Radio Jamaica Ltd. (RJR)- Resolution

At the Extraordinary General Meeting held on January 21, 2004 at the Hilton Hotel, the following resolution was Passed:

“That pursuant to the Heads of Agreement dated June 12, 1997 and the Agreement to Vary Specific Terms of the Heads of Agreement, Twenty Million One Hundred and Twenty-Three Thousand Six Hundred and Fifty-Six (20,123,656) ordinary shares in the capital of the Company, Radio Jamaica Ltd., be converted into ordinary stock units in the Company and issued to the Government of Jamaica or its nominee and that application be made to the Jamaica Stock Exchange for such stock units to be listed thereon.”