The listed on Athens Exchange (ATHEX) company KIRIACOULIS MEDITERRANEAN CRUISES SHIPPING S.A. announces to all investors that, according to the relative decision of the ATHEX Board of Directors, in the trading session of April 22, 2003 and henceforth the market making in the company’s listed shares by the ATHEX member PROTON SECURITIES will commence with a view to boosting the share’s liquidity. The company has entered into a market making contract with PROTON SECURITIES under the following main terms: 1. PROTON SECURITIES will enter into ATHEX Trading System market making orders (i.e. simultaneous bid and ask orders ) on the shares ofKIRIACOULIS MEDITERRANEAN CRUISES SHIPPING S.A. on its own account pursuant to the law in force. In return of this service, KIRIACOULIS MEDITERRANEAN CRUISES SHIPPING S.A. will pay a fee to PROTON SECURITIES. 2. The duration of the market making contract is three (3) years. 3. Lastly,  in order to facilitate the market making process and in view of  all the possible risks taken by the market maker, PROTON SECURITIES has entered into a contract with one of the main shareholders of KIRIACOULIS MEDITERRANEAN CRUISES SHIPPING S.A., i.e. Mrs Areti Kiriacoulis, by virtue of  which the above main shareholder has the obligation to contract repurchase agreements on ATHEX Derivatives Market. Moreover, the market making contract provides the participation of the above main shareholder in the annual profit /loss resulting from the market making transactions of  PROTON SECURITIES on the shares of  KIRIACOULIS MEDITERRANEAN CRUISES SHIPPING S.A. The participation involves a minority interest in the profit / loss in question which is considered as a supplementary benefit.

Athens, April  14th, 2003