Armonia Estates not to submit PO to Leptos

With reference to the announcement dated 26/3/2008 on its intention to submit a Public Offer for the acquisition of 100% of Leptos Calypso Hotels Public Ltd, Armonia Estates Limited announces that in view of the deterioration of the international and domestic banking conditions and the terms of borrowing, it decided not to finalize its intention to submit a Public Offer.