ITTL Trade Tourist and Leisure Park Ltd, owner of Shacolas Commercial Park in Strovolos, is keeping abreast with the latest developments and the unjustified prolongations and would like to announce the following:

1. To avoid further deliberations and any negative repercussions, it has requested by the contractors of the two small additional developments not to proceed with any construction activity with the hope that the Local Authority will have more time to examine its application for the building permits that are still pending and were not promoted due to increased commitments.

2. For both projects, the Company has secured all legal urban planning licenses since March 2006. On the same year, the company submitted to Strovolos Municipality the applications for the building permits, which were filled in in June 2007 with the addition of certain documents required by the Municipality.

3. Taking into account that the governmental policy that has been reaffirmed by the Interior Ministry recently, which facilitates the country's development and provides for the issue of building permit "within a rational period of time" – which is 3-4 months – the Company believed that it would secure the permits within this period of time given that the constructions are simple and not complicated.

4. Acting in this spirit and following the usual practice within the framework of the terms of the issued urban planning licenses, the Company committed for the schedule, which if it was not kept, it would add losses and expenses to the Company. The Company had no intention either to cause problems or to act against the provisions of the law.

5. The Company would like to clarify that it will comply fully with the terms of the issued permits.