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FOR IMMEDIATE RELEASE

NAD Closes Final Funding for Historic Airport Project

Nassau, Bahamas October 1, 2012�—Officials at Nassau Airport Development Company

(NAD) confirm they have received final funds and concluded all financing for the airport

redevelopment project at Lynden Pindling International Airport.

On August 30, the airport operators received $90 million of the $225 million debt

agreement, bringing the final round of funding to a close for the historic project valued

at $409.5 million. In May, NAD received $135 million and the remaining $90 million last

month.

With less than a month to go before the opening of stage two�—a 226,000 sq. ft.

International Arrivals terminal�—NAD looks forward to concluding a project the airport

management company began more than five years ago.

�“Receiving the final funds is significant as we move forward with the terminal build out,�”

said Stewart Steeves, President & CEO at NAD. �“Over the past five years, we�’ve worked

closely with our bankers and investment team to determine the best strategies to

secure proper funding for a project of this magnitude. We�’re proud of what we�’ve

delivered so far and extremely pleased with the public private partnership formed

between our management team and the government of The Bahamas.�”

A total of $877 million has been raised since 2007 to fund the project in 6 transactions

(both financings and refinancing). The capital structure included a combination of senior

debt and subordinated participating debt a structure that allowed rate increases

associated with the project to be minimized.

The unique financing structure secured was recognized with industry awards including

the Project Bond Finance Deal of the Year Award from Project Finance Magazine in 2009

and Jane's Airport Finance Deal of the Year in 2010.

NAD�’s financing structure is based on maintaining competitive rates at LPIA, ensuring

that no government guarantees are needed and maintaining an investment grade credit

rating. The overall financing structure also depends on the company�’s ability to continue

to grow its commercial revenue and manage its competitive rate program.

# # #

Media Contact:Shonalee King JohnsonManager, CommunicationsNassau Airport Development Company(242) 702 1061(242) 376 3617 mobileShonalee.Johnson@nas.bs

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