Minoan accepted into second round tender process

Minoan Group Plc

("Minoan" or the "Group") 

Afantou Project, Rhodes, Greece

Minoan accepted into second round of tender process

Minoan Group Plc, the AIM listed travel and leisure company, is pleased to announce that it has successfully participated in the tender process carried out by the Hellenic Republic Asset Development Fund (the "HRADF") regarding the exploitation of the area of Afantou in Rhodes.

The Afantou area is a property managed by the HRADF and is one of the areas to be privatised by the Greek Government under the terms of the tender.

The tender process is in two phases and the HRADF has announced that Minoan is one of the six successful participants which qualify for the second phase.

With a coastal frontage of approximately 7 km on the highly regarded tourist destination of Rhodes, the Afantou area presents a unique opportunity for a sustainable, high quality integrated resort to include hotels, a golf course and summer homes.

Meanwhile, the board of directors believes that the Group's application for its project in North Eastern Crete to be recognised as a strategic investment for Greece, which would qualify it for the Greek government's planning Fast Track Process, is on track.

Christopher Egleton, Chairman of Minoan, commented:

"The HRADF's sole mission 'is to maximise the value to the Hellenic Republic from the development and/or sale of assets' so we are delighted to have successfully progressed to the second stage of the tender process.

If successful, our intention is to develop the Afantou site by means of financial and joint venture agreements with suitable partners, an approach we are taking for our separate project in North Eastern Crete."

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