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Mitsui Chairman & Allan Guest, Former CEO

Mitsui Sumitomo Insurance (London Management) Ltd

20 November 2006


To Whom It May Concern


Our involvement with Mr. Mike Ryan and/or Condoco began in June 2000 and forms part of the principal debt financing in collaboration with Royal Bank of Scotland for the purpose of constructing the Ritz-Carlton development in Grand Cayman. In the course of the project we have, in conjunction with the Royal Bank of Scotland, provided a total debt support for US$180M which is currently amortising down to the successful operation of the Hotel and sale of condominiums.


During the course of the development Mike Ryan and the Development Group have established a strong and open relationship which has enabled all parties to work effectively to overcome some significant unforeseen challenges and, in particular, the quality of strength and leadership of Mike Ryan and his team has ensured the success of the development for all concerned.


It goes without saying that the professionalism and integrity of the individuals and companies with whom we choose to do business is of the utmost importance to our company, not least because of the consequential impact which our partners' conduct necessarily has on our own commercial reputation. Our decision to work alongside Mike Ryan and Condoco in respect of the Grand Cayman project was therefore something which was not entered into lightly and only embarked upon after detailed and vigorous analysis of every aspect of the proposed development and the integrity of our putative partners. Our shareholders would, of course, expect nothing less.


1 am happy to state that over the past 6 years, we have enjoyed an excellent and productive working relationship with Mr. Ryan and/or Condoco. In particular, we have found him/them to be both highly professional and deeply committed to the success of the Ritz-Carlton development and to have proved themselves fully capable of overseeing the construction, marketing and opening of a project of substantial size and complexity. Now completed, the resort is a world class and highly prestigious hotel and condominium development on a scale and standard unique in the Cayman Islands and, moreover, one whose quality is comparable with any high-end luxury resort in the Caribbean region. We are proud to have been involved in the successful delivery of the Ritz Carlton project and would have no hesitation over working with Mr. Ryan in the future were the right opportunity to arise.

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