PRESS RELEASE

JUNE 22, 2009 – Connolly Zahm Properties Ltd. (CZP) today announced it has merged with Turks and Caicos Sotheby’s International Realty to form the Turks & Caicos’s most dynamic luxury real estate brand.
The combined firm will operate as Turks and Caicos Sotheby’s International Realty.

CZP, which recently celebrated its 10th Anniversary, has held the dominant market share position in the expanding TCI luxury condominium sector for the past several years, posting sales in excess of $400,000,000 since its inception. Its CZP Collection has become highly-respected in the TCI, and has included properties such as The Villas and Estate at renowned Grace Bay Club, Seven Stars, West Bay Club, Villa Renaissance, Le Vele, West Bay Club, and Gansevoort, as well as HAB Group’s newly launched The Vellagio.

“The merger of these two fine firms creates one of the most dynamic and successful luxury real estate companies in the Caribbean,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “The Turks and Caicos market is a significant attraction for the Sotheby’s International Realty® clientele, and I am very excited about how this newly-created organization will be able to serve them even more effectively.”

New Turks & Caicos Sotheby’s International Realty’s president and broker Joe Zahm explains, “CZP has had a great run over the past decade, and in looking forward we felt our clients would benefit from the iconic Sotheby’s International Realty brand, which in the Turks and Caicos has had a wonderfully diverse portfolio, including land and villas throughout the archipelago.”

“The Sotheby’s International Realty brand really is commensurate with the caliber of world-class properties we represent,” adds vice president Nina Siegenthaler – Borges. “And we’re confident its international reach and unparalleled marketing support will optimize our success in a great long-term market.”

Director / sales executive Karen Biker remarks, “We saw the opportunity to become the preferred luxury brokerage in the Turks & Caicos by merging with CZP and are excited about the prospects for the future. Our general brokerage experience combined with CZP’s track record in luxury resorts and condominiums will create a potent combination for many years to come.”

The Turks & Caicos Sotheby International Realty’s flagship office, designed by SWA, is ideally located at Venture House on the prestigious Grace Bay strip at the corner of Grace Bay Road and Ventura Boulevard. Enter the classic Bermudian-style building and the 20’-high vaulted ceiling creates an airy space that welcomes prospective buyers, while more intimate conference rooms allow for thoughtful client development. Turks & Caicos Sotheby’s International Realty will also maintain onsite offices at the acclaimed Grace Bay Club and Seven Stars.

The Sotheby’s International Realty network currently has more than 10,200 sales associates located in nearly 500 offices in 39 countries and territories worldwide. Turks and Caicos Sotheby’s International Realty listings will be marketed on the sothebysrealty.com global Web site. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs.

Contact: Joe Zahm, President
Phone: 649.946.4474
Email: info@tcsothebysrealty.com
Website: www.turksandcaicossothebys.com