2021 Legislative Luncheon - Dart Remarks

2021 CHAMBER LEGISLATIVE LUNCHEON REMARKS

By Jackie Doak, Dart President Business Development 12 p.m. Thursday, 8 July 2021 Kimpton Seafire Resort + Spa

“The best time to plant a tree was 20 years ago. The second best time is now.” For us at Dart, this Chinese proverb personifies what we have done and what we continue to do. We focus on today while also looking ahead to the needs of the future.

I would like to share a story about our company - a company that chose to relocate its family office to the Cayman Islands in 1993 which is now the location of our global headquarters.

Over the years, our real estate development portfolio has expanded globally, and includes a range of asset classes: hospitality, office, residential, and retail.

Here, in the Cayman Islands, we have invested in excess of US$1.5 billion and outside of Cayman we have invested more than US$2.3 billion in gateway locations such as London, NYC, Houston, Orlando and Washington D.C. I am now going to take you back in time, 25 years ago, to 1996 when we were master planning Camana Bay, a project that was known at the time as the West Indian Club.

Ken Dart had a vision of a town that would blossom and become a community hub, a gathering place for people, and reinforce Cayman’s position as a world leader in financial services. This vison resulted in a multi-generational commitment to the economic, social and environmental sustainability of the Cayman Islands.

Back then, Dart undertook an Environmental Assessment, almost two decades before the passage of the National Conservation Act. As we all – Dart, the Department of Planning and the Department of Environment – understood then and understand now the importance of balancing and considering all aspects of sustainable development.

The Environmental Assessment report looked at the impact on water quality, terrestrial habitat, mangrove habitat, shallow marine resources and socioeconomic implications. Over a two-year period of intensive planning and research, we met with multiple focus groups including the civil service, statutory authorities, utility companies, the National Trust for the Cayman Islands, industry bodies, and residents.

DART ENTERPRISES LTD. PHYSICAL ADDRESS: 89 NEXUS WAY, CAMANA BAY, GRAND CAYMAN, CAYMAN ISLANDS MAILING ADDRESS: SUITE 771, 10 MARKET STREET, CAMANA BAY, GRAND CAYMAN, CAYMAN ISLANDS, KY1-9006

As a result, we agreed the framework and development intent for Camana Bay through master planning of a phased development over a minimum of 10 –20 years which then received planning approval.

When we look at our flagship development, Camana Bay, you now see that we do what we say we will do.

We planted the trees more than two decades ago, creating a nursery where we continue to propagate plants, many local and indigenous species, that are seen on our properties and community parks – adding character, providing shade and comfort while paying homage to our heritage.

Camana Bay’s continued evolution into the community you see today is aligned with our development plan, the growth of Grand Cayman and market demands.

Camana Bay represents four pillars of sustainability which exist throughout our developments: land stewardship, smart design, outdoor spaces and renewable energy – all of which require holistic, long-term planning.

Camana Bay, was envisioned as and is now a place where life blossoms.

It is clear that in the last 25 years we have proven that our development intent is multigenerational, that we are committed to sustainable development, and that we do not develop for short-term profit.

If we were merely in pursuit of short-term profit, we would have joined in the line of condos that have been and are being developed on Seven Mile Beach especially during times of demand, just building and flipping – but we did not do that. The only development that we have undertaken on Seven Mile Beach is the Kimpton Seafire Resort + Spa and The Residences of Seafire: A development that aligns with the principles of climate resiliency, with deep setbacks, elevation and open space; A development that acts as an economic engine, it has contributed millions of dollars in tourism accommodation tax to the government and will continue to do so once our borders reopen.

We are not an insular developer, focusing only on our lands. Instead, we collaborate with our community, the private sector and government to ensure current and future infrastructure needs are met through public-private partnerships such as the NRA Agreement.

2

We have invested in road infrastructure to alleviate traffic congestion – starting with the Harquail Bypass, the Esterley Tibbetts Highway expansion to Batabano and now the Airport Connector Road. We participated the expansion of the airport runway and Dart is leading a consortium of local and international experts to deliver the Government’s vision for a sustainable solid waste solution – ReGen, Cayman’s Energy & Recycling Centre.

The Cayman International School has seen two expansions since it opened in 2006, with capacity for over 1000 students.

Just last year we welcomed the new, flagship Foster’s store at Camana Bay. Recently, we have made lands available for the expansion of healthcare, with Health City Camana Bay and Aster Cayman Medcity to the north.

What I am speaking to you about is bigger than Dart as a real estate development company in the Cayman Islands. It is Dart’s commitment to sustainability.

At Dart we believe that an Environmental Management Framework would help balance the country’s environmental, social, and economic interests by providing a clearer roadmap for sustainable development that aligns with the goals of existing and future legislation such as the national development plan and the National Conservation Act. On one end of the spectrum, there are lands and habitats which are highly sensitive and of significant environmental importance which absolutely need to be protected, and on the other end of the spectrum, there are lands which, if developed, have the opportunity to provide the greatest economic benefits to the country. In the middle, where the value is not as clearly defined, having such a framework would be invaluable to guide the decision making.

A comprehensive Environmental Management Framework informed by all stakeholders, that reflects a shared vision for the future, would provide clear guidance on how land can be developed, managed or protected, and give much-needed certainty and clarity to both conservation groups and land-owners.

The current lack of clarity not only leads to uncertainty, it has created unnecessary polarisation in the community. Our perspective is that the division seems more intense than it actually is, when ultimately, the majority of the community is seeking the same broad outcomes of sustainable development for our Cayman Islands

3

Part of sustainability is economic resiliency. We have been an economic driver in recessionary times such, as in 2008 after the global financial crisis. In the years afterward, Kimpton Seafire Resort + Spa – Cayman’s first new hotel built in 10 years – opened in 2016, creating jobs and opportunities for local partners, and acting as an economic multiplier for other businesses.

We focus on resiliency and recovery to address the shocks that impact our island from time to time, like Hurricane Ivan and what we are now experiencing with COVID-19.

As a result of the COVID pandemic, we formed and funded the R3 Cayman Foundation, for Cayman’s recovery, relief and resiliency, and provided financial contributions to Government for critical supplies as well as logistical support.

Like most businesses, we have been negatively impacted by the financial implications of the pandemic, especially in the hospitality sector. However, we remain committed with a long-term perspective to see this through.

Plant a tree now, and you can be sure someone will sit in its shade when it is full grown. This also speaks to the investment Dart has made in our people and our future leaders. Such as our investment in the Cayman International School, which plays a role in planting the seedlings of the country’s future workforce. We have mapped our investment activities in Cayman to the United Nations Sustainable Development Goals. Consistent with this, we are launching a new Minds Inspired programme, the Sustainable Development Goal Challenge, throughout local high schools later this year, so our future leaders can share the Sustainable Development Goals they believe the country should invest in. They have an important voice.

Indeed, our educational programmes and community initiatives like Minds Inspired, Dart Scholars, Dart Grants and Work X are bearing fruit, producing meaningful contributions to our society. Our Dart Scholars Julian Solomon and Kelsie McLean are two shining examples.

After all you have heard today about Dart’s commitment & contributions to the Cayman Islands, actually, not just heard but experienced in some way over the last 25 years – we often hear the question: “Who are we developing for?”

And while that’s a very good question, the question we ask ourselves is: “Who are we investing in?”

Dart’s business investments and activities are an investment in Cayman’s future, providing opportunities for shared prosperity for all of us in this room, our children, our grandchildren, and future generations.

4

We are investing in tourism, the visitors who come to our shores and financial services; in the business community, that thrives in the environment the Cayman Islands has created and sustained; in emerging industries such as technology and film.

And we are investing in our communities and our people.

We know that we are a small, yet powerful group of islands with amazing people. Collectively we need to continue to work together to find solutions to national issues that need to be addressed now that are imperative to our future that cannot be addressed by government or the private sector alone – poverty, crime, education, health care, infrastructure, climate change, the environment and sustainable development.

Caymanians have always embraced those who have come to these islands and contributed to its wellbeing and for that we are grateful as it has created a diverse melting pot that has made Cayman successful.

In the 90’s Mark VanDevelde, our Chief Executive Officer, and Jim Lammers, our managing director at the time, shared Ken Dart’s vision for the town of Camana Bay. Over the last 25 years, that vision has become a reality.

We are proud that our global company is headquartered in the Cayman Islands. We are owned by a Caymanian, led by a board of Caymanians and we employ more than 600 Caymanians.

Cayman is our home and we remain committed to shared prosperity and the wellbeing of this country.

“The best time to plant a tree was 20 years ago. The second best time is now.”

Please join us in planting trees for future generations by planting the native seedlings you received at today’s event. Make it a family event, take a picture and share it with us by tagging #dartky. I would also like to acknowledge Francois Sevenster who leads our Dart Nursery team for providing us with the seedlings today.

"Never doubt that a small group of thoughtful, committed people can change the world.

Indeed, it is the only thing that ever has." - Margaret Mead. ###

5

For media enquiries, please contact Hannah Reid, Public Relations Manager at Dart Enterprises Ltd. on hannah.reid@dart.ky or 345.325.3311

6