Grand Harbour Marina plc - Interim Directors’ Statement

On 18 May, Grand Harbour Marina plc published its Interim Directors’ Statement explaining that despite the fall in demand for winter super yacht berthing from the high level of 2008 and 2009, the marina continues to enjoy full occupancy on its pontoon berths which serve boats up to 25 metres in length. Furthermore, despite the reduced level of seasonal super yacht visitors, the Company has managed to increase its revenues during the first three months of 2010 whilst maintaining costs at similar levels to the same period last year.

In respect of super yacht berth sales, the Directors stated that the Company continues to receive enquiries but super yacht owners are still cautious in making commitments. Nonetheless, the Board remains optimistic that as major economies emerge from recession together with the marketing efforts of the Company and its major shareholder, Camper & Nicholsons, GHM will manage to secure sales of super yachts although timing remains uncertain.

The Directors made reference to the successful issue of the 7% €12 million bonds last February. Furthermore, the Directors explained that the Company is now evaluating various investment opportunities including participation in a public tender to acquire a 50-year concession for an existing marina on the island of Rhodes.

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