J.P.Morgan Investment Banking

INTRODUCTION Introduction Over the past two weeks we received the financial information necessary to complete our valuation analysis We used the management Upside Case as a basis for our valuation analysis The Upside Case includes certain projects that we believe will occur with a high degree of probability In addition, have calculated two sensitivity cases Adjusted Upside Case 10% upside in 2006 on Atlantis, Paradise Island over management's Upside Case EBITDA projections Franchise value JPMorgan Additional upside from franchise value of Atlantis brand Development of two additional large scale resorts PROJECT PLATO 2

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