YEAR END 2011 REVIEW. TTSE Market Summary for the Year Ended December 31, 2011

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1 YEAR END 0 REVIEW Local Market Summary The local equity market for the Year Ended December, 0 (YE) saw all three Indices post double-digit gains. The Composite Index added 77. points or. per cent to end the year at,0.87, the All Trinidad and Tobago Index increased 9. points or a notable.77 per cent to,66.9 and the Cross Listed Index registered an increase of 8.8 points or.78 per cent to close the year at In Q alone, the Composite Index, All Trinidad and Tobago Index and Cross Listed Index recorded advances of.8 per cent,.79 per cent and.76 per cent respectively. Overall the year saw 0 stocks advancing and 8 declining. Composite Index Table TTSE Market Summary for the Year Ended December, 0 Dec-0 Jan- Feb- Composite Index All T&T Index Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec The First Tier Market of the Trinidad and Tobago Stock Exchange saw an outstanding increase in market activity for YE with 6,087,96 shares traded compared to 77,6,7 shares in 00. Q on Q0, volumes traded rose from,88,6 shares (Q0) to,6,0 shares (Q). When compared to the previous quarter (Q), volumes traded declined from 0,0, shares. The substantial boost in trading activity is mainly attributable to the fact that 7,006,76 shares of Jamaica Money Market Brokers Limited (JMMB) traded in Q. The value of shares traded rose a considerable 9.0 per cent from $86,,0.9 in YE0 to $,09,00,7.7 in YE. For the month period under review, four of the five most traded stocks were Jamaican cross listed companies. JMMB was the volume leader with 8. per cent of the market or 7,69,8 shares traded. National Commercial Bank Jamaica Limited (NCBJ) followed with. per cent of the total volume traded or,99,8 shares. The third volume leader was Capital and Credit Financial Group Limited (CCFG) accounting for.8 per cent of all trades with 0,78,97 shares changing ownership. Next was Angostura Holdings Limited (AHL) with.76 per cent or 9,96, shares traded. Supreme Ventures Limited (SVL) rounded the top five with.0 per cent of trading activity or,76,6 shares. All T&T Index

2 The top performer for YE was JMMB, up a noteworthy.08 per cent or $0.8 to close at $0.8. This share closed the year at J$.0 in Jamaica, an increase of 0.00 per cent or J$8.0. The second major advance was CCFG, rising a notable per cent or $0. to $0.. Next in line was Prestige Holdings Limited (PHL) which posted a 6.9 per cent gain or $.7 to end the year at $7.00. Top Advances for YE JMMB $0.6 $0.8 CCFG $0.8 $0. PHL $.7 $7.00 NCBJ $.6 $.6 NEL $0.8 $.00 Top Declines for YE TCL $.80 $.79 OCM $7.00 $.0 NFM $0.9 LJWB $.0 $0.9 BST $7.9 $.9 Table.08% 77.78% 6.9% 7.9%.9% -6.07% -.% -.9% -.% -8.7% Top Advances for Q JMMB $0.8 GHL $. $.0 WCO $6.7 $6. AGL $.7 $.6 FCI $8. $9.0 Top Declines for Q NFM $0.90 TCL $.7 $.79 AHL $8.7 $7.7 SFC $8.96 $7.99 NEL $.99 $ % 9.% 8.% 7.88% 6.9% -.% -7.% -.% -0.8% -6.9% For YE, Trinidad Cement Limited (TCL) registered the largest loss of 6.07 per cent or $.0 to $.79. One Caribbean Media Limited (OCM) followed with a decline of. per cent or $.0 to close at $.0. The third major decline was National Flour Mills (NFM), which dropped.9 per cent or $0. to. Highlights for the Fourth Quarter of 0 December 0 The following bonds were delisted from the Stock Exchange on Thursday December, 0: - TT$00 Million bond issued by Scotiabank Trinidad & Tobago Limited with a coupon rate of 8.% per annum and maturity date of February, 0. - TT$00 Million bond issued by Scotiabank Trinidad & Tobago Limited with a coupon rate of 8.% per annum and maturity date of August th 0. The delisting is pursuant to an Extraordinary Resolution that was passed by Bondholders on November 9, 0 approving a Deed of Variation, which entails the cancellation of existing Bond certificates and the issuance of new Certificates in Restated bonds. Angostura Holdings Limited informed the Exchange that Mr. Robert G. Wong was appointed as Chief Executive Officer of the company effective from January, 0. The Trinidad and Tobago Stock Exchange Limited (the Exchange) advised the investing public that pursuant to Exchange Rule, trading in The Barbados Shipping & Trading Limited (BST) was suspended effective Wednesday December, 0. Pursuant to the amalgamation of BST and BS&T Holdings Limited, effective September 0, 0, Neal & Massy Holdings Limited (NML) became the owner of 00% of the issued and outstanding shares of BST. In completion of this transaction NML has begun paying minority shareholders for their shares in BST. As a result there would be no further trading in BST. Prestige Holdings Limited (PHL) announced that under an Agreement dated December, 0, it will acquire 00% of the Subway Restaurant business in Trinidad and Tobago and related assets from Main

3 Stream Foods Limited with effect from said date. The purchase consideration of $0 million will be financed by: (i) an unsecured loan of $6 million bearing a fixed interest rate of 7.% on the principal balance, from Victor E Mouttet Limited, the Parent, (of which $ million will be repayable in each of the succeeding three years), and an interest free vendor s loan of $ million repayable eighteen months from close of the transaction. The Parent s loan is convertible to common shares at PHL s option, through a Right s Issue of up to $0 million. November 0 Supreme Ventures Financial Services Limited (SVFSL) signed an agreement with Lasco Financial Services Limited, for that company to take over the MoneyGram remittance operations of SVFSL. The transaction has been approved by MoneyGram International. This transaction is subject to the approval of the Bank of Jamaica. The consideration for this deal is J$8 million and Lasco Financial expects this transaction to be accretive to earnings. The acquisition proceedings are expected to conclude on December, 0. Mayberry Investments Limited is the financial advisor on record for this transaction. 06,70 Ordinary Shares in GraceKennedy Limited was listed on the Stock Exchange effective Thursday November, 0 thus increasing the s issued share capital to,9,68 October 0 7,80 Ordinary Shares in Ansa McAL Limited was listed on the Stock Exchange effective Thursday November, 0 thus increasing the s issued share capital to 76,07,90 Ordinary Shares. On Wednesday November, 0 a bond issued by the Government of the Republic of Trinidad and Tobago with a face value of TT$,00 million was listed on the Stock Exchange. 0,967 Ordinary Shares in Republic Bank Limited was listed on the Stock Exchange effective Tuesday November, 0 thus increasing the s issued share capital to 60,66,0 Ordinary Shares. BCB Holdings Limited announced at the General Meeting of the held on October 6 that a resolution approving the reorganisation of the and its subsidiaries (the Group ) by the demerger of the Group s non-belizean businesses to Waterloo Investment Holdings Limited ( WIHL ) was approved. The board of directors of the also approved all relevant steps and the demerger is now effective. At the Special Meeting of Shareholders of The Barbados Shipping & Trading Limited ( BS&T ) held on Monday September 9, 0, the Special Resolution ( Resolution ) before the Meeting was passed, approving the amalgamation of BS&T and its majority Shareholder, BS&T Holdings Limited. In accordance with the provisions of Section ()(a) of the Companies Act, the effective date of the amalgamation of BS&T and BS&T Holdings Limited is September 0, 0, the date shown on the Certificate of Amalgamation issued by the Registrar of Companies. 66,08 Ordinary Shares in GraceKennedy Limited was listed on the Stock Exchange effective Thursday October, 0 thus increasing the s issued share capital to,,98 8,00 Ordinary Shares in Neal & Massy Holdings Limited was listed on the Stock Exchange effective Wednesday October, 0 thus increasing the s issued share capital to 99,68,87

4 Fixed Income Market Summary On December 0, 0, the Central Bank of Trinidad and Tobago (CBTT) announced that Headline Inflation, measured by the -month increase in the Index of Retail Prices, rose to.70 per cent in November 0, up from.70 per cent in October. According to the report, higher food prices were primarily responsible for the acceleration in headline inflation. Food inflation, for the first time in six months, reached double digits to.0 per cent in November on a year-on-year basis. This increase may have been the result of flooding in some agricultural districts which disrupted domestic food crop production and caused substantial increases in the prices of fruits and vegetables. Core inflation (which excludes food prices) slowed to.0 per cent in November from.60 per cent in October 0. High levels of excess liquidity in the financial system have kept short-term interest rates at record lows. The three month treasury bill rate rose to 0.8 per cent in December, from 0. per cent in November. The Central Bank has maintained the Repo Rate, the rate at which it lends to commercial banks, at.00 per cent. Jamaica Market Summary The three major Indices in Jamaica closed 0 in positive territory. The major benchmark, the JSE Market Index advanced 0,076.8 points or 0.7 per cent to 9,97.0, the JSE Select Index gained 68.8 points or.7 per cent to,87.0 and the JSE All Jamaican Composite ended the year at 0,78.79, up,8.99 points or 0.9 per cent. In Q alone, the JSE Market Index, JSE Select Index and JSE All Jamaican Composite increased.7 per cent,.60 per cent and.9 per cent respectively. A total of,7,09,08 shares crossed the floor of the Jamaican Stock Exchange in 0, a decline of.8 per cent when compared to the,6,7,86 shares traded in the prior year. However, Q on Q0, trading activity was up 6.06 per cent from 96,60,90 shares in Q0 to 77,7,0 shares in Q. The value of shares traded for the year under review totalled J$8,0,098,8.9, an increase of. per cent from 00 s total of J$7,7,0, Cable and Wireless Jamaica Limited (CWJA) was the volume leader with 89,8, shares traded or 8.9 per cent of the market. This was followed by National Commercial Bank Jamaica Limited (NCBJ) with 8,0,79 shares changing ownership or.87 per cent of the total volume traded. The third volume leader was Supreme Ventures Limited (SVL) with 0,00,078 shares changing hands or 7.86 per cent of all trades. Jamaica Money Market Brokers Limited (JMMB) was the top gainer for the year, up 0.00 per cent or J$8.0 to J$.0 followed by Barita Investments Limited (BIL), which saw an increase of 6.68 per cent or J$.7 to J$.7. Next was Pegasus Hotels of Jamaica (PEG), advancing 87.6 per cent or J$0.8 to close the year at J$.9. The major decline for the year was Trinidad Cement Limited (TCL), which fell 6. per cent or J$.69 to J$8.. CWJA was next in line down 9.9 per cent or J$0. to J$0.0. This was followed by Salada Foods Jamaica (SAL), which saw a.77 per cent drop or J$. to J$8.87.

5 Energy Prices Value as at Dec, 0 Q Q % % WTI Crude Oil Spot (US$/bbl) % 7. 8.% Henry Hub Natural Gas Spot (US$/mmbtu) % % Source: Bloomberg Global Market Indices Value as at Dec, 0 Q Q % % US DOW,7.6,0.8.9% 60.0.% S&P 00, % % NASDAQ, % % EUROPE FTSE 00, % % DAX 0, % -, % CAC 0, % % ASIA Nikkei 8, % -, % Hang Seng 8, % -, % (Statistics provided were based on price and indices data available as at December, 0) Member of the Trinidad and Tobago Stock Exchange Limited P.O. Box 9, St. Clair Place, 8 Sweet Briar Road, Port of Spain, Trinidad W.I. TEL: (868) 68-WISE (97) FAX: (868) info@wisett.com (WISE) is a subsidiary of RBC Financial (Caribbean) Limited. From time to time WISE and/or its staff may take positions in some or all of the shares mentioned in our report. WISE welcomes your comments. Please us at info@wisett.com.