The objective is to create a product that:

❐ Familiarises investors with the companies trading on regional Stock Exchanges

❐ Provides investors with an informed guide to equity investments

❐ Allows investors to compare listed companies across the board and within industry

❐ Provides a means by which investors can track company performance overtime

❐ Allows investors to evaluate the performance of companies within prevailing economic conditions

❐ Equips investors with the data and basic techniques to assess listed companies

ANALYSIS

As a primer, we present a ranking of companies listed on the Jamaica Stock Exchange based on size and performance.

This analysis covers 37 of the 39 companies with ordinary shares listed on the Jamaica Stock Exchange as at September 17, 2008. Two companies, Carlton Savannah REIT and Ciboney were not included in the analysis due to inactivity or insufficient data.

Two sets of rankings are presented with the first being an overall ranking of each company based on size, performance and value for shareholders.

Secondly, the companies are separated into seven industry types and ranked within each sector.

In addition, a detailed review and outlook is presented for each sector. The number one company in each sector is also highlighted.

METHODOLOGY

❐ Rankings will be done based on data garnered from financial results submitted to the Jamaica Stock Exchange. The analysis covers reported results for each company's four most recent quarters.

❐ No adjustments will be made for extraordinary items, since these will vary in magnitude and across quarters.

❐ Variables are selected based on relevance and availability of timely data.

OVERALL RANKINGS

❐ Companies are ranked based on ten (10) traditional financial variables

❐ The number one ranked company under each variable will be the company with the best score

❐ Fifty (50) points will be awarded to the number one ranked company under each variable, forty-nine (49) points for second and allocating points accordingly to the remaining companies.

❐ The points awarded to each company will be tallied and companies ranked based on the total number of points garnered. The company with the highest number of points is assigned the number one ranking.

The 10 variables in the overall rankings are broken down by:

Size:

i. Market Capitalisation

ii. Asset Base

iii. Revenue

iv. Profits

Performance:

v. Profit Margin

vi. Earnings Growth

vii. Return on Equity

Value for Shareholders:

viii. Price/Book Value

ix. Dividend Payout

x. Price Change (YTD)

SECTOR RANKINGS

❐ Companies are ranked based on the ten (10) most relevant variables (as determined by PanCaribbean) for each sector. The variables chosen may differ from those used in the Overall Rankings.

❐ The number one ranked company under each variable will be the company with the best score

❐ 20 points will be awarded to the number one ranked company under each variable, 19 points for second and allocating points accordingly to the remaining companies.

TEN MOST RELEVANT VARIABLES FOR EACH SECTOR

Six standard variables will be used across sectors:

i. Leverage (Capital/Assets or Total Liabilities/Equity)

ii. Earnings Growth

iii. Return on Equity

iv. Price/Book Value

v. Dividend Payout

vi. Price Change (YTD)

Four other variables will be chosen based on relevance to the sector:

1. Financial Services

i. Net Interest Margin

ii. Efficiency (Non-Interest

Expenses/Net Interest Income & Other Revenue)

iii. Asset Base

iv. Return on Assets

2. Manufacturing

i. Current Ratio

ii. Inventory Turnover

iii. Dividend Yield

iv. Profit Margin

3. Communications

i. Dividend Yield

ii. Profit Margin

iii. Current Ratio

iv. Accounts Receivable Turnover

4. Services

i. Dividend Yield

ii. Profit Margin

iii. Current Ratio

iv. Accounts Receivable Turnover

5. Trading/Retail

i. Inventory Turnover

ii. Accounts Receivable Turnover

iii. Current Ratio

iv. Profit Margin

6. Conglomerates

i. Diversification Ratio (extent of reliance on a particular businessline)

ii. Accounts Receivable Turnover

iii. Profit Margin

iv. Dividend Yield

7. Insurance

i. Net Premium Growth

ii. Net Premium/Net Benefit Expense

iii. Accounts Receivable Turnover

iv. Profit Margin OVERALL RANKING - PERFORMANCE

Company