FINSAC owns 26.5% of the ordinary shares of Life of Jamaica

FINSAC owns all of the 12.5% cumulative preferred shares of the Life Company.

FINSAC purchased LOJ's 25% interest in CIBC for $513 million

12.5% preference shares rank in priority to any other preference shares issued by LOJ in respect of income and in priority to any dividend or return of capital on any other classes of shares.

Cumulative preferential dividend at 12.5% per share per annum until July 1, 2002, then the rate is set based on rate 2% above the T-bill rate. Dividends are to be paid on June 30 of each year.

No dividends can be paid on ordinary shares until all the preference shares are redeemed.

First redemption date for the preference shares is July 1, 2002 and the final redemption date is June 30, 2004.

The price is $1 per share together with any arrears or accruals of the fixed cumulative preferential share dividend.

FINSAC Appointed Directors: Oliver Holmes, Warren Woodham