Greek Press Reports of Signing of PD

24 February 2016

MINOAN GROUP PLC

(the "Company" "Minoan" or the "Group")

Greek Press Reports that all Ministers have signed Presidential Decree

The Company notes reports in Greek Travel Media, suggesting that the four requisite signatories required for the Presidential Decree in respect of the Crete Project have now been delivered. Whilst the Company has not received a formal confirmation of this news, it has received verbal confirmation from sources within the Greek Government.

The approval is for a development of 108,000 square metres as included in Minoan's Strategic Environmental Assessment for the Project, which was submitted via the fast track process.

Christopher Egleton, Minoan Chairman, commented:

"The importance of the Presidential Decree cannot be overstated. If the rumours and the verbal confirmation are indeed correct, then I am delighted that after such an extended time we now have the signatures of every required member of the government. We are grateful for the hard work of various government ministers and our advisers, particularly at this time when Greece is grappling with many major issues."

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