Eleuthera

Royal Island, Bahamas

Nicklaus & Staubach Team Up on Private Golf Course in Bahamas

DALLAS, Texas, and NORTH PALM BEACH, Fla. (10/10/2006)

Cypress Equities, developer of Royal Island in the Bahamas, announced today that Jack Nicklaus and Nicklaus Design, the world's leading golf course design firm, have selected Royal Island as the site for the first Jack Nicklaus Golf Club.

Royal Island is a 440-acre uninhabited island situated approximately 190 miles east of Miami near Harbor Island and Eleuthera Island. Cypress Equities, the development affiliate of The Staubach Company, which is the global real estate advisory firm founded in 1977 by NFL Hall-of-Fame quarterback Roger Staubach, announced in May of this year its purchase of Royal Island and plans to develop an ultra-luxury resort and private club residential community. As an exclusive community with private residences and club, 300-slip marina and boutique hotel and spa, the island will become the premier destination in the Bahamas.

Although the centerpiece to this community will be a Jack Nicklaus Signature Golf Course, one of the unique and differentiating aspects to Royal Island will be its status as the first Jack Nicklaus Golf Club.

The Jack Nicklaus Golf Club was created as an exclusive access and reciprocity program for a limited number of elite Jack Nicklaus Signature Golf Courses located in ideal markets around the world. Royal Island will be the first of only 25 participating clubs worldwide selected by Jack Nicklaus and given this special designation.

Never before has a club been branded with the Jack Nicklaus name, and as part of this unique license, Royal Island will be able to leverage this exclusive advantage in marketing its real estate, golf memberships and resort amenities. The Club can also offer Founder Members reciprocity at other Jack Nicklaus Golf Clubs, as well as access to a Nicklaus Home established on each property for use by Jack Nicklaus, his family and other JNGC Founder Members worldwide.

Locations for future Jack Nicklaus Golf Clubs will include some of the world's most sought-after markets and destinations, and will likely encompass five continents and as many as 18 different countries.

“Royal Island is Cypress Equities' first resort development so we are thrilled to be selected by Jack's team for the first Jack Nicklaus Golf Club,” said Roger Staubach, Chairman and CEO of The Staubach Company.

“They are, without question, the top golf course designers in the world and we are happy to provide them with an ideal location--a beautiful jewel of an island in The Bahamas--for this exciting golf course concept. Personally, I am excited about teaming with Jack Nicklaus. I have long been an admirer of his achievements both on and off the golf course, and look forward to working side-by-side with him to create a resort of unparalleled quality and distinction.”

As an exclusive real estate development, Royal Island will incorporate the unmatched beauty of the island including rocky cliffs, breath-taking beaches and spectacular ocean views. The residential portion will include single-family estate sites tucked into private enclaves, all with ocean views. The 18-hole Signature Golf Course will be designed as a “core” golf experience; most of the holes will offer unrestricted views of the ocean. The development will also include a private clubhouse, and luxury, 80-key boutique resort hotel with deluxe spa and both fine-dining and casual restaurants. As one of the few islands with a natural, deep-water harbor, Royal Island will also include a marina able to accommodate yachts ranging from 20 to over 200 feet in length. A village center of retail shops and amenities will provide the social hub for the island community.

“Our family has fished in the Eleuthera area for many years, and it is one of my favorite parts of the Bahamas to visit,” Nicklaus said. “The actual island that makes up nearby Royal Island is beautiful, highlighted by a great natural harbor. The island is well protected, and its location is ideal. It is private, almost secluded, yet there is an airport in North Eleuthera just a few minutes' boat ride away. So there exists a perfect combination of privacy and convenience.

"The property on which we will do the golf course provides great vistas, and is a wonderful natural canvas that gives us the opportunity to do a very nice golf course and a centerpiece for a truly special project.”

Construction on the Royal Island marina is anticipated to start in early 2007. Construction will begin on the golf course, as well as the hotel and homes, by mid-2007.

“For me, personally, I am very much looking forward to the opportunity to work with a man I have admired and respected for many years, and someone I have considered a friend for many years--Roger Staubach,” Nicklaus said. “During his NFL career, I admired Roger for the kind of athlete, leader and role model he was. I have also admired Roger for how he has taken his leadership abilities, applied them in the business world, and has enjoyed an enormous amount of success. We have never had the opportunity to work together on something, and now, with Royal Island, I am not only fortunate to design the golf course but we get to partner in the project. I think we are going to have a great deal of fun and hopefully produce something very special for people to enjoy for many years to come. To be a part of a partnership that will bring to life Royal Island and the first Jack Nicklaus Golf Club in the Bahamas is significant to our organization, and certainly to me.”

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