Net Asset Value ($B) YTD Actual. YTD Benchmark

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Shanna Paul
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1 PERFORMANCE REPORT Sagicor Pooled Pension Fund Invests mainly in Net Asset Value ($B) YTD Actual YTD Benchmark 12 Mth Actual 12 Mth Benchmark Benchmark PIF Equity Listed Stocks % -0.4% 44.6% 60.9% JSE Main Index PIF Fixed Income GOJ Securities (average tenure yrs.) % 1.3% % Weighted Avg year GOJ Bond yield & PIF Foreign currency GOJ US and Euro Denominated Fixed Bonds % -3.8% 7.9% -2.9% JSE Jamaica Global Bond Index & Devaluation PIF Money Market GOJ Securities (average tenure not exceeding 5 yrs.) % % 5.9% Avg 180 Day Treasury Bill PIF Mortgage & Real Estate Hotels, Commercial & warehouse properties % -1.7% 25.3% 2.4% PIF Consumer Price Index GOJ Indexed Bonds % 8.3% 2.4% PIF Global Markets US$ Equity & Fixed Income Securities % 2.7% 8.1% 7.7% Us & Devaluation PIF International Equity Listed securities on International exchanges % 3.3% 3.7% 5.5% S&P 500 Index & Devaluation PIF Diversified Bonds, Equities & Real Estate % 0.2% 27.6% 15.6% Avg Asset Yields & * Projected US Performance 3 YEAR AVERAGE ANNUAL FUND PERFORMANCE 5 YEAR AVERAGE ANNUAL FUND PERFORMANCE 10 YEAR AVERAGE ANNUAL FUND PERFORMANCE PIF EQF PIF FIF PIF FCF PIF MMF PIF MREF PIF CPI PIF GMF PIF IEF NEW DEVELOPMENTS PIF DIF - PIF EQF PIF FIF PIF FCF PIF MMF PIF MREF PIF CPI PIF GMF PIF IEF PIF DIF PIF EQF PIF FIF PIF FCF PIF MMF PIF MREF PIF CPI PIF GMF PIF IEF PIF DIF 5% 1 15% 2 25% 5% 1 15% 2 25% 5% 1 15% 2 25% THE POOLED MORTGAGE & REAL ESTATE FUND Effective September 2015, the X Fund Properties Limited (a wholly owned subsidiary of X Fund) acquired the DoubleTree by Hilton in Orlando This increases the total number of tourism properties under management to five (5) The main benefits of this acquisition are: - Increased diversification - The Pooled Mortgage & Real Estate Fund currently have exposure to 14 properties (13 located across Jamaica and 1 in the North American region). - Increased revenue - In addition to the three (3) Jewel and Hilton RoseHall properties, this addition is expected to further enhance revenues and profits in USD - Improved liquidity - While the MREF is restricted to investments by approved pension plans only, the MREF owns units in a fund that is open to all investors. This widens the investor base, thereby creating a larger market when liquidity is required. - Operational efficiencies - With an increase in the number of properties that the MREF now participates in, there is the potential for investors to enjoy better returns from reduced operating costs. - Risk Management - This addition further protects pension fund investors against currency risk over the long term.

2 Inception Date: 1972 Invested Asset Allocation This fund invests in securities listed on the local and recognised regional stock exchange Equities 77% Fixed Income 2 Objective: This fund seeks to maximise returns by beating its benchmark, the Money Market 3% Jamaica Stock Exchange Main Index The Pooled Equity Fund grew by 45% over the past 12 months, compared to a 61% increase in the JSE Main Index for the same period. The strong performance of this fund is attributable to dividend received and growth in stocks held in our 'top ten' holdings such as Pan Jam (54%), NCB (35%), Sector Diversification - Stocks Carreras (33%), Scotia Group (3) and Grace Kennedy (3). Finance 42% Returns: 1 Year 3 Years 5 Years 10 Years Conglomerate 26% 44.6% 24.4% 15.5% 14.5% Trading 13% 2.4% 4.8% 6.1% 9.1% Other 6% Benchmark 60.9% 21.6% % Manufacturing 6% Index 3% Insurance 2% Communication 2% Net Asset Value 21,671,524 National Commercial Bank 14.7% Equities 14,473,393 Pan Jam Investment Trust 10.6% Mutual Fund - Equity 913,537 GOJ FR 8.5% Global Note % Mutual Fund - Fixed Income 612,740 Scotia Jamaica Group 9.3% Country Diversification-Stocks Money Market 498,061 Carreras Group Ltd. 9.1% GOJ Securities 3,231,476 Grace Kennedy Company 5.2% Principal Protected Note 120,189 Jamaica Broilers Group Ltd 2.2% Jamaica 95% Other Assets (Net) 1,822,128 USD Money Market 2.1% United States 5% Number of Stocks 68 Sagicor Real Estate X Fund Ltd. 1.9% GOJ CPI-Indexed Bond % % of total Net Assets 67% Sector Breakdown-Stocks Country Diversification-Stocks Average Annual Fund Returns Finance 42% Jamaica 95% Conglomerate 26% United States 5% Trading 13% Manufacturing 6% Other 6% Index 3% Insurance 2% Communication 2% Total 10 Total Pooled Equity Fund 1 yr 3yr 5 yr 10yr Benchmark

3 Pooled Mortgage & Real Estate Fund Inception Date: 1972 Invested Asset Allocation This fund invests in a real estate unit trust that has investments in hotels, commercial & warehousing properties, retail complexes. Real Estate Investments 82% GOJ Securities 16% Objective: This fund seeks to maximise returns by beating its benchmark, inflation. Money Market 2% This fund generated 12 month returns of approximately 25% compared to its benchmark, inflation of 2%. With the investments in the Sigma Real Estate Portfolio, the fund has widened its market share, operational Real Estate Diversification efficiencies, liquidity and diversification. Additionally, rental income remains strong as average occupancy remains in excess of 9. Tourism 66% Offices 24% Warehousing 8% Returns: 1 Year 3 Years 5 Years 10 Years Land 2% 25.3% % 12.6% 2.4% 4.8% 6.1% 9.1% Operating Capacity Net Asset Value 19,048,123 Sagicor Real Estate X Fund Limited 22. Real Estate Investments 13,775,713 Jewel Dunns River Resort 10.1% Income Generating 98% Fixed Income Securities 2,669,245 Jewel Runaway Bay 8.1% Non-Income Generating 2% Money Market 341,293 Jewel Paradise Cove 5.9% Other Assets (Net) 2,261,872 GOJ CPI-Indexed Notes % R. Danny Williams Building 4. GOJ FR 6.75% Global Note % GOJ FR 8.5 Notes % X Fund Properties FR 8% Note % Average Annual Fund Returns 63 Knutsford Boulevard 2.4% % of total Net Assets 66% 3 25% Real Estate Diversification Income Capacity 2 Tourism 66% Income Generating 98% 15% Offices 24% Non-Income Generating 2% 1 Warehousing 8% Land 2% 5% Total 10 Total 10 1 yr 3yr 5 yr 10yr #DIV/0!

4 Pooled Fixed Income Fund Inception Date: 1972 Invested Asset Allocation This fund invests mainly in GOJ securities and repos with average portfolio maturity ranging 10 to 15 years. Fixed Rate Bonds 59% -Linked Bonds 29% Objective: This fund seeks to maximise returns by beating its benchmark, the weighted Variable Rate Bonds 8% average year GOJ Bond yield and inflation. Leases 2% Money Market 1% The Pooled Fixed Income Fund generated a 12 month return of approximately 12% compared with the performance of its benchmark of 7%. This is mainly due to market value gains from increasing bond prices in a decreasing interest rate environment.. Returns: 1 Year 3 Years 5 Years 10 Years % 9.1% 13.7% 2.4% 4.8% 6.1% 9.1% Sector Breakdown GOJ Bonds 88% Corporate Bonds 12% Fixed Income Security Breakdown Net Asset Value 12,615,332 GOJ Highway Bond Series A 19. Fixed Income Securities 10,011,341 GOJ FR % Notes % Fixed Rate Securities 62% Mutual Funds - Securities 1,956,288 GOJ FR 7.88% Global Note % Linked Notes 3 Money Market 121,724 GOJ FR 8.5% Global Note % Variable Rate Bonds 8% Leases 256,988 GOJ FR 8.5 Notes Other Assets (Net) 268,991 GOJ CPI-Indexed Notes % Number of Bond Issues 113 GOJ CPI-Indexed Notes % Average Coupon 8.0 GOJ FR 8.75% Notes % Average Time to Maturity Years XFUND FR 1 Note % Average Annual Fund Returns GOJ FR 8% Global Notes % % of total Net Assets 72% 15% #DIV/0! Breakdown Reset Maturity Fixed Income Securities Breakdown: 0 < 1 year 4 2% Fixed Rate Securities 62% 1 < 5 years 13% 15% Linked Notes 3 5 < 10 years 1 18% Variable Rate Securities 8% > 10 years 37% 65% Total Total % 1 yr 3yr 5 yr 10yr

5 Pooled Money Market Fund Inception Date: 2003 Invested Asset Allocation This fund invests mainly in GOJ securities and repos with average portfolio maturity target not exceeding 5 years. Fixed Rate Bonds 85% Variable Rate Securities 7% Objective: This fund seeks to maximise returns by beating its benchmark, the average Money Market 5% 6 month treasury bill yield. -Linked Bonds 2% Accrued Interest 1% This fund generated 12 month returns of approximately 1 compared to its benchmark, the average 180 day T bill yield of 6%. The fund's performance continues to be affected by downward movement in short term interest rate. Sector Breakdown GOJ Bonds 87% Corporate Bonds 13% Returns: 1 Year 3 Years 5 Years 10 Years 10.3% 8.6% 8.1% 11.7% 2.4% 4.8% 6.1% 9.1% Fixed Income Security Breakdown Net Asset Value 12,063,059 GOJ FR 8.5% Global Note % Fixed Income Securities 8,900,332 GOJ FR 9.25% Global Note % Fixed Rate Securities 9 Mutual Funds - Fixed Income 3,002,978 GOJ FR 7.5 Notes % Variable Rate Securities 8% Money Market 610,307 GOJ FR 6.75% Global Note % Linked Notes 2% Accrued Interest 115,182 XFUND FR 6% Note % Other Assets (Net) (565,740) GOJ FR 8.0 Bond % Number of Issues 39 GOJ FR 7.875% Global Note % Average Coupon 7.72% USD Money Market 3.3% Average Annual Fund Returns Average Time to Maturity Years GOJ FR 11. Notes % Sagicor Finance 2015 Ltd. FR 8.88% 2.9% 14% % of total Net Assets 68% 12% 1 Breakdown B Reset Maturity Fixed Income Securities Breakdown: 8% 0 < 1 year 16% 7% Fixed Rate Securities 9 1 < 5 years 24% 27% Variable Rate Securities 8% 6% 5 < 10 years 27% 31% Linked Notes 2% 4% > 10 years 33% 35% 2% Total Total 10 1 yr 3yr 5 yr 10 yr #DIV/0!

6 Pooled Foreign Currency Fund Inception Date: 2001 Invested Asset Allocation This fund invests mainly in GOJ US and Euro denominated fixed income securities. GOJ US Bonds 46% Objective: This fund seeks to maximise returns by beating its benchmark, the JSE US Corporate Bonds 39% Jamaica Global Bond Index & Devaluation. GOJ JAD Bonds 7% Money Market 4% JAD Corporate Bonds 4% This fund returned 8%, compared to its benchmark the JSE Jamaican Global Bond Index & Devaluation of -3% over the past twelve months. The peformance of the fund was also enhanced by the devaluation in Jamaica dollar vs the US dollar of 5% over the past twelve months. Sector Breakdown GOJ Bonds 55% Returns: 1 Year 3 Years 5 Years 10 Years Other 45% 7.9% 13.5% 13.2% 13.7% BOJ Bonds 2.4% 4.8% 6.1% 9.1% #DIV/0! Fixed Income Security Breakdown Net Asset Value 12,598,338 GOJ FR 8% Global Note % Mutual Funds 10,050,961 GOJ FR 9.25% Global Note % US Dollar 88% Fixed Income Securities 1,404,995 GOJ FR 8.5% Global Note % JA Dollar 12% Money Market 502,550 GOJ FR 6.75% Global Note Other Assets (Net) 639,832 GOJ CPI-Indexed Bond % Number of Issues 73 GOJ FR 7.625% Global Note % Average Coupon 7.7 XFUND FR 6% Note % Average Time to Maturity Years NROC FR 9.375% Note % Rep. of T&T FR 4.38% Note % Average Annual Fund Returns USD Money Market 3.4% % of total Net Assets 53% 15% Breakdown By Maturity: Fixed Income Securities Breakdown: 0 < 5 years 32% US Dollar 88% 5 < 10 years 33% JA Dollar 12% > 10 years 35% 1 5% Total 10 Total 10 1 yr 3yr 5 yr 10yr

7 Pooled CPI Fund Inception Date: March 2010 Invested Asset Allocation This fund invests in GOJ CPI bonds CPI Bonds 10 Money Market Objective: This fund seeks to maximise returns by beating its benchmark, inflation. This fund generated 12 month returns of approximately 8% above its benchmark, inflation of 2%. This fund is a key addition to our pooled fund offerings, as the performance of the bonds held in this fund is linked to inflation. It therefore allows our clients to incorporate the very important element of inflation protection in their fund mix. Sector Diversification GOJ Bonds 10 Other Returns: 1 Year 3 Year 5 Year 8.3% 8.4% 9.3% 2.4% 4.8% 6.1% CPI Bond vs 20 Yr Historical 1,500 Net Asset Value 5,869,218 GOJ CPI-Indexed Bond % 1,114 Fixed Income Securities 7,375,722 GOJ FR % Bond % 1,000 Mutual Funds 41,213 GOJ FR 8% Global Note % Money Market 4,331 USD Money Market 0.04% Other Assets (Net) (1,552,049) GOJ FR 7.5 Note % Number of Bond Issues 67 Sagicor Finance 2015 Ltd. FR 8.88% N 0.03% Average Coupon 6.32% GOJ FR 9.25% Global Note % Time to Maturity Years Petrobras FR 2% Note % CPI Bond Cayman Govt. FR 5.95% Note % XFUND FR 6% Note % Average Annual Fund Returns % of Fixed Income Assets 10 1 Sector Diversification Currency Diversification GOJ Bonds 10 JAD Investments 10 Other USD Investments Total % 6% 4% 2% 1 Year 3 Year 5 Year

8 Pooled International Equity Fund Inception Date: December 2007 Invested Asset Allocation This fund invests in securities listed on recognised exchanges in approved jurisdictions. Fixed Income 37% Equities 35% Objective: This fund seeks to maximise returns by beating its benchmark, the S&P 500 Money Market 22% Index plus devaluation. Other Assets 6% The Pooled International Equity Fund generated 12-month returns of approx 4% compared with the performance of the S&P 500 index plus devaluation at 6%. Equity Sector Diversification Returns: 1 Year 3 Years 5 Years 3.7% 12.3% 16.4% Indexed 7 2.4% 4.8% 6.1% Other 15% S&P500 & Devaluation 5.5% 16.4% 16.2% Financial 15% Industrial Net Asset Value 3,586,987 USD Money Market 20.4% Mutual Fund - Equity 1,270,353 ETF (SSO) - Ultra S&P % Mutual Fund - Fixed Income 814,852 GOJ VR Notes % Fixed Income Securites 100,000 XFUND FR 1 Note % Money Market 805,001 ETF (UYG) - Ultra Financials 3.9% GOJ Securities 379,400 GOJ FR 8% Global Note % Other Assets (Net) 217,381 ETF (XLV) - Health Care Select Sector 2.8% Number of Stocks 14 GOJ FR 7.5 Notes % Sagicor Finance 2015 Ltd. FR 8.88% Note % Petrobras FR 2% Note % % of Net Assets year Movement of the S&P 500 Index, JSE Main Index & Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Apr S&P 500 with Devaluation JSE Main Index Equity Sector Breakdown Equity Currency Breakdown: Average Annual Fund Returns Indexed 7 USD Investments 10 3 Other 15% JAD Investments Financial 15% 2 Industrial 1 Total 10 Total 10 1 yr 3 yr 5 yr S&P Deval

9 Inception Date: April 2013 Net Assets Allocation This fund invests in US$ related unit trusts, US$ equity and fixed income securities. Mutual Funds - Securities 67% GOJ Securities 22% Objective: This fund seeks to maximise returns by beating its benchmark, Us inflation plus Money Market 11% devaluation. The Pooled Global Markets Fund invests in US denominated equities and corporate paper securities. The Fund reflected a 12 month return of approximately 8% while the performance of its benchmark was 7%. The peformance of the fund has been enhanced by the devaluation in Jamaica dollar vs the US dollar of 5% over the past 12 months. Pooled Global Markets Fund Returns: 1 Year 3 Year Invested Assets Breakdown 8.1% 8.6% 2.4% 4.8% Fixed Income 61% Equities 27% Money Market 1 Real Estate 2% Top Ten Exposure Net Asset Value 3,372,525 GOJ FR 7.625% Global Note % Mutual Funds - Securities 2,504,534 USD Money Market 10.2% GOJ Securities 795,271 GOJ FR 7.5 Notes % Money Market 376,742 ETF (SSO) - Ultra S&P Other Assets (Net) (304,023) Bond - Global GOJ FR 8% % Number of Unit Trust 5 Grizzly's Plantation Cove FR 9.5% Note % Pan Jam Note % GOJ FR 9.25% Global Note Average Annual Fund Returns Lasco Distributors Limited 1.8% AIC Barbados Ltd. FR 9.5% Note % 1 % of total Net Assets 55% 8% Asset Breakdown Fixed Income 61% Equities 27% Money Market 1 Real Estate 2% Total 10 6% 4% 2% 1 Year 3 Year

10 Pooled Diversified Investment Fund Inception Date: 1995 Invested Asset Allocation This is a fund of funds which invests in other pooled funds covering the main asset classes of stocks, bonds and real estate. Real Estate 4 J$ Fixed Income 14% Objective: This fund seeks to maximise returns by beating its benchmark, J$ Equities 12% a weighted average of the asset class benchmark yields and Global Bonds 12% inflation. Money Market 11% CPI Bonds 8% Global Equities 3% The performance of this fund is reflective of the performance of the stock, the fixed income and real estate markets. In an effort to enhance fund returns through greater diversification, this fund now owns units in the PIF Equity, PIF Fixed Income, PIF Money Market, PIF Foreign Currency, PIF Mortgage & Real Estate and PIF CPI Funds. Real Estate Diversification Tourism 66% Offices 24% Returns: 1 Year 3 Years 5 Years 10 Years Warehousing 8% 27.6% 17.7% 13.4% 14.9% Other 2% 2.4% 4.8% 6.1% 9.1% Local Equities Sector Breakdown Asset Currency Breakdown Net Asset Value 21,043,272 Finance 42% Fixed Income 2,925,613 Conglomerate 26% JA Dollar 10 Money Market 2,266,636 Trading 13% US Dollar Indexed Equities 3,129,250 Index 3% CPI Funds 1,538,393 Other 6% Mutual Funds 2,410,080 Manufacturing 6% Real Estate Funds 8,019,336 Insurance 2% Other Assets (Net) 753,964 Communication 2% Number of Stocks 68 Average Annual Fund Returns Average Fixed Income Coupon 8.0 Average Fixed Income Maturity/Reset Years 3 25% Total 10 Fixed Income Securities Breakdown: Reset Maturity Fixed Income Securities Breakdown: 0 < 1 year 4 2% Fixed Rate Securities 62% 1 < 5 years 13% 15% Linked Notes 3 5 < 10 years 1 18% Variable Rate Securities 8% > 10 years 37% 65% Total Total % 1 5% 1 yr 3yr 5 yr 10yr

SIGMA EQUITY march 2017

SIGMA EQUITY march 2017 SIGMA EQUITY Inception Date: 1994 Strategy: This portfolio is largely invested in equities, mainly Blue Chip established stocks on the Jamaica Stock Exchange. High Local Equities 89% Money Market 7% Objective: