2. Lanitis Group Organizational Structure The Lanitis Group of Companies Amathus Navigation Cybarco Lanitis Farm Water Mania NP Lanitis Cyprus Popular Bank Lanitis Development Ltd Amathus Beach Hotel Paphos Amathus Hotel Rodia Beach Hotel Aviation Shipping Tourism Holidays (UK) Construction Development CitrusWaterparkFertilisers Electrical 10% Aphrodite Hills Other Projects Aphrodite Hills Other Projects

3. LANITIS DEVELOPMENT LTD APHRODITEPROJECT 2PROJECT 3PROJECT 4 HOTEL Vacation Club SPAGOLF REAL ESTATE Lanitis Development Strategy Property Management

4. Board of Directors Platon E. Lanitis President of Lanitis Group Marios E. Lanitis Executive Director of Lanitis E.C Holdings Costas E. Lanitis Chairman of Claridge Investments Ltd Spyros Papas Director Global Finance SA Ioannis C. Archontides Vice-Chairman of Amathus Navigation Tony Yerolemou Chairman and Managing Director of Katsouris Fresh Foods Ltd Aliki Eliades Pantelides Owner of Vasos Eliades Ltd Michalakis Hadjikyriakos Executive Director of Thamira Food MFRS Ltd (Bakandys)

5. Capital Structure 34,000,000 TOTAL DEBT 3,000,000Commercial Bank of Greece 6,000,000Alpha Bank 7,000,000Hellenic Bank 9,000,000Cyprus Popular Bank 9,000,000Bank of Cyprus Debt Commitment 33%Private Placement 13%Global Finance SA 9%David Family 45%Lanitis Estates Major Shareholders 34,000,000Debt 35,164,000Equity Capital Structure

6. LDL Actual 2002, 2001 & 2000 LANITIS DEVELOPMENT LTD Consolidated results For the years, 2000, 2001 and 2002 2002 2001 2000 CYP Turnover 5,221,684 7,274,422 7,563,404 Profit before Taxation 3,416,637 3,175,192 2,760,685 Taxation (980,832) (962,560) (756,477) Profit after Taxation 2,435,805 2,212,632 2,004,208

7. Current Organizational Structure LANITIS GROUP = 45% DAVID FAMILY = 9% GLOBAL FINANCE SA = 13% OTHER = 33% Golf and Clubhouse Aphrodite Vacation Club Hotel - Spa & Tennis Academy - Village Square - Property Management - Rentals Real Estate

9. Aphrodite Hills 300 metres from the sea 15 minutes from Pafos International Airport 234 hectares of spectacular landscape 6,000 olive and carob trees 340 days of sunshine every year!

10. Specific Areas of the Resort Inter-Continental Hotel Shops & Restaurants Health & Spa Clubhouse Tennis Academy 418 Villa Plots Touristic Development 400 Apartments & Townhouses

12. Sales progress report up to July 2003 Accumulated

13. Sales Analysis Up to June 2003

14. Average Sales Prices

15. Client Questionnaires – Survey feedback (March 2003)

16. Construction Program as of June 2003

17. Budget Reconciliation as of March 2003

18. Aphrodite Hills Property Management Ltd Purpose is to offer After Sales and Property Management Ltd to Real Estate Owners Operational since 1 st May 2003. Services Include: Property Management Bill of Payments Housekeeping/Maid Service Garden Maintenance Pool Maintenance Security Services Hire Items

19. Client Questionnaires – Survey feedback (March 2003)

20. Clients Interested in Rentals

21. Village Centre - Area

22. British athletes to use AH as their advanced camp and site for Athens 2004 Olympics. Athletes will be staying on-site during following periods: a.August 9-13, 2003: 13 athletes b.May 3-31, 2004: 30 athletes c.July 25-August 25, 2004: up to 112 athletes Special Arrangements with Clubhouse & BOA’s nutritional therapist for special dietary needs. Training to be done at Aphrodite Hills & surrounding areas. BRITISH OLYMPIC ASSOCIATION (BOA)

23. Projects Under Consideration Project 1 Project 2 Project 3