2nd January 2008

On the 15 of November 2007 President Fernandez signed a Presidential Decree – in which the Executive Office gives its authorization for the use of the beach area for construction of the proposed Punta Perla Beach Club. Besides indicating that Punta Perla is moving positively towards construction, the document highlights the support that our project currently receives from the President.

This document should demonstrate once again that in the DR, the planning approval process is quite different than that of what we are used to in Europe and that to try to correlate our institutions and systems, particularly in the real estate development field, with those of the DR and then draw conclusions is often an erroneous and counterproductive exercise.

With this good news, we are moving quickly and affirmatively towards construction. And, please remember that this document added alongside the many other approvals we have (Ministry of Environment, local authorities, Navy, etc.) shows that we have a very large percentage of the needed approvals before construction can begin.

• For more details, or to arrange an inspection visit, please contact us.