Extension of option agreements

Cubus Lux plc                                 

  Extension of options to acquire certain development land known as the Olive  
                                 Island Resort                                 

On 13 March 2007, Cubus Lux plc (the "Company") announced that it had entered
into two option agreements to acquire certain development land known as the
"Olive Island Resort" on the coast of Dalmatia in Croatia. These options were
originally for a four month term, expiring on 12 July 2007.

The Company entered into agreements on 12 July 2007 to extend these options for
a further two months, expiring on 12 September 2007.

The Olive Island Resort development land is intended to be developed into a
village resort comprising 126 villas and 305 apartments as well as accompanying
facilities, such as restaurants, shops, offices and a marina (the "Villas
Development"); and a four-star hotel containing 500 beds (the "Hotel
Development").

Both option agreements are conditional upon a number of factors, including
completion of due diligence by the Company, finalisation of the terms of
acquisition and the raising of debt or equity financing by the Company for at
least €10 million. The exercise of the options is subject to appropriate
consents having been granted by the government of Croatia.

Highlights, as announced on 13 March 2007:

* Option to acquire the Villas Development for €10 million in cash and the
issue of 33 million ordinary shares in the Company.

* Option to acquire the Hotel Development for €5 million in ordinary shares of
the Company.

* Independent valuation by UK based surveyors Kings Sturge of the Villas
Development at €39 million and the Hotel Development at €5 million.

In the event that the Company proceeds with the acquisition of the Villas
Development and the Hotel Development, the transaction is expected to
constitute a reverse takeover for the purposes of the AIM Rules, and will
therefore require the issue of an admission document and shareholder approval.
In addition, the transaction would be considered to be a related party
transaction for the purposes of the AIM Rules due to the connection between
Gerhard Huber, Michael Janssen and Christian Kaiser (directors of the Company)
and the counterparties to the option agreements.

For further information please contact:

Leon Nahon [phone]
Cubus Lux plc

Ross Andrews/Simon Sacerdoti [phone]
City Financial Associates Limited

Graham Herring/Josh Royston [phone]
Threadneedle Communications Limited