Caribbean Crossings Ltd. (CCL) is an international telecommunications company that owns and operates an undersea fiber optic cable system linking four of the major islands of The Bahamas - Grand Bahama, New Providence, Abaco and Eleuthera with the continental United States. Caribbean Crossings is a wholly owned subsidiary of Cable Bahamas Ltd., a publicly traded Bahamian company: • Established in 1994; • Invested over $150 million building a fiber rich broadband network; • Annualized revenue of over $65 million (2006 fiscal year); • Profitable since 1996; • Market capitalization of over $204 million; • Provides service to over 73,000 cable television subscribers; • Provides broadband high-speed internet service to over 35,000 revenue producing units. Caribbean Crossings, established in February 2000, brought into service the Bahamas Internet Cable System ("BICS"), a 1,000-kilometer self healing, route diverse, unrepeatered fibre optic subsea network, on July 1, 2001. The entire system cost $31 million. Caribbean Crossings is fully-funded having completed a $25 million preferred share issue in July 2001. CCL had annualized revenue of over $12 million for the 2006 fiscal year. Caribbean Crossings, through its parent, Cable Bahamas, provides an all fibre optic local loop and is not reliant on the incumbent telecommunications carrier to terminate circuits in the Bahamas. Cable Bahamas Ltd. is a public company owned by 2,400 Bahamians that provides cable TV and high-speed Internet services. The company provides services on 16 different islands throughout the Bahamas.