Elias Cababie, chairman of GICSA and his brother, Abraham Cababie, CEO, have put in place a new management team to lead Cabi Developers, the U.S. subsidiary of GICSA, whose CEO Jacobo Cababie passed away suddenly on January 26, 2008.

The key element of the reorganization will be Elias Cababie’s assumption of the leadership role of CABI Developers. As chairman of GICSA, the parent organization of Cabi, Elias Cababie has always been a key part of the Cabi leadership. He now steps into direct management of the company to ensure that the company is properly positioned for future growth in the U.S. market, as well as to complete the projects presently under development.

Cababie has also asked two senior members of the GICSA team to relocate to Miami and assume key roles. Elias Amkie will serve as senior vice president of operations and Rafael Harari will serve as senior vice president of development. Both bring with them a wealth of experience and support from the GICSA organization.

CABI Developers’ other senior officials, Sandy Pique CFO and chief administrative officer and Misha Mladenovic, vice president of development, will continue in their present roles with direct responsibility for ongoing operations and for the Company’s projects.

The Company is currently developing Everglades on the Bay and Capital at Brickell in downtown Miami, Naya on Miami Beach, Aloft Hotel in Aventura, New River Marina in Ft. Lauderdale and Bella Vista Hotel and Residences in San Antonio.