The Island

Great Whale Cay in the Bahamas is a (whale tail) shaped Island and is one of the largest and most scenic in the collection of islands known as The Berry Islands. It comprises 850 acres, a 4000’ paved runway, and some of the best beaches in the Bahamas. The island is a tropical paradise with a number of rare species of flora and fauna. It is also a Mecca for water sports, diving and sports fishing. The island is one of the closest to the mainland USA and is just one hundred and fifty miles east of Fort Lauderdale, Florida. The island includes: 850 acres surrounded by incredible beaches, deep water and coral reefs. The island offers fly-fishing, big game fishing, snorkeling, scuba diving and many more activities. Unusually for the Bahamas, the island boasts substantial cliffs reaching heights of up to 60 ft above sea level. several historical buildings offer great development opportunities (The Great House, Lighthouse, Church, and Museum) The 4,000 foot airstrip puts Nassau within a 10-minute flight or Fort Lauderdale in approximately 50 minutes. Privately owned and developed by the heiress of the standard Oil fortune from the 1930’s through to 1975 – ‘Joe’ Carstairs.

Known as ‘The Fastest Women on Water’ she hosted the duke and duchess of Windsor on the island in 1940.

Development Plan

Great Whale Cay has received outline planning consent from the Bahamian authorities for the development of the island into a luxury private island resort. The vision for the development has been 10 years in the making. A planned, methodical process via the buyout of previous investors and the purchase and acquisition of land parcels and individual lots has achieved the desired control over 100% of the island and ownership of 93% of the total land area.

Phase 1 of the development plan for Great Whale Cay has been approved by the Bahamian Government.. The development plan includes permission for:

-Commercial operatations- Airstrip -Marina -Hotel -Communal parks -Resort homes -Tennis courts -Restaurants -swimming pools - 155 individual ±1 acre home sites.

The development plan includes the following specific areas:

The Inn at Whale Cay – a traditional ‘village’ style development of approximately 50 Bahamian style cottages centered around The Great House.

Whale Cay Marina and Marina Village – new inland marina complex with private berths and villas.

Spa Island – a ‘Polynesian’ style development of luxury villas sitting above the tropical waters.

Church Point villas & homes – large homes situated around a possible 9-hole golf course with dramatic panoramic views to both the West and East.

Acquisition

The fact that the island has a private airstrip adds significant value to the island since it is highly unlikely that permission would be granted today for the creation of a new airstrip on a privately owned island. Whale Cay Group limited is a Bahamian registered corporation which owns approximately 93% of the Island.

The total land included in the acquisition was valued in October 08 for $114m and is now being offered with a guide price of $80m. A full copy of this report is available on request.

There may also be the possibility to purchase a smaller ‘parcel’ of the island or a possible JV development opportunity with the current owners.