2004 Year Book - Homepage - Jamaica Stock …...JSE 2004 YEAR BOOK O 8 n the occasion of its 35th anniversary, the Bank of Jamaica takes pleasure in congratulating the Jamaica Stock

JSE 2004 YEAR BOOK

JSE 2004 YEAR BOOK 1

JSE 2004 YEAR BOOK2


2004 YEAR BOOK

The Jamaica Stock

Exchange

ANNIVERSARY EDITION

JSE 2004 YEAR BOOK4

2004 YEAR BOOK

The Jamaica Stock Exchange

CONTENTS

Year in Review 2004 20 Economic Highlights and Stock Market Performance

STOCK 24 A Five Year History of Trading ActivityMARKET 28 Month-End Stock Price QuotationsACTIVITY 34 Year-End Stock Price Quotations

36 Year-End Corporate Bond Quotations38 Annual High & Low Stock Prices

STOCK 42 Monthly Volumes and ValueMARKET 43 Monthly Index & Trading AveragesDATA 44 Top Twenty Companies: By Market Capitalization,

Volume and Value48 Twenty Most Active Stocks for 200448 Block Transactions For 200450 A Five Year History of Dividend Summary52 Bonuses, Splits and New Issues: A Five Year History

COMPANY 54 Corporate Data: Issued Capital, Par Value and DueDates

PROFILES & PERFORMANCE 56 Top Twenty Companies: BY Sales, Pre-Tax Profit and After-Tax Profit

58 Corporate Profit Profile: 2003 vs. 200460 Monthly Trading Volume and Values68 How This Book’s Statistics are compiled71 Historical Profile, Corporate Information and Financial

Data

JSE DATA 1 Listing Fees and Trading Charges1 JSE Statement of Corporate Governance Principles

And Practices1 Index to Advertisers 1 Members of JSE Council

JSE’S 5 Messages35TH Anniversary 12 JSE History & Scope of Operations

16 JSE Over The Years In Pictures

The Jamaica Stock Exchange Yearbook is published annually by the Jamaica Stock Exchange, 40 Harbour Street,P.O.Box 1084, Kingston, Jamaica. Telephone: (876) 967-3271/Fax: 924-9090. Visit us at: www.jamstockex.comCopies of the Book may be obtained by contacting the Jamaica Stock Exchange. Cover Design and Book Layout: Richard Paisley


JAMAICA STOCK EXCHANGE: 35TH ANNIVERSARY

ations develop, grow and prosper when the relevant institutions are

put in place and inspire and help the people to use their creative

powers. As a relatively young nation, we have been blessed with

institutions like the Jamaica Stock Exchange, which because of the integri-

ty and skills that have been demonstrated, have helped individuals and

businesses to understand the processes that are used by the developed

world..

In thirty-five years, with proficiency, insight and vision, the Jamaica Stock

Exchange has managed to maintain integrity and to help our people to

compete with the rest of the world.

Indeed, it is remarkable that the operation has created such confidence that enabled it to spear-

head the formation of the Caribbean Stock Market Association. In the Jamaican context, we should

consider it an honour bestowed on us when we are asked to lead this aspect of regional integra-

tion.

The Stock Exchange has been a valuable tool in the growth of the economic sector. Facilitating the

expansion of companies and investments and therefore savings, which redound to the benefit of the

nation. It offers a good indication of what is happening in the economy. As such I ask that greater

emphasis be placed on public education so that a wider cross-section of the population can better

understand its value.

I do commend all those persons who have initiated and led this field of our economic endeavours

and I do wish that they will manifestly exhibit the characteristics that will lead to further growth

and development.

Howard Cooke

GOV ER NOR -GENER AL' S MESSAGE

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6

congratulate the management and staff of the Jamaica Stock Exchange

as the organization celebrates its thirty-fifth anniversary. Over the past

thirty five years the Exchange has enabled investors in the stock market

to make wise investment decisions by providing them with adequate infor-

mation on the performance of the companies listed as well as an open and

properly regulated market within which they can operate.

The Jamaica Stock Exchange has experienced significant gains over the

years and has effectively managed many challenges resulting from changes

in the local economy.

This has enabled the Exchange to respond positively to changes at the regional level, including

the establishment of the Regional Stock Exchange. The Exchange has received many accolades

and in 1992 was named the top Stock Exchange surveyed by the International Finance

Corporation.

This success is the result of sound management practices and principles as well as adherence to

the regulations governing the Stock Exchange. It comes as no surprise therefore that the Jamaica

Stock Exchange is a leader in the region.

As a corporate citizen the Stock Exchange has remained committed to the development of down-

town Kingston as it has contributed significantly to the development of several communities

through various outreach activities. The Exchange is also actively involved in other projects that

will be of benefit to the wider society and must be applauded for its recent contribution to the

improvement in the delivery of health care at the University Hospital of the West Indies by way of

a one million dollar donation towards the construction of two new operating theatres at that insti-

tution.

I commend the Management and staff of the Jamaica Stock Exchange for their dedication to

Jamaica and for their hard work in making the Exchange a success. May you have a happy

anniversary.

P.J. Patterson

PRIME MINISTER

MESSAGE FR OM

MOST HON. P. J. PATTER SON ON, P C, QC, MP

P R IME MINISTER

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he establishment of the Jamaica Stock Exchange in 1969 was a time-

ly initiative. Over the preceding ten years Jamaica experienced a

surge in new business largely in manufacturing. These new business

ventures were quick to take advantage of the generous tax holidays provided

by Government as incentives to new business and operations and the high

import duties to discourage imports so that locally manufactured goods

could find a strong market.

At the same time, foreign financial institutions, banks and insurance compa-

nies were converting from foreign to Jamaican ownership, creating further

business ventures for listing on the Stock Exchange.

From this small start, the Stock Exchange has grown to great prominence through more listings, as

well as the modernization of legislation designed to facilitate investment.

More recently, the Exchange has introduced advanced technology to speed up transactions in buy-

ing and selling which has encouraged greater participation.

The thirty-fifth anniversary of the Jamaica Stock Exchange coincides with a period of unprece-

dented buoyancy in the performance of the Exchange. It enjoys great credibility now as a finan-

cial institution. Long may it continue to do so.

Edward Seaga

June 7, 2004

MESSAGE FR OM THE LEADER OF THE OP P OSITION

THE MOST HON. EDWAR D SEAGA, ON, P C, MP

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JSE 2004 YEAR BOOK

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n the occasion of its 35th anniversary, the Bank of Jamaica takes

pleasure in congratulating the Jamaica Stock Exchange on the signif-

icant contribution that it has made to the development of the local and

and regional capital markets. We also congratulate the Jamaica Stock

Exchange on the role that it has played in helping to facilitate the efficient

allocation of resources in the Jamaican economy.

Over the years since its establishment in 1969, the Jamaica Stock Exchange

has been a major source through which a number of Jamaican companies

have been able to raise capital for development. The effort to develop the

Jamaican stock market to the benefit of the Jamaican economy has resulted

in the increase in market capitalization,which has risen from J$146 million

at the end of 1969 to J$7.3 billion at the end of 1990 and to J$513 billion at the end of 2003. There

can therefore be no doubt that the Stock Exchange has become a critical element of the Jamaican

financial infrastructure, essential for the mobilization of savings and for channeling capital to the

most profitable investments while also helping to stimulate confidence in the financial sector.

The association between the Jamaica Stock Exchange and the Bank of Jamaica goes back to 1962

when the first formal securities market and predecessor to the Jamaica Stock Exchange - “The

Kingston Stock Market Committee”, was established by the Bank of Jamaica. Since then, the Bank

of Jamaica has remained a foundation member of the Board of the Stock Exchange. But aside from

this association there is also the natural link between monetary policy and the stock market that

derives from the sensitivity of stock prices to macro-economic conditions. Experience elsewhere

has shown that stock prices can have adverse implications for the economy and consequently, they

are among the closely watched asset prices. From the point of view of the economy the Bank also

pays close attention to the impact of stock market activities on developments in the real sector and

is mindful of the important role that the Stock Exchange plays in enhancing good corporate gov-

ernance among the companies under its surveillance.

An important arm of the financial sector, we recognize that the Jamaica Stock Exchange like other

institutions in the sector has had to face significant challenges especially those associated with the

technological changes that has facilitated the rapid movement of capital and the transformation of

the global financial system. It is clear that the Jamaica Stock Exchange has successfully adapted

to the global changes and to the evolving financial environment in Jamaica with significant

strengthening and expansion of the institution and its operations. In this regard, we note in partic-

ular the introduction of the electronic trading system, the development of enhanced standards of

reporting and accountability for listed companies, the establishment of a Compensation Fund to

protect investors and the facilitating of inter-depository movements of cross-listed stocks within the

region. We also recognize the initiatives that have been taken by the Jamaica Stock Exchange to

promote the development of a regional stock exchange in the Caribbean.

The Bank of Jamaica is particularly pleased to have been associated with the development of the

Jamaican stock market and wish that the experience and achievements of the last 35 years will con-

tinue to guide and position the Stock Exchange to meet the new challenges that are ahead.

MESSAGE FR OM THE HON. DER ICK LATIB EAUDIER E

GOV ER NOR , BANK OF JAMAICA




MESSAGE FR OM R OY L. JOHNSON

EX ECUTIV E CHAIR MAN, JAMAICA STOCK EX CHANGE

he Jamaica Stock Exchange over the last 35 years has grown to posi-

tion itself as one of the leading well-regulated, stable, profitable

emerging stock exchanges. It has made significant transitions and

development over these past 35 years and has kept pace with inter-

national trends and standards.

Over the years, our success has been based on visionary policies, competent

and committed staff, dedicated leadership and an acute sense of our public

responsibilities.

The Jamaica Stock Exchange can boast of efficient settlement of transac-

tions, smooth transfer of ownership, and a proud record of integrity and fair

play which has engendered confidence in the market.

The JSE, through the establishment of the Jamaica Central Securities Depository, has provided

purchasers of shares a sense of security with the reduction of settlement risk and reliable custody

of securities.

Indeed, over the last five years, the Jamaican market has consistently been one of the fastest grow-

ing in the world. The Exchange has seen rapid and consistent growth in the value of shares listed,

and continues to attract expressions of interest from companies which recognize the advantages of

being publicly listed.

Notwithstanding these remarkable achievements there appears some reluctance on the part of the

Government to use the facilities of the JSE in its divestment programme. We will continue to dia-

logue with policy-makers and private companies while pursuing an active programme of public

education to ensure a greater awareness of the value of our institution.

The JSE has embraced the vision of a regional stock market and is working with other Caribbean

Exchanges and the CARICOM Secretariat to accomplish this in advancement of the objectives of

the Caricom Single Market and Economy.

We remain committed to providing an easily accessible, efficient market for the users of capital and

we continue to encourage a wider ownership of wealth creating entities by ordinary Jamaicans.

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MESSAGE FR OM MAR LENE J. STR EET

GENER AL MANAGER , JAMAICA STOCK EX CHANGE

he Jamaica Stock Exchange is a private company with a public

responsibility to serve all of the nation's constituents. We at the JSE

are proud to see the confidence placed in us by local and foreign

investors, listed companies and the public at large, as we continue

to fulfill our mandate, embodied in our mission statement: 'To provide a fair,

efficient, ethical and transparent medium for the conduct of a viable secu-

rities market that facilitates the mobilization of capital to finance the

growth and development of the nation.'

Over these thirty-five years, companies listed on the Jamaica Stock Exchange

have seen a significant appreciation in the value of their shares

when compared to companies listed on other emerging Exchanges. We have made the paradigm

shift in our trading operations, from a manual one to an electronic and more efficient trading plat-

form.

Many investors are now rationalizing their investment options and placing equities as the main

part of their portfolio. This confidence is reflected in the increasing utilization by investors of the

facilities of the Jamaica Central Securities Depository Ltd.,(JCSD) a wholly owned subsidiary of

the JSE, through which transactions are settled and securities held.

We will continue to advance the cause for the development of the Jamaican capital market and

promise to remain focused on our essential responsibility towards the public.

We have done 35 years and promise those who depend on us that we will continue to ensure that

the faith placed in us is justified, as we move forward in this the 21st Century and beyond.

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JSE HISTORY AND SCOPE OF OPERATIONS

THE OFFICIAL OPENING: PrimeMinister the Rt. Hon. P.J. Patterson(foreground) cuts the ribbon to offi-cially open the new Jamaica StockExchange Building on October 2,1996. Looking on are: The Very Rev.Canon The Hon. Weevil Gordon, C.D.,Custos of Kingston; Mr. ChristopherBerry, CEO, Mayberry InvestmentsLtd.; partly hidden, the Hon. ErrolEnnis, M.P. and Mrs. Rita Humphries-Lewin, then JSE Chairman.

FIRST OFFICIAL TRADE: Willard Samms, JSE founding member of the firm Annett &Company, signs the floor slip for the first official transaction of the Jamaica StockExchange on February 3, 1969.

A LEADING JAMAICAN INSTITUTION

he development of the Jamaica Stock Exchange (JSE) has been vibrant and marked with historic high-

points. Indeed the JSE is the only securities exchange in Jamaica and the first in the English-speak-

ing Caribbean to have an electronically traded platform, linked to a Depository allowing for the

seamless trading and settlement of transactions.

The seeds for the birth of this dynamic organization were planted by the island's Central Bank, the Bank of

Jamaica, with the establishment of the first formal securities market, the Kingston Stock Market Committee

in 1962 which quoted 17 companies. This Committee had members from two stockbroking firms and five

commercial banks.

On August 14, 1968, the Jamaica Stock Exchange was incorporated as a private limited liability company

and trading began in February, 1969 with 34 companies listed. The Exchange is owned by its stockbroker

members and is presently governed by a fifteen-member Board of Directors known as the Council. The Board

is comprised of a nominee of the Governor of the Bank of Jamaica; a representative of the Ministry of

Finance & Planning, ten representatives of broker-members and three other persons.

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It was in September 1986 thatthe Grace Kennedy's CarltonAlexander (deceased) placedhis company's name on theListing Board of the JSE.

Over the past thirty-five years there has been tremendous growth in trading activity although the Jamaican

stock market has had its peaks and troughs. In the decade of the 1970s, shortly after trading on the JSE

began, little activity was recorded but it is noteworthy that many of the original 34 listed companies still

remain listed and have shown significant growth.

The 1980s saw a rise in market activity and by December 1989, the JSE index reached what was at the time

an all time high of 2,592 points. The period of the 1990's was one of rapid strides. In 1992, the Jamaican stock

market was the top market surveyed by the International Finance Corporation with an index gain of 202 per

cent. Market capitalisation had grown from J$7.2 billion at the end of 1990 to about J$58 billion at the end

of November 1992.

A subsidiary, the Jamaica Central Securities Depository (JCSD) was established and began operations on

June 1, 1998 to smooth out back office operations. It is a facility for holding securities which enables share

transactions to be processed by book entry.

The turn of the century has seen tremendous strides in the growth of the market with the index reaching an

all-time high of 100,000 points and the cross listing of several shares in other Caribbean markets. At the end

of 2003, market capitalization stood at over J$512 billion with over 35,000 transactions taking place over

that period. There are far-reaching plans for the future and further development of the JSE which has become

the beacon of equities trading in the Caribbean.

Among the main objectives of the JSE are:

A.To promote the orderly development of the stock market and the Stock Exchange in Jamaica;

B. To ensure that the stock market and its broker-members operate at the highest standards and to develop,

apply and enforce rules designed to ensure public confidence in the stock market and its broker-members;

C.To provide facilities for the transaction of stock market business and to conduct research, disseminate rel-

evant information and maintain local and international relationships to enhance the development of the

Jamaica Stock Market.

MEMBERS OF JSE BOARD 2005:

Mr. Roy L. Johnson (Executive Chairman); Mr. Curtis Martin (Deputy Chairman); Mr. Christopher Berry;

Miss Dian Black Mr. Hugh Croskery; Mrs. Rita Humphries-Lewin; Mr. Garth Kiddoe; Mr. Ed McKie; Mr.

Donovan Perkins; Miss Hilary Phillips, Q.C.; Mr. Garfield Sinclair; Mr. Collin Steele; Mrs. Faith Stewart;

Mr. Christopher Williams; Mr. Leo Williams;Mrs. Marlene Street(General Manager/Secretary)



40 Harbour Street, Home of the JSE.

The old Trade Floor with its Open Outcry System.


TIME LINE OF THE JAMAICA

STOCK EX CHANGE

1940s'Securities trading begin in Jamaica as anover-the-counter operation conducted bybrokers, bankers, lawyers and otherinvestors.

1962First formal securities market, theKingston Stock Market Committee,is established by Bank of Jamaica.

August 14, 1968The Jamaica Stock Exchange isincorporated as a private limitedliability company.

February 3, 1969Trading begins with 34 companieslisted.

June 1969The JSE Composite Index, the market'smain indicator of performance is first calculated (100 points).

1992The Jamaican stock market is the top market surveyed by theInternational Finance Corporation with an index gain of 202 per-cent.

March 1993The Securities Act is passed by theHouses of Parliament and becomeseffective in December 1993.

1994JSE marks 25 years of existence.

October 2, 1996.Official opening of the new JSEBuilding.

February 25, 1997.The JSE places its website (www.jamstock-ex.com) on the world wide web, opening upthe market to the international financial com-munity.

June 1, 1998A subsidiary, the Jamaica Central SecuritiesDepository (JCSD) is established and begins tosmooth out back office operations.

February 2000Implementation ofSunrise, the JSE'sfully automatedtrading system

June 1, 2000A new JSE Index - The Jamaica Select Index -comprising the 15 most liquid stocks is intro-duced on June 1. The JSE Select Index com-prises and reflects only the performance of thefifteen most liquid stocks in the market.

May 2000The JSE All Jamaican Composite Indexwhich includes only Jamaican companiesis introduced. The two new indices gives atruer reflection and reading of the market'sperformance.

January 2001Five-day trading week is re-intro-duced.

2001Council issues four shares to new members:

Capital and Credit Securities Ltd.Dehring Bunting & Golding Ltd.First Global Stockbrokers Ltd.JMMB Securities Ltd.

April 1, 2004The JSE index hits100,000 points.

February 2004JSE's 35th anniversary

April 2002Elimination of 25% witholding taxThe tax was reduced from 25% to 20% onApril 1, 2000 and in April 2001 was loweredto 10%. It was totally eliminated in 2002.

June 3, 2005A historic note is sounded when Representatives of The JamaicaStock Exchange attend the New York Stock Exchange when PrimeMinister the Rt. Hon. P.J. Patterson rings the Opening Bell.

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THE JAMAICA STOCK EXCHANGE PICTORIAL

The Jamaica Stock Exchange was represented at the New York Stock Exchange on June 3, 2005 when Prime Ministerthe Rt. Hon. P.J. Patterson (centre) rang the Opening Bell there. This was part of arrangements to promote the JamaicaStock Exchange as being "open for business". The Prime Minister was in New York to receive the Caribbean TourismOrganization's Distinguished Service award at the Waldorf Astoria. In photo from (l-r) are: Mark Berry (COO of MayberryInvestments Ltd).; Noreen Culhane, NYSE, Vice President Global Corporate Client Group; Roy Johnson, JSE'sExecutive Chairman; Harold E. Doley III, Principal, Lugano Group; Catherine Kinney, NYSE President & Co-COO; LeoWilliams, Director, JMMB Securities Ltd.; Hon. Prof. Gordon Shirley, Jamaica's Ambassador to the U.S,; Hon. AlounAssamba, Minister of Industry & Tourism; Christopher Berry, Chairman of Mayberry Investments Ltd.; Mrs. Marlene Street, General Manager of the JSE and Amir Mireskandari, Principal, Lugano Gp.

--- Photo Credit, Mel Nudelman, NYSE

MEETING THE MAYORS: Jamaica CentralSecurities Depository (JCSD) Ltd. staffmember, Tracey Wynter (left) greets Mayorof Port-of-Spain, His Worship CouncillorMurchison Brown. The occasion was a tourof the Jamaica Stock Exchange onThursday, July 1, 2004 by the Mayor andhis host, Mayor of Kingston and St.Andrew, His Worship Councillor DesmondMcKenzie, JP. While at the JSE, the Mayorstoured the JSE's 40 Harbour Street officesand met with staff and management. TheJSE was the first stop the TrinidadianMayor made on his arrival in Jamaica.

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TALKING INVESTMENT MODELS: Kingsley Thomas, Managing Director of the Development Bank ofJamaica, makes a point during the panel discussion of the JSEs Symposium, "Going Public: Practice,Procedures & Consequences" at the Jamaica Pegasus Hotel on Tuesday, November 30, 2004. He was partof a three-man panel, including, Dr. Marshall Hall, Managing Director of Jamaica Producers Gp. and PeterBunting, Chairman of DB&G Ltd. discussing: "A Collaborative Approach to the Development of theJamaican Economy: Investment Models".

LOOK AT THAT! Gloria Robinson,(left) CEO of the BustamanteHospital for Children, makes apoint to Marlene Street, JSE’sGeneral Manager as together theyexamine the heavy-duty washingmachine donated on September23, 2004, in the BHC's laundryroom. The $390,000 used to pur-chase the machine was donatedby the JSE, through the UnitedWay of Jamaica, a private volun-tary organization. The machineassisted in the washing of severalhundred pounds of laundry donedaily by the Hospital's laundrydepartment. It will save the hospi-tal, $150,000 per month that wouldhave been incurred if the laundrywas done externally.

100,000 POINTS STRONG: Members of the JSE Council were in a celebratory moodwhen the JSE index hit 100,000 points on April 1, 2004. Here, (l-r) Roy Johnson, JSEExecutive Chairman; Curtis Martin, Deputy Chairman; David Wan, GeneralManager, VM Wealth Management; Alvaro Casserly (Council Member); JohnathanBrown (former Council Member) and former General Manager, Wain Iton, are pic-tured in foreground. In the background are staff and other Council Members.

ADIEU: Executive Chairman ofthe JSE, Roy L. Johnson (right)shares a laugh with outgoingGeneral Manager Wain Iton, at afunction held in the in the latter’shonour in 2004. Mr. Iton left theJSE after serving for 16 years asGeneral Manager.

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PAYING TRIBUTE: Among the events to mark the JSE’s 35th anniversarywas the industry awards dinner which recognized the work of participantsin the securities industry who have made significant contributions to itsgrowth and development. Sixteen listed companies and the Bank ofJamaica were honoured as well as several persons, including members ofstaff received individual awards. Here: Rita Humphries-Lewin, the longestserving Council Chairman, (November 1984- July 1986 and 1995 - 2000)receives her award from Marlene Street.

Edwin McKie: One of the longest serv-ing Council Members (1994) admireshis award.

Former United States AmbassadorSue Cobb (centre) takes a peek ather JSE's Moods of Jamaica Bookwhich was published to mark theJSE's 35th anniversary. Mrs. Streetand Mr. Johnson look on.

JSE MOODS FOR THE GG.:Governor General H.E. Sir HowardCooke (right) makes a point to theExecutive Chairman of the JamiacaStock Exchange, Roy L. Johnson(left) after receiving a copy of thecommemorative "Moods of"Jamaica" publication which wascommissioned to mark JSE's 35thanniversary. The presentation wasmade at Kings House on Tuesday,July 27, 2004. Marlene J. Street,General Manager, JSE (second left)and Curtis Martin, JSE's DeputyChairman (second right) were alsoon hand to witness the event.

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JSE/JAMAICA OBSERVER POWER BREAKFAST:The first JSE/Jamaica Observer Round Table for potential list-ings was on October 29, 2004. Twelve owners and/or their representatives attended the event which was spear-headed by the JSE and the Business Observer’s Editor Moses Jackson. Resource personnel were: AdrianRobinson - Managing Director of Marketing Counsellors Ltd.; Noel Levy, Snr. Partner, - Myers Fletcher & Gordonand Paul Cole- Director, KPMG.

PAYING TRIBUTE: The Most Hon. Edward P.G. Seaga, O.N., P.C., M.P.: was the Minister of Finance when the JSEwas established and was saluted for his contribution to market development. Hon. Dr. Alfred Rattray (deceased)spearheaded the drafting and approval of the Memorandum and Articles of Association of the JSE in 1968. Dr.Rattray presented Mr. Johnson with documents containing copies of the original Memorandum and Articles ofAssociation of the JSE.

REACHING OUT TO SIR JOHN GOLD-ING CENTRE: Representatives of theJSE toured the Sir John GoldingRehabilitation Centre on Friday April 15,2005. $3.8 million was donated to repairthe ceiling and roof of thePhysiotherapy and OccupationalTherapy Departments which weredestroyed by Hurricane Ivan. SusanHarris, the Physiotherapy Department’sSupervisor speaks with (l-r): AlvaroCasserly, Chairman of United Way ofJamaica; Ed Mc Kie, Council Member;Roy Johnson, Executive Chairman andDian Black, JSE Council Member. Thefunds were presented through UnitedWay and the progress of the work isbeing monitored by the Ministry ofHealth's South East Regional HealthAuthority.


ARTICLES

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“When And Why Go Public”

nternationally, the best candidates for going public are companies that have at least a fiveyear history of relatively rapid growth and can anticipate a future growth rate of somewhere

between 20% - 30% annually.

A significant exception to this rule of thumb has been the recent burst of "dot com" listings primarily in theUnited States, many of which became Initial public Offerings (IPOs) without track records of consequenceand a great many of which no longer exist.

Growth is key because investors buy value. Equity investors, like all owners, want to know that theirinvestment decisions today will be rewarded with increased value in the foreseeable future. The prospectof corporate growth and profitability brings that reassurance.

Key criteria are highlighted in the Jamaica Stock Exchange's publication, Going Public, which may beviewed at the JSE's Website: www.jamstockex.com or collected at the Stock Exchange. Before going pub-lic, companies must have a history of real growth in combination with good earnings potential; have astrong management team and have a need for funds, particularly for expansion.

When the necessary groundwork is in place, the best time to go public is when the investors are likely tobe interested, the publication points out. This would coincide with periods of heightened public interest inthe stock market altogether and it should be preceded by about eighteen months of planning and prepa-ration.Perhaps the most important pre-condition for going public according to JSE Chairman Roy Johnson is thatthe company's founders and owners must take a decision that their future and their company's future canbest be served by sharing ownership with the public. Johnson is of the view that when companies share ownership through public listings, this encourages theirown customers to save and invest, thereby participating in the process of wealth creation and economicgrowth. While the requirements for going public are exacting and require high standards of disclosure andtransparency, the company will be better off in the long run. Their ability to compete will be enhancedthrough their improved management practices and their strengthened capital structure. As a result, theywill enjoy greater confidence among policymakers and with the general public.

Going public is not only a pivotal step in a company's growth strategy. It also provides a foundation forlong-term management succession and for a planned exit strategy for the owners by cashing out portionsof their interest over time. At the same time, it is important that companies don't seek to go public before they are ready. "If a com-pany seeks to go public to raise money to bail themselves out of debt, the issue will surely fail", warns apublication of the North American Securities Administration Association (NASAA). Investors will lose con-fidence in the owners and their reputation as responsible business people will be tarnished.

In a bid to make going public more affordable for small companies, since 1989, NAASA has supported theSmall Corporate Offering Registration (SCOR). This is pretty much a "do it yourself" registration document(prospectus) in a 50-question format that allows companies to raise up to US$ 1 million through a stateregistered direct public offer (DPO), without going through the SEC or a stock exchange. However, therequirements for documentation and disclosure are no less stringent.

NAASA recommends that companies contemplating going public should consult a going public advisoryteam consisting, as a minimum, of an investment banker, a stock brokerage firm an accountant and anattorney.

The real point about going public, according to Barita Investments Chairman Rita Humphries - Lewin isthat it must be part of a long-term view - a vision of future success. An immediate benefit is that the com-pany's market - determined value is displayed daily. While some owners of both listed and unlisted com-panies that are good prospects are concerned that the Jamaican market undervalues companies asreflected in the low P/E ratios, this will not always be the case, Mrs. Humphries Lewin said. "A stock mar-ket reflects and anticipates the economy - as the economy strengthens, so too will the P/E ratios.


ARTICLES

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“Corporate Governance - The Social

Presentation by Marlene J. Street, General Manager, JSE on the ocassion of the JSE’s 35thAniversary Symposium:

t has been written and spoken that the major vehicle to ensure that good corporate governanceis achieved is the Board and that the best Boards do the following:

1.Evaluate performance of the CEO annually in meetings of independent directors.2.Link the CEO's pay to specific performance.3.Review & approve long-range strategies and operating plans.4.Have a governance committee that regularly assess the performance of the board and individualdirectors5.Have no more than 3 inside directors.6.Pay retainer fees to directors in company stock.7.Place the entire board up for election each year.8.Place limits on the number of other boards on which its directors can serve.9.Ensure that the audit, compensations and nominating committees are composed entirely of inde-pendent directors.10.Bar interlocking directorship - " I am on your board, you are on mine"

However, I would like to submit that while regulations are important and should be used to preventissues arising from lack of corporate governance. This must be coupled with the companies' that is., thedirectors' conviction that good corporate governance is essential to the overall well-being efficiency andproductivity by and through the company.

What we should aim at achieving is for companies to re-think the whole process of corporate gover-nance, what they are responsible for and going into more details about it.

We need to activate the social conscience and as quoted by the CEO of Body Shop International, domore. She stated that:

"Over the past decade, while many businesses have pursued what is called, "business as usual", I havebeen part of a smaller movement which has tried to put idealism back on the agenda. We want a newparadigm, a whole new framework, for seeing and understanding that business can and must be a forcefor positive change. It must not only avoid hideous evil, it must delay them."

Corporate governance must be dynamic and appropriately responsive to change and conditions in theenvironment to survive & succeed.'

In fact we need to remove ourselves from the principle of, "never tell the truth and always help my bud-dies." Companies must determine that they will get the small company skill and the small companiesspeed into a big company's body.

In the search for a good corporate governance strategy there should be a search for a good or newsocial contract in which the fundamental relationship will prevail and the strategy we inform will be basedon the people we touch rather than by the corporation's activities. The essence is :"doing the right thing"directors attitude and social sensitivity will inform the strategies.

Giving stockholders more and better company information is one of the best ways to safeguard theirinterest and to win confidence in the company. The term corporate governance refers to the overall con-trol of the company's actions. Several key stakeholder groups are involved in governing: the corporationmanagers, the board of director, the stockholders, the employees, the government and the creditors.

There are many basic trends and underlying forces that are shaping businesses and the society today.The interactive systems that are shaping businesses and society are numerous. With globalization,companies who see themselves in operation for the long haul must adapt good corporate governance.It is a process within which for change to be effective, the change should first come from within. “

JSE 2004 YEAR BOOK

Top 10 Winners/Losers (2004)

Winners Losers Company % Company % Capital & Credit Merchant Bank 434.22 Ciboney Group (33.33) Pan Caribbean Financial Services 416.67 CMP Industries (16.39) Kingston Wharves 276.92 Montego Freeport (9.47) Caribbean Cement 268.57 Carreras Group (8.57) First Life Insurance 229.47 Hardware & Lumber 214.21 Lascelles, de Mercado 197.13 Pegasus Hotels of Jamaica 194.12 Life of Jamaica 189.74 Dehring, Bunting & Golding 186.67

22

A REVIEW OF THE STOCK MARKET ACTIVITY IN 2004

ECONOMIC OVERVIEW

TRADING ACTIVITY

In 2004 the Jamaican economy not only improved its performance from 2003, but also created apositive outlook for 2005. This is reflected in the stability in the money and foreign exchange mar-kets in light of volatile energy prices. Strong tourism earnings, combined with the receipt of the pro-ceeds of the 200 million pound Eurobond issue, led to buoyant flows to the foreign exchange mar-ket during the first half of the year.

Even though economic performance was hindered by hurricanes Ivan and Charlie during the sec-ond half of the year, the economy was able to rebound. Over the entire year the Jamaican dollardevalued by 1.65% to US$1 to J$61.62. This was buttressed by an increase in the Net InternationalReserves, which began the year at US$1.16 billion. By the end of 2004 the NIR had climbed toUS$1.86 billion.

Due to the stability in the foreign exchange market BOJ was able to reduce interest rates on elevenseparate occasions in 2004. The 180-day rate that began 2004 at 21%, was reduced by 50 basispoints to 14.3% by the end of the year. The rate of inflation was not reduced to a single digit rateas originally projected. However it recorded a positive trend, moving from 14.1% at the end of 2003to 13.7% at the end of 2004.

Further reductions in interest rates, as well as a reduction in the "special deposit" requirement forcommercial banks from 5% to 3% for the year to date, conveys a positive outlook for the economyin 2005.

During the calendar 2004, total market capitalization increased by 71.44% to end the year at$879.29 billion. Trading activity took place over 254 trading days where 86,875 transactionscrossed the floor. This was 142% above 2003. Total volume traded amounted to 5.19 billion unitsvaluing $35.99 billion. When compared to 2003, volume and value appreciated by 21% and 49%respectively.

This strong trading activity was accompanied by favourable trends in stock prices. With a 34:4advance/decline ratio, the average price appreciation for all active stocks was 112.65%.


Maximum and Minimum Monthly Indices for 2004

JSE Index JSE Composite Index JSE Select

Maximum Minimum Maximum Minimum Maximum Minimum

January 72,829.41 67,599.52 65,574.63 55,532.23 1,945.29 1,674.18

February 80,008.99 72,604.98 71,510.30 63,822.65 2,128.43 1,876.67

March 99,630.22 80,132.38 93,778.45 71,159.22 2,794.53 2,107.10

April 109,888.26 99,668.94 120,023.07 94,329.90 3,480.82 2,783.31

May 107,222.14 93,483.98 118,173.68 93,209.00 3,405.63 2,696.36

June 100,120.30 92,438.82 106,432.07 95,948.07 3,081.18 2,771.84

July 98,647.25 94,174.58 104,090.11 98,049.75 3,003.09 2,795.54

August 100,706.57 97,267.57 105,451.00 100,716.71 3,036.82 2,891.49

September 99,947.16 95,437.38 105,763.02 98,473.18 3,024.84 2,813.52

October 104,000.87 99,225.95 112,681.04 104,238.21 3,198.93 2,975.37

November 107,961.08 102,787.57 114,839.14 109,356.43 3,208.27 3,075.76

December 112,953.81 108,237.66 116,393.99 112,671.77 3,238.02 3,119.47

A REVIEW OF THE STOCK MARKET ACTIVITY IN 2004

THE INDICES

MARKET DEVELOPMENTS

Several records were set by the JSE indices throughout the year. The JSE Index ended the yearat 112,655.51 points, which is 45,068.79 points or 67% above 2003. Furthermore, the JSE Index recorded thirteen (13) consecutive days of all-time highs between thedates February 17 and March 5, 2004. A significant milestone for the JSE Index in 2004 occurredon April 1, when it surpassed the 100,000-point mark to close at 100,375.51 points.

The All Jamaican Composite finished the year on 116,218.38 points while the JSE Select closed on3,176.62 points. They advanced by 109% and 87% respectively.

The JSE ended 2004 with 41 listed companies. West Indies Pulp and Paper was delisted onDecember 10, 2004.

A total of thirty-four companies paid Dividends in 2004. This was one more than 2003.

Radio Jamaica was able to raise over $258 million via non-renounceable Rights Issue of 57,496,165ordinary shares of $0.50 each at $4.50. These shares were distributed in the proportion 1:5 as atNovember 18, 2004. Also in November, Bank of Nova Scotia declared a 1:1 bonus to sharehold-ers on record as of March 10, 2005.

On December 31, 2004 the JSE admitted Pan Caribbean Financial Services Limited as a Broker-member.




Trading Value (JA. $000’s) 2004 2003 2002 2001 2000

BANK OF NOVA SCOTIA

BERGER PAINTS

CABLE & WIRELESS (JA.)

CAPITAL & CREDIT MERCHANT BANK

CARIBBEAN CEMENT COMPANY

CARRERAS GROUP

CIBONEY GROUP

CMP INDUSTRIES

COURTS (JAMAICA)

DEHRING, BUNTING & GOLDING

DESNOES & GEDDES

DYOLL GROUP

FIRST CARIBBEAN INTERNATIONAL@

FIRST CARIBBEAN INT’L JAMAICA^

FIRST LIFE INSURANCE

GLEANER COMPANY

GOODYEAR (JAMAICA)

GRACE KENNEDY & COMPANY

GUARDIAN HOLDINGS LTD

HARDWARE & LUMBER

ISLAND LIFE INSURANCE

JAMAICA BROILERS GROUP

JMMB LIMITED

JAMAICA PRODUCERS GROUP

KINGSTON WHARVES

LASCELLES de MERCADO

LIFE OF JAMAICA

MONTEGO BAY ICE COMPANY

MONTEGO FREEPORT

NCB GROUP*

NATIONAL COMMERCIAL BANK LTD

PALACE AMUSEMENT

PAN CARIBBEAN FINANCIAL SERVICES LTD.

PAN JAM INVESTMENTS

PEGASUS HOTELS

RADIO JAMAICA

RBTT FINANCIAL HOLDINGS

SALADA FOODS

SEPROD GROUP

TRINIDAD CEMENT LTD

UNION BANK*

WEST INDIES PULP & PAPER

TOTAL ORDINARY VALUE

3,532,291

67,706

903,741

1,758,818

513,482

777,229

15,479

1,511

7,521,357

2,202,928

390,135

1,132,333

64,733

87,409

754,160

223,020

64,954

2,394,214

130,978

31,543

-

759,739

693,124

634,536

723,294

1,537,571

1,782,177

841

82,718

-

3,013,791

4,554

824,601

1,552,320

46,910

733,518

118,491

5,305

821,158

90,114

-

-

35,992,783

641,818

37,749

571,103

468,397

50,690

417,141

3,857

50,023

293,332

352,974

3,430,422

185,621

30,362

236,324

117,772

121,664

13,339

1,168,959

69,488

176,326

1,551,409

144,604

8,670,994

480,625

359,281

242,504

1,391,063

15,807

11,299

-

1,950,904

1,116

184,308

133,774

3,474

148,223

295,922

29,930

161,102

22,222

-

-

24,235,922

541,017

37,565

392,663

34,605

533,237

4,495

827

188,885

235,764

387,147

68,015

17,808

31,127

109,080

95,220

21,089

1,962,412

19,045

1,321

2,090

324,864

-

229,321

760,263

360,533

222,386

302

6,075

-

299,693

767

33,929

90,436

1,767

72,776

79,572

37,623

237,358

7,237

-

-

7,448,314

611,194

35,976

232,948

30,327

285,225

10,356

1,472

65,379

144,930

230,805

25,430

24,363

25,592

189,440

131,816

26,529

260,212

55,829

4,816

3,331

151,654

-

29,009

6,454

152,865

133,188

206

2,741

-

415,362

2,210

56,478

182,129

1,135

30,964

32,466

5,979

66,835

2,190

2,276,589

32

5,944,456

426,226

39,086

305,939

130,150

641,899

2,910

8,717

79,588

37,786

180,418

26,732

5,633

24,270

90,966

75,809

20,393

321,452

20,213

35,685

689

160,571

-

42,235

7,239

207,213

11,889

2,379

146

59,241

14,960

1,375

37,107

62,366

49,539

34,502

-

1,111

271,480

70

988

1,001

3,439,973

Trading Activity - A FIVE YEAR HISTORY


Trading Value (JA. $000’s) 2004 2003 2002 2001 2000

JAMAICA LIVESTOCK ASSN. 7.5%

JAMAICA PUBLIC SERVICE 5% C

JAMAICA PUBLIC SERVICE 5% D

JAMAICA PUBLIC SERVICE 6%


JAMAICA TELEPHONE 5.5%

JAMAICA TELEPHONE 6%

LASCELLES de MERCADO 6%

UNION BANK 20%

UNION BANK 25%

TOTAL PREFERENCE+BOND VALUE

TOTAL VALUE

Annual % Change

US$ DENOMINATED SECURITIES

UNION BANK CCR (PREF.)

Market Value Includes Block Transactions

*De-listed

2,021

-

27

3

20

2,071

35,994,854

48.51%

-

Trading Activity - A FIVE YEAR HISTORY Cont’d.

1,397

1

13

2

3

3

2

-

1,421

24,237,343

217.37%

-

5,481

-

-

-

34

-

-

-

5,800

51,300

62,615

7,636,879

28.39%

125,950

-

3,857

-

-

-

-

-

-

-

2

43

3,902

5,948,358

-

-

1,050

3

-

1

14

-

3

-

10

27

1,071

-

-


Trading Activity - A FIVE YEAR HISTORY

Trading Volume (JA. $000’s) 2004 2003 2002 2001 2000

BANK OF NOVA SCOTIA

BERGER PAINTS

CABLE & WIRELESS (JA) #


CARIBBEAN CEMENT COMPANY

CARRERAS GROUP

CIBONEY GROUP

CMP INDUSTRIES

COURTS (JAMAICA)


DESNOES & GEDDES

DYOLL GROUP

FIRST CARIBBEAN INTERNATIONAL@

FIRST CARIBBEAN INT’L JAMAICA^


GLEANER COMPANY

GOODYEAR (JAMAICA)


GUARDIAN HOLDINDS LTD

HARDWARE & LUMBER

ISLAND LIFE INSURANCE


JMMB LIMITED


KINGSTON WHARVES


LIFE OF JAMAICA

MONTEGO BAY ICE COMPANY

MONTEGO FREEPORT

NCB GROUP

NATIONAL COMMERCIAL BANK JA. LTD

PALACE AMUSEMENT

PAN CARIBBEAN FINANCIAL SERVICES

PAN JAM INVESTMENTS

PEGASUS HOTELS

RADIO JAMAICA

RBTT FINANCIAL HOLDINGS

SALADA FOODS

SEPROD GROUP

TRINIDAD CEMENT LTD

UNION BANK @

WEST INDIES PULP & PAPER

WORKERS BANK

TOTAL ORDINARY VOLUME

75,805

12,188

728,400

105,524

55,667

20,435

121,321

388

2,054,546

126,376

59,339

57,213

680

4,980

26,981

114,133

6,030

24,459

346

2,082

-

252,529

47,444

19,915

502,041

11,441

282,926

58

26,111

-

135,332

66

63,950

38,545

5,472

126,768

249

262

81,536

1,326

5,192,864

39,180

10,786

642,910

83,712

18,437

12,640

39,570

16,846

84,221

35,241

604,936

22,088

412

27,479

10,337

77,668

2,615

26,807

348

18,648

125,620

107,299

1,301,283

20,245

141,231

4,395

519,764

1,756

11,696

-

175,218

21

35,182

8,568

1,148

33,555

1,140

2,140

23,482

449

-

-

-

4,289,073

34,648

7,599

288,692

11,338

19,105

73,884

533

55,021

26,769

52,741

9,020

245

4,145

10,023

45,286

3,326

55,884

147

233

113

121,210

20,415

478,681

6,893

84,406

40

11,882

-

48,036

9

6,519

6,864

878

25,289

653

2,204

43,832

185

-

-

-

1,556,748

41,904

9,426

130,275

11,400

8,813

60,334

1,445

27,054

32,370

44,235

4,548

405

3,143

27,087

63,070

3,642

11,026

547

739

166

77,330

5,953

5,094

3,800

42,502

64

6,141

-

85,014

67

14,657

22,620

1,062

14,307

328

708

10,608

63

2,069,550

-

-

2,841,497

38,018

13,859

130,071

33,211

18,741

8,133

9,029

14,257

15,799

25,620

5,587

92

3,334

31,613

30,563

2,548

14,920

199

8,742

56

111,317

5,884

4,875

5,900

14,212

42

12,752

22,192

3,941

97

19,920

9,431

28,455

21,846

-

224

26,870

2,000

404

1,121,596

-

1,816,350


Trading Activity - A FIVE YEAR HISTORY Cont’d.

Trading Volume (JA. $000’s) 2004 2003 2002 2001 2000

JAMAICA LIVESTOCK ASSN. 7.5%

JAMAICA PUBLIC SERVICE 5% C

JAMAICA PUBLIC SERVICE 5% D



JAMAICA TELEPHONE 5.5%

JAMAICA TELEPHONE 6%

LASCELLES de MERCADO 6%

UNION BANK 20% @

UNION BANK 25% @

TOTAL PREFERENCE+BOND VOLUME

TOTAL VOLUME

Annual % Change

US$ DENOMINATED SECURITIES

UNION BANK CCR (PREF.)

1,570

2

65

7

53

1,697

5,194,561

21.07%

1,334

-

13

3

3

2

-

-

-

1,355

4,290,428

167.38%

5,194

2

95

10,000

30,000

45,291

1,604,590

-43.60%

2,551

3,584

-

-

-

-

-

-

-

3

29

3,616

2,845,113

56.56%

913

9

-

2

36

-

1

-

16

42

961

1,817,311

252.25%

* Market Volume includes Block Transactions

+ De-listed


January February March April May

Bank of Nova Scotia

Berger Paints

Cable & Wireless (Jamaica)

Capital & Credit Merchant Bank

Caribbean Cement Company

Carreras Group

Ciboney Group

CMP Industries

Courts (Jamaica) Ltd

Dehring, Bunting & Golding

Desnoes & Geddes

Dyoll Group

First Caribbean Inter. Bank

First Caribbean Inter. Bank Ja

First Life Insurance

Gleaner Company

Goodyear (Jamaica) Ltd

Grace Kennedy & Co. Ltd

Guardian Holdings Ltd.

Hardware & Lumber Ltd

Jamaica Broilers Group

Jamaica Money Market Brokers

Jamaica Producers Group

Kingston Wharves

Lascelles de Mercado

Life of Jamaica

Montego Bay Freeport

Montego Bay Ice

National Commercial Bank Ltd.

Palace Amusement Ltd

Pan Carib. Financial Services

Pan Jam Investments

Pegasus Hotels

Radio Jamaica

RBTT Financial Holdings Ltd

Salada

Seprod Group

Trinidad Cement Ltd.

West Indies Pulp & Paper

29.00

4.10

1.00

6.50

3.99

38.50

0.05

3.45

3.55

8.50

5.50

19.00

77.00

9.00

19.75

1.55

8.00

62.25

325.00

12.00

1.78

9.50

27.50

2.25

88.00

5.80

2.40

9.00

15.00

80.00

9.49

29.95

6.00

5.37

370.00

17.25

7.50

61.00

0.55

Month-end Stock Price Quotations

33.00

4.20

0.80

6.19

3.90

37.00

0.05

4.50

3.80

10.00

6.35

14.98

80.01

13.10

20.00

1.69

8.00

67.00

335.00

12.30

2.20

12.65

27.00

2.40

109.50

5.40

2.50

15.00

16.99

74.50

9.50

32.99

9.20

5.25

450.00

19.50

8.10

60.00

0.55

46.51

4.62

0.98

8.50

9.00

48.50

0.07

4.50

4.89

14.40

7.75

18.20

82.75

13.26

29.50

2.31

12.44

89.01

500.00

12.30

2.91

16.65

44.00

2.30

125.00

7.20

3.40

15.00

20.50

85.00

11.56

38.00

9.00

6.25

550.01

19.50

11.80

60.00

0.55

61.51

8.00

0.90

18.00

11.50

53.95

0.11

3.86

6.20

20.90

7.40

37.00

84.50

30.00

30.00

2.65

12.30

98.00

430.00

19.00

3.80

21.01

37.80

6.00

159.00

8.48

4.50

22.00

30.01

90.00

23.00

47.00

11.00

8.30

500.00

19.50

12.75

60.00

0.55

47.01

5.30

0.80

17.18

6.51

40.00

0.10

4.20

3.70

13.00

6.15

25.00

90.00

21.25

22.75

2.00

10.50

89.99

385.00

21.50

2.65

18.54

25.00

4.30

110.00

5.81

3.00

20.00

24.98

76.50

18.15

32.50

9.00

6.49

460.50

30.00

7.40

60.05

0.55

ORDINARY SHARES


June July August September October November December

46.70

4.80

1.66

25.00

9.99

34.00

0.09

2.85

5.50

19.00

6.90

27.50

90.00

21.50

32.00

1.72

10.50

97.16

360.00

22.00

3.95

16.90

29.99

3.75

146.01

7.58

2.16

12.00

24.79

70.00

22.00

41.50

12.00

5.10

441.50

20.00

9.10

64.75

0.55

48.40

6.00

1.70

25.00

9.90

32.50

0.08

2.85

5.49

24.65

6.50

25.00

98.00

20.50

32.00

1.89

10.80

105.05

340.00

30.00

3.60

17.98

26.01

3.77

155.00

7.89

2.09

12.00

25.20

60.00

22.80

41.90

10.50

5.50

445.00

20.00

9.25

68.00

0.55

51.00

5.90

1.95

28.00

10.61

38.00

0.08

2.50

5.10

21.99

6.50

24.50

100.00

21.50

32.95

1.90

12.00

120.00

350.00

30.00

3.90

17.49

29.00

3.99

162.00

9.15

2.00

11.00

26.50

60.00

27.50

40.00

9.50

5.59

450.00

20.00

11.89

68.00

0.55

56.00

5.20

1.69

30.00

10.15

32.00

0.09

2.50

3.70

21.20

7.20

26.00

115.50

25.00

33.76

2.00

10.00

120.00

345.00

27.00

3.89

16.70

36.50

4.10

177.00

10.10

2.00

11.00

24.00

60.00

33.00

45.00

9.50

4.80

450.00

20.00

10.90

68.00

0.55

54.30

5.67

1.64

32.00

12.90

32.00

0.08

2.50

3.90

21.50

8.00

16.60

130.00

22.00

45.50

2.61

11.00

118.00

400.00

29.85

4.20

15.80

42.00

4.90

202.05

11.30

2.20

11.00

22.00

60.00

34.10

53.00

10.00

5.30

434.50

20.00

12.15

80.00

0.55

47.50

5.50

1.37

19.50

10.00

42.00

0.07

4.50

4.30

17.70

6.80

31.00

93.00

23.00

27.50

1.90

14.00

95.00

370.00

22.00

3.45

17.99

29.00

4.10

149.49

7.37

2.85

14.00

25.80

70.00

20.45

40.00

11.00

6.00

450.00

23.00

8.61

64.00

0.55

47.50

5.49

0.99

18.21

9.06

38.00

0.07

3.30

4.75

14.85

6.90

29.00

90.00

26.00

28.00

2.00

11.50

94.00

300.00

20.00

3.25

19.00

27.50

3.60

124.00

6.85

4.50

14.00

25.01

68.00

19.00

38.50

11.00

6.19

460.50

30.00

9.00

61.00

0.55






PREFERENCE SHARES

January February March April May

Jamaica Livestock Asso. 7.5%

Ja Tel 5.50 %

Ja Tel 6 %

J.P.S 5% C

J.P.S 5% D

J.P.S 6%

J.P.S 7%

Las deM 15%

Las deM 6%

PAN JAM 10% CCR

1.00

0.50

0.50

0.33

0.41

0.41

0.36

20.00

10.00

0.00

1.00

0.50

0.50

0.33

0.41

0.41

0.36

20.00

10.00

0.00

1.00

0.50

0.50

0.33

0.41

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20.00

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1.32

0.50

0.50

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0.41

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10.00

0.00

2.00

0.50

0.50

0.33

0.41

0.41

0.36

20.00

10.00

0.00


June July August September October November December

2.00

0.50

0.50

0.33

0.41

0.41

0.36

20.00

10.00

0.00

2.00

0.50

0.50

0.33

0.41

0.41

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20.00

10.00

0.00

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20.00

10.00

0.00

1.75

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0.50

0.34

0.41

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0.37

20.00

10.00

0.00


2004

LA

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2003

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2002

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2001

LA

ST

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15.8

0 4.

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36

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45.8

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2000

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2004

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2003

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2002

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Monthly Trading Volume (‘000) Units*

January

February

March

April

May

June

July

August

September

October

November

December

YEAR

Annual Change

836,116

223,257

2,321,410

366,776

272,548

251,392

126,685

134,427

129,990

205,956

143,344

182,656

5,194,557

21.07%

618,301

356,560

265,223

129,932

143,981

78,478

973,817

1,027,234

166,370

165,236

105,522

259,778

4,290,432

167.38%

MONTH 2004 2003 2002 2001 2000

47,620

33,877

74,904

65,088

2,129,915

139,683

74,054

59,932

48,854

61,747

39,891

69,635

2,845,200

309.44%

104,370

55,255

258,103

144,089

196,001

64,796

192,812

100,394

107,896

83,603

209,885

87,386

1,604,590

(43.60%)

68.738

40,769

72,380

99,344

113,224

88,290

24,051

30,173

41,424

35,539

35,456

45,510

694,898

33.50%

Monthly Trading Value (J$‘000)*

January

February

March

April

May

June

July

August

September

October

November

December

Year

Annual Change

2,412,640

1,963,198

10,157,881

4,298,897

3,429,532

1,667,356

1,534,241

1,561,090

1,825,115

1,994,394

2,468,024

2,682,494

35,994,862

48.51%

2,831,097

2,956,233

1,368,132

819,117

696,945

561,599

6,465,871

3,837,500

1,017,915

1,421,243

738,379

1,523,298

24,237,329

217.37%

MONTH 2004 2003 2002 2001 2000

277,047

149,496

411,708

282,131

2,589,904

728,716

357,096

282,557

164,827

200,600

230,523

273,755

5,948,360

72.86%

462,125

243,104

714,315

544,853

963,061

427,967

650,152

634,509

1,047,435

555,455

876,349

517,553

7,636,878

28.39%

177,292

128,268

290,848

491,736

422,971

565,603

159,907

130,458

300,998

194,827

158,135

420,038

3,441,081

55.09%

Stock Market Data

* Includes Block Transactions


Stock Market Data

Monthly Stock Market Index

January

February

March

April

May

June

July

August

September

October

November

December

Annual Change

72,829.41

80,008.98

99,630.22

108,274.96

93,967.64

94,718.41

98,145.75

97,267.57

99,819.87

104,000.86

107,329.39

112,655.51

66.68%

44,678.87

46,447.35

46,981.96

47,961.43

51,131.05

50,478.94

54,003.06

55,077.33

57,769.13

60,304.20

63,511.53

67,586.72

48.88%

MONTH 2004 2003 2002 2001 2000

33,788.38

35,059.89

37,445.98

38,236.07

38,878.04

38,606.66

38,510.98

39,557.18

39,219.55

32,594.79

33,184.14

33,835.59

17.11%

33,788.38

35,059.89

37,445.98

38,236.07

38,878.03

37,868.84

38,510.97

39,557.18

39,219.55

41,044.49

43,425.04

45,396.21

34.17%

21,486.00

25,917.36

27,165.56

31,931.32

32,381.81

31,338.31

30,582.66

31,179.69

31,152.73

29,775.46

28,779.22

28,893.25

31.98%

Monthly Trading Averages

January

February

March

April

May

June

July

August

September

October

November

December

Total

21

19

23

20

20

22

22

20

22

21

22

22

254

5,866

5,615

10,572

15,624

9,547

5,757

5,098

4,801

4,970

5,874

6,237

6,914

86,875

279

296

460

781

477

262

232

240

226

280

284

314

4,130

39,815

11,750

100,931

18,339

13,627

11,427

5,758

6,721

5,909

9,807

6,516

8,303

20,451

22

114,888

103,326

441,647

214,945

171,477

75,789

69,738

78,055

82,960

94,971

112,183

121,932

141,712

72,829.41

80,008.99

99,630.22

109,888.26

107,222.14

100,120.30

98,647.25

100,706.57

99,947.16

104,000.87

107,961.08

112,953.81

67,599.52

72,604.98

80,132.38

99,668.94

93,483.98

92,438.82

94,174.58

97,267.57

95,437.38

99,225.95

102,787.57

108,237.66

72,829.41

80,008.98

99,630.22

108,274.96

93,967.64

94,718.41

98,145.75

97,276.57

99,819.82

104,000.98

107,329.39

112,655.52

JSE Monthly Trading Highlights 2004*

Month No. of Average Average Average Market Market MarketTrading Daily Daily Daily Index Index Index

Days Transactions Volume Value High Low Close(000) (J$000)


Stock Market Data

COMPANY (J$’000)

FIRST CARIBBEAN INTERNATIONAL BANK

RBTT FINANCIAL HOLDINGS LIMITED

BANK OF NOVA SCOTIA

GUARDIAN HOLDINGS LTD.

NATIONAL COMMERCIAL BANK JAMAICA LTD.

GRACE KENNEDY

LIFE OF JAMAICA

CABLE & WIRELESS (JA.) LTD.

JAMAICA MONEY MARKET BROKERS LTD

DESNOES & GEDDES

TRINIDAD CEMENT COMPANY

LASCELLES


PAN CARIBBEAN FINANCIAL SERVICES LTD

CARRERAS GROUP

FIRST LIFE INS.

CARIB. CEMENT CO.

COURTS JAMAICA

PAN-JAM. INVEST.

JA. PRODUCERS' GROUP

COMPANY (J$’000)

2,054,546,337

728,399,545

502,041,279

282,926,102

252,528,641

135,332,359

126,767,908

126,375,756

121,320,970

114,132,623

105,523,830

81,536,210

75,804,682

63,949,864

59,338,548

57,212,592

55,666,676

47,443,753

38,544,620

26,980,763

198,267,151

148,716,247

79,474,349

76,291,434

54,268,782

38,446,443

28,743,698

27,580,601

23,121,511

22,473,370

19,981,211

19,396,800

18,841,600

17,137,286

15,534,080

13,809,250

10,979,662

9,348,768

9,188,964

7,855,008

COURTS (JAMAICA)

BANK OF NOVA SCOTIA

NATIONAL COMMERCIAL BANK



LIFE OF JAMAICA


PAN JAM GROUP


DYOLL GROUP

CABLE & WIRELESS (JAMAICA)


SEPROD GROUP

CARRERAS GROUP



RADIO JAMAICA

KINGSTON WHARVES

JAMAICA MONEY MARKET BROKERS


7,521,358

3,532,292

3,013,790

2,394,213

2,202,926

1,782,176

1,758,820

1,552,320

1,537,571

1,132,333

903,731

824,601

821,157

777,230

759,739

754,161

733,516

723,294

693,123

634,536

COMPANY (J$’000)

COURTS (JAMAICA)

CABLE & WIRELESS (JA)

KINGSTON WHARVES

LIFE OF JAMAICA


NATIONAL COMMERCIAL BANK

RADIO JAMAICA


CIBONEY GROUP

GLEANER COMPANY


SEPROD GROUP

BANK OF NOVA SCOTIA


DESNOES & GEDDES

DYOLL GROUP

CARIB CEMENT COMPANY

JAMAICA MONEY MARKET BROKERS

PAN JAM GROUP


Top Twenty Companies by MarketCapitalisation as at December 31, 2004*

Top Twenty (20) Companies by MarketVolume as at December 31, 2004*

Top Twenty (20) Companies by Market Valueas at December 31, 2004*

* Includes Block Transactions


Facilitating Jamaica’s Economic Development

11A-15 Oxford Road, Kingston 5, Jamaica W.I.

Tel:(876) 929-4010-17; 926-1447; 929-4000-2

Fax: (876) 929-6055

e-mail [email protected]

ur mission is to assist in the development

and modernization of all viable enterprises

in the agricultural, agro-industrial, services,

manufacturing and tourism sectors of the

economy.

It is a commitment which guides our deci-

sions as we implement financing strategies

for sustainable growth... because we’ve

made Jamaica’s development our number

one priority.

O




Stock Market Data

9,040

8,495

8,335

5,820

5,388

5,129

4,918

3,951

3,538

2,877

2,857

2,015

1,924

1,911

1,894

1,868

1,788

1,675

1,610

1,551

COMPANY NO. OF TRANSACTIONS

National Commercial Bank (Ja.)

Bank of Nova Scotia (Ja.)

Life of Jamaica


Cable & Wireless (Ja.)






Grace, Kennedy & Co.

Carreras Group


Desnoes & Geddes

Radio Jamaica Ltd.

Gleaner Company

Pan-Jamaican Investment

Lascelles, de Mercado & Co.

Pan-Caribbean Financial Servs.

Dyoll Group

Twenty Most Active Stocks

Block Transactions, 2004

January

February

March

April

May

June

July

August

September

October

November

December

YEAR 67 1,953,591 7,024,520 37.61% 19.52%

8

2

27

1

3

5

13

3

0

3

2

0

519

16,446

1,917,504

1,436

9,830

1,586

584

5,002

0

538

146

0

606

83,872

6,900,402

17,739

7,867

1,478

4,430

6,895

0

954

277

0

0.06%

7.37%

0.39%

3.61%

0.63%

0.46%

3.72%

0.00%

0.26%

0.10%

0.00%

37.61%

0.03%

4.27%

67.93%

0.41%

0.23%

0.09%

0.29%

0.44%

0.00%

0.05%

0.01%

0.00%

Month No. of Volume Value % of Overall Market Transactions Units (000’s) (Ja. $’000) Volume Value

Includes Block Transactions



Ordinary (JA. $000’s)2004 2003 2002 2001 2000

$ 000 $ 000 $ 000 $ 000 $ 000

Bank of Nova Scotia Jamaica Ltd

Berger Paints Jamaica Ltd

Cable & Wireless Jamaica Ltd

Capital & Credit Merchant Bank Ltd.


Carreras Group Ltd

Courts Jamaica Ltd

Dehring, Bunting & Golding Ltd

Desnoes & Geddes

Dyoll Insurance

First Caribbean Bank Jamaica Ltd


Gleaner Company

Goodyear Jamaica Ltd

Grace Kennedy

Hardware & Lumber

Jamaica Broilers

Jamaica Livestock Association 7.5%



Kingston Wharves


Life of Jamaica

Montego Bay Ice

Montego Freeport

National Commercial Bank (Ja.) Ltd.

Palace Amusement

PanCaribbean Financial Services

Pan Jam Investments

Pegasus Hotels

Radio Jamaica

Salada Foods

Seprod Group

Total Dividend Payout

Percentage Change (%)

* FirstCaribbean Int'l Bank Ltd.

# Guardian Holdings

# Trinidad Cement Ltd

# Royal Bank of Trinidad & Tobago

# Dividend quote in Trinidad & Tobago Dollars (TT$) * Dividend quote in Barbados Dollars (BDS$) * Figures Restated

2,707,689

34,291

1,076,317

88,320

59,580

1,941,760

250,499

50,765

1,545,044

6,092

-

165,240

72,675

29,700

291,918

21,558

125,924

4,309

150,729

208,869

75,085

98,082

254,369

1,233

-

1,332,052

431

-

129,235

-

16,041

-

103,280

10,841,087

-13.52%

41,188

6.53%

103,089

435.69%

44,958

0.00%

275,851

189.45%

Dividend Summary

2,561,328

43,162

2,154,434

58,450

59,580

2,427,200

889,013

57,520

1,545,044

6,092

19,333

70,561

70,062

53,460

210,146

4,520

64,956

4,309

198,834

167,811

21,453

2,082

403,343

6,162

-

1,258,049

287

19,942

55,078

-

-

-

103,280

12,535,491

56.50%

38,665

19,244

-71.94%

44,958

20.00%

95,303

-53.32%

1,683,158

44,820

2,154,434

-

-

1,456,320

28,167

11,138

1,404,586

-

19,333

99,986

59,786

41,580

166,605

9,000

59,964

4,309

75,096

68,505

53,630

2,082

-

1,232

-

340,413

3,099

48,575

72,289

-

15,970

-

86,067

8,010,144

18.39%

N/A

68,578

10.67%

37,465

0.00%

204,146

17.66%

1,463,616

39,292

2,151,661

-

42,557

1,383,504

24,210

4,500

887,106

-

52,200

100,000

48,916

41,680

116,260

6,000

57,822

4,309

-

70,365

8,760

2,082

-

-

98,671

-

25,566

44,598

-

9,313

-

82,624

6,765,612

-15.21%

30,590

-37.50%

61,968

29.81%

37,465

87.50%

173,512

1,200,165

37,149

1,844,281

-

-

2,839,824

23,013

4,500

1,478,511

-

44,467

34,500

39,307

65,340

90,246

8,650

25,699

-

-

69,600

56,616

2,082

-

-

-

-

-

-

32,966

-

9,758

-

73,008

7,979,682

200.78%

48,944

30.78%

47,738

46.85%

19,981

-20.51%



Company 2004 2003 2002 2001 2000

Berger Paints

Cable & Wireless Jamaica Ltd



Carreras Group

Courts Jamaica Ltd

Dehring, Bunting & Golding Limited

Desnoes & Geddes

Gleaner Company

Grace Kennedy

Guardian Holdings Ltd

Jamaica Broilers


JMMB Limited

Kingston Wharves Ltd

Montego Freeport

National Commercial Bank Ja. Ltd

Pegasus Hotels

Radio Jamaica


Seprod Group

Trinidad Cement Ltd

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock Bonus, Splits & New Issues

-

1 For 17

-

New

-

1 For 2

1 For 1

-

2 For 11

-

-

1 For 6

-

New

-

-

-

1 For 20

-

-

1 For 5

-

1 For 2

1 For 13

-

1 For 3

-

1 For 5

1 For 5

-

1 For 5

-

-

-

1 For 4

-

1 For 4

-

1 For 4

-

-

2 For 13

-

-

1 For 4

17 For 40

2 For 9

1 For 5

-

1 For 3

-

2 For 9

-

-

-

1 For 1

New

1 For 4

-

-

1 For 6

-

-

1 For 1

4 For 5

1 For 3

1 For 5

New

-

-

1 For 5

10 For 1

New

-

-

1 For 2

5.2 For 1



DUE DATEISSUED PRICE MARKET NOMINAL FINANCIAL FOR AUDITEDCAPITAL DEC. 31 CAPITALISATION VALUE VALUE YEAR END RESULTS

Bank of Nova Scotia (Ja.)

Berger Paints (Ja.)

Cable & Wireless (Jamaica)



Carreras Group

Ciboney Group

CMP Industries



Desnoes & Geddes

Dyoll Group

First Caribbean Inter. Bank

First Caribbean Inter. Bank Ja


Gleaner Company



Guardian Holdings Ltd.





Kingston Wharves


Life of Jamaica


Montego Bay Ice

National Commercial Bank Ltd.


Pan Carib. Financial Services

Pan Jam Investments

Pegasus Hotels

Radio Jamaica


Salada

Seprod Group

Trinidad Cement Ltd.

Total

1,463,616,000

214,322,393

16,817,439,741

588,800,000

851,136,591

485,440,000

546,000,000

20,337,960

2,397,120,000

290,385,731

2,809,171,264

60,921,714

1,525,131,934

193,333,332

303,500,000

1,211,243,827

59,400,000

325,817,311

190,728,584

67,368,425

1,199,276,400

1,463,386,752

187,024,006

1,072,649,578

96,000,000

2,543,690,130

563,065,690

6,161,510

2,466,762,828

1,437,028

502,559,721

173,376,687

120,165,973

344,976,992

342,269,844

10,388,330

516,397,918

249,765,136

42,280,569,330

Corporate Data

54.30

5.67

1.64

32.00

12.90

32.00

0.08

2.50

3.90

21.50

8.00

16.60

130.00

22.00

45.50

2.61

11.00

118.00

400.00

29.85

4.20

15.80

42.00

4.90

202.05

11.30

2.20

11.00

22.00

60.00

34.10

53.00

10.00

5.30

434.50

20.00

12.15

80.00

1.00

0.50

1.00

0.50

0.50

0.25

0.10

0.50

0.50

0.10

0.50

0.50

0.00

0.50

1.00

0.50

0.20

1.00

0.00

0.50

0.50

0.25

0.10

0.20

0.20

0.10

0.50

0.20

1.00

1.00

1.00

0.10

1.00

0.50

0.00

0.50

1.00

0.00

31-Oct

31-Dec.

31-March

31-Dec.

31-Dec.

31-March

31-May

31-March

31-March

31-March

31-June

31-Dec

31-Oct.

31-Oct

31-Dec.

31-Dec.

31-Dec.

31-Dec.

31-Dec.

31-Dec.

30-April

28-Feb.

31-Dec.

31-Dec.

30-Sept.

31-Dec.

31-Dec.

31-March

30-Sept.

30-June

31-Dec.

31-Dec.

31-March

31-March

31-March

30-Sept.

31-Dec.

31-Dec.

31-Jan

31-March

30-June

31-March

31-March

30-June

31-Aug.

30-June

30-June

30-June

30-Sept.

31-March

31-Jan.

31-Jan.

31-March

31-March

31-March

31-March

31-March

31-March

31-July

31-May

31-March

31-March

31-Dec.

31-March

31-March

30-June

31-Dec.

30-Sept.

31-March

31-March

30-June

30-June

30-June

31-Dec.

31-March

31-March

79,474,348,800

1,215,207,968

27,580,601,175

18,841,600,000

10,979,662,024

15,534,080,000

43,680,000

50,844,900

9,348,768,000

6,243,293,217

22,473,370,112

1,011,300,452

198,267,151,420

4,253,333,304

13,809,250,000

3,161,346,388

653,400,000

38,446,442,698

76,291,433,600

2,010,947,486

5,036,960,880

23,121,510,682

7,855,008,252

5,255,982,932

19,396,800,000

28,743,698,469

1,238,744,518

67,776,610

54,268,782,216

86,221,680

17,137,286,486

9,188,964,411

1,201,659,730

1,828,378,058

148,716,247,218

207,766,600

6,274,234,704

19,981,210,880

879,297,295,870

1,463,616,000

107,161,197

16,817,439,741

294,400,000

425,568,296

121,360,000

54,600,000

10,168,980

1,198,560,000

29,038,573

1,404,585,632

30,460,857

0

96,666,666

303,500,000

605,621,914

11,880,000

325,817,311

0

33,684,213

599,639,200

365,846,688

18,702,401

214,529,916

19,200,000

254,369,013

281,532,845

1,232,302

2,466,762,828

1,437,028

502,559,721

17,337,669

120,165,973

172,488,496

0

5,194,165

516,397,918

0

28,891,524,540

COMPANY



Top Twenty Companies

30,703,79224,811,71022,253,59422,114,29818,576,77316,009,30810,310,257

8,173,1817,866,5407,050,1085,942,3335,753,2355,518,9475,452,7595,295,3714,540,7654,227,2203,494,2203,421,0833,346,651

24,765,50121,742,48219,689,08618,412,62621,172,55112,383,592

6,748,8376,870,7436,845,9985,603,4954,972,4053,034,5532,639,8114,016,6434,127,7073,544,3743,754,0366,542,9765,113,7882,855,711

23.98%14.12%13.03%20.10%

(12.26%)29.28%52.77%18.96%14.91%25.82%19.51%89.59%

109.07%35.75%28.29%28.11%12.60%

(46.60%)(33.10%)

17.19%

Grace, Kennedy & Company Ltd. National Commercial Bank (Ja.)Bank of Nova Scotia (Ja.) Ltd.Jamaica Producers Group Cable & Wireless (Ja.) Lascelles, de MercadoJamaica Money Market BrokersJamaica Broilers Group Ltd. Desnoes & Geddes Life of Jamaica Carreras GroupPan Caribbean Fin. Servs. Hardware & Lumber Caribbean Cement Company Capital & Credit Merchant BankDehring Bunting & Golding Courts (Ja.) Ltd.Pan-Jamaican Investments Ltd.First Life Insurance Co. Ltd.Seprod Group Ltd.

Turnover (Sales)

2004 2003 Change $000 $000 %

8,172,6334,052,9793,860,1143,233,1411,913,5221,868,1131,860,8641,806,8271,690,9511,518,6041,147,2571,140,995

978,259859,012783,603710,740606,281547,607538,172534,559

7,307,4034,196,6523,463,2502,668,230

965,331850,782

1,459,6011,117,0491,296,468

934,575337,613

1,657,227554,749632,300519,081

1,071,029335,077242,357314,290696,549

11.84%(3.42%)11.46%21.17%98.22%

119.58%27.49%61.75%30.43%62.49%

239.81%(31.15%)

76.34%35.86%50.96%

(33.64%)80.94%

125.95%71.23%

(23.26%)

Bank of Nova Scotia (Ja.) Carreras Gp. National Commercial Bank Ltd.Grace, Kennedy & Company Ltd.Pan-Jamaican Investments Ltd.First Life Insurance Co. Ltd.Desnoes & Geddes Lascelles, de MercadoLife of Jamaica Ltd.Jamaica Money Market Brokers Pan Caribbean Financial Servs.Courts (Ja.)Capital & Credit Merchant BankCaribbean Cement Co. Ltd.SeprodJamaica Producers Group Ltd.Jamaica Broilers Group Ltd. Dehring Bunting & GoldingGleaner Company Ltd.First Caribbean Int’l. Bank

Pre-Tax Profits

2004 2003 Change $000 $000 %


Top Twenty Companies

5,856,0573,216,7382,849,6852,326,9791,640,6071,593,5461,552,9581,547,1551,509,7261,433,790

865,319860,106842,361841,692547,717538,595477,485461,310381,177373,999

5,456,6702,804,3913,354,5762,040,518

926,399803,418

1,328,1121,038,252

942,5241,208,683

465,2661,157,435

454,884342,170421,045239,418876,360358,326502,863233,554

7.32%14.70%

(15.05%)14.04%77.10%98.35%16.93%49.02%60.18%18.62%85.98%

(25.69%)85.18%

145.99%30.09%124.96

(45.51%)28.74%

(24.20%)60.13%

Bank of Nova Scotia (Ja.) National Commercial Bank (Ja.) Carreras Group Ltd.Grace, Kennedy & Company Ltd. Pan Jamaican Investment Ltd. First Life Insurance Company Ltd.Desnoes & Geddes Ltd.Jamaica Money Market Brokers Lascelles de Mercado Life of Jamaica Capital & Credit Merchant BankCourts (Ja.) Ltd.Caribbean Cement Company Ltd. Pan-Caribbean Financial Services Seprod Group Dehring Bunting & GoldingJamaica Producers Gp.Jamaica Broilers GroupFirst Carib. Int’l. Bank Ltd.Gleaner Company Ltd.

After-Tax Profits

2004 2003 Change $000 $000 %


TURNOVER2004 2003 Change $000 $000 %

PROFIT BEFORE TAX2004 2003 Change $000 $000 %

PROFIT AFTER TAX2004 2003 Change $000 $000 %

Bank of Nova Scotia

Berger Paints

Cable & Wireless (Jam.) Ltd.



Carreras Group

Ciboney Group

CMP Industries


Dehring Bunting & Golding

Desnoes & Geddes

Dyoll Group

FirstCaribbean Int’l Bank (Jam.)


Gleaner Company






Jamaica Livestock Association


Kingston Wharves


Life of Jamaica


Montego Bay Ice

National Comm. Bank Ja. Ltd.


PanCaribbean Financial Serv.

Pan Jam Group

Pegasus Hotels

Radio Jamaica Ltd

Salada Foods

Seprod Group

Total

22,253,594

1,107,405

18,576,773

5,295,371

5,452,759

5,942,333

78,421

12,776

4,227,220

4,540,765

7,866,540

N/A

2,892,835

3,421,083

2,936,137

1,045,357

30,703,792

5,518,947

8,173,181

10,310,257

938,808

22,114,298

1,536,215

16,009,308

7,050,108

5,319

48,556

24,811,710

513,225

5,753,235

3,494,220

538,073

988,135

248,951

3,346,651

227,752,358

512,206

3,667,334

3,539,943

1,329,900

19,689,086

1,016,324

21,172,551

4,127,707

4,016,643

4,972,405

115,356

34,642

3,754,036

3,544,374

6,845,998

1,376,141

2,878,033

5,113,788

2,546,707

864,202

24,765,501

2,639,811

6,870,743

6,748,837

798,786

18,412,626

1,164,670

12,383,592

5,603,495

17,936

52,260

21,742,482

421,616

3,034,553

6,542,976

474,992

893,913

215,710

2,855,711

197,708,203

1,000,058

2,826,856

3,042,102

1,155,671

13.03%

8.96%

(12.26%)

28.29%

35.75%

19.51%

(32.02%)

(63.12%)

12.60%

28.11%

14.91%

-

0.51%

(33.10%)

15.29%

20.96%

23.98%

109.07%

18.96%

52.77%

17.53%

20.10%

31.90%

29.28%

25.82%

(70.34%)

(7.09%)

14.12%

21.73%

89.59%

(46.60%)

13.28%

10.54%

15.41%

17.19%

15.20%

N/A

29.73%

16.37%

15.08%

8,172,633

105,376

(8,195,078)

978,259

859,012

4,052,979

350,775

2,507

1,140,995

547,607

1,860,864

N/A

534,559

1,868,113

538,172

73,021

3,233,141

266,069

606,281

1,518,604

24,007

710,740

331,100

1,806,827

1,690,951

166,070

5,998

3,860,114

8,717

1,147,257

1,913,522

32,365

129,683

36,161

783,603

31,161,004

108,795

687,682

974,160

199,348

7,307,403

124,942

2,669,748

554,749

632,300

4,196,652

(54,408)

6,560

1,657,227

242,357

1,459,601

210,581

696,549

850,782

314,290

96,603

2,668,230

64,986

335,077

934,575

9,924

1,071,029

127,381

1,117,049

1,296,468

145,117

20,822

3,463,250

2,035

337,613

965,331

26,626

177,248

26,849

519,081

34,274,627

175,532

1,273,653

692,611

173,247

11.84%

(15.66%)

(406.96%)

76.34%

35.86%

(3.42%)

744.71%

(61.78%)

(31.15%)

125.95%

27.49%

-

(23.26%)

119.58%

71.23%

(24.41%)

21.17%

309.43%

80.94%

62.49%

141.91%

(33.64%)

159.93%

61.75%

30.43%

14.44%

(71.19%)

11.46%

328.35%

239.81%

98.22%

21.55%

(26.84%)

34.68%

50.96%

-9.08%

N/A

(46.01%)

40.65%

15.07%

5,856,057

67,017

(5,381,056)

865,319

842,361

2,849,685

350,775

993

860,106

538,595

1,552,958

N/A

381,177

1,593,546

373,999

50,871

2,326,979

169,004

461,310

1,547,155

20,422

477,485

244,752

1,509,726

1,433,790

170,167

4,277

3,216,738

3,064

841,692

1,640,607

20,115

83,348

24,101

547,717

25,544,852

88,542

584,230

811,768

183,792

5,456,670

81,772

1,831,231

465,266

454,884

3,354,576

(54,420)

(65,346)

1,157,435

239,418

1,328,112

164,078

502,863

803,418

233,554

63,034

2,040,518

44,583

358,326

1,038,252

4,060

876,360

66,808

942,524

1,208,683

134,973

16,250

2,804,391

3,426

342,170

926,399

19,664

126,693

16,654

421,045

27,408,324

149,901

1,111,322

585,190

137,186

7.32%

(18.04%)

(393.85%)

85.98%

85.18%

(15.05%)

744.57%

101.52%

(25.69%)

124.96%

16.93%

-

(24.20%)

98.35%

60.13%

(19.30%)

14.04%

279.08%

28.74%

49.02%

403.00%

(45.51%)

266.35%

60.18%

18.62%

26.07%

(73.68%)

14.70%

(10.57%)

145.99%

77.10%

2.29%

(34.21%)

44.72%

30.09%

-6.80%

N/A

(47.43%)

38.72%

33.97%

Corporate Profit Profile

ORDINARY SHARES

First Caribbean Int’l Bank (W.I.) *

Guardian Holdings Ltd. +

Royal Bank of Trinidad and Tobago +

Trinidad Cement Limited +

* Quoted in $US for 2004 and Barbados Dollars BDS$ for 2003

+ Quoted in Trinidad & Tobago Dollars TT$



Janu

ary

Feb

ruar

y

M

arch

Apr

il

M

ay

J

une

July

Aug

ust

Sept

embe

rO

ctob

erN

ovem

ber

Dec

embe

rY

EA

R T

OTA

L

6,92

3,84

7

764,

131

34,8

38,5

09

6,02

3,79

5

4,48

6,13

4

1,08

2,01

6

4,81

4,53

4

1,44

2

5,95

7,56

7

12,2

87,3

11

2,14

3,22

5

434,

414

14,5

07

73,5

83

562,

318

4,35

9,72

1

134,

636

1,58

0,03

7

1,30

0

47,3

57

26,0

48,7

67

478,

906

570,

458

359,

444

339,

775

4,59

6,06

1

1,05

9,87

1

38,6

51,0

58

2,57

8,44

8

3,13

7,89

7

2,11

9,24

1

648,

779

1,00

0

2,49

3,14

5

10,0

56,9

61

4,43

7,01

4

527,

676

98,2

28

104,

004

827,

874

4,19

5,94

8

181,

849

2,61

4,82

5

69,6

16

28,6

16

19,7

02,7

29

2,25

4,57

1

789,

044

982,

588

674,

376

6,66

1,77

7

457,

061

35,9

51,8

91

6,23

1,50

1

3,39

1,34

7

1,65

1,20

6

2,36

1,88

6

6,95

0

5,68

2,15

9

5,86

1,22

9

2,64

5,74

1

484,

973

76,4

28

52,6

25

3,20

5,32

3

8,81

7,22

4

253,

123

1,63

3,57

3

27,9

15

71,8

71

11,3

80,7

20

3,62

2,31

5

3,17

0,29

7

951,

149

927,

059

4,22

1,63

8

326,

219

61,3

12,7

33

4,38

2,47

9

4,95

7,62

9

2,70

2,08

5

2,69

9,20

0 0

12,7

09,9

90

11,1

52,4

61

5,17

6,21

8

4,39

8,38

8

25,2

82

806,

374

1,65

4,17

0

7,07

0,31

3

92,5

88

2,89

9,22

8

28,7

50

12,3

97

10,1

25,2

73

2,28

5,89

5

1,37

7,56

2

1,30

9,23

0

723,

873

5,29

2,49

0

593,

867

109,

135,

247

5,96

3,37

4

13,9

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111,

497

26,5

24

25,2

18

1,01

9

15,9

51

52,6

10

45,8

91

9,32

3

131,

305

4,60

7

1,38

7

84,9

89

74,7

59

98,3

25

5,51

4

194,

133

178,

181

6,18

8

28,9

35

22,8

21

2,95

8

33,4

80

631

412

49,7

39

35,7

42

73,2

83

642,

887

991

3,71

8

56,7

24

8,13

4

2,67

0

50,9

11

34

173

42,2

96

65,5

35

55,8

99

3,40

2

166,

797

742,

792

20,4

58

87,9

94

274,

344

50,6

24

106,

096

277

190

122,

473

440,

870

50,9

05

141,

869

2,26

1

17,7

35

70,2

34

40,3

20

13,8

78

329,

681

13,6

87

18,4

66

163,

689

102,

316

113,

203

54,8

61

308,

093

432,

030

9,61

4

24,1

25

486,

234

43,4

26

67,7

62

2,74

6 51

65,8

43

426,

830

45,4

69

23,7

16

8,87

3

7,64

2

105,

245

30,6

47

10,8

37

148,

195

52,9

26

3,80

4

68,2

39

68,9

96

56,6

42

11,3

12

63,4

42

198,

774

3,56

0

156,

312

59,1

91

25,9

06

53,7

26

422 39

46,5

28

61,1

27

24,0

26

36,5

08

10,6

93

3,45

9

33,9

70

4,74

4

3,85

0

170,

692

1,79

9

829

41,6

76

29,7

61

37,1

53

2,02

0

118,

460

96,4

45

2,78

4

43,4

74

59,6

04

29,0

15

38,8

42

499

221

34,1

60

193,

392

9,30

8

14,6

23

5,55

9

671

134,

975

4,24

4

7,64

4

320,

271

1,25

3

480

36,8

01

67,1

69

11,5

41

3,05

1

50,3

19


Janu

ary

Feb

ruar

y

M

arch

Apr

il

M

ay

J

une

July

Aug

ust

Sept

embe

rO

ctob

erN

ovem

ber

Dec

embe

rY

EA

R T

OTA

L

33,9

86

2,59

0 4

113,

293

102

93,3

78

36,7

59

353

18,5

48

709

127

5,07

1

2,59

2

1,56

1,06

5

50,4

81

1,48

4 0

225,

569

283

6,31

5

209,

364

667

5,13

4

567 0

30,8

23

18

1,82

5,10

6

118,

246

1,67

2 0

124,

566 87

28,6

78

606,

075

212

9,02

6 0 37

16,0

07 0

2,46

7,88

8

73,8

52

4,40

7 0

402,

445 0

31,6

29

309,

867

638

5,88

3

17,8

97

443

52,2

09

32,9

67

2,68

2,44

3

98,5

22

2,29

9 31

110,

844 0

20,9

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86,2

40

240

6,85

9 59

188

15,9

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1,99

4,39

4

1,78

2,17

6

82,7

16

841

3,01

3,79

0

4,55

6

824,

601

1,55

2,32

0

46,9

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733,

516

118,

491

5,30

5

821,

157

90,1

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35,9

92,7

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of J

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511,

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1,63

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169,

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240,

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12,8

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532,

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379,

467

26,3

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7,33

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2,81

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105,

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8,31

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7,95

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18,9

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187

4,42

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1,96

3,19

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231,

722

15,0

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425,

827

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48,8

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14,4

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3,63

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7,92

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3,15

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371,

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27,8

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6,57

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14,9

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159

577,

240

2,16

6

3,42

9,15

8

94,1

58

8,05

4

201

362,

412

211

9,64

8

24,6

10

5,02

1

1,85

9

1,10

9

300

16,4

38

18,1

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1,66

7,35

3

37,8

96

21,8

93

334

74,2

18

454

157,

944

13,4

51

6,59

0

6,80

7

700

220

13,6

06

33,7

84

1,53

4,24

2


Janu

ary

Feb

ruar

y

M

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Apr

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M

ay

J

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July

Aug

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Sept

embe

rO

ctob

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ovem

ber

Dec

embe

rY

EA

R T

OTA

L

2 0 0 0 1 0 0 0 2

1,56

1,06

7

9 0 0 0 0 0 0 0 9

1,82

5,11

5

135 0 0 0 1 0 0 0

136

2,46

8,02

4

4 0 0 0 25 2 15 0 46

2,68

2,48

9

0 0 0 0 0 0 0 0 0

1,99

4,39

4

2,02

2 0 0 0 27 5 15 7

2,07

6

35,9

94,8

44

Jam

aica

Live

stoc

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tion

Ja. T

el. 5

.5%

Ja. T

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%

J.P.

S 5%

C

J.S.

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% D

J.P.

S 6%

J.P.

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Las

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Tota

l Pre

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(Mon

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)

Mon

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356 0 0 0 0 0

356

2,41

2,64

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PR

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SH

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167 0 0 3 0 5

175

10,1

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1,96

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3,42

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1,66

7,35

5

0 0 0 0 0 0 0 0 0

1,53

4,24

2

* In

clud

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lock

Tra

nsac

tion



How This Book’s Statistics Are Compiled

n compiling the statistics relating to each company, the policy has been adopted of following as far as pos-sible the manner in which the figures are set out in the published accounts of each company.

The statistics are based on the audited financial statements of the companies under review. The figures givenfor the highest and lowest (share prices) relate to the highest and lowest prices for the calendar year. The clos-ing stock price relates to the closing price at the company's year-end.

The Jamaica Stock Exchange's Year Book is intended as a general reference book and does not, by itself, pro-vide answers to all the questions which should be asked about shares and their prospects. Detailed evaluationof a particular company should not be made without consulting a stockbroker or investment advisor.

CUSIP/International Securities Identification Numbers (ISIN) appear beside the name of each listed company.CUSIP numbers uniquely identify the securities.

1. Shareholders' Equity includes share capital which takes into account preference shares, revenue and capi-tal reserves, but excludes minority interest.

2. Return on Equity is calculated based on average capital (average of capital at beginning of year and capitalat year-end) in use for the year, including preference stock.

3. Gearing debt includes interest bearing debts only, for example, bank loans, overdraft and long term liabil-ities.

4. After Tax Profits represents profit after taxation as reported by the annual reports of the listed companies.

5. Price Earnings Ratio is calculated using closing stock price at the companies' financial year end.

6. Earnings Per Share (EPS) reflects EPS as reported by companies. EPS and closing price per share are quot-ed in Jamaican dollars, except for First Caribbean International Bank (FCIB); Guardian Holdings Ltd.; TrnidadCement Ltd. And RBTT; where the quotations are in Barbados or TT dollars, except for closing stock which isin Jamaican dollars.

7. Gross Profit Margin is calculated using Turnover and Pre-tax Profit as reported in the financial statements ofthe listed companies.

8. Balance Sheet and Profit and Loss figures are quoted in thousands.

9. Previously published financial data, which are included in this report, may reflect adjustments made subse-quent to publication.

Legend: n/a = not available * = re-stated

I



JSE 2004 YEAR BOOK

B

73

Bank of Nova Scotia (Ja.) Limited

ank of Nova Scotia (Ja.) - commitment, achievement, performance and growth.

When Scotiabank opened its first branch in Kingston in 1889, nine per cent of Jamaica's imports camefrom Canada. A barter agreement had long existed between Jamaica and Nova Scotia, involving salt-ed cod, lumber, and potatoes in exchange for rum and molasses. As trade increased between the twoterritories, the limitations of the barter system became obvious. The merchants in Canada saw theestablishment of a branch of the Bank of Nova Scotia in Kingston as the best way to conduct trade inmonetary terms.

Banking in Jamaica was then about 50 years old, and many of the banks opened during that time hadalso closed their doors. No one could have predicted that time that Scotiabank would be around overone hundred years later.

BNS (Ja.) issued its first banknote in 1900. In successive years between 1906 and 1908, brancheswere opened at Sam Sharpe Square, Port Antonio, Mandeville, Port Maria and Savanna-la-mar.

The bank, which has been in Jamaica from colonial times, saw us through the 1907 earthquake whichdamaged Kingston, the social unrests of the 1930s, the advent of the ideas of National Hero MarcusMosiah Garvey to Independence in 1962. The bank also survived the turmoil of the 1970s, structuraladjustment in the 1980s and the financial meltdown of the 1990s, which saw the disappearance ofmany local financial institutions. Scotiabank has weathered all the storms, manmade and otherwiseand has emerged stronger than ever.

The Bank is a subsidiary of the Bank of Nova Scotia and is a listed company of the JSE. It is an inte-gral part of the Jamaican financial landscape. Scotiabank's offers a complete line of retail and com-mercial services including electronic cash management services through 43 branches across the coun-try. Specialized services are offered through Scotia Jamaica Investment Management Limited, ScotiaJamaica Building Society and Scotia Jamaica Life Insurance Company.

In 2003, Scotiabank, set a record and established a new benchmark while exceeding performance tar-gets. The bank and its subsidiaries achieved net profits of $5,457 million, showing a forty-one percentincrease over the previous year.

The bank is also a major contributor to nation building, through the Scotia Bank Foundation. TheFoundation provides scholarships and bursaries to universities, other tertiary institutions and highschools. It has also established the Scotiabank Jamaica Foundation Haemodialysis Centre at theCornwall Regional Hospital; expanded the Scotiabank Accident and Emergency Unit at the UniversityHospital of the West Indies; The Scotiabank Accident and Emergency Unit at the Port Antonio Hospital,donated a Mobile Mammography Unit to the Jamaica Cancer Society; established computer laborato-ries island wide and added classroom space to schools island-wide.

William 'Bill' Clarke, CD, Hon. LL.D., is the President & CEO of Scotibank Jamaica. He came to thebank 37 years ago on a holiday job as a teller, to earn money to go to Law School in the UnitedKingdom. That was not to be. The young man was attracted to the 'exciting opportunities that bankingoffered.' Mr. Clarke says of that experience, "I came, I liked what I saw and never left.'


2004 2003 2002 2001 2000 1999

BALANCE SHEET (000) No. of Shares IssuedShareholders’ Equity Total AssetsDepositsLoansInvestments

PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Exceptional ItemsExtraordinary Items

IMPORTANT RATIOSReturn on equityAsset GrowthDeposit Growth

Loan GrowthLoan and Investment Growth Return on AssetsGross Profit MarginEarnings per priceClosing Stock PriceP.E. Ratio

1,463,61620,599,392168,159,21298,810,81978,500,76235,078,821

22,253,59413.038,172,63311.845,856,0577.32--

30.6213.8813.4919.5817.783.4836.734.0051.0012.75

Bank of Nova Scotia Ja. Ltd.(BNSJ JMP1574F1033)

* Restated

Board of Directors

Secretary

Registrar

Subsidiaries

Principal Activities

E-mail

Website Address:

Financial Year End October 31

Robert H. Pitfield (Chairman); Hon. Mayer M. Matalon, (Deputy Chairman); William E.

Clarke (President & CEO); Anthony Allen; Anthony Chang; Prof. Celia D. Christie;

Dr. Jean A. Dixon; Dr. Wayne St. A. Henry; Muna Issa; Minna Israel; Charles H. Johnston;

William A. McConnell, C.D.; Warren McDonald; Dr. Herbert J. Thompson;

Richard Waugh.

David Noel

Scotia Jamaica Investment Management Ltd., 4th Floor, Scotiabank Centre, Cnr. Duke &

Port Royal Sts., P.O. Box 627

Brighton Holdings Ltd., Scotia Jamaica Life Ins. Co. Ltd.; Scotia Jamaica Investment

Mgmnt.; Scotia Ja. General Ins.Brokers Ltd.; Scotia Jamaica Financial Servs. Ltd. and

Scotia Jamaica Bldg.. Society.

Commercial and merchant banking and trust company operations.

[email protected]

www.scotiabank.com.jm

Financial Data

1,463,61617,656,376147,660,945*87,967,33265,646,013*30,785,980*

19,689,08626.647,307,40337.655,456,67041.01-

34.4015.9313.1522.7019.333.7037.113.7318.004.83

1,463,61614,065,776*127,367,433*76,947,60853,499,082*27,313,920*

15,546,857*9.255,308,735*20.153,869,782 *20.40(81,423)

32.0227.4113.4833.8523.313.0434.152.64*15.505.87

1,463,61610,103,82599,965,014*67,809,25939,968,20325,569,583

14,230,352(3.10)4,418,43826.793,214,17825,69(204,151)

34.8313.0512.3030.1823.283.2231.052.2015.256.93

1,463,6168,353,26288,428,74360,384,10530,701,177*22,462,019

14,685,32115.173,484,97618.282,557,18425.90(102,311)

33.3213.7810.7214.387.062.8923.731.7512.98#7.42

1,463,6166,996,24377,719,59754,537,78126,840,57922,817,741

12,750,78835.442,946,47314.322,031,05115.11183,620

31.4618.4517.992.2823.352.6123.111.396.704.82





2004 2003 2002 2001 2000 1999

BALANCE SHEET (000) No. of Shares IssuedShareholders’ Equity Long Term Liability Gearing Debt.Current Assets Current Liabilities

PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year

IMPORTANT RATIOSDebt/Equity ratioCurrent Asset ratio Return on EquityGrooss (Loss). Profit MarginEarning (Loss) Per Share Closing Stock PriceP.E. Ratio

214,322418,27052,5660530,184213,271

1,107,4058.96105,376(15.66)67,017(18.04)

0.002.4916.079.520.315.6718.29

* Re-classified

Board of

Directors

Secretary

Registrar &

Transfer Office

Subsidiaries

Principal

Activities

Financial Year End December 31

Jalaj Ashwin Dani (Chairman); Warrren McDonald (Managing Director);

Gokul Manjeshwar; Milton Samuda; Michael Fennell; Pokar Chandiram.

Michael W. Wint

Scotiabank Jamaica Trust & Merchant Bank Ltd.

30 Duke Street, Kingston

West Indies Resin Products Ltd.

Manufacture and distribution of industrial, motor vehicle and decorative paint

and paint-related processed materials.

Financial Data

214,322415,647*40,381*0554,610209,256*

1,016,32411.63124,942*(4.29)81,772*(8.91)

0.002.6519.3712.290.38*3.9910.50

214,322428,601*11,063*0514,265*180,133*

910,47012.31130,539*23.5189,768*30.68

0.002.8522.0414.340.42*4.009.52

142,880386,05700407,279125,327

810,7076.10105,6937.3468,6937.22

0.003.2518.5513.040.32*3.8011.88

142,880354,513*00454,981203,126

764,0705.2698,46915.9264,06910.89

0.002.2419.8712.890.452.475.49

142,880290,4441,1791,179359,603172,649

725,88815.6884,94229.8457,77713.31

0.002.0820.8411.700.401.503.75

Berger Paints (Ja.) Limited (BRG JMP165551079)

T


Cable & Wireless (Ja.) Limited.

o be the most profitable telecommunications provider of choice to enable us to be ina position to continue investing in Jamaica and to create value for our employees andcustomers.

This is the vision statement of Cable & Wireless Jamaica, which is listed on the Jamaica StockExchange. Cable & Wireless is a publicly owned company with majority shares held by Cable &Wireless West Indies Limited, a subsidiary of Cable and Wireless plc in the United Kingdom, and isJamaica's full-service provider of a complete range of telecoms services - domestic (fixed/mobileservices), international (voice/data), Internet and integrated telecommunications services.

Recent expansion and upgrading of the data and IP network have resulted in Jamaica continuing toenjoy a first-world, integrated IP network with expanded capacity, the highest standards of perform-ance and reliability, and access to the latest in global telecommunications products and services. As a member of the Cable & Wireless Group, Cable & Wireless (Ja.) provides connectivity acrossthe Caribbean, North America, and the rest of the world.

The Company also owns 100% of Jamaica Digiport International in Montego Bay, which providesinternational telecommunications links to facilitate Information-based services such as data entryand telemarketing, exclusively for free zone and off-shore companies.

Cable & Wireless is a major global telecommunications business with revenue of over £5.9 billion(US$8.6 billion) in the year to 31 March 2002 and customers in 70 countries and consists of twocore and complementary divisions: Cable & Wireless Regional and Cable & Wireless Global.

The company has been a major contributor to education - from primary through to university levels;funded initiatives to provide leadership and foster community development in inner-city communi-ties; built a Sickle Cell education center at the University of the West Indies, Mona; and continuedlong-running sponsorships of international and national programmes for the development of cricket,netball, badminton and tennis.

The Cable & Wireless Jamaica Foundation (CWJF), launched in November 2003, has beendesigned as the primary means by which Cable & Wireless Jamaica (C&WJ) will give in a morestructured manner, with the objective of increasing its contribution to the development of Jamaicansociety.

Facts about Cable & Wireless Jamaica Ltd.

·The Company's capital is sourced through loans and from profits.

·Under the operating licence, the company is guaranteed a rate of return on its investments of between 17% and 20%.

·The company's profit is ploughed back into the business and is the main source of funding for expansion and development programme.

·Over $28-billion invested in one of the most massive investment programmes by any utility com-pany in Jamaica.

·Approximately 50% of overall expenditure is used to import equipment, the remaining 50% stays in the local economy - providing hundreds of contracts, generating thousands of jobs for skilled as well as unskilled workers. Millions of dollars also spent locally to purchase material/equipment required to undertake construction, maintenance, and installation activities.


2004 2003 2002 2001 2000 1999

BALANCE SHEET (000) No. of Shares Issued

Shareholders’ Equity Long Term Liability Gearing Debt.Current Assets Current Liabilities


IMPORTANT RATIOSDebt/Equity ratioCurrent Asset ratio Return on EquityGross (Loss). Profit MarginEarning (Loss) Per Share Closing Stock PriceP.E. Ratio

16,817,440

17,067,6191,441,4773,589,4756,972,08415,990,918

18,576,773(12.26)(8,195,078)(406.96)(5,381,056)(393.85)

0.210.44(26.53)(44.11)(0.32)0.98(3.06)

Cable & Wireless (Ja.) Ltd. (CWJA JMP192311026)

* Restated

Board of Directors

Secretary

Registrar

Subsidiaries


Financial Year End March 31

Leonardo de Barros (Chairman); Gary Barrow (President); Lisa Agard;

James Cheesewright; Milton Weise; Hon. Patrick Rousseau, O.J;

Andrew Cocking; Fernado Simo; Charles Herlinger; Camille Facey.

Camille Facey

Scotia Jamaica Investment Management Ltd. Scotiabank Centre.

Jamaica Digiport International Ltd.; Jamaica Telephone Co. Ltd.;

Ja. Int’l. Telecommunications Ltd.

Provision of international and domestic telecommunications services.

Financial Data

15,883,138

23,490,928*2,994,849*4,751,557*6,883,878*14,774,597*

21,172,5510.362,669,748*(32.25)1,831,231*(43.27)

0.200.478.0912.6110.890.940.09

14,748,628

21,797,787*4,227,5906,797,1268,401,83514,689,836

21,095,60310.003,940,616*(22.75)3,227,953*(17.36)

0.310.5714.5418.680.19*1.608.34*

12,782,144

22,618,19*4,910,6517,779,1458,596,79413,412,424

19,177,154*15.945,100,983*(6.96)3,906,190*3.77

0.340.6415.2726.600.26*1.847.08

10,956,12

28,534,2105,718,1837,445,2405,715,5378,788,256

16,540,8948.905,482,4804.053,764,3118.31

0.260.6513.9933.150.291.655.60

9,270,566

25,270,8746,765,3989,390,4965,566,6237,333,300

15,189,34610.575,269,0889.453,475,57710.73

0.370.7614.6034.690.371.303.51



CMB is engaged primarily in the business of merchant and investment banking. The Bankwas launched in 1994 with an asset base of $30 million and was then the smallest of 30 mer-chant banks operating in Jamaica.

Over the years, CCMB has consistently posted improved results. At the end of 2004, the Bank andits subsidiaries (CCSL and CCFM) recorded consolidated after-tax profit of J$864.91 million, andJ$59.37 billion in assets under management, in addition to J$2.4 billion in funds managed in a fidu-ciary capacity.

Capital & Credit Financial Group Ltd., its subsidiaries and associate companies are: Capital & CreditMerchant Bank (CCMB); the Bank's subsidiaries Capital & Credit Securities Ltd. (CCSL) and Capital& Credit Fund Managers Ltd. (CCFM); Capital & Credit Remittance Ltd. (CCRL); and ExpressRemittance Services (Cayman) Ltd (ERSL). All five companies are designed to offer customers inJamaica, the Caribbean and the rest of the world a wide range of financial products and serviceswhile ensuring profitable returns for all stakeholders.

CCMB's wholly owned subsidiary, Capital & Credit Securities Ltd. provides a full range of invest-ment options: Stock broking Services, Portfolio Management, Pension Fund Management and avariety of investment accounts.

Capital & Credit Fund Managers Ltd. is 70% owned by CCMB and 30% by the parent company,Capital & Credit Financial Group Ltd. CCFM is primarily engaged in the management of the JamaicaInvestment Funds, and the selling of units to the public on the Funds' behalf. The Company islicensed under the Unit Trust Act, and is regulated by the Financial Services Commission

The Capital & Credit Financial Group (CCFG) is a diversified financial entity that provides a broadspectrum of banking, asset management, securities trading, stock broking, pension fund manage-ment, wealth creation, unit trust and remittance products and services.

Capital & Credit Remittance Ltd focuses on providing quick, reliable and safe money transfer serv-ices from the United States, Canada, the United Kingdom, the Cayman Islands, Aruba and Curacao,through its flagship product, Money Express.

Express Remittance Services (Cayman) Ltd is an associate company domiciled in Cayman andprovides money transfer services from Cayman to Jamaica and other countries primarily under theMoney Express brand.

C


2004 2003 2002


Shareholders’ Equity Long Term Liability Total Gearing Current Assets Current Liabilities



588,800

3,299,8511,197,84222,884,23359,146,84955,665,700

5,295,37128.29978,25976.34865,31985.98

6.931.0632.1118.471.4732.0021.77

Capital & Credit Merchant Bank (CCMB JMP200871052)

* CCMB was listed in May 2003

Board of Directors

Secretary

Registrar

Subsidiaries


E-mail:

Website Address:


Ryland T. Campbell (Chairman); Andrew Cocking (Deputy Group

President); Maria Jones; Kelvin Roberts; E. Carroll Thorborn;

Curtis Martin.

Anna Young, FCIS

Veritat Corporation, 6 Duke Street, Kingston.

Capital & Credit Securities; Capital & Credit Remittance Limited;

Capital & Credit Fund Managers Ltd.

Merchant Banking and Investments.

[email protected]

www.capital-creditfundmanagers.com

Financial Data

584,500

2,089,0771,184,86316,349,29341,526,15039,335,504

4,127,70751.64554,74959.73465,26662.03

7.831.0627.8213.440.845.997.13

500,000

1,255,554968,5441,391,29830,266,52128,904,387

2,721,967-347,302-287,141- -

1.111.0545.7412.760.57--



Caribbean Cement Company Ltd.

aribbean Cement Company Limited, the only manufacturer of cement in Jamaica, was incorporated on

August 7, 1947. In 1949, the Company leased lands at Rockfort and commenced construction of its

manufacturing plant in that year.

Commercial production of ordinary Portland cement started on February 8, 1952, with one rotary kiln of a

rated capacity of 100,000 tonnes per year.

Carib Cement Company is listed on the Jamaica Stock Exchange (JSE) with some 24,400 shareholders. The

major shareholder is the TCL Group of companies with 74% of the shareholdings.

The Company remained privately owned until May 1980 when the Jamaica National Investment Company,

now the National Investment Bank of Jamaica (NIBJ) acquired the majority shareholding of the Company.

The Company returned to private ownership in July 1987 when the NIBJ sold the majority of its stock, large-

ly to Jamaicans living in the island. Scancem ANS, a Scandinavian cement company, acquired Ten percent

(10%) of the total stockholding of the company. Scancem had since 1981 provided technical assistance to

the Company under a Norway-Jamaica Government agreement. Cemex of Mexico acquired Scancem's inter-

est in the Company in 1996, and also took over the technical assistance contracts.

In 1988 the Company completed a major expansion project moving its rated capacity of clinker to six hun-

dred thousand (600,000) metric tonnes (MT) per annum. The Company also converted its kilns to use either

coal or oil, whichever was cheaper at any given time. By 1998, as a result of the financial restructuring of a

number of private sector companies the Government once again acquired majority shares in the Company.

These shares were subsequently divested when Trinidad Cement Limited, in April 1999 successfully won its

bid for the Government's 43.6% majority holding.

Faced with declining production and sales and a significant increase in high interest bearing debt which

resulted in a 76% increase in interest expenses, the new Board and management set in motion a three-month

turnaround plan designed to stabilize the company and return it to positive cash-flows and profitability.

In 1998, the Company had posted losses of $1.855 billion. A major component of this loss was exceptional

items, totaling $1.38 billion consisting of the writing off of the internal power station, gypsum fines, obso-

lete spares, Capital works in progress which were no longer being pursued, and redundancy and separation

costs. By 1999, the loss was reduced to $530 million and the Company then embarked on a path of steady

growth with profits of $842 million achieved in 2004.

Over the past four years, market share and sales were adversely affected by the dumping of cement in

Jamaica. The consequence of the loss of sales was retention of high cement stocks in silos and cut backs in

production. Significant expense was incurred in legal action to address the unfair trading practice.

In December 2004 Parliament passed a bill to increase the Common External Tariff (CET) to 40% on all

cement imports into Jamaica effectively stemming the tide of dumped cement inflows.

On July 22, 2005, the Trinidad Cement Limited Group (TCL), parent company for Carib Cement Company

Limited (CCCL), signed a contract for a US$105 million loan package, US$85 million of which will go to

the expansion and modernization project. Carib Cement will itself generate the remaining one third of the

funds required for the project.

Over the next three years, the Company will spend over US$100 million in capital expenditure programmes,

which will result in considerable improvements in clinker and cement production capacity and overall effi-

ciency by the year 2008. Modernization of the Plant will improve its environmental performance and pro-

vide adequate and considerable supplies of local cement to help promote investment in infrastructure, indus-

try and housing development. In addition, approximately 1,300 jobs will be generated with 600 people on

site during peak periods for the implementation of the project.

C


2004 2003 2002 2001 2000 1999



PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit/Loss % increase over prior year After Tax Profit/Loss % increase over prior year Exceptional Items

IMPORTANT RATIOSDebt/Equity ratioCurrent Asset ratio Return on EquityGrooss (Loss). Profit MarginEarning (Loss) Per Share Closing Stock Price P.E. Ratio

851,138

2,771,1219,31598,1341,517,6781,399,013

5,452,75935.75859,01235.86842,36185.18-

0.041.0830.4015.750.9912.9013.03

Caribbean Cement Company (CCC JMP210961059)

* Restated

Board of Directors

Secretary

Registrar

Subsidiaries


E-mail Address


Brian Young, F.C.A. (Chairman); Dr. Rollin Bertrand; Dr. Judith

Robinson; Hollis Hosein; Yusuff Omar; Leopoldo Navarro;

Paul Stockhausen; Ernest Williams.

Cordia J. Constable

Scotia Jamaica Investment Management Ltd.

4th Floor, Scotiabank Centre, Cnr.Duke & Port Royal Streets,Kgn.

Jamaica Gypsum and Quarries Ltd., Rockfort Mineral Bath Complex

Ltd., Caribbean Gypsum Company.

Manufacture and sale of Portland cement and the winning and sale of

gypsum.

[email protected]

Financial Data

851,138

2,102,1159,013123,5891,224,3361,571,082

4,016,6439.26632,30020.19454,88419.87-

0.060.7821.6415.740.533.506.60

851,138

1,820,586*558104,2171,254,0601,483,307

3,676,26616.32526,08333.39379,466*29.14-

0.060.8520.8414.310.45*2.605.78

851,138

1,664,23881,745310,2461,043,9751,636,783

3,160,4022.68394,4091.61293,8422.77-

0.190.6417.6612.480.352.005.71

00

851,138

1,526,460*179,011399,789921,7281,647,484

3,078,0315.50388,146*149.25285,926*153.93154,105

0.260.5618.7312.610.342.858.38

851,138

1,398,265340,894406,928617,0591,438,894

2,917,5587.51(788,147)63.66(530,195)71.42(255,689)

0.290.43(37.92)(27.01)(0.83)3.00(3.61)



Carreras Group Limited

arreras Group Limited is the leading manufacturer of cigarettes and tobacco related products in Jamaica.The company is publicly listed with local and international ownership. Jamaican shareholders own 49.7%of the company with the majority interest being held by British American Tobacco.

Carreras has a rich history in Jamaica. From as early as the 1930's Carreras UK had been selling some of itscigarette brands in Jamaica. In the late 1950's to the early 1960's Bonitto Brothers distributed those cigarettes.

In late 1961 a decision was taken to set up a Company in Jamaica. In 1962 Carreras of Jamaica was regis-tered, "to carry on business as tobacco and cigar merchants and importers of and dealers in tobacco, cigars,cigarettes, snuff, matchlights, pipes and any other articles required by or useful to smokers…. And as manu-facturers of any of the goods and articles aforesaid…" 30% of all cigarettes smoked in Jamaica were import-ed, of which 22.5% were Carreras-Rothmans Craven A. At that time, the local manufacturers dominated 53%of the market and Rothmans International 47%.

Since Jamaica's Independence in 1962 Carreras has built a reputation for producing high quality products tomeet the diverse tastes of its consumers.

In 1963, 50% of the ordinary shares of the company were offered to the Jamaican public - a total of 1,680,000shares. The shares were offered at the equivalent of 25c per share with 20 shares being the minimum pur-chase. About 2,500 Jamaican investors took up the investment opportunity. Carreras was listed in 1969.

From 1975 to 1994, Carreras diversified its operations to include:· Sans Souci Hotel· The Jamaica Biscuit Company· Island Bottlers Jamaica Limited· Graphic Arts Limited· Jamaica Flexographic Limited· Jamaica Graphic and Printing Supplies Limited· Cigarette Company of Jamaica · Agricultural Products of Jamaica· Carreras Exports Limited· Carreras Development Limited· Rothmans of Pall Mall (Jamaica) Limited

In June 1999, British American Tobacco merged with Rothmans International. Later that year, BAT acquiredcontrolling interest in Carreras Group Limited and thus became a subsidiary of BAT.

As a part of BAT global strategy, BAT concentrates on its tobacco operations. This accelerated the divestmentof its non-tobacco interests thus returning to its core business of the marketing and distribution of cigarettesand tobacco related products.

With a market share of 98%, CGL is the qualitative and quantitative leaders in the tobacco industry. TheCompany currently markets and distributes six brands in Jamaica - Craven "A", Matterhorn, Rothmans,Benson & Hedges, Dunhill and KOOL.

RECENT NOTABLE ACHIEVEMENTS· Ranked number 1 of all listed companies on the Jamaica Stock Exchange in productivity in the 2003

Joint Financial Gleaner & Mona School of Business "GiltEdge" Magazine.· Recognized by the Jamaica Employer's Federation (JEF) in 2004 as one of the top 20 companies

to work for in Jamaica.· The Carreras Sports Foundation has existed for over 40 years honouring Jamaicans who have

excelled nationally, regionally and internationally at sports.· The Carreras Postgraduate Scholarship has, for the past 39 years seen 13 scholars studying in vari

ous fields such as medicine, law, business management, communications and other fields.

C


2004 2003 2002 2001 2000 1999


Shareholders’ Equity Long Term Liability Gearing Debt.Current Assets Current LiabilitiesMinority Interests PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Exceptional ItemsExtraordinary Item


485,440

13,992,4180011,421,1941,746,89815,307

5,942,33319.514,052,979(3.42)2,849,685(15.05)(85,245)

0.006.5420.6468.215.8648.508.28

Carreras Group Limited (CAR JMP213891048)

* Restated

Board of Directors

Secretary

Registrar

Subsidiaries


E-mail


George Ashenheim(Chairman); William Telling, (CEO); Andrew Cripps;

Christopher Burton; Hon. Emil George Q.C; Marlene Sutherland;

William McConnell; Michael McNally; Michael Bernard.

Michael McNally

Carreras Group Limited, Twickenham Park, Spanish Town.

Cigarette Company of Jamaica Ltd.; Graphics Art Ltd.; Agricultural

Products of Ja. Ltd.; Sans Souci Development Ltd.; Sans Souci Ltd.

Manufacturing and Distribution.

[email protected]

Financial Data

485,440

13,615,1910012,597,985*1,441,534*25,017*

4,972,40511.424,196,652 *35.093,354,576 *42.25(26,472)

0.008.7425.6284.406.90*34.004.93

485,440

12,571,3740010,887,3423,069,06921,306

4,462,880(1.92)3,106,451(17.72)2,358,214(17.65)(55,978)

0.003.5519.5969.614.8529.005.98

485,440

11,499,6650

2,815,96418,43018,430

4,550,3992.593,775,4010.922,863,4770.39(38,383)-

0.003.3326.7682.975.8934.005.77

485,440

9,904,556008,313,2374,030,57815,155

4,435,535(3.64)3,740,97610.892,852,48017.82(49,913)705,508

0.002.0629.5184.345.8728.904.92

242,720

9,428,108005,911,3661,841,22912,415

4,603,04011.503,373,54927.512,421,08528.42(9,706)

0.003.2128.7573.299.9624.002.41


Ciboney Group Limited

iboney Group Limited (formerly Ciboney Holdings Limited) was incorporated as a private company

on January 5, 1987. Beach land of approximately 8.8 acres had been acquired by the Company

through its associated company Ciboney Hotel Developers Limited which was incorporated on

November 20, 1986.

The development of that land into what is now Sandals Ocho Rios Hotel was the first phase of what was to

be the largest resort development in Jamaica's history. The 237 room hotel opened its doors on schedule in

February 1989 and was completed at a capital cost of US$21 million.

The Company acquired, through its subsidiary Ciboney Hotels Limited, (formerly Ciboney Villas Limited)

approximately 39 acres of land in Ocho Rios known as "Ciboney" about 1 mile from the center of Ocho Rios.

The land consisted of approximately 4.6 acres of separate beach land, and approximately 34 acres on the

hills overlooking the Caribbean Sea. The second phase of the Ciboney Development was a 289 room villa

suites resort hotel developed on this property. The villa complex consists of 87 villas, 73 two, three and four

bedroom villas and 14 honeymoon suites each with its own private swimming pool. There is a total of 90

pools. This was completed on target in 18 months at a capital cost of US$45 million. The resort opened its

doors on December 20, 1990.

C


2004 2003 2002 2001 2000 1999



PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit/Loss % increase over prior year After Tax Profit/Loss % increase over prior year Exceptional ItemsMinority Interest


546,000

(10,081)559,846821,134359,830567,346

78,421(32.02)350,775744.71350,775744.57-68,364

(81.45)0.63(3,479.57447.300.060.100.80

Ciboney Group Limited (CBNY JMP283451095)

* Restated

Board of Directors

Secretary

Registrar

Subsidiaries

Associated Company


Financial Year End May 31

Patrick Hylton (Chairman); Geoffery Messado; Michael Campbell;

Marjorie Chevannes-Campbell; Wilberne Persaud; Robert Stephens.

Sharon Burke

Veritat Corporation Ltd. 6 Duke Street, Kingston.

Ciboney Hotels Limited; Ciboney Proprietors Ltd.; Leisure Operators

Ltd; Luxury Resorts Enterprises Ltd; Luxury Resorts Intl.

Ciboney Hotel Developers Ltd.

Resorts Investments

Financial Data

546,000

(368,318)677,820931,591278,737*485,079

115,35611.27(54,408)(256.74)(54,420)(257.26)5117,268

(2.53)0.5714.78(47.17)(0.10)0.08(0.80)

546,000

(314,015)648,740*883,558*277,129430,437*

103,676(36.42)34,713117.9934,605*117.9225,138117,265

(2.81)0.64(11.02)33.480.06*0.081.26

546,000

(349,737)683,423929,109148,789340,123

163,067(69.39)(192,986)(1,071,.46)(193,065)(827.26)(39,757)212,913

(2.66)0.4455.20(118.35)(0.35)0.20(0.57)

546,000

(156,885)718,680964,666349,158395,598

532,7200.66(16,474)81.32(20,821)76.3938,066212,913

(6.15)0.8813.27(3.09)(0.04)1.01(26.79)

546,000

(131,944)68,877831,835149,3401,063,189

529,206(19.90)(88,185)(56.14)(88,185)(56.16)33,104213,287

(6.30)0.1466.84(16.66)(16.11)0.40(0.02)


2004 2003 2002 2001 2000 1999



PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Extraordinary ItemExceptional Items

IMPORTANT RATIOSDebt/Equity ratioCurrent Assets ratio Return on EquityGross (Loss) Profit MarginEarnings (Loss) Per Share Closing Stock Price P.E. Ratio

20,338

38,98822,26730,7983,96213,262

12,776(63.12)2,507(61.78)993101.52--

0.790.302.5519.620.054.5090.00

CMP Industries Limited (CMP JMP286501029)

*Restated

Board of Directors

Secretary

Registrar

Subsidiaries



Pancha Sankaran (Chairman); Raj Chandaria; Kuntesh Chandaria;

Noel Levy; Steve Holland.

Harihanaier Radhakrishnan

Duke Corporation

CMP Metal Products Ltd.; CMP Consumer Products Ltd.; CMP Sales

Ltd.; CMP Envelopes Ltd.

Rental of Property

Financial Data

20,338

4,751*135,702*141,988*8,38525,025*

34,642*0.006,560*(27.17)(65,346)*(1,707.13)-(71,689)

29.89034(1,375.42)18.94(3.21)1.20(0.37)

20,338

90,6334,67743,6763,38467,246

0(100.00)9,007134.744,066104.2917,226(4,941)

0.480.054.490.000.201.507.50

20,338

103,7934,19149,5172,65795,802

34,902(85.02)(25,929)71.36(94,820)(4.74)6,830(68,891)

0.480.03(91.35)(74.29)(4.66)0.93(0.20)

20,338

190,5926,93788,977113,781141,768

232,996(37.30)(90,526)5.74(90,526)5.7451,2010

0.470.80(47.50)(38.85)(4.45)3.49(0.78)

20,023

35,85710,924115,235179,281170,423

371,611(9.54)(85,608)215.54(85,608)200.7817,336

3.211.05(238.75)(23.04)(4.28)3.20(0.75)


Courts (Jamaica) Limited.

n 1959 the first COURTS store was opened in the Western Hemisphere in Jamaica. The company start-ed with one branch at Cross Roads selling furniture and a small range of appliances.

Courts (Jamaica) Limited has been in operation for over 45 years and is one of the most established compa-nies and brands in the country.

Courts Jamaica Limited was quoted on the Jamaica Stock Exchange in 1969 and is a subsidiary of CORTS Plc.The minority interest is 20.14%.

The company currently has a network of 28 branch locations including a Bargain Centre located on the mainstore in Cross Roads. Branches are scattered throughout the country with the main towns being serviced bylarger stores carrying a greater range of products. In addition to the stores, the company has a large centraldistribution facility in the Kingston area for the delivery of customer orders and the replenishment of the branchstocks.

With its bright yellow buildings, innovative marketing and community involvement there is awareness of thecompany and the products it sell. The foundation of the company's growth has been its credit offering. Beingable to improve the quality of lives of Jamaicans by giving them affordable access to basic products (beds,stoves and assures the customer that they are getting the lowest possible price for the item they are purchas-ing.

I


2004 2003 2002 2001 2000 1999



PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior yearExtraordinary Items

IMPORTANT RATIOSDebt/Equity ratioCurrent Assets ratio Return on EquityGrooss (Loss). Profit MarginEarning Per Share Closing Stock Price P.E. Ratio

2,397,123

4,759,852707,3291,031,2473,362,7941,573,596

4,227,22012.601,140,995(31.15)860,106(25.69)0

0.222.1419.8226.990.364.8913.58

Courts (Jamaica) Ltd. (CRTS JMP3171D1012)

*Restated

Board of Directors

Secretary

Registrar



Bruce J.R. Cohen (Chairman); R. Hayden Singh (Managing Director);

Dennis Harris, F.C.A.(Deputy Managing Director); Howard S.R. Cohen;

Keith M. Fredricks; Peter Thomson; Robert C. Humphries, F.C.A; John

Roberts D.M.S; Sharon Stephenson.

Wayne Strachan, F.C.C.A.

NCB Jamaica (Nominess) Ltd.

32 Trafalgar Road, Kingston 10.

Hire purchase financing; sale of furniture and appliances, office furni-

ture, bicycles and other household articles

Financial Data

1,598,082

3,920,600*616,959 *293,2581,836,310960,755 *

3,754,036 *(5.13)1,657,227*50.201,157,435*50.220

0.071.9132.3544.150.48*3.607.50

1,198,560

3,235,295002,295,370644,774

3,957,152(11.27)1,103,33542.20770,47633.550

0.003.5626.9027.880.482.505.21

958,849

2,492,9860965,8512,172,9131,452,266

4,459,982(14.66)775,8780.57576,9176.420

0.391.5026.0317.400.362.005.56

479,424

1,940,27901,372,2491,860,5261,993,909

5,226,26221.11771.45648.66542.09844.300

0.710.9331.6114.760.57*5.509.65

239,712

1,489,1781,507889,4011,363,0931,467,273

4,315,32642.17518,94231.21375,68041.790

0.600.9328.6612.031.575.103.25




ehring Bunting & Golding Ltd. (DB&G) opened its doors in 1992 as an investment firm.Since then, it has developed as a Financial Service Advisor. Its early success can be attrib-uted to its completion of a J$37.5 million private offer of its own shares and listing on

on the Jamaica Stock Exchange.

This offer was the first of its kind for the Jamaican Stock market, and on the first day of tradingDB&G's stock opened the day at $1.00 and closed the day at $2.25. This success gave the invest-ment bank the high public profile and credibility that it continues to enjoy today.

In 1992 the firm has contributed to the growth of the market for corporate commercial paper. Thishas now mushroomed with the involvement of other brokers and merchant banks, into a markettrading billions of dollars worth of securities.

DB&G has successfully piloted a $100 million bond issue for the Government-owned MicroInvestment Development Agency (MIDA). The company also raised $100 million for the JamaicaMortgage Bank, another statutory corporation, through a tax-free bond structure. In October 2001,the Government raised US$100million following the attacks on September 11 by way of bondsplaced through DB&G.

The bank currently has over $30 billion in assets under management, through an innovative familyof investment services.

DB&G operates a Cambio and is an Authorized Primary Dealer, a status designated by the Bankof Jamaica to conduct the central bank's open market trading operations. In January 1999, DB&Gfinalized a merger agreement with Billy Craig Finance and Merchant Bank Ltd., thus expanding thefirm's distribution network throughout the island and increasing the array of products to incorporateinsured deposits through DB&G Merchant Bank Ltd. (DB&GMB).

In 2001 the bank concluded negotiations to purchase the remaining shares in the Merchant Bankthat were held by the Financial Sector Adjustment Company (FINSAC). As an expanding organiza-tion, DB&G then got the approval from the Bank of Jamaica (BOJ) to acquire Issa Trust andMerchant Bank Ltd. and DB&GMB officially became an independent entity.

In March 2000, DB&G acquired the Eagle Unit Trust and broadened the menu of products offeredthrough DB&G Unit Trusts Managers Ltd. The DB&G Premium Growth Fund appreciated by over100% (for the 2004 calendar year) and is one of the top-performing Jamaican investments for 2004.

The company was permitted to operate as a Stockbrokerage in September 2001, after acquiring aseat on the Jamaica Stock Exchange.

DB&G's Stockbrokerage Unit expanded in January 2004, as they have proven to be one of the pri-mary generators of the company's profit. The company's brokerage operations has also executednotable transactions, which included the sale of shares in LOJ and RJR on behalf of FINSAC, aswell as the securitization of the receivables deriving from the Government of Jamaica's sale of itsshares in National Commercial Bank Jamaica Ltd. to AIC Ltd.

In a bid to enhance the availability of its products to a wider market, DB&G has expanded regional-ly, now offering its Unit Trust funds in Trinidad & Tobago. Additionally, the company has now cross-listed on the Trinidad & Tobago Stock Exchange (TTSE) enabling its shares to be traded in a moreliquid market.

D


2004 2003 2002 2001 2000 1998*


Shareholders’ Equity Long Term Liability Total GearingCurrent Assets Current Liabilities

PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Exceptional Items

IMPORTANT RATIOSDebt/Equity ratioCurrent Assets ratio Return on EquityGross (Loss). Profit MarginEarnings (Loss) Per Share Closing Stock PriceP.E. Ratio

276,826

1,378,849-8,390,59423,457,58722,273,979

4,540,76528.11547,607125.95538,595124.96-

6.091.0545.6912.061.9514.407.38

Dehring, Bunting & Golding (DBG JMP345601059)

*Restated/2000 Figures reflect 15-mnths - Jan. 1, 1999 to March 31, 2000

Directors

Secretary

Registrar

Subsidiaries


E-mail


Peter M. Bunting (Chairman); Christopher A. Dehring (on-leave);

Mark J. Golding; Garfield Sinclair; Phillip Martin; Barclay Ewart;

Eugene Ffolkes; Deanne Bell

Mark Golding

Duke Corporation, Scotiabank Centre, Duke Street, Box 372.

DB&G Merchant Bank; DB&G Unit Trust Managers Ltd.; DB&G

Corporate Services Ltd.

The provision of corporate finance, investment and advisory services.

[email protected]

Financial Data

122,129

978,945*-6,897,68121,936,501*21,127,171*

3,544,374*52.52242,357*32.96239,418*32.85-

7.051.0435.716.840.94*10.0010.64

112,500

530,595-827,97413,846,42913,469,051

2,323,90963.16182,27664.26180,21661.15-

1.561.0367.937.841.488.005.41

112,500

361,923-962,5659,229,1358,926,126

1,424,279*23.31110,96557.87111,83285.62(7,314)

2.661.0336.537.790.992.552.58

112,500

250,298-402,3188,665,751 *8,478,327 *

1,155,07231.0070,290164.6360,247157.88 -

1.611.0227.076.090.531.903.58

122,500

194,810-538,8614,447,7344,276,005

881,717116.4926,562(10.25)23,3623.89-

2.771.0412.763.010.210.753.57


Desnoes & Geddes Limited

esnoes and Geddes Ltd. was formed in 1918 when Thomas Hargreaves Geddes and EugeneDesnoes, who owned separate carbonated soft drink establishments, amalgamated.

In the following years, the Company became well established in making popular sodas and distrib-uting the best imported liquors. The world famous Red Stripe Beer was first brewed by D&G in 1928as a light ale.

In 1938 Brew Master Paul Geddes, son of one of the founding fathers, and Bill Martindale producedthe light golden lager we now know as Red Stripe Beer, a product which is considered a milestonein Jamaica's history.

In fact, by 1940 Red Stripe had become so successful that the outraged British government, with itsEnglish beer, unable to compete with the excellent and inexpensive Red Stripe, levied an excise taxon the local beer and other goods.

By 1958, Peter Desnoes and Paul Geddes, progeny of the founders, had taken over the family busi-ness. Like their fathers, they, too, have gigantic and fantastic dreams. Gambling everything, theybought land and constructed a plant. Soon, the old Surrey Brewery on Pechon Street is closed downand the new and very modern plant at Hunt's Bay goes fully operational.

In 1970 Desnoes & Geddes became a public company.

In 1993 Guinness Plc (now Diageo) acquired a 58 per cent shareholding in Desnoes and GeddesLtd. Other major shareholders are Heineken, Desnoes and Geddes families and others, includinginstitutional investors. Red Stripe Beer is one of the fastest growing beers in the U.S.

In June 1999, D&G sold its Wines and Spirits operation to J. Wray and Nephew Ltd., and inDecember of that same year, its soft drinks business was sold to Pepsi Cola of the Americas.

In 2001 the company began to trade under the name of its most famous brand, Red Stripe, and itsportfolio now includes Red Stripe Beer, Guinness, Heineken, Red Stripe Light, Smirnoff Black,Smirnoff Red, Dragon Stout and Malta.

Red Stripe paid total dividends of $1,152 million to shareholders in 2004.

D


2004 2003 2002 2001 2000 1999





2,809,171

4,334,801-2,2771,895,3451,108,633

7,866,54014.911,860,86427.491,552,95816.93-

0.001.7135.8323.660.556.9012.55

Desnoes & Geddes Ltd. (DG JMP350801032)

*Restated

Directors

Secretary

Registrar

Subsidiaries


E-mail Address

Financial Year End June 30

Hon. Patrick Rousseau; O.K Melhado; Mark McKenzie; Noel daCosta;

Richard Byles; Gareth Halliwell; G.J. van Brecht; Johannes van Lierop;

Justus Visser

Stephen N.A. Johnson

NCB Jamaica (Nominees) Ltd. 32 Trafalgar Rd, Kingston 10.

Foods of Jamaica (Export) Ltd; Red Stripe Brewing Company Ltd.;

Diageo plc; Red Stripe Marketing (UK); Diskweb Ltd (UK);

Brewing, Blending and distributing beers and stouts.

[email protected]

Financial Data

2,809,171

4,459,5872,2776,8302,594,9101,397,339

6,845,998*21.161,459,60132.591,328,112(4.36)(125,365)

0.001.8629.7821.320.475.4011.49

2,809,171

4,690,394*6,83011,3932,675,109*1,068,604*

5,650,264*10.151,100,847*(16.56)1,388,644*46.08(175,117)*

0.002.5029.6119.480.497.0614.41

1,971,348

3,200,69811,38315,9362,464,9831,234,517

5,129,571(6.71)1,319,3198.84950,576(5.33)(75,796)

0.002.0029.7025.720.34*6.0017.65

1,095,193

3,136,81415,93677,2332,551,1451,477,376

5,498,478(12.84)1,212,20428.221,004,13519.47126,184

0.021.7332.0122.050.927.307.93

365,064

3,611,19020,489337,0742,349,3501,357,243

6,308,372(30.51)945,373201.84840,504420.13(133,773)

0.091.7323.2714.992.305.202.26



2004 2003 2002 2001 2000 1999



PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Exceptional ItemsExtraordinary ItemMinority InterestsIMPORTANT RATIOSDebt/Equity ratioCurrent Asset ratio Return on EquityGrooss (Loss). Profit MarginEarning (Loss) Per Share Closing Stock PriceP.E. Ratio

-

-----

--------

-------

Dyoll Group Limited (DYOL JMP359601060)

*Restated

Board of Directors

Secretary

Registrar

Subsidiaries



C.D.R. Bovell (Chairman); P.M. Bicknell (President); G.K. Sharp;

O. Chen; S.G Thwaites; C.A. Parke-Thwaites; Dr. M.P. Witter; N.P.

McDonald; A. Casserly.

M.A. Thwaites

Pan Caribbean Merchant Bank.

64 Knutsford Blvd. Kingston 5

Dyoll Insurance Company Ltd.; Dyoll/Wataru Coffee Co.; Cayman

Insurance Centre Ltd.

Property and casualty underwriting, coffee growing

Financial Data

60,921

591,47654,50854,5881,148,945228,130

1,376,14154.86210,58199.79164,07884.03--187

0.095.0427.7415.302.7010.403.85

60,921

418,95223,69324,013952,974111,793

888,6336.74105,40068.5389,159288.4411,663(8,279)16,362

0.065.558.667.510.456.9015.33

60,921

264,95114,56415,248939,092169,168

832,49613.4162,540(45.66)22,953(96,66)94,667(44,964)4,233

0.065.558.667.510.456.9015.33

60,921

125,7661,0862,395734,212165,418

734,0417.16115,089108.30686,3011,304.45-(26,987)(786)

0.024.44545.7015.681.134.403.89

60,921

48,8521,09319,326357,86495,560

685,0217.8155,25231.0248,86615.88-(13,015)(2,094)

0.403.74100.039.070.771.051.36


2004 2003 2002 2001 2000 1999$US $Bds $Bds $Bds $Bds $Bds


Shareholders’ Equity Total AssetsDepositsLoansInvestments


IMPORTANT RATIOSReturn on EquityAsset GrowthDeposit GrowthLoan Growth Loan and Investment GrowthReturn on AssetsGross Profit MarginEarnings Per ShareClosing Stock Price

1,525,934

1,207,1038,648,7207,337,6363,933,886818,396

512,206-108,795-88,542-

7.34----1.0221.245.80100.00

First Caribbean International Bank (FCIB)

*Restated/Closing Stock Price Quoted in Ja.$

Board of Directors

Secretary

Registrar

Subsidiaries


E-mail


Michael Mansoor; Kyffin Simpson; Charles Pink; Ron Lalonde; Robert

Hunter; John Eaton; Sir Allan Fields; Chester Feldberg; Sir Fred

Gollop; David Ritch; Richard Venn; Teresa Butler; David Roberts.

Ella N. Hoyos

FirstCaribbean International Trust And Merchant Bank (Barbados) Ltd.

FirstCaribbean International Bank (Barbados) Limited

FirstCaribbean International Bank (Offshore) Limited

FirstCaribbean International Bank (Bahamas) Limited

FirstCaribbean Internationak Bank (Jamaica) Limited

Banking and bank related activities

[email protected]

611,810

2,222,91417,208,16014,512,1887,120,5151,548,259

1,000,058100.11175,5321,399.12149,9011,238.16

6.74(2.55)(4.15)(4.46)(7.14)0.8717.559.2176.00

611,810

1,988,72617,658,87215,140,8797,453,1461,882,171

499,752(31.51)11,709(93.64)11,202(93.62)

0.5692.1784.8398.1951.020.062.341.4370.00

611,810

652,2769,189,0548,191,7373,760,5742,420,920

729,6871.10184,14419.32175,52819.18

26.9117.6821.9610.249.111.9125.240.2271.00

611,810

549,729*7,808,727*6,716,8693,411,1842,254,213*

721,76016.82154,322*18.02147,284*16.22

26.7912.2411.647.8819.361.8921.380.1960.00

611,810

488,9546,956,9066,016,3673,162,0521,584,338

617,82047.15130,76036.66126,73253.23(2,171)

25.9278.4783.1030.4264.241.8221.160.1765.00

Financial Data


First Caribbean International Bank (Ja.)

he increased trade relations between Canada and Jamaica, the general prosperity of the island and the need for more

expeditious banking facility, motivated the Board of Directors of the Bank of Commerce to spread its wings beyond

the Canadian boundaries.

In 1920 the first CIBC branches in the West Indies were established in Bridgetown, Barbados and in Kingston, Jamaica.

The Jamaican branch was opened on November 1, 1920 at 117 Harbour Street and later relocated to King and Harbour

Streets in 1931.

After the opening of the branch, application was made to the authorities for note-issuing privileges similar to those then

enjoyed by other banks in the West Indies. Specially designed notes were prepared in denominations of £1 and £5 and were

payable at a branch of the bank in Kingston.

In June 1961, the Bank of Commerce merged with the Imperial Bank of Canada and became Canadian Imperial Bank of

Commerce. Due to the nationalization policy introduced by the Jamaican government, whereby all multinational interests

were required to sell shares to private local entities, the Bank became Canadian Imperial Bank of Commerce Jamaica

Limited.

On October 1, 1976, the Bank of Commerce Jamaica Limited was incorporated to take over the assets and liabilities of the

Canadian Imperial Bank of Commerce branches in Jamaica.

In April 1988, a Corporate Finance Centre was established to service the needs of major commercial clients.

On July 1, 1988, the bank had its name changed and became known as CIBC Jamaica Limited. At the same time, the Trust

Company became CIBC Trust Jamaica Limited.

CIBC Jamaica Limited went public in September 1988 and 45% of its shares were sold to the Jamaica public. In 1995 CIBC

Building Society a wholly owned subsidiary of the Bank began operations.

On July 23, 2001 Barclays and CIBC announced that they are in advanced discussions which are intended to lead to the

combination of their retail, corporate and offshore banking operations in the Caribbean to create FirstCaribbean

International Bank™. Implementation of the combination would be subject to required approvals from government and reg-

ulatory authorities.

On October 31, 2001 Barclays Bank PLC and Canadian Imperial Bank of Commerce reached an agreement to combine

Caribbean operations to establish FirstCaribbean International Bank™

The shares of FirstCaribbean International Bank are listed on the stock exchanges in Barbados, Trinidad, Jamaica and the

Organization of Eastern Caribbean States (OECS). FirstCaribbean International Bank (Jamaica) Limited a subsidiary of

FirstCaribbean International Bank Limited began operations on October 14, 2002.

On October 16, 2002 FirstCaribbean International Bank reported that the international credit rating service Standard and

Poors had given FirstCaribbean an "A minus" rating.

T


2004 2003 2002 2001 2000 1999


Shareholders’ Equity Total Assets DepositsLoans InvestmentsPROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Extraordinary ItemsExceptional ItemsIMPORTANT RATIOSReturn on EquityAsset GrowthDeposit GrowthLoan GrowthLoan and Investment Growth Return on AssetsGross (Loss). Profit MarginEarnings (Loss) Per Share Closing Stock PriceP.E. Ratio

193,333

2,548,16620,104,46116,645,5868,448,607

2,255,759

2,892,8350.51534,559(23.26)381,177(24.20)--

16.173.780.5119.6410.121.9018.481.9721.5010.91

First Caribbean International Bank (FCIB) (Ja.)

*Restated

Board of Directors

Secretary

Registrar

Subsidiaries



Michael Mansoor (Chairman); Anthony J. Bell; Albert Webb;

Christopher Bovell, M.A.,LL.M.; Peter D. McConnell, C.D.; Milton C.

Brady.

Allison C. Rattray

FirstCaribbean International Securities Limited

23-27 Knutsford Blvd., Kingston 5.

FirstCaribbean International Building Society

Commercial Banking

Financial Data

193,333

2,166,98919,371,65816,561,7137,061,5812,659,287

2,878,0336.90696,549238,58502,863198.00--

26.128.385.2036.8633.252.6024.202.608.003.08

193,333

1,683,459*17,874,517*15,742,9735,159,8052,135,521

2,692,3110.12205,727*(41.14)168,744*(32.98)-(122,951)

11.06(8.64)(9.50)(11.72)(7.53)0.947.640.87*8.499.76

193,333

1,367,44119,565,88117,395,7955,844,6412,045,050

2,689,19111.10349,51010.10251,78910.05--

19.8623.1425.298.659.231.2913.001.307.505.77

193,333

1,167,85215,889,18513,884,2555,379,3351,843,730

2,420,5795.08317,43592.74228,79584.20--

21.0915.9718.035.836.151.4413.111.188.056.80

193,333

1,002,35613,701,34211,763,5265,083,0061,721,852

2,303,51618.65164,70013.38124,207(0.45)-(71,795)

12.9425.4231.7214.834.800.917.150.644.106.41


First Life Insurance Limited

aribbean Atlantic Life Insurance Company Limited was incorporated on 9th March 1972. In1982, the company merged with National Life Assurance Company to form First LifeInsurance Company Limited (First Life). In July 1987, Pan-Jamaican Investment Trust

Limited (Pan-Jam), then minority shareholders in First Life, acquired all the Ordinary shares and$10 million of the Redeemable Preference shares in First Life. Pan-Jam also subscribed to an addi-tional $5 million new issue of Ordinary shares in First Life thereby making the company a whollyowned subsidiary of Pan-Jam.

In 1989 the assets of Jamaica Property Company Limited, a subsidiary of Pan-Jam, were trans-ferred to First Life, which substantially increased the company's assets. In 1991, the assets of thecompany stood at $700 million. There was also a 50% growth in new business with sales being atthe highest level ever. This merger enabled the company to develop rapidly in both the Insuranceand Real Estate sectors.

In 1993, under the Chairmanship of Richard Byles, First Life acquired 100% ownership of PanCaribbean Merchant Bank Limited, when Pan-Jam divested its 50.1% shareholding in the bank toFirst Life, which also acquired the remaining outstanding shares from the minority shareholders.

After the merger with Pan Caribbean, First Life was listed on the Jamaica Stock Exchange in 1993with the successful private placement of 40 million Ordinary shares. First Life survived the finan-cial crisis of the late 1990s. Investment Assets grew from $988 million in 1992 to $20.7 billion atthe end of 2003. Its wholly owned subsidiary, Jamaica Property Company, is a leader in the prop-erty service industry with over 40 years experience in the investment, development and manage-ment of commercial and residential properties. Jamaica Property currently manages over 750,000square feet of space of which it owns approximately 50%. Serving both local and internationalclients, Jamaica Property has become a recognized name and pacesetter in the business of facili-ties management.

The real estate owned by Jamaica Property includes 50% of Scotia Centre, Upper and LowerManor Park Shopping Centres, the Tourism Centre - 64 Knutsford Boulevard, Pan CaribbeanMerchant Bank Building - 60 Knutsford Boulevard, IBM Building - 52 Knutsford Boulevard, NewKingston Car Park - 6 Grenada Way and several lots in New Kingston.

Over the years, Jamaica Property's developments included the Barcelona, Fort George, ChanceryHall, Cardiff Hall, the Seville, Rose Hill and the CIBC Centre (now FirstCaribbean International).

In 2004, First Life reached an agreement with Life of Jamaica Ltd. (LOJ) to merge its Insurance andbanking operations in exchange for a 31% interest in the enlarged LOJ.

C



2004 2003 2002 2001 2000 1999



PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Minority Interest


303,500

5,029,034280,628N/A7,559,018599,412

3,421,083(33.10)1,868,113119.581,593,54698.35(17,360)

N/A12.6137.5754.615.2245.508.72

0

First Life Insurance Ltd. (FLIFE JMP416711019)

* Restated

Board of Directors

Secretary

Registrar

Subsidiaries


Website Address


Hon. Maurice W. Facey, O.J., J.P. (Chairman); W.G. Byran Ewen, F.C.A. (CEO);

Norman E. Bingham, J.P.; Roy Collister, B.A.,(Com.),F.C.A.; Lloyd Facey,

F.P.S., J.P.; Stephen B. Facey, M.Arch.; A. Mark D. Hart, B.Sc., J.P.;

James E. Morrison, M.Sc., C.A.; Donovan H. Perkins, M.B.A.

Gene M. Douglas (F.C.I.S.)

Pan Caribbean Merchant Bank

Corporate Trust Department, 60 Knutsford Blvd, Kingston 5

Pan Caribbean Financial Services; Portfolio Partners Ltd.; Jamaica Property

Company Ltd.

Underwriting of long-term life insurance ang health insurance, management of

pension funds; property development.

www.life-of-ja.com

Financial Data

300,258

3,453,192300,159*

1,519,03422,924,596

3,819,293 *

5,113,78845.37850,78257.64803,41852.68(78,699)

0.446.0025.9616.642.4113.815.73

300,258

2,736,458*134,6451,590,09317,896,865*3,038,771*

3,517,826*71.81539,705*18.19526,210*20.65(82,502)

0.585.8919.8215.341.48*10.997.43

300,000

2,574,42463,919*1,540,426*7,171,907 *2,368,203 *

2,047,503*(2.13)456,624*52.56436,14464.07*(51,037)

0.603.0319.2322.301.287.105.55

300,000

1,960,84643,770254,7384,906,812*647,522*

2,092,03029.81299,30727.15265,83529.44-

0.137.5814.4914.310.894.004.49

300,000

1,707,51031,985246,2734,314,709716,004

1,611,55827.22235,405(8.14)205,370(12.99)-

0.146.0314.1514.610.681.502.21


Gleaner Company Limited

he Gleaner Company was established in Jamaica in 1834, and incorporated in 1987. The first publica-

tion was a four- page weekly newspaper, issued on Saturday, September 13, 1834.The Gleaner is the

oldest newspaper in the Caribbean.

At the time, it was not envisaged how widely read throughout the Caribbean and North America the publication would come

to be. The location of the Gleaner was soon moved from 66 Harbour Street to 148 Harbour Street in Kingston. Fire

destroyed the second premises in 1882 and the Gleaner opened new head quarters shortly thereafter at the Government

Printing Office.

Destruction of the Gleaner's offices took place again in 1907, caused by the great earthquake and subsequent fire that struck

the island. Rebuilding began in 1908.

In 1969, The Gleaner opened its offices at 7 North Street and has been there since.

The Company is now completely computerized for accounting and production purpose. Commercial printing on the Gross

Urbanite offset press installed in 1994 has allowed the Gleaner to offer its readers and advertisers increased color capacity

and a higher standard of print quality in all its publications.

Publications

The Gleaner: Published every weekday. This newspaper addresses the needs of its readers through a number of regular spe-

cialized sections and features such as:

· The Gleaner's: Western Focus: for people living in the 5 Western parishes.

· Flair Magazine: Designed to address topics of concern to women.

· Financial Gleaner: for the business and financial public

· Youth Link: Addresses issues of concern to young people

The Sunday Gleaner: Was first published in 1939. This publication provides information about arts, business, career oppor-

tunities and the Outlook Magazine covers the social scene, gardening and other leisure activities.

The Star: A tabloid produced for the afternoon shoppers and readers. It emphasizes investigative reporting.

The Portmore Star: Addresses issues of concern in the St. Catherine communities.

The Weekend Star: Was first published in 1951. The Weekend Star is considered the entertainment paper for local

Jamaicans.

Track and Pools: Designed as a service for the horse-racing fraternity.

The Children's Own: Published during school terms to promote creative learning and to enhance scholastic endeavors.

In North America: The Weekly Star and the Weekly Gleaner which is distributed to cover 22 American and 8 Canadian

Cities.

In England: The Gleaner (UK) Limited publishes: The Weekly Gleaner and in 2004 May 18 the Gleaner (UK) purchased

full ownership of the Voice, Britain's best-known and largest ethnic newspaper. The Voice also produces a magazine enti-

tled 'Young Voices".

T


2004 2003 2002 2001 2000 1999




IMPORTANT RATIOSDebt/Equity ratioCurrent Assets ratio Return on EquityGrooss (Loss). Profit MarginEarning (Loss) Per Share Closing Stock PriceP.E. Ratio

1,211,243

2,033,395116,125147,5351,499,713664,253

2,936,13715.29538,17271.23373,99960.13130,116

0.072.2620.2818.330.302.618.70

Gleaner Company Ltd. (GLNR JMP4744S1045)

*Restated

Board of Directors

Secretary

Registrar

Subsidiaries



Hon. O.F. Clarke, O.J. (Chairman/Managing Director); Hon. J.J. Issa,

O.J. (Vice Chairman); C.S. Roberts; J.M. Matalon; D.R. Orane; Prof.

Hon. G.C. Lalor, O.J.; Dr. Carol Archer; M.M. Seymour; L.G. Johnston;

R.G. Ashenheim.

Collin Bourne

Scotia Jamaica Investment Management Ltd. Scotiabank Centre

Sangster’s Book Stores Ltd; The Book Shop Ltd; Popular Printers Ltd;

Beckford’s Auto Supplies Ltd.; Selecto Publications Ltd.; Associated

Enterprise Ltd.; Independent Radio Co. Ltd.; Gleaner Co. U.K.; The

Voice Gp.; Vee Tee Ay Ltd.; Gleaner Co. (N.A.) & Inc.

Publication and Printing of Newspaper and the sale of Books

Financial Data

1,211,243

1,655,59014,87128,5441,390,498329,981

2,546,70712.01314,29011.50233,55412.8840,140

0.024.2115.2212.340.191.256.55

1,024,898

1,413,440*20,03232,2361,293,799*331,705

2,273,72013.09281,876*21.58206,898*22.2424,815

0.023.9015.5312.400.171.8210.93

854,082

1,251,32018,20327,8151,156,443308,372

2,010,45615.24231,838(9.22)169,254(10.51)12,435

0.023.7514.2211.530.171.8010.59

698,795

1,128,99913,39323,3911.067,657329,760

1,744,5454.82255,3859.47189,1382.3443,291

0.023.2417.9414.640.221.788.09

524,096

979,29113,81926,020878,148245,294

1,664,26711.65233,29833.92184,80732.92(6,336)

0.033.5820.5614.020.351.404.00



Goodyear Jamaica Limited.

oodyear Jamaica Limited was incorporated in April 1965 and was afforded status as an 'ApprovedEnterprise' under the Industrial Incentives Law (1965) and the manufacturing facility was erected inSpringfield, Morant Bay. Advantages of Morant Bay location.

Administrative offices were established at 29 Tobago Ave, New Kingston in 1966. The 480,000 ordinaryshares in the company were quickly oversubscribed and were allotted to 3,500 Jamaicans. This represent-ed a 40% minority holding and 60% ownership by Goodyear Tyre and Rubber Company of Akron, Ohio,USA. Total authorized shares 1,200,000 @J$1.00 = Capitalization of J$1,200,000.00.

Total staff compliment during manufacturing was approx. 264 employees. The first tyre was taken from thepress in 1967, the manufacturing product lineso Passenger car tireso Van tireso Passenger van tireso Truck tireso Farm tireso Industrial equipment tires

In 1973, a J$1.5m expansion program was launched to take advantage of the export benefits of Caricom.Share Capital of Goodyear Jamaica Limited was increased by 594,000 @J$1.00 in 1975.

Goodyear’s ten year tax holiday (Industrial Incentives Law 1965) expired in 1979. In 1984 tyres wereremoved from restricted imports listing.

In 1989 Quantitative restrictions on imports into Trinidad and Tobago restricted exports.

1991 Goodyear exported tyres to the Middle East; in 1995-wage negotiation related strike began in January,which resulted in increased production costs, losses on the export market, severe drain on cash resourcesand finally a decision not to pay dividends.

Industrial unrest continued into 1996 and the manufacturing facility closed in March 1997, due to high man-ufacturing costs, low capacity, outdated technology. These are the benefits and drawbacks of distributivetrade:

BenefitsAccess to better technologically produced products from supplying companiesLower costsWider Variety

DisadvantagesLong Transit times from supply sources

No control over product costsMain Competitors

Federal Tyres- Tyre "R" UsNakangMaxxissGT Touring

G


2004 2003 2002 2001 2000 1999

BALANCE SHEET (000)

No. of Shares Issued

Shareholders’ Equity Long Term Liability Gearing Debt.Current Assets Current LiabilitiesExtraordinary Items


IMPORTANT RATIOSDebt/Equity RatioCurrent Assets Ratio Return on EquityGross (Loss). Profit MarginEarning (Loss) Per Share Closing Stock PriceP.E. Ratio

59,400

418,22014,4690531,102164,255

1,045,35720.9673,021(24.41)50,871(19.30)-

0.003.2312.486.990.8611.0012.79

Goodyear Jamaica Ltd. (GYR JMP485851068)

*Restated

Board of Directors

Secretary

Registrar

Subsidiaries



P.A. Graham (General Manager); E. Fortunato (Chairman); R.A.

Jenkinson; I.A. McNaughton (Financial Controller/Company

Secretary); V.M.Goldson; D. Wells; R. Zanola; T. Miller.

I.A. McNaughton

NCB Ja. (Nominees) Limited

32 Trafalgar Road, Kingston 10.

The Goodyear Tyre & Rubber Company,

1144 East Market Street, Akron Ohio 44316, USA.

Trading

Financial Data

59,400

397,04916,4100485,629134,077

864,20221.4696,603103.6863,03485.88-

0.003.6216.0711.181.066.756.37

59,400

387,475*4,754*1,322469,707*120,456

711,506(13.02)47,428*(43.44)33,911*(32.80)

0.003.908.796.670.57*4.257.46

59,400

384,3191,6264,034454,92292,712

817,98014.1683,850(27.77)50,464(39.00)-

0.014.9113.2810.250859.2010.82

59,400

375,5354,0507,648458,106120,584

716,5203.67116,08422.2882,73031.5517,486

0.023.8022.5516.201.395.503.96

59,400

358,1454,1487,303452,425119,326

691,1733.9694,934(15.28)62,888(20.41)(3,219)

0.023.7917.5013.741.066.205.85


Grace Kennedy & Company Limited.

raceKennedy Limited, a trading operation and wharf company, owned by W. R. Grace of New York andmanaged locally by Dr. John Grace - Chairman and Fred W. Kennedy - General Manager had operat-ed successfully until the Depression years of the 1920's. Finding itself over-extended, the companydecided to downsize and Dr. Grace and Mr. Kennedy were invited to acquire shares.

GraceKennedy Limited was incorporated on February 14, 1922, and began trading on that same day. JamesMoss-Solomon was invited to join the new firm as an accountant.

After Mr. Fred W. Kennedy died in 1930, Dr. Grace appointed Luis Fred Kennedy, eldest son of F. W. Kennedyand Mr. Moss-Solomon as joint managing directors. On his retirement in 1940, Dr. Grace sold his preferenceshares of the company to the two men. Mr. Kennedy became Chairman and Mr. Moss-Solomon remained asManaging Director.

GraceKennedy made a number of significant strides during the 1950's. The company opened branches inCanada and Holland. The hardware division was launched in 1951 and the company began distributing agri-cultural and medical supplies. These activities have grown into the highly successful entities - Agro-GraceLtd. and Medi-Grace Ltd., which are today market leaders in their respective fields. By the late 1950's, theCompany began investing in its own manufacturing plant and by the 1970's owned National Processors Ltd.,a cosmetics and toiletries factory, as well as Grace Food Processors (Meat Division) Ltd. and Grace FoodProcessors (Canning) Ltd.

The Company has become a leader in money transfer operations and making important strides in financialservices including the establishment of a commercial bank.

GraceKennedy Today

Today, GraceKennedy is one of the Caribbean's largest and most dynamic corporate entities made up of avaried network of some sixty (60) subsidiaries and associated companies located across the Caribbean andin North and Central America employing some 3,000 permanent and contract employees. The Company sellsand markets its products and services in some thirty-six countries.

For the year ended 31 December 2004, the Group recorded sales of US$501.5 million. The market value ofthe company stood at US$625.7 million at end 2004, an increase of 117% over the previous year's value ofUS$288.4 million.

The company's mission is, "To satisfy the unmet needs of Caribbean people wherever we are in the world".

Gearing itself to meet the challenge of the new millennium, GraceKennedy has set out its policy prescriptionsin a programme entitled the "2020 Vision" which focuses on increasing training of its staff and employingstate-of-the-art technology to achieve increased productivity and maintain the high quality of its goods andservices.

The Community Link

GraceKennedy believes that the success of the company is inextricably linked to that of the society in whichit operates and as such contributes to various areas of national development. The company has institution-alized its support through a number of foundations including the Grace and Staff Community DevelopmentFoundation targeting inner city communities; GraceKennedy Foundation assisting education, culture and her-itage and Luis Fred Kennedy Environmental Foundation which focuses on protection of the environment.

G


Grace Kennedy & Company Ltd.(GKC JMP489771056)

Board of Directors

Secretary

Registrar

Subsidiaries

Associated Companies



Douglas R. Orane (Chairman & CEO); Erwin M. Burton; A.Rafael Diaz;

Christopher D.R. Bovell; LeRoy E. Bookal; G. Raymond Chang;

M. Audrey Hinchcliffe; Brian A. Goldson; John Issa; John P. Mahfood;

Peter N. Moss-Solomon; Gordon K.G. Sharp; Gordon V. Shirley;

Donald G. Wehby.

Karen Chin Quee Akin

GraceKennedy Limited; 73 Harbour Street, Kingston.

Allied Insurance Brokers Ltd.; First Global Bank Ltd.; First Global

Financial Services Ltd.; First Global Insurance Consultants Ltd.;Global

Capital Services Ltd.;Grace Food Processors Ltd.; Grace Food Processors

(Canning) Ltd.; Grace, Kennedy & Company (Shipping) Ltd.; Medi-Grace

Ltd.; Grace, Kennedy Currency Trading Servs. Ltd.; Grace, Kennedy

Logistics Ltd.; Grace, Kennedy Payment Servs. Ltd.; Grace, Kennedy

Telemarketing Ltd.; Global Capital Servs. Ltd.; Grace Foods International

Ltd.; Grace, Kennedy Properties Ltd.; Grace, Kennedy Remittances Servs.

Ltd.; Hi-Lo Food Stores (Ja.) Ltd.; Hardware & Lumber Ltd.(69.7%) And

Its Subsidiaries H&L Agri & Marine Co. Ltd.; Office Servs. Ltd.; Wherry

Wharf Sales Company Ltd.; Agro Grace Ltd.; Rapid & Sheffield Company

Ltd.; International Communications Ltd.; International Shipping Ltd.;

Jamaica International Insurance Company Ltd.; Medi-Grace Ltd.; National

Processors Ltd.; Port Services Ltd.(97.2%); Versair In-Flite Services

Ltd.(51%) and its subsidiary; Industrial Catering Services Ltd.(51%); World

Brands Services Ltd.etc.

Residents outside of Jamaica:

Grace Foods Ltd. Grace, Kennedy (Belize) Ltd. (66%); Grace, Kennedy

(Ontario) Inc. and its subsidiary- Grace, Kennedy (Caribbean) Ltd.; Grace,

Kennedy Capital Servs. Ltd.; Grace, Kennedy (Guyana) Inc.; Grace,

Kennedy Remittance Servs. (Guyana) Ltd.; Grace, Kennedy Remittance

Servs. Turks & Caicos Ltd.; Grace,Kennedy Remittance Servs. (USA) Ltd.;

Grace,Kennedy (St. Lucia) Ltd.; Grace, Kennedy (Trinidad & Tobago) Ltd.;

Grace, Kennedy (UK) Ltd.; Grace, Kennedy (USA) Ltd.; Grace, Kennedy

Trade Finance Ltd.;Graken Holdings Ltd.; Knutsford Re.

Acra Financial Servs. Inc.; Carib Star Shipping Ltd; CSGK Finance

Holdings Ltd.; Shipping Ltd.; Challenge Enterprises Ltd.; Dairy Industries

(Ja.) Ltd.; EC Global Insurance Co. Ltd.;Fidelity Motors Ltd.;Express

Catering Ltd.; Fish Importers Ltd.; Kingston Wharves Ltd. and its sub-

sidiaries; Telecommunications Alliance Ltd.

Merchandising of general goods and food products both locally and interna-

tionally; processing and distribution of dairy and meat products;merchandis-

ing of agricultural and pharmaceutical supplies, stationery, hardware and

lumber; institutional and airline catering; operation of a chain of supermar-

kets; general insurance and insurance brokerage; commercial banking;

investment management; lease and trade financing; stock brokerage; pension

management, property rental, mutual fund mangement; operation of money

transfer services; bill payment services and international telecommunica-

tions services.


2004 2003 2002 2001 2000 1999


Shareholders’ Equity Long Term Liability Gearing Debt.Current Assets Current LiabilitiesMinority Interest PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Exceptional ItemsExtraordinary ItemsMinority InterestIMPORTANT RATIOSDebt/Equity ratioCurrent Assets Ratio Return on EquityGross (Loss) Profit MarginEarnings Per Share Closing Stock PriceP.E. Ratio

325,817

13,213,2621,474,3673,703,43440,076,72434,531,015507,527

30,703,79223.983,233,14121.172,326,97914.04--101,712

0.281.1618.7810.536.87118.0017.18

*Restated

Financial Data

323,466

11,568,3391,429,4913,302,93633,429,75329,152,191*460,032

24,765,50125.972,668,23030.372,040,51824.68--60,327

0.291.1519.4010.776.1253.958.82

323,075

9,466,478*613,9982,001,74526,702,370*23,561,470*227,776*

19,660,593*27.482,046,696*53.511,636,571*54.84(2,503)-33,306*

0.211.1320.5910.414.96*38.007.66

266,887

6,433,887581,8042,141,02410,623,5388,192,364175,030

15,422,0909.351,333,24929.431,056,97637.34(23,609)-46,656

0.331.3017.868.653.7919.405.12

216,589

5,404,775600,8271,732,5366,997,5985,022,672129,374

14.103,9510.291,030,07723.73769,63018.399,314-48,111

0.321.3915.517.302.7017.956.65

180,491

4,517,597629,6951,722,2076,476,2844,738,181111,387

14,063,6533.84832,49919.66650,08617.06(38,623)-63,075

0.381.3715.305.923.2523.507.23

GraceKennedy & Company Ltd.(GKC JMP489771056)



Guardian Holdings Limited

uardian Holdings Ltd. was established on June 18, 1996 as the holding company of theexpanding Guardian Group of Companies engaged in the financial services sector. The prin-cipal company of the Group at that time was Guardian Life of the Caribbean Limited, which

had been formed in December 1980 to effect the demutualization of the Trinidad and Tobago branchof Jamaica Mutual Life Assurance Society. Jamaica Mutual had in 1972 acquired the Trinidad andTobago and Barbados portfolios of Standard Life Assurance Company of Edinburgh, Scotland,which ceases transacting business in the region in 1970. Guardian Life therefore dates back to 1847when Standard Life started doing business in the West Indies.

In 1990 Guardian Life became a public company when its shares were listed on the Trinidad andTobago Stock Exchange. In 1991 it acquired Crown Life (Caribbean) Limited, a local subsidiary ofCrown Life Insurance Company of Canada. In 1995 Guardian Life established with RBTT FinancialHoldings Limited a venture company, BancAssurance Caribbean Limited, which pioneered thebanking and insurance industries in the distribution of insurance products in Trinidad and Tobago.In 1996 Guardian Life Holdings was listed on the Trinidad and Tobago Stock Exchange, at whichtime Guardian Life was de-listed.

Over the period 1991 to 2002, the GHL Group successfully developed the Westmoorings South-East Estate in the North Western peninsula of Trinidad as a mixed use community providing retail,commercial and recreational amenities as well as single and multi-dwelling residences. The Groupnow makes its home there in its modern signature Head Office building.

In 1999, GHL acquired certain substantial individual life insurance and pension portfolios in Jamaicaand incorporated a wholly owned subsidiary, Guardian Life Limited.

In 2001 GHL came to the market with a rights issue for $250 million, which was oversubscribed. Itwas indicated that at the time the company's profitability was expected to grow at a rate of 20 percent per annum over the three-year period ended December 31, 2003. The Groups profitability andtotal assets have increased at an average 33 per cent per annum and 19 per cent per annum,respectively over the last four years ended 2004.

Since 2001 the Group has accelerated its growth by acquisition. Major investments include those ofFatum Holdings NV - a composite insurance group in the Dutch Caribbean and the major CaribbeanInsurers NEMWIL and Caribbean Home Limited. Nemwil diversified its risk portfolio by investmentsin a number of Lloyds' syndicates effected through a UK wholly-owned subsidiary, NEMWILCorporate Capital Limited.

In 2003, GHL acquired Link Underwriting Agency and incorporated and capitalized a new insurer inGibraltar, Link Insurance Company Limited. Link Insurance, a managing general agency, special-izes in insuring non-standard Motor, Household and Accident and Health risks. It serves over 4,000brokers and binder accounts with an estimated premium income for 2004 of US$170 million.

The group structure is currently organized into three broad areas of enterprise:

Life Insurance, Pensions and Health Insurance Property and Casualty InsuranceAsset Management.

G


2004 2003 2002 2001 2000 1999TT$ TT$ TT$ TT$ TT$ TT$BALANCE SHEET (000)


Shareholders’ Equity Long Term Liability Gearing Debt.Current Assets Current LiabilitiesMinority Interest PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Minority Interest

IMPORTANT RATIOSDebt/Equity ratioCurrent Assets Ratio Return on EquityGross (Loss). Profit MarginEarnings (Loss) Per Share Closing Stock Price*

191,619

3,148,5128,795,4992,149,234562,8281,808,44814,141

3,667,33429.73687,682(46.01)584,230(47.43)(1,010)

0.680.3120.6818.753.05400.00

Guardian Holdings Limited (GHL JMP)

* Closing stock price quoted in Ja$

Board of Directors

Secretary

Registrar

Subsidiaries


Nazir Ahamad (Chairman); Peter Ganteaume (CEO); Douglas

Camacho; Terrence Farrell; Philip Hamel-Smith; Peter July; Arthur Lok

Jack; Aleem Mohammed; Selby Wilson; Gary Voss; Gerrad Lee-Innis;

George Phillip; Anthony Lancaster

Fe Lopez-Collymore

Guardian Holdings Ltd.,

1 Guardian Drive, Westmoorings, Trinidad & Tobago.

Guardian Life of the Caribbean Ltd.; Guardian Life Ltd.; Guardian

Properties Ltd.; Risks Management Servs. Ltd.; Fatum Holding N.V.;

Guardian Asset Management Ltd.; Bancassurance Caribbean Ltd.;

Colrich Ltd.; Caribbean Home Insurance Co. Ltd.

Financial Services

Financial Data

190,728

2,501,4317,396,722*2,050,472630,486*1,664,34614,605

2,826,85685.771,273,653397.321,111,322399.82(55,693)

0.820.3861.3245.066.35323.00

160,236

1,123,376*4,717,110*1,444,6361,014,917877,592590,239

1,521,72426.31256,102(6.40)222,344(2.31)(38,549)

1.291.1620.9616.831.16170.00

158,127

997,8074,322,3811,155,980819,810509,120511,424

1,204,75730.97273,61243.83227,61348.97(33,475)

1.161.6128.0422.711.36104.50

125,625

625,7053,507,133794,294992,588970,743642,705

919,852107.92190,22963.08152,79161.17(13,865)

1.271.0223.3820.681.10101.50

62,512

681,4971,759,040229,817512,623279,0460

442,409-116,648-94,801-0

0.341.84-26.370.760.00



Hardware & Lumber Limited

ardware & Lumber Limited was incorporated on 13 December 1927 and was amongst the firstcompanies to be listed on the Jamaica Stock Exchange on 6 February 1969. In July 1969,Pan-Jamaican Investment Trust through its then Chairman - Maurice W. Facey , was

successful in a major take-over bid for the company and acquired Hardware & Lumber Limited at acost of approximately £1.6 Million Pounds.

Hardware & Lumber created Stock Exchange history in 1969 with this takeover. The discussion andreflections generated in the financial community in the aftermath of the takeover let the StockExchange Council to adopt a set of takeover rules, which govern the conduct of mergers and acqui-sitions of listed companies. These rules have subsequently been amended.

In 1977 the company acquired Hole-in-the-wall Limited retail outlets and merged the operations withthose of Hardware & Lumber. Owen Moss-Solomon who joined the company in 1944 as a counterclerk worked hi way to becoming the Managing Director in 1978 and remained in the post until hisretirement in 1990.

In 1987, the company made a successful issue and offer for sale of 7,000,000 Ordinary Shares inthe Company at a price of $1.55.

In 1995 Hole-in-the-wall-Limited joined True Value International and the H & L True Value storesemerged with the re-branding of the Hole-in-the-wall stores.

The Company performed well over the years with turnover moving from $78.5 Million in 1987 to $5.5Billion in 2004. During the period the company was managed by Owen Moss-Solomon (1978-1990), A. Anthony Holness (1990-2003) and John Mahfood (2003- current).

In 2002 Pan-Jam entered into negotiations with GraceKennedy & Company to merge its sub-sidiaries. This was concluded in 2003 and the subsidiaries in the group comprised H&L True ValueLimited, H & L Agri & Marine Company Limited, OSL Scaffolding Limited, Wherry Wharf SalesCompany Limited, Rapid & Sheffield Limited and Agro-Grace Limited.

H


2004 2003 2002 2001 2000 1999



PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Exceptional ItemsExtraordinary Item

IMPORTANT RATIOSDebt/Equity ratioCurrent Asset ratio Return on EquityGross Profit MarginEarnings Per Share Closing Stock PriceP.E. Ratio

67,368

742,737184,767237,1762,051,1861,668,932

5,518,947109.07266,069309.43169,004279.08--

0.321.2325.074.822.5129.8510.00

Hardware & Lumber Ltd. (HL JMP5032G1088)

* Note/Restated/Re-classified etc.

Board of Directors

Secretary

Registrar

Subsideries



Douglas R. Orane, C.D., B.Sc., M.B.A., J.P. (Chairman); John P.

Mahfood, C.P.A., C.A., C.A.(CEO); Erwin M. Burton, B.Sc., M.Sc.,

J.P.; Richard O. Byles, M.Sc., B.Sc., W.G. Bryan Ewen, F.C.A.;

Donald Wehby, B.Sc. (Hons.), M.Sc. (Acctg.),C.A.

Gene M. Douglas, F.C.I.S.

Pan Caribbean Merchant Bank Ltd.,

Corporate Trust Department, 60 Knutsford Blvd.

Agro Grace Ltd.; H&L True Value Ltd.; Hole In The Wall Ltd.; Rapid

& Sheffield Co. Ltd.; Wherry Wharf Sales Co. Ltd.; H&L. Agri and

Marine Ltd.

Hardware merchants, suppliers of home improvement and agricultural

Financial Data

67,368

605,351177,830*156,8871,305,040*1,007,488*

2,639,81162.1464,9865.9044,583(8.81)--

0.261.309.702.460.959.5010.00

40,000

313,507*37,875*49,785*537,610*364,709*

1,628,0818.3661,368*286.6948,892*199.00--

0.161.4714.103.771.22*6.155.04

40,000

379,945*27,089*76,940*417,344280,037

1,502,41110.0515,870(44.99)16,352(15.54)-(7,302)

0.201.494.361.060.414.5010.98

40,000

369,593*2,352*122,715*457,195*361,493*

1,365,20612.2128,848*(31.95)19,361*(41.66)

-

0.331.265.232.110.485.4511.35

40,000

370,17223,72886,868454,932337,751

1,216,59921.6042,39580.1233,18682.46(1,285)

0.231.359.993.480.834.004.82



2002 2001 2000 1999


Shareholders’ Equity Policyholders’ FundsGearing Debt.Total Assets Total LiailitiesCurrent Assets Current Liabilities


IMPORTANT RATIOSDebt/EquityCurrent Asset Ratio Return on EquityGross Profit MarginEarning (Loss) Per Share Closing Stock PriceP.E. Ratio

Island Life Insurance Co. Ltd. (ILIFE JMP588301037)


Company was De-listed On October 24, 2003

Financial Data

72,000

887,171645,01623,9462,537,9101,650,739304,176269,200

1,085,92919.71130,91717.02120,274(16.37)(66,033)

0.03 1.13 14.62 12.06 1.58 11.80 7.47

72,000

758,392645,86019,1052,295,1621,536,770253,248219,628

907,14120.00 111,876 (34.63)103,356 37.81 -

0.03 1.15 14.62 12.33 1.44 14.00 9.72

72,000

655,036726,77412,1882,137,700 *1,482,664 *169,712 *254,046 *

755,94340.00 171,154 *(393.30)166,181 641.25 14,250

0.02 0.67 29.30 22.64 2.31 12.30 5.32

72,000

479,125766,54413,8443,062,2192,583,094421,991340,195

539,942(7.82)(58,355)(157.96)(30,703)91.55 34,870

0.03 1.24 (19.12)(10.81)(0.30)12.50 (41.67)


Jamaica Broilers Group Ltd.

he Jamaica Broilers Group of Companies is one of the most advanced and diversified agricultural pro-ducers in any developing nation today. The company owes its success to a dependency on God's guid-ance with effective management, an attitude of service, and a firm commitment to goodwill of all ourstakeholders.

Using state-of-the-art technologies throughout the production and processes, each of the Group's divisionsconstantly strives to achieve - and surpass - international standards of efficiency and quality.

The Board of Jamaica Broilers, which consists of eleven members, includes only three members of theExecutive Management Team, and is chaired by a non-Executive Chairman. Organizationally, the Board del-egates authority to an established Audit Committee, which meets quarterly. Various Committees, such asRemuneration, Nomination, Planning and Policy, comprising of external members, are set up, as needed.

The company, which has as its stated corporate direction, 'Our strategic objective is to be the lowest costproducer of selected animal protein products and animal feeds in the Caribbean', started in 1957 asJamaica's pioneer producer of broiler meat on a commercial basis.

Today, it has a fully integrated poultry operation and has diversified into feed milling, cattle rearing, beef pro-duction and fish farming, along with the development and marketing of other value-added products for bothlocal consumption and export.

The Jamaica Broilers Group has also devoted significant resources to developing affiliated services that sup-port our varied agricultural operations. These include veterinary and nutritional services, the wholesale andretail of a full range of farm products and the premixing of feed ingredients and concentrate. In fact, theGroup now exemplifies sophisticated vertical integration in livestock production and processing. The endresult: Quality products, home grown to international standards.

Jamaica Broilers Group has been a publicly listed entity since 1977 and, in that same year, became one ofthe first companies in the world to offer an Employee Share Ownership plan. The company presently has aworkforce of over 1,500 workers and operates from seven locations island wide, with two divisions locatedin the U.S.A.

T


2004 2003 2002 2001 2000 1999



Minority Interest PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase(decr) over prioryear Exceptional ItemsExtraordinary Item


1,199,277

2,648,201212,834978,4772,396,9611,811,0515,145

8,173,18118.96606.28180.94461,310

28.74-0

0.371.3218.647.420.383.8010.00

Jamaica Broilers Group (JBG JMP5892N1021)


Board of Directors

Secretary

Registrar

Subsidiaries


Financial Year End April 30

Hon. R Danvers Williams (Chairman); Robert E. Levy; Phillip Levy

(President/CEO); Hirlie E. Williams; Douglas B. Senior; Barrington A.

Pryce; Malcolm D.L. McDonald; I.V. Polly Brown; Christopher Levy;

Trevor Dewdney; Andrea M. Mahfood; Claudette Cooke.

Peter A. DePass

Duke Corporation, Scotiabank Centre, Duke Street Kingston.

Aquaculture Jamaica Ltd; Jamaica Poultry breeders Ltd; Jabexco Ltd.; West

Indies Nutritional Corp Ltd.; Content Agricultural Producys Ltd.; Master

Blend Feeds Limited; Best Dressed Chicken Ltd.; J.B. Trading Ltd.; Jamaica

Eggs Service Ltd.; Levy Industries Ltd.; Aqualapia Ltd, Energy Association

Ltd.

Producers and suppliers of meat protein and animal feeds and associated

services.

Financial Data

1,027,952

2,301,904*501,5631,002,8852,392,724*1,287,737*5,145

6,870,7436.98335,007(16.35)358,326*

6.01183,0060

0.441.8616.254.880.29*1.374.72

856,626

2,109,156555,607957,1921,908,1991,152,221-

6,422,6906.21400,55719.77338,010

7.841,362*0

0.451.6617.316.240.33*2.818.52

642,470

1,796,397210,370893,9841,715,0581,510,016

6,047,22512.10334,443135.81313,425

148.756050

0.501.1418.945.530.371.684.59

642,470

1,513,368295,474969,1241,580,9251,358,791

5,394,6069.48141,825185.04126,001

171.55(17,026)0.00

0.641.168.712.630.201.809.00

642,470

1,381,455238,130969,1241,580,9251,358,791-

4,927,416(2.52)(166,779)(207.66)(176,092)

(264.72)236,279(58,445)

0.731.09(11.81)(3.38)(0.27)0.65(2.41)



Jamaica Livestock Association Limited

he Jamaica Livestock Association (JLA) is primarily a representative body for the livestock farm-ers of Jamaica. It is a privately owned and operated organization, which is listed on the JamaicaStock Exchange and is funded solely through its commercial operations which includes 13 stores

island aide.

Since its establishment in 1942, the JLA has maintained its position as the main provider of agriculturalsupport and services to the independent farmers of Jamaica. Their wide product range includes animalfeed, animal health care products, day old chicks, agriculture chemicals, herbicides, pesticides, hard-ware items, building material including lumber cement and steel, and farm and garden supplies.

The JLA provides support and consultation services in the form of technical field officers who areequipped with agricultural expertise, a pharmacist for consultation on animal health products and veteri-narians who advise on animal health care issues.

The association was founded in 1941 as the Cattlemen's Association, at a time when many of thewealthy farmers raised cattle as a sideline to their cattle and banana production. There was no organ-ized broiler industry or local processing of pork, so the emphasis was on beef. There were also no large-scale facilities, which focused on milk or its by-products. By 1942, small farmers who raised pigs, goatsand sheep became part of the association, and the name was changed to The Jamaica Livestock Association, a name that represented the membership of the body.

The organization soon became a powerful lobby group, mostly because a lot of the members were closeto the seat of power, both in Jamaica and in England. Concerns at that time centred mainly on over-coming the adverse effects on farmers of price controls and rationing during the years of World War Two.

In the 1950s the JLA shifted its emphasis to putting in place updated facilities and adopting advancedproduction techniques, in an effort to increase production and quality.

The efficient management system at the JLA is perhaps the single most important reason for their con-tinuous success. A Board of Directors, selected by the members, administers the Association.

The Managing Director is responsible for the commercial and daily operations and is supported by selectworking committees. These Committees comprise several farmers drawn from parishes around theisland, who combine their talents to ensure that standards and guidelines are met. Teamwork and expert-ise is therefore essential to the dynamic operation of the JLA and a sure guarantee for sustained growthand continued viability.

The mission of the JLA is to keep watch on the farmers' behalf.

Many hurdles have been overcome since the days when decontrol in the sector was being negotiatedwith Government. Today, with the decontrol of beef, poultry and more recently milk, farmers are able toset more realistic profit margins in the unpredictable circumstances of the agro-business sector.

The JLA monitors the importation of foreign produce such as meats and other foodstuff that might unfairly compete with and jeopardize the interests of local farmers.Custom duties on farming supplies and motor vehicles are also important area, which are negotiated at governmental levels to ensure and safeguard profitability. High lending rates andthe availability of loans impact greatly o agriculture and farming projects. Wherever possible, the JLA intercedes in the interest of farmers.The JLA is also instrumental in assisting Government to formulate agricultural policies from time to time.

As a representative body, the JLA has earned the respect of its members, the wider community and suc-cessive governments as it continues to carry on the task of developing agriculture and representing thewelfare of the farming community.

T


2004 2003 2002 2001 2000 1999



PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase(decr) over prioryear

IMPORTANT RATIOSDebt/Equity ratioCurrent Asset ratio Return on EquityGross (Loss). Profit MarginEarning (Loss) PerPreference Share Closing Stock PriceP.E. Ratio

57,453

238,97578874,298252,967249,231

938,80817.5322,007141.9120,442

403.00

0.311.018.872.560.35

1.353.86

Jamaica Livestock Association Ltd. (JLA7.5 JMP589341032)


Board of Directors

Secretary

Registrar

Subsidiaries


E-mail/Website

Website Address

Financial Year End November 30

Dr. John Masterton (Chairman), Henry J. Rainford (Vice

Chairman/Managing&CEO), Arthur E. Barrett, A. Barclay Ewart, Steven

Fong Yee, Martin Hopwood, Dr. Franklin Johnston, Richard Lake, Dr. Karl

Wellington, Andrea Sweeney.

Andrea Sweeney

Scotiabank Jamaica Trust & Merchant Bank Ltd.,

Scotia Cnr. Duke & Port Royal Streets, Kingston

JLA Hatchery Ltd, Henmor Ltd, JLA Feeds Ltd.

Manufacture and sale of animal feeds, animal drugs, farm equipment &

supplies and day-old chickens.

[email protected]

www.jlaltd.com

Financial Data

57,453

221,919*16,19380,926160,085*178,150

798,78633.049,9241,144.634,060

(15,715.38)

0.330.941.831.240.07

1.0014.29

57,453

221,919*16,19380,926160,085*178,150

600,410(9.02)(950)*105.01(26)*

(100.13)

0.360.90(0.01)(0.16)(0.05)

1.10(22.00)

57,453

214,96531,54877,871126,989133,213

659,96711.7818,965119.0719,370

123.75

0.360.959.342.870.34

1.354.00

57,453

199,90449,723109,379103,877*121,109

590,41016.938,657213.128657

213.12

0.550.864.381.470.15

1.207.96

57,453

195,55669,736114,165106,051111,458

504,9130.19(7,653)55.14(7,653)

55.14

0.580.95(3.80)(1.52)(0.13)

1.00(7.69)



Jamaica Money Market Brokers Limited

o be a dynamic, international, multifaceted investment institution that operates in a caring, loving and funenvironment where employees are creative and content.

“Ensuring customer satisfaction through optimum use of technology and continuous improvement on a path ofexcellence where solidity, ethics, credibility and openness are hallmarks of our existence as experts in allaspects of our operation.”

This is the mission statement of Jamaica Money Market Brokers Ltd, JMMB.

Started in 1992, by Joan Duncan when she was already 50 years old, JMMB has become one of Jamaica'slargest, most successful and growing financial institutions. A banker, not a computer programmer, Joan single-handedly wrote the programme for JMMB's unique money market operations when the founder was unable tofind appropriate software at home or abroad

Mrs. Duncan's concept for JMMB was so simple, no one believed it would work. She wanted to start a compa-ny where anyone could be an investor - by putting in just a few hundred dollars. JMMB was an immediate suc-cess. Joan's dream was also to create a different kind of work place - a company where work would be fun,where people would work together with respect and love. Hundreds of customers related to Joan, a single moth-er who had raised five children on her own.

When Joan died in 1998 at the age of 58, her dream was fulfilled - JMMB had a capital base of $190 million andover 20,000 accounts. Her eldest daughter, Donna Duncan succeeded her as Managing Director of JMMB.In an effort to provide clients with access to the opportunities available in the equities markets, JMMB has estab-lished Jamaica Money Market Brokers Securities Ltd (JMMBSL), a full-service stock brokerage company thatallows clients to trade in the Jamaican and regional equities markets. JMMBSL can also assist customers to takeadvantage of the opportunities available on the international equities markets.

The company, whose principal activities are equity trading and fixed income investment, has also expanded toTrinidad and Barbados through its related company, Caribbean Money Market Brokers Ltd (CMMB). As JMMBpositions itself to evolve into a significant force in the regional financial markets, it has acquired controlling inter-est in Intercommercial Bank Ltd of Trinidad, a commercial bank, which will allow it to further diversify its offer-ings to clients in the Eastern Caribbean.

JMMB recently incorporated JMMB Insurance Brokerage Ltd (JMMBIB). JMMBIB offers health insurance serv-ices through its Bluecare plan to clients and members of the public who are require affordable health coverage. Listed on the Jamaica Stock Exchange in January 2003, JMMB is now a leading financial management andfinancial advisory company in Jamaica, managing more than J$51 billion on behalf of over 70,000 clients.

T


2004 2003 2002 2001 2000 1999

Jamaica Money Market Brokers Ltd. (JMMB JMP589381046)


Shareholders’ Equity Long Term Liability Total Gearing

Current Assets Current Liabilities



1,463,386

4,012,109--60,888,63557,203,522

10,310,25752.771,518,60462.491,547,15549.02-

0.001.0652.6814.731.0616.6515.71


Board of Directors

Secretary

Registrar

Subsidiaries



Dr. Noel A. Lryon, Ph.D(Chairman); Donna K. Duncan-Scott,

CFA,MBA; Keith P. Duncan; Argibald A. Campbell, M.Sc., F.C.A.;

Dennis L. Harris, F.C.C.A.; V Andrew Whyte,MBA; Wayne

Sutherland; Marguerite R. Orane, MBA; Richard J. Trottman; Doreen

P. Holness; Elizabeth I. Henry

Duhaney A. Smith

Veritat Corporation

6 Duke Street, Kingston

JMMB Securities Ltd.; JMMB Insurance Ltd.; Caribbean Money

Market Brokers Ltd.; CMMB Securities

Equity trading and fixed income investment

Financial Data

1,463,386

1,861,536*--48,647,777*47,084,457

6,748,837*36.18934,575*74.251,038,252*89.13-

01.0368.4113.850.71*7.4210.45

214,246

1,174,011-22,17038,861,27137,848,155

4,955,679-536,343-548,956--

0.021.03-10.820.38--

-------

--------

-------

-------

--------

-------

-------

--------

-------



Jamaica Pegasus Hotel

he Preferred Address in Kingston" is an apt way to describe the Jamaica Pegasus Hotel. Situated in the financial and business district of the largest English-speaking city in theCaribbean. It is within walking distance from many international offices and embassies aswell as historical sites, cultural centres, shopping areas and restaurants.

A revered landmark in capital city Kingston, the "Pegasus" as it is affectionately called, rises 17 sto-ries high in the heart of the business and financial district of New Kingston.

Pegasus Hotels of Jamaica Ltd. Owners and operators of Jamaica Pegasus Hotel, was incorporat-ed on 19 June 1968. It started out of a joint venture between British Airways Overseas (now BritishAirways), Trusthouse Forte and the people of Jamaica, through the Jamaica Stock Exchange.

By agreements dated 25 October 1968 British Airways Associated Companies Limited, TrusthouseForte International Limited and International Finance Corporation (IFC) subscribed further sharecapital. IFC and Barclays Bank International provided further loans.

By a management agreement dated 15 October 1968 the company appointed Forte (Holdings)Limited as manager of the Hotel for an initial term of seven years, commencing 15 April 1973 anda further 14 years commencing 15 April 1980.

The Pegasus was partially opened from 5-11 May 1973 to accommodate the Inter AmericanDevelopment Bank Convention, and commenced full operation on 7 July 1973. It was officiallyopened by Hon. David Coore, Jamaica's Deputy Prime Minister and Minister of Finance andPlanning, on 5 September 1973.

By memorandum dated 8 April 1976, signed by all parties thereto, the Government of Jamaicaagreed to purchase the shareholdings of British Airways Associated Companies Ltd and TrusthouseForte International Ltd. On 15 April 1980 the company became a subsidiary of National Hotels andProperties Ltd who had acquired 59.8 per cent of the ordinary stock units. National Hotels andProperties is a wholly owned subsidiary of Urban Development Corporation, which is owned by theGovernment of Jamaica.

By a management agreement dated 30 May 1994, Forte (UK) Limited was responsible for the man-agement of the hotel. The agreement was for a period of three years commencing 1 April 1994, withan option to continue for a further term of three years, subject to certain performance criteria beingmet.

In 1997 Forte was taken over by Granada Plc and the Hotel was rebranded Le Meridien JamaicaPegasus. By a management agreement dated 29 September 1997, Meridien, SA became respon-sible for the management of the Hotel, with the agreement being for a period of five years com-mencing 1 April 1997, and an option to continue for another period of five years, subject to certainperformance criteria being met.

By Mutual Agreement, Meridien, SA did not seek to renew their management contract. The boardtook the decision for the company to manage the hotel for the year 2002/2003 under its brand nameJamaica Pegasus Hotel.

“T


2004 2003 2002 2001 2000 1999

Jamaica Pegasus Hotel



PROFIT & LOSS (000) Turnover% increase(decr.) over prioryearPre-Tax Profit(Loss) % increase(decr.) over prioryear After Tax Profit/Loss % increase(decr.) over prioryear Exceptional ItemsIMPORTANT RATIOSDebt/Equity ratioCurrent Asset ratio Return on EquityGross (Loss). Profit MarginEarning (Loss) Per Share Closing Stock PriceP.E. Ratio

120,166

2,014,69115,41335,988193,58981,123

538,07313.28

32,36521.55

20,1152.29

0

0.022.391.056.010.179.0052.94


Board of Directors

Secretary

Registrar


E-mail Address

Website Address


Dr. The Hon. John J. Issa,O.J.,C.D.,J.P., B.Sc.-Chairman, Ivan

Anderson, MBA,B.Sc., Rev. Denzil Barnes,Christopher D. Bovell, MA,

LL.B., Majorie Campbell, M.Sc., CA., Basil Anthony Lindo, C.D., J.P.,

F.I.C.B., Hon. Shirley Tyndall,OJ,C.D.,B.Sc., Dr. The Hon. Vincent

Lawrence,O.J.,Ph.D.,P.Eng.,M.Sc.,B.Sc.

Marlene McLean, M.Sc., B.Sc.

N.C.B. Jamaica (Nominees) Ltd.

32 Trafalgar Road, Kingston 10, Jamaica, W.I.

Hotel Operators

[email protected]

http://www.jamaicapegasus.com

Financial Data

114,444

1,832,879*35,479*57,693*167,543*63,048

474,99212,78

26,626*308.73

19,664*254.15

0

0.032.661.455.610.16*2.4015.00

114,444

877,200*28,30644,195*97,58747,006

421,16320.09

(12,756)61.90

(12,756)61.90

0

0.052.08(1.44)(3.03)(0.11)1.50(13.64)

114,444

889,03624,07832,61085,00671,434

350,69611.18

(33,484)(14.47)

(33,484)(46.41)

0

0.041.19(3.70)(9.55)(0.29)1.20(4.14)

114,444

920,82202,38376,67260,672

315,43311.18(33,484)(14.47)(33,484)

(46.41)

0

0.001.31(2.45)(9.27)(0.20)1.69(8.45)

114,446

944,64701,14973,56364,600

298,953(13.12)(36,072)(1,217.94)(39,512)

(186.88)(3,440)

0.001,14(4.10)(12.07)(0.35)1.00(2.86)



Jamaica Producers Group Limited.

n April 1, 1929, the Jamaica Banana Producers Association Limited (JBPA) came into being with 6,145members and a capital of 173.12.0 divided into 41,664 shares of one pence each. As its creation, it wasa banana cooperative and was a direct descendant of the Jamaica Producers Association. The JamaicaProducers Association was a parent corporation. formed in 1925 under which separate cooperatives-one for the marketing of each agricultural product- was set up.

The Association was then uniquely marketing and shipping cooperative company owned by the banana grow-ers of Jamaica. At birth, three Jamaican of widely different backgrounds, but united by one great ambition,were the key leaders. They were Sir Arthur Farquharson, Charles Edward Johnston and Captain S.D. List. ThePringle family, with large acreage in banana production, gave courageous and vital support by contracting alltheir fruit to the JBPA from the beginning. The great ambition of these men and the 6,000 men who formed theAssociation was to compete successfully with the large, foreign-owned fruit companies for the shipping andmarketing of Jamaican bananas.

Those first old ships were gradually replaced by new refrigerated ships. By the late 1930s the new ships of the"Jamaica" Line- Producer, Planter, Pioneer, and Progress- were in services.

Then came the war. All the Association's ships went into war service. Only the Producer survived to continueinto service until 1962.

Today, JPSC, owned by the Jamaica Producers Group and the Government of Jamaica, is the only Jamaican-owned shipping line operating in Jamaica. JPSC operates four fast state- of-the-art reefer vessels which pro-vide a reliable weekly service to Jamaica, the United Kingdom, the European Continent, Costa Rica, and theDominican Republic. These vessels provide a refrigerated palletized service below deck, a container serviceabove deck dry for dry and refrigerated containers, and are equipped to handle break-bulk cargo, includingvehicles. JPSC is proud of having had an efficient and reliable service during its many years in the businessof maritime transport.

In 1963 the JBPA acquired five properties in St. Mary- Agualta, Chovey, Coleraine, Orange Hill and WaterValley- and thus became a grower of bananas, sugar cane, citrus and coconut, these acquisitions made it theonly Jamaican company to have operated in all phases of the export banana industry- growing, buying, ship-ping, marketing, ripening, wholesaling and distributing.

A Change in NameIn 1992, in keeping with the programme of diversification which the Company had been pursuing since the1970s, a change of name from Jamaica Banana Producers Association to Jamaica Producers Group Limited(JPG), was considered the most prudent and practical action. The new name better described the role of thecompany in the emerging global environment, reflecting its new focus on a wide range of fresh produce ratherthan primarily the banana market.

Toady JPG:· Has revenues of $19 billion (2003)· Has stockholders' equity of $6.5 billion (2003)· Through its subsidiary, Sunjuice operates a modern complex specifically created to produce fresh

juices, smoothies, drinks and soups in the UK. · Through its subsidiary, Serious Food Company, operates a London distribution depot that provides

to top class hotels, as well as corner sandwich shops, a wide range of products- juices, smoothies,soups, Jamaican patties, pasts and a variety of meats and cheese:

· Is a major supplier of bananas and a range of fresh produce to the leading supermarkets in the UK. · All plants are ISO 9000 certified;· Operates banana farm that are the first in the English-speaking Caribbean to have obtained the

three major quality and efficiency standards- ISO 9000, ISO 14001 and EUREGAP;· Owns estates that account for over 90% of all bananas exported from Jamaica;· Is an investor in a number of leading companies listed on The Jamaica Stock Exchange;· Is a leader in the manufacturing of Jamaican snacks including banana, plantain and breadfruit chips;

and· Operates the only nationally run shipping line in Jamaica - Jamaica Producers Shipping Company.

O


Jamaica Producers Group Ltd. (JP JMP58931007)

Board of Directors

Secretary

Registrar

Subsidiaries



Charles Johnston, B.Sc. (Econ) Chairman; Marshall Hall, C.D., Ph.D.

(Group Managing Director); Peter K. Morris, B.Sc., M.B.A.; The Hon.

Emil George, O.J.. Q.C., B.C.L., M.A.; Mrs. Dahlia Kelly, B.Sc.; Prof.

Alvin Wint, B.Sc., M.B.A., D.B.A.; Micheal R. Lord, O.B.E.; David

McConnell; John O. Minott, C.D., B.Com., J.P.; David Read, O.B.E.;

Aubrey Ffrench; Mrs. Kathleen A.J. Moss, B.Sc., M.B.A., C.B.V.;

Jeffrey Hall, B.A., M.P.P., J.D.

Kermitt McGann

Mrs. Janet Shaw- In-house

Agualta Vale Ltd.; St. Mary Banana Estates Ltd.; Frobishers Juices Ltd.;

Sunjuice Ltd.; JP Fruit Distributors.

The main activities of the company and its subsidaries, are the cultiva-

tion, marketing and disrtibution of bananas and other fresh produce

locally and overseas, juice manufacturing and distribution, shipping and

the holding of investment.


2004 2003 2002 2001 2000 1999

Jamaica Producers Group Ltd. (JP JMP58931007)

BALANCE SHEET (000) No. of Shares IssuedShareholders’ Equity Long Term LiabilityGearing DebtCurrent AssetsCurrent Liabilities

PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase(decr.) over prioryear Extraordinary/except. ItemsMinority Interests

IMPORTANT RATIOSDebt /Equity RatioCurrent Assets RatioReturn on equity

Gross Profit MarginEarnings per priceClosing Stock PriceP.E. Ratio

187,0249,161,883207,338368,9446,329,3013,412,639

22,114,29820.10710,740(33.64)477,485(45.51)

-(51,167)

0.041.856.123.212.2842.0018.42

* Note/Restated/Re-classified

Financial Data

187,0246,451,106234,726366,989*5,560,420*3,050,536*

18,412,62630.611,071,029*15.46876,360*2.33

(5,923)15,454

0.061.8215.415.824.77*22.504.72

187,0244,919,542*206,258393,9983,963,8992,392,677*

14,097,1669.74927,618*234.15856,406*990.19

(24,051)(130,492)

0.081.6623.276.583.88*21.005.41

187,0242,440,512151,614335,9592,816,1792,172,210

12,846,01215.82277,60689.1878,556(1.94)

(421,610)(38,102)

0.141.302.962.160.224.5020.80

187,0242,870,182113,724217,3342,773,0141,851,696

11,091,475(0.77)146,741(49.49)80,107(48.58)

(4,888)(6,576)

0.081.502.801.320.455.2511.55

------

------

--

-------



Jamaica Public Service Company Ltd.

amaica Public Service Company Limited (JPS) is an integrated electric utility company andthe sole distributor of electricity in Jamaica. The Company is engaged in the generation trans-mission and distribution of electricity in Jamaica and also purchases power from Independent

Power Producers (IPPSs and co-generators.

The Company discharges its obligation through its 28 generating plants, 54 substations andapproximately 14,000 kilometres of and transmission and distribution through a committed team ofapproximately 1580 through a network of offices throughout the island 1580.

Electricity was introduced in Jamaica in 1892, thirteen (13) years after Thomas Edison invented thefirst successful electric lamp. It all began when the Jamaica Electric Light Company started elec-tricity from a small coal - burning steam generating plant in Kingston came to Jamaica. This wasquite an achievement for Kingston a nineteen (19) year old city.

JPS was incorporated on May 23, 1923 and in 1945 the assets of County Electric LightingCompany, Northern Electric Company and St. James Utility were acquired by JPS.

The first All Island Electric Licence was issued to JPS in 1966 and the Company was listed on theJamaica Stock Exchange in 1969. The Company was nationalized in 1973 when the governmentacquired 99.9 % of the Company's tock and shares.

The Company was privatized in 2001 when 80% of the shareholdings was acquired by MirantCorporation of Atlanta, Georgia.

J


Kingston Wharves Limited

ounded in 1945, Kingston Wharves Limited (KWL) is one of the Caribbean's leading multipur-pose terminal operators. It is a public wharf company operating in the port of Kingston underthe Wharfage Act, and is certified under the International Code for the Security of Ships and

Port Facilities (ISPS Code).

The company began operation in Downtown Kingston in 1945 and relocated to Newport West in1966.

Until 1994, the company owned lands and buildings from Berth 5 to 9, but operated Berths 5 to 7only, as the other berths were leased, under an agreement with the Port Authority of Jamaica, toform part of the Kingston Container Terminal. In September 1994, and agreement was reachedbetween the major shareholders of Kingston Wharves and those of a competitor, Western TerminalsLtd. to merge the two companies. Kingston Wharves Limited acquired all ordinary stock units ofWestern Terminals Ltd. As a result, Berths 1 to 4, which were owned by Western Terminals weremerged with Berths 5 to 9 and now operates as one entity.

Listed on the Jamaica Stock Exchange, the Company has experienced steady growth and boasts asteady profit stream with a high proportion of retained earning ploughed back into the business.

Kingston Wharves Limited operates a terminal in Port Bustamante, just east and adjoining KingstonContainer Terminal. A continuous quay nearly 1,600 meters long provides nine deepwater berths forcontainer, ro-ro, general break bulk and bulk shipping services. The Company operates 24 hoursper day, 363 days per year. Its highly trained staff and comprehensive range of terminal equipment,including three Gottwald mobile harbour cranes, are available to perform the most demandingstevedoring functions. Modern terminal management software maximizes the efficiency of wharfand warehouse operations. The Company utilizes handheld and vehicle mounted computers togeth-er with Tideworks yard management software, which has lead to a reduction in vessel turn-around.These devices have also enhanced yard management operations and lead to more accurate inven-tory control.

KWL subsidiaries include Harbour Cold Stores Ltd; Kingston Terminal Operators Ltd; WesternStorage Ltd; Western Terminals Ltd.; and Jamaica Cooling Stores Ltd. KWL also has 67 per centshareholding in Security Administrators Ltd.

Committed to continual improvement, Kingston Wharves Ltd has made substantial investments inthe past five years upgrading the terminal's infrastructure and administrative operations. TheCompany's modernization programme includes dredging of the harbour, which will give rise to deep-er drafts, in order to accommodate larger vessels. KWL will then be in a better position to takeadvantage of marketing opportunities presented by the anticipated growth in international trade andthe domestic economy.

F


2004 2003 2002 2001 2000 1999





1,072,650

3,332,754191,958268,080733,589280,018

1,536,21531.90331,100159.93244,752266.35--

0.082.627.530.220.234.9021.30

Kingston Wharves Ltd. (KW JMP607321073)


Board of Directors

Secretary

Registrar & Transfer

Office

Subsidiaries


Website Address


Brian W. Young (Chairman); Grantley St. J. Stephenson (CEO); U Philip

Alexander; Robert L. Kinlocke; Douglas R. Orane; Donald G. Wehby;

Kim N. Clarke; Harriat P. Maragh; Prof. Gordon V. Shirley; Charles H.

Johnston; Mark Watson; Derek Jones.

Rojer J. Hinds

Veritat Corporation

6 Duke Street, Kingston.

Western Terminals Ltd.; Harbor Cold Stores Ltd.; Western Storage Ltd.;

Kingston Terminal Operators Ltd. (Non-trading); Security Administrators

Ltd.; Ja. Cooling Stores Ltd. (Non-trading)

Receipt, storage and delivery of cargo.

www.kingstonwharves.com.jm

Financial Data

1,072,650

3,164,995164,893243,788669,046207,897

1,164,6705.26127,381(33.11)66,808(55.31)--

0.083.222.130.110.061.3021.67

1,072,598

3,122,695212,990277,366597827208,509

1,106,479(1.89)190,4427.21149,502*(4.49)--

0.092.875.140.170.14*2.6018.57

1,070,868

2,694,798*66,278*100,614*543,051*200,399*

1,127,8001.63177,634(28.25)156,532(7.97)--

0.042.715.990.160.150.86

875,386

2,533,93656,50774,931521,517160,401

1,109,68316.71247,571(1.59)170,0930.834,749(3,002)

0.033.256.880.220.16*1.50

729,491

2,409,16512,10034,711572,031200,015

950,8143.47251,575(0.58)168,700(7.36)37,500-

0.012.867.170.260.191.20



Lascelles, de Mercado & Company Limited

he Lascelles, deMercado story began towards the end of the 19th Century as a partnershipbetween the deMercado family of Jamaica, which included brothers Lionel and Charles aswell as their brother-in laws Sir Alfred D'Costa and Sir Elliott dePass, and a gentleman named

Lascelles, whose identity is unknown.

The partnership's primary business was the export from Jamaica of sugar, coffee, ginger and annat-to and the importation into Jamaica of tinned and packaged goods as well as flour, rice and saltedcod.

The present company, Lascelles, deMercado & Co. Ltd., was incorporated in 1914. At that time thebusiness was operated solely by the deMercado family although Lascelles was retained in theCompany's name.

In the years following the First World War, Lascelles, deMercado followed a path of expansion andthe food distribution business was joined by a car dealership, an airline handling company and phar-maceutical and insurance operations.

A major change in the character of Lascelles deMercado took place in the years following theSecond World War when the company became involved in the establishment of The CaribbeanCement Company which represented Lascelles' first real introduction into "big" business in Jamaicaas well as the first substantial movement in the industrial development of modern Jamaica.

The next major move came when the family of the late Percy Lindo approached Lascelles,deMercado to purchase Wray & Nephew, blenders and bottlers of Jamaica's finest rums, wines andspirits. Lascelles, along with two other interests, purchased the Company and in 1986, Lascelles,deMercado acquired controlling interest in Wray & Nephew, a company with a mission to exportJamaica's finest aims around the world.

T


2004 2003 2002 2001 2000 1999


Shareholders’ Equity Long Term Liability Gearing Debt.Current Assets Current LiabilitiesMinority Interest PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Exceptional ItemsExtraordinary Item


96,000

13,436,632262,6591,375,99710,705,7465,386,857

16,009,30829.281,806,82761.751,509,72660.18--

0.101.9912.1811.2915.72155.009.86

Lascelles, de Mercado & Co. Ltd. (LAS JMP620921040)


Board of Directors

Secretary

Registrar

Subsidiaries


Financial Year End September 301

George N. Ashenheim, M.A.(Oxon.)(Chairman); William A. McConnell,

C.D.,J.P.,F.C.A. (Managing Director); Keith L. Magnus; David C.

Henriques; Richard G. Ashenhiem,M.A.,B.C.L.(Oxon.); Anthony J. Bell.

Jane George, M.A. (Onox.)

Marvia j. Williams

Ajas Ltd.; Transportation Agencies Ltd.; Globe Insurance Company Ltd of

the West Indies Ltd. and its wholly -owned subsidiary; Globe Holdings Ltd.

and its wholly-owned subsidiary; John Crook Ltd. Cars & Commercials

Ltd.; Lascelles Merchandise Ltd. and its wholly-owned subsidiary

Tradewell Ltd.; Turks Island Importers Ltd. and its wholly-owned sub-

sidiary; Wray & Nephew Group Ltd. and its wholly-owned subsidiaries.

Holding Company.

Financial Data

96,000

11,356,649442,9972,341,7499,976,9165,253,7114,813

12,383,592*9.371,117,049*(11.22)942,524*(17.63)-

0.211.909.039.029.8358.005.90

96,000

9,520,638410,8862,224,3717,514,118*3,597,601*12,162

11,322,967*15.291,258,182*16.511,144,266*18.47245,151840

0.232.0915.0511.1111.92*58.004.87*

96,000

5,685,533693,6021,835,9706,428,8732,559,49813,054

9,821,44923.381,079,84639.35965,88543.74-(580)

0.322.5118.6610.9910.0536.003.58

96,000

4,667,904189,6881,717,503*5,203,018*2,601,8425,783

7,960,38216.12774,91223.12671,97924.5599,48043.74

0.372.0016.039.737.0136.005.14

96,000

3,715,185578,8401,880,1494,773,1112,390,9446,641

6,855,2556.70629,415423.85539,509760.41(86,352)(2,171)

0.512.0015.709.185.6014.002.50



Life of Jamaica Limited

ife of Jamaica of Jamaica (LOJ) is the foremost insurance company in Jamaica. The company com-menced operation in 1970 as the first Jamaica owned life insurance company and was the first life insur-ance company to be listed on the Jamaica Stock Exchange.

Six enterprising Jamaicans, namely Danny Williams, Adrian Foreman, Manley McAdam, Donald Davidson,Herbert Hall and Peter Rousseau, propelled by this energy in the environment, spearheaded the project toestablish the first Jamaican-owned Life Insurance Company.

Already a successful team working with the 54-year-old branch of North America Life Assurance Company ofCanada (NALACO), the group became obsessed with the desire to set up a local life insurance company onthe NALACO base.

In 1963, armed with the self confidence of outstanding professional track records in the industry, the six menproposed the establishment of NALACO (Jamaica) Limited, with NALACO holding 51% of the shares. Theremaining 49% was to be widely held by Jamaicans. This initial approach was rebuffed, but the seed has beensown.

Two other elements were put in place in this period: the company decided to start up operations using com-puterized, consolidated master file for policy records. Another important decision was the appointment ofMercantile & General Reinsurance of Toronto as reinsurer for the new company. By April6, 1970, with its imageand policies in full view, a supremely confident company was prepared to go to the public to raise the $760,000needed to complete the financing of Life of Jamaica. Buoyed by a $50,000 public relations campaign, half ofthe required amount came in within three days. by April 20, the closing day, 2,500 individual Jamaicans hadresponded with a vote of confidence in Life of Jamaica. The issue was fully subscribed.

April 1980 had seen the introduction a new series of premium rtes and dividend scales, representing the majorreview of the company's products since inception. The two most significant acquisitions in the history of Life ofJamaica occurred in 1980. These were the acquisition of 62% of the Jamaica Citizens Bank and the purchaseof 20 acres of prime land in New Kingston. The LOJ land acquisition, and the announcement of the extensiveplans for its development, was a bright spot.

Since its inception, LOJ has gained a solid reputation as a pacesetter, innovator and leader in the Caribbeanlife insurance industry. The company has been the market leader among life insurance companies in Jamaicafor 16 consective years.

In 1986 LOJ became a member of the Insurance Company of the West Indies (ICWI) Group of Companies,when the majority of its Ordinary Shares was purchased by the ICWI.

In late 2001, the ownership of LOJ changed when a consortium led by the Barbados Mutual Life AssuranceSociety and Life of Barbados, purchased 76% of the company and its subsidiaries.

In December 2002, The Barbados Mutual Life Assurance Society (BMLAS) demutualised and converted to acompany with share capital. The company's new name became Sagicor Life Inc, and Life of Jamaica remainsan important member of the Sagicor Group.

In 2003, as part of a regional group reorganization, LOJ and Island Life Insurnace Company Ltd., both ownedby Sagicor Financial Corporation, were amalgamated to form one large Jamaican life insurance company. Atyear-end 2004, the LOJ Group assets including Island Life were $20.63 billion while total assets under man-agement stood at $47.1 billion.

The company offers a wide range of services including:· Ordinary long term and equity-linked insurance products · Group life, group health and personal accident plans · Pension plans · Residential and commercial mortgages · Annuities · Real Estate Development and Management · Lease Financing

L


2004 2003 2002 2001 2000 1999



PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Extraordinary Items

IMPORTANT RATIOSDebt/Equity ratioReturn on EquityGross (Loss). Profit MarginEarning (Loss) Per Share Closing Stock PriceP.E. Ratio

2,543,690

6,382,5856,687,748154,94320,627,55714,244,972

7,050,10825.821,690,95130.431,433,79018.62-

0.0228.0523.980.5711.3019.82

Life of Jamaica Limited (LOJ JMP627321053)


Board of Directors

Secretary

Registrar

Subsidiaries

Email

Website Address


J. Arthur Bethell; Richard Byles; M. Patricia Downes-Grant; Micheal A.

Fraser; Dodridge D. Miller; David Allan; Jeffrey Codham; Majorie

Chevannes-Campbell;

Donna Stephson

Suzette duCille

LOJ Property Management Ltd, LOJ Pooled Investment Funds Ltd

Employee Benefits Administrator Ltd, Sagicor Life of the Company

Islands Ltd, Sagicor Re Insurance Ltd, Lested Developments Ltd

[email protected]

www.life-of-ja.com

Financial Data

2,520,897

3,840,1486,154,29090,42916,363,35312,523,205

5,603,49538.741,296,46843.801,208,68340.81-

0.0246.4923.140.533.907.36

1,656,248

1,359,589*4,023,903109,27010,866,757*9,507,168

4,038,889*(28.81)901,561*68.70858,391*117.29-

0.0894.5522.320.52*2.705.19

1,656,248

456,1723,588,09465,3935,510,8375,054,665

5,673,10915.69534,40176.60395,03857.93(121,244)

0.14138.879.420.212.9714.14

540,816

112,7703,588,0941,318,96614,963,15514,850,385

4,903,874(7.83)302,607111.70250,132(109.24)(2,214)

11.70(27.11)6.170.370.701.91

540,816

(1,957,972)10,886,296802,81011,642,82513,600,797

5,320,3742.82(2,585,313)(5,405.93)(2,706,735)6,066.10(82,844)

(0.41)500.81(48.59)(5.09)(0.65)(0.13)



2004 2003 2002 2001 2000 1999



PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Minority Interests


6,161

141,8717032,64370,2458,940

48,556(7.09)5,998(71.19)4,277(73.68)(736)

0.027.863.0412.350.5711.0019.30

Montego Bay Ice Co. Ltd. (MBICE JMP693911035)


Board of Directors

Secretary

Registrar

Subsidiaries



Mark Hart (Chairman); T. Chin (Managing Director); H.G. Anderson; A.

Brennan; M. Fray; P. Hart; K. Armstrong; Mrs. S.M.Allen; R. Anthony

Jones; R.O. Cooke

Seville M. Allen

Sheila T. Lewis

Montego Cold Storage Limited, Deans Valley Ice Limited.

Manufacture and sale of ice and the rental of cold storage facilities.

Financial Data

6,161

139,5632,6434,58371,80614,079

52,2606.8020,82266.4216,25083.26(1,820)

0.035.1012.0039.842.349.003.85

6,161

131,295*4,5836,52354,9567,632*

48,932(7.53)12,512*9.518,867*9.92(739)

0.057.206.7325.571.32*3.406.82

6,161

132,2916,5329,37247,6667,493

52,91438.6311,42659.168,06784.34(684)

0.076.366.2721.591.203.502.83

6,161

124,9092,0604,20740,4416,965

38,168(3.65)7,17940.024,37611.35(810)

0.035.813.5518.810.584.006.03

6,161

121,343039028,6943,440

39,615(2.15)5,1270.963,93020.81(711)

0.008.343.2812.940.524.007.69


Montego Freeport Limited

Montego Freeport Limited was incorporated in Jamaica on 15th February, 1966, and acquiredfrom the Government of Jamaica the right to reclaim, submerged and semi-submerged landsknown as Bogue Islands by dredging operations and to develop, construct upon, operate, leaseor sell those lands through its comprehensive development programme.

The company envisioned the creation of a new industrial, business, tourist and residential centre known as"Montego Freeport". The immediate objective was to construct a deep water harbour facility, and a Freeportindustrial, commercial, hotel, tourist and residential community on 343 acres of reclaimed land, fronting on nav-igable water, or sand beaches.

Following more than two years of preparatory economic, engineering, architectural, oceanographic and otherfeasibility studies, an agreement with the Government of Jamaica was negotiated and signed on June 15th,1966. Under the Agreement and arrangements with the Government, the Company was granted concessionssome of which were:-

To reclaim and develop up to 500 acres of land within a period not exceeding twelve years from June 15, 1966.Exclusive right to the name 'Freeport' for a period of twenty years from the date of the AgreementThe right within such Freeport area to have manufacturing operations for export and which would be eligiblefor concessions under the Export Industries Encouragement Laws.The right, subject to prior Government approval, to have other manufacturing undertakings within such Freeportarea.Complete freight transshipment facilities, enjoying duty free privileges

On April 5th, 1968, an application was made inviting the public to purchase 600,000 ordinary stock units ofJ$0.50 cents each. This application was successful and hence, Montego Freeport Limited was listed on theJamaica Stock Exchange with its Prospectus dated 5th April, 1968 and its first stock units issued on 30thAugust, 1968.

Its programme of development was through subsidiary companies. These include:

- Montego Stevedoring Limited ] To control and ensure services - Montego Shipping Services Limited ] to the Port for Import & Exports- Montego Wharves Limited ]

- Montego Shopping Centre Limited ] Outlet for craft and other shopping services

- Seawind Beach Hotel Limited ] Hotel/Tourism

- Seawind Limited (Heritage Beach ] Operation of the twin Towers Hotel Condominium)

The Company had developed the Port and there were activities from cruise shipping and with guests from theTowers, the Beach Hotel and the Shopping Centre, the tourism mecca known as Montego Freeport was a hubof activities.

In 1982 the Government of Jamaica, through the Urban Development Corporation acquired 57% of the issuedshare capital of the company from the original developers. Through the Government's divestment policy thehotel activities and port facilities were divested.

There are zoned lots available for investors; however, the Urban Development Corporation still conducts itssales policy for those lands on the original vision of MFL as a tourism and commercial mecca of the west.

M


2004 2003 2002 2001 2000 1999




IMPORTANT RATIOSDebt/Equity ratioCurrent Asset ratio Return on EquityGross (Loss). Profit MarginEarning (Loss) Per Share Closing Stock Price P.E. Ratio

563,066

2,251,09500757,76317,580

5,319(70.34)166,07014.44170,16726.070

0.0043.107.863,122.200.303.4011.33

Montego Freeport Ltd. (MFP JMP693931090)


Board of Directors

Secretary

Registrar

Subsidiaries



Dr. The Hon. Vincent Lawrence, O.J. (Chairman); Maizie O’Reggio-

Alexander; Noel Sloley; Majorie Chevannes- Campbell; Faith Thomas;

Jewell Spencer; Daniel Samuels.

Marlene McLean


P.O. Box 303, Montego Bay.

Montego Bay Shipping Centre Ltd.; Seawind Beach Hotel Ltd.;

Seawind Ltd.

Rental and Sale

Financial Data

563,066

2,080,928*00335,98485,200

17,9367.68145,117218.45134,973*249.123,307

0.003.949.91809.080.24*0.602.50

563,066

642,38900241,63218,075

16,6568.6845,57055.8238,66132.2017,098

0.0013.376.21273.600.070.517.42

563,066

603,72800211,73336,080

15,326(3.62)29,245(59.71)29,245(59.71)1,164

0.005.874.96190.820.050.275.20

563,066

603,72800156,07223,485

15,901(81.08)72,58434.7572,58434.7545,238

0.006.6513.41456.470.130.503.88

51,187

507,85400129,86767,040

84,0263,674.7553,864157.1053,864157.10(13,452)

0.001.9411.2064.100.100.707.31


2004 2003 2002 2001 2000 1999


Shareholders’ Equity Total Assets DepositsLoans & Advances Investments

PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % decrease over prior year After Tax Profit/Loss % decrease over prior year Extraceptional ItemExtraordinary ItemMinority Interests

IMPORTANT RATIOSReturn on equityAsset GrowthDeposit Growth Loan Growth Loan & Investment Growth Return on AssetsGross (Loss). Profit MarginEarning (Loss) Per Share Closing Stock PriceP.E. Ratio

2,466,763-16,294,005*175,872,01779,862,28034,024,62878,678,717

24,811,71014.123,860,11411.463,216,73814.70--

19.7420.5514.6028.88(7.37)1.8315.561.3025.2019.38

NCB Jamaica Limited (NCB JMP710541039)


Board of Directors

Secretary

Registrar

Subsidiaries


E-mail/Website Address


Michael Lee Chin (Chairman);Kris Astaphan (Deputy Chairman); Patrick

Hylton (Group Managing Director); A. Desmond Blades; Wayne Chen; Dr.

Nigel Clarke; Sandra Glasgow; Donovan Lewis; Thalia Lyn; Herbert I.

Phillips: Prof. Alvin Wint; Hon. Neol A.A.Hylton, O.J.,C.D., Hon. LLD.

Jennifer Dewdney-Kelly

NCB Ja. (Nominees) Ltd., 32 Trafalgar Road, Kingston 10.

Data-Cap Processing Ltd.; Mutual Security Insurance Brokers Ltd.; West

Indies Trust Co. Ltd.; NCB (Cayman) Ltd.; NCB (Investments) Ltd.; NCB

Ja. (Nominees) Ltd.; NCB Capital Markets Ltd.; NCB Insurance Co. Ltd.

NCB Foundation; Senvia Money Services(UK).

Commercial bankind and as indicated above.

[email protected]/ www.jncb.com

Financial Data

2,466,763-12,871,832145,886,16569,688,96826,400,14778,566,660

-21,742,48252.423,463,250102.332,804,39189.69--

21.7926.619.9872.75(27.12)1.9215.931.1413.3011.67

2,466,763-11,971,477*115,220,39063,365,17915,282,72167,293,256

-14,264,469*1.601,771,677*256.891,478,407*273.86(319,115)-(63,121)

12.359.998.5984.59(12.25)1.2812.000.60*5.709.50

1,973,410-9,065,199104,756,78358,351,9748,279,42065,284,654

-14,039,817*(8.23)479,608(70.11)395,442(74.80)(1,322,460)(25,258)(47,558)

4.3610.4613.0014.201.900.383.420.16*4.9030.63

5,701,000*-9,301,508*94,835,223*51,638,190*7,249,63467,738,017

-15,298,298*21.571,604,579*624.181,568,965*608.10(286,281)*(1,250)*(52,769)*

16.8727.969.62(8.45)(39.20)1.6510.490.77-4.005.19

1,973,410-7,058,61074,110,30947,104,7817,918,88745,950,291

-12,584,093-221,573-221,573-(558,029)-

3.14

-0.301.760.530.00--



Palace Amusement Company Limited

he Palace Amusement Company (1921) Limited was formed by Audley Morais, and operat-ed as a Private Company prior to 1921 (silent movie days). T

He re-formed the company and offered shares to the public in 1921.

Over the years the Company operated Movies, Rose Gardens, and Palace Cinemas. Gaiety andMajestic was subsequently acquired, Odeon (Mandeville) was leased, and other cinemas (urbanand rural) were built. It operated cinemas and distributed films to many of the independent cinemasthat existed in Jamaica and Cayman.

In 1938, Cinema Company of Jamaica Limited built the Carib, in competition to Palace.

In 1947, J. Arthur Rank, from the United Kingdom, bought control in Palace Amusement Company.The Rank Organisation bought out Cinema Company of Jamaica Ltd. owners of the Carib. J. ArthurRank closed the Movies and built Odeon in Mandeville in 1951, and Odeon in Half Way Tree in1952.

In l949, Russell Graham built the Tropical Cinema Company, and used it as a centerpiece of thecompetition that he mounted for the movie audience against Palace.

In 1962, Russgram Investments Limited - a Company owned by Russell Graham - bought the con-trolling interest in Palace Amusement Company from J. Arthur Rank, and Douglas Graham wasappointed Managing Director. The new regime purchased the Majestic Cinema on Spanish TownRoad, built the Harbour View Drive Inn as a partly owned subsidiary, and took control of TropicalCinema Company, which was a 2-cinema company - Tropical and Rialto.

In 1989, Russell Graham sold his Russgram Investments Company to Douglas Graham, who stillhas ownership of it. Since 1989, Palace has fought against the contraction of the circuit by expand-ing with the Palace Cineplex in Liguanea; Portmore Palace in Portmore; Palace Multiplex inMontego Bay and Odeon Cineplex in Mandeville, while closing Gaiety, Odeon Mandeville, andOdeon Half Way Tree.

The Carib was destroyed by fire in 1996 and rebuilt the next year.

In Film Distribution, the Company also services cinemas in Grand Cayman, and represents UnitedInternational Pictures, which is the source of motion picture product from the studios of Paramount,Universal, DreamWorks and Disney. Russgram Investments Limited is also in the film distributionbusiness, and represents Warner Bros., Sony, and 20th Century Fox.

Palace Amusement Company is listed on the Jamaica Stock Exchange and has approximately 150shareholders. There are 1,437,028 issued stock units. Russgram Investments Limited presentlyowns 62.05% of the shares in Palace Amusement Company.


2004 2003 2002 2001 2000 1999



PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit(Loss) % increase over prior year After Tax Profit/Loss % increase over prior year Extraordinary ItemMinority InterestsIMPORTANT RATIOSDebt/Equity ratioCurrent Asset ratio Return on EquityGross (Loss). Profit MarginEarning (Loss) Per Share Closing Stock PriceP.E. Ratio

1,437

234,87633,54370,783116,74296,232

513,22521.738,717328.353,064(10.57)0(28)

0.301.211.320.022.1368.0031.92

Palace Amusement Co. Ltd. (PAL JMP744941080)


Board of Directors

Secretary

Registrar

Subsidiaries


Financial Year End June 30

Douglas Graham (Chairman/Managing Director); Elon Beckford (Vice

Chairman); Lloyd Alberga; Hugh Levy; Vincent Wong; Oswald A.

Cooke; Ken Robertson; Ian Phillipson; Melanie Graham; Douglas

Stiebel; Scott Graham; Steven Cooke; Christine Morris.

Eileen A. Thomas

Eileen A. Thomas (In House)

Harbour View Cinema Co. Ltd.; Cinema Co. of Jamaica Ltd.;Tropical

Cinema Company Limited.

Cinema owners and operators

Financial Data

1,437

228,02246,80268,361103,59777,425

421,61619.522,035(70.54)3,426(42.79)0(30)

0.301.341.520.002.3850.0021.01

1,437

223,183*11,07120,48872,25951,106*

352,7589.656,907*(72.99)5,988*(76.58)0(8)

0.091.412.700.024.17*100.0023.98

1,437

219,72422,67530,939120,495171,038

321,706*14.5325,568527.9025,568529.910111

0.140.7012.360.0817.7942.502.39

1,437

194,156*48,31581,24725,27276,107

280,8874.674.072147.244.059314.080(13)

0.420.333.660.012.8215.005.32

1,437

27,46464,70897,41126,81276,494

268,350(10.84)(8,619)(26.94)(1,896)72.246,69627

3.550.35(6.67)(0.03)(5.97)15.00(2.51)


Pan Caribbean Financial Services Limited

n 23 November 1983, the company was incorporated as Trafalgar Finance Limited, and inOctober 1984 the company's name was changed to Trafalgar Development Bank Limited("TDB"). In May 1985, it commenced business as Jamaica's first private sector development

bank with approved Venture Capital Status.

TDB's capital resources were provided from equity capital and foreign currency loan funds frominternational financial institutions. In February 1987, TDB was listed on the Jamaica StockExchange. Two overseas shareholders, Netherlands Development Finance Company and GermanInvestment and Development Company each held 10% of the listed shares.

TDB offered medium and long-term loans, lease financing and a full range of project developmentand technical services in the productive sectors of Agriculture/Agri-business, Manufacturing,Tourism and related linkage industries. Consideration was given mainly to projects, which generateemployment, earn foreign exchange, utilize indigenous raw materials and promote entrepreneurialdevelopment.

In 1993 TDB acquired First Jamaica National Bank, a commercial bank. The name was subse-quently changed to Trafalgar Commercial Bank Limited ("TCB"), and a 49% interest sold to Grace,Kennedy & Company Limited. The Bank was fully divested to Grace, Kennedy in 2000.

In 1999 TDB was appointed manager of a micro-finance scheme under an agreement with theEuropean Union and the Government of Jamaica to fund short and medium-term credit to small andmedium-sized enterprises. This service was an integral extension of the Bank's development man-date.

In 2000 First Life Insurance Company Limited and TDB signed an agreement whereby TDB agreedto issue to First Life shares to acquire 100% of Pan Caribbean Merchant Bank, a wholly owned sub-sidiary of First Life at the time. As a result of this share exchange, First Life's holding in TDB rosefrom 29% to 68%.

In 2002, the company's name was changed to Pan Caribbean Financial Services Limited(PCFS). This name change reflected that the group had become a diversified financial servicesinstitution offering products and services, which include investments, foreign exchange and securi-ties trading, asset management and registrar and custodian services.

In 2004 PCFS acquired Manufacturers Investments Limited and its subsidiaries, ManufacturersSigma Merchant Bank Limited (an amalgamation of Manufacturers Merchant Bank and SigmaInvestments Limited), Sigma Unit Trust Managers Limited (Unit Trust) and Manufacturers Credit &Information Services Limited. The assets of Manufacturers Sigma Merchant Bank Limited weremerged with those of Pan Caribbean Merchant Bank Limited (PCMB).

Also in 2004 Pan Caribbean Financial Services Limited acquired the investment assets and clientliabilities of Lets Investments Limited.

The expanded PCMB comprises the business of Portfolio Partners Limited, acquired in 1996;Knutsford Capital Merchant Bank, acquired in 2000 and Manufacturers Sigma Merchant Bank,acquired in 2004.

PCFS has three main operating subsidiaries namely Pan Caribbean Merchant Bank Limited, PanCaribbean Asset Management Limited and Manufacturers Credit & Information Services Limited.

O


2004 2003 2002 2001 2000 1999


Shareholders’ Equity Total AssetsDepositsLoans InvestmentsMinority Interest PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Minority Interest

IMPORTANT RATIOSReturn on EquityReturn on Assets Deposit GrowthLoan GrowthGross (Loss). Profit MarginEarning (Loss) Per Share Closing Stock PriceP.E. Ratio

514,308

5,217,24740,178,6293,422,9773,738,79126,375,331

5,753,23589.591,147,257239.81841,692145.99-

16.132.093.72234.9119.941.8434.1018.53

Pan Caribbean Financial Services (PCFS JMP744941080)


Board of Directors

Secretary

Registrar

Subsidiaries



Richard O. Byles, M.Sc.,B.Sc., (Chairman); Donovan H. Perkins,

M.B.A.(President/CEO); W.G. Bryan Ewen,F.C.A.; Hon. Maurice W.

Facey,O.J.,J.P.; Stephen B. Facey, M.arch; Patrick Lynch,B.Sc.(Econ.);

Cristian Matalon, M.B.A.,B.B.A.; Joseph Matalon,B.Sc.(Hons.); O.K.

Melhado; Peter Melhado,M.B..; Hayden Singh; Colin Steele,

M.B.A.,B.B.A.,C.P.A.

Gene M. Douglas

Pan Caribbean Merchant Bank Ltd.

Co-op Trust Department, 60 Knutsford Blvd., Kingston 5

Pan Caribbean Merchant bank Ltd, Pan Caribbean Investments Ltd, Pan

Caribbean Asset Management Ltd, Manufacturers Credit & Info. Services

Ltd

Investments, securities trading, merchant banking.

[email protected]

Financial Data

255,660

1,504,53718,338,291724,8921,116,3468,499,378

3,034,553*62.85337,61325.73342,17020.28-

22.741.870.46(7.64)11.131.346.604.93

255,660

1,081,981*13,959,667*497,482*1,208,750*7,200,560*

1,863,443*217.63268,517*207.20284,488*221.70-

26.292.040.57(3.12)14.411.11*5.705.14

255,660

813,5472,882,147317,3381,247,6981,147,135-

586,67839.2187,407659.7688,434666.16(886)

10.873.07(0.31)(17.74)14.900.384.5511.97

115,047*

534,5512,951,408*460,7221,516,768731,866*39,906

421,4412.66(15,615)(1,129.33)(15,620)(1,786.83)(519)

(2.92)(0.53)(0.25)(2.30)(3.71)(0.14)1.29(9.21)

115,047*

513,6182,661,405612,9091,552,438182,11039,387

410,504(3.16)1.517(96.71)926(97.96)260

0.180.030.39(2.90)0.370.012.50250.00



an-Jamaican Investment Trust Limited (Pan-Jam) was launched in 1964 under the auspicesof The Bank of Nova Scotia Trust Company Jamaica Ltd. and was chaired by the Hon. ClintonHart. Its main objective was to raise capital by public subscription in Jamaica for equity

investment in developing companies, which would provide diversification and growth for all involved.Pan-Jam shares were first offered to the public in March 1965 and shortly afterwards, became oneof the first companies to be listed on the then newly formed Kingston Stock Exchange.

In 1966, Pan-Jam merged with Jamaica Property Company Limited, a company owned by theFacey Family and the Hon. Maurice Facey became Chairman. This resulted in the launch into prop-erty development, both residential and commercial, and has played and continues to play a veryimportant part in the development of Pan-Jam.

In 1969, Pan-Jam created history being successful in the first hostile take-over bid for Hardware &Lumber Limited which was acquired at a cost of approximately £1.6 million.

In the ensuing years, Pan-Jam emerged as one of Jamaica's leading conglomerates, diversifyinginto other areas such as merchant banking, insurance, food processing, horticulture export, manu-facturing and tourism. In 1992, Mr. Richard Byles, who was then the Managing Director of PanCaribbean Merchant Bank Limited, was appointed President and Chief Executive Officer of Pan-Jam.

In 2002, Pan-Jam entered into negotiations with GraceKennedy & Company to merge its majorityholding in the Hardware & Lumber Group with Grace's subsidiaries Rapid Sheffield and AgroGrace.This resulted in GraceKennedy becoming the major stakeholder in Hardware & Lumber when thetransaction was completed in 2003.

In 2004, agreement was reached with Pan-Jam's principal subsidiary, First Life Insurance CompanyLimited, to transfer that subsidiary's insurance and banking operations to Life of Jamaica Limited(LOJ) in exchange for a 31% interest in LOJ.

Pan-Jam remains a force to be reckoned with and has continued to demonstrate its ability to suc-cessfully adapt to the changing economy. It is with this spirit and forward vision that Pan-Jam ismarking its 40th year of business in Jamaica. Pan-Jam is proud to have been here from the startand looks forward to a new era of business in Jamaica which no doubt holds the promise of newopportunities.

P

Pan-Jamaica Investment Trust Limited


2004 2003 2002 2001 2000 1999


Shareholders’ Equity Long Term Liability Gearing Debt.Current Assets Current LiabilitiesMinority Interest PROFIT & LOSS (000) Turnover% increase over prior yearPre-Tax Profit % increase over prior year After Tax Profit/Loss % increase over prior year Exceptional/Extra. ItemsMinority Interest


173,377-4,187,953302,443-1,311,585124,6441,360,642-3,494,220(46.60)1,913,52298.221,640,60777.10-(443,652)

-10.5245.7154.766.9253.007.66


Board of Directors

Secretary

Registrar

Subsidiaries

Associated Company



The Hon. Maurice W. Facey, O.J.,J.P. (Chairman); C. A.Llyod Facey,

F.P.S.,J.P.(Deputy Chairman); Richard O. Byles, M.Sc., B.Sc. (President

& CEO); W. G. Bryan Ewen, F.C.A.; Stephen B. Facey, M.Arch; Roy

Collister, B. A., (COM), F.C.A.; Donovan H. Perkins, M.B.A.; H. Peter

Ganteaume, F.C.A.; Terrence W. Farrell, B.Sc., M.Sc., Ph.D. (Econ).

Gene Douglas, F.C.I.S.

Pan Caribbean Merchant Bank Ltd.

Corporate Trust Dept., 60 Knutsford Blvd. Kingston 5.

First Life Insurance Ltd., Jamaican Floral Exports Ltd.; Jamaican Heart

Ltd.;Busha Browne’s Co. Ltd., Pan-Jamaican Mortgage Society L td.

Hardware & Lumber Ltd.

Property investment; real estate development; merchant banking; Life and

health insurance underwriters

Financial Data

172,119-2,989,858350,222660,6348,591,548*13,786,035*1,253,292-6,542,97626.79965,33158.67926,39965.38-(274,220)

0.220.6234.7914.753.7918.714.94

172,119-2336559*162377*731,693*2,201,21014,033,1421,063,250-5,160,283*30.87608,394*34.06560,167*31.21-(205,145)

0.310.1625.2011.792.07*14.216.86

171,494-2109,996147,188443,5891,654,104618,263888,005-3,943,09511.97453,81345.08426,94058.22-(161,992)

0.212.6822.7111.511.5911.006.92

160,814-1,649,15094,426310,8881,112,558*552,941*561,356*-3,521,43221.68312,800*34.49269,841*39.58-(81,943)

0.192.0118.228.881.177.356.28

158,039-1,313,22893,517199,617672,488485,499504,891-2,894,03226.57232,57440.26193,33037.85-(64,761)

0.151.3914.878.040.801.752.19

Pan-Jamaica Investment Trust Ltd. (PJAM JMP749981081)



Radio Jamaica Limited

he history of Radio Jamaica is extricably bound with the origin of radio broadcasting inJamaica. Radio broadcasting began in 1939/ the first station, VP5PZ, was made possiblethrough the use of the equipment of a local 'ham' operator named John Grinan, who, in com-pliance with wartime regulations, handed his equipment over to the Government.

Mr. Grinan succeeded in convincing the Government to use his equipment to operate a publicbroadcasting station; and the amateur equipment was adapted to the demands of broadcasting, andregular scheduled broadcasts began on November 17, 1939, using Mr. Grinan's call-sigh, VP5PZ.

Under the weight of public criticism at the high cost of running the station, decision was taken by theGovernment to issue a license to a private company to provide broadcasting services. A license wasgranted in 1949 to the Jamaica Broadcasting Company, a subsidiary of the Re-diffusion group,London.

This license gave the company the right to operate regular broadcasting and re-diffusion services,and the Jamaica Broadcasting Company took over the operations of ZQI on May 1, 1950.Commercial broadcasting began on July 9, 1950, using the call-sigh, "Radio Jamaica and the Re-diffusion Network", and the well-known RJR was born!

The new company was given a mandate to cover the entire island with radio broadcasting. Toensure that rural dwellers could become oriented to Radio, the company distributed wireless receiv-ing sets to some 200 designated listening posts throughout the island. These were points wherepeople naturally gathered, such as schools, police station and village stores. An important aspect ofthe license granted to Radio Jamaica was that it was to be a commercial radio station. This meantthat radio time would be costed and advertisers would pay according to the time used for theiradvertisements.

Very soon, RJR, as the station was affectionately known, became a household word. In august1951, the station was moved from its original Seaview Avenue location to what was described at thetime as "the modern air-conditioned and excellently equipped studio premises" at 32 LyndhurstRoad in Kingston.

A significant step was taken in 1953 when frequency modulated transmitters were installed atColleyville and Tinson Pen. This was a historic event, as Radio Jamaica was the first country in theBritish Commonwealth to broadcast regular scheduled programmes on the FM band.One of the important aspects of this service was that it offered complete coverage of nationalevents. By 1958, it was being enjoyed by 15,000 subscribers.

When the Government decided to operate its own public broadcasting station, to be named theJamaica Broadcasting Corporation, the name of Radio Jamaica was formally changed to that ofRadio Jamaica Limited, the name by which it is known today.

In keeping with the company's strategic plan for growth and development into a highly profitablemedia house Radio Jamaica Limited (RJR) acquired the Television and Radio 2 assets of theJamaica Broadcasting Corporation (JBC) from the Government of Jamaica, for an amount ofJ$70m.

Since the acquisition on June 12, 1997 an interim management company, RJR Interim ManagementServices Limited, has been put in place. The new name for the television station is TelevisionJamaica Limited.

T


2004 2003 2002 2001 2000 1999





287,481

575,380217,775221,012307,353159,645

988,13510.54129,683(26.84)83,348(34.21)-

0.381.9315.3913.120.296.2521.55

Radio Jamaica Limited (RJR JMP798411055)


Board of Directors

Secretary

Registrar

Subsidiaries


E-mail Address


J.A. Lester Spaulding, J.P. (Chairman/Managing Director); Hector Dietrich

(Deputy Chairman); Carl Domville, B.Sc., (Hons.), F.C.C.A., F.C.A;

Dorothy LaCroix; Karl L. Lewin, M.B.A.; Holford Plummer; Patricia

Robinson, O.D., J.P; Milton Samuda, LL.B.

Stephen A. Grieg, LL.B.

Scotiabank Jamaica Investment Management Ltd.

4th Floor, Cnr. Duke & Port Royal Streets, Kingston

Television Jamaica Ltd. and Multi- Media Jamaica Ltd.

Mass media communications: through operation of commercial radio sta-

tions, a television station and multi-media company.

[email protected]

Financial Data

258,733

507,642*22,00027,864341,071108,998

893,9134.89177,248*4.27126,693*(22.22)-

0.053.1329.1919.830.49*3.807.76

206,986

360,32327,34340,739*356,768100,405

852,26138.48169,987201.76162,896294,18

0.113.5556.8319.950.612.454.02

103,493

212,95234,43949,690221,20392,821

615,43123.1456,33148.2641,32541.59(489)

0.232.3820.939.150.191.457.56

103,493

181,97937,25646,573190,80280,371

499,7969.7637,994246.8929,186(212.49)(2,656)

0.262.3717.447.600.261.054.04

77,620

152,79644,04752,044150,53885.357

455,34624.83(25,865)(325.38)(25,945)(428.00)0

0.341.76(15.65)(5.68)0.300.702.33



2004 2003 2002 2001 2000 1999TT$ TT$ TT$ TT$ TT$ TT$


Shareholders’ Equity Total AssetsDeposits

LoansInvestments


IMPORTANT RATIOSReturn on EquityAsset Growth Deposit GrowthLoan GrowthLoan and Investment GrowthGross (Loss). Profit MarginEarning (Loss) Per Share Closing Stock Price

341,462

3,107,32733,404,20118,136,36213,432,57410,142,119

3,539,94316.37974,16040.65811,76838.72

28.6213.8914.1322.0313.6527.522.36550.01

Royal Bank of Trinidad & Tobago


Board of Directors

Secretary

Registrar

Subsidiaries


E-mail


Peter July (Group Chairman); Gaston Aguilera; John Andrews; Robert

Bermedez; Martin G. Daly; Arthur Lok Jack; Miguel Pourier; Rodney S.

Prasad; Jerome Sooklal; Suresh Sookoo; Gary N. Voss; Brian W. Young.

Nicole Richards.

RBTT Trust Limited.

22-24 Victoria Avenue, Albion Plaza, Port of Spain

RBTT Bank Jamaica Ltd.; R&M Holdings Ltd.; RBTT Insurance Holdings

Ltd.; RBTT Services Ltd.; RBTT Bank Barbados Ltd.; RBTT Merchant

Bank Ltd.;

Commercial banking and other financial services.

[email protected]

www.rbtt.co.tt

Financial Data

340,243

2,565,16129,331,32515,891,04211,007,5909,735,709

3,042,1020.64692,61122.25585,19019.14

24.715.74(0.25)16.628.7222.771.69170.00

340,243

2,170,79927,739,18415,930,7299,438,9639,640,726

3,022,83750.00566,53415.67491,16717.84

24.8145.4965.3944.4942.3418.741.42102.50

340,220

1,787,92819,065,9809,632,3246,532,8286,871,231

2,015,26514.43489,78621.92416,79120.67

24.9126.079.5417.0821.4524.301.20100.00

340,220

1,558,92715,123,5988,793,2025,579,6785,456,750

1,761,132-401,728-345,387-

22.16----22.810.99-

00,000,000

00,000,00000,000,00000,000,00000,000,00000,000,000

00,000,00000,000,00000,000,00000,000,00000,000,00000,000,00000,000,00000,000,000

00,000,00000,000,00000,000,00000,000,00000,000,00000,000,00000,000,000



he company was first registered under the name of Coffee Company of Jamaica Limited on the 26thday of November 1957. On July 17, 1959 the name of the company was changed to Instant CoffeeCompany of Jamaica Ltd. And finally on the 14th day of April 1967 the name of the company waschanged to Salada Foods Jamaica Limited.

Salada became affiliated with Kellogg Salada Canada who had become its majority shareholder in the mid1960's. Salada was listed d on the Jamaica Stock Exchange in 1969.

In the mid 1980's Kellogg Salada Canada sold its shares to JSE plc, a public limited company registered inthe UK. who over time changed its name to Goldilocks Ventures Holding SA. Since October 2001 it has been100 percent Jamaican owned.

The primary function of the company is the manufacturing of Instant/sobule coffee, roasts and ground coffeeand roasted whole beans and is the largest roaster of coffee in Jamaica. Salada foods is, since Nestle inTrinidad closed their coffee plant, the only Instant plant in the Caribbean.

The company works closely with the Government's Coffee Industry Board (CIB), which regulates the pro-cessing and marketing of Jamaican coffee beans for export. Salada Foods is their largest local purchaser. TheCIB inspects every export shipment leaving the plant, to ensure compliance with regulatory and quality stan-dards. Salada Foods Jamaica enjoys a reputation for superior quality products in export markets throughoutthe Caribbean, North America and Europe, as well as in near and far eastern countries.

In addition to coffee the company produces a range of other beverages, drink mixes the packaging of tea,sugar, cocoa and dessert products.

The company's manufacturing plant and administrative offices are located in a 49,000 sq. ft. complex inKingston. The staff complement is 52 full time employees.

T

Salada Foods Limited


2004 2003 2002 2001 2000 1999





10,388

170,519 22,412 27,715 159,552 46,807

248,951 15.41 36,161 34.68 24,101 44.72 --

0.16 3.41 15.21 14.53 2.32 20.00 8.62


Board of Directors

Secretary

Registrar

Subsidiaries



Bevon Francis (Chairman); Michael G. Bernard; Eleanor Brown; Jeffrey

Cobham; Oliver Holmes; Pancha Sankaran; J.A. Lester Spaulding.

M. Olivia Glover

Duke Corporation, Scotiabank Centre, Duke Street, Kingston.

Coffee Company of Jamaica; Shirirff (Jamaica) Limited.

Manufacturers of Instant roasted and ground coffee, roasted whole

beans

Financial Data

Salada Foods Limited (SALF JMP8317211098)

10,388

146,418 27,121 38,676 139,647 48,033

215,710 4.99 26,849 23.09 16,654 5.07 --

0.26 2.91 14.20 12.45 1.64 17.25 10.52

7,564

88,193 32,675 42,420 84,393 51,809

205,461 8.32 21,813 (20.84)15,851 (42.48)--

0.48 1.63 26.18 10.62 2.10 17.00 8.10

7,564

32,886 39,101 52,865 74,163 43,185

189,685 3.21 27,557 33.22 27,557 33.22 --

1.61 1.72 144.22 14.53 3.64 20.10 5.52

7,564

5,329 45,910 68,022 61,148 50,346

183,781 9.89 20,685 134.07 20,685 134.36 (4,762)-

12.76 1.21 (412.59)11.26 2.73 5.50 2.01

7,564

(15,356)55,991 85,078 58,565 58,154

167,245 5.23 8,837 150.62 8,826 150.53 --

(5.54)1.01 (44.65)5.28 1.17 6.40 5.47



ade by Seprod, Must be good,' has become a by-word of quality, not just a blurb, forSeprod.

Seprod Limited

Companies grew originally out of the efforts of a small group of farsighted coconut growers to bringJamaica's coconut industry out of its depressed state in the late 1920s, which resulted from theunstable local and foreign markets for coconuts and copra. To achieve this, they planned to providea strong local market for the farmers produce by absorbing the coconuts in the manufacture of theproducts, which used coconut oil as a basic raw material.

In 1930, the Jamaica Coconut Producers association was formed, with the stated aim of manufac-turing oil from copra. In 1932, Government enacted the Coconut Industry Aid Law, restricting theimports of edible oils, and by 1937 there were seven independent local factories making these prod-ucts.

In 1939 the Coconut Marketing Board (now the Coconut Industry Board) was established to oper-ate the Jamaica Coconut Producers Association, and the next year six of the seven independentfactories merged to form a company, Soap and Edible Products Limited. The Coconut IndustryBoard acquired this company in 1944, at which time it was changed from a co-operative to a limit-ed liability company. This was a time of rapid expansion, and many new products were introduced.The name was changed to Seprod Limited in 1956.

The company now known as Seprod Limited was incorporated in Jamaica in July 1940 and becamea public company listed on the Jamaica Stock Exchange in 1985. The Group employs a direct labourforce of about 350 persons, with a multiplicity of support labour.

Seprod's corporate office is located at Felix Fox Boulevard. The Board of Executive is twelve innumber and is headed by Mr. Desmond Blades. Mr. Byron Thompson is the Chief Executive Officerand Group Managing Director.

As one of Jamaica's high technology companies, the company strives to meet the needs of every-one and anticipate the aspirations of its consumers and customers to respond innovatively, cre-atively and competitively with the products and services which add value to their lives, thus living upto the motto "Made by Seprod Must be Good".

Seprod's role of a good corporate citizen is underscored by its involvement in the community, thecountry at large and by its support of various charities, educational activities and civic organizations.These have included contribution to United Way of Jamaica, sponsorship of the Junior AchievementProgramme, financial support to charities, Service Clubs and assistance to schools, to name a few.Seprod manufactures and distributes edible oils and fat and corn products, as well as other house-hold consumer products. Its main subsidiaries are Caribbean Product Company Ltd, IndustrialSales Company Ltd, Jamaica Edible Oils and Fats, Jamaica Grain and Cereals Ltd.Facey Commodity Company Ltd is an associated company, which is jointly owned by Seprod Ltdand Musson Jamaica Ltd. Facey Commodity Company Ltd and is a major Distributor of consumerproducts, and pharmaceuticals and is the sole distributor of Digicel phones in the Caribbean, since2001.

‘M


2004 2003 2002 2001 2000 1999





516,398

3,499,773206,358369,5721,325,266424,079

3,346,65117.19783,60350.96547,71730.09--

0.113.1315.6523.411.0612.1511.46

Seprod Limited (SEP JMP8579T10370)


Board of Directors

Secretary

Registrar

Subsidiaries


E-mail


A. Desmond Blades (Chairman); Dr. Richard Jones (Vice Chairman);

Bryon E. Thompson (Managing Director); Granville Marsh; Geoffery

Messado; Dr. Ralph C. Thompson; Hon. Emil George; Paul Scott; Paul

Bourke; Carl Chantrielle; Peter John Thwaites; Hon. Roy Thompson

Sushil K. Jain

Scotiabank Jamaica Investment Management Ltd.

Caribbean Products Company Ltd.; Industrial Sales Ltd.; Jamaica

Detergents Ltd.; Ja. Feeds Ltd.; Ja. Grain & Cereals Ltd.; Coper Ltd.;

Ja. Household Products Ltd.; Ja. Edible Oils & Fats Co. Ltd.

Manufacture of edible oils and fats and corn based products and distri-

bution of these and many other consumer products.

[email protected]

Financial Data

516,398

3,033,801123,514133,5141,118,196129,071

2,855,71120.08519,081(3.59)421,045(2.93)--

0.048.6613.8818.180.826.507.93

430,332

2,763,953*78,514*40,575998,393*186,992*

2,378,1513.47538,403*134.83433,757*123.86129,730-

0.015.3415.6922.640.84*9.1010.83

344,265

2,247,864113,213144,066728,662229,200

2,298,2946.18229,272(21.74)194,196(25.83)1,282-

0.063.188.649.980.453.808.44

275,412

2,152,29293,133*106,004*729,551*189,197*

2,164,59713.89292,946(31.75)261,824(27.54)(34,723)97,582

0.053.8612.1613.531.306.044.65

183,608

1,899,55464,19717,3271,552,536194,972

1,900,575(3.02)429,24548.69361,32457.9697,827-

0.017.9619.0222.591.317.005.34




2004 2003 2002 2001 2000 1999TT$ TT$ TT$ TT$ TT$ TT$BALANCE SHEET (000)




IMPORTANT RATIOSDebt/Equity ratioCurrent Asset ratio Return on EquityGross (Loss). Profit MarginEarning (Loss) Per Share Closing Stock Price

249,765

939,374939,784934,355530,363393,032

1,329,90015.08199,34815.07183,79233.97(21,521)

0.991.3519.5714.990.6780.00

Trinidad Cement Limited


Board of Directors

Secretary

Registrar

Subsidiaries



David Dulal-Whiteway (Chairman); Dr. Rollin Bertrand (Group CEO);

Eutrice Carrington; Keith Awong; Walton James; Jeffrey McFarlene;

Yusuff Omar; Leopoldo Navarro (CEMEX); Brian Young; Ernest

Williams.

Alan Nobie

Trinidad Cement Ltd. Southern Main Rd., Claxton Bay, Trinidad &

Tobago.

Readymix (West indies) Ltd.; TCL Packaging Ltd.; TCL Ponsa

Manufacturing Ltd.; TCL Leasing Ltd.; Caribbean Cement Co. Ltd.;

Jamaica Gypsum and Quarries Ltd.; Rockfort Mineral Bath Complex;

Arawak Cement Co. Ltd.; TCL Trading Ltd.; TCL Serv. Ltd.; TCL (Nevis)

Ltd.; Caribbean Gypsum Ltd.

Cement Manufacture

Financial Data

249,765

804,434965,379953,202488,535368,450

1,155,6712.11173,2478.05137,186(5.63)(15,745)

1.181.3317.0514.990.5061.00

249,765

765,329*1,024,623*964,818*458,763*335,494*

1,131,8147.39160,338*14.72145,367*35.33(15,798)*

1.261.3718.9914.170.53*44.84

249,765

699,0221,095,5531,243,229414,492

1,053,953(3.92)139,7690.91107.4163.97(14,395)

1.781.1915.3713.260.3735.00

249,765

715,138*1,089,4211,221,938426,046370,652*

1,096,99431.20138,51134.60103,31533.53(13,433)

1.711.1514.4512.63*0.4035.00

209,480

475,7201,397,8521,397,852350,814343,787

836,10952.39102,909(11.97)77,373(13.63)

2.941.0216.2612.310.3425.00



2003 2002 2001 2000 1999 1998





23,416

(148,260)88,845 152,099 161,523 422,440

464,958 (12.15)(101,444)11.43 (101,444)11.43 -

(1.03)0.38 104.00 (21.82)(3.87)0.55 (0.14)


Company was De-listed on December 2004/November 30

Financial Data

West Indies Pulp & Paper Limited (WIPP JMP985781005)

23,416

(255,900)244,394 N\A96,002 290,494

108,736 (76.61)(16,491)83.74 (16,491)83.74 -

N\A0.33 8.16 (15.17)N\A0.55 N\A

23,416

(46,816)115,625 183,714 235,021 386,252

529,250 (20.15)(114,537)11.77 (114,537)11.77 (5,247)

(3.92)0.61 (1095.79)(21.64)(4.37)0.55 (0.13)

23,416

67,721 114,791 175,073 178,958 307,634

662,776 (1.32)(129,821)(835.11)(129,821)(835.11)(36,042)

2.59 0.58 (134.18)(19.59)(4.95)0.40 (0.08)

23,416

125,777 76,631 141,600 242,699 303,635

671,652 11.63 (13,883)57.58 (13,883)57.58 -

1.13 0.80 (10.46)(2.07)(0.53)0.20 (0.38)

23,416

139,660 76,636 138,016 210,459 280,641

601,675 4.18 (32,726)(54.59)(32,726)(276.85)-

0.99 0.75 (20.81)(5.44)(1.25)0.19 (0.15)



JSE 2004 YEAR BOOK 180 JSE 2004 YEAR BOOK



JAMAICA STOCK EXCHANGE

STATEMENT OF CORPORATE GOVERNANCE

PRINCIPLES & PRACTICES

PREAMBLE

The Jamaica Stock Exchange recognizes that as a national self-regulatory organization with a mis-sion to ensure and promote a fair and efficient stock market, it must embrace and practise soundcorporate governance. These principles and the attendant structures should serve the best interestof all stakeholders and emphasize the highest standards of transparency, oversight and independ-ence.

The intent is to protect the investing public while advancing the interests of owners and members.Confidence in the stock market will be enhanced by the clear demarcation of regulatory and normaloperational functions.

These practices are consistent with world best practices and adhere to the relevant legal and regu-latory framework. The corporate governance core practices of the JSE are rooted in the acceptanceof the following principles:

1. Corporate Governance should establish a clear foundation for Management and Board oversight. The role and responsibilities of Board and Management should therefore be clearly outlined to facilitate accountability.

2. The Board of Directors should be structured and selected to ensure effectiveness, independence and protection of the public's interests through appropriate selection and operating processes.

3. Ethical standards and responsible decision-making should be promoted.4. Governance should ensure that there is accurate, timely and full financial and gover

nance reporting with strong internal controls and risk management.5. Material information regarding the company's operations should be disclosed in a

timely manner to the public and regulatory entities.6. There should be regular reviews of Board and Management performance to enhance

effectiveness.7. Remuneration should be fair to attract and retain competent skills, and reward consis

tent with performance objectives.8. The interests of stakeholders should be carefully balanced, protected and promoted.


ISSUES DESCRIPTION/PRINCIPLE

Board Issues

Accountability to shareholders/stakeholders

The JSE is a private, soon to be public, company with public responsibility. It must balance the interest of all stakeholders to foster a fair, efficient and transparent market.

Mission and Responsibility The Board members have the responsibility to attend meetings and familiarize themselves with, and make decisions on issues within their purview.

Elections

The provisions for elections of members are set out in the Memorandum & Articles of the JSE and stipulate election of members on an annual basis. Interest groups identified by the Board will propose independent members to the Nominating Committee. Where an interest group fails to make a nomination, the Nominating Committee will propose directors for election.

Orientation and Training Training is made available to directors upon appointment to the Board. The Exchange will organize orientation and training for any director within three (3) months of appointment to the Board. The Board will pursue a programme of continuous training and development, with emphasis placed on members chairing committees.

Access to Information The Board considers the provision of good quality, timely and accurate information as a significant priority in company procedures. Management has a responsibility to provide the Board with any information that will allow members to properly carry out its responsibilities.

Disclosure of Directors’ Biographical Information

Sufficient biographical data with the names of all directors, nominated or elected, will be presented to shareholders and directors. This allows for the proper selection of members to specific committees.

Composition Board members will be drawn from different interest groups and from member-dealers. Representation should reflect the diversity of stakeholders and the needs of the Company. The Board shall be comprised of member dealers, an equal number of independent directors and an independent chairman.

Multiple Board Seats Members must declare appointments to other companies. They must, at the beginning of the year, and as many times as their positions change, give a written declaration to the Board of the Exchange with pertinent information about the other Boards on which they serve.

Chairman & CEO Any decision to combine these two positions must be justified. Independence No director qualifies as an independent director unless the Board determines

that the director has no material relationship that could interfere with the independent judgment of the member.

Committees Composition There are both mandatory and non-compulsory committees of the Board. The mandatory committees of the Board are comprised of the Conduct Review Committee, the Audit Committee and the Compensation Committee. These are referred to in the JSE’s Rules. Each Committee has a written charter outlining its purpose and responsibilities and reporting format. Committees must meet at least twice annually. Every non-broker member of the Board must Chair at least one Committee. In the case of the Listing Committee, to avoid conflict of interest the Chairman must be a non-broker representative. Review Process The Board of the JSE conducts regular reviews of the performance of the Committees. Chairmen of Committees are required to develop and present their key performance indicators.

Audit Committee The Audit Committee assists the Board with oversight responsibilities in regards to the integrity of the company’s financial statements. It also serves as the communication link between the Board, the management team and the auditors. The Audit Committee ensures that the Company complies with legal and regulatory requirements.

Market Oversight Committee The Market Oversight Committee is responsible for processing and recording applications of Member Dealers for access of Member Dealers, attorneys/ traders, to conduct business on the floor of the Exchange and their use of these facilities.

CORPORATE GOVERNANCESTATEMENT OF PRINCIPLES & PRACTICES


Conduct Review Committee

The Conduct Review Committee reviews Member Dealers’ conduct of business and adherence to Business Rules, Contractual Obligations and the Securities Act. The Conduct Review Committee is responsible to the Board of Directors for the conduct, procedures and holding of disciplinary hearings and reviews and to investigate complaints by investors against Member Dealers.

Governance Committee

The Corporate Governance Committee is responsible to develop, recommend and review Corporate Governance Principles, applicable to the Board, Management and listed companies. In addition the Committee has the responsibility to oversee the evaluation of the Board’s other committees and make recommendations in respect to the structure of and effectiveness of the Committees.

Nominating Committee

The Nominating Committee is comprised of non-executive directors and is responsible for the recommendation of suitable candidates to fill vacancies on the Board.

Compensation Committee

The Compensation Committee of the JSE is made up exclusively of non-executive directors who make recommendations on the company’s framework of executive remuneration. The Committee reviews and approves corporate goals in relation to the CEO’s compensation, evaluates the CEO’s performance in light of the company’s goals and objectives and makes recommendations to the Board with respect to executive and non-executive compensation.

Listing and Standards Committee

The Listing and Standards Committee ensures the quality and integrity of a listing on the JSE. It is responsible to process applications and make recommendations regarding approval of companies wishing to list on the JSE and review and make recommendations of standards to be observed for companies to remain listed.

Other Committees

These are formed as the directors see fit.

Board Meetings

There are formal scheduled meetings of the Board at which matters are specifically reserved for discussions. Matters must be addressed within a reasonable time in order to prevent an overrun of pending items. Procedure at Board Meetings In the interest of promoting and ensuring transparency all directors must:

(a) Excuse himself/ herself from discussions in, and in making decisions on any matter in which he/she has a personal or business interest or companies on whose Board he/she sits or is connected. Further, members shall be bound by similar standards as outlined in Appendix 1- (Part K) of the JSE’s Rules which addresses ‘Acting in Concert’.

. General Meetings

General Meetings of shareholders are held each year. Communication with shareholders on decisions concerning material, fundamental corporate changes are made on a timely basis.

Performance Evaluation of Board Members The Board recognizes the importance of each director working to fulfill the mandate of the company. To this end, a process of self-evaluation is in effect based on pre-determined criteria. This evaluation is subject to the review of the Corporate Governance Committee.


Term Limits Board Members are either nominated by their brokerage firm or relevant interest groups. The mandate of independent members must be appropriately renewed. Committees Chairman/Deputy Chairman

The Chairman and Deputy Chairman of the Board and Chairmen of Committees have recommended term limits as follows:

(a) The Chairman can serve for five (5) consecutive terms; (b) The Deputy Chairman can serve for three (3) consecutive terms; (c) The Chairmen of Committees can serve for three consecutive terms

Committee Members Members can sit for a maximum of three consecutive years. These members are not eligible to be re-elected in the year subsequent to the three-year consecutive stint. Past Chairmen should automatically sit on the Executive Committee for the year after demitting office as Chairman.

Age Limits The JSE has no age limit for members sitting on the Board. Transparency In order to promote transparency Broker Members are asked to publish their

companies’ annual accounting results. Provisions are made to codify and publish procedures to address and/or eliminate conflict of interest involving Board Members.

Accounting Standards The Board is governed by the standards as communicated from the Institute of Chartered Accountants of Jamaica.

Ethics The Board intends to codify the JSE’s current ethics and confidentiality requirements for Directors and Management and to post this information on the JSE’s website. Any waiver of ethics for Directors or Executive Officers is to be declared.

April 13, 2005


MEMBERS OF THE JAMAICA STOCK EXCHANGE

BARITA INVESTMENTS LTD. CAPITAL & CREDIT SECURITIES LTD.CEO/CHAIRMAN GENERAL MANAGERRITA HUMPHRIES-LEWIN DEVON BARRETT15 St. Lucia Way 18 Trafalgar RoadKingston 5 Kingston 10Phone: 926-2681-2/2686 Phone: 946-1770Fax: 929-8432 Fax: 978-8005e-mail: [email protected] e-mail: [email protected]

DEHRING BUNTING & GOLDING LTD. FIRST GLOBAL FINANCIAL SERVICES LTD.CHIEF OPERATING OFFICER CHAIRMANGARFIELD SINCLAIR DON WEHBY7 Holborn Road 2 St. Lucia Avenue Kingston 10 Kingston 5Phone: 960-6699/968-3365 Phone: 926-1275Fax: 960-3984 Fax: 926-1279/929-6436e-mail: [email protected] e-mail: [email protected]

JMMB SECURITIES LTD. M/VL STOCKBROKERS LTD.MANAGING DIRECTOR CHAIRMANGLENFORD MCLEISH ED MCKIE6 Haughton Terrace 2-6 Grenada CrescentKingston 5 Kingston 5Phone: 920-5039/4720 Phone: 960-1570/926-4319Fax: 960-8106 Fax: 960-1571e-mail: [email protected] e-mail: [email protected]

MAYBERRY INVESTMENTS LTD. NCB CAPITAL MARKETS LTD.CHAIRMAN MANAGING DIRECTORCHRISTOPHER BERRY CHRISTOPHER WILLIAMS1 ½ Oxford Road 32 Trafalgar Road, 3rd FloorKingston 5 Kingston 10Phone: 929-1908-9 Phone: 960-7108Fax: 929-1501/920-2103 Fax: 960-7649e-mail: [email protected] TOLL FREE: 1-888-4-WEALTH

e-mail: [email protected]

PAN CARIBBEAN FINANCIAL SERVICES LTD. PAUL CHEN YOUNG & CO. LTD.PRESIDENT & CEO CHAIRMAN/MANAGING DIRECTORDONOVAN PERKINS HUGH CROSKERY60 Knutsford Boulevard 24-26 Grenada Crescent Kingston 5. Kingston 5.Phone: 929-5583/4 Phone: 929-3261/3400Fax: 926-0555 Fax: 929-4825e-mail: [email protected] e-mail: [email protected]

VICTORIA MUTUAL WEALTHMANAGEMENT LTD.GENERAL MANAGERDAVID WAN52 - 60 Grenada CrescentKingston 5Phone: 960-5000 - 3Fax: 960-4972e-mail: [email protected]


Alliance Investment Management ................................. Appliance Traders Limited ............................................. Bank of Jamaica ............................................................ Bank of Nova Scotia ...................................................... Barita Investments Ltd....................................................British Caribbean Insurance Company...........................Business Suite Magazine ..............................................Capital & Credit Merchant Bank.....................................Courts (Jamaica) Ltd.......................................................City of Kingston Co-op. Credit Union.............................Dehring, Bunting & Golding Ltd. ....................................Deloitte & Touche............................................................Desnoes & Geddes.........................................................Development Bank of Jamaica.......................................Digicel (Jamaica)............................................................DunnCoxx.......................................................................Fidelty Motors.................................................................First Global Financial Services Ltd.................................Gleaner Company Ltd.....................................................Globe Insurance Company (Ja.).....................................GraceKennedy Ltd..........................................................Guardian Asset Management Ltd...................................Guardian Holdings Ltd....................................................Hardware & Lumber Ltd..................................................The Herald Ltd................................................................Ideal Portfolio Services Ltd.............................................JMMB Securities Ltd.......................................................Jamaica Broilers Group Ltd............................................Jamaica Livestock Association Ltd.................................Jamaica National Fund Managers Ltd............................Jamaica Pegasus Hotels................................................Jamaica Producers Group...................................................Jamaica Central Securities Depository...........................Jamaica Stock Exchange................................................Kingston Wharves Ltd.....................................................Lascelles, de Mercado & Co...........................................Life of Jamaica................................................................Manpower & Maintenance Servs. Ltd.............................Mayberry Investments Ltd...............................................Mona School of Business ..............................................M/VL Stockbrokers Ltd...................................................NCB Capital Markets Ltd................................................Pan Caribbean Financial Servs. Ltd...............................Pan-Jamaican Investment Trust Ltd...............................Paul Chen Young & Company........................................RBBT Services Ltd.........................................................Salada Foods Ltd............................................................Seprod............................................................................Sterling Asset Management Ltd......................................Sunday Herald................................................................Supreme Ventures..........................................................TCL Group......................................................................UGI Finance & Investments............................................

INDEX TO ADV ER TISER S

188

Me m b e r s o f JSEMe m b e r s o f JSE

(Inset)Mrs. Marlene Street, General Manager, JSE/JCSD

BACK (L-R)Mrs. Faith Stewart, Representative, Bank of JamaicaMr. Leo Williams, Director, JMMB Securities Ltd.Mrs. Rita Humphries-Lewin, CEO/Chairman, Barita Investments Ltd.Ms. Caryl Fenton, Representative, Institute of Chartered Accountants of Jamaica

FRONT (L-R)Mr. Don Wehby, Chairman, First Global Stockbrokers Ltd.Ms. Dian Black, Representative Ministry of Finance & PlanningMr. Curtis Martin, Deputy Chairman, JSE; Director, Capital & Credit Securities Ltd.;Mr. Roy L. Johnson, Executive Chairman, Seatholder, VM Wealth Management Ltd.

s o f JSE Co u n c i ls o f JSE Co u n c i l

189



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2004 Year Book - Homepage - Jamaica Stock …...JSE 2004 YEAR BOOK O 8 n the occasion of its 35th anniversary, the Bank of Jamaica takes pleasure in congratulating the Jamaica Stock