20 October 2015

MINOAN GROUP PLC

(the "Company" or "Minoan")

Greek Update

The Company notes the recent rise in its share price and of certain comments both in the UK and in the Greek press.

Following the signing of the new "Bail Out" agreement in Greece and the subsequent election on 20 September 2015, which enhanced the Government's position, the turbulence of the last six months has lessened and the country appears to be entering a period of greater stability with the new Government now in place. As announced on 18 March 2015, the draft presidential decree ("PD") in respect of the Company's project in Crete (the "Project") was unanimously approved by the Plenum of the Greek Council of State and all that remains for its final approval is for it to be endorsed by the Government prior to being issued by the President of the Greek State.

Since the election there have been numerous statements, interviews and speeches by various ministers and the Prime Minister proclaiming the need for new investments in Greece.

The process for approving the PD is part of previously announced changes to planning procedures, which were put in place to speed up and simplify the previous extremely complex rules and to give investors greater certainty and security. The process for the issuance of the PD requires it to be endorsed by the relevant Ministers prior to being issued by the President of the Greek Republic. The Company understands that this process is now under way.

The Company looks forward to providing shareholders with further updates in due course.

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