GEORGE TOWN, Grand Cayman, 14 November 2014:

East-West Arterial Financing Confirmed. Ironwood Mobilises

Ironwood developers announce the appointment of a contracting partner and confirmed that financing is in place for the public-private-partnership with the Cayman Islands Government for the US$60 million, 10-mile East-West Arterial.

Joe Beaird, Chief Operating Officer of GLF, visited Grand Cayman this week to finalize construction contracts which will enable the start of the road construction as early as December 2014. Mr. Beaird, together with the Ironwood developers, met with Government Officials and visited the road site.

Ironwood spokesperson Denise Gower said, “Ironwood Development Group shares the optimism the Premier has recently expressed that this public-private-partnership will be completed before the end of the year and looks forward to the completion of this infrastructure project that will literally pave the way for the future of the Cayman Islands”.

GLF Construction Corporation’s excellent business pedigree and track record led to their appointment as the managing contractor for the road construction. They have a proven track record of successfully undertaking large international engineering and construction projects in both the private and government sectors, together with vast experience in the port construction arena. Their financial stability, bond ability and international experience enables them to oversee this venture where they will be employing local contractors to carry out the construction works.

GLF, a subsidiary of Grandi Lavori Fincosit SPA in Rome, Italy, regularly undertakes projects around the world, including US, Canada, Central America and the Caribbean. Most recently, GLF led the design and construction of new port facilities at New Port and Galeota in Trinidad, the construction of major roadways in southern Florida and the North Wharf of public facilities of the Port of Port–au-Prince, Haiti.

CTL Capital, LLC, a New York based finance provider, will provide the construction and permanent financing to Ironwood subsequent to the execution of the Licensing Agreement by the Cayman Islands Government.

Since its formation in 1998, CTL has completed over US$16 billion of financing for properties and projects across the United States, UK, Guam, Puerto Rico, Switzerland and Australia. CTL is currently involved in projects in Tobago, Belize and the US Virgin Islands.

For more information on Ironwood, visit our website at www.ironwood.ky. Ironwood is a US$360 million Town Centre, Arnold Palmer Championship Golf Course, residential and commercial center slated for development in the Eastern Districts.