Waterloo is incorporated in the British Virgin Islands as an International Business Company under the BVI Business Companies Act 2004. The Company is an investment holding company, whose principal subsidiary, British Caribbean Bank Limited, operates a banking business in the Turks and Caicos Islands. The Company also holds, through various subsidiaries, substantial debt interests in Leeward Resort and Marina and the Ambergris Cay development in the Turks and Caicos Islands, and the Port of Belize located in Belize. In addition, Waterloo owns a 50% share of Belize International Services Limited, a joint venture company which operates an international open shipping and company registry business in Belize. Furthermore, the Company holds an approximate 25 percent interest in a successful and market-leading edible oil processing and distribution operation in Costa Rica.

British Caribbean Bank Limited principally provides lending and deposit facilities to domestic and international customers. As at December 31, 2011, the Bank held the third largest loan portfolio of the banks operating in the Turks and Caicos Islands. The Bank provides asset backed lending to tourism related development projects, residential mortgages, and loans to service businesses. The Bank offers deposit accounts in United States Dollars, Canadian Dollars and United Kingdom Sterling.

The Leeward Resort includes nearly 20 acres of undeveloped waterfront land on the northeast coast of Providenciales, Turks and Caicos Islands directly on the Leeward Channel. The tract currently includes a turnkey condominium resort as well as attractive private beach facilities. The Leeward Marina, a modern marina which is currently closed due to works being carried out towards completion, is designed to accommodate super yachts and is located adjacent to the Leeward Resort. It is expected that the Leeward Marina will become operational as soon as construction works are completed. Ambergris Cay is a 1,100 –acre private residential island at the southeastern end of the Caicos Bank with its own 5,700 private airstrip, the longest private airstrip in the Caribbean. The island is currently also zoned for 550 home sites in neighborhoods, a small number of which have been developed to date, and has eight miles of waterfront. The Belize City port is a multi-purpose port which receives the bulk of main cargo imports into Belize such as fuel, dry bulk, steel and finished goods. As a strategy to preserve the value of the secured assets, the Company has taken the decision to enforce its security interests by placing these properties into receivership.

Waterloo’s shipping and company registry business interest operates in Belize under long-term contractual arrangements with the Belize Government. These modern computerized registries, staffed by an experienced professional team, have been operating since 1990.

The Company’s edible oils business interest in Costa Rica has been in operation for over 50 years and has an experienced long established management team. The business is a market leader in its product areas and is expected to continue to take advantage of international market opportunities and further consolidate market strength, particularly through product and positioning improvement and new product introductions.