Pan-Jamaican Investment Trust Ltd.(PJAM) – Proposed merger

The Board of Directors of Pan Jamaican Investment Trust Ltd. Hardware & Lumber and Grace, Kennedy & Company Ltd.have reached an agreement subject to due diligence on the merger of Hardware & Lumber Ltd. and its subsidiaries with Rapid & Sheffield Ltd. and Agro Grace Ltd. “Due diligence” means that during the weeks to come they will be examining the businesses in more detail to confirm their initial assessment of their operations and financial statements.

To effect the merger, H&L will issue shares to Grace, Kennedy & Co. in exchange for the issued shares of Rapid Sheffield and Agro Grace. The merged company will be the largest wholesaler and retailer of hardware and home improvement goods as well as agricultural products in Jamaica.

The merged entity will remain a public listed company on the Jamaica Stock Exchange, with Grace, Kennedy & Company Ltd. being the largest shareholder and managers of the company. The merger is expected to be completed by the end of September 2003.