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May 2020 Covidf I- Altos De Goquito - Status

preienüy and since the end of February 2ó20, all business in Panama and most of the world have been affected by Covidlg.
For all the epidemiological measures that have beeñ taken in a mandatory manner by the govemment§ around the world, we
ere ñnd¡ng ourselves taPped in uncertain
times which is true for all businesses.
that \¡re have assigned. Also, the
We were forced to stop working ¡n the c,onstruction of our development includ¡ng work¡ng with our suppl¡ers and individual contractors
government agencies in Panama have stopped advancing.related permits.
\
Áooitionatty,*i h.u" not been able to coilect our bank létters of credits unül further notice, consequenfly we are not receiving income from back end sales. b also
the local market until the lockdown is
have not been able to conünue our sales promotions (local end sales) and we will not receive any new reservations on homes from
to the pandemic and
eased. Furthermore, all our employees aie at home including our constuction workers, secretaries, salés, office staff. Our offtces are closed due
possibly start¡ng next week. V1/e antic¡pate
the str¡ct curfew in panama. The p;esident of panama Nito Cortzo announced a 3 phase plan to reopen over the nex month
thai we should be able to resume to normal business operat¡ons somet¡me towards the end of thi§ month or early June.
Our planning and development of the pro¡ec1 is cunently on hold.
we foresee that this situation *irr irnpiorl shorfly to allow'economic activities in all muntries to recommence, including Panama. Once the economy is reaclivated, we
can continue with our developñent.
your patience to wait the
We apologize to our investors for these inconven¡ences of forcé majeure (Act of God) in which we currenüy find ourselves. We ask for
you, we will let you know.
nece.s"ry-time to restart. \ E cannot determ¡ne the t¡meframe but as sóon as we can reactivate our duties and commitrnents with

Hoping everyone is i¡ good ñeatth and please táké care of yoursdm-

Bdsy Castillo (Manager)