Cap Cana Announces Commencement of Exchange Offer and Related Consent Solicitation With Respect to Its 9.625% Senior Secured Notes due 2013

SANTO DOMINGO, Dominican Republic - Cap Cana, S.A. (”Cap Cana”) announced today that it has commenced an
offer to exchange any and all of its outstanding 9.625% Senior Secured Notes
due 2013 (the “Existing Notes”) for up to US$137,032,000 aggregate principal
amount of its 10% Senior Secured Notes due 2016 (the “New Notes”) and up to
US$133,750,000 aggregate principal amount of its 10% Senior Secured Recovery
Notes due 2016 (the “Recovery Notes”). The exchange offer is being conducted
concurrently with a related consent solicitation to amend the terms of the
Existing Notes and the indenture pursuant to which the Existing Notes were
issued (the “Indenture”).

The exchange offer and the consent solicitation will expire at 11:59
p.m., New York City time, on April 27, 2009, unless extended (the “Expiration
Date”). Holders that wish to receive the consent payment referred to below
must validly tender and not validly withdraw their Existing Notes on or prior
to 5:00 p.m., New York City time, on April 13, 2009, unless extended (the
“Consent Payment Deadline”).

Holders tendering their Existing Notes will be required to consent to
proposed amendments to the Indenture and to the Existing Notes, which would
eliminate substantially all of the restrictive covenants contained in the
Indenture and the Existing Notes themselves, eliminate certain events of
default, modify covenants regarding mergers and consolidations, and modify or
eliminate certain other provisions contained in the Indenture and the
Existing Notes themselves. Holders may not exchange their Existing Notes
without also delivering consents and may not deliver consents without also
exchanging their Existing Notes.

Cap Cana is offering to pay holders of Existing Notes a consent payment
of US$5.00 per US$1,000 principal amount of Existing Notes, payable in
respect of Existing Notes validly tendered and not validly withdrawn and as
to which consents to the proposed amendments are delivered on or prior to the
Consent Payment Deadline, subject to the terms and conditions of the exchange
offer and the consent solicitation.

In each case, holders whose Existing Notes are accepted in the exchange
offer will receive New Notes in an aggregate principal amount equal to the
amount of accrued and unpaid interest on the Existing Notes as of the date
the New Notes are issued, in lieu of cash with respect to such accrued and
unpaid interest.

The exchange offer and the consent solicitation are being made upon the
terms and conditions set forth in the Offering Circular dated March 31, 2009
(the “Offering Circular”), and the related Consent and Letter of Transmittal
(the “Consent and Letter of Transmittal”). The exchange offer and the consent
solicitation are subject to the satisfaction of certain conditions, including
receipt of consents sufficient to approve the proposed amendments. Further
details about the terms and conditions of the exchange offer and the consent
solicitation are set forth in the Offering Circular and the Consent and
Letter of Transmittal.

Cap Cana has retained Weston International Capital Markets LLC to act as
the Dealer Manager for the exchange offer and the consent solicitation.
Weston International Capital Markets LLC can be contacted at +1-212-888-4560.
The Offering Circular and the Consent and Letter of Transmittal are expected
to be distributed to holders of Existing Notes beginning today. Requests for
documentation may be directed to Global Bondholder Services Corporation, the
Exchange Agent and Information Agent, which can be contacted at
+1-212-430-3774 (for banks and brokers only) or +1-866-924-2200 (for all
others toll-free).

This release is for informational purposes only and is neither an offer
to purchase nor a solicitation of an offer to sell the Existing Notes, the
New Notes or the Recovery Notes. The exchange offer and the consent
solicitation are only being made pursuant to the terms and conditions set
forth in the Offering Circular and the Consent and Letter of Transmittal. The
exchange offer and the consent solicitation are not being made to holders of
Existing Notes in any jurisdiction in which the making or acceptance thereof
would not be in compliance with the securities, blue sky or other laws of
such jurisdiction

About Cap Cana

Located on the easternmost tip of the Dominican Republic, Cap Cana is
being developed as a multiuse 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. As of September 30, 2008, Cap Cana had invested approximately US$485
million in infrastructure and other improvements. These included construction
of approximately 25 miles (40 kilometers) of paved roads, water reservoirs
and associated distribution and sewage treatment systems, power generation
and distribution for the project’s increasing energy needs. Currently
completed and operational are (i) a world-class private beach club, (ii) a
Nicklaus Signature golf course and clubhouse, (iii) 87 slips in our in-land
Marina that can accommodate yachts of up to 250 feet, (iv) 14 deluxe
restaurants and several upscale retail shops in the Marina area, (v) the “Cap
Cana Sanctuary Golf & Spa”, a 176 suites five-star luxury hotel, (vi) the
Heritage School, with approximately 300 local and international students in
attendance, (vii) more than 13,000 square meters of administrative offices
and (viii) a 288-room residence for our employees.

Source: Cap Cana S.A.

Miguel Guerrero, Cap Cana, +1-809-695-5501, ext. 3999, investor.relations at capcana.com