CAP CANA, S. A. AND SUBSIDIARIES. Consolidated Statement of Financial Position. March 31, 2012 and December 31, 2011

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1 Consolidated Statement of Financial Position March 31, 2012 and December 31, 2011 Assets Three months 1er Q 2011 Cash and cash equivalents 795, , ,517 Deposits in escrow 194, , Accounts receivable Customers 143,365, ,629,678 Shareholders and related parties Employees 10,846,556 29,522 10,599,997 24,809 Other receivables 6,949,859 5,896, ,191, ,150,906 Allowance for doubtful accounts Total accounts receivable (2,965,938) 158,225,638 (2,867,372) 159,283,534 (2,264,039) 246,559 4,713 1,053,437 (959,330) (98,566) (1,057,896) Prepayments Construction materials and supplies inventory 308, ,912 22,564,007 22,799,200 (34,168) (235,193) Advances to contractors 19,768,384 20,055,759 (287,375) Real estate project in progress 431,143, ,764,469 (3,621,066) Deferred direct selling costs, net 43,742,622 42,289,031 1,453,591 Land for future development and sale Available for sale investment Investment in associates Property and equipment, net 135,322, ,322,432 4,400,069 4,400, , , ,210, ,921,618 (1,710,915) Deferred tax assets 103, ,151 Other assets 1,403,609 1,374,305 29,304 $ 1,255,706,149 1,260,997,338 (5,291,189)

2 Liabilities and Shareholders' Equity Three months 1er Q 2011 Notes payable: Banks Shareholders and related parties Total notes payable $ 5,273,197 5,273,292 1,000,516 1,000,516 6,273,713 6,273,808 (95) (95) Accounts payable: Suppliers Shareholders and related parties Other payable Total accounts payable 29,491,142 34,880,426 4,515,608 10,749,816 4,267,991 4,750,815 38,274,741 50,381,057 (5,389,284) (6,234,208) (482,824) (12,106,316) Commercial papers 31,150,000 25,070,000 6,080,000 Accrued expenses and withholdings 104,000,907 96,134,989 7,865,918 Deferred revenues, net 59,882,538 58,473,731 1,408,807 Customer deposits 234,854, ,783,327 (3,929,027) Longterm payable 8,757,710 11,760,021 (3,002,311) Longterm debt, net 243,498, ,402,300 96,205 Total liabilities 726,692, ,279,233 (3,586,819) Shareholders' equity : Share capital Traslation reserves Reserves Retained earnings Total shareholders' equity 269,826, ,826, , ,007 16,007,703 16,092, ,931, ,550, ,013, ,718,105 (85,219) (1,619,152) (1,704,370) $ 1,255,706,149 1,260,997,338 (5,291,189)

3 Consolidated Income Statement Year ended December 31, 2011 and three months period ended March 31, Revenues: Sales of real estate products $ Revenues from other operations Total revenues from operations 5,501, ,283,540 6,586,423 25,284,639 12,087, ,568,179 Costs : Cost of sales of real estate products 4,988,110 60,541,527 Other operating costs 3,458,846 16,099,656 Total costs 8,446,956 76,641,183 Other income Gross profit General and administrative expenses Sales commissions Personnel expenses Advertising and public relations Depreciation Other general and administrative expenses Results from operating activities 3,640,759 51,926,996 5,433,635 33,214, ,377 4,217,155 1,368,085 7,942,530 19, ,409 2,815,260 13,874,762 4,151,878 27,870,969 8,681,352 54,506, ,042 30,634,643 Financing cost, net: Finance cost (3,346,427) (15,030,958) Finance income 547,136 3,383,554 Foreign currency exchange gain, net 1,042,848 (1,744,234) (1,756,443) (13,391,638) Income tax Profit before income tax (1,363,401) 17,243, , ,420 Net income $ (1,704,370) 16,868,585

4 Consolidated Statements of Changes in Equity Year ended December 31, 2011 and three months period ended March 31, 2012 (Amounts in US Dollar) Common Stock Number of Translation Shares Amount Legal Reserve Reserve Retained Earnings Total Balances at December 31, ,168,947 $ 269,826,458 15,249, , ,525, ,849,520 Net income 16,868,585 16,868,585 Transfer to legal reserve 843,429 (843,429) Balances at December 31, ,168, ,826,458 16,092, , ,550, ,718,105 Net income (1,704,370) (1,704,370) Transfer to legal reserve (85,219) 85,219 Balances at March 31, ,168,947 $ 269,826,458 16,007, , ,931, ,013,735

5 Consolidated Statements of Cash Flows Year ended December 31, 2011 and three months period ended March 31, Cash flows from operating activities: Net income $ Adjustments to reconcile net income to net cash provided by (used in) operating activities: Allowance for doubtful accounts Amortizatión of deferred revenue Depreciation Impairment loss on real estate project in progress Gain on disposal of property and equipment Gain in equity accounted investee Gain on debt extinguishment Net finance cost Income tax expense Changes in assets and liabilities: Decrease (increase) in: Deposits in escrow Accounts receivable from customers Accounts receivable from shareholders and related parties Accounts receivable from employees Other trade receivables Prepayments Construction materials and supplies inventory Advances to contractors Real estate project in progress Deferred direct selling costs, net Other assets Increase (decrease) in: Accounts payable to suppliers Accounts payable to shareholders and related parties Other accounts payable Accrued expenses and withholdings Deferred revenues Customer deposits Cash generated from operating activities Net cash provided by (used in) operating activities (1,704,370) 16,868,585 98,566 2,815,260 13,874,762 13,000,000 (204,935) 638,749 (400,000) (4,246,066) (29,782,811) 3,346, ,969 15,030, ,420 (12.00) 180,955 2,264,039 (36,180,790) (246,559) 20,985,757 (4,713) 23,553 (1,053,437) (827,764) 34,168 1,176, ,193 1,589, ,375 3,998,094 (772,712) (28,473,865) (1,453,591) 6,369,518 (29,304) 587,357 2,382,670 (14,785,662) (74,208) (11,036,314) (3,485,135) 297,992 3,682,904 43,028 1,408,807 24,842,981 (3,929,027) 3,275,351 (307,691) 1,670,544 (307,691) 1,670,544 (cont)

6 Consolidated Statements of Cash Flows, Continued (Amounts in US Dollar) Cash flows from investing activities: Proceeds from disposal of properties and equipment Adquisition of property and equipment Net cash used in investing activities Cash flows from financing activities: Debt and notes payable Payment of debt and notes payable Issuance of commercial paper Payment of commercial papers Net cash used in financing activities Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of period $ 496,893 3,583,156 (16,685) (118,892) 480,208 3,464,264 1,537,930 (8,639,652) 860,000 (345,000) (6,586,722) 172,517 (1,451,914) 623,324 2,075, , ,324