Madrid, August 12, 2008

Dear Present and Future Investors,

I write you again as a follow-up to our previous correspondence in which we offered a progress report for Punta Perla.

After the implementation of a series of planning and design improvements, we have set the construction of the Beach Club and the adjacent boutique hotel to commence in October of this year. During this all-important phase, we will also prepare the beginning of the large-scale infrastructure work, which includes the laying of the pipeline and road networks for the main residential areas within the project. Such infrastructure works are crucial for the smooth transition from one construction phase to another.

With regards to the Beach Club and adjacent boutique hotel area, we are extremely thrilled with the various design improvements that we have made in recent months. Of particular note, we have finalized the layout for the hotel, which, as some of you might know, will consist of palapa structures that will not only accommodate visiting or potential investors in a luxurious and privileged Caribbean setting, but will serve as models so that visitors can see the types of quality materials and interior finishing that will be used in the residential property construction. In other words, investors will be able to see first-hand the variety of superb design offerings that will make the Punta Perla properties truly special.

I also take this time to remind you that we are approximately three months away from making our public announcement to reveal a series of important project updates that give you a greater idea of the exciting future ahead for Punta Perla. One such news item that we are planning to announce involves insurance options for the project and for property investors. We are currently in negotiations with an important Latin American insurance group about such options and we are confident that you will be pleased to hear about this when the final details are set.

We look forward to communicating with you in September to give you further progress details for Punta Perla. In the meantime, we wish you a nice and safe summer.

Best regards,

Jeff Wagner
Director of External Relations

Madrid, May 28th, 2008

Dear Current and Prospective Buyers,

First of all, we would like to thank you for your continued confidence in our project in the Dominican Republic.

As you probably know from our commercial agents, Punta Perla Sales Ltd, at the end of last December we began preliminary works for the preparation and conditioning of the project land in order to facilitate the main construction work to follow.

At the same time and after an exhaustive process to choose the best international construction materials, we began the planning for their importation. Additionally, several areas previously covered by vegetation have been transformed into roads to allow larger scale machinery to access the plot. Such equipment is necessary to complete the next steps of infrastructure and building.

We are pleased to let you know that all these works have now come to an end and we are about to begin the next phase of construction, even though we have not obtained the full tax exemptions from the Government of Dominican Republic (CONFOTUR).

As you know, CONFOTUR grants a series of tax exemptions as outlined in Law158-01, later modified by Law 184-02. This legislation has created tax exemptions that are principally geared for and beneficial to those developers responsible for tourist projects in the Dominican Republic. For instance, the law exempts the payment of taxes and tariffs on the importation of construction materials and machinery. The aforementioned law also offers a series of tax exemptions for investors in these same tourist projects.

Punta Perla Caribbean Golf, Marina and Spa, S.A. has not been granted such exemptions at this time. The reason for this is that we have solicited tax exemptions for the whole project, which implies a complicated bureaucratic procedure in the Dominican Republic. Please keep in mind that Punta Perla is an extremely large scale project and, as such, it requires a great amount of paperwork to obtain the necessary tax exemptions for the project in its entirety. Currently, this is the direction we are pursuing, as Punta Perla Caribbean Golf Marina and Spa, S.A. has made this commitment with its investors. On top of this, the Punta Perla project is located in an area that qualifies for these types of exemptions by Law.

The date for the next CONFOTUR in which the Punta Perla project will be approved has not been determined yet by the Dominican authorities. Despite not yet enjoying the tax exemptions and despite knowing that the next CONFOTUR meeting will take place in the coming months, Punta Perla has decided to wait no further and to initiate the next construction phase.

The exact date for the commencement of this second construction phase will be announced in the coming 30 days time. The works during this phase will be carried out by the Selman Group along with the construction group Kuki Silverio (www.kukysilverio.com). The identity of the international construction group for Punta Perla will be revealed during the next public announcement ceremony for the project, which will take place within 4 months and at which time we will have the pleasure of presenting a series of exciting updates that benefit the Punta Perla project and all involved. We will be sure to keep you informed on these exciting events.

We are honoured to have your support as an investor in our project, which currently enjoys a great amount of prestige and is sure to become a world renowned development and an international point of reference in the very near future.

The profitable rental package offered by Punta Perla is bolstered by the fact that the project is located in the Caribbean, a region in which property investments are enjoying an average 20% annual increase in value. Property investment returns are particularly noteworthy in the Punta Cana region where an impressive regional economic boom has turned the area into a top holiday destination and a preferred target for real estate investment internationally (Click here to read.)

We at Punta Perla Caribbean Golf, Marina and Spa, S.A. are passionate about helping you maximize the returns on your investment and will continue to drive the project forward, ensuring that your existing/potential investment delivers everything you expected and more.

We look forward to seeing you during our future presentation. If you have any questions, Punta Perla Sales Ltd will be happy to assist you in anything you may need.

Best regards,

Jeff Wagner
Director of External Relations