Esteemed Investors and Collaborators, 

As part of our efforts to maintain all of our clients updated, and regardless of the fact that we are already planning a more complete issue of our Newsletter after the holiday season, we have put together a little selection of pictures taken over this past month of the construction works in the Punta Perla site that we wanted to share with you. 

Specifically, these pictures correspond to the finished on-site technical office on the site and to the current works on the bungalows of the Hotel Boutique and the Beach Club. 

Also, we wanted to share with you the new design of our Newsletter, which coincides with the re-launch of one of our websites, http://www.puntaperlasa.com, with a new look and format. This will be a very dynamic site, and it will be frequently updated. We are very excited about this announcement, which comes to show a small part of all the work that is being done by the Punta Perla Golf, Marina and Spa, S.A. team in the last months. 

Lastly, we remind you to stay tuned for the next communications, which will be filled with positive and exciting news from different Departments of the company. 

We hope you are enjoying a peaceful and relaxing summer together with your loved ones, and look forward to sharing all the exciting advances with you next fall. 

PICTURES 

OTHERS NEWS

Last July, a meeting took place in the development company's offices in Madrid with various members of Punta Perla's Executive Board, a couple of investors' representatives and two of our main commercial agents, Mark Andrew and Nick Kier. 

Midway through the meeting, we all shared a relaxed lunch at a local restaurant before returning to the offices to resume our conversations regarding the project. 

Among other things, we explained once again the causes behind the past delays, the current state of the construction works and the exciting future ahead. 

The overall impression of the meeting and all the matters discussed was very positive and with a very high level of understanding between all the participants. 

ISSUE 4  August 2009 

Eva Sotres

Investor Relations Manager