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Louis Tourist Agency News

16 Jan 2002

Royal Olympic Reports Bookings Up for 2002

Royal Olympic Cruise Lines Inc. has been advised by Louis Cruise Lines Ltd (LCL) that agreement has been reached for the shares held by LCL in ROC Holdings Inc. (ROCH), the majority shareholder in Royal Olympic Cruise Lines (ROCL), to be exchanged for a number of shares held by Louis Tourist Agency Ltd (LTA) in Cyprus Tourist Development Company (CTD), the owners of the Hilton Hotel in Nicosia. Acquisition of the $20 million subordinated bond by LTA and the Guarantee of Liabilities amounting to $6.0 million. As part of the acquisition of LCL’s investment in ROCL, LTA will guarantee the $6.0 million loan made by LCL to ROCL and will acquire $20.0 million subordinated convertible bond issued by ROCL to LCL in 2001.

01 May 2002

Royal Olympic Cruise Lines Shift Share Ownership of ROC Holdings

Royal Olympic Cruise Lines Inc announced that Silk Navigation had acquired an additional 20 percent of ROC Holdings Inc. from Louis Tourist Agency. As a result, Silk and Louis each now hold 50 percent of ROC Holdings, which in turn holds 51.4% of Royal Olympic's common stock. Silk Navigation is controlled by members of the Potamianos family, with Andreas Potamianos holding the position as Royal Olympic's Co-Deputy Chairman and Louis Tourist Agency is controlled by Costakis Loizou, also Co-Deputy Chairman. In addition, Royal Olympic announced that it had agreed with Louis Tourist Agency to modify the terms of the $20 million convertible subordinated note issued by Royal Olympic on February 28, 2001 and held by Louis Tourist Agency.