Greek Media Reports Dismissal of Appeals

24 March 2017

MINOAN GROUP PLC

("Minoan" or the "Company")

Greek Media Reports Dismissal of Appeals against Presidential Decree

Minoan notes reports in the Greek Media stating that the appeals against the Presidential Decree ("PD") granting land use approval, for its Project in Crete have been rejected by the Greek Supreme Court. Minoan has not yet seen an announcement from the Greek Supreme Court and will update the market once one is issued.

Christopher Egleton, Minoan Chairman, commented:

"The issuance of the PD in March last year was described as a "transformational event". The appeals against it were clearly disappointing and frustrating and, as such, presuming the reports in the Greek press are correct, this will be transformational news for the company. Again, presuming the reports are correct, it signals the successful culmination of many years of effort by the Company and its advisors."

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The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.