Sagicor Life Jamaica Limited (SLJ)- Acquisition

On July 29, 2004, LOJ and First Life have signed and exchanged definitive agreements with respect to the proposed transfer of First Life’s insurance business to LoJ. Consummation of the agreement is subject to approval o the Financial Services Commission (‘FSC’) pursuant to the Insurance Act, 2001 and the Regulations made thereunder. For the purpose of securing such approval, First Life has submitted a Scheme of Transfer to the FSC seeking approval in respect of the transaction.