CHIEF EXECUTIVE OFFICER’S COMMENTARY ON FINANCIAL …

1 Investing in Jamaica Land We LovePage 1 CHIEF EXECUTIVE officer SCOMMENTARY ON FINANCIAL RESULTSFOR THE FIRST QUARTER ENDED 31 MARCH wish to present our first quarter (Q1) results for the three-month period ended March 31, 2018. For this quarter, the J$ and US$ fixed income money markets had moderate to strong liquidity positions as the Bank of Jamaica (BOJ) remained active in lending support to deposit-taking institutions while also issuing Certificates of Deposit to mop up excess liquidity. For Q1 2018, the JSE Main Market grew by 6,151 points or from 288,382 points to 294,533 points. The JSE Junior Market, on the other hand, grew by 226 points or to end March 2018 at 2958 points. Transaction numbers, values and volumes have also been on the rise indicating that both markets have more active participants, as well as more shares are changing hands on the secondary market.

2 Net Book Value per share increases to $ ; 30% over corresponding period in 2017 and 8% over 4th quarter 2017 Total Comprehensive Income increased by 44% or $228 MESTABLISHED 1985 Investing in Jamaica Land We LovePage 2 High levels of liquidity coupled with low interest rates continue to provide a perfect climate for a vibrant stock exchange. This creates momentum for positive stock performance which we believe will persist in the foreseeable results for the 1st quarter 2018 represent the consolidation of Mayberry Investments Ltd. (MIL) and 90% of Mayberry Jamaican Equities Ltd (MJEL), formerly Mayberry West Indies Ltd. This follows on the issuance of a 10% dividend in specie of MJEL s shares to the shareholders of MIL in February 2018, a total of 120,114,929 highlights of our Operating performance for 1st quarter 2018 are as follows: -Net Book Value per share increased to $ , representing a 30% increase over the corresponding period in 2017.

3 This increase, over 1st quarter in the prior year, was attributable to the 393 times improvement in our Net Profit as well as the increase in the Fair value reserves of $845 million which resulted from the general increase in the market prices of securities in our portfolio. This further contributed to the increase in our stockholders equity which moved from J$ billion at the end of March 2017 to J$ billion at the end of Q1 1985 Investing in Jamaica Land We LovePage 3 Profit Performance for the Quarter ended March 31, 2018 Mayberry Investments Limited reported an after-tax profit of J$239 million for the quarter ended March 31, 2018, resulting in Earnings per share (EPS) of $ and representing a 393 times increase over the same period in Q1 2018, total comprehensive income amounted to $748 million, compared to $520 million for the corresponding quarter of 2017; an increase of $228 million or 44%.

4 This was due to the increase in the prices of some stocks held in our equity portfolio as well as the Net Profit increase reported above. Our revenue performance for this quarter was very positive and driven by a 134 times increase in Net Trading Gains, an increase of $ million in Dividend Income and a rise in Fees and Commission Income of 207%, when compared to the corresponding quarter in 2017. Of note, Corporate Advisory Fees and Debt Selling Fees accounted for $ million or an increase of 7 times over the 1st quarter of 2017. This was the result of raising over $6 billion in debt and equity in this quarter. These fees contributed 23% to the overall total operating income of $585 growth in Net Trading Gains was as a result of the revaluation gains earned from the equity investments in the four (4) former associates, namely Lasco FINANCIAL Services Ltd., Blue Power Ltd.

5 , Caribbean Producers (Jamaica) Ltd. and IronRock Insurance Ltd. In the corresponding quarter 2017, these entities were Associated companies and as such, the market value of the DescriptionQuarter ended 31 March 2018 ($'000)Quarter ended 31 March 2017 ($'000)Change ($'000)% ChangeNet Interest Income and Other Revenues 585,292132,346 452,946 Expenses315,501110,079 (205,422) of Profit/losses in Associate Companies018,237 (18,237) before Taxation269,79140,504 229,287 Profit239,398 607 238,791 Comprehensive Income508,921519,462 (10,540) Comprehensive Income748,319520,069 228,250 Per Share(EPS) $ $ $ OF CHANGES ON THE STATEMENT OF COMPREHENSIVE INCOME ESTABLISHED 1985 Investing in Jamaica Land We LovePage 4equity investments were not recorded in our books.

6 Following on a change in their status at December 2017, the investment in these entities are now being measured at fair value through profit and foreign exchange gains amounted to $ million, an uptick of $ million or 134%. Conversely, we had an Unrealized loss on investment revaluation of $ , a decrease of $21 million or times less than the comparative period in 2017. Operating expenses increased by $205M or when compared to Q1 2017, primarily due to a write-back of provision of impairment of bonds of $105 million in the prior year, which reduced the operating expenditure for the 1st quarter of of FINANCIAL PositionTotal assets amounted to $ billion for 1st quarter 2018 compared to $ billion for the comparative quarter in 2017. This represents a 10% increase in our asset base mainly due to increases in our Reverse repurchase agreements and Promissory notes, with our of Mayberry Jamaican Equities Limited MJEL (formerly Mayberry West Indies Limited)The Board of Mayberry Jamaican Equities Ltd.

7 (formerly Mayberry West Indies Limited ) passed a resolution in 2017, authorizing the parent company to list MJEL on the Jamaica Stock Exchange, before the end of the 1st quarter of 2018. This has been re-scheduled to 2nd quarter 2018. DescriptionQuarter ended 31 March 2018 ($'000)Quarter ended 31 March 2017 ($'000)Change ($'000)% ChangeTotal Assets23,749,053 21,505,229 2,243,824 Liabilities13,641,953 13,741,261 99,308 ' Equity10,107,101 7,763,968 2,343,133 Book Value Per $ $ $ OF CHANGES ON THE STATEMENT OF FINANCIAL POSITIONESTABLISHED 1985 Investing in Jamaica Land We LovePage 5As a first step to initiate the listing process, a dividend in specie of 10% was issued to the shareholders of Mayberry Investments Limited on February 28, 2018. This means that 120,114,921 shares in MJEL were issued to all shareholders of Mayberry Investments Ltd.

8 At this date. At March 31, 2018, the Net Book value per share of Mayberry Jamaican Equities Ltd. (formerly Mayberry West Indies Limited ) was J$ CapitalOur capital base remains in good standing. The capital to risk weighted asset ratio exceeds the minimum benchmark prescribed by the FINANCIAL Services Commission(FSC) at (2017: ), compared to the minimum regulatory requirement of 10%. Additionally, our tier one capital is 99% (2017: 99%) of the overall capital of the company or $ billion and exceeds the regulatory minimum of 50% established by the FINANCIAL Services Commission (FSC). Let me express my gratitude to our Shareholders for their continued support and our Board of Directors, Management and Staff for their contribution to the success and positive results of the 1st quarter for PeartChief EXECUTIVE OfficerInvesting in Jamaica Land We LovePage 6 ESTABLISHED 1985 BASIS OF PREPARATIONT hese consolidated FINANCIAL statements have been prepared in accordance with the accountingpolicies as set out in note 2 of the audited FINANCIAL statements for the year ended 31 December INCOME STATEMENTAS AT 31 MARCH 2018 UNAUDITEDUNAUDITEDAUDITED3 Months ended 31 March 2018 3 Months ended 31 March 201712 Months ended 31 December 2017$'000$'000$'000 Net Interest Income and Other RevenuesInterest income171,178 184,499 736,607 Interest expense(136,047) (163,688) (635,513)

9 Net Interest income35,131 20,811 101,094 Fees and Commission Income211,431 68,854 508,427 Dividend Income94,333 13,814 154,942 Net Trading Gains/(Losses)209,957 1,558 195,147 Net Foreign Exchange Gain/(Loss)50,531 21,624 86,958 Unrealised (loss)/gain on investment revaluation(17,902) 3,229 70,021 Loan provision written back1,166,280 Other income1,812 2,456 7,171 585,292 132,346 2,290,040 Operating ExpensesSalaries, statutory contributions and staff costs111,962 99,803 447,933 Provision for credit losses7,500 7,500 7,963 Provision /(write back) for Impairment - Investments- (105,337)

10 697,689 Depreciation and amortisation5,680 6,734 22,758 Other operating expenses190,359 101,380 735,919 315,501 110,079 1,912,262 Share of Profit in Associates- 18,237 134,471 Gain in disposal of associate holdingsOperating (loss)/profit before asset tax269,791 40,504 512,249 Asset tax36,416 33,435 33,435 (Loss)/Profit before taxation233,375 7,069 478,814 Taxation charge/(credit)(6,023) 6,462 11,548 NET PROFIT239,398 607 467,266 OTHER COMPREHENSIVE INCOMEF inancial Reserve508,921 519,462 1,984,687 Employee share option- - - Other Comprehensive Income(Net of Tax).