Received this from Fedesa RE: Plan Changes

[ScottieDog]

Received the following from Fadesa via my agent this morning:

Dear Client, 20th October 2006

We would like to inform you of the current situation of our development in ALCUDIA SMIR (KABILA) regarding the continuous queries we have received. The density is now being reduced. This means that there will be more space between buildings.

In the unlikely event that you are affected by any changes please note that you will be offered a very similar location within the development. Also, considering that the price you bought the property for will be kept, we can safely say that you have already made a profit.

Our architects are in the process of finalizing the new plans. As soon as we receive them we will let your agent know.

Once we have informed you of the new layout of the blocks we will wait for your confirmation to cash your deposit cheque.

Please note that FADESA offers bank guarantees for all payments made until completion. The banks we are currently using are BANCO POPULAR, LA CAIXA and other major banks.

Regarding stage payments, you would need to open an account in Morocco. We can do it for you. At the moment we are opening accounts with SGMB (Societé Generále Marocaine de Banques). On the dates payments are due FADESA will automatically debit the money from your Moroccan account.

We hope this helps to clarify the situation.

Please do not hesitate to contact your agent if you have any further questions.

Yours sincerely,

Agents Network Team