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					                   Lanitis Group Organizational Structure



                                                    The Lanitis
                                                 Group of Companies


 Amathus               Cybarco        Lanitis    Water         NP             Cyprus          Lanitis
Navigation                             Farm      Mania       Lanitis       Popular Bank   Development Ltd
                                        Citrus   Waterpark   Fertilisers        10%
Amathus Beach Hotel    Construction                                                            Aphrodite Hills
                                                             Electrical
Paphos Amathus Hotel   Development                                                             Other Projects
  Rodia Beach Hotel
      Aviation
      Shipping
      Tourism
    Holidays (UK)
                   Lanitis Development Strategy



                    LANITIS DEVELOPMENT LTD



          APHRODITE                    PROJECT 2    PROJECT 3   PROJECT 4


        Vacation               REAL     Property
HOTEL              SPA GOLF
          Club                ESTATE   Management
                            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)
                Capital Structure
Capital Structure
Equity                      35,164,000
Debt                        34,000,000



Major Shareholders
Lanitis Estates               45%
David Family                   9%
Global Finance SA             13%
Private Placement             33%



Debt Commitment
Bank of Cyprus               9,000,000
Cyprus Popular Bank          9,000,000
Hellenic Bank                7,000,000
Alpha Bank                   6,000,000
Commercial Bank of Greece    3,000,000
TOTAL DEBT                  34,000,000
                        LDL Actual 2002, 2001 & 2000
                                 LANITIS DEVELOPMENT LTD


                                     Consolidated results
                              For the years, 2000, 2001 and 2002




                                               2002                 2001        2000
                                                CYP                 CYP          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
            Current Organizational Structure

                              LANITIS GROUP = 45%
                               DAVID FAMILY = 9%
                            GLOBAL FINANCE SA = 13%
                                  OTHER = 33%




 Golf and    Aphrodite                                      - Property   Real Estate
                              Hotel     - Spa & Tennis
Clubhouse   Vacation Club                                  Management
                                            Academy
                                                             - Rentals
                                        - Village Square
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!
                   Specific Areas of the Resort
                                     400 Apartments & Townhouses

 Touristic Development




 Tennis
 Academy
Clubhouse


Health & Spa



Shops & Restaurants
                                                  418 Villa Plots



Inter-Continental Hotel
             Sales progress report up to July 2003
                         Accumulated

Summary                  ---------- Sales ----------                    --- Reservations ---
               Number      Number              Amount         Amount       Number            Price
                 sold   remaining             received          owed      reserved        Agreed

Plots             310           98 C£17,655,814            C£448,355     19         C£1,862,000
Villas             64          144 C£7,092,764           C£10,766,302    34         C£9,631,220
Apartments        101          193 C£7,735,071            C£6,321,867    14         C£3,375,800
                   Sales Analysis
                  Up to June 2003
BREAKDOWN BY NATIONALITY

                           Sales &
                           Reservations
                                 %
CYPRIOTS                       16.4%
U.K.                           57.0%
IRELAND                         5.6%
AUSTRIA                         0.7%
CYPRIOTS OTHER                  7.0%
U.K. EXPATS                     8.2%
OTHER                           5.1%
TOTAL                           100%




BREAKDOWN BY DIRECT/ AGENT

            Sales &
            Reservations
                   %
DIRECT            48%
PRML              47%
SAVILLS            3%
OTHER              2%
TOTAL            100%
                                   Average Sales Prices
                        DATE              PRICE              DATE         PRICE
                                                2
                                          PER M                           PER M2
ORPHEUS VILLAGE JAN 01                    867 CYP    PLOTS   26.09.2000     36.50
APARTMENTS      SEPT 01                   1014 CYP           16.10.2000     38.50
                                                             30.01.2001     44.00
HELIOS HEIGHTS          AUG 01            1014 CYP           30.03.2001     50.00
APARTMENTS              OCT 01            1037 CYP           30.06.2001     55.00
                        DEC 01            1057 CYP           30.10.2001     58.00
                        JAN 02            1062 CYP           31.12.2001     60.00
                        APRIL 02          1162 CYP           31.07.2002     62.00
                        MAY 02            1339 CYP           30.09.2002     63.00
                        AUG 02            1366 CYP           31.12.2002     66.00
                                                             31.03.2003     68.00
ZEPHYROS                MAR 03            1550CYP
APARTMENTS

VILLAS*                 MAR 01            912 CYP
                        DEC 01            1087 CYP
                        MAY 02            1201 CYP
                        AUG 02            1201 CYP
                        MAR 03            1325 CYP

*price of villa does not include cost of land
Client Questionnaires – Survey feedback (March 2003)
             MOVING IN DATE
                 YEAR         NUMBER    %
                  2002           1      1.37%
                  2003          19     26.03%
                  2004          18     24.66%
                  2005          11     15.07%
                  2006           0      0.00%
                unknown         24     32.88%

                  Total         73     100.00%
                       Construction Program as of June 2003
                                      2000   2001               2002                           2003                 2004
DESCRIPTION                  STATUS
                                                    MAR   JUN          SEP   DEC   MAR   JUN          SEP   DEC   MAR      JUN

Infrastucture                100%

Golf Course                  100%

3 Νο. Show Villas            100%

Spa & T ennis                 50%

V illage C enter              70%

G olf C lubhouse             100%

Sewage T reatment Plant      100%

W ater T ank s               100%

M aintenance B uilding       100%

E A C Sub-Stations           100%

I nter-C ontinental H otel    40%

Parcel K (22 U nits)         100%

132 K V Sub-Station           0%

Parcel 'J'                    50%
                 Budget Reconciliation as of March 2003
                                             PRE-TENDER      ACTUAL & EXPECTED        VARIANCE                           REMARKS
                                               BUDGET               2003
                                                  (1)                (2)                (2) - (1)
1    Infrastructure
     1.1 Roadworks                              6,850,000           6,750,000           -100,000    Includes settlement of claims
     1.2 Services, Networks, Landscaping        3,965,000           3,525,000           -440,000
     1.3 Central Sewage System                  1,800,000           1,600,000           -200,000
 2   Retail and Restaurant Quarter              2,147,571           1,848,000           -299,571    Following V.E.
 3   Golf Club House                            1,270,798           1,250,000            -20,798    Final Account pending.
 4   Spa and Tennis Academy                     2,239,000           2,100,000           -139,000    Cost may rise due to late start but save in finance
 5   Golf Cource                                4,142,000           4,700,000           558,000     Water Problem. Fianl A/C pending.
 6   Five Star Hotel                           28,234,000          27,350,000           -884,000    Includes 27 No. Private Swimming Pools
 7   Show Villas 3No                             554,540             530,000             -24,540
 8   Parcel 'K' - Orpheus                       1,632,000           1,500,000           -132,000
 9   Parcel 'J' - Helios                        4,748,000           4,550,000           -198,000    Following V.E.
10   14 No. Villas                              2,688,000           2,500,000           -188,000
11   8 No. Villas                               1,531,000           1,400,000           -131,000
12   12 No. Villas                              2,600,000           2,350,000           -250,000
                               SUB-TOTAL       64,401,909          61,953,000          -2,448,909
13   Desalination Plant                         2,900,000           2,800,000           -100,000    Process Equipment Under Evaluation
                                   TOTAL       67,301,909          64,753,000          -2,548,909

     NOTES
     1. Prices do not include :Land costs, Legal/Consultunts Fees, VAT, Finance costs.
                                                    3                         3
     2. Amount for Desalination Plant is for 2,500 m /day raw water or 2,100 m /day desalinated.
    Aphrodite Hills Property Management Ltd


•   Purpose is to offer After Sales and Property Management Ltd to Real
    Estate Owners
•   Operational since 1st May 2003.

•   Services Include:
    •   Property Management
    •   Bill of Payments
    •   Housekeeping/Maid Service
    •   Garden Maintenance
    •   Pool Maintenance
    •   Security Services
    •   Hire Items
Client Questionnaires – Survey feedback (March 2003)

             MANAGEMENT SERVICES
                  DESCRIPTION       NUMBER    %
                    INSP/MAINT        56     77.78%
                       BILLS          36     50.00%
                   GARDENING          53     73.61%
                   POOL MAINT         40     55.56%
                 VEHICLE/BUGGY        22     30.56%
                       MAID           65     90.28%
                 DRY CL/LAUNDRY       40     55.56%
               INTER/FURNICHINGS      28     38.89%
                     CABLE TV         55     76.39%
                   BABYSITTING        18     25.00%
              DELIVERY OF PAPERS       1      1.39%
              SHUTTLE TO AIRPORTS      2      2.78%
                     SECURITY          3      4.17%
                     CAR HIRE          3      4.17%
               FLIGHTS/PACKAGES        1      1.39%
                  TAXI SERVICE         1      1.39%
                   INSURANCE           1      1.39%

                     Total            72     100.00%
  Clients Interested in Rentals




INTERESTED IN RENTALS
       ANSWER           NUMBER    %
         YES              45     62.50%
         NO               17     23.61%
        MAYBE             10     13.89%

        Total             72     100.00%
             Village Centre - Area
                                   AREA     BASEMENT      FIRST
                                       2         2
                                     M         M        FLOOR M2
SHOP 1                                37,80
SHOP 2                                94,75       83,30
SHOP 3                               145,85     161,55
SHOP 4                                18,00
SHOP 5                                78,35       78,35
SHOP 6                                87,10                   45,65 Mezzanine
SHOP 7                                68,50                   33,70 Mezzanine
SHOP 8                                39,65
SHOP 9                                54,40
SHOP 10                               46,40
CHAPEL                                70,00
KIOSK                                 19,10
RESTAURANT 1                         136,75
RESTAURANT 1 VERANDAH                114,00
RESTAURANT 1 WCs                      30,50
KITCHEN 1                            102,70
            RESTAURANT 1 TOTAL       383,95
RESTAURANT 2                                                 135,90
RESTAURANT 2 VERANDAH                                        120,30
RESTAURANT 2 WCs                                              30,50
KITCHEN 2                                                    157,50
            RESTAURANT 2 TOTAL                               444,20
FAST FOOD OUTLET 1                    35,60
FAST FOOD OUTLET 2                    43,20
BAR                                   32,20
BAR VERANDAH                          42,00
Bar WCs/STORES                        22,90
                    Bar subtotal      97,10
OFFICE                                                       362,00
GALLERY                                                       59,65
SECURITY/FIRST AID                    12,50
TOTAL                              1.332,25     323,20       945,20

TOTAL AREA                         2.600,65
BRITISH OLYMPIC ASSOCIATION (BOA)

   •  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.
    Projects Under Consideration



•   Project 1

•   Project 2

•   Project 3

				
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