FIRST GLOBAL FINANCIAL SERVICES LIMITED JAMAICA DEBT EXCHANGE PRESENTATION January 19, 2010

1. FIRST GLOBAL FINANCIAL SERVICES LIMITED JAMAICA DEBT EXCHANGE PRESENTATIONJanuary 19, 2010 JADEX Presentation by FGFS

2. Jamaica Debt Exchange Program • What is the Jamaica Debt Exchange (JDX)? An initiative of the Government of Jamaica, with an objective of exchanging debt in the form of J$ and US$ bonds - Old Notes - which carry high interest rates, for New Notes with lower interest rates and extended maturity. JADEX Presentation by FGFS

3. Jamaica Debt Exchange Program JADEX Presentation by FGFS • Summary of Programme • The offer covers all domestic marketable debt • It excludes Treasury Bills and external Bonds. • No reduction in Principal amounts • Par for par exchange • Reduction in interest rates • Maturity extension

4. Jamaica Debt Exchange Program JADEX Presentation by FGFS • Summary of Programme • Allocation rules to maximize maturity extension of portfolio. • Exchange for new bonds and longer average maturity. • Cap and Staggered Maturity Rules to avoid maturity Peaks. • J$60 BLN (CPI Cap) • J$50 BLN (VR bonds) • J$50 BLN (FR bonds)

5. JADEX Presentation by FGFS • What are the main elements of the JDX process? • Holders of the Old Notes will be required to submit an Offer Submission Form to the Ministry of Finance (MOF) • The principal amount of transactions of the Old Notes will be fully honoured. There will be NO reduction of your principal. • Eligible investors (those who agree to exchange their notes) will exchange J$100 (principal) of Old Note for J$100 (principal) • Accrued and unpaid interest will be paid over to the eligible investor in cash on or after the Settlement date of Feb 16th, 2010 on Old Notes.

6. Jamaica Debt Exchange Program JADEX Presentation by FGFS • New instruments • CPI- Linked notes • Fixed rate non-callable bonds • USD Bonds payable in US$ • Variable rate callable bonds • 9 Fixed Rate • 9 Variable Rate • 3 USD bonds • 2 CPI Linked Bonds

7. What is the difference in Pricing of the new notes compared to the Old Note? OLD Notes NEW Notes Jamaican Dollars • Average rate of Approx. 19% US Dollar • Average rate over 9% Jamaican Dollars • Range of 12% US Dollar • Near 7% JADEX Presentation by FGFS

8. JADEX Presentation by FGFS • Who does the JDX impact? • Direct holders of Domestic J$ and US$ notes to be called Eligible investors. • Includes individuals and institutions who owns Bond directly. • Does not apply to Jamaica’s External Debt. i.e. GOJ Global bonds.

9. JADEX Presentation by FGFS • What are the options? The client has two options: • Accept – submit Offer Forms and complete process . • Decline – here client will hold their Old Note, and face the risk of their instrument being discounted at a later date if the Government calls the Bond.

10. Jamaica Debt Exchange Program JADEX Presentation by FGFS • How will the JDX impact client investments in Government Paper? • The majority of Jamaicans who invest in GOJ paper do so through ‘repurchase agreements’ (repos) provided by Securities Dealers such as FGFS. These clients are not a part of this exchange. They will only be impacted at maturity of their investment, where the rates on their repos will be reduced. • Only institutions and individuals who are direct holders of domestic debt (Old Notes) through BOJ purchases are invited to participate in the exchange of securities.

11. JADEX Presentation by FGFS • Are there any penalties if I do not participate in the Offer? • The Government intends to retire 100% of the current stock of locally issued debt and change it’s interest payable schedule. • GOJ will do all within its power to ensure that at the end of this Offer period, where persons or institutions have not participated in the Offer, to remove the balance of the notes from the market or where not possible to ensure the interest rate payable and terms of the Old Note are less attractive than the New Note.

12. JADEX Presentation by FGFS • What if I don’t accept the transaction? • Your old notes will become illiquid. • The GOJ may pursue fiscal or other measures including taxation as a matter of basic fairness to the new note holders. • The decision may undermine Jamaica’s Economic Programme and prevent the GOJ from securing up to US$2.4Billion in low cost funding.

13. JADEX Presentation by FGFS • Will I be able to choose which New Note I subscribe to? • You will be able to choose from several New Notes up to your desired allocation. However if the New Note selected is oversubscribed, then the Government will reallocate. The alternatives will have a combination of similar maturity dates and equivalent coupon rates.

14. JADEX Presentation by FGFS • When does the Offer for Exchange of Old Notes for New Notes open and close? • The opening date of the Offer is Monday, January 18th, 2010. The Offer closes at 1:00pm on Tuesday, January 26th, 2010. • Settlement date – February 16, 2010.

15. JADEX Presentation by FGFS • When will FGFS start accepting Old Notes? • FGFS will start accepting Offer Submission forms and Old Notes on January 18th and will seize accepting on January 22nd end of day (4:30pm). • This is to ensure that FGFS meets the deadline of 1:00 pm on January 26th

16. JADEX Presentation by FGFS

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18. JADEX Presentation by FGFS Questions ???????