Claridge Public LTD — M&A Activity 2017

Jul 3, 2017

Claridge Public Limited

Office of the Secretary 10, George Gennadiou Street, Agathangelos Court office 303, P.O. Box 50012, 3600 Limassol Tel.: 25871600, Fax: 25362001 info@pkdlaw.com

ANNOUNCEMENT

COMPLETION OF THE AMATHUS BEACH HOTEL RHODES SALE

Following the announcement of Claridge Public Limited ("the Company") dated 23/12/2016 in relation to the sale of Amathus Beach Hotel Rhodes, the Company announces the following:

• $\mathbf{1}$ . On Friday, 30/06/2017, the sale of the shares of LANDA AXTE by Leisure Holding SA to London & Regional Trading No.3 Limited was completed. The Company participates in Leisure Holding SA with a percentage of 30,87%.
• $2.$ The Company through its subsidiary Amathus Vacation Ownership Limited has guaranteed to Amathus Public Limited its proportionated contribution in case Amathus Public Limited will be forced to pay any amount above the net balance of the said sale, which will be deposited in a blocked bank account of Leisure Holding SA in Luxembourg. It is estimated that the maximum amount for this guarantee will be €340.000. Amathus Public Limited has guaranteed to the purchasers the correctness of the covenants and the warranties of Leisure Holding SA, contained in the sale agreement.
• $3.$ The Company is not expecting in the near future to receive any amount out of the net balance of consideration, which is estimated to be in total around €4.400.000, since this amount has been blocked, as it is stated in paragraph 2 above. Distribution of the net balance of the consideration will take place when all periods of the guarantee given by Amathus Public Limited will elapse or when the circumstances which can activate the said guarantee will not exist.
• 1. The Company is not expecting that the completion of the sale of the hotel will materially affect the balance sheet of the Company, since any impairments of this investment were considered and written off in previous accounting years.

Limassol: 03 July 2017