UNAUDITED GROUP FINANCIAL STATEMENTS SIX MONTHS ENDED JUNE 30, 2016

August 9, 2016 UNAUDITED GROUP FINANCIAL STATEMENTS SIX MONTHS ENDED JUNE 30, 2016 The Board of Directors is pleased to present the unaudited group financial statements for the six months ended June 30, 2016. Overview The Group posted After-tax Profit and Comprehensive Income of $117.1 million and $154.6 million, respectively, for the six month review period versus losses of $46.6 million and $33.9 million, respectively, reported for the six months to June 30, 2015. The Group achieved growth in its contractual revenues through increased rentals and in its asset values by way of acquisitions and revaluations. On a quarterly basis, group profit for the second quarter of 2016 amounted to $26.8 million compared with a loss of $57.1 million for the similar period in 2015 arising from higher total revenue and lower operating and administrative costs. Earnings Per Stock Unit (EPS) for the first six months of 2016 was $1.11 compared with ($0.68) for the same period last year and the Return on Average Shareholders Equity (ROE) was 7.1% in 2016 compared with -5.7% for June 2015. Income Statement For the six months ended June 30, 2016, group rental income was $63.7 million versus $51.5 million for the six months ended June 30, 2015, an overall increase of 23.9%. This reflects income from a portfolio of residential and commercial properties in the US and Jamaica. Group rental income for the quarter amounted to $33.0 million compared with $25.9 million for the corresponding period in 2015. This represents an increase of 27.7% year over year. Approximately 40% of the group rental revenue so far in 2016 was generated in Jamaica and the balance was generated in the US. During the review period, one of our tenants opted to terminate its lease prematurely and was subjected to an early termination fee pursuant to the terms of the lease. This amounted to approximately $12.2 million resulting in group total revenues for the quarter of $45.2 million versus $25.9 million in 2015 or an increase of 74.9%. Total revenues for the half year were $75.9 million versus $51.5 million in 2015, representing a year on year increase of 47.5%. Group operating expenses, which include direct property expenses and administrative expenses, increased from $47.6 million for the six months ended June 30, 2015 to $48.6 million for the review period in 2016, an increase of 1.9%. Operating expenses for the three months to June 30, 2016

Kingston Properties Limited amounted to $24.2 million versus $31.5 million in 2015, a decrease of 23.2% year over year. The figure in 2015 reflected higher repair and salary related expenses. Results of Operating Activities before other income/gains for the six months were $27.4 million compared with $3.8 million for the same period last year; this includes the early termination fee of $12.2 million. For the second quarter, we saw improved results from a loss of $5.7 million in 2015 to a gain of $21.0 million this year. Excluding the early termination fee of $12.2 million, the normalized gain of $8.8 million for the quarter compared to a loss of $5.7 million in 2015 was a result of higher property rental income mainly from new acquisitions since September 2015 as well as the containment of direct and administrative costs over the review period. Group Operating Profit/(loss) amounted to $145.3 million for the six months ended June 30, 2016 compared with $3.4 million for the corresponding period in 2015. The figure in 2016 included revaluation gains on some of our properties during the first quarter. For the quarter, operating profit amounted to $21.0 million in 2016 versus a loss of $5.6 million in 2015. Group net finance income was $15.6 million for the six months ended June 30, 2016 compared with net finance costs of $19.7 million for the same period in 2015. These amounts include net unrealized foreign currency translation gains of $16.6 million in 2016 versus a loss of $16.0 million 2015. For the quarter, net finance income amounted to $9.4 million in 2016 versus costs of $13.6 million in 2015. Income tax charges of $43.8 million in 2016 were primarily on the revaluation gains on selected properties in Florida. Balance Sheet Kingston Properties significant balance sheet assets are Investment Properties of $1,912.5 million at June 30, 2016 versus $964.9 million at June 30, 2015. The increase is primarily as a result of additions to the portfolio following the renounceable rights issue held in July 2015, when approximately $650.0 million was raised on the capital markets in Jamaica. The funds were used in the acquisition of condo units at Midblock in Miami and at the W in Fort Lauderdale. Total assets stood at $2,164.1 million as at June 30, 2016 compared to $1,288.8 million the previous year, an increase of 67.9%. Cash & cash equivalents totaled $31.2 million compared with $233.6 million for the similar period last year. Included in cash & cash equivalents in 2015 were restricted sums amounting to $231.0 million. Securities held under repurchase agreements to resell were $151.6 million as at June 30, 2016 versus $52.9 million in June 2015.

Total loans payable were $271.7 million at June 30, 2016 versus $366.4 million at June 30, 2015. The liabilities in 2016 are primarily mortgage loans collateralized by properties while in 2015 they also included a cash-secured bank loan. Total Equity has increased from $793.6 million at the end of the first half of 2015 to $1,715.4 million at the end of the first half of 2016. Outlook The Miami-Dade condo market recorded a 7.3% year over year increase in median home prices in June 2016 despite the decline in the number of closed sales. The stronger US dollar vis-à-vis most currencies in Latin America, has limited the number of purchases from persons in that region, who were the primary cash purchasers of condos in Florida. This has resulted in the number of closed sales declining year over year to June 2016 and a modest build up in inventory. Analysts expect prices to remain stable in this market for the rest of the year, particularly given that first time homebuyers are now able to access financing to purchase condos. In April, three condo units were added to the portfolio with solid leases. Occupancy rates remain high and the credit quality of our tenants continues to result in rental collections occurring as agreed. KP plans to increase leverage to facilitate further property acquisitions during the second half of the year. As always, thanks to our shareholders, employees and other stakeholders for your continued support as we seek to meet or exceed our corporate objectives. Garfield Sinclair Chairman Meghon Miller-Brown Director

CONSOLIDATED FINANCIAL STATEMENTS

CONSOLIDATED FINANCIAL STATEMENTS TABLE OF CONTENTS PAGE (S) GROUP STATEMENT OF COMPREHENSIVE INCOME 1 GROUP STATEMENT OF FINANCIAL POSITION 2 GROUP STATEMENT OF CHANGES IN EQUITY 3 GROUP STATEMENT OF CASH FLOWS 4 5-15

GROUP STATEMENT OF COMPREHENSIVE INCOME Page 1 Notes Unaudited Unaudited Unaudited Unaudited Audited Quarter ended Quarter ended Six (6) months ended Six (6) months ended Year ended June 30, June 30, June 30, June 30, December 31, 2016 2015 2016 2015 2015 $ 000 $ 000 $ 000 $ 000 $ 000 Revenues: Rental income 33,029 25,862 63,727 51,456 108,369 Termination and late fee 3 12,191-12,191 - - Total revenues 45,220 25,862 75,918 51,456 108,369 Operating and administrative expenses (24,221) (31,528) (48,552) (47,640) (100,903) Results of operating activities before other income / gains 20,999 (5,666) 27,366 3,816 7,466 Other income / gains: Fair value gain on investment properties - - 116,893-165,674 (Loss) / gain on disposal of investment properties - - - (580) 3,213 Miscellaneous income 32 116 1,021 197 285 Operating profit / (loss) 21,031 (5,550) 145,280 3,433 176,638 Executive settlement - (32,850) - (32,850) (32,850) Profit / (loss) before net finance costs 21,031 (38,400) 145,280 (29,417) 143,788 Finance income - interest income 851 2,761 910 5,419 10,352 Finance income / (cost) 8,495 (16,343) 14,650 (25,067) (26,853) Net finance income / (cost) 4 9,346 (13,582) 15,560 (19,648) (16,501) Profit / (loss) before income tax 30,377 (51,982) 160,840 (49,065) 127,287 Income tax (charge) / credit (3,632) (5,149) (43,794) 2,480 (21,866) Profit / (loss) for the period / year 26,745 (57,131) 117,046 (46,585) 105,421 Other comprehensive income that will never be reclassified to profit or loss: Foreign currency translation gains from foreign operations, being total comprehensive income 28,902 10,946 37,539 12,653 30,177 Total comprehensive income / (loss) for the period / year 55,647 (46,185) 154,585 (33,932) 135,598 Earnings per share for profit attributable to equity holders of the Company: Number of shares 160,996 68,143 160,996 68,143 160,996 Earnings per stock unit: 25 cents (0.84) cents 1.11 cents (0.68) cents 99.87 cents

GROUP STATEMENT OF FINANCIAL POSITION AS AT JUNE 30, 2016 Page 2 Unaudited Unaudited Audited as at as at as at June 30, June 30, December 31, 2016 2015 2015 Notes $ 000 $ 000 $ 000 NON-CURRENT ASSETS Investment properties 5 1,912,484 964,923 1,552,203 Land held for development 6 19,082 19,082 19,082 Furniture, software and equipment 2,763 2,755 2,928 Total non-current assets 1,934,329 986,760 1,574,213 CURRENT ASSETS Receivables and prepayments 7 47,046 15,392 22,336 Securities repurchased under agreements to resell 151,550 52,896 - Income tax recoverable - 109 108 Cash and cash equivalents 31,168 233,640 132,897 Total current assets 229,764 302,037 155,341 Total assets 2,164,093 1,288,797 1,729,554 EQUITY Share capital 1,028,509 406,608 1,028,509 Treasury shares (5,049) (5,049) (5,049) Cumulative translation reserve 262,822 207,758 225,283 Retained earnings 429,137 184,290 336,297 Total equity 1,715,419 793,607 1,585,040 NON-CURRENT LIABILITIES Loans payable 8 255,708 123,337 - Deferred tax liability 124,854 51,665 78,179 Total non-current liabilities 380,562 175,002 78,179 CURRENT LIABILITIES Loans payable 8 16,036 243,117 - Accounts payable and accrued charges 9 49,800 77,071 66,335 Income tax payable 2,276 - - Total current liabilities 68,112 320,188 66,335 Total equity and liabilities 2,164,093 1,288,797 1,729,554

GROUP STATEMENT OF CHANGES IN EQUITY Page 3 Audited, balances at Share capital Treasur y shares Cumulative translation reserve Retained earnings Total $ 000 $ 000 $ 000 $ 000 $ 000 December 31, 2014 as previously reported 406,608 (3,293) 195,105 253,512 851,932 Transaction with owners of the company: Shares repurchased - (1,756) - - (1,756) Loss, being comprehensive expense for the period - - - (46,585) (46,585) Translation of foreign subsidiaries' balances, being total other comprehensive income for the period - - 12,653-12,653 Contributions by and distributions to owners: Dividend paid, being total distributions to owners - - - (22,637) (22,637) Unaudited, balances at June 30, 2015 406,608 (5,049) 207,758 184,290 793,607 Audited balances at December 31, 2015 1,028,509 (5,049) 225,283 336,297 1,585,040 Profit, being comprehensive income for the period - - - 117,046 117,046 Translation of foreign subsidiaries' balances, being total other comprehensive income for the period - - 37,539-37,539 Contributions by and distributions to owners: Dividend paid, being total distributions to owners - - - (24,206) (24,206) Unaudited, balances at June 30, 2016 1,028,509 (5,049) 262,822 429,137 1,715,419

GROUP STATEMENT OF CASH FLOWS Page 4 Unaudited Unaudited Audited Six months ended Six months ended Year ended June 30, June 30, December 31, 2016 2015 2015 $ 000 $ 000 $ 000 CASH FLOWS FROM OPERATING ACTIVITIES Profit / (loss) for the period / year 117,046 (46,585) 105,421 Adjustments to reconcile profit for the period / year to net cash provided by / (used in) operating activities: Income tax charge / (credit) 43,794 (2,480) 21,866 Depreciation 217 193 409 Interest income (910) (5,419) (10,352) Interest expense 1,934 19,654 22,127 Fair value gain on investment property (116,893) - (165,674) Loss / (gain) on disposal of investment property - 580 (3,095) Gain on disposal of office furniture - - (4) Unrealized foreign exchange losses (16,576) 8,040 (1,366) Operating profit / (loss) before changes in working capital 28,612 (26,017) (30,668) Changes in: Other receivables (24,654) 2,078 (8,817) Accounts payable and accrued charges (16,535) 51,993 41,021 Income tax paid (52) (2,528) (561) Net cash (used in) / provided by operating activities (12,629) 25,526 975 Cash flows from investing activities Interest received 910 1,467 10,352 Securities purchased under agreements to resell (151,550) (52,408) 488 Additions to office equipment (52) (98) (808) Disposal of equipment - - 336 Land held for development - (585) (585) Additions to investment property (183,315) - (623,233) Proceeds of disposal of investment property - 196,096 417,741 Net cash (used in) / provided by investing activities (334,007) 144,472 (195,709) Cash flows from financing activities Interest paid (1,934) (19,654) (22,127) Dividend paid (24,206) (22,637) (22,520) Loans payable 6,163 (3,576) - Repayment of vendor's mortgage - - (39,010) Repayment of bank loan - (116,410) (441,582) Issuance of share capital - - 621,900 Loan received 265,581 - - Treasury shares - (1,757) (1,757) Net cash provided by / (used in) financing activities 245,604 (164,034) 94,904 Net (decrease) / increase in cash and cash equivalents (101,032) 5,964 (99,830) Cash and cash equivalents at beginning of period: 132,897 232,660 232,660 Effect of exchange rate fluctuations on cash and cash equivalents (697) (4,984) 67 Cash and cash equivalents at end of period / year 31,168 233,640 132,897 Represented by: Cash and cash equivalents 31,168 233,640 132,897 31,168 233,640 132,897

Page 5 1. IDENTIFICATION AND PRINCIPAL ACTIVITIES Kingston Properties Limited (the "Company ") was incorporated in Jamaica under the Companies Act on April 21, 2008. The Company is domiciled in Jamaica, with its registered office at 7 Stanton Terrace, Kingston 6, Jamaica. he Company is listed on the Jamaica Stock Exchange. The Company has two wholly owned subsidiaries: (i) Carlton Savannah REIT (St. Lucia) Limited, incorporated in St. Lucia under the International Business Companies Act of 1999 on May 8, 2008; and its wholly owned subsidiary: (ii) Kingston Properties Miami LLC, incorporated in Florida under the Florida Limited Liability Company Act on March 12, 2010. The Company and its subsidiaries are collectively referred to as Group. In these financial statements parent refers to the Company and intermediate parent refers to its wholly owned subsidiary, Carlton Savannah REIT (St. Lucia) Limited. The principal activity of the Group is real estate investment. 2. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The interim financial statements have been prepared under the historical cost basis, as modified by the revaluation of certain fixed and financial assets and are expressed in Jamaican dollars. These financial statements have been prepared in accordance with International Accounting Standards 34, Interim Financial Reporting. The interim financial report is to be read in conjunction with the audited financial statements for the year ended December 31, 2015. The explanatory notes attached to the interim financial statements provide an explanation of events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the financial year ended December 31, 2015. The significant accounting policies adopted are consistent with those of the audited financial statements for the year ended December 31, 2015. (b) Use of estimates The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates and any adjustments that may be necessary would be reflected in the year in which actual results are known.

Page 6 2. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) (c) Consolidation: (i) Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date control commences until the date the control ceases. (ii) Transactions eliminated on consolidation Intra-group balances and any unrealized gain and losses or income and expenses arising from intra-group transactions are eliminated in preparing the consolidated financial statements. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment. (d) Related parties A related party is a person or entity that is related to the entity that is preparing its financial statements, (referred to in IAS 24 Related Party Disclosures as the 'reporting entity', in this case the Group). (1) A person or a close member of that person's family is related to the Group if that person: (i) (ii) (iii) has control or joint control over the Group; has significant influence over the Group; or is a member of the key management personnel of the Group or of a parent of the Group. (2) An entity is related to the Group if any of the following conditions applies: (i) (ii) (iii) (iv) (v) (vi) (vii) The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). Both entities are joint ventures of the same third party. One entity is a joint venture of a third entity and the other entity is an associate of the third entity. The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. The entity is controlled, or jointly controlled by a person identified in (a). A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity). A related party transaction is a transfer of resources, services or obligations between related parties, regardless of whether a price is charged.

Page 7 2. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) (e) Foreign currencies The financial statements are presented in the currency of the primary economic environment in which the Company operates (its functional currency). In preparing the financial statements of the Company, transactions in currencies other than the Company s functional currency, the Jamaican dollar, are recorded at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary items denominated in foreign currencies are retranslated at the rates prevailing on the statement of financial position date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlement of monetary items and on the retranslation of monetary items, are included in the statement of comprehensive income for the period. (f) Investment properties Investment properties, comprising, a commercial complex, warehouse building and residential condominiums, are held for long-term rental yields and capital gain. Investment properties are initially recognized at cost, including transaction costs. The carrying amount includes the cost of additions to an existing investment property at the time that cost is incurred if the recognition criteria are met, and excludes the cost of day-to-day servicing of an investment property. Subsequent to initial recognition, investment properties are carried at fair value. Fair value is determined every three years by an independent registered valuer, and in each of the two intervening years by the directors. Fair value is based on current prices in an active market for similar properties in the same location and condition. Any gain or loss arising from a change in fair value is recognized in profit or loss. (g) Furniture, software and equipment (i) Items of office equipment are stated at cost less accumulated depreciation and impairment losses, if any. Cost includes expenditure that are directly attributable to the acquisition of the asset. The cost of replacing part of an item is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured reliably. The costs of day-to-day servicing of office equipment are recognized in the statement of comprehensive income as incurred. (ii) Depreciation is recognized in the statement of comprehensive income on the straight-line basis, over the estimated useful life of the asset. The depreciation rate for the furniture, software equipment are as follows: Computer and accessories 20% Furniture and fixtures 10%

Page 8 2. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) (h) (i) (j) (k) (l) Receivables Receivables are stated at amortized cost less, impairment losses, if any. Securities purchased under agreements to resell Securities purchased under agreements to resell are transactions in which the Group makes funds available to institutions by entering into short-term agreements with those institutions. They are accounted for as short-term collateralized lending. The difference between purchase and resale considerations are recognized as interest income on the accrual basis over the term of the agreement. Cash and cash equivalents Cash and cash equivalent are carried at cost. For the purposes of the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Accounts payable and accrued charges Accounts payable and accrued charges are stated at amortized cost. Revenue recognition: Rental income and maintenance expenses are recorded in these financial statements on the accrual basis using the straight line method. (m) Income tax Income tax on profit or loss for the year comprises current and deferred tax. Income tax is recognized in profit or loss, except to the extent that it relates to items recognized directly other comprehensive income, in which case it is recognized in other comprehensive income. Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred income tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on laws that have been enacted by the reporting date. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets or liabilities. For this purpose, the carrying amount of investment property measured at fair value is presumed to be recovered through sale. A deferred tax asset is recognized only to the extent management can demonstrate that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Current and deferred tax assets and liabilities are offset in the statement of financial position if they apply to the same tax authority.

Page 9 2. SIGNIFICANT ACCOUNTING POLICIES (CONT'D) (n) Segment reporting An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group s other components. All operating segments for which discrete information is available are reviewed regularly by the Group s Board of Directors to make decisions about resources to be allocated to the segment and to assess performance. Segment results that are reported to the Board include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the year to acquire property, plant and equipment. (o) Land held for development Land held for development is carried at the lower of cost and net realizable value. Cost includes acquisition costs and transaction costs.

Page 10 3. Termination and late fee This represents fees resulting from the early termination of a lease agreement by one of the Company s clients as stipulated by the contractual agreement. 4. Finance costs Unaudited Unaudited Unaudited Unaudited Audited Quarter ended Quarter ended Six (6) months Six (6) months Year end June 30, June 30, ended June 30, ended June 30, December 31, 2016 2015 2016 2015 2015 $ 000 $ 000 $ 000 $ 000 $ 000 Finance income Interest income 851 2,761 910 5,419 10,352 Finance costs: Interest expense (1,895) (12,532) (1,934) (19,654) (22,127) Commitment fees-bank loan - (160) - (320) (6,857) Amortization cost - 16-17 - Foreign exchange gains and losses arising from investing and financing activities: Net unrealized gain / (loss) on translation of foreign currency 10,377 (3,639) 16,576 (4,984) 2,023 investment and borrowings Net realized gain / (loss) on conversion of foreign currency investments and borrowings 13 (28) 8 (126) 108 Total finance income / (cost) 8,495 (16,343) 14,650 (25,067) (26,853) Net finance income / (cost) 9,346 (13,582) 15,560 (19,648) (16,501)

Page 11 5. Investment properties Investment properties held by the Group are as follows: Unaudited Unaudited Audited June 30, June 30, December 31, 2016 2015 2015 $ 000 $ 000 $ 000 (i) Miami condominiums 496,701 359,107 369,275 (ii) Miami apartment complex - 222,226 - (iii) Miami condominiums [Midblock (iii)] 294,323-268,482 (iv) Miami condominium WFT 383,561-364,846 (v) Miami condominiums [Opera Towers (v)] 188,299 - - (vi) Red Hills Road commercial complex 549,600 383,590 549,600 1,912,484 964,923 1,552,203 (i) (ii) (iii) (iv) This represents 15 residential condominiums comprising 12,380 square feet in the Loft II building located at 133 NE 2nd Avenue in downtown Miami, Florida. This represented a 19-unit apartment complex, purchased in 2014, located at 555 NW 4th Street, Miami, Florida. The property was sold at the end of the prior year. This represents 5 residential condominiums comprising 5,213 square feet located at 3250 NE 1st Avenue in Miami, Florida. The property was purchased in September 2015. This represents 4 residential condominiums comprising of 4,174 square feet purchased in October 2015, located at 3101 Bayshore, Fort Lauderdale. (v) This represents 3 residential condominiums located at 1750 North Bayshore Dr, Ft Lauderdale. The purchase of the Opera Towers was finalized April 2016. (iv) This represents 52,012 square feet of commercial property located on Red Hills Road, Kingston, Jamaica.

Page 12 6. Land held for development Unaudited Unaudited Audited June 30, 2016 June 30, 2015 December 31, 2015 $ 000 $ 000 $ 000 This represents land held for development in Waterworks, Westmoreland, Jamaica. 7. Receivables and prepayments 19,082 19,082 19,082 Unaudited Unaudited Audited June 30, 2016 June 30, 2015 December 31, 2015 $ 000 $ 000 $ 000 Rent receivables 15,094 874 93 Withholding tax recoverable 2,463 4,363 2,250 Security deposits 2,581 2,301 2,530 Prepayments 15,120 3,323 16,944 Interest receivables - 1,286 - Other prepayments 11,788 3,245 519 8. Loans payable 47,046 15,392 22,336 Unaudited Unaudited Audited June 30, 2016 June 30, 2015 December 31, 2015 $ 000 $ 000 $ 000 Bank loan - No 1 [see (i)] Face amount - 222,268 - Un-amortized transaction costs - (320) - Carrying value - 221,948 - Vendor's mortgage [see (ii)] - 30,292 - Total bank loans and vendor's mortgage - 252,240 - Other mortgage loan - [ see (iii)] - 114,214 - Other bank loan - No 2 [see (iv)] Face amount 277,160 - - Un-amortized transaction costs (5,416) - - 271,744 - - Total loans payable 271,744 366,454 -

Page 13 8. Loans payable (Cont'd): Unaudited Unaudited Audited June 30, 2016 June 30, 2015 December 31, 2015 $ 000 $ 000 $ 000 Classified as follows: Non-current Vendor's mortgages [see (ii)] - 9,123 - Other mortgage loan [see (iii)] - 114,214 - Other bank loan [see (iv)] 255,708 - - 255,708 123,337 - Current Bank loan (i) - 221,948 - Vendor's mortgage (ii) - 21,169 - Other bank loan [see (iv)] 16,036 - - (i) Bank loans - No 1 Sagicor Bank Jamaica Limited (formerly Pan Caribbean Bank Limited). 16,036 243,117 - This represented a draw down under a credit facility of US$1,899,988 (J$222,268,079); at June 30, 2015 which was evidenced by a promissory note. The loan attracted interest at a rate of 5% per annum. The loan was renewed on January 14, 2015, and was repayable twelve months from date of disbursement. It was secured by hypothecation of a deposit of US$1,952,000, held by a subsidiary with the bank, and a corporate guarantee of that subsidiary limited to the extent of the facility. This loan was subsequently repaid in December 2015. (ii) (iii) Vendor's mortgage This represented amounts owing under a mortgage of US$780,000 from the vendor of the Red Hills Road property. Interest was at a rate of 6% per annum and was repayable in sixty (60) monthly instalments, which commenced on January 1, 2012. The balance at June 30, 2015 was US$258,939 (J$30,291,758). The vendor's mortgage was repaid in July 2015. Other mortgage loan - InterAmerican Bank This represented a loan of US$990,000 payable by Kingston Properties Miami LLC to the InterAmerican Bank, a financial institution in Florida. Interest was charged at 5.25% effective October 5, 2014. The loan was secured by a first mortgage lien and a first lien security interest on the property at 555 SW 4th Street, and on all improvements, furniture, fixtures and personal property (tangible and intangible) thereon or with respect thereto, including a first priority interest in the assignment of rents, leases and profits. The loan was repaid in full in the prior financial year. The balance at June 30, 2015 was US$976,332 (J$114,214,378). (iv) Other bank loan - No 2 - Terrabank This represents a loan of US$2,200,000 from Terrabank N.A. to Kingston Properties Miami LLC. The loan was settled and disbursed April 8, 2016. The loan is for a duration of ten years at an interest rate of 4%. The loan is secured by 20 condominium units: namely the 5 residential units located at 3250 NE 1st Avenue in Miami and the 15 residential condomimums in the Loft II located at 133 NE 2nd Avenue, downtown Miami. The balance at June 30, 2016 is US$2,193,010 (J$277,160,279).

Page 14 9. Accounts payable and accrued charges Unaudited Unaudited Audited June 30, 2016 June 30, 2015 December 31, 2015 $ 000 $ 000 $ 000 Accounts payable 11,545 5,717 8,420 Interest payable - 433 - Accounting and audit fees 2,719 1,771 3,880 Dividend payable 330 2,200 334 Other payables and accrued charges 25,906 57,164 43,680 Security deposits held 9,300 9,786 10,021 49,800 77,071 66,335 10. Segment reporting The Group has three operating segments, rental of real estate, which includes the earning of income from the ownership of real estate. Internal management reports are reviewed monthly by the Board. Information regarding the reportable segment is included below. Performance is measured on segment profit before income tax, as included in the internal management reports that are reviewed by the Board. Segment report is used to measure performance as management believe that such information is the most relevant in evaluating the results of the segment compared to other entities that operated within these industries. Unaudited Six (6) months ended June 30, 2016 Consolidated United States adjustments Jamaica of America St. Lucia and eliminations Total Group $ 000 $ 000 $ 000 $ 000 $ 000 Revenues 25,598 38,129 - - 63,727 Profit / (loss) for the period 33,004 85,705 (1,663) - 117,046 Unaudited as at June 30, 2016 Consolidated United States adjustments Jamaica of America St. Lucia and eliminations Total Group $ 000 $ 000 $ 000 $ 000 $ 000 Segment assets 1,474,961 1,417,432 461,883 (1,190,183) 2,164,093 Segment liabilities 273,520 1,082,849 331 (908,026) 448,674

Page 15 10. Segment reporting (Cont'd): Unaudited Six (6) months ended June 30, 2015 Consolidated United States adjustments Jamaica of America St. Lucia and eliminations Total Group $ 000 $ 000 $ 000 $ 000 $ 000 Revenues 23,603 27,853 - - 51,456 (Loss) / profit for the period (54,574) 5,170 2,819 - (46,585) Unaudited as at June 30, 2015 Consolidated United States adjustments Total Group and Jamaica of America St. Lucia eliminations $ 000 $ 000 $ 000 $ 000 $ 000 Segment assets 788,677 654,730 444,318 (598,928) 1,288,797 Segment liabilities 378,760 430,584 2,616 (316,770) 495,190 Audited Year ended December 31, 2015 Consolidated United States adjustments Jamaica of America St. Lucia and eliminations Total Group $ 000 $ 000 $ 000 $ 000 $ 000 Revenues 46,954 61,415 - - 108,369 Profit / (loss) for the year 106,252 (6,163) 5,332-105,421 Audited as at December 31, 2015 Consolidated United States adjustments Jamaica of America St. Lucia and eliminations Total Group $ 000 $ 000 $ 000 $ 000 $ 000 Segment assets 1,459,773 1,145,696 452,950 (1,328,865) 1,729,554 Segment liabilities 267,129 923,509 585 (1,046,709) 144,514