Letter to Shareholders

October 12, 2009

RE:  Jamaican Income Tax Obligations on Dividends
Dear Valued Shareholder,
We sincerely thank you for your continued partnership with JMMB and as we continually seek to act with your best interest at heart.  We now write to advise you of recent developments in the Jamaican economy and the financial landscape. We ask that you take the time to carefully read the information below as it has direct implications for your equity investment.

As you may know, with the changing and challenging international economic environment, the Government of Jamaica has sought to implement various means to raise revenues to finance national activities. One of these initiatives is the application of income tax on dividends paid to non-residents, which came into effect on June 19, 2009, with amendments to Section 31 and 40 of the Income Tax Act.

As such, dividends paid to non-resident shareholders of Jamaica Money Market Brokers Limited are now fully liable to income tax.  The Act now levies a withholding tax on dividends made to non-resident individual shareholders at a rate of 25% and 33?% for companies and other body corporates, unless the shareholder qualifies for a specific tax exemption or falls under the Double Taxation Treaty.  The list of countries with which Jamaica has a Double Taxation Treaty can be found on the Declaration of Residency form enclosed.

In order to ensure compliance with respect to withholding tax obligations, we ask that you complete the Declaration of Residency formattached and strongly recommend that you do so within the given timeline. 

We will be sending our share register to the Taxpayer Audit and Assessment Department (TAAD) and that office may make a determination, in the absence of a Declaration, as to whether a shareholder should be treated as a resident of Jamaica for the purpose of the Income Tax Act.  We therefore implore you to complete the form and return to the Registrar by November 13, 2009.

If you have any questions or require further clarification, please feel free to contact the Regulatory and Compliance Department at KPMG, 6 Duke Street, Kingston or via telephone at 876-922-6640.
Once again, thank you for partnering with us to provide win/win opportunities for our clients to achieve their goals.  We remain committed to building sustainable profitability and to playing our part in the development of the communities in which we operate.

Yours truly
JAMAICA MONEY MARKET BROKERS LIMITED

Carolyn DaCosta
COMPANY SECRETARY