Gran Pacifica Shareholders Report - Feb 24th , 2006

Introduction

The year is off to a great start with the shareholder/property owner event in January and 130 folks in attendance. This event was paired up with the groundbreaking of the golf course. When you include press, guests and dignitaries, Gran Pacifica was host to close to 300 people for an afternoon of celebration and fun. These events provided important milestones for the project as we turned the corner from work that is invisible but necessary (the planning, paper, and underground work) to the visual and impressive, streets, homes, and golf course construction. For many, it's not real until they can see it with their own eyes. It is real now and the pace of development and sales continues to grow daily.

Recent activities of a disgruntled shareholder have not kept us from the tasks at hand as you'll plainly see from the current shareholder report. Below you'll find all the familiar sections of the shareholder report. Each section describes the main challenges and goals accomplished in the first two months of 2006.

Sections

1. Administrative Issues
2. TIF Law, Elections and the Economy
3. Sales and Development Marketing
4. Pacifica Concierge Services
5. Condo Development
6. Pacifica Construction
7. Golf Course
8. Land Planning (Casita Village - New Phase)
9. Phase I Infrastructure
10. Community involvement
11. Public Relations & Good News about Nicaragua
12. Appendix I (Articles)
13. Appendix II (Home Purchase Agreement)

1. Administrative Issues

Lot Inventory Report (February 20, 2006)