The Board of the company has approved the acquisition of over 13 million shares in the capital of N.E.M. (West Indies) Insurance Ltd. representing 36.0 per cent of the total issued share capital of NEMWIL, pursuant to an agreement concluded by Group management effective July 13, 2001. GHL has agreed to acquire an option from Chocolat Investments Ltd. to enable GHL to acquire the NEMWIL stock. The acquisition is subject to (a) the shareholders of GHL approving the issue of 12.8 million new ordinary shares of no par value of GH to Chocolat Investments Ltd. as the consideration for the acquisition of NEMWILL stock and b) such other regulatory approvals as may apply to the issue of the new GHL shares. The Board has fixed September 24, 2001 as the date for a special meeting of shareholders to consider, and if thought fit, approve the issue of the new GHL shares. This acquisition will increase Guardian Group’s shareholding in NEMWIL from 52% to approximately 90% and is part of a corporate strategy to become the dominant financial services institution in the Caribbean region.