Released on: September 22, 2008, 11:29 am

Press Release Author: The Costa Rican Development Corporation

Industry: Real Estate

Press Release Summary: Financial markets worldwide are struggling to recoup from
losses experienced following the bankruptcy of Lehman Brothers, but CRDC reports
that the investment activity related to its luxury residential estates has not
faltered.

Press Release Body: San Jose´, Costa Rica – The recent Lehman Brothers’ bankruptcy
filing has resulted in quite a commotion in the investment world, with the aftermath
being realized globally, but the turmoil has not touched the growing Costa Rica real
estate market. Investors worldwide have not wavered in their interest towards the
popular tourist, retirement and investment location, specifically the Central
Pacific region, home to the Costa Rican Development Corporation’s Cerro Fresco
(www.cerrofresco.com/).

Lehman Brothers, specializing in financial services for governments, businesses and
high-end investors worldwide, announced its bankruptcy amid the growing global
sub-prime crisis. Even though the emerging Latin American markets are not directly
connected to the Lehman Brothers bankruptcy, these markets initially followed the
path of other world markets and experienced a loss of investor interest.
Investments in the Costa Rica real estate market, however, continued to gain
strength during this financial panic.

During the past decade, Costa Rica, especially the Central Pacific region, has
experienced tremendous growth. This tropical country attracts many people in search
of a pleasant retirement location. Costa Rica’s tourism trade has grown by leaps
and bounds, with more than two million travelers choosing to vacation here in 2007.
Visitors can easily reach both coastline and mountain areas during their stay, with
the opportunity to view volcanoes, waterfalls, and rainforests, as well as the
country’s diverse wildlife.

As a result of Costa Rica’s heightened popularity as a vacation destination and
retirement location, foreign high-end investors are seeking lucrative opportunities
in the Costa Rica real estate market, and the Costa Rican Development Corporation’s
Cerro Fresco development tops the list of locations of interest. Investors eager to
get in on the ground floor of a promising real estate market offering see Cerro
Fresco as a profitable and wise investment.

The Costa Rica Development Corporation (CRDC) continues with the construction of its
newest luxury residential community, Cerro Fresco (www.cerrofresco.com/), located in
the Central Pacific city, Jaco´, Costa Rica. With more than sixty percent of the
Balinese open-air villas pre-sold, CRDC has not seen any slowing of high-end
investors’ interest, even during this shaky period for markets worldwide. Promising
a “premium quality of life experience,” Cerro Fresco is quickly becoming a favorite
of retirees, vacationers, and investors alike.

About CRDC: The Costa Rican Development Corporation (CRDC), a leader in today’s
Costa Rica real estate market, specializes in the design and development of luxury
residential communities. With an emphasis on total customer satisfaction, CRDC
guarantees quality and excellence in their stylish estate homes. CRDC’s current
developments are Cerro Fresco, Hermosa Highlands, Villas Altas, and Highland
Estates. For more information about Cerro Fresco, please visit
www.cerrofresco.com/.

Web Site: http://www.cerrofresco.com/

Contact Details: Hermosa Highlands S.A.
Atrium Corporate Plaza
Escazu,Costa Rica Phone:
US (800) 729-5212
CR (506) 2201-5250
Email: info@cerrofresco.com
esteban@semltda.com