Final Agreement of ItalPinas & ICCP in the Acquisition of Pueblo de Oro Property

Press Release: Manila - March 14, 2009

ITPI (ITALPINAS “Euroasian Design & Eco-Development Corporation”) and ICCP (Investment and Capital Corporation of the Philippines) signed the final agreement of the propriety’s acquisition in “Pueblo de Oro Township” (Cagayan de Oro City) to develop the first green building condo in Mindanao Island (Philippines). The project will be designed by the Italian architectural firm ITAproject.

Mr. Jose P. Leviste, ITPI Chairman of the Board, Mr. Romolo Nati, ITPI President and CEO and Guillermo D. Luchangco Chairman of the board of ICCP (investment and capital corporation of the Philippines), finalized ITPI's acquisition of two lots in the Pueblo de Oro town ship, the future site of the 12,000 sq. m. Primavera Residences.

The area will be developed with a project of Primavera Residences, for a total of more than 12000 sqm of mix residential and commercial. The develop of the towers will be divided in 2 different phases. The realization of the project will start with tower A (North ) than it will be followed by the realization of tower B (South).

As the first eco-friendly building complex in Mindanao, the project will be a significant breakthrough project that reflects the characteristic progressiveness of Cagayan de Oro and of the companies involved in the real estate developmet. The condominium towers will also help decongest the increasingly crowded city.

The architectural design will incorporate a balance of the following priorities:

Green Standards: It will adhere to industry standards for eco-friendly, sustainable architecture in both active and passive ways, such as generating its own energy requirements, and minimizing power usage and maximizing natural ventilation, respectively.

Affordability: The modern green residential units will be offered at reasonable purchase prices.

Aesthetics: The Towers are envisioned as a beautiful city landmark. In this regard, Rome-based ITA Project office of architecture will design the buildings. The Italian company has won several international awards for architecture and design and it an established track record in green architecture

Design conceptualization will be ready in May, and construction is expected to begin at the end of 2009. Project completion is anticipated over two phases within three years (Tower A by the end of 2011, Tower B by year-end 2012).