Corinthia companies to continue investment in Libya - 'influx' of business expected

International Hotel Investments said today that it will continue with its investment in Libya and actively participate in the country's economic future.

The Corinthia subsidiary reiterated its commitment to Libya in a company announcement on the stock exchange during which it and sister-company Mediterranean Investments Holding said that their properties in Libya - The Corinthia Tripoli Hotel and Palm City, continued to operate throughout the troubles and were now gearing for an upsurge of business.

Mediterranean Investments Holding, the owner of the Corinthia-run Palm City Residences near Tripoli, said that Palm City Residences had been very
adequately secured and operations were gearing up in preparation for' an influx
of business that is expected in the coming weeks and months ahead.'

When contacted about reports that units of the Libyan rebels had stormed the complex in their search for Muammar Gaddafi and senior members of his government, a spokesman said the company had itself asked for the intervention of the security forces of the National Transitional Council at the time when there was a breakdown of law and order as Tripoli was overrun. There were no senior members of the former government at Palm City.

In its statement, MIH said that throughout the past six months since the unrest began in Libya, it had remained totally committed towards its investments in Tripoli with operations continuing at Palm City Residences, albeit at a significantly reduced occupancy.

Palm City has been managed by a nucleus of executives whom, MIH said it was very proud of for their courage and commitment.

"The past couple of weeks have been most demanding, but thanks to the
strong team on the ground, Palm City Residences remained open and
operating regardless of the difficulties encountered without shutting for
even a single day.

"A further group of executives and other employees made their way to Tripoli on Tuesday (30th August) to assist the team on the ground. MIH is pleased to report that Palm City Residences have been very adequately secured and as additional employees are starting to report back to work, operations are gearing up in full swing in preparation for the influx of business that is expected in the coming weeks and months ahead."

The company said a number its tenants in addition to multinational corporations
had already made contact with its management team in Tripoli, indicating
that they were prepared to return to Tripoli shortly, whilst new clients were
requesting to lease units with immediate effect.

MIH's team in Tripoli is supported from Corinthia's head offices in Malta with a team of people assisting in logistics, manpower and supplies.

CORINTHIA HOTEL REMAINS OPEN

International Hotel Investments, in a separate announcement about the Corinthia Hotel Tripoli, said the hotel continued operating throughout
the crisis in Libya and it is currently is restoring its services to a normal level as a result of the increased normalisation of conditions and a sharp increase in the demand for its services.

"Since the crisis broke out in February the hotel has been operating continually albeit on a limited volume of occupancy. Operations were carried out by a team of expatriates and supported by Libyan personnel. IHI is grateful to all its colleagues in Tripoli who ensured that the property was properly maintained and safeguarded," the company said.

Last month, international media reported that units of the Libyan rebels had searched the premises in their quest for Gaddafi loyalists, but found no one.

The hotel then received a large group of international journalists after their release from the Rexos Hotel, where they were held in hostage conditions by Gaddafi loyalists while the rebels advanced on Tripoli. Several members of the new provisional government have since used the hotel for their press conferences and meetings.

IHI said it will continue with its investment in Libya and actively participate in its economic future.