Woolworth (Cyprus) Properties PLC — M&A Activity 2019

Mar 15, 2019

ANNOUNCEMENT

Following the announcements of the Company on 11 December, 2018 and 7 January, 2019, Woolworth (Cyprus) Properties Plc announces that the remaining transactions for the disposal of immovable property of subsidiary companies of CTC Group to subsidiary investment companies of Bank of Cyprus, the previously announced sale by Woolworth (Cyprus) Properties Plc to Jalimo Properties Ltd in the area of Kokkinokaukalla area, Apostolou Varnava & Ayiou Makariou, Municipality of Strovolos, for the amount of $66.321.500$ has now been completed.

Contracts still have to be signed for five other transactions. Four of these transactions are expected to be effected in 2-4 weeks. With regard to the last transaction concerning the sale of the shares of the subsidiary, LBSP Limassol Beach & Seaview Properties Ltd, owners of the property in Limassol, where Debenhams Olympia is currently operating, is expected to take place within three months. It is clarified that the operation of Debenhams Olympia will continue in a smooth and uninterrupted fashion up to 2020.

Nicosia, 15 March, 2019

George Mitsides Company Secretary