Update from Saia-Tate International Builders

Maura from Saia-Tate International Builders sent out the following progress update in late November. "I have just returned from West End at the Ginn Project and there is definite progress being made with the construction, etc. There are several people that are now working on developing plans for their homes to be built on their lots as well as docks to be built on the canal lots. The beaches are looking great and the golf course is being maintained and groomed.

In addition, Credit-Suisse and Lupard Adler are working together to create a new marketing and sale team for the Ginn Project. I believe you will see substantial progress on this matter as soon as the Foreclosure is approved by the Court system in the Bahamas which should happen some time before January. It is also my understanding, there will be a new builder program and ARC to support the demand of new construction in the future. CS and LA have been meeting in West End regularly over the past few months. I feel this is a step in the right direction for the entire project.

As you are probable aware, Old Bahama Bay reopened on October 10th, showing off new improvements and offering a very special reopening package.

During the one month that Old Bahama Bay was closed, major improvements were made to the hotel rooms and to the marina, as well as to the public areas. The key upgrades and repairs made in September were:

1. New solar pathway lighting throughout resort 2. Teasers Tiki Bar Thatch Roof, plus new cabinets and bar 3. Bonefish Folley's complete pressure wash and roof repaire 4. Bonefish Folley's painted inside and out, and new carpet installed 5. New electrical switch boxes for the Marina 6. Improved signage for the marina slips 7. Marina bathrooms overhaul 8. Fish Cleaning station refurbished 9. Playground equipment fixed and painted and guest bicycles reconditioned 10. Pool bathrooms: repainted and new bathroom stalls 11. Fitness Center: new rubber floor 12. Hotel unit improvements:

1. New door locks 2. New area rugs 3. Painted buildings 4. New Vanish Doors 5. New patio ceiling fans changed 6. Teaking & Refinishing Furniture"

Thanks for the update Maura!