Pan Jamaican Investment Trust Ltd Press Release

Pan-Jamaican Investment Trust Limited (Pan-Jam) has advised that it is part of an investment consortium which is intending to acquire 90% of the ordinary shares of the Walkerswood group`s holding company, Walkerswood Partners Limited. The acquisition would be consummated after acceptance of a court-approved Scheme of Arrangement by the requisite majority of each class of creditors of each of the Walkerswood group companies, and agreement with other stakeholders in respect of any other liabilities and contingencies of the group. The investment consortium would purchase 90% of Walkerswood Partners Limited for approximately $350 million in cash, to be used for badly-needed working capital and the future development of the company. The acquisition is expected to be consummated on or around May 1, 2009. Pan-Jam`s equity interest in the consortium is expected to be approximately 25%, and it intends to play an active role in the management of the Walkerswood group to ensure the success of the revitalised operation.