Punta Cana Real Estate, Punta Cana Condos, REMAX Punta Cana, Dominican Republic Real Estate, Bavaro Beach Condos,

PUNTA PERLA CARIBBEAN GOLF, MARINA & SPA, S.A.

RNC 1-30-277052

Madrid, January 9th, 2008

First of all, we would like to wish a Happy New Year to all our agents, introducers and investors involved with the Punta Perla project. The Punta Perla team has just returned from our Christmas Holiday break and we are working hard to make this 2008 a most productive and successful year for the Punta Perla project. In this vein, we would like to share the following positive news.

Punta Perla Caribbean Golf, Marina and Spa, S.A. have the pleasure to inform you that, as of the end of the year 2007, the building works have begun on the Punta Perla development site.

The Punta Perla Caribbean Golf, Marina and Spa Resort site has been fenced so that it is completely closed to public access, which means that no more quads, horse or truck tours will go through the site, unless they are approved by the developer.

The fencing in the beach area displays a sign with the Punta Perla logo which informs that we have obtained the permits from the Environment Department to close down the site and which contains the Presidential Decree number that also authorises such closure, as only projects with such permits are allowed to close the beach for private purposes.

The preparation of the paths to bring in construction machinery and other equipment started in 2007 in parallel with the setting up of the fence. Currently we are in the process of collecting and transporting the rest of necessary materials to the site.

Although building works already started in late December 2007, some noticeable advance in the construction of the Beach Club will be visible in approximately one month’s time. It is estimated that the Beach Club will be finished in a maximum period of 6 months. During this time the infrastructure works for the development of the rest of phase one will go on in order to continue construction in this phase as quickly as possible.

We have started the building works before obtaining the CONFOTUR, as there is a 90 day window in which the developer can begin construction without having any tax implications.

The CONFOTUR will be granted before the end of January.

We have also obtained the Non objection document from the Secretary of Tourism in our offices in the Dominican Republic and we are expecting to receive a copy of said document in our office in Spain in the following days, which we will be happy to share with you