BY the end of November, the CIMEX corporation, Cuba’s largest
                   trading company, which comprises 28 smaller companies, had sold
                   products totaling over $950 million USD.

                   The group’s initial income target was $864.4 million USD, which
                   would have been a 12% increase on last year. Nevertheless, a great
                   effort, organized work and commitments from its 22,000 workers in
                   the 322 businesses were undertaken to raise the net income to one
                   billion dollars.

                   The campaign took as its leitmotif: "1,000 Reasons" and was
                   welcomed with enthusiasm by the collective of workers, who made
                   their commitments in trade union assemblies and other meetings.

                   Nationwide, the CIMEX S.A. corporation owns dozens of many large
                   and small stores, 119 gasoline stations, 117 cafeterias, 47 photo
                   services (digital and color), the tour operator HAVANATUR, finance
                   and banking facilities, and real estate and duty-free zones
                   businesses.

                   The events of September 11, the global economic recession, the fall
                   in tourism and family remittances from abroad, compounded by the
                   serious effects of Hurricane Michelle, frustrated those targets.

                   Despite that, it is hoped to exceed the $950-million goal before the
                   end of the year, given that a process of recuperation and
                   normalization has begun in the country, primarily in the flow of
                   tourists, due to the climate of safety and complete absence of
                   hysterical war capaigns in the media. This has made Cuba a pleasant
                   refuge for tourists and businesspeople.

                   In his annual meeting with the press, CIMEX president Eduardo
                   Bencomo and his team informed that next year they have an
                   $84-million new investment plan.

                   They also announced that the new La Puntilla department-store, the
                   largest of its kind in Cuba, is expected to begin functioning normally in
                   the final days of the present year and the early months of 2002.
                   Similarly, several apartment buildings and office blocks are to begin
                   operating in Miramar, 10 kilometers from the center of Havana.

                   Intentions and projects exist, mainly with the other large trading
                   company CUBANACAN S.A. for investments in hotels, motel and
                   other businesses in the tourism sector, which has become the driving
                   force of the Cuban economy.

                   Recently, HAVANATUR signed agreements with three U.S. airlines, in
                   addition to undertaking new promotional projects for visits to the
                   island, making it one of the group’s companies with great potential.

                   He recalled that an increasingly higher percentage of the products
                   and commodities sold by CIMEX S.A., although not enough, are
                   manufactured in Cuba.

                   CIMEX is working toward achieving better quality/price relation in
                   certain imported as well as domestic merchandise.

                   For 2002, the corporation is maintaining its one-billion-dollar target,
                   its plan of 47% to the dollar in costs, and to continue the battle for
                   quality, customer protection and the continued stimulation of national
                   products in order to replace imports.