Aphrodite Springs Public Ltd

Business and Financial Review • Dec 17, 2024

Aphrodite Springs Public Limited

17 December 2024

Cyprus Stock Exchange 71-73 Lordou Vyronos Avenue 1096, Nicosia

For the attention of Mrs Eliza Stasopoulou

Dear Sirs,

Updates on business plan implementation

With regards to the implementation of the business plan as presented in the Admission Document, regarding the progress of the integrated golf resort's development, we would like to inform you that due to the unexpected downturn of the Cyprus and Global economy, the investors' interest in the development of the integrated golf resort has not been as initially expected and the anticipated funding was not yet secured. This downturn is primarily due to the ongoing geopolitical tensions and conflicts near our region, which have significantly affected market conditions.

Although submitted, the renewal of the Town planning Permit has not yet been examined by the Authorities for both the Plot separation and the clubhouse. Only after the issue of the renewed Town Planning permits we can apply for the building permit together with the additional required drawings and calculations.

Consequently, since the financing has not been yet secured from external investors, and the final building permit has not yet been issued, the planned earthworks for the golf course and the road network as well as the commencement of the golf course construction have been put on hold.

Following the impact that Geopolitical instability had on the global economy and, consequently, on the business plan of Aphrodite Springs Public Limited, it is expected that the time of the business plan will be moved forward from the one presented in the Admission Document.

For any further updates on the timeframe of the proposed business plan we will inform the CSE accordingly.

We remain at your disposal for any clarifications you may require.

Kind regards,

On behalf of Aphrodite Springs Public Limited

EAS CHRYSOSTOMOU TE HILLS RESORT

Andreas Chrysostomou General Manager