Minoan Regulatory News (MIN)

18 February 2013

MINOAN GROUP PLC

("the Company" or "Minoan")

 Greek Government re-iterates strategic importance of the Crete Project despite appeal against its granting of Fast Track Status

Minoan Group Plc has been informed that the Greek Government's decision to award the Company's Crete Project Fast Track Status and declare it a strategic investment has been appealed against despite the project enjoying the overwhelming support, as expressed, of the Government, the Periphery of Crete, the local Municipality and, most importantly, the local residents.

The appeal grounds relate to the justification of, and the process followed by, the Inter-Ministerial Committee (for example the Deputy Minister signing instead of the Minister) in their decision to include the project in Fast Track.

The appeal hearing has been set for 5 April 2013 with the case being heard by the Plenary Session of the Council of State. The Company is pleased with the fact that the hearing date has been set so early.

The appeal does not mean any legal delay in the permitting process and the Company continues to prepare the relevant environmental studies for submission to the competent authorities on an unchanged timetable.

The Deputy Minister for Development, whose responsibilities cover Invest in Greece and Fast Track, stated yesterday inter alia:

The Project is a strategic investment bringing considerable quantitative and qualitative results to the Greek economy. The Fast Track Inter-Ministerial Decision was reached after having evaluated all necessary parameters of the project prior to the award of Fast Track Status. We feel confident for our decision, we will stand by it and we would anticipate a speedy resolution of the Appeal. The Appeal does not delay the permitting process.

On television on 16 February, he also stated that quick delivery of fast track projects is important especially to the extent that these projects create new jobs that are needed in the near future.

Christopher Egleton, Chairman of Minoan, said:

"The personal views expressed by the individuals in appealing against the Inter-Ministerial Decision to consider the project as a strategic investment (Fast Track) will be judged by the Court. As stated in the Fast Track Decision, implementing this project will create the equivalent of 1,200 direct jobs and a substantial number of indirect jobs plus the development of a much higher level of tourism in Greece. The project is designed to meet high environmental standards, which will be secured through the environmental terms.

As demonstrated by both the continuing preparation of the required environmental studies and the support of the Greek Government, the Board continues to work to bring the project to fruition".

For further information please visit www.minoangroup.com or contact: