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Courts – Parent Company Update

The following is an update from the Administrators of Courts plc, the parent Company of Courts (Jamaica) Ltd:

“Shareholders were informed on 16 November 2005 that the administrators of Courts plc had entered into discussions with a number of potential purchasers regarding the sale of Courts plc’s interests in the Courts Caribbean business, including their interests in Courts (Jamaica) Ltd. The Administrators have recently entered into a non-binding Memorandum of Understanding and exclusive negotiations with a preferred bidder with a view to finalizing the terms of a sale of the Courts Caribbean business. The transaction is subject to financing and signing of mutually agreeable legal documentation. The outcome of these discussions and negotiations with the Administrators and the providers of finance and the possible timetable for completion are uncertain and could be protracted. The Board of Courts (Jamaica) Ltd is preparing to respond appropriately and on a timely basis to any offer for the company which may be made. Shareholders will be informed of material relevant developments to the extent known to the Board of Courts (Jamaica) Ltd.”