PRESS RELEASE Luxury Resort Opens in Exuma Bahamas

On August 8,
2005, PriceSmart announced it had entered into an agreement to sell its
interest in its PriceSmart Philippines subsidiary .

government caribbean

Grand Isle Villas offers personal service that includes a concierge
escorting you directly to your villa upon check-in with a short orientation
and assistance in getting settled.

PRESS RELEASE PriceSmart Announces July Sales

4% to
$59. These statements are subject to
risks and uncertainties that could cause actual results to differ
materially, including the following risks: the Company had a substantial
net loss in fiscal 2004, a net loss in the first six months of 2005 , and
may continue to incur losses in future periods; if the Company fails to
comply with covenants governing its indebtedness, the lenders may elect to
accelerate the Company's indebtedness and foreclosure on the collateral
pledged to secure the indebtedness; the Company's financial performance is
dependent on international operations which exposes the Company to various
risks; any failure by the Company to manage its widely dispersed operations
could adversely affect the Company's business; although the Company has
taken and continues to take steps to improve significantly its internal
controls , there may be material weaknesses or significant deficiencies that
the Company has not yet identified; the Company is currently defending
litigation relating to its financial restatement; the Company faces
significant competition; the Company faces difficulties in the shipment of
and inherent risks in the importation of merchandise to its warehouse
clubs; the success of the Company's business requires effective assistance
from local business people and, as a result, existing disputes with
minority interest shareholders or other disputes with local business people
upon whom the Company depends could adversely affect the Company's
business; the Company is exposed to weather and other risks associated with
international operations; declines in the economies of the countries in
which the Company operates its warehouse clubs would harm its business; a
few of the Company's stockholders have control over the Company's voting
stock, which will make it difficult to complete some corporate transactions
without their support and may prevent a change in control; the loss of key
personnel could harm the Company's business; the Company is subject to
volatility in foreign currency exchange; the Company faces the risk of
exposure to product liability claims, a product recall and adverse
publicity; a determination that the Company's long-lived or intangible
assets have been impaired could adversely affect the Company's future
results of operations and financial position; and the Company faces
increased costs and compliance risks associated with compliance with
Section 404 of the Sarbanes-Oxley Act of 2002; as well as the other risks
detailed in the Company's SEC reports , including the Company's Form 10-Q
filed pursuant to the Securities Exchange Act of 1934 on July 15, 2005.

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S.

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For more information on Grand Isle Villas, call
1-800-699-8223 or visit the website at www. For the forty-seven weeks ended July
31, 2005, comparable warehouse sales for warehouse clubs open at least 12
full months increased 11.

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The company has plans to further manage and develop
more resort properties throughout the Caribbean.

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Grand Isle Villas also
provides guests with a personal concierge who will arrange dining, either
privately in your villa or at one of the several nearby restaurants. Although the island is quiet and remote, it is easily
accessible from Ft. PriceSmart now operates 26 warehouse clubs in 12
countries and one U.

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grandislevillas.

1 million
from $545.

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Grand Isle Villas is the perfect Caribbean getaway. Lauderdale and Miami International Airport. Grand Isle Villas is the flagship property of Grand
Caribbean Resorts.

islands dependent

Villa rates start at $1,200 per day in high season, (November 1 thru April
15) and $950 per day in low-season (June 1 thru October 31).

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(NASDAQ: PSMT) today
announced that for the month of July 2005, net sales increased 17.3 million in the same period last year.

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Great Exuma, part of the Bahamian Family Islands, is the largest island in
a chain of 365 cays.

Grand Isle Villas is a residential resort in Emerald Bay located in Great
Exuma, Bahamas.5%.

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Grand Isle Villas provides
amenities that include twice daily housekeeping, au pere service and golf
carts to use around the resort.

Turk and Caicos Islands, are a dependent territory of the United Kingdom.

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Grand Isle
Villas, located in beautiful Great Exuma, Bahamas, is a new community of 72
luxurious ocean and golf course villas located within the 500-acre Emerald
Bay Resort. The resort offers
activities including golf on the incredibly beautiful Greg Norman designed
golf course, sailing, swimming, charter fishing or exploring the many
nearby uninhabited cays.1 million from $50.

About PriceSmart

PriceSmart , headquartered in San Diego, owns and operates U.

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Grand Isle Villas offers spacious two- and three-bedroom villas which are
available for purchase and resort rentals.
PriceSmart, Inc.

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For the eleven
months ended July 31, 2005, net sales increased 12.
Certain prior period amounts may have been reclassified to confirm to the
current period presentation.

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com. To book a
reservation , call your travel professional or 888-472-6310.7% compared to
the same four-week period last year .

This press release may contain forward-looking statements concerning the
Company's anticipated future revenues and earnings, adequacy of future cash
flow and related matters.

territory caribbean

For the four weeks ended July 31, 2005, comparable warehouse sales for
warehouse clubs open at least 12 full months increased 16.

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Complimentary waters sports are also included and
pampering at the nearby spa can be arranged. territory (four each in Panama and the Philippines;
three in Costa Rica; two each in Dominican Republic, El Salvador,
Guatemala, Honduras, and Trinidad; and one each in Aruba, Barbados ,
Jamaica, Nicaragua and the United States Virgin Islands).

capital ambergris

-style
membership shopping warehouse clubs in Central America, the Caribbean, and
the Philippines, selling high-quality merchandise at low prices to
PriceSmart members. We
assume no obligation and expressly disclaim any duty to update any
forward-looking statement to reflect events or circumstances after the date
of this presentation or to reflect the occurrence of unanticipated events.

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, a
Bahamian-based resort management company , is pleased to announce the
opening of Grand Isle Villas, a new seaside residential resort.1% to $611.S.

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Grand Caribbean Resorts, Ltd. Perfect for families, honeymooners, couples and intimate
groups, these spacious two and three-bedroom villas provide the ultimate in
luxury and comfort .3 million in July a year earlier. These forward-looking statements include, but are
not limited to , statements containing the words "expect," "believe,"
"will," "may," "should," "project," "estimate ," "scheduled," and like
expressions, and the negative thereof.

territory government

Villas are pre-stocked with guests food and beverage preferences prior to
their arrival.

Grand Caribbean Resorts is a Bahamian resort management company located in
Great Exuma, Bahamas.

The Turk and Caicos Islands refer to the grouping of these islands:

Ambergris Cays
East Caicos
Grand Caicos
Grand Turk
North Caicos
Providenciales
Salt Cay
South Caicos
West Caicos

Capital City: Cockburn Town (Grand Turk)

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