Operational Update

28 January 2011

MINOAN GROUP PLC

("Minoan" or "the Company")

Operational Update

Minoan is pleased to announce that it has signed non-binding heads of terms for a small acquisition in the Travel and Leisure sector in accordance with its stated strategy as announced on 7 and 23 December 2010. Due diligence on the target has commenced and a further more detailed announcement will be made in due course.

In the meantime, following the announcement on 3 December 2010 regarding Minoan's development in Crete, an application is being prepared under the terms of the new Fast Track law as currently published.

Christopher Egleton, Minoan Chairman, commented:

"We are delighted that our growth plans are progressing. We have previously signalled our intention to expand in the travel and leisure sector and are pleased that these plans are coming to fruition.

The focus remains on achieving strong cash flows and profit growth whilst ensuring that we do not dilute the underlying value of the project in Crete for existing shareholders. We look forward to updating the market with developments on both fronts in due course."

For further information visit www.minoangroup.comor contact:

Minoan Group Plc

Christopher Egleton christopher.egleton@minoangroup.com

Bill Cole 01689 897397

Seymour Pierce Limited 020 7107 8000

Nicola Marrin/David Foreman (Corporate Finance)

Jeremy Stephenson (Corporate Broking)

Rivington Street Corporate Finance Limited 07956 671131

Jon Levinson

Bishopsgate Communications Limited 020 7562 3350

Nick Rome/Michael Kinirons