Leptos Calypso Hotels Public LTD

Related Party Transaction • Dec 17, 2015

LEPTOS CALYPSO HOTELS PUBLIC LTD

ANNOUNCEMENT DATED 17/12/2015

On 10/12/2015 a meeting of the Board of Directors of the Company took place at the registered offices of the Company in Paphos and among other, took resolution regarding the signing of an agreement involving members of the Board/persons with interest in the agreement.

The Board of Directors before resolving:

• 1. Was briefed in full regarding the interest of the members of the Board which members were not taken into account in the quorum, nor did they participate in the voting.
• 1. Acknowledge that the value of the above deal cannot be calculated beforehand because it depends on the services which shall actually be given by the Company to be performed.
• 1. Took into consideration the report from the independent expert with regard to the said agreement.

and

decided unanimously to sign an Agreement for the provision of services to the Company by its main shareholder Armonia Estates Ltd which include project management, property development, administration of marketing and sales, as from 10/12/2015 for a period of 10 years.