Table 1: Top Twenty Five Caribbean Stocks In 2010 Company Exch Return %

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1 CARIBBEAN STOCK MARKETS IN Introduction The year 2010 was a mixed year for investors in Caricom. At December 31, 2010, there were six stock exchanges in Caricom, Barbados (SEB), Bahamas (BISX), OECS (ECSE), Guyana (GASCI), Jamaica (JSE) and Trinidad and Tobago (TTSE), with a total of 127 companies listed. For the year 2010, 77 of the 127 stocks posted gains, while 50 were flat or posted losses. Lasco Manufacturing was the star performer, providing investors with 109% return, while investors in Access Financial Services endured a loss of 80%. Table 1 shows the top twenty five stocks in terms of returns for the year All information is presented in US dollars for ease of comparison, and reflects the returns to an investor who bought the shares on January 4, 2010 and held them until December The table also shows the dollar value of US 1,000 invested in each stock on Jan, Table 1: Top Twenty Five Caribbean Stocks In 2010 % % Lasco Manufacturing JSE 109 2,096 Pan JSE 39 1,393 Jamaican Investments Trust Ltd Berger Paints JSE 99 1,995 Hardware JSE 38 1,388 and Lumber Carreras JSE 74 1,747 Angostura TTSE 37 1,375 Supreme Ventures TTSE 59 1,598 ICD Utilities BISX 36 1,367 Gleaner Company JSE 59 1,594 NCB Jamaica JSE 35 1,356 West Indian Tobacco TTSE 59 1,593 Grace JSE 35 1,350 Company Kennedy Dolphin Cove JSE 52 1,523 National TTSE 33 1,331 Flour Mills Kingstown Wharves JSE 47 1,479 National TTSE 31 1,314 Enterprises Mayberry Investments JSE 47 1,471 Lascelles, JSE 29.7% 1,297 Demercado and Co Ltd Republic Bank Guyana GASCI 42 1,424 Banks DIH GASCI 29 1,296 Scotia Dehring Bunting JSE 42 1,424 Agostinis TTSE 29 1,291 Unilever Limited TTSE 40 1,408 First Jamaica Investments JSE 39 1,397 The Department of Management Studies at UWI Cave Hill has complied a number of indices to summarize the performance of the companies over the period January, 4, 2010 to December, 31, The indices were set at 1,000 on January, 4, 2010 and the index values at December 31, 2010 are reported in table 2. The table shows the percentage change in the index for the period (investor return) and the dollar value of US 1,000 spread equally across the stocks that make up the index. Three broad market indices

2 along with seven sectoral indices tracking the performance of companies in various sectors across the region are presented in table 2. Table 2: Caribbean Stock Indices for 2010 INDEX Index Dec 31, 2010 Return Caribbean Select Share Index ( CSX 30) 1, $ 1, Caribbean All Share Index ( CASX) 1, $ 1, Caribbean Junior Share Index ( CJSX) 1, $ 1, Caribbean Banking Share Index (CBSX) 1, $ 1, Caribbean Communications and Utilities Share Index 1, $ 1, (CCUX) Caribbean Conglomerates Share Index (CCS) 1, $ 1, Caribbean Insurance and Investments Share Index ( CIIX) $ Caribbean Manufacturing Share Index (CMSX) 1, $ 1, Caribbean Retail and Distribution Share Index (CRD) 1, $ 1, Caribbean Tourism and Real Estate Index (CTRX) $ Broad Market The CASX tracks the performance of all 127 companies listed on stock exchanges in Caricom. The index was essentially flat for the year 2010, with a 0.91% return. The CSX 30 tracks the performance of the 30 most influential publicly traded stocks in Caricom. An attempt is made to capture the largest, most actively traded stocks, as well as representation from a variety of sectors and exchanges. The index recorded a good performance in 2010, with a return of 13.05%. Of the 30 stocks, 21 were up in 2010, one was flat and eight were down. The index was led by Carreras, West India Tobacco and MayBerry Investments which rewarded investors with returns of 74%, 59% and 47% respectively. However, investors in Pegasus Jamaica Hotels, Finance Corporation of the Bahamas and Sagicor had to endure losses of 37% and 16% respectively. Investors should note that the 13.05% return on the CSX 30 compares favourably with the 9.9% return on the Dow Jones Industrial Average and the 11% on the Standard and Poors 500 Index. It suggest that a well diversified regional portfolio such as the CSX 30 would have provided internationally comparable returns, and that investors might want to pay closer attention to regional markets. Junior Market There are eleven stocks in the CJSX which tracks the performance of stocks listed on the Junior or Secondary markets in the Caricom. The CJSX was the strongest performer among all the indices for 2010, with a 14.83% return (see table 3 for the companies that make up the index and the performance of the individual companies). Of the eleven stocks eight delivered positive returns for investors, while three registered loss and one was flat. The index was led by Lasco Manufacturing, Dolphin Cove, Lasco Distributors and Jamaican Teas which provided returns of 109%, 52%, 27% and 23% respectively. It was a rough ride for investors in Access Financial Services which declined by 80%. Table 3, provides information on the individual companies in the CJSX.

3 Table 3. Stocks in the Caribbean Junior Share Index ( CJSX) LASCO MANUFACTURING JSE 109 $ 2,096 CARGO HANDLERS JSE 6 $ 1,070 DOLPHIN COVE JSE 52 $ 1,523 SUNBEACH COMMUNICATIONS LASCO DISTRIBUTORS JSE 27 $ 1,277 FNCU VENTURE CAPITAL JAMAICAN TEAS JSE 23 $ 1,237 LASCO FINANCIAL SERVICES MORAVEN HOLDINGS TTSE 19 $ 1,193 ACCESS FINANCIAL SERVICES BLUE POWER GROUP JSE 10 $ 1,100 SEB 0 $ 1,000 TTSE -0.1 $ 998 JSE -5 $ 946 JSE -80 $ 190 SECTOR PERFORMANCE Among the sector based indices, the CMSX and the CBSX, registered the strongest gains of 14.13% and 11.23% respectively, the CTRX and CIIX were the weakest performers with losses of 14.76% and 0.37% respectively, while the CCSX, CCUX and CRDX provided returns of 8.03%, 6.81% and 5.73% respectively. Manufacturing There are thirty-two stocks in CMSX which tracks the performance of stocks in the manufacturing sector. Of the thirty-two stocks, seventeen posted gains for investors, while fifteen registered losses. The index was led Berger Paints, West India Tobacco Company, Kingstown Wharves and Unilever Limited which provided investors with returns of 99%, 59%, 47% and 40% respectively. Investors in Caribbean Cement Limited and Trinidad Cement Limited had to endure losses of 20 and 27% respectively. Table 4 provides information on the individual companies in the manufacturing index.

4 Table 4. Stocks in the Caribbean Manufacturing Share Index (CMSX) BERGER PAINTS JSE 99 $ 1,995 DEMERARA GASCI 9 $ 1,091 TOBACCO COMPANY WEST INDIAN TOBACCO COMPANY TTSE 59 $ 1,593 MONTEGO BAY JSE 6 $ 1,067 ICE COMPANY KINGSTOWN WHARVES JSE 47 $ 1,479 WIRR SEB 2 $ 1,024 UNILEVER TTSE 40 $ 1,408 CARIBBEAN GASCI 0.1 $ 1,001 CONTAINER INC ANGOSTURA HOLDINGS TTSE 37 $ 1,375 GUYANA STOCK FEEDS GASCI 0.1 $ 1,001 NATIONAL FLOUR MILLS LTD TTSE 33 $ 1,331 READYMIX TTSE -0.1 $ 999 LIMITED BANKS DIH GASCI 29 $ 1,296 BERGER PAINTS TTSE -0.1 $ 998 TRINIDAD JAMAICA BROILERS GROUP JSE 29 $ 1,291 SALADA FOODS JSE -0.4 $ 996 JAMAICA SEPROD JSE 26 $ 1,262 STERLING GASCI -2. $ 978 PRODUCTS BARBADOS FARMS SEB 21 $ 1,215 BARBADOS SEB -3 $ 964 DAIRY INDUSTRIES FREEPORT OIL HOLDINGS BISX 18 $ 1,189 BAHAMAS BISX -11 $ 886 WASTE MONTEGO FREEPORT INC JSE 17 $ 1,177 POINT LISAS TTSE -13 $ 862 PORT DEVELOPMENT WIBISCO SEB 14 $ 1,150 BICO SEB -15 $ 844 FLAVORITE TTSE 14 $ 1,142 CARIBBEAN CEMENT DESNOE AND GEDDES JSE 12 $ 1,127 TRINIDAD CEMENT DEMERARA DISTILLERS LTD GASCI 12 $ 1,123 JSE -20 $ 792 TTSE -27 $ 726 Banking There are twenty-two stocks in the CBSX which tracks the banking sector. Of the twenty-two stocks, fourteen were up in 2010, while six were down. The index was led by Republic Bank Guyana Limited and National Commercial Bank of Jamaica, Guyana Bank For Trade and Industry whose investors enjoyed returns of 42%, 35% and 26% respectively. On the other hand, investors in Bank of the Bahamas, Bank of Nevis and Capital and Credit Financial Group experienced losses of 12%, 14% and 21% respectively. Table 5 provides information on the individual companies in the manufacturing index.

5 Table 5: Stocks in the Caribbean Banking Share Index (CBSX) REPUBLIC BANK GUYANA GASCI 42 $ 1,424.4 BARITA INVESTMENT JSE 6 $ 1, S NATIONAL COMMERCIAL BANK OF JAMAICA JSE 35 $ 1, COMMONWE ALTH BANK BISX 3 $ 1, GUYANA BANK FOR TRADE AND INDUSTRY GASCI 26 $ 1, SCOTIA BANK TT TTSE 21 $ 1, SCOTIA GROUP JAMAICA JSE 16 $ 1, FIRST CARIBBEAN INTERNATIONAL BANK SEB 13 $ 1, FIRST CARIBBEAN INTERNATIONAL BANK JAMAICA JSE 8 $ 1, ANSA MERCHANT BANK TTSE 8 $ 1, REPUBLIC BANK TTSE 7 $ 1, REPUBLIC BANK GRENADA ECSE 7 $ 1, DEMARARA BANK GASCI 6 $ 1, CITIZENS BANK GUYANA ST. KITTS NEVIS ANGUILLA BANK BARBADOS NATIONAL BANK FIRST CARIBBEAN INTERNATIO NAL BANK FIDELITY BANK BAHAMAS BCB HOLDINGS BANK OF THE BAHAMAS BANK OF NEVIS CAPITAL AND CREDIT FINANCIAL GROUP GAS CI 3 $ 1, ECSE -0.8 $ SEB -0.8 $ BISX -2 $ BISX -6. $ TTSE -9 $ BISX -12 $ ECSE -14 $ JSE -21 $

6 Tourism and Real Estate There are nine stocks in the CTRX which tracks the Tourism and Real Estate sector. Of the nine stocks two posted positive returns in 2010, two were flat and five registered losses for investors. The index was weighed down by Ciboney Group, Pegasus Hotels and Montego Freeport which all posted declines of 58%, 37% and 20% respectively. Premier Commercial and Real Estate was the strongest performer in the group providing investors with an 8% return. Table 6 provides information on the individual companies in the index. Table 6: Stocks in The Caribbean Tourism and Real Estate Index (CTRX) of $1,000 of $1,000 PREMIER COMMERCIAL AND REAL ESTATE BISX 8 $ 1,080 Kingston Properties BAHAMAS PROPERTY FUND BISX 2 $ 1,027 MONTEGO FREEPORT ALMOND RESORTS SEB 0 $ 1,000 PEGASUS JAMAICA HOTELS GRENREAL PROPRTY ECSE 0 $ 1,000 CIBONEY GROUP PROPERTY HOLDINGS GASCI -8 $ 910 JSE -18 $ 817 JSE -20 $ 792 JSE -37 $ 628 JSE -58 $ 418 Insurance and Investments There are nineteen stocks in the CIIX which tracks the Insurance and Investments sector. Of the nineteen stocks ten posted gains for investors while nine registered losses. The index was led by MayBerry Investments, Scotia Dehring and Bunting Investments, First Jamaica Investments and National Enterprises Limited which provided investors with returns of 47%, 42%, 39% and 31% respectively. However, these were offset by Doctors Health System, Pulse Investors and Benchmark Bahamas Limited, whose investors endured losses 32%, 55% and 71% respectively. Table 7 provides information on the individual companies in the index.

7 Table 7: Stocks in The Caribbean Insurance and Investments Share Index (CIIX) MAYBERRY INVESTMENTS JSE 47 $ 1,471 FAMGUARD BISX -2 $ 972 SCOTIA DEHRING BUNTING INVESTMENTS JSE 42 $ 1,424 GUARDIAN HOLDINGS TTSE -5 $ 942 FIRST JAMAICA INVESTMENTS JSE 39 $ 1,397 EASTERN CARIBBEAN ECS E -8 $ 912 FINANCIAL HOLDINGS NATIONAL ENTERPRISES TTSE 31 $ 1,314 COLINA BISX -10 $ 897 PANCARIBBEAN FINANCIAL SERVICES JSE 15 $ 1,153 SAGICOR SEB -16 $ 840 SAGICOR LIFE JAMAICA JSE 14 $ 1,146 FINANCE CORPORATIO N INSURANCE CORPORATION OF SEB 6 $ 1,070 Doctors BARBADOS Health System BARITA INVESTMENTS JSE 6 $ 1,061 PULSE INVESTMENTS JS JOHNSON AND COMPANY BISX 5 $ 1,051 BENCHMARK BAHAMAS JAMAICA MONEY MARKET BROKERS JSE 4 $ 1,044 BISX -16 $ 835 BISX -32 $ 672 JSE -55 $ 442 BISX -71 $ 286 Conglomerates There are ten companies in the CCSX which tracks regional conglomerates. Of the ten companies six posted gains for investors while four registered losses. The index was led by Pan Jamaican Investments Trust, Grace Kennedy and Lascelles Demercado whose investors enjoyed gains of 39%, 35% and 29% respectively. However, investors in Neal and Massey Holdings and Jamaica Producers Group faced losses of 15% and 16% respectively. Table 8 provides details on the companies listed in the index. Table 8: Stocks In The Caribbean Conglomerate Share Index (CCSX) $ Value PAN JAMAICAN INVESTMENTS JSE 39 $ 1,393 BS&T SEB 2 $ 1,024 GRACE KENNEDY JSE 35 $ 1,350 GODDARDS S SEB -0.1 $ 998 LASCELLES, DEMERCADO AND CO JSE 29 $ 1,297 ANSA MCAL BARBADOS SEB -6 $ 938 ANSA MCAL TTSE 9 $ 1,091 NEAL AND MASSEY TTSE -15 $ 849 BANKS HOLDINGS SEB 3 $ 1,030 JAMAICA PRODUCERS GROUP JSE -16 $ 833

8 Communications and Utilities There are thirteen companies in the CCUX which tracks the Communications and Utilities sector. Of the thirteen companies, ten posted gains for investors, while three registered losses. The index was led by the Gleaner Company, ICD Utilities and Radio Jamaica which rewarded investors with returns of 59%, 36% and 25% respectively. Investors in Dominica Electricity Services and Consolidated Water Limited suffered losses of11% and 34%. Table 9 provides information on the individual companies in the index. Table 9: Stocks In The Caribbean Communications and Utilities Index (CCUX) GLEANER COMPANY JSE 59 $ 1,594 C&W ST. KITTS ECSE 1 $ 1,017 ICD UTILITIES BISX 36 $ 1,367 C&W BARBADOS SEB 0.9 $ 1,009 RADIO JAMAICA LTD JSE 25 $ 1,257 GUARDIAN TTSE 0.5 $ 1,005 CABLE BAHAMAS BISX 7 $ 1,079 ONE CARIBBEAN TTSE 0.4 $ 1,005 MEDIA LIGHT AND POWER HOLDINGS SEB 7 $ 1,076 C&W JAMAICA JSE -9 $ 907 ST. LUCIA ELECTRICITY SERVICES ECSE 5 $ 1,059 DOMINICA ELECTRICITY ECSE -11 $ 883 GRENADA ELECTRICITY SERVICES ECSE 4 $ 1,042 CONSOLIDATED WATER BISX -34 $ 653 Retail and Distribution There are eleven companies in the CRDX which tracks the Retail and Distribution Sector. Of the eleven companies six posted gains for investors, while five delivered losses. The index was led by Carreras which provided investors with a return of 74.68%, while Supreme Ventures, Hardware and Lumber and Agostinis provided investors with returns of 59%, 38% and 29% respectively. However, investors in SL Horsford and Cave Shepherd faced losses of 22%. Table 10 provides information on the individual companies in the index.

9 Table 10: Stocks In The Caribbean Retail and Distribution Index (CRDX) Company Ticker Exch Return CARRERAS CAR JSE 74 $ 1,747 SUPREME VENTURES LIMITED SVL TTSE 59 $ 1,598 HARDWARE AND LUMBER HL JSE 38 $ 1,388 AGOSTINIS LIMITED AGL TTSE 29 $ 1,291 PRESTIGE HOLDINGS LIMITED PHL TTSE 12 $ 1,125 WILLIAMS LBJ LJWB TTSE 10 $ 1,109 ST.KITTS, NEVIS TRADING TDC ECSE -11 $ 881 AML FOODS LIMITED AML BISX -13 $ 863 PALACE AMUSEMENT PAL JSE -17 $ 827 SL HORSFORD AND CO LTD SLH ECSE -22 $ 777 CAVE SHEPHERDS CSP SEB -22. $ 771 Conclusion The various indices will be published on a weekly basis from January 24. Our primary hope is that the indices serve to stimulate interest in Caricom stocks and provide a regional perspective on investing. We also hope that the indices provide a stimulus for the creation of new financial products such as index funds tracking say the CSX 30, Caribbean Utility Companies or Caribbean Manufacturing Companies for example. In our view such products would go a long way towards attracting investors and building a vibrant regional capital market.