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Approval of Audited Consolidated Financial Statements for the year ended 31 December 2011

The Board of Directors of Kanika Hotels Plc, in a meeting that took place on the 30th of April 2011, decided the following:

1. The approval of the audited consolidated financial statements for the year ended 2011. The net loss after taxation was €143,787 for the year ended 31 December 2011. Τhe indication of the results for the year that has been announced on the 29th of February 2012 was a net loss after taxation of €76,861. The difference which arises is mainly due to tax adjustments for previous years which were agreed and paid in March 2012. There were no significant variances that require further explanation. It is noted that the reduction of losses in comparison to the previous year is due to the following reasons:

• Increase of occupancy at the Alexander the Great Beach Hotel. It is noted that during the same period last year 11 January – 16 February 2010, the hotel was closed for renovations.

• Reduction in maintenance cost of the Alexander the Great due to the renovations of 2010.

• Increase of the occupancy of the Elias Beach Hotel from May 2011 onwards. It is noted that the hotel was closed during the period 17 January 2011 – 19 February 2011 for renovations.

• Operation expenses were contained.

2. Not to propose to the Annual General Meeting of the shareholders that will take place on the 12th of September 2012, the payment of any dividend due to the loss making results of 2011 and the continuation of the financial crisis.

3. The approval of the Corporate Governance Report for the year 2011.

Copies of this announcement as well as the audited consolidated financial statements for the year 2009 are available at the offices of the company on the seafront, Kanika Enaerios Complex, Apollo Court, Limassol The interested parties could also read and print copies from the company's webpage : www.kanikahotels.com as well as at the Cyprus stock exchange webpage : www.cse.com.cy

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