According to CTK, Ministry of Culture postponed decision concerning building permit for ECM’s project Epoque at Pankrac in Prague. Ministry decided to wait for opinion of UNESCO World Heritage Centre. ECM plans to build at Pankrac two skyscrapers, which should consist of residential units and hotel. Our view: As the decision about the building permit has been expected these days, further delay is certainly not positive news. However we have been told by the company that the completion scheduled for 1Q2009 is still realistic, should the permit is granted. Therefore we see the news as neutral.