Cyprus Cement and CCCT revalue land holdings

The Board of Directors of The Cyprus Cement Public Company Ltd has decided to revalue the company's land at EUR171 mln in accordance with the Company's policy to carry out revaluation of its property at regular intervals. The land was last revalued at EUR42,8 mln (CYP25 million). The revaluation was based on two separate valuations performed by independent chartered land surveyors. The basis of the valuation was the present condition (current use of land). The resulting deferred taxation is EUR25,6 mln. As a result of the revaluation the net assets will increase by EUR102,6 mln. The revaluation will be incorporated in the financial statements for the year ended 31 December 2007.