Nassau, Bahamas - The process by which the National Insurance Board (NIB) engaged the services of Holiday Industrial Builders International Limited for the construction of the building located to the West of the Paul L. Adderley Building (“the Replica Building”) on J.F. K. drive is set out below. The procedure is consistent with the framework in place at the NIB for the award of building contracts.

The Consultant Project Managers recommended the following contractors to be invited for Pre-Qualification:

- Pyramid Construction Company Limited

- Ranmar Precision Development Company Limited

- Buildex Construction Company Limited

- Holiday industrial Builders International Limited

All candidates were required to pre-qualify.

Contractor pre-qualification documents were received on Friday, September 27,2013 and submitted to the Quantity Surveyor (“QS”) on September 30, 2013.

The QS performed a pre-qualification analysis and submitted a report thereon in October 2013.

The invitation to tender was issued to pre-qualified contractors.

Sealed Tender Documents were submitted to the Director's office.

The four (4) Sealed Tender Documents were opened by the Chairman of the Contract and Tenders Committee of the Board in the presence of the Contract and Tenders Committee members, NIB Financial Controller, Manager in Charge of Purchasing, Senior Deputy Director/Buildings, Project Manager, the QS, contractors and/or their representatives plus a number of other NIB staff members.

Tender Documents submitted to QS for evaluation and QS subsequentlyrecommended Holiday Industrial Builders International Ltd.

 NIB wrote to the Ministry of Work & Urban Development (MOW&UD) for confirmation that the figures presented by the QS as to the value of the Replica Building were consistent with current industry rates for similar construction. Confirmation in this regard was obtained from MOW&UD Senior Quantity Surveyor.

The Contract and Tenders Committee recommended that the contract be awarded to Holiday Industrial Builders International Ltd. subject to ratification by the Board of Directorsand statutorily mandated Ministerial approval.

The recommendation of the Contract and Tenders Committee was submitted to the Board of Directors to engage Holiday Industrial Builders International Ltd. to construct the proposed Replica Building, subject to Ministerial approval.

At the meeting of the National Insurance Board held on Thursday, November 28, 2013, the Board of Directors ratified the decision of the Contract and Tenders Committee, subject to Ministerial approval.

Subsequently, approvals for the Board of Director’s decision were sought, and obtained,from the Minister (as statutorily required) and the Cabinet.

It should be noted that the records of the NIB reflect that the first construction contract awarded to a company in which Mr. Lloyd Smith was principal, was Holiday Development Construction Limited. The contract was awarded in November 1994 for the construction of a local office in New Providence on the original Central Highway Inn property on Wulff Road.This building currently houses the Wulff Road Local Office.