 4 -	6 1 7 -	6 1 7 -	4 0 9 -
D is tr i bu t ion ex p en se s		-1 2. 4 8 7	1 3. 1 2 0 -	7. 4 5 8 -	8. 0 9 8 -
O t he t ing inc r o p era om e		2 1 7	2 5 7	1 3 9	1 6 5
O he ing t t r o p era ex p en se s
f / ( ) fo f Pr i t los be tax ina ing d o s re es nc an ,		9. 2 8 4	1 6. 4 1 7	1 2. 9 7 7	1 4 9 4 5.	9 4 4	6 1 7	6 1 7	4 0 9
inv iv i ies tm t a t t es en c						-	-	-	-
O t he f ina ia l re l ts r nc su		-8 6 4	2 7. 8 4 6	9 2 5	2 7. 8 5 5	6 5 1 -	2 7. 2 5 9	2 8	2 7. 1 9 3
F ina ia l e nc xp en se s		-1 1. 5 4 3	1 2. 2 6 5 -	5. 8 2 7 -	5. 9 2 9 -	5 -	1. 2 7 5 -	1 -	5 8 7 -
F ina ia l inc nc om e		3. 2 1 5	2. 2 1 3	1. 5 0 7	1. 1 7 0	1. 5 3 1	4 3 4	7 2 9	2 9 8
Inc fro d iv i de ds om e m n						1 5. 2 3 9	2 9. 8 8 7	1 5. 2 3 9
S ha in t p f i t ( los ) f c ies l i da te d re ne ro s o om p an co ns o i t h t he i ty t ho d w eq u me			2 5				2 5
Pro f i / ( los ) fro le f a t ts s m sa o ss e	3 5.	9. 6 4 9	1 2. 0 4 5	3. 3 2 8
f fo Pr i t be inc tax o re om e		9. 4 1 7	4 0 6 4 7.	1 2. 1 2 7	3 8. 9 0 5	1 1 0 5. 7	6 9 5 5. 5	1 3 8 5. 7	2 6. 4 9 5
Inc tax om e es		-1 2 0	1 1 7 -	4 7 -	3 5 -		2 0 -		2 0 -
Pr f i fo he io d fro inu ing ion t t t t o r p er m co n op era s		9. 6 2 1	4 6. 9 4 7	1 2. 6 3 8	3 8. 5 5 5	1 1 0 5. 7	6 3 9 5 5.	1 3 8 5. 7	2 6. 4 7 5
Re l t fro d isc t inu d o t ion su m on e p era s
Pr f i fo he io d t t o r p er		9. 6 2 1	4 6. 9 4 7	1 2. 6 3 8	3 8. 5 5 5	1 1 0 5. 7	6 3 9 5 5.	1 3 8 5. 7	2 6. 4 7 5
A t tr i bu ta b le to :
f Eq i ty ho l de t he t u rs o p are n		5. 5 0 9	4 2. 0 5 4	6. 5 4 7	3 2. 7 1 3	1 5. 1 7 0	5 5. 6 3 9	1 5. 3 7 8	2 6. 4 7 5
M ino i ty in ter t r es		4. 1 1 2	4. 8 9 3	6. 0 9 1	5. 8 4 2
Ea ing A f ter Ta S ha Ba ic ( in € ) rn s xe s p er re s -		0, 0 5 2 9	0, 4 0 3 7	0, 0 6 2 9	0, 3 1 4 0	0, 1 4 5 6	0, 5 3 4 1	0, 1 4 7 6	0, 2 5 4 1

The Notes on pages 26 to 40 are an integral part of these Interim Financial Statements.

		As at 30th of June 2008 and at December 31, 2007
		GROUP		COMPANY
		30/06/2008	31/12/2007	30/06/2008	31/12/2007
ASSETS
Non-Current Assets
Tangible assets	5.4	674.943	690.455	4	5
Goodwill
Intangible assets		1.909	2.185	64	69
Investments in subsidiaries				340.757	396.091
Investments in associates
Investments in joint ventures
Investment portfolio
Derivatives	5.5	1.694	3.349
Investment properties
Other non current assets		1.348	1.279	136
Deferred tax asset		189	189
Total		680.083	697.457	340.961	396.165
Current Assets
Inventories		4.622	4.228
Trade and other receivables		81.125	52.114
Receivables from joint ventures
Other current assets	5.6	17.713	15.264	8.472	714
Trading portfolio and financial assets
measured at fair value through income statement
Derivatives			560
Cash and cash equivalents	5.7	158.887	171.873	84.066	76.878
Total		262.347	244.039	92.538	77.592
Assets held for sale			36.057
Total Assets		942.430	977.553	433.499	473.757
EQUITY AND LIABILITIES
Equity
Share capital		62.504	62.504	62.504	62.504
Share premium		207.648	207.648	194.340	194.340
Fair value reserves	5.8	1.361	2.569	68.648	123.982
Other reserves		85.165	15.603	81.333	30.915
Retained earnings		28.374	100.794	17.763	61.345
Equity attributable to parent's shareholders		385.052	389.118	424.588	473.086
Minority interests		115.853	117.027
Total Equity		500.905	506.145	424.588	473.086
Non-current liabilities
Deferred tax liability		319	319	267	267
Accrued pension and retirement obligations		1.496	1.342	86	76
Government grants
Long-term borrowings	5.9	331.103	359.005
Derivatives
Non-Current Provisions	5.10	1.012	1.088
Other long-term liabilities
Total		333.930	361.754	353	343
Current Liabilities
Trade and other payables		27.339	26.688	12	173
Tax payable		296	548	20	20
Short-term debt	5.9	36.570	38.337
Derivatives			1.928
Payables to Joint Ventures
Current portion of non-current provisions
Other current liabilities	5.11	43.390	16.692	8.526	135
Total		107.595	84.193	8.558	328
Liabilities related to Assets held for sale Total liabilities		441.525	25.461 471.408	8.911	671
Total Equity and Liabilities		942.430	977.553	433.499	473.757

BALANCE SHEET

The Notes on pages 26 to 40 are an integral part of these Interim Financial Statements.

GROUP

Statement of Changes in Equity

For the Period 1/01-30/06/2008

	Nu mb of er sh are s	Sh are ita l ca p	Sh are mi pre um	Re lua tio f va n o fin cia l an ins tru nts me	Ot he r res erv es	Re tai d ne rni ea ng s	To tal uit eq y rib ble att uta to uit ho lde of eq y rs the t pa ren	Mi rity no int sts ere	To tal Eq uit y
Ba lan at 1/ 1/2 00 8 ce	10 4.1 73	62 .50 4	20 7.6 48	2.5 69	15 .60 3	10 0.7 94	38 9.1 18	11 7.0 27	50 6.1 45
Ch s i tin olic ies an ge n a cco un g p
Re sta ted ba lan ce		62 .50 4	20 7.6 48	2.5 69	15 .60 3	10 0.7 94	38 9.1 18	11 7.0 27	50 6.1 45
fit for Pro th eri od e p						5.5 09	5.5 09	4.1 12	9.6 21
Inc nis ed di tly in uit om e r ec og rec eq y
Ga in o ert lua tio n p rop y r eva n
Av ail ab le- for le inv tm ts: -sa es en
Va lua tio ain s/( los s) tak to uity n g se en eq
Tra nsf ed to ofit lo le err pr or ss on sa
Ca sh flo he dg es w :
Ga ins /( los s) tak to uity se en eq				-1. 20 8			-1. 20 8	-44 7	-1. 65 5
Tra nsf ed to ofit lo for th eri od err pr or ss e p
Tra nsf ed to in itia l ca ing nt of he dg ed ite err rry am ou ms
Ex ch di ffe n t sla tin for eig rat ion an ge ren ce s o ran g n o pe s					-33		-33		-33
nsf fro Ta n it s t ak di tly to tra ed uity x o em en rec or err m eq
To tal ise d i nd e f the rio d re co gn nc om e a ex pe ns or pe		0	0	-1. 20 8	-33	5.5 09	4.2 68	3.6 65	7.9 33
Sto ck tio lan op n p s
Iss of sh ita l (e ity off eri ) ue are ca p qu ng
De of sh ita l cre as e are ca p
Div ide nd s						-8. 33 4	-8. 33 4	83 9 -4.	-13 .17 3
Tra nsf be twe nd ret ain ed rni er en re se rve s a ea ng s					69 .59 5	-69 .59 5
Ad dit ion al uity of fer ing sts eq co
Pu rch f tr sh as e o ea su ry are s
Sa f tr le o sh ea su ry are s
Inc in Min ori tie s d to rch f in ter est in bs idia rie rea se ue pu as e o su s
De e i n M ino ritie s d to le o f in ter est in bs idia rie cre as ue sa su s
Ba lan at 30 /6/ 20 08 ce		62 .50 4	20 7.6 48	1.3 61	85 .16 5	28 .37 4	38 5.0 52	11 5.8 53	50 0.9 05

Statement of Changes in Equity

For the Period 1/01-30/06/2008

	Nu mb of er sh are s	Sh are ita l ca p	Sh are mi pre um	Re lua tio f va n o t no n-c urr en ts as se	Ot he r res erv es	Re tai d ne rni ea ng s	To tal uit eq y att rib uta ble to uit ho lde of eq y rs the t pa ren	Mi rity no int sts ere	To tal Eq uit y
Ba lan 1/ 1/2 00 8 at ce	10 4.1 73	62 .50 4	19 4.3 40	12 3.9 82	30 .91 5	61 .34 5	47 3.0 86		47 3.0 86
Ch s i tin olic ies an ge n a cco un g p
Re sta ted ba lan ce		62 .50 4	19 4.3 40	12 3.9 82	30 .91 5	61 .34 5	47 3.0 86		47 3.0 86
Pro fit for th eri od e p						15 .17 0	15 .17 0		15 .17 0
Inc nis ed di tly in uit om e r ec og rec eq y Ga in o lua tio ert n p rop y r eva n
Re s f lua tio f in in s ub sid iar ies fa ir v alu stm ts at se rve rom re va n o ve en e				.33 4 -55			.33 4 -55		.33 4 -55
for Av ail ab le- le inv tm ts: -sa es en
s/( s) Va lua tio ain los tak to uity n g se en eq
Tra nsf ed to ofit lo le err pr or ss on sa
Ca sh flo he dg w es :
Ga ins /( los s) tak to uity se en eq
Tra nsf ed to ofit lo for th eri od err pr or ss e p
Tra nsf ed to in itia l ca ing nt of he dg ed ite err rry am ou ms
ffe for Ex ch di n t sla tin eig rat ion an ge ren ce s o ran g n o pe s
nsf fro Ta n it s t ak di tly to tra ed uity x o em en rec or err m eq
e f To tal ise d i nd the rio d re co gn nc om e a ex pe ns or pe		0	0	-55 .33 4	0	15 .17 0	-40 .16 4	0	-40 .16 4
Sto ck tio lan op n p s
Iss of sh ita l (e ity off eri ) ue are ca p qu ng
De of sh ita l cre as e are ca p
Div ide nd s						-8. 33 4	-8. 33 4		-8. 33 4
Tra nsf be twe nd ret ain ed rni er en re se rve s a ea ng s					50 .41 8	-50 .41 8
Ad dit ion al uity of fer ing sts eq co
Pu rch f tr sh as e o ea su ry are s
Sa le o f tr sh ea su ry are s
Inc in Min ori tie s d to rch f in ter est in bs idia rie rea se ue pu as e o su s
De e i n M ino ritie s d to le o f in ter est in bs idia rie cre as ue sa su s
Ba lan at 30 /6/ 20 08 ce		62 .50 4	19 4.3 40	68 .64 8	81 .33 3	17 .76 3	42 4.5 88	0	42 4.5 88

GROUP

Statement of Changes in Equity

For the Period 1/01-30/06/2007

	Nu mb of er sh are s	Sh are ita l ca p	Sh are mi pre um	Re lua tio f va n o fin cia l an ins tru nts me	Ot he r res erv es	Re tai d ne rni ea ng s	To tal uit eq y rib ble att uta to uit ho lde of eq rs y the t pa ren	Mi rity no int sts ere	To tal Eq uit y
1/1 /20 Ba lan at 07 ce	10 4.1 73	62 .50 4	20 7.6 48		51 .42 9	22 .71 3	34 4.2 94	11 0.1 07	45 4.4 01
Ch s in ing lici unt an ge ac co po es
Re sta ted ba lan ce		62 .50 4	20 7.6 48		51 .42 9	22 .71 3	34 4.2 94	11 0.1 07	45 4.4 01
Pro fit for th eri od e p						42 .05 4	42 .05 4	4.8 93	46 .94 7
Inc nis ed di tly in uit om e r ec og rec eq y
Ga in o ert lua tio n p rop y r eva n
for Av ail ab le- le inv tm ts: -sa es en
Va lua tio ain s/( los ) tak uity to n g ses en eq
Tra nsf ed to fit los ale err pro or s o n s
Ca sh flo he dg w es :
Ga ins /( los ) tak uity to ses en eq						-90	-90	-6	-96
Tra nsf ed to fit los s fo r th eri od err pro or e p
Tra nsf ed init ial ing of he dg ed item to nt err ca rry am ou s
dif fer for Ex cha tra nsl ati eig rat ion nge en ces on ng n o pe s						-1	-1		-1
Ta n it s t ake n d ire ctly to tra nsf ed fro uity x o em or err m eq
To tal ise d i nd e f the rio d re co gn nc om e a ex pe ns or pe		0	0	0	0	41 .96 3	41 .96 3	4.8 87	46 .85 0
Sto ck tio lan op n p s
Iss of sha ital (e ity off eri ) ue re ca p qu ng
De f s ha ital cre ase o re ca p
Div ide nds						-8. 33 4	-8. 33 4	-4. 83 9	-13 .17 3
Tra nsf bet d r ine d e ing eta er we en res erv es an arn s					-31 .58 2	31 .58 2
Ad dit ion al e ity off eri ts qu ng cos
Pu rch of tre sh ase as ury are s
Sa f tr le o ha ea su ry s res
Inc in M ino ritie s d to rch of in ter est in bsi dia ries rea se ue pu ase su
of De in Min ori ties du e t ale in ter est in bsi dia ries cre ase o s su
30/ 6/2 Ba lan at 00 7 ce		62 .50 4	20 7.6 48	0	19 .84 7	87 .92 4	37 7.9 23	11 0.1 55	48 8.0 78

Statement of Changes in Equity

For the Period 1/01-30/06/2007

COMPANY

	Nu mb of er sh are s	Sh are ita l ca p	Sh are mi pre um	f Re lua tio va n o t no n-c urr en ts as se	Ot he r res erv es	Re tai d ne rni ea ng s	To tal uit eq y att rib uta ble to uit ho lde of eq y rs the t pa ren	Mi rity no int sts ere	To tal Eq uit y
Ba lan at 1/ 1/2 00 7 ce	10 4.1 73	62 .50 4	19 4.3 40	-16 7.8 93	17 .94 9	21 .73 8	12 8.6 38		12 8.6 38
Ch s i tin olic ies an ge n a cco un g p				27 2.2 24			27 2.2 24		27 2.2 24
Re ted ba lan sta ce		62 .50 4	19 4.3 40	10 4.3 31	17 .94 9	21 .73 8	40 0.8 62	0	40 0.8 62
Pro fit for th eri od e p						55 .63 9	55 .63 9		55 .63 9
Inc nis ed di tly in uit om e r ec og rec eq y
Ga in o ert lua tio n p rop y r eva n
Re s f lua tio f in stm ts in s ub sid iar ies at fa ir v alu se rve rom re va n o ve en e				56 .03 1			56 .03 1		56 .03 1
Av ail ab le- for le inv tm ts: -sa es en
Va lua tio ain s/( los s) tak uity to n g se en eq
nsf ofit Tra ed to lo le err pr or ss on sa
Ca flo sh he dg w es :
Ga ins /( los s) tak uity to se en eq					9.5 60		9.5 60		9.5 60
nsf ofit for Tra ed to lo th eri od err pr or ss e p
Ex ch di ffe n t sla tin for eig rat ion an ge ren ce s o ran g n o pe s
Ta n it s t ak di tly to tra nsf ed fro uity x o em en rec or err m eq
To tal ise d i nd e f the rio d re co gn nc om e a ex pe ns or pe		0	0	56 .03 1	9.5 60	55 .63 9	12 1.2 30	0	12 1.2 30
Sto ck tio lan op n p s
Iss of sh ita l (e ity off eri ) ue are ca p qu ng
De of sh ita l cre as e are ca p
Div ide nd s						-8. 33 4	-8. 33 4		-8. 33 4
Tra nsf be twe nd ret ain ed rni er en re se rve s a ea ng s					21 .63 7	-21 .63 7
Ad dit ion al uity of fer ing sts eq co
f tr Pu rch sh as e o ea su ry are s
Sa le o f tr sh ea su ry are s
Inc in Min ori tie s d to rch f in ter est in bs idia rie rea se ue pu as e o su s
De e i n M ino ritie s d to le o f in ter est in bs idia rie cre as ue sa su s
Ba lan at 30 /6/ 20 07 ce		62 .50 4	19 4.3 40	16 0.3 62	49 .14 6	47 .40 6	51 3.7 58	0	51 3.7 58

CASH FLOW STATEMENT

For the period 1/1-30/6 2008 & 2007

	GROUP		COMPANY
	1/1-30/6/2008 1/1-30/6/2007		1/1-30/6/2008 1/1-30/6/2007
Cash flow from Operating Activities
Profit/(Loss) Before Taxes	9.741	47.064	15.170	55.659
Adjustments for:
Depreciation & amortization	12.926	13.339	7	6
Deferred tax expense
Provisions	123	1.724	7	386
Foreign exchange differences	2.111	170	651
Net (profit)/Loss from investing activities	-14.336	-43.711	-8.159	-58.058
Interest and other financial expenses	11.543	11.867	5	1.275
Plus or minus for Working Capital changes:
Decrease/(increase) in Inventories	-394	257
Decrease/(increase) in Receivables	-28.788	-19.600	-1.266	-128
(Decrease)/increase in Payables (excluding banks)	14.328	19.759	-9.340	102
Less:
Interest and other financial expenses paid	-11.685	-12.564	-2	-1.529
Taxes paid	-66	-202
Operating cash flows of discontinued operations
Total cash inflow/(outflow) from operating activities (a)	-4.497	18.103	-2.927	-2.287
Cash flow from Investing Activities
Acquisition of subsidiaries, associated companies, joint
ventures and other investments		-30.338		-30.338
Purchase of tangible and intangible assets	-3.906	-2.965		-4
Proceeds from sale of tangible and intangible assets	52.475	206.395		113.744
Derivtives' result				434
Interest received	3.215	2.213	1.531
Dividends received			8.611	29.887
Investing cash flows of discontinued operations
Total cash inflow/(outflow) from investing activities (b)	51.784	175.305	10.142	113.723
Cash flow from Financing Activities
Proceeds from issue of Share Capital
Proceeds from Borrowings
Payments of Borrowings	-55.273	-84.494
Payments of finance lease liabilities	-135	-286
Dividends paid	-4.865		-26
Equity return to shareholders
Financing cash flows of discontinued operations Total cash inflow/(outflow) from financing activities (c)
Net increase/(decrease) in cash and cash equivalents	-60.273	-84.780	-26	0
(a)+(b)+(c)	-12.986	108.628	7.189	111.436
Cash and cash equivalents at beginning of period	171.873	105.449	76.877	13.888
Cash and cash equivalents at end of period	158.887	214.077	84.066	125.324

The method used for the preparation of the above Cash Flow Statement is the Indirect Method. The Notes on pages 26 to 40 are an integral part of these Interim Financial Statements.

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 6 for the parent company and 1.274 for the Group, while at 30/6/2007 was 9 and 1.354 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 nominal shares outstanding as at 30 June 2008 was 104.173.680. Each share carries one voting right. The total market capitalization was € 479.199 thousand approximately.

The financial statements of Attica Holdings S.A. are included, using the full consolidation method, in the consolidated financial statements of MARFIN INVESTMENT GROUP HOLDINGS S.A. whose total participation in the company (directly & indirectly), was 89,8%.

The interim financial statements of the Company and the Group for the period ending at 30 June 2008 were approved by the Board of Directors on August 27, 2008.

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 1/1-30/6/2008 are the same with those used for the preparation of the financial statements for the fiscal year 2007.

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.

The Management of the Group considers that the financial statements present fairly the company's financial position, financial performance and cash flows.

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 June 30, 2008.

2.1. Major accounting judgements and main sources of uncertainty for accounting estimations

The Management must make judgements and estimates regarding the value of assets and liabilities which are uncertain. Estimates and associated assumptions are based mainly on past experience. Actual results may differ from these estimates. Estimates and associated assumptions are continually reviewed.

The accounting judgements that the Management has made in implementing the Company's accounting policies and which have the greatest impact on Company financial statements are:

Management examines whether there is an indication of impairment on the value of investments in subsidiaries, and if so, assesses the extent pursuant to the Company's accounting policy on this subject. The recoverable amount of the examined cash generating unit is determined on the basis of value in use and is based on estimates and underlying assumptions.

In addition, on an annual basis the Management examines, on the basis of assumptions and estimates the following items:

• useful lives and recoverable vessels' values

• the amount of provisions for staff retirement compensation, for disputes in litigation and for labour law disputes.

On the financial statements preparation date, the sources of uncertainty for the Company, which may have impact on the stated assets and liabilities values, concern:

• Unaudited years of the Company, insofar as it is possible that the future audits will result in additional taxes and charges being imposed that cannot be estimated at the time with reasonable accurancy.

• Estimates on the recoverability of contingent losses from pending court cases and doubtful debts.

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 June 30, 2008.

3. Consolidation

The following (1) directly and (2) indirectly subsidiaries are being consolidated using the full consolidation method.

		30/06/2008
Subsidiary	Carrying amount	% of participation	Country	Nature of Relationship	Consolidation Method	Unaudited Fiscal Years
1. Directly subsidiaries
SUPERFAST FERRIES MARITIME S.A.	167.214	100%	Greece	Direct	Full	2007 -2008
SUPERFAST EPTA MC.*	44	100%	Greece	Direct	Full	2007 -2008
SUPERFAST OKTO MC.*	44	100%	Greece	Direct	Full	2007 -2008
SUPERFAST ENNEA MC.*	4.823	100%	Greece	Direct	Full	2007 -2008
SUPERFAST DEKA MC.*	1.104	100%	Greece	Direct	Full	2007 -2008
NORDIA MC.	12.800	100%	Greece	Direct	Full	2007 -2008
MARIN MC.	3.516	100%	Greece	Direct	Full	2007 -2008
ATTICA CHALLENGE LTD	4.500	100%	Malta	Direct	Full	-
ATTICA SHIELD LTD	4.500	100%	Malta	Direct	Full	-
ATTICA PREMIUM S.A.	2.854	100%	Greece	Direct	Full	2006-2008
BLUE STAR MARITIME S.A.	139.359	48,795%	Greece	Direct	Full	2006-2008
2. Indirectly subsidiaries
SUPERFAST DODEKA (HELLAS) INC. & CO JOINT VENTURE		-	Greece	Under common management	Full	2007 -2008
SUPERFAST FERRIES S.A.	1	100%	Liberia	Indirect	Full	2007 -2008
SUPERFAST PENTE INC.	41.390	100%	Liberia	Indirect	Full	2007 -2008
SUPERFAST EXI INC.	42.130	100%	Liberia	Indirect	Full	2007 -2008
SUPERFAST ENDEKA INC.	38.054	100%	Liberia	Indirect	Full	2007 -2008
SUPERFAST DODEKA INC.	45.640	100%	Liberia	Indirect	Full	2007 -2008
BLUE STAR FERRIES MARITIME S.A.	317.335	48,795%	Greece	Indirect	Full	2006-2008
BLUE STAR FERRIES JOINT VENTURE			Greece	Under common management	Full	2006-2008
BLUE STAR FERRIES S.A.	1	48,795%	Liberia	Indirect	Full	2006-2008
WATERFRONT NAVIGATION COMPANY *	1	48,795%	Liberia	Indirect	Full	-
THELMO MARINE S.A. *	1	48,795%	Liberia	Indirect	Full	-
BLUE ISLAND SHIPPING INC. *	1	48,795%	Panama	Indirect	Full	-
STRINTZIS LINES SHIPPING LTD. *	51	48,795%	Cyprus	Indirect	Full	2006-2008

* Inactive companies, for which the Management of the Company considers that there is no indication of impairment for its investments in subsidiaries.

For all the companies of the Group, there are no changes of the method of consolidation.

There are neither companies which have been consolidated, for the first time, in the consolidated financial statements in the present period nor companies which have not been consolidated in the present period while they have been consolidated either in the previous period or in the same period of the fiscal year 2007. The exception to the above are the 100% subsidiaries ATTICA CHALLENGE LTD and ATTICA SHIELD LTD that have been established in October 2007 due to the acquisition of the vessels CHALLENGE and SHIELD respectively and because of that they have not been consolidated in the same period of the last fiscal year.

There are no companies of the Group which have not been consolidated in the consolidated financial statements.

4 Related Party disclosures

4.1. Intercompany transactions between ATTICA HOLDINGS S.A. and other companies of Attica Group

For the period 1/1-30/6/2008, the capital transactions of the parent company with the subsidiary companies of the Group are the following:

• 1. The company received as dividend of fiscal year 2007, the amount of € 4.000 thousand from its 100% subsidiary Superfast Ferries Maritime S.A. and the amount of € 4.611 thousand from its 48,795% subsidiary Blue Star Maritime S.A. Furthermore, the company has an amount of € 6.628 thousand as receivable dividends arising from the subsidiary companies of the Group. These amounts are written-off in the consolidated accounts of ATTICA GROUP.
• 1. The intercompany transactions, of total value € 1 thousand, between the parent company and its subsidiaries relate to services (i.e. issuance of airline tickets) provided by the 100% subsidiary Attica Premium S.A

There are no intercompany transactions between the shipowning companies of Superfast Group and the shipowning companies of Blue Star Group.

The intercompany balances as at 30/6/2008 between the Group's companies arising from its corporate structure ( see § 4.1. of the financial statements at 31/12/2007) are the following:

• a) Between the Superfast Group's entities stood at € 543.676 thousand. This amount is written-off in the consolidated accounts.
• b) Between the Blue Star Group's entities stood at € 1.415.840 thousand. This amount is written-off in the consolidated accounts.
• c) Purchases, sales and balances of Attica Premium S.A. arising from its transactions with the Group's entities, which are written-off in the consolidated accounts, are the following:

ATTICA PREMIUM S.A.

COMPANIES	Sales	Purchases	Receivables from	Payables to
Superfast Group Blue Star Group	1.909 576	73 14		8.116 2.909
Attica Holdings S.A.	1
	2.486	87	0	11.025

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

d) The intercompany transactions between Superfast Dodeka (Hellas) Inc. and Co Joint Venture and Blue Star Group amounting € 10.093 thousand approximately. This amount is written-off in the consolidated accounts.

4.1.1. Intercompany transactions between ATTICA HOLDINGS S.A. and the companies of MARFIN INVESTMENT Group

COMPANIES	Sales	Purchases	Receivables from	Payables to
GEFSIPLOIA S.A.	1.999		600
VIVARTIA S.A.	149
S. NENDOS S.A.		17		11
HELLENIC CATERING S.A.		91		65
HELLENIC FOOD SERVICE PATRON S.A.		336		164
	2.148	444	600	240

4.1.2. Intercompany transactions between ATTICA HOLDINGS S.A. and MARFIN POPULAR BANK

	Group	Company
	30/06/2008	30/06/2008
Cash and cash equivalents Borrowings	85.422	63.829
Financial income	2.245	1.569
Financial expenses

4.2. Guarantees

The parent company has guaranteed to lending banks the repayment of loans of the Superfast and Blue Star vessels amounting € 205.953 thousand and € 200.000 thousand respectively.

4.3. Board of Directors and Executive Directors' Fees

Key management compensation

	Amounts in €
	30/06/2008	30/06/2007
Salaries & other employees benefits	1.524	768
Social security costs	125	125
B.O.D. Remuneration	401	346
Termination benefits
Other long-term benefits
Share-based payments
Total	2.050	1.239
	30/06/2008	30/06/2007
Number of key management personnel	14	16

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity.

5. General information for the Financial Statements (period 1-1 to 30-06- 2008)

The figures of the period 1/1 – 30/6/2008 are not fully comparable with the corresponding figures of continuing operations of the previous year because:

• a) the vessel Blue Star 1 operates in North Sea during the whole period of the first half of 2008, while in the first quarter of 2007 has been deployed from February 2007 replacing the vessel SUPERFAST X, which has been sold in the same period.
• b) the freight-only RoRo Marin has been deployed until 07/02/2008, date where it was sold, while has been deployed for the whole fiscal year 2007.
• c) the freight-only RoRo Nordia has been deployed until 07/04/2008, date where it was sold, while has been deployed for the whole fiscal year 2007.
• d) the RoRo vessels Challenge and the Shield have been deployed until February 2008.The above vessels, which were owned by the Group from October 2007, have been sold in the same month.

The period 1/1-30/6/2007, the above vessels have not been owned by the Group.

5.1. Revenue Analysis and Geographical Segments 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 Company'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.

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 1/01 – 30/06 2008 are as follows:

	GROUP
			1/1-30/6/2008
Geographical Segment	Domestic Routes	Adriatic Sea	North Sea	Other *	Total
Revenue from Fares	62.852	65.976	10.276	2.185	141.289
On-board Sales	4.019	10.006	645	4	14.674
Travel Agency Services				516	516
Total Revenue	66.871	75.982	10.921	2.705	156.479
Gross profit/(loss)	25.557	8.571	-450	1.116	34.794
Financial results	-2.730	-5.912	-1.168	618	-9.192
Earnings before taxes, investing and financial results, depreciation
and amortization	19.157	4.705	-702	-950	22.210
Profit/(Loss) before Taxes	11.666	-7.630	-3.516	9.221	9.741
Profit/(Loss) after Taxes	11.653	-7.670	-3.528	9.166	9.621
Vessels' Book Value at 1/1	221.144	380.979	86.833	36.937	725.893
Improvements / Additions	1.114	2.705			3.819
Vessel acquisitions in the present period Vessels' Disposals		-6.768		-36.057	-42.825
Depreciation for the Period	-4.521	-6.266	-1.587	-51	-12.425
Net Book Value of vessels at 30/6	217.737	370.650	85.246	829	674.462
Long-term and Short-term liabilities	103.813	219.993	43.807	60	367.673

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

Agreements sheet of Assets and Liabilities at 30/06/2008

Net Book Value of vessels	€674.462
Unallocated Assets	€267.968
Total Assets	€942.430
Long-term and Short-term liabilities	€367.462
Unallocated Liabilities	€ 74.063
Total Liabilities	€441.525

The vessels owned by the Group have been mortgaged as security of long term borrowings for an amount of Euro 670 mln.

Revenue from Fares in Domestic routes includes the grants received for public services performed under contracts with the Ministry of Mercantile Marine, Aegean and Island Policy amounting € 2.621 thousand for the period 1/01 – 30/06/2008 and € 1.729 thousand for the period 1/01 – 30/06/2007.

The consolidated results and other information per segment for the period 1/01 – 30/06 2007 are as follows:

	GROUP
			1/01-30/06/2007
Geographical Segment	Domestic Routes	Adriatic Sea	North Sea	Other *	Total
Revenue from Fares On-board Sales Travel Agency Services	53.901 3.772	61.079 10.371	11.638 747	1.995 3 1.310	128.612 14.893 1.310
Total Revenue	57.673	71.450	12.385	3.308	144.815
Gross profit/(loss) Financial results	23.803 -2.620	13.868 -5.345	1.805 -1.254	1.841 27.038	41.317 17.819
Earnings before taxes, investing and financial results, depreciation and amortization Profit/(Loss) before Taxes Profit/(Loss) after Taxes	18.779 11.425 11.425	10.189 -1.924 -1.990	898 10.537 10.525	214 27.025 26.987	30.080 47.064 46.947
Vessels' Book Value at 01/01** Improvements / Additions Vessels' redeployment Vessels' Disposals	228.139 1.441	476.349 -82.410	98.002 1.309 88.620 -98.002	13.340 -6.210	815.830 2.750 -98.002
Depreciation for the Period	-4.505	-6.525	-1.532	-155	-12.717
Net Book Value of vessels at 30/06	225.075	387.414	88.397	6.975	707.862
Long-term and Short-term liabilities	120.256	247.997	47.072	38.401	453.726

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

** Includes the sold vessel SUPERFAST X.

Agreements sheet of Assets and Liabilities at 30/06/2007

Net Book Value of vessels	€ 707.862
Unallocated Assets	€ 312.693
Total Assets	€1.020.555

Long-term and Short-term liabilities	€453.726
Unallocated Liabilities	€ 78.751
Total Liabilities	€532.477

5.2. Cost of sales

Cost of sales has been negatively affected by € 19.106 thousand. Approximately compared to the previous period due to the higher fuel oil prices. This negative development has also affected the items "Earnings before taxes, investing and financial results, depreciation and amortization", "Profit/(loss) before taxes" and "Profit/(loss) after taxes".

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

In the course of the first half of 2008, the Group sold the RoRo vessels, Marin, Challenge, Shield and Nordia for € 52.475 thousand net value. The profit from this transaction stood at € 9.649 thousand.

5.4. Tangible assets

Tangible assets decreased compared to 31/12/2007. This decrease was due to the sale of the RoRo vessels Marin, Challenge, Shield and Nordia as well as due to the depreciations of the period 1/1 – 30/6/2008.

5.5. Derivatives

Refer to the interest rate hedging contract of the Group.

5.6. Other current assets

Other current assets increased compared to 31/12/2007. This increase was due to the insurance expenses of the vessels.

5.7. Cash and cash equivalents

Cash and cash equivalents that are presenting in the balance sheet include the amount of € 15.600 thousand, which has been pledged. The above pledge refers to an agreement for the acquisition by the Group of two new vessels (see § 7b). For the first half of the year the group paid the amount of €4.838 thousand as dividend for the year 2007 and also the amount of €8.500 thousand for the total repayment of the loan on the vessel "DIAGORAS".

5.8. Fair value reserves

In the statements of changes in equity and particularly in "Gains/(losses) taken to equity", the change that is presenting refers to the interest rate cash flow hedges of the Group's loan. The adjustment of the Total Equity of the Parent Company is caused by the valuation of the participation of 48,795% in its subsidiary BLUE STAR MARITIME S.A.

5.9. Long – term and Short – term liabilities

Long – term and Short – term liabilities decreased compared to 31/12/2007. This decrease was due to the repayment, with equity, of the loan of the car passenger ferry Diagoras, the sale of the RoRo vessels Marin, Challenge, Shield and Nordia and consequently to the repayment of their loans.

5.10. Non – current provisions

Non-current provisions refer to:

Superfast Group which has made a provision amounting € 462 thousand which concerns claim for compensation from the crew that was employed on board the sold vessels previously deployed in the Baltic Sea. The case is under litigation. The 48,795% subsidiary Blue Star Maritime S.A. which 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.

5.11. Other short – term liabilities

"Other short-term liabilities" increased mainly due to the "Deferred income" which refer to passenger tickets issued but not yet travelled until 30/6/2008, € 14.068 thousand, to the interest paid on loans € 3.728 thousand, as well as to the dividends payable € 8.334 thousand were approved by the Annual General Meeting of Shareholders on June 17, 2008.

6. Other information

6.1. Unaudited fiscal years

The parent company and all the companies included in the consolidation of Superfast Group have been audited by tax authorities until the fiscal year 2006. Particularly, for the parent company, the additional amount of € 1.900 has been posted in the first quarter of 2008 results while for all the companies included in the consolidation of Superfast Group the total taxes charged amount € 84.779,60. The above companies had already made a tax provision of € 100.000. All the companies included in the consolidation of Blue Star Group and Attica Premium S.A. have been audited by tax authorities until the fiscal year 2005. The subsidiaries of ATTICA HOLDINGS S.A. have already made a tax provision of €228 thousand for the unaudited fiscal years. A tax provision for the parent company has not been made. For the subsidiaries registered outside the European Union, which do not have an establishment in Greece, there is no obligation for taxation audit.

6.2. Stock options

The Extraordinary General Meeting of Shareholders, on 12th February 2008 approved the establishment of a five-year stock option plan for the members of the Board of Directors, the Company's staff and the staff of affiliated companies. The options pertain to shares whose nominal value will amount to 1/10th of the share capital. The strike price of the stock options was fixed at € 6,20 per share.

6.3. Payments of borrowings

During the period 1/1-30/6/2008, the Group has paid the amount of € 55.273 thousand against its long-term borrowings.

Furthermore, the Group paid the amount of € 135 thousand against finance leases.

6.4. Payments of finance and operating leases

The finance leases that have been recognized in the income statement of the period 1/1 - 30/06/2008, amount € 162 thousand.

The operating leases that have been recognized in the income statement of the period 1/1 - 30/06/2008, amount € 947 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 offices for which an advance equal to 3 years rent has been paid in November 2006.

The parent company does not have any long-term or short-term bank liabilities.

6.5. Contingent assets and liabilities

a) Granted guarantees

The following letters of guarantee have been provided to secure liabilities of the Group and the Company and were in force on 30/06/2008:

	GROUP 30/06/2008	COMPANY 30/06/2008
Granted guarantees	1.388	0

b) Commitments for purchases and capital expenditure Purchase contracts, in force on 30/06/2008, are as follow:

	GROUP 30/06/2008	COMPANY 30/06/2008
Purchase contracts	10.799	---

c) Undertakings

On 30/06/2008 the Group and the Company have the following liabilities which derive from the operating lease agreements and are payable as follows:

	GROUP 30/06/2008	COMPANY 30/06/2008
Within 1 year	153
Between 2 to 5 years	356
Over 5 years	133
	641	0

d) Financial lease commitments

On 30/06/2008 the Group and the Company have the following liabilities which derive from the operating lease commitments and are payable as follows:

	GROUP 30/06/2008	COMPANY 30/06/2008
Within 1 year	217
Between 2 to 5 years	68
Over 5 years
	284	0

7. Presentation and analysis of reclassified items of the period 1-1 to 31-12- 2007

A reclassification was made on certain published balance sheet's figures of 31/12/2007 as well as on the income statement of the period 1/1-30/6/2007 in order to be comparable with the corresponding figures of the period 1/1- 30/6/2008.

From this reclassification there was no effect to any sums of the balance sheet.

Furthermore, there was no effect to the basic figures of the income statement of the period 1/1-30/6/2007, namely to revenue, to gross profit, to earnings before taxes, investing and financial results, depreciation and amortization (EBITDA), to profit/(loss) before taxes and profit/(loss) after taxes and minority interests.

More specifically:

.

• 1. "Other financial assets", € 3.909 thousand, at 31/12/2007 are presented at 30/6/2008 as "Derivatives". As "Non-current assets", € 3.349 thousand and as "Current assets", € 560 thousand.
• 1. "Tax receivables", € 1.610 thousand, "Other receivables", € 3.629 thousand, "Deferred expenses", € 9.330 thousand and "Accrued income", € 695 thousand, at 31/12/2007 are presented at 30/6/2008 as "Other current assets", € 15.264 thousand.
• 1. "Reserves" and "Retained earnings" at 31/12/2007 are presented at 30/6/2008 more analytically. Namely, "Share premium" € 207.648 thousand, "Fair value reserves" € 2.569 thousand, "Other reserves" € 15.603 thousand and "Retained earnings" € 100.794 thousand.
• 1. "Secured loans", € 358.883 thousand and "Finance leases", € 122 thousand at 31/12/2007, are presented at 30/6/2008 as "Long-term borrowings", € 359.005 thousand.
• 1. "Current portion of long-term liabilities", € 38.069 thousand as well as the figure of financial leasing, € 268 thousand that is included in "Trade and other payables" at 31/12/2007, are presented at 30/6/2008 as "Short-term debt", € 38.337 thousand.
• 1. From the figure "Tax liabilities", € 2.406 thousand at 31/12/2007 the amount of € 548 thousand is presented at 30/6/2008 as "Tax payable" and the amount of € 1.858 thousand is included in "Other short-term liabilities".
• 1. The amount of € 1.928 thousand from the figure "Trade and other payables" at 31/12/2007 are presented at 30/6/2008 as "Derivatives".
• 1. "Deferred income", € 3.002 thousand, "Accrued expenses", € 7.120 thousand, the amount of € 1.858 thousand from the figure "Tax liabilities" as well as the amount of € 4.712 thousand from the figure "Trade and other payables" at 31/12/2007 are presented at 30/6/2008 as "Other current liabilities", € 16.692 thousand.
• 1. "Dividend income/Profit from sale of investments", € 27.670 thousand, "Foreign exchange differences", - € 170 thousand, "Profit/(loss) from revaluation of investments in subsidiaries – associated companies", - € 27 thousand and "Interest and other financial expenses", € 398 thousand at 30/06/2007 are presented at 30/6/2008 as "Other financial results", € 27.846 thousand and "Share in net profit (loss) of companies consolidated with the equity method", € 25 thousand.

8. Significant events

a) The Board of Directors decided to merge by absorption the Athens Exchange listed 100% and 48,795% subsidiaries Superfast Ferries Maritime S.A. and Blue Star Maritime S.A. respectively. The Transformation Balance Sheet date will be 30th June, 2008.

b) In June 2008, Attica Group agreed to acquire from Grimaldi Holding S.p.A, of Genoa, Italy two Ro-Pax vessels currently under construction at Nuovi Cantieri Apuania, Italy. The first new building will be delivered in autumn 2008 and the second in the summer/autumn 2009.

c) In May 2008, the Board of Directors of the subsidiary company Blue Star FERRIES Maritime S.A. decided to discontinue the operation of its vessel Blue Star 1 on the Rosyth – Zeebrugge service on 14th September 2008. The above vessel will be deployed on the Dodecanese Islands and Cyclades routes.

9. Events after the Balance Sheet date

There are no events after the Balance Sheet Date.

Voula, August 26, 2008

MANAGING DIRECTOR FINANCIAL DIRECTOR DIRECTOR

PETROS VETTAS SPIROS PASCHALIS NIKOLAOS TAPIRIS

						ttica
						157, C. Karamanii Avenue - 16673 Voula, Gree	Registration Number: 7702/00/02/10/12
						Information for the period from January 1 to June 30, 2008			(According to the decision GH6S11.15.2007 of the Econd of Directors of the Greek Capital Market Committ
									The following infiniteston provide a general overview of the financial position and frienrist results of ATTICA-HOLDWOS S.A. We wished, who wants for a couple on offer state. But the transit state is not as the meant offset authors report throughout the response of the down of the company
			COMPANY INFORMATION							CASH FLOW STATEREDG GROUP
Internet Comain: Date of Board of Directors approval of Interne financial state	20/09/2018								Cash flow hom Operating Activities	1.01-30.00.2000	1.01-30.06.2017	COMPANY	1.01-30.06.2007
Carified Public Accountant Audit Firm	Vasilos Karas - SOEL No 13281, Michallos Mandis - SOEL No 25131 Grant Thombon S.A.								Profit/Loggi Batters Taxes Idudrants for	9.741	47.064	15.170	55,654
Type of certified auditor's review report	Unqualified		BALANCE SHEET						Depreciation mpairment of tangible and intangible assets	12,926	13.339	z
ASSETS		GROUP 0.06.200	SE 42.2007			30.06.200	COMPANY 31.12.200		Provisione Foreign exchange differences	123 2.111	1,724	CES	368
Tangible assais mednent properties		574,943	690-455						Net (profit) loss from investing activities views payable and other financial expenses	$-14.336$ 11.543	$-0.711$ 11,007	$-0.159$ 5	-58.058 1,275
intengible acceed Other man current assets		1,909 3,231	2.195 $^{4.817}_{4.228}$			340,083	$\infty$ 390,091		Plus or minus for Working Capital changes: Decrease/Uncrease) in Imventories	œ	257
mendoring Trade repelvables and prepayments Other current assets		4.822 01.125 176,600	52.114 107,097			62,538	77,592		Decrease/Bhowaste) in Receivables Decrease increase in Payables (excluding banket) Leon:	20,700	19,000 19,759	$-1,266$ -9.340	$-128$ 102
Non current assets classified as held for sale Total accets		42,43	30.057			433,494	473,757		Werest and other thancial expenses paid Taxes paid	$-11,005$ $-60$	$-12,564$ $-202$	÷	$-1,526$
EQUITY AND LIABILITIES									Operating cash flows of disconlinued operations Total cash inflow(outflow) from operating sofivities (a)	4.67	10,103		$-2.287$
Share capital Other equity		62.504 322.546	82.554 326,614			82,524 382.084	62.504 410.582		Cash flow from investing Activities
Tatal strateholders equity (a) Minority Interests (b)		305,052 115,853	339, 110 117,027			424,581	473,006		Acquisition of subsidiaries, associated companies, joint entimes and other investments		Jan and		$-30.336$
Total equity (c)=(a)+(b) ong-term bornveinge		500,935 101.103	505, 165 159.005			424,581	473,006		Purchase of tangible and intangible assets Proceeds from sale of tangible and intangible assets	$-3,900$ 52.475	-2.905 200,000		113,744
Providions / Other long-term kabilities Short-larm debt		2.027 16,570	2.749 38,337			353	3 c		Interest received Dividends received	3.215	2213	1,531 0.611	28.667
Other short-term list lifes Lisbilities associated with non-pattern		71.025	45.850			5.568	328		investing cash flows of discontinued coerations. (dai cash infowtoutiou) from investing sativities (b)	51,704	175,305	10.142	111,723
search classified as held for sale Total liabilities (d)		441,525	25.481 471,493			8.911	671		Cash flow from Financina Activities Proceeds from Issuance of Share Capital
Total equity and liabilities (c)+(d)		942,450	977,553			433.499	473,757		Proceeds from Domowings Proceeds from Issuance of Share Capital
		GROUP	ICONE STATEMENT FOR THE PERIOD				COMPANY		ayments of Bornouings Payments of Snapce Issue liabilities	$-56,273$ $-0.05$	34.424 $-200$
Revenue	1.01-20.06.2006 1.01-30.06.2007 1.04-30.06.2005 1.04-30.06.2007 125.479	144,810	93,089	65.364		1.01-30.06.2008 1.01-30.06.2007 1.04-30.06.2008 1.04-30.06.2007			Dividende paid Tinancing cash fixes of disconfinued operations	$-4.005$		$-28$
Gross Profit/Road Earnings before toose, investing and financial	34.794	41.317	28,985	29.78					Total cash inflow(outflow) from financing activities (c) Net increase/idecrease/ in cash and cash equivalents	$-60.271$	$-34.700$	-26
recurs Profit/load before taxes	9.284 9.745	10,741 47.064	12,779 12.712	15,494 36,590	-244 15.170	$-671$ 55,664	40 15.375	409 26,496	Laterbonici	$-12,906$ 171,073	100,620 105,445	7,189 76.077	111,439 13,000
From Vicent adar based	8.621	46,947	12,638	36.568	15.170	55,634	15.378	26,475	Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period	158,007	258,077	14,066	125,334
Athlaicis as ideas: Company shareholders	5,509	42,054	0,547	32,713	15.170	55,639	15,370	28,479		STANDARD CONTAINS ASSISTED VIOLENCE DESIGNO GROUP		COMPAN
Minority shareholders Exmings after taxes Per Share - basic (in C)	$4,112$ 0.0529	0.083	0.081	5,042	0.1450	0.5341	0.1470	0.2541	Equity Opening Estation (01.01.2058 and 01.01.2007).	30.06.2000	0.06.2007 454, 401	10:06.2006	30.06.2007
Earnings before toose, investing and Insurable woulde, depreciation and amortization	22,210	30,000	19,209	22,226	$-407$	$-000$	-815	40	Profitibate) for the period, after taxes nomate/(degresse) of share gasts	9.621	46.947	15,170 $-0.334$	55,634 $-1.33$
									Dividends paid Net income charged directly to equity Purchase/(Sale) of ineasury stock	$-13,173$ $-1,000$	$-13.173$ 41	$-55,334$	65,591
									Davity Closing Balance (30.00.2000 and 30.06.2007)	500,000	490.070	424,500	511,758
The accounting principles are the same as those used on 31/12/2007 . A nedatation vas make on oetah figues of 1912/2007. From the neckesitual in them was no effect to any them of the framala disclosed frame in the make a material discovering A The number of employees, at period and, was t . The vessels owned by the Group have been motgaged as security of long term bomovings for the amount of Euro 670 min. There are no liens and encumbrances for the Company C 1.490 fromand respectively. There no provident according to paragraphs 10, 11, 14 of the MS 37 which "Provident, Possible Initiality and possible assett for the Group and the Company. It Amount concerning sales and purch arising from transactions with related parties in accordance with UAS 24, are as follows: a) Rowman b) Expenses c) Receivables () Transactions and Board of Directors and Esecutive Directors' Fees 6 Receivables from Board of Directors and Executive Directors g) Payables to Board of Directors and Executive Directors O Dividend received Dividend paid I Earnings per share were calculated uning the weighted guerage method. the amount of 6 15.000 thousand. BLUE STAR MARITIME G.A.				(Amounts in thousand 4) $\frac{0.000}{2,140}$ 446 $\overline{000}$ $\frac{200}{2,050}$	Company 6.626 317 8,011				soTES: 1. The Graph substitute, the registered clience the Graphy and substitute the formulation into Francis (Statement of 2008.2008, as he bound in a count of the boards failure in a movie for the constitute in the formu There are no subsidates that taxe been consoldated in the Financial Datements for that fire during the current period and these are no subsidiated that including the interior manufall are main manufall distances of the int ang te sam sayaf tempat mengan mengan mengan tempat mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan mengan me The subsidiaries of ATTICA HOLDINGS S.A. have already made a tax provision of 4220 thousand for the unaudiad faceU years. A tax provision for the parent company has not been made. An analysis referring to the unaudited fis . Then are one using its a state any kisi doin a star, and he fleed and flettering to make a qualistic makes the the Cab toget and a part funder in the transmitter is a start of the transmitted in the matter of the matter %. Then are constantibles, what but the most lobecare de, the sensitive paid. 11. Pressine of the first of 2021, he Gray and May allow the State of the Carl Change and the Carl Changes in the sensitive of the constant of t 13. The Soarch of Directors decided to manye by absorption the Albert Exchange listed 100% and el. 750% subsidiaries Guyertast Ferrier Marking S.A. and Dise Star Warking S.A. respectively. The Transformation Baker of net d 14. In June 2008, Afka Group agreed to acquire from Grinald Holding D.p.A. of bay how Ro-Pas vessels authorized on a from Cathoric Cathol Aguants, Ible, The first new building will be delivered in astures 2008 and the seco tt. http://tt.in.mail.mail.mail.mail.mail.mail.mail.mail st Twee as the the property of the holder is an internal and the mediate of the media of the media of the median of the flood of become to Capays and and offices organic (up \$ 0.2 dite and middle of the media) of the state
Managing Director
PETROS M. VETTAS							Voula, August 26, 2000 Director Solnos Pacchalls					Financial Director Nikolaos Tapiris