Insolvency Information Note

According to the information provided by lawyer mandated by Impact Developer & Contractor SA, Mr. Stan Târnoveanu, senior partner of the law firm Zamfirescu Racoti, Predoiu on the court term of April 28th, 2011, the Court of Appeal admitted the appeal of IMPACT against the decision to initiate the opening of the insolvency procedure that has been pronounced on the July 8th, 2010.

The solution is final and irrevocable.

The solution is outlined in the ledger of the Bucharest Court of Appeal, Commercial Section VI, for the file 323/3/2010, and we do have a court clerk certificate proving this situation.

Following the admission of the appeal of SC IMPACT DEVELOPER & CONTRACTOR SA, the commercial decision 5061from July 8, 2010, issued by the Bucharest Court - in the file no. 323/3/2010 was dissolved.

The opening procedure of the insolvency procedure of Impact Developer & Contractor SA has been irrevocably closed.

Yours sincerely,

Impact Developer & Contractor SA
Executive Director
Carmen Sandulescu