CONSTRUCTION OF NEW BEACH CLUB COMMENCES AT TUCKER'S POINT CLUB 
BERMUDA

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July 25, 2002

Construction has begun on a new, private beach club at the $250-million Tucker's Point Club in Bermuda. When completed in Summer 2003, the Tucker's Point Beach Club will offer its members and guests outstanding facilities. The Beach Club is part of the growing golf, beach and tennis facilities at Tucker's Point Club, Bermuda's newest ultra-luxury resort, private club and residential community.

The new Tucker's Point Beach Club will feature a self-contained clubhouse built in traditional Bermudian style with added tropical accents. Beach Club amenities will be comprehensive and will include the largest private beach in Bermuda; a freshwater "horizon" swimming pool with exceptional views of the South Shore Beach and Atlantic Ocean; separate changing and locker areas with private showers; a covered outdoor bar and lounge; and an intimate restaurant with covered dining terrace.

"The new Beach Club will serve as a retreat for members, their families and their guests," said Bruce Fraser, General Manager of the Tucker's Point Golf, Beach & Tennis Club. "Situated in a natural cove adjacent to the scenic Natural Arches, the Beach Club is one of Tucker's Point Club's many recreational facilities that draw on the site's magnificent backdrop."

A full range of additional amenities beyond the Beach Club will be available at the Tucker's Point Golf, Beach & Tennis Club. These include a new 18-hole championship golf course designed by Roger Rulewich; a new 20,000-square-foot golf clubhouse featuring verandah dining; a new 14,000-square-foot, state-of-the-art spa; and four Har-Tru "clay" tennis courts and a tennis clubhouse.

Membership in the new Tucker's Point Golf, Beach & Tennis Club is offered by invitation only. For membership inquiries, please write to Bruce Fraser, General Manager, Tucker's Point Golf, Beach & Tennis Club at P.O. Box HS 101, Harrington Sound, Bermuda HS BX.

Tucker's Point Golf Course is a joint venture comprising the Tucker's Point Club and Buena Vista Hospitality Group (BVHG), an international hospitality and golf management company based in Tampa, Florida. BVHG's extensive experience dates back to the early 1970's. The company has attracted such renowned projects as PGA National Resort & Spa, headquarters of the PGA of America; LPGA International, home of the ladies Professional Golf Association; Buena Vista Palace Resort & Spa and East Hampton Golf Club. BVHG has been awarded an exclusive license by the PGA (U.K.) for the creation of high-end golf properties to be branded "PGA International Resorts". Additional information on BVHG can be found on the company's website www.bvhg.com or by contacting Mike Frost, CEO, 2910 W. Bay To Bay Blvd., Suite 200, Tampa, Florida 33629. Phone (813) 221-7535; Fax: (813) 222-8344.

Tucker's Point Club is set on 200 acres of one of the largest, premier parcels of land in Bermuda. The principal investors in Tucker's Point Club are Bermuda Properties Ltd., which has owned and operated the property since 1958, and Argus Insurance Company. For residential sales inquiries, call the Tucker's Point Club Sales and Information Centre at (441) 298-6915, or e-mail sales@tuckerspoint.com. The centre, located on-site, is open daily, by appointment. Information is also available on the Tucker's Point Club web site at www.tuckerspoint.com

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