Baha Mar China Deal

Nassau, The Bahamas (March 30, 2009): Baha Mar Resorts, Ltd. signs agreements with Export-Import Bank of China and China State Construction and Engineering Corporation to build multi-billion dollar Baha Mar Resort on Nassauâ??s famed Cable Beach. With financing for hotel and resort developments of any notable size, scale and scope a rare occurrence, particularly in todayâ??s economic environment, Baha Mar Resorts, Ltd. has signed historic agreements with Chinese banking and construction partners to finance the multi-billion dollar Baha Mar resort in Nassau, The Bahamas. The formal Facility agreement signed by all parties includes financing provisions of $2.5 billion; while an investor agreement was also signed between Baha Mar and China State Construction, which will assume a minority equity interest. Signatories taking part in the private signing event held in Miami were as follows (l. to r.): Export-Import Bank of China Vice President, Mr. Li Jun; Baha Mar Resortsâ?? Chairman and CEO, Mr. Sarkis Izmirlian; and China State Construction and Engineering Corporationâ??s Vice President, Mr. Liu Jinzhang. The 1,000-acre Baha Mar resort represents the largest single-phase hospitality investment in the Caribbean and a one-of-a-kind destination resort experience in its operation, prestigious collection of hospitality brands, top-shelf services and amenities, and true-to-The Bahamas setting and design. Baha Mar Resorts Ltd. is headquartered in Nassau. For more information visit www.bahamar.com.