CYPRUS LIMNI RESORTS & GOLFCOURSES PLC,. 339.500 1

.. CYPRUS LIMNI RESORTS & GOLFCOURSES PLC,. 339.500 1... μ μ μ μ. μ μ μ (CISCO) : μ. μ μ μ μ. μ μ μ μ μ. μ μ μ μ μ μ μ μ. H μ μ 15 2010 1

1... 3 2... 4 2.1...4 2.2...4 2.3...5 2.4...5 3... 6 4... 11 4.1...11 4.2...12 4.3.. SHACOLAS OLDINGS LTD...13 4.4...17 4.5...26 4.6...27 4.7...27 4.8...28 4.9...30 4.10...31 4.11...32 4.12...33 4.13...34 4.14...35 4.15...40 4.16 2009...44 4.17 2010...44 4.18...45 5... 51 5.1...51 5.2...51 6... 53 2

1 &..... μ (CISCO) EuroLife House 4,.. 20597 1660 PricewaterhouseCoopers Limited Julia House μ 3.. 21612 1591 μ & Fortuna Court 284 3105 μ μ 51 2002,, μ - μ,, μ - μ, : +357 22740000 μ : +357 22482847 μ :. 3

2 2.1 339.500 μ 1,00-339.500 μ ( μ μ ) ( μ μ ) ISIN 300.000.000 μ 0,10 μ 300.000.000 350.000.000 μ μ 0,10 μ - 35.000.000 300.000.000 μ μ 0,10 μ - 30.000.000 CY0101250518 LIMNI ( ) ( ) 2.2 μ μ μ (Net Present Value) μ μ μ μ (Discounted Cash Flow) μ μ KPMG μ μ 2008. μ, 324-474. μ μ μ μ 300. μ μ 1 (300 μμ μ μ 1 μ ). μ 31/12/2008 0,23 μ 1,00 μ ( rice/ ook Value)* 4,35 *μ μ 1 μ. μ μ μ μ μ (300.000.000 μ ) 31/12/2008. 4

2.3 ( μ μ ) μ μ μ 1 μ. N.K. Shacolas (Holdings) Ltd μ,, 53.105.958 μ 339.500 μ. 2.4 μ μ. 5

3 μ, μ μ μ μ. μ Cyprus Limni Resorts and Golfcourses Plc.,, μ.,, μ μ μ μ,, μ μ μ μ, μ., μ μ μ., μ μ μ. μ μ Cyprus Limni Resorts and Golfcourses Plc : - μ. μ, μ μ μ -. : μ μ 5 10. μ μ μ ( μ,,.) ( - ) μ μ μ. : μ, μ / μ μ μ μ. μ μ μ : μ μ KPMG μ μ μ μ μ μ. μ μ μ μ,, (golf demand) μ, 6

μ, μ,. μ μ μ μ μ μ μ μ ( μ ). 18 μ μ μ μ μ μ μ μ μ, μ μ μ μ. μ μ μ ( μ μ μ μ μ ) μ μ, μ. / : μ, μ μ μ. μ : μ μ - μ μ. μ : μ, μ μ. : N.K Shacolas (Holdings) Limited 131.204.433. N.K Shacolas (Holdings) Limited 31 μ 2009 82.675.000. μ. 7

μ : μ μ, μ phrodite Hills Resort, μ μ. μ μ μ μ μ. μ μ μ μ μ Limni Golf Resort (positioning) / / μ μ μ μ. μ μ. μ μ μ μ μ. μ ( μ, μ μ.) μ μ μ. : μ μ μ. μ μ. : μ μ. μμ μ μ μ, μ μ μ. μ μ : μ, μ. μ μ μ : μ μ. μ μ μ μ. μ : μ μ μ μ. 8

μ μ Cyprus Limni Resorts and Golfcourses Plc μ μ, μ μ μ,. μμ Cyprus Limni Resorts and Golfcourses Plc μ μ μ. μ Cyprus Limni Resorts and Golfcourses Plc, μ μ μ,,. μ : μ μ μ μ μ : (i) μ μ, (ii), : μ μ. μ μ μ. μ μ μ μ. μ. μ. μ μ.. : μ (.. ) μ μ μ μ, μ μ μ μ μ μ 144( )/2007, μ μ μ μ μ μ.... μ, μ μ. μ Cyprus Limni Resorts & Golfcourses Plc μ μ μ μ μ μ μ. μ : μ μ μ, μ, μ μ. μ μ μ. μ μ μ μ ( μ μ μ ) μ, μ. 9

μ μ μ μ - μ μ : μ, μ μ N.E.A.. μ μ μ μ μ. μ μ μ μ μ μ μ μ. μ, μ, μ μ, μ μ μ, μ μ μ., μ μ μ. μ μ μ μ μ. μ μ μ μ μ μ μ μ μ μ., μ μ μ μ μ μ μ μ. μ μ μ μ μ μ. μ μ : μ μ μ μ μ... μ μ μ μ μ. μ μ μ, μ μ 300.000.000 μ. μ μ μ μ μ μ μ μ. 10

4 4.1 Cyprus Limni Resorts and Golfcources Plc ( ) 3 1940 ( μ H.E. 137) μ μ μ μ,. 113, μ μ Cyprus Sulphur and Copper Company Limited. 15 μ 2006 μ μ Cyprus Limni Resorts and Golfcources Plc. μ, μ 1979 μ. μ 1983, μ. μ μ μ, μ μ μ μ μ, μ, μ μ μ μ μ μ μ μ. μ μ μ. 15 μ 2006 μ μ Cyprus Limni Resorts and Golfcources Plc. 2006 2007, μ μ μ μ 2 μ μ μ μ. 61.614 μ μ 16 2005. μ μ μ μ Master Plan μ / μ. Limni Golf Resort ( ). μ μ μ μ, μ,, (golf clubs), 5, spa, μ (,, μ μ ),, μ,. μ μ 6 10 μ μ., μ μ μ, μ μ 2012 μ 2013. μ μ μ μ μ μ KPMG 2008 μ μ. μ μ. μ μ μ μ. μ μ Iacovou Brothers (Constructions) Ltd 27,47., μ μ 2010. 11

μ μ, 3,1 μμ μ μ 2,86 μμ.μ. μ ( Limni Golf Resort) 0,28 μμ.μ. μ μ. 4.2 3. 20 2009 μ μ μ,, μ. 3 μ : μ,, μ μ μ μ μ, μ,, μ μ μ μ μ,, μ μ μ / μ μ μ μ, μ, μ μ μ μ μ μ (royalties) μ μ, μ μ μ,. / μ μ μ, μ,, μ μ μ μ, μ μ μ μ, μ. μ μ μ, μ μ,, μ μ, μ,, μ μ μ μ μ, μ μ μ. 12

μ μ μ, μ. μ 1979 μ μ μ μ,. 1979 μ μ μ. μ μ 16 μ 2009, μ μ μ μ.... 4.3.. SHACOLAS OLDINGS LTD μ N.K. Shacolas Holdings Ltd ( μ μμ μ Arsinoe Investments Company Limited μ Chrysochou Merchants Ltd). μμ μμ μ (μ μ μ ) μ μμ μ μμ μμ N.K. Shacolas Holdings Ltd. 13

N.K. SHACOLAS (HOLDINGS) LTD 85,9% 53% Cyprus Trading Corporation Plc Cyprus Limni Resorts & Golf Courses Plc 77,04% 67% W oolworth (Cyprus) Prop. Plc ITTL S haco la s Em po rium Pa rk Woolworth Commercial Center Ltd The Mall o f En gom i Akinita Lakk os Mike lli Ltd Cyprus Lim ni Resorts & Golf Courses Plc 100% 100% 40% 47% Ermes Dept. Stores Plc Super Home Center (D IY ) L td Fashionlink S.A. CTC ARI AIRPORTS LTD 51% 100% 50% 100% Scandia Co. Ltd 100% Dom ex Trading Co. Ltd 51% Amaracos Holdings 100% Infotel Ltd (Germanos) 100% OTENET 11,34% Hermes Airports Ltd 25% 50% Cyprus Airports (F &B) Ltd MTN CYPRUS 100% Argosy Trading Co. Ltd 100% Cassandra Trading Ltd 100% CTC Automotive Ltd 100% A rtview C o. Ltd 50% HOB House of Beauty Ltd 14

85,9% Cyprus Trading Corporation Plc 77,04% Woolworth (Cyprus) Properties Plc 100% Chrysochou Merchants Limited 49,65% 11,73% N.K. SHACOLAS (HOLDINGS) LTD 50,35% Arsinoe Investments Company Limited 70,57% Cyprus Limni Resorts & GolfCourses Plc 17,70% 15

N.K.Shacolas ( μ 10057) 1953 μ μ μ. 113. μμ NKS, μ - μ,, 1589. μ μ μ μ μ. μ μ : Cyprus Trading Corporation Plc (CTC) CTC, NKS μ 85,90% μ, μ, μ μ μ μ,, μ μ,, μ μ μ μ μ. μ μ., www.ctcgroup.com. Ermes Department Stores Plc CTC μ μ μ μ Debenhams, μ Zako, μ ext, Adams, Miss Sixty, Oviesse, Cortefiel Peacocks, μμ μ μ μ Super Home Centre D.I.Y. μ Ermes μ μ, μ, μ, μ μ μ μ. μ μ., www.ermes.com.cy. Woolworth (Cyprus) Properties Plc H Cyprus Trading Corporation Plc μ μ μ Woolworth (Cyprus) Properties Plc, μ. μ 2007, Cyprus Trading Corporation Plc, μ μ 100% μ Woolworth (Cyprus) Properties Plc. μ μ CTC 39.513.345 μ Woolworth, 34,47%. μ μ 13,04% (14.949.260 μ ), μ μ μ μ, 29,53% CTC μ μ μ 77,04% (88.305.849 ). μ μ., www.woolworthgroup.com.cy. Chrysochou Merchants Limited μ μμ Cyprus Limni Resorts & GolfCourses Plc. Arsinoe Investments Company Limited μ μμ Cyprus Limni Resorts & GolfCourses Plc. 16

4.4 μ μ μ, μ, μ μ μ μ μ μ μ μ. μ ( ) μ μ μ / Limni Golf Resort ( ) μ μ μ μ μ. 61.614 μ μ 16 2005 μ. 68.935 μ μ 3 2009, ( ) μ, μ. - Limni Golf Resort μ μ μ μ μ / μ μ μ μ μ μ. μ, Limni Golf Resort μ : -, μ μ μ μ μ - ( μ, μ μ ) -, 5, μ, μ μ (spa), - μ, μ. -, μ, μ, μ (,, ) - μ μ μ - μ μ, μ μ, μ μ μ 100.000.μ.. μ /. (Promoters),. μ, μ μ μ. μ μ (Master-Planners) EDSA, μ μ μ μ μ Jack Nicklaus Gary Player μ, 17

μ (Consultants), μ, μ μ., μ μ μ μ μ μ KPMG μ μ 2008 Rai Consultants μ μ μ 2006. μ μ μ., μ μ μ μ Aphrodite Hills. Limni Golf Resort μ μ μ μ μ. μ μ μ 14, μ μ μ μ. μ μ μ μ μ,, μ,. μ - : - μ : 5+, 150-200 μ μ & μ (spa), /, μ,,, μ. : μ ( μ μ /, μ μ ) 700-800 μ. μ 20% μ. 200 300 μ μ : μ 18, μ μ μ μ., μ,, μ,, μ,, μ, μ, μ. μ,,, μ 18

Cyprus Limni Golf Resort μ 5, μ μ μ μ. μ 40 μ 15 μ. μμ μ μ - μ μ μ. μ.,, μ 750 μ, μ 150 μ. μ μ., 3,5 μ μ μ., μ μ, μ. μ μ 95 μ μ 270 μ. μ,,. 300 μμ μ 500 μ, 3 μ. 3 μ. μ 1 2 3 μ 4 μ 5 μ 6, μ,. 19

20

μ 61.614 16 2005 68.935 3 2009. μ μ : μ μ 14, μ μ μ μ. μ (2) μ μ μ /6 /7. μ μ 10% μ μ μ μ μ 100.000.μ. μ 20% μ μ μ 800.μ.. μ 20% μ, μ μ, μ. μ 525 (525.000.μ.) 4., μ μ (.. μ,, μ, μ.). μ O μ (Master Plan) μ EDSA, ( ) μ μ μ, μ μ μ, μ (,, ). μ Jack Nicklaus Gary Player, μ, (signature courses). μ μ μ, μ,,, μ μ μ μ. μ μ μ,. μ Arcadis & μ μ. μ μ : - μ μ μ. 21

μ μ μ μ μ μ. - μ μ μ. μ μ,, μ μ, μ, μ, μ. μ μ. - μ μ μ. μ μ μ. -, μ μ μ μ. μ μ μ μ. - μ μ μ μ. μ μ, μ μ. μ, (Golf 6) Jack Nicklaus Jack Nicklaus Signature Course.. Jack Nicklaus. μ, μ, (Golf 7) Gary Player Gary Player Signature Course.. Gary Player. 18, μ 600 700, (championship golf course). (Golf Club House) (practice range, driving range ). μ μ (brand names), μ μ μ Limni Golf Resort / μ. μ μ μ μ,. 22

Spa μ 5+ μ μ / brand. μ μ μ 150-200 μ.,. μ (spa), μ. spa μ μ Limni Golf Resort, μ (branding). (, μ ) μ μ μ μ μ μ μ μ μ μ ( 20% ) μ μ., μ μ Master Plan. μ μ. μ 700-800 μ 200-300 μ ( μ μ, μ, ) μ μ μ. μ μ., ( μ ),, μ. μ, μ μ μ. μ μ μ μ μ. μ μ, μ μ. μ : ( ), μ, μ, μ, ( ) μ ( ) ( ) μ, μ, μ ( ). μ, ( /6) μ 750 μ. μ, μ 150 μ μ, μ. μ μ μ 50. 23

MASTER PLAN- 24

MASTER PLAN- B 25

μ E EDSA (Master Planners) Nicklaus Design Gary Player Design μ μ KPMG, (Engineers, Hydrologists) Sogreah, / Arcadis / &, μ, μ μ μ SNP Planning Consulting (Urban Planning Consultants) μ MDA (Cyprus) Limited μ Turfgrass Consulting μ, μ μ μ, μ. 4.5 μ 3.132.845.μ. : (.μ.) μ 1,42 750 μ. μ μ 1,44 μ 0,28 3,5 μ μ μ 500μ 3,13 ((Golf 6)- Jack Nicklaus),, μ μ μ (spa), μ, μ / ((Golf 7) -Gary Player),, μ μ μ μ μ μ μ 2007 μ A.N Mavreas Limited, μ, 346. 26

4.6 μ μ μ (. 61.614, μ. 16/2/2005), μ : ). 6 μ,. μ μ μ μ μ. 9/6/2006 ( μ μ 3/7/06) μ μ μ. ). 7. μ μ μ μ μ. 29/1/2007 μ μ μ. 18 μ, μ μ, μ μ μ μ μ. 61.614 μ. 16/2/2005. Cyprus Limni Resorts & Golfcourses Plc μ : ). 6 μ,. 18/12/07. /2060/07. ). 7. 22/7/08. /0949/08. μ μ μ. μ, μ μ. 4.7 μ,, : 2008 2007 9 9 9 9 μ, μ. μ μ μ μ. 27

4.8 μ μ : μ 84, 2222 μ μ μ, μ,. Woolworth (Cyprus) Properties Public Limited, Cyprus Trading Corporation Ltd (CTC), N.K. Shacolas (Holdings) Ltd μ. Hermes Airports Limited, μ μ 25. μ 1990, μ μ μ μ, WFUNA, μ μ μ μ. μ, μ μ. μ μ μ μ μ ( )., 40, μ μ Leicester μ BSc Economics. Touche Ross & Co Chartered Accountants Leicester 1981 μ 1986. μ μ μ μ μ. 1987 μ 2006 μ (CISCO) μ μ μ. μ μ. μ μ μ μ ( ). μ 1998 μ 2004. μ μ, μ Cyprus Association of Directors μ μ μ. 28

, μ μ &, Rakova Court, 2, μ. 201,, μ 1, Akritas Tower, 8, μ μ μ. μ μ μ, Centre International de Glion,. μ Cornell, μ μμ., Cyprus Association of Directors μ μ μ. μ μ μ μ μ μ μ μ μ. μ μ. μ μ μ Harvard 2005-2008, μ μ ( ) 1999-2005 μ μ 1994-1996. μ μ 1969. University College μ, μ μ. 1972 μ 1982 μ μ,.. & μ &. 1982 1985 μ, μ 1988. 1988 μ μ μ μ μ. μμ International Tax Planning Association (I.T.P.A), μ Offshore Institute, μ Mediterranean Maritime Arbitrators Association μ μ Chartered Institute of Arbitrators. μ μ μ μ. μ μ μ. Cyprus Limni Resorts and Golfcourses Plc, μ μ. μ μ 13 μ, μ Bristol μ BSc. In Economics and Accounting Chartered Accountant (ACA). Enrst & Young, Alpha Ventures μ μ Alpha Bank, Telesis μ μ Eurobank CLR Financial Services. NKS μ o Woolworth (Cyprus) Properties Public Limited. 29

. μ 9 μ, (General Degree in Business Administration) University of London. 1978 1985 N.K.Shacolas (Holdings) Limited Human Resource Manager. 1985 μ μ μ Woolworth (Cyprus) Properties Public Limited. μ 9, μ. 6, μ, μ 84, 2222, μ μ. 1981 μ μ Cyprus Trading Corporation Plc, μ μ. N.K. Shacolas (Holdings) Limited, μ Woolworth, CTC. Louis Dreyfus, Connecticut Chicago. μ.. μ μ 23 μ μ μ Kent Canterbury Barrister at Law Kings College. AKS Hotels ( ) CN Shacolas (Investments) Limited, μμ μ Apollo Investments, CTC Ermes Department Stores. 4.9 μ μ μ μ. μ μ μ μ μ, μ μ μ. 30

4.10 4.10.1 μ μ μ μ μ μ 35.000.000 μ 350.000.000 μ μ 0,10 μ. μ μ μ μ μ 30.000.000 μ 300.000.000 μ μ 0,10 μ. μ μ 2 : - 8 2008 μ μ μ μ 1 1,71. - μ μ μ 300.000 μ 300.000 μ 1 μ 513.000 μ 300.000 μ 1,71 μ. - μ μ μ 278.014 μ 278.014 μ 1 μ 475.403,94 μ 278 014 μ 1,71 μ. - μ μ, μ μ 389 μ μ μ μ μ. - 10 2008 μ μ μ 1,71 μ μ μ μ 0,10 μ μ μ μ 1,71 μ μ μ μ. μ μ μ μ 1,71 17,1 μ μ 0,10. μ μ μ 513.000 μ 300.000 μ 1,71 μ μ 5.130.000 μ 0,10 μ μ μ 475.403,9 μ 278 014 μ 1,71 μ μ 475.403,9 μ 4.754.039 μ 0,10 μ. - 25 2008 μ μ μ 513.000 μ 5.130.000 μ 0,10 μ 35.000.000 μ 350.000.000 μ 0,10 μ. - μ μ 295.245.961 μ 0,10 μ μ μ. μ μ μ. 31

- μ μ μ, μ μ μ 30.000.000 μ 300.000.000 μ μ 0,10 μ. 4.11 μ : % % Arsinoe Investments Company Limited 211.699.771 211.699.771 70,57 211.699.771 211.699.771 70,57 N.K.Shacolas (Holdings) Limited 53.105.958 53.105.958 17,7 52.766.458 52.766.458 17,59 Chrysochou Merchants Limited 35.187.797 35.187.797 11,73 35.187.797 35.187.797 11,73 * 1.079 5.395 6.474 0 1.079 105.395 106.474 0,04 μ μ - - - 39.000-39.000 0,01 - - - - 200.500-200.500 0,07 299.994.605 5.395 300.000.000 299.894.605 105.395 300.000.000 100 * μμ μμ μ μμ μμ Arsinoe Investments Company Limited, N.K.Shacolas (Holdings) Limited, Chrysochou Merchants Limited μμ μ. μμ μμ μ μ μμ (1.079 μ ), (1.079 μ ), (1.079 μ ) (1.079 μ ) (1.079 μ ) μ CTC (50.000 μ ) ERMES (50.000 μ ). 32

4.12 μ. μ μμ. μμ μμ. % 1.079 299.759.421* 299.760.500 99,92% μ - - - - 10.000-10.000 0,00%- - - - - -** - - -** - - - -** - - - - - - 25.000-25.000 0,01%- 36.079 299.998.921 299.695.500 99,93% * μμ μμ μ μ μμ μμ N.K.Shacolas (Holdings) Ltd, μ μμ μμ Woolworth (Cyprus) Properties Plc, μ μμ (1.079 μ ), (1.079 μ ), (1.079 μ ) (1.079 μ ) (1.079 μ ) μ CTC (50.000 μ ) ERMES (50.000 μ ). ** μ μμ μ, 3.237 μ μ μ μμ μμ.. 33

4.13 μ ( μ ) μ ( μ μμ ) (%) 6 299.760.500* 99,92% μ 5 35.000** 0,01% - μ - - μ μμ μ 5% 1 2.000 0,00% 1 2.000 0,00% - - 2-3 *** - 18 299.799.500 99,93% - 56 200.500**** 0,07% 74 300.000.000 100,00% μ μ μ μ 2% μ. 71 345.974 0,12% ( μ ) 74 300.000.000 100,00% * μμ μμ μ μ μμ μμ N.K.Shacolas (Holdings) Ltd, μ μμ μμ Woolworth (Cyprus) Properties Plc, μ μμ (1.079 μ ), (1.079 μ ), (1.079 μ ) (1.079 μ ) (1.079 μ ) μ CTC(50.000 μ ) ERMES (50.000 μ ). ** μμ μ μ μ μ 3.237 μ μ μμ (1.079 μ ), (1.079 μ ) (1.079 μ ) μ μμ.. *** μμ μ 5% μ μ 299.993.526 μ μ μμ Arsinoe Investments Company Ltd (211.699.771 μ ), N.K. Shacolas (Holdings) Ltd (52.766.458 μ ) Chrysochou Merchants Ltd (35.187.797 μ ) μ μμ. **** μμ μ μ 2.158 μ μ μμ (1.079 μ ) (1.079 μ ) μ μμ.. 34

4.14 Arsinoe Investments Company Limited, μ 70,57% μ, N.K Shacolas (Holdings) Limited, 17,70% μ Chrysochou Merchants Limited,, 11,73% μ. N.K. Shacolas (Holdings) Limited. μ μ μ μ μ. μ μ μ 2007 2008 (i) 2008 2007 ( ) : - 4.669.608 (ii) 2008 2007 ( ) : - 4.796.044 μ. μ μ (at arms length). (iii) μ μ μ μ : 2008 2007 μ 36.020 37.248 35

(iv) / / 2008 2007 μ : Limni Mines Limited 9.361 9.361 Limni Air & Seas Tourist Limited 991 991 Limni Foods & Fisheries Limited 923 923 Limni Development Project Limited 2.226 2.226 Danapan Limited 80.885 67.228 Apex Limited - 513 Orasis Estates Limited 4.024 4.024 CSC Kafkalla Viklin Limited 2.011 2.011 CSC Evloimeni Limni Limited 2.011 2.011 CSC Kynousa Limni Limited 2.011 2.011 CSC Mavroli Limni Limited 2.011 2.011 CSC Kharkoma Limni Limited 2.011 2.011 CSC Kafkala Aloni Limited 2.011 2.011 266.063 206.986 376.539 304.318 μ : C.T.C Scandia Operations Limitde 28.681 28.607 C.T.C Domex Operations Limited 1.467 1.146 ITTL Trade Tourist and Leisure Park Plc - 4.762 PLC s Management Limited 33.401 33.401 C.T.C. Automotive Limited 29.954 44.425 Ermes Department Stores Plc 27.657 20.513 Superhome D.I.Y. Limited - 130 CTC Argosy 1.622 - Akamas Lime Company Limited 46.045 46.045 C.T.C. Idea Operations Limited 765 180 C.T.C. Cyprus Trading Corporation Plc 1.513-171.105 179.209 36

(v) μ μ 2008 2007 μ : 13.914.150 1.685.161 μ 4.425.623 14.468.449 μ (18.700.032) (2.456.952) 504.683 217.492 144.424 13.914.150 μ μ : 5.758.476 502 μ 4.362.011 5.669.003 μ (9.129.672) (18.002) 180.872 106.973 1.174.687 5.757.476 μ 3 Euribor +1% μ μ μ. (vi) N.K Shacolas (Holdings) Limited 131.204.433. N.K Shacolas (Holdings) Limited 31 μ 2009 82.675.000. μ μ. 37

μ μ μ 1 2009-30 2009 (i) μ μ 30 2009 30 2008 μ 35.351 436.668 μ μ 224.658 215.440 260.009 652.108 (ii) / / 30 2009 31 μ 2008 μ : Limni Mines Limited 9.361 9.361 Limni Air & Seas Tourist Limited 991 991 Limni Foods & Fisheries Limited 923 923 Limni Development Project Limited 2.223 2.226 Danapan Limited - 80.885 Orasis Estates Limited - 4.024 CSC Kafkalla Viklin Limited 2.011 2.011 CSC Evloimeni Limni Limited 2.011 2.011 CSC Kynousa Limni Limited 2.011 2.011 CSC Mavroli Limni Limited 2.011 2.011 CSC Kharkoma Limni Limited 2.011 2.011 CSC Kafkala Aloni Limited 2.011 2.011 - - 25.564 110.476 μ : C.T.C Scandia Operations Limited - 28.681 C.T.C Domex Operations Limited - 1.467 PLC s Management Limited - 33.401 C.T.C. Automotive Limited 44.494 29.954 Ermes Department Stores Plc 30.096 27.657 CTC Argosy - 1.622 Akamas Lime Company Limited 46.045 46.045 C.T.C. Idea Operations Limited - 765 C.T.C. Cyprus Trading Corporation Plc - 1.513 μ 315-120.950 171.105 38

(iii) μ μ 30 2009 31 μ 2008 μ : 144.424 13.914.150 μ 42.088 4.425.623 μ (35.000) (18.700.032) - 504.683 151.512 144.424 μ μ : 1.174.687 5.758.476 μ 293.223 4.362.011 μ (103.853) (9.129.672) 18.463 180.872 1.382.520 1.174.687 μ 3 Euribor +1% μ μ μ. (iv) N.K Shacolas (Holdings) Limited 131.204.433. N.K Shacolas (Holdings) Limited 31 μ 2009 82.675.000. μ μ. 39

4.15 μ μ 2007 2008 μ 2007 2008 μ.. PricewaterhouseCoopers Limited. μ μ μ 30 2009 μ μ μ μ 30 2009. 4.15.1 μ μ 2007 2008 2008 ( ) 2007 ( ) 41.293 68.475 (472.476) (483.973) μ 34.545 45.335 μ (396.638) (370.163) μ (118.684) (117.651) μ (515.322) (487.814) 1.616 (4.213) μ (513.706) (492.027) μ μ ( ) 2008 2007 μ μ (Gross Profit Margin) / / (Net Profit Margin) / / μ 2007 2008 μ μ μ μ. :. μ 2012 μ μ. 4.15.2 μ μ μ 30 2009 μ 30 2009 ( ) μ 30 2008 ( ) 24.465 18.076 (166.678) (247.993) μ 11.095 4.557 μ (131.118) (225.360) μ (13.537) (60.739) μ (144.655) (286.099) - 808 μ (144.655) (285.291) 40

4.15.3 μ 2008 2007 2008 2007 ( ) ( ) 23.860.382 22.687.819, μ 13.556.788 12.384.225 10.251.608 10.251.608 μ 51.986 51.986 : μ 92.076.909 84.778.859 μ 3.009.810 581.567 μ μ μ 46.732 64.551 95.133.451 85.424.977 118.993.833 108.112.796 μ : 30.000.000 475.015 μ - 7.373.046 μ 11.888 11.888 39.728.454 62.597.624 μ μ μ 69.740.342 70.457.573 μ 44.751.085 17.281.027 4.502.406 20.374.196 49.253.491 37.655.223 μ 118.993.833 108.112.796 μ μ 2008 2007 0,45 0,28 (Gearing ratio) ( / ) μ μ (Quick Ratio) ( μ / ) μ ( μ / ) 21,13 4,19 0,68 0,03 72,89 8,49 μ : μ / μ. μ 2008 92,08. μ 84,78. 2007. 4,4., μ μ 1,47. 1,42. μ 2007 65.779.465 1 2007 μ μ μ μ. 41

μ : 2008 3,3. μ 0,6. 2007. μ μ 1,9. μ. μ : μ 31 μ 2008 69.740.342 μ μ 30.000.000, μ 11.888 39.728.454. 31 μ 2007 μ 70.457.573 μ μ 475.015, μ 7.373.046, μ 11.888 62.597.624. μ : μ μ 44,8. 2008 μ 17,3. 2007. μ μ μ 27,5. 2008 μ 17,3.. : 2008 4.502.406 μ μ 3.781.846 μ 720.560. 4.15.4 μ μ 30 2009 30 2009 31 μ 2008 ( ) ( ) 24.782.880 23.860.382, μ 14.279.286 13.556.788 10.451.608 10.251.608 μ 51.986 51.986 : μ 97.339.454 92.076.909 μ 3.203.638 3.009.810 μ μ μ 15.120 46.732 100.558.212 95.133.451 125.341.092 118.993.833 μ : 30.000.000 30.000.000 μ - - μ 11.888 11.888 39.583.799 39.728.454 μ μ μ 69.595.687 69.740.342 μ 50.037.017 44.751.085 5.708.388 4.502.406 55.745.405 49.253.491 μ 125.341.092 118.993.833 42

μ μ 30 2009 31 μ 2008 (Gearing ratio) 0,54 0,45 ( / 17,62 21,13 ) μ μ (Quick Ratio) 0,56 0,68 ( μ / ) μ ( μ / ) 130,94 72,89 4.15.5 μ 2008 2007 2008 ( ) 2007 ( ) / ( μ ) (379.142) (350.267) μ ( ) (10.086.445) (19.463.863) μ /( ) (1.190.616) 1.651.778 μ μ 8.796.507 17.869.311 (μ )/ μ μ (2.480.554) 57.226 μ 64.551 7.325 μ (2.416.003) 64.551 μ : μ 2007 2008 μ μ 2012 μ μ. 4.15.6 μ μ 30 2009 30 2009 ( ) 30 2008 ( ) / ( μ ) (131.116) (226.125) μ ( ) (5.385.336) (3.306.615) μ /( ) (922.498) (2.924.621) μ μ 5.487.314 4.848.850 (μ )/ μ μ (820.520) (1.382.386) μ (2.416.003) 64.551 μ (3.236.523) (1.317.835) 43

4.15.7 μ. μ 2012 μ μ. μ 2009 2008 2007 7.729 15.373 27.785 16.736 25.920 40.690 24.465 41.293 68.475 μ 2012 μ μ. μ μ μ μ KPMG μ μ 2008 (. 4.18.5) μ 2,23. : ( 000) 79.297 3,56% μ 1.886.387 84,62% 227.298 10,20%, μ 12.266 0,55% μ 23.867 1,07% μ 2.229.115 100,00% 4.16 2009 μ μ, 2009 μ 50. μ μ, μ 320. 4.17 2010 2010, μ μ. μ μ, μ, μ.. μ μ (Golf 6) μ (Golf 7 1 ). μ μ μ μ μ μ μ 2012 μ. 1 μ Golf 6 Golf 7 μ μ. 44

4.18 μ μ μ μ μ KPMG μ μ. μ μ μ, μμ μ μ μ μ μ, μ. μ μ μ. 4.18.1 μ μ : : 18 (Golf 6) μ : μ μ, :, μ, μ μ μ μ ( μ,...) μ μ : : 18 (Golf 7) μ : μ μ, 45

4.18.2 μμ,, μμ,, μ μ μ 2010, μ μ μ μμ μ. μ 2010 μ 2012. μμ 2010-2013 μ 2013. Club House,, μ, μ 2012.., μ 2014, μ 250, μ 6, μ. μμ,, μ μ μ 2010, μ μ μ μμ μ. μ 2010 μ 2012. μ. μ μ 2013 μ μ 6-10 (2013 2023). 46

4.18.3 μμ 2007 - μ 2008 - μ μ. 2010 - μ 2010 - μ, μ, μ... - - 2012 - μ - μ, μ,... 2012-2013 - 2008 - μ 2010 - μ μ - - - - μ μ, μ, μ... μ 2012 - - μ 2012- - μ 2018 2013 - μ, μ,... 2013-2023 - μ μμ ( μ ). μ, (, μ μ ) μ, μ μ. 47

μ μ μ. μ, μ μ μ, μ μ μ, μ. μ, μ,, μ μ μ μ. μ, μ μ μ. μ μ 60.000 μ., μ, μ 1.500. μ., ( μ, μ,, ) μ μ. μμ KPMG. 48

4.18.4 μ 735. - :. - μ μ 16,9. 14,3. 31,2. : (,, μ μ ) 198,1. 210,7. 408,8. 45,5. - 45,5. μ, μ 5,6. - 5,6. μ 5,9. 3,6. 9,5. μ μ 21,0. 32,4. 53,4. μ 23,3. 18,2. 41,5., μ μμ μ 60,5. 51,0. 111,5. 18,9. 8,5. 27,4. 395,7. 338,6. 734,3. μ μ. 4.18.5 μ μ μ 2012 μ μ. μ,, μ,... μ μ 2012, μ μ μ μ 2013. μ μ μ μ μ KPMG μ μ 2008, μ μ 1,02. μ μ μ μ 2011 μ μ μ μ 2012. μ, μ 2013 μ μ μ μ 2014. 180. μ, μ. 49

μ μ μ μ KPMG. ( 000) μ μ 1.886.389 (214.092) μ μ μ 1.672.297 EBITDA 15.846 EBITDA 44.460 EBITDA, μ 1.622 EBITDA μ 17.220 μ 1.751.445 μ 27.348 μ 578.936 44.058 62.108, μ 7.686 μ 13.370 μ 733.506 (μ )/ μ μ 1.017.939 4.18.6 μ μ μ μ μ 180. μ μ μ. μ μ μ μ : - μ 3.500.000. - 35.000.000 23/4/2013-38.500.000 μ 2013. μ., μ μ μ 15.000.000. 35, 38,5. μ μ (bridging loans) μ μ μ. 50

5 5.1 Cyprus Limni Resorts and Golfcourses Plc μ 10%. μ μ. μ μ μ μ 20% μ, μ μ μ. μ μ μ μ 10%. 50% μ μ 15%. μ 70% μ, μ, μ, μ 70% μ μ. μ μ 15% μ μ μ ( ). μ μ μ μ μ μ μ. μ μ μ. μ μ Cyprus Limni Resorts and Golfcourses Plc μ. μ μ Cyprus Limni Resorts and Golfcourses Plc μ. μ μ Cyprus Limni Resorts and Golfcourses Plc 15% μ Cyprus Limni Resorts and Golfcourses Plc 1% μ. μ : ( ) μ μ μ μμ 50% μ ; ( ) μ μ μ μ μ. 5.2 μ μ μ μ, μ μ. M μ μ μ, μ. 51

5.2.1 μ μ, μ 15% μ. μ μ μ μ μ μ μ μ μ. : ( ) μ μ μ 183 μ, ( ). μ μ μ μ. μ μ μ 15%, μ μ " " μ. μ μ. μ μ μ μ μ μ μ μ, μ. 5.2.2 μ μ μ. 5.2.3 μ μ μ μ 1999 μ, μ ( μ ) 1999 μ 2005 μ μ, μ, μ.,. 17 2005 1,50. 52

6 ( ) μ Cyprus Limni Resorts and Golfcourses Plc, μ μ μ μ Cyprus Limni Resorts and Golfcourses Plc μ μ. ( ) μ μ μ μ, μ μ Cyprus Limni Resorts and Golfcourses Plc. ( ), Cyprus Limni Resorts and Golfcourses Plc μ μ μ, μ, μ, μ, μ μ. ( ) μ μ μ μ. μ μ,, μ, μ, μ,. ( ) KPMG Limited μ μ. 53