Balance - May 2008

Dear Shareholders,

The correction in the stock of May 2008 is given by a typing error in the total value of debts.

All other figures given are correct.

The amounts established in May 2008 resulted in L $ 225,800 against debts total of L $ 126,500, resulting in a Net Profit of L $ 99,300.

In the prospectus of the GRP clearly inform the Company agrees to pay a dividend of L $ 0.05 per share in December.

At a meeting of directors held after the IPO of the GRP was decided in addition to payment of $ 0.05L in DEZEMBRO/2008 the GRP would be making monthly payments between 5% and 8% of its net profit established in the month.

In the provision of all put in our forum.

Sincerely

Sabbas Mills
GS Residential Properties
CEO

BALANCE MAY 2008

Credits (Entrance) :

· Land Sales........................................... : L$ 18,000
· Rental Houses.......................................: L$ 34,800
. Rental Comercial Land..........................: L$ 8,000
· Stock Options Sale...............................: L$ 20,000
. Land Sales ABA Real State....................: L$ 145,000
. Total of Credits in May 2008..................: L$ 225,800

Debits (exit) in First Quarter:

· Tier Land Saint Tropez.........................: L$ 36,900
· Tier Land Beach Houses.......................: L$ 24,000
· Tier Land Ocean Breeze.......................: L$ 30,000
· Tier Land Trindade SIM........................: L$ 10,600
· Wage leaf...........................................: L$ 25,000
· Total of debits ....................................: L$ 126,500

. Net Profit........................................... : L$ 99,300
. Shareholders dividends........................: L$ 4,180
. Cash Flow May.....................................: L$ 95,120



Sabbas Mills
CEO