Thalassa Questions.

Following our recent Proposed Resolution we have received questions with respect thereto.

As part of our attempts to keep all purchasers informed, we are providing our responses, subject to the terms outlined in the Proposed Resolution, simultaneously to all purchasers:

1. It is our intention to complete Blocks 13-21 of the Project pursuant to the timetable outlined in the Proposed Resolution. In the event we are able to do so prior to 31st March 2012 (inter alia with respect to some Blocks), we shall attempt to do so. We are unable to provide specific timetables for completing the remaining Blocks at this time.

2. In addition to Blocks 13-21, we intend to complete the following communal facilities: Communal swimming pool, gym, sauna, beach, sunbathing areas, pool bar, on-site roads, children’s play area, crazy golf, electricity, water, management office and landscaping.

3. In addition to Blocks 13-21 and the aforementioned communal facilities, additional apartments in blocks 13-15 shall be completed but not handed over, inter alia to avoid inconvenience that may be caused to the residents of these blocks due to additional works in the Project.

4. Tavor Properties will pay the 12 moths maintenance fees to the on-site management company for all the apartments that would be eligible for this offer.

5. As to the re-location process (relevant only to those purchasers who received Appendix A of the Proposed Resolution) - Most of the relevant purchasers are already aware of the apartments available for relocation. Once we receive your agreement that you are willing to re-locate we will examine and provide information for each swap/relocation on an individual basis and possible suitable apartments will be offered straight away (on a first in first served basis). It is in our interest to reach a mutually acceptable solution with each of the relevant purchasers.

6. The Proposed Resolution and Extension Consent Forms only address the extension of the possession date and related rights, the 12 months free maintenance, and re-location process. All other terms of the Sale Agreement remain unchanged, including with respect to the purchasers' rights upon possession.

7. We are doing our utmost to achieve the 85% consent required, and a positive outcome for the Project. However, we respect our purchasers' privacy and will not be able to provide information with respect to any individual purchaser's position, including with respect to the Proposed Resolution.

8. Naturally, we are unable and do not purport to provide legal advice to our purchasers. We will be happy to continue working with your lawyers.


Naturally, we are unable to predict all possible implications in the event less than 85% of the purchaser accept the Proposed Resolution. Therefore at this stage, we are unable to provide further information (inter alia with respect to any purchaser who would not accept the Proposed Resolution), and are awaiting the responses of all purchasers by the due date May 10, 2011. Thereafter we will examine the responses we receive and will then make the required decisions and advise accordingly.



Yours sincerely,
TAVOR PROPERTIES LIMITED – THE DEVELOPERS