THE ENCLAVES, A RITZ-CARLTON RESERVE RESIDENCE, ARE NOT OWNED, DEVELOPED OR SOLD BY THE RITZ-CARLTON HOTEL COMPANY, L.L.C. OR ITS AFFILIATES ("RITZ-CARLTON"). BANCO INVEX S.A., INSTITUCIÓN DE BANCA MÚLTIPLE, INVEX GRUPO FINANCIERO DIVISIÓN FIDUCIARIA, FIDEICOMISO 192 PUERTO LOS CABOS – FONATUR 192 AND FIDEICOMISO 283 "PUERTO LOS CABOS III" (JOINTLY AND SEVERALLY) USE THE RITZ-CARLTON MARKS UNDER A LICENSE FROM RITZ-CARLTON, WHICH HAS NOT CONFIRMED THE ACCURACY OF ANY OF THE STATEMENTS OR REPRESENTATIONS MADE HEREIN. THE DEVELOPER RESERVES THE RIGHT TO CHANGE OR MODIFY PLANS, MATERIALS, SPECIFICATIONS WITHOUT NOTICE. RENDERINGS AND MAPS ARE ARTIST'S CONCEPTIONS AND MAY DIFFER FROM FINISHED PRODUCT. THIS IS NOT AN OFFERING FOR SALE IN ANY JURISDICTION WHERE THE PROJECT IS NOT REGISTERED. E.&O.E.