Cap Cana reported today that information published earlier
this week relating to the Gomez Pion lawsuit against Cap Cana was incorrect
and that no arrest warrant had been issued by a Dominican land court
against Cap Cana’s President and CEO, Ricardo Hazoury for allegedly failing
to appear at a court hearing.

Mr. Gomez Pion has filed various claims against Cap Cana and its
executive that in essence seeks payment of the equivalent of approximately
US$8,000,000 for certain “improvements” that once existed on one of the
parcels that currently comprise part of the Cap Cana property. These
“improvements” consisted principally of items such as barbed wire fences,
fence posts, plants, and grass for cattle grazing. On at least 12 separate
occasions, Dominican courts have issued decisions on the Gomez Pion matter
in favor of Cap Cana that effectively dismissed the suits brought by Gomez
Pion.

In the latest allegations in respect of this situation, incorrect
information was provided to the press suggesting that Ricardo Hazoury had
not appeared in court for a previously scheduled hearing. The circumstances
of this proceeding, as provided under Dominican Land Law, did not require
Mr. Hazoury’s presence. Notwithstanding this fact, Mr. Hazoury did appear
before the court later that same day in an attempt to resolve any lingering
confusion in the matter and during the hearing the court dismissed the
claims by Mr. Gomez Pion regarding Mr. Hazoury’s failure to appear. It is
currently expected that the substantive claims in this matter that have
been brought once more before a Dominican court by Mr. Gomez Pion will be
concluded by next week and that the court will issue a decision regarding
these claims yet again. Cap Cana currently expects that the court will once
more decide in its favor in connection with the claims brought in this
case.

Cap Cana also reported that no actions had been taken by any court in
the Dominican Republic or elsewhere that has the effect of restricting Mr.
Hazoury’s ability to travel as had been previously reported.

About Cap Cana

Located on the easternmost tip of the Dominican Republic, Cap Cana is
being developed as a multi-use luxury resort in the Caribbean with
world-class beaches, championship golf courses, yachting facilities and
other leisure amenities. The property consists of over 46 square miles
(119.9 square kilometers) of land, including a five-mile (eight kilometer)
coastline and 2.2 miles (3.5 kilometers) of one of the most pristine
beaches in the region.

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