Grand Harbour Marina plc - Interim Directors’ Statement

On 15 October Grand Harbour Marina published its Interim Directors’ Statement in which the Directors confirmed the sale of another 30 metre super-yacht berth. This was initially announced on 18 September through the company’s majority shareholder Camper & Nicholsons Marina Investments Ltd. This is the second 30-metre berth sale concluded this year and both were realised for a value of €0.5 million each.

The Directors also stated that the financial performance during the 9-month period to 30 September 2008 exceeded that of the previous year. However the results recorded during the last quarter of 2007 were exceptional following the sale of three 75-metre berths for €10 million and the Directors noted that this performance is unlikely to be repeated.

The Directors also commented that the Company is finalising its capital expenditure program. This includes the temporary conversion of the smaller super-yacht berths at Xatt ir-Risq into an additional 24 pontoon berths. Moreover Grand Harbour Marina is reviewing the configuration of the marina to determine other ways of increasing the pontoon area and the space dedicated to super-yachts in order to make optimal use of space and maximise the value of the Company’s assets.

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