Letter from Argentina

Hello, I hope everyone is having a great week. I’m in San Rafael at the moment, and I have to say the expansion of the golf course is moving forward quickly. You’d be amazed to see the progress; as of now you can actually see the complete layout of the course, and the views are extraordinary. I think that Ricky and the team have really done an excellent job so far. They have scheduled completion for the course by April/May 2009.

Anthony Foster has recently completed his tastings of Algodon Wine and Bombal & Aldao Wine. He says he is very impressed with two of our Malbec's, as well as our Pinot Noir, Chardonnay, and one exceptional Merlot. He seems quite pleased and excited to back our line.

José Luis Clerc also made it to Algodon Wine Estates today, and we went over the plans for the tennis area. He suggested creating a mini-centre court, and two phases of six courts each. The center court would be "in-ground", and the restaurant’s 2nd floor dining patio will have views overlooking the court; similar to a popular tennis facility in Monaco. He is confident that he can bring some very important exhibition matches, as well as the “Clerc Tennis Academy” - and really make this project a success. He was also being interviewed by a radio station while he was here and gave us a nice mention.

José will also be in New York City for the 2008 US Open as a featured commentator for ESPN. Color me impressed.

When everyone gets here in October and November for the next due diligence trips you will notice some really big changes in the Algodon Mansion and Algodon Wine Estates!

Have a good week.
Scott