Itacare Capital Investments Ltd. is a closed-ended, real estate investment holding company. The Company’s investment objective is to provide shareholders with capital growth combined with a medium to low-risk profile through investing in residential resort developments in Brazil, principally in the northeast region. The residential developments will typically include a number of holiday, second or retirement home units integrated with a small five-star luxury hotel and a combination of leisure components. The Company’s projects will be developed by Itacare Capital Developments Ltd. As of December 31, 2006, the Company had made no investments. Its subsidiaries include Itacare Capital Investments, LLC, Itacap One, LLC and Itacap MP, LLC. Itacare Capital Partners Ltd. is the investment manager of the Company.