PROPOSAL OF THE BOARD OF DIRECTORS FOR DECISIONS UPON ISSUE OF THE AGENDA OF THE EXTRAORDINARY GENERAL ASSEMBLY OF 14 JANUARY 2015

ISSUE: Grant special permission for the signing of preliminary agreement for the purchase of property from the company “Mediterranean Villages S.A.” according to article 23a par. 2 of the Codified Law 2190/1920

The Board of Directors informs the principal shareholders that the Parent Company’s receivables against the subsidiary company “Mediterranean Villages S.A.” amount to € 1.425.000 after payments through installments that have been made according to the Board of Directors decision of 29.12.2010 and concerned payment in advance for the purchase of apartments that the subsidiary company “Mediterranean Villages S.A.” would construct at Keratsini in Attica. Due to the economic crisis and the plummeting prices of newly-built real estates, the Parent Company’s Management considers that it is safer and more profitable in the present circumstances the purchase of land owned by the company “Mediterranean Villages S.A.” and situated in Sikino of Cyclades (at “Tria Pigadia”, area 198.617 m2), the value of which has been estimated to the amount of € 1.297.440 by the civil engineer Mr. Achilleas Tsompanos and the mechanical engineer Mr. Efstathios Mpaltsas. Following the above, the Board of Directors proposes the use of the payment in advance amounting to € 1.425.000 for the purchase of the above mentioned land in Sikino of Cyclades and the signing of relevant preliminary agreement with the company “Mediterranean Villages S.A.”. Taking into consideration that the company “Mediterranean Villages S.A.” is subsidiary of “Kiriacoulis Mediterranean Cruises Shipping S.A.” it is necessary to grant permission from the general assembly of the Parent company according to article 23a par. 2 of the Codified Law 2190/1920 and the Board of Directors proposes the grant of this permission.