Pan-Jam. Investment Trust Ltd. (PJAM) – Transfer Agreement

Jamaican Floral Export Ltd. ( an 80% subsidiary in the Pan Jamaican Group) has transferred its 50% ownership in the equity of Jamaican Floral Exports (1993) Ltd. to the owners of the minority interest being companies controlled by certain directors of Pan-Jamaican Investment Trust Ltd.

The transfer agreement was effective January 1, 1998.