Further Project Update

10 November 2014

Minoan Group Plc

("Minoan" or the "Company")

Further Project Update

Further to its announcement of Thursday 6 November, Minoan Group Plc is pleased to issue the following update having had a full legal translation of the announcement by the Greek Government's Ministry of Development and Competiveness.The committee of the General Secretaries of the relevant Greek Government ministries has approved the draft of the Presidential Decree in respect of Minoan's project in Crete. This approval is the pre-cursor for the final approval of the Presidential Decree and represents the most significant step in the process so far.

Christopher Egleton, Minoan Chairman, commented:

"This is one of the most important days in the history of Minoan as we near the successful completion of a long journey. After its review by the Greek Council of State, the issuance of the Presidential Decree is expected in the near future. At this point, for the first time, there will be a secure environment in which the Project can be brought to fruition in order to maximise value to shareholders."

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