Notes To Financial Statements - Jamaica National

Table of Contents2 Mission Statement3 Notice of Annual General Meeting4 Voting Procedures5 Mergers, Acquisitions & Founders6 Chairpersons & General Managers7 Member Story9 Pictorial12 Mutuality Statement13 Board of Directors20 Tribute21 Corporate Governance Statement22 Chairman’s Report 2008/200925 General Manager’s Report 2008/200929 Vision Statement30 Exclusive JN Member Benefits31 Business Review31 Jamaica National Building Society32 JN Small Business Loans Ltd.33 JN Fund Managers Ltd.33 National Building Society of Cayman34 JN Money Services Ltd.35 The Creative Unit Ltd.35 Management Control Systems Ltd.36 Jamaica Automobile Association (Services) Ltd.37 Manufacturers Credit & Information Services Ltd.38 NEM Insurance Co. (Jamaica) Ltd.38 JN Finance Ltd.39 Corporate Social Responsibility45 Financial Highlights46 Executives50 General, Senior and Regional Managers53 JNBS Overseas Officers54 Chief Office & Overseas Managers55 Branches, Member Service Managers & Member Ambassadors56 Directory Listings58 Subsidiaries & Associated Companies59 Membership of Boards & Committees60 Attorneys-at-Law, Auditors & Bankers61 Auditors’ Report63 Financial Statements

Mission StatementWe are a mutualorganisation satisfying ourmembers and customerswith acompetitive range ofsavings, mortgage loans,financial and other services,directly and throughour subsidiaries.2

Notice Of Annual General MeetingNotice is hereby given that the 135th Annual GeneralMeeting of shareholders of the Jamaica NationalBuilding Society will be held at the Jamaica PegasusHotel, located at 81 Knutsford Boulevard, Kingston 5,in the parish of Saint Andrew at 4 o’clock in theafternoon of Tuesday, September 22, 2009.The following items of business will be considered:1. To receive, consider and adopt the following:i) The Directors’ Report for the year endedMarch 31, 2009ii) The Statement of Accounts for the year endedMarch 31, 2009iii) The Auditors’ Report for the year endedMarch 31, 20092. To elect Directors3. To appoint Auditors4. To transact any other business permissible by theRules at an Annual General MeetingBy Order of the Board5 August 2009Byron L WardSecretary2 - 4 Constant Spring RoadKingston 10,Jamaica, W. I.2008 Annual General Meeting3

Voting Procedures36(a) Qualification and Method ofVoting at Meetings of MembersEvery question submitted to any meeting ofmembers shall be decided by a simple majorityof votes and such votes shall be taken in thefirst instance by a show of hands, upon whichthe decision of the Chairman of the meetingshall be final. A Poll may (before or on thedeclaration of the result of the show of hands)be demanded by:36(b) Voting by Proxyi. Votes may be given personally or, subjectto the ensuing provisions of this paragraph,by General Proxy or Special Proxy.36(d) Personal InterestNo member shall vote either personally or byProxy on any question in which he shall havea personal interest distinct from the othermembers.i. The Chairman of the meeting orii. at least ten members who are entitledto vote at the meeting and are presentin person or by proxy and in the eventof such a demand it shall forthwith betaken by ballot, counting or otherwise asthe Chairman may decide and then everymember qualified to vote shall have onevote and if there is an equality of votes theChairman shall give the casting vote inaddition to his vote as a member. In case ofshares held jointly, only the person whosename appears first on the account shall beentitled to vote and all communications ofany kind shall be sent to that person.36(e) Misbehaviour of MembersIn case of gross misbehaviour on the part of amember or of disobedience to the ruling of theChairman at any meeting, the members presentshall have power by their votes to deprive theoffender of his right of voting at that meeting.36(f) Counting of VotesIf on a show of hands or on a Poll:i) any votes are counted which ought notto have been counted, orii) any votes are not counted which oughtto have been counted,the error shall not vitiate the decision arrived atunless it shall, in the opinion of the Chairman,be of sufficient magnitude so to do.Extracted from the Book of Rules.4

Mergers, Acquisitions & FoundersWestmoreland Building Society(founded August 13, 1874)1967Manchester Mutual Building Society1970St. James Benefit Building SocietyBrown’s Town Benefit Building SocietySt. Ann Benefit Building SocietyDecember 1970Change of name tothe Jamaica National Building Society1976St. Thomas Mutual Building Society1977Jamaica Permanent Building Society1983St. Mary Benefit Building Society1996Hanover Benefit Building Society2001Jamaica Savings & Loans Building SocietyReverend Henry ClarkeFounder of theWestmoreland Building Society(1874)Reverend Josias CorkThis photograph is believed to be that ofthe Reverend Josias Cork, founder of theSt. Ann Benefit Building Society (1874)John E. KerrChairman of the St. James BuildingSociety from 1883 to 1903. The Societywas founded in 1874Ernest ClarkeOne of the founders and firstChairman of theManchester Mutual Building Society(1955)John GerrardMarchalleck, JPOne of the two persons spearheadingthe move from the St. Thomas MutualBuilding Society, which had its first meetingon June 1, 1897Reverend Edwin JamesTouzalin, JPFounder of the St. Mary BenefitBuilding Society (1915)J.H. AllwoodSolicitor and founder of theBrown’s Town Building Society (1893)5

ChairpersonsReverend Henry Clarke1874 - 1907Hugh Clarke1907 - 1944Eric Clarke1944 - 1966J. Osmond H. Hudson Snr.1966 - 1976Keith Francis, JP1997 - 2002Hon. Oliver Clarke, OJ, JP1977 - 1997 &2002 - PresentGeneral ManagersLancelot Reynolds, OD, JP1976-1999Earl Jarrett, CD, JP1999 - presentAll the Chairmen, with the exception of Mr Keith Francis, were also General Managers.6

The Batticks: A Special Familywith a Powerful JN BondCalvin Battick has a half-smile across his serene face when he quietly says, “Iam truly blessed.”The Batticks of Havendale, in Kingston, have a history which has paralleledand intersected with that of Jamaica National Building Society for threequartersof a century. Like the Society, Calvin emerged from rural Jamaica, inhis case from Clarendon, where his father was a successful farmer.He too came to Kingston and found success in the rapidly growing metropolis.Just at the time when the Westmoreland Building Society, the Jamaica Nationalforerunner, moved to bigger quarters at Hendon Circle in Savanna-La-Mar, hebegan contemplating a merger with a very exceptional lady.She was a trainee nurse at the Kingston Public Hospital in 1959, the yearJamaica’s building societies formed their first Association. He was 32 and hada good job, and most of his friends were already married.“I decided the time was right when I found the right person,” he revealed.Three years after meeting, they were married. The enterprising Merlyn got anursing job in the United States, and Calvin, a trained printer, followed heron a path so many have taken. Jamaica had gained its Independence, andfor the young couple, the world was their oyster.This was also a period of tremendous transformation for the building societymovement in Jamaica with the mergers of Manchester Mutual BuildingSociety, St. James Benefit Building Society, Brown’s Town Benefit andSt. Ann Benefit into Westmoreland Building Society. In December of 1970,this institution became the Jamaica National Building Society (JNBS).In 1972, Calvin and Merlyn chose to return to a Jamaica which was then onthe cusp of dramatic changes. He and Merlyn had decided that their youngsons - Shaun, Steve and Kirk - should have the privilege of a solid Jamaicanupbringing. “My friends thought I was crazy.” He had planned to start hisown business in Jamaica, but was offered a job at the newly establishedAcco Brands American/Jamaican joint venture company, ultimately stayingthere 28 years. “I enjoyed it.”Merlyn played a decisive role in their resettlement. “She had a driving forcefor any sort of business, even in getting a house.”They were living in rented accommodation in Havendale when Merlynset her mind on acquiring a new home. It was she who was instrumentalin securing financing for the family home that would become the centreof the universe for the Batticks. “We bought our home through JamaicaNational,” he recounted.In 1978, when they got the mortgage, the Jamaica Permanent Building Societyhad merged with the JNBS a year earlier. And the year before that, theSt. Thomas Mutual Building Society had also merged with the Society whichwas expanding rapidly across the island.In Havendale, where the Batticks finally settled permanently, the communitywas still relatively new, with cows wandering through open gates to graze onwhat had recently been pasture land. Mango trees were everywhere, havingbeen cultivated on the property before it was sub-divided.The boys went to the nearby Calabar High School and their spiritualpath required only short walk from home. “We were all members of theMeadowbrook United Church.”Merlyn had developed an attachment to Jamaica National, which wascemented when the manager of the JNBS New Kingston Branch, Eric HoSang,Photographs:(1) Wedding in 1962 (2) Calvin Battick(3) Merlyn with her Dodge Colt car in the early 1970s7

was particularly helpful in securing their home. With that experience, she ensuredthat her children had their own saving accounts with JN from the 1970s.“We would be encouraged to put money away when we got gifts,” said Shaun.“She developed that money consciousness in us.”“The best thing in life my mother taught me was tithing,” Steve agreed. After hetook his first paycheck to his mother, she showed him how to put some moneyaway for the church, some to pay household bills, some to be saved, andwhatever was left over he was free to spend.“As a child, I never understood the principle,” Steve said. “Now I do.”When the boys got older, they followed careers in Jamaica. Shaun, the eldest isa manager at one of Jamaica’s leading retail chains; Steve, the second son, is atelecommunications engineer; Kirk is an information systems manager.They found the influence of their parents and their early start as JamaicaNational savers had a profound effect on their investment choices.“Home ownership is a must,” said Kirk, who describeshimself as a very logical person. “I tell just about any youngperson I know, that they are wasting time and money if theyare renting.”A mortgage may initially be “a little heavy,” Kirk admitted,“but you can start small and use that as a stepping stone.”Steve, who describes himself as a hard worker, said heused the money he saved with JN, to provide a deposit forhis first home in Portmore. “It was the best investment Iever made.”Shaun said he did not ask or shop around when hesought his first mortgage. “I just headed straight to JN. Ihad no problems.”Kirk is now seeking a mortgage to acquire anotherproperty. “We have no reservations about theinstitution,” he declared.After a thorough vetting of their potential matesby Merlyn, the boys got married and started theirown families. Calvin said, “We have three lovelydaughters-in-law.”When the grandchildren came - there are eight now- Merlyn ensured that they too were initiated intosaving with JN. Shaun said, “My mother startedaccounts for all the kids.”It is this intergenerational transfer of confidence, which has made JamaicaNational the largest Building Society in the Caribbean, and one of thelargest financial institutions in the island, with assets exceeding$100 billion and growing rapidly.After Calvin Battick retired from Acco in 2001, Shaun and his family movedback to Havendale to provide a supportive presence, and so the home onceagain rings with children’s voices.“Coming home from the United States with the boys paid off,” Calvin asserts.“They are all doing pretty well.”And the Havendale home which JN helped them acquire remains central totheir lives as the place where they gather for important occasions.Merlyn died four years ago, but Calvin Battick still has his trademark slow, carefulsmile which has stayed with him for 78 years. “I have no regrets.”Photographs:(1) Calvin Battick (second from left) with (l-r) sons Steve, Shaun and Kirk(2) The family home(3) Seated:- Calvin Battick (2nd right) and grand children (from left) Samuel,Riana, Abigail, Standing:- Kerry-Ann, Daniel, Shauna-Kay, Joel, Joshua8

PictorialTuey Brady Murdock (2nd left), Vice-President andCounsel of First American Title Insurance CompanyLimited, discusses Title Insurance with (from left)Earl Jarrett, General Manager, Jamaica National BuildingSociety; Ronald Graham, Chairman of Caribbean TitleLimited; and Chris Hind, then Acting General Managerof NEM Insurance Company Limited. Occasion wasthe launch of Title Insurance in Jamaica at the JamaicaPegasus Hotel on April 15, 2008.Emile Spence (left), then General Manager ofJN Money Services Limited (JNMS) and Earl Moore,President of Guardian Life Limited shake hands toseal the contract for JNMS to collect premiums onbehalf of the insurance company. The signing tookplace at Guardian Life’s Head Office at 12 TrafalgarRoad on April 30.Earl Jarrett, General Manager, Jamaica NationalBuilding Society, accepts his national award, theOrder of Distinction Commander Class (CD), fromthen Governor-General, His Excellency the MostHonourable Sir Kenneth Hall at the National IndoorSports Centre on October 20, 2008.Jamaica National Building Society employees joinmembers of the public on Knutsford Boulevard, NewKingston, to celebrate the victory of the men’s 4x100meter relay in the 2008 Olympics in Beijing, China.9

PictorialStoryteller Amina Blackwood Meeks (background)teams up with a representative from the MovementsDance Company to bring to life the story of the Maroons.The occasion was the JN Group 2009 Calendar Launchat the Jamaica National Building Society Half-Way-TreeBranch on Sunday December 14, 2008. The calendarwas launched under the theme: ‘The Journey of theMaroons.’Jamaica National Building Society (JNBS) 2008 MBAScholarship awardee, Twayson Laird, (second right)receives an HP laptop computer from JNBS’ AssistantGeneral Manager, Llewelyn Bailey (right). FormerExecutive Director of the Mona School of Business(MSB), Professor Neville Ying (left), and ExecutiveDirector of MSB, Professor Evan Duggan, participatedin the presentation ceremony at the Mona School ofBusiness on September 5, 2008.Earl Jarrett (left), General Manager, Jamaica NationalBuilding Society (JNBS) and Carlton Barclay (centre)Assistant General Manager, Finance, Administrationand Planning, JNBS, in discussion with FatherGregory Ramkissoon, Director of Mustard SeedCommunities Jamaica as he outlined the recoveryplans for Sophie’s Place, which was badly damagedby Tropical Storm Gustav. Occasion was the openingof the JN Mustard Seed Recovery account with$1 Million at the JNBS Half-Way-Tree Branch onSeptember 11, 2008.Leon Mitchell (right), then Business DevelopmentExecutive at the Jamaica National Building Society,greets His Worship the Mayor of Kingston andSt. Andrew, Senator Desmond McKenzie and PrimeMinister the Honourable Bruce Golding. Occasionwas the unveiling of a monument at the corner ofChurch and Tower Streets on November 2, 2008 inhonour of children slain under violent circumstancesin recent years.10

PictorialDelano Franklyn (right), former Senator, examines thebook “A Bitter-Sweet Journey” authored by CouncillorEunice Whitfield ‘Whit’ Stennett as Paulette Simpson,Jamaica National Building Society’s (JNBS) ChiefRepresentative Officer in the UK, and Llewelyn Bailey,Assistant General Manager, JNBS, look on. Occasionwas the launch of the book at the Devonshire Restauranton June 19, 2008. The launch was organised to coincidewith the Third Biennial Jamaican Diaspora Conferenceheld in Kingston in June 2008Earl Jarrett (left), General Manager, Jamaica NationalBuilding Society (JNBS), talks with philanthropist andVirgin Atlantic’s airline mogul, Sir Richard Branson(centre) and Professor Gordon Shirley, Principal, TheUniversity of the West Indies, Mona. They were atthe Mona School of Business Think Tank at the Ritz-Carlton Hotel, Montego Bay, on November 29, 2008.Six male and six female students from The Universityof the West Indies, Mona. University of Technologyand Northern Caribbean University, were officiallyrecognised as JN Scholars for the 2008/2009 academicyear at a Tertiary Scholarship Reception held at theJNBS Half-Way-Tree Branch on September 28, 2008.Seven of the scholars were awarded full tuitionscholarships; two, bursaries; and three, book grants.Harry Belafonte (left), Actor, Composer and Author, andthen Governor-General of Jamaica, His Excellency theMost Honourable Professor Sir Kenneth Hall (centre),in discussion with Earl Jarrett, General Manager ofJamaica National Building Society and Co-Chairmanof the Diaspora Preparatory Committee. Occasion wasthe Jamaica Diaspora Conference Dinner Dance at theJamaica Pegasus Hotel on June 17, 2008. More than700 Jamaicans in the Diaspora participated in the ThirdBiennial Jamaican Diaspora Conference held under thetheme, ‘Borderless Partnership for Development’.11

Mutuality StatementThe Jamaica National Building Society wasfounded on the principle of mutuality whichhas guided the Society’s progress and conductthroughout the last 135 years.Based on mutual trust and benefit, mutualitymeans that the Society is owned by its members- the people who save with it, and that theSociety strives to safeguard the interests ofthose members.As a mutual organisation, the Society’s maingoal is to increase its membership base andencourage savings among members primarilyto help them acquire homes.The Society also strives to manage the savingsof its members prudently with the interest ofsavers in mind. As such, it seeks to satisfy theneeds of both savers and borrowers by offeringattractive rates of interest on savings andloans.The Society’s business conduct is also guided bymutuality; one member, one vote, regardless ofthe amount of savings of each member; thus theinterest of the smallest saver is safeguarded asmuch as the interest of the largest. The Societyalso seeks to operate efficiently and profitablyto the greater benefit of its members.12

Board of DirectorsThe Hon. Oliver Clarke worked with the Societyas Assistant General Manager and then as GeneralManager from 1971 to 1976. He held the positionof Chairman of the JNBS for two decades from1977 to 1997; and he served as Deputy Chairmanfrom 1997 until 2002 when he was reappointedChairman.Mr. Clarke is the Chairman of NEM InsuranceCompany (Ja.) Ltd. He is also Chairman of JN MoneyServices Limited, the parent company of JamaicaNational Overseas companies in the United Statesof America, Canada and the United Kingdom.Mr. Clarke, a Chartered Accountant, is Chairmanand Managing Director of The Gleaner CompanyLtd., Past President of the Private SectorOrganisation of Jamaica (PSOJ) and Chairman ofSangster’s Book Stores Limited. He is President ofthe Commonwealth Press Union (CPU) and formerPresident of the Inter-American Press Association(IAPA).Hon. Oliver F. Clarke, OJ, JPFCA, B.Sc. (Econ)ChairmanHe is a Board Member of several organisations andalso served as Chairman of National CommercialBank (Jamaica) Limited. In 1990, he received theAmericas Award from the Americas Foundation,and in 1996 the PSOJ inducted him into its Hall ofFame. In 2004 he was recognised as a CaribbeanLuminary by the American Foundation for TheUniversity of the West Indies. The American Friendsof Jamaica awarded Mr. Clarke its InternationalHumanitarian Award in April 2006.13

Board of DirectorsDr. Dhiru Tanna has been a member of the JNBSBoard since 1981, Chairman of JN Fund ManagersLtd. since 2005 and a long standing member ofthe Society’s Investment Committee. He is alsoChairman of JN Finance Ltd. and a Director ofthe Society’s subsidiary, the National BuildingSociety of Cayman. Dr. Tanna is a Director of theDevelopment Bank of Jamaica Limited.A graduate of the University of London and theUniversity of California, Berkeley, Dr. Tanna is anEconomist. He is a former Director and Chairman ofa number of Jamaican and West Indian companies.His career spans assignments in Uganda, the USA,Puerto Rico and several organisations in Jamaica,and other CARICOM states. Some of these entitiesinclude Neal & Massy Holdings Ltd., The Universityof the West Indies, Jamaica National InvestmentCo. Ltd. (JNIC) and Capital Development Fund.He is the Managing Director of Lumber Depot,a building materials outlet in Kingston and BluePower Ltd., which manufactures soap.Dr. Dhiru TannaBSc (Econ), MA, PhDDeputy Chairman14

Board of DirectorsMr. Earl Jarrett was appointed General Managerof JNBS in October 1999. He joined the Societyin May 1997 as Executive with responsibility forCompliance and Overseas Subsidiaries. Mr. Jarrettis a member of the Society’s Board and all its localand overseas subsidiaries. He is the Chairman ofthe Jamaica Automobile Association (Services) Ltd.(JAA), Manufacturers Credit & Information ServicesLtd., the JNBS Foundation and the Jamaica NationalOverseas companies.A Chartered Accountant and graduate of TheUniversity of the West Indies, Mr. Jarrett is DeputyChairman of the Jamaica Tourist Board (JTB). Heis the Honorary Secretary of the Private SectorOrganisation of Jamaica, and a member of theExecutive Board of the Caribbean Association ofHousing Finance Institutions (CASHFI). He is alsothe Chairman of the Jamaica Cancer Society anda Trustee of the Dudley Grant Memorial Trust andthe YWCA Trust. He is a Director of the GleanerCompany’s UK and North American Boards. Aformer Council Member of the Institute of CharteredAccountants of Jamaica and past President of theRotary Club of New Kingston, he also served asa member of the National Task Force on PoliticalTribalism.Earl Jarrett, CD, JPFCA, MSc (Accounting)General ManagerMr. Jarrett is a Member of the National Council ofJamaica, Order of St John; and The University ofthe West Indies Mona Campus Council. In 2008he received two major awards in October he wasconferred with the Order of Distinction, in therank of Commander (CD), in the national honoursawards by the Government of Jamaica for servicein the financial sector. Mr. Jarrett also received thePelican Award from The University of the WestIndies Alumni, Florida Chapter, in February foroutstanding work in business development amongthe Jamaican Diaspora in the USA.15

Board of DirectorsDr. Henry Brown became a member of the Boardin 1970 on the merger of the St. James BenefitBuilding Society with JNBS. He later resigned fromthe Board to pursue activities in representationalpolitics. In 1989, following his retirement fromactive politics, he rejoined the JNBS Board. He hasbeen recognised for his contribution to nationallife by the award of the Order of Distinction(Commander Class). Dr. Brown is a medicalpractitioner in Montego Bay, St. James.Mr. Parris A. Lyew-Ayee joined the Board ofDirectors in June 2007, having previously servedas a Director of NEM Insurance Company (Ja.)Limited, a subsidiary of JNBS. In April 2009 hewas appointed Chairman, JN Small Business LoansLimited.Dr. Henry A. A. P. Brown, CDMD, LRCP, LRCSHe is also a member of the Boards of Directors of theJamaica Bauxite Institute, St Ann Jamaica BauxitePartners Ltd., the Water Resources Authority, theNational Resources Conservation Authority, andCaribbean Cement Co. Ltd. He serves on the Boardof the King’s House Foundation, and on the CampusCouncil and the Finance and General PurposesCommittee of the Mona Campus of The Universityof the West Indies.Mr. Lyew-Ayee is a member and current Presidentof the Geological Society of Jamaica; a member ofthe International Committee for Studies of Bauxites,Alumina and Aluminium (ICSOBA), and the Societyof Mining Engineers of the American Institute ofMining, Metallurgical & Petroleum Engineers. He iscurrently the Deputy Chairman of the Stella MarisChurch Council.Parris Lyew-Ayee, CDBSc. M.Eng.A geologist and mineral engineer, Mr. Lyew-Ayeeis the Executive Director of the Jamaica BauxiteInstitute, where he has spent most of his workinglife. He is acknowledged as an expert on Jamaicanbauxite and the industry in general; and hasmore than 24 papers published on bauxite, bothlocally and internationally. He is also known forhis work on the management of local and regionalgeological and mineral resources for developmentand environmental sustainability.16

Board of DirectorsMr. William Mahfood was appointed to the Boardin July 2006. He holds a Bachelor of Sciencedegree in Industrial Engineering & ManagementInformation Systems from Northeastern University,Boston, Massachusetts. Prior to joining the JNBSBoard, Mr. Mahfood was a Director of JN SmallBusiness Loans Ltd.Mr. Mahfood joined the family business in 1988and has been Managing Director of the WisyncoGroup Ltd. since 1994. He is very active in outreachprogrammes in Spanish Town and its environs.William Mahfood, B.Sc.Mrs. Jennifer Alayne Martin, an Attorney-at-Law,has been a Director of the Board since the mergerof the Jamaica Savings & Loan Building Society andthe JNBS in 2001.She served as Director of the Jamaica Savingsand Loan Building Society from 1996 to 2001.Mrs. Martin is also a Trustee of the JNBS GroupPension Plan.A partner with the law firm Robinson, Phillips &Whitehorne with offices in Ocho Rios, St. Ann,Mrs. Martin was admitted to practice as a Solicitorin Jamaica in 1970 and has extensive experiencein conveyancing. She is a member of the JamaicanBar Association and the Northern Jamaica LawSociety.Jennifer Martin, JP17

Board of DirectorsThe Hon. Dorothy Pine-McLarty has been amember of the Board since September 1998. Sheis the Chairperson of the Board of Trustees of theJNBS Group Pension Plan and a Director ofJN Money Services Ltd.Hon. Dorothy Pine-McLarty, OJHaving practiced law for some 37 years, she retiredfrom the partnership of Myers, Fletcher & Gordon,but remains a Consultant. She served as the head ofthat firm’s Property Department from 1992 to 1995and was Managing Partner of the firm’s Londonoffice from its inception in 1995 until June1998. Admitted as a Solicitor of the Supreme Courtof the United Kingdom in 1995, Mrs. Pine-McLartyserves on the Boards of several organisationsincluding the Jamaica Basic Schools’ Foundation(United Kingdom) Limited. She is a member of theBoard of Governors of the St. Andrew High Schoolfor Girls, the Chancellor’s appointee to the Councilof the University of Technology, Chairperson of theAccess to Information Tribunal and an independentmember of the Electoral Commission of Jamaica,formerly the Electoral Advisory Committee.Mrs. Pine-McLarty was awarded the Order ofJamaica in October 2007 for outstanding publicservice.Mr. Peter Morris was appointed to the JNBS Board inJanuary 1993. He is a Director of JN Fund ManagersLtd., NEM Insurance Company (Jamaica) Ltd. and JNFinance Ltd., and a member of the JNBS InvestmentCommittee. Mr. Morris holds a Bachelor’s Degreein Economics from The University of the WestIndies and an MBA in Finance from the ColumbiaUniversity Graduate School of Business. He hasextensive management and Board experience,including seven years as Chief Operating Officer ofJamaica Producers Group Limited.Peter MorrisBSC (Hons.) MBA18

Board of DirectorsMr. John Small has been a Director of the Societysince September 1998. He is a former DeputyDirector of Social Services for the London Boroughof Hackney, England, and a former non-executiveDirector of North London University.John SmallBA (Hons.), CQSW, FBMIMr Small is a member of the Board of Governors ofUnited Way of Jamaica and is a former Lecturer inthe Department of Sociology, Psychology and SocialWork at the University of the West Indies, where hespecialised in Human Services Management andInternational Migration. He was Chairman of thePlanning Institute of Jamaica’s “Working Groupon International Migration” and founder andPresident of the International Returning Residents’Association. Mr Small is currently engaged inManagement Consulting in Human Services.Mr. Maximilian Campbell joined the Society in 1998.He has served in the areas of branch operations andhuman resource development. He is presently theCompensation & Benefits Manager in the GroupHuman Resource Development Department. He iscurrently the Chairman of the Daisy Thompson EarlyChildhood Institution and past Executive Directorof the Clarendon Association of Street People(CLASP). A graduate of the University Collegeof the Caribbean, Mr. Campbell has completed aMaster of Science degree in Workforce Educationand Development at the University of Technology.He also holds a Diploma in Teacher Educationfrom Church Teachers’ College and a certificate inJamaican Securities from the Jamaica Institute ofManagement.Maximilian Campbell, MScStaff Director19

Board of DirectorsMr. Byron Ward joined the Society in 1995. Hefunctions as Corporate Secretary and Legal Counselto the Society and several of its subsidiaries, andis the Trust Secretary of the JNBS Group PensionPlan.He is a graduate of The University of the WestIndies and the Norman Manley Law School. Hewas admitted to practice as an Attorney-at-Law in1983. Mr. Ward is a member of the Jamaican BarAssociation.Byron Ward, LLBCorporate Secretary and Legal CounselJOHN J CUNNINGHAM, JPOctober 24, 1952 – April 6, 2009The Chairman, members of the Boardof Directors, management and staff ofthe Jamaica National Building Society(JNBS), JN Small Business Loans Limited,NEM Insurance Company (Ja) Limited,and the JNBS Foundation express sincerestcondolences at the passing of our Director,Mr. John J. Cunningham.Mr. Cunningham was appointed to the JNBSBoard in September 1999, and throughouthis tenure made sterling contributions to thegrowth of the JN Group.With considerable experience in business,information technology, marketing, andfinance, Mr. Cunningham was a source ofinvaluable information and was alwaysdepended on to provide insightful andimpactful solutions. He made vitalcontributions to the Society’s Informationand Communication Technologiesstrategies, based on his leadership of theIT Steering Committee that was establishedto restructure and improve technology atJNBS.His quiet persona, easy-to-approachdemeanor, and humility created a safe havenfor anyone who sought dialogue with him.Mr. Cunningham’s significant contributionswere also extended to the JNBS subsidiaries.He was Chairman of the JN Small BusinessLoans Limited; and a Director of NEMInsurance Company (Ja.) Limited and theJNBS Foundation. He was also a Trustee ofthe JNBS Pension Fund.In the wider society, Mr. Cunningham’sexpertise was instrumental in enhancing thework of corporate and educational entities.He was a former Director of the PetroleumCorporation of Jamaica, the DevelopmentBank of Jamaica, and the South East RegionalAuthority; former Chairman of the Board ofBellefield High School and Chairman of theBoard of Belair High School.He was also the Managing Director of PioneerChocolate Company Limited in Manchester.The JNBS family extends deepest sympathiesto his widow, Christalia Volaitis; children,Nicholas and Peter John; parents John J., Snr.and Vena; sister Valerie, and brother Robert.20

Corporate Governance StatementThe JNBS Board is committed to upholdinghigh standards of governance in all areas ofthe Society and the Group. Through a wellestablishedgovernance framework, the Boardprovides leadership and monitors the businessaffairs of the JN Group on behalf of themembers and other stakeholders to whom theyare accountable.External RegulatorsJNBS, which is established under the BuildingSocieties Act, is licensed as a financialinstitution under the Bank of Jamaica (BuildingSocieties) Regulations 1995 and is, therefore,regulated by the Bank of Jamaica. JNBS is alsoaccountable to the relevant financial authoritiesoverseas who grant licences for the Society tooperate Representative Offices in the UnitedKingdom, United States of America and Canada.All of these external bodies have establishedregulations and timelines for compliance,and these requirements are adhered to by theSociety and all entities within the Group.The BoardThe JNBS Board is comprised mainly ofindependent directors who bring characteristicsthat allow for a balance of qualifications, skills,expertise and experience. The mandate of theDirectors is to ensure that the Society operateswithin stipulated ethical and legal guidelines,and that proper records and accountabilitystandards are established, maintained,documented and audited.The Board reviews its composition on an annualbasis in order to maintain the appropriate mixof experience and competence. Where it isconsidered that the Board would benefit fromthe services of a new director with particularskills, the Board conducts critical assessmentof qualified candidates and selects the mostsuitable individual.Internal ControlsThe Board reviews the business risks towhich the Society may be exposed throughintegrated risk management programmes,which ensure that risks are identified, assessedand appropriately managed. Mechanismsare put in place to facilitate effectiveimplementation of these programmes. Someof these systems include the Audit Committeethat oversees internal audit matters, and theRisk Management Unit, which consistentlyreviews the adequacy of strategies and policies forrisk management. These internal control systemsenable the Society to achieve its corporateobjectives within a managed environmentof research, analysis and prudent decisionmaking in the best interest of members and incompliance with all regulatory requirements.Board CommitteesIn addition to the Audit Committee, the Boardhas three committees through which it ensuresthat good governance is achieved. Theseinclude the Proxy Committee, which authorisesthe Chairman of the Board to carry, if necessary,the votes of members in absentia, at theAnnual General Meeting; the CompensationCommittee, responsible for reviewing and settingthe compensation levels for senior officers ofthe Society as well as an Investment Committeewhich handles investment and finance-relatedmatters. The names of the members of thesecommittees are listed in this annual report onpage 59.Good corporate governance is fundamental tothe Society’s culture and business practices. TheBoard of Directors remains committed to theseprinciples, as it seeks to protect its members andmaintain the integrity of the Jamaica NationalBuilding Society and entities in the JN Group.The JNBS Board of Directors met 11 timesduring the last financial year. The Boards of thesubsidiary companies met as scheduled.21

Chairman’s Report 2008/2009In addition, we launched a corporate campaign, whichfocused on the theme “solid, safe and secure,” to underscorethe solidity of the Society.The confident response from members boosted the Society’ssavings by $10 Billion to $63 Billion, which was 20 percentabove the previous year. This increase in savings is evidenceof the trust that members have demonstrated in the stabilityof the organisation in its management of funds.Hon. Oliver F. Clarke, OJ, JPFCA, BSc (Econ)ChairmanLast year, the Jamaica National Building Society (JNBS) andits subsidiaries earned positive returns to the benefit of allour members. Despite the negative global economic climatethat impacted the Jamaican economy, our organisationcontinues to provide quality products and services andrecord strong returns on savings and investment.Financial Performance to March 2009In its 134th year, the Society continued to be the third largestfinancial institution regulated by the Bank of Jamaica; fullyJamaican owned; and the leading building society in theCaribbean, with the largest portfolio of loans valued atapproximately $35 Billion, as at March 31, 2009.The assets of the JN Group grew to $107 Billion, a gainof $16 Billion, which is indicative of the confidence thatour members place in the Society and its subsidiaries. TheGroup’s net surplus before tax stood at $2 Billion, after aone-time $559 Million write down in our equity investmentportfolio. This is a significant reduction when compared tothe $5 billion in profit for the previous year, which includedthe disposal of equity investment in Lascelles DeMercado& Company Limited.There were outstanding performances by the individualsubsidiaries, as outlined in the Business Review on pages31-38 of this annual report; and, we have consolidated ouroperations to ensure that the Group remains strong andviable, and continues to be prudent in its managementdecisions.The Society is committed to introducing new products thatoffer stability and high returns, with the lowest risk. Duringthe year under review, the Partna Plan, the JN High Yieldcontractual savings account and the JN Pioneer Club seriesof long term investments were offered to members of theSociety, and were marketed through all branches across theisland, as well as the JNBS Representative Offices overseas.The Society also disbursed over $7 billion in mortgages, a6 percent increase above the prior year. At the same time,we discontinued the mandatory savings component of themonthly mortgage loan payment, which many membersused to clear their arrears, although some persons continuedthe savings option. And, some 401 members were rewardedwith incentives for making their payments on time, duringthe preceding year.In addition, the Society has entered a new era in mortgageprocessing, with the introduction of an electronic documentmanagement system to streamline its loan processingoperations, and improve its effectiveness and efficiency.The establishment of a new Underwriting Unit, headed by aSenior Manager and geared to improve credit administration,was among the innovations in the past year. Now, documentscan be processed faster, and members can access loans in ashorter time frame.Expansion InitiativesIn the last quarter of the fiscal year, the Society, throughits subsidiary, JN Money Services Limited, expanded itsoperations with the addition of new JN Money TransferAgents across the island, and the opening of two MoneyShops in Old Harbour, St. Catherine and Highgate, St. Mary;as well as in the Caribbean, with the contracting of an Agentin Dominica. The company also increased its presence inthe international market, with the appointment of the GhanaMerchant Bank in Accra, Ghana, as an Agent, which has anextensive network in that country.The Ghana remittance service is available throughJN Overseas UK Ltd., the United Kingdom subsidiaryof JN Money Services Limited; and this African link nowprovides us with new opportunities to serve the GhanaianDiaspora of some four million persons.Sales Culture TransformationLast year, the Society carried out a comprehensive SalesCulture Transformation Project that trained some 500employees in our branches and sales offices to adoptthe “JN Preferred Way of Selling.” Under this project, ourteam is better equipped to use productive sales techniques,pursue referral sales strategies, and maintain interactivesales dialogue with members.In concert with the new sales initiative, an additionalprogramme to “fix the basics” was carried out by the newEnterprise Project Management Office which effectively22

Chairman’s Reportcomputerised manual operations to improve efficiencies andreduce overtime in our branches and offices. The changeseffected, to date, have resulted in better “turn-around-time,”particularly in the banking hall of our branches.Also important to the development of our employees was thereorganisation of the Group Human Resources DevelopmentDepartment, with the appointment of an Executive and aSenior Industrial Relations Manager.Members’ BenefitsJamaica National continues to identify new ways in whichmembers can gain from their association with the BuildingSociety, through specially targeted benefits such as freeutility bill payment services at all our locations, includingJN Money Shop Xpress. In addition, members can accessseveral “no cost” services, including: free ATM transactionsat any Multilink location; free Point-of-Sale transactions;free Money Transfer Card to collect remittances; and freeInternet banking at LIVE by JN.We encourage members to visit the “JN Rewards Page”on our website at www.jnbs.com to learn more about allthe benefits they can enjoy by showing their JN Teller 24/7ATM Card when they shop at any of the more than 200participating merchants across the island.Our quarterly Members’ Meetings, held from October toNovember 2008, continue to provide a forum in whichmembers can meet with managers and executives, andreceive timely updates about their Society’s activities, theenhancement of products, new services and special memberbenefits. These meetings also offer a context in whichthey can get answers to their own questions, and makesuggestions about the direction of the organisation and itssubsidiaries. The following series of quarterly meetings wereheld between June and July 2009.All members are encouraged to take an active interest in theoverall management and operation of the Society; and tonote that their membership makes them eligible to vote forthe re-election of Directors and the passage of resolutionsproposed at the Annual General Meeting to beheld at the Jamaica Pegasus Hotel, in Kingston, onTuesday, September 22, 2009.The Customer Service Survey, conducted by pollster, BillJohnson, in September 2008, indicated that members andcustomers rated the treatment and care provided by theSociety at 97 percent, one percent higher than the previousyear; and the overall Customer Satisfaction Index rose bytwo points from 84 to 86 percent. In addition, membersand customers gave high ratings for the feel and look of ourlocations, how they were treated, as well as, the accuracy oftheir transactions; and 97 percent of our members said theywould recommend JNBS to a friend or relative.Financial Planning MeetingsConsistent with its leadership role, during the year, theSociety stepped up its drive to assist members and citizensin the wider community to improve their financial literacyand take better advantage of current savings and investmentopportunities. In that regard, executives and managers ofthe JN Group spearheaded a series of Financial PlanningMeetings across the island, in Montego Bay, Mandeville,Ocho Rios and Kingston. In addition, a small team ofmanagers continues to meet with church groups and civicorganisations, as well as companies that are restructuring.At another level, Jamaica National supported a high schoolFinancial Literacy programme to teach young Jamaicans,ages 14-18, about savings. This initiative was spearheadedby the Caribbean Institute of Media and Communications atThe University of the West Indies and was supported by theSociety’s School Savers’ Programme. There are, currently,some 785 schools participating in the JN School Savers’Programme, which involves more than 103,000 students,with total savings of $220.7 million.Corporate Social ResponsibilityJamaica National demonstrated its appreciation andunderstanding of the development needs in our country,by addressing some of those concerns through its on-goingprogramme of Corporate Social Responsibility, whichengages our members overseas; and reaches into localrural and inner-city communities to change the lives of ourpeople.The organisation teamed with the Victoria Mutual BuildingSociety to establish a joint venture, the Mutual BuildingSocieties Foundation, in February 2008. The objectiveswere to assist non-traditional or upgraded rural highschools to become Centres of Excellence, and to providetechnical assistance and financial resources to improvestudent performance, teacher quality, and the administrativeefficiencies of schools, in full support of the strategicobjectives of the Ministry of Education.McGrath and Mile Gully High are the first schools toparticipate in the programme; and we have already seenpositive indicators in terms of improved facilities, accessto new technologies and higher levels of academicachievement from students. Four additional high schools:Porus High in Manchester, Seaforth High in St. Thomas,Green Pond High in St. James and Godfrey Stewart High inWestmoreland were added in 2009.Another significant area of achievement has been in thework of the Jamaica National Building Society Foundation,which restructured its operation, re-branded its projects,and renewed its drive to foster rural regeneration throughpartnership building, networking and the development ofnew projects. The Foundation is committed to “innovating,inspiring, impacting… and Leading with Action…to changethe physical, psychological and spiritual lives of Jamaicansat home and in the Diaspora.”In the past year, the community resource centre, TheSource, which was developed by the Society and originallylaunched in August Town, was replicated in Maverly asThe Source JAA, the Breds Source in Treasure Beach,23

Chairman’s Reportand The Source St. Ann in collaboration with the St. AnnChamber of Commerce. With its cyber café, businessdevelopment services, resource library, training, andmeeting facilities, the Source is opening up a new level ofopportunity for under-served communities. A fifth Source istargeted to come on stream next year, and will be locatedin Savanna-la-Mar, Westmoreland, where the Society wasfounded.The Foundation’s Partnership for Education, in collaborationwith the United States Agency for InternationalDevelopment (USAID), is seeking to increase financialresources to support primary education in Jamaica, withassistance from JN Money Services Limited and Jamaicansin the Diaspora.Other projects currently on stream, include ResolutionProject 09, replacing Youth Zoom, which seeks to buildphoto-journalism and advocacy skills among rural highschool students. The former Branch Advisory Council,now renamed the JN Members’ Advisory Council (MAC),carried out sustainable projects to benefit communitiesacross the island, with activities ranging from parentingcentres, school gardening and poultry rearing projects, tothe donation of critically needed equipment for hospitals.We continued our Outlook for the Future economic forums,focusing attention on the impact of the global economiccrisis on Jamaica. Our special guests were the Minister ofFinance and the Public Service, the Hon. Audley Shaw andrepresentatives from Jamaica Trade and Invest.Regulatory ComplianceThe Society observes the compliance regulations establishedby the Bank of Jamaica (BOJ). At the end of the 2008/2009financial year, the Society was in conformity with the BOJ’sprovisioning guidelines that require 50 percent provisioningfor the principal balance of loans which are in arrears for12 to 18 months, and full provisioning for loans in arrearsfor over 18 months. Loans and advances on which interestis no longer accrued amounted to $4.7 billion at March31, 2009, representing 13.3 percent of the gross mortgageloan portfolio, as against 12.2 percent at the end of March2008.At the end of the financial year, the Society’s risk-basedcapital ratio stood at 23 percent. This compares favourablyto the ratio of 22 percent, which obtained last year, andsignificantly surpasses the Bank of Jamaica requirementthat the ratio of total capital to total risk-weighted assets bemaintained at 10 percent.Retiring DirectorsPursuant to Rules 24 (a) and (b) of the Society’s Rules, theretiring directors by rotation are:1. Dr. Henry A. A Brown, who has served on theBoard for 39 years2. Mr. William Mahfood, who has been on the Boardfor 3 years3. Mrs. Jennifer Martin, who has given 8 yearsservice to the Board.These three directors, being eligible, offer themselves for reelection.Our AuditorsThe firm of KPMG, Chartered Accountants and Auditorsof the Society, retires in accordance with the Rules of theSociety, and, being eligible, offers itself for re-appointment.Condolence to the Family of John CunninghamTowards the end of the year, we expressed our condolencesto the family and friends of John J. Cunningham, Jnr., whoserved the Board of the Society for just under ten years andwas also Director of the JNBS Foundation. He was alsoChairman of the Society’s subsidiary, JN Small BusinessLoans Limited. John contributed, in great measure, to thework of the Society and his positive interventions will bemissed.Commendations to EmployeesWe are highly appreciative of the professional servicesthat our employees bring to the day-to-day managementof our organisation; and commend them for the valuablecontribution that they have made during the past year.Through their ongoing individual educational pursuits andthe training that they are able to access through the Society’sPerformance, Learning & Development Centre, we continueto achieve high customer service scores from members. Onbehalf of our members and Board, we applaud them andthank them for their unswerving commitment.Confident Despite the OddsThe economic indicators all point to a challenging yearahead, as the Jamaican economy grapples with the negativefinancial and social impact of the global economic recession.Our achievements in the past year attest to the fact thatwe have a strong and competent team; and we assure ourmembers that we will continue to seek innovative solutions toprotect their investment and long-term security. The Societywill also continue to provide increased benefits to assistmembers to cushion the economic pressures during the nextfinancial year. We are confident that with continued prudentand safe management of its operations, the JN Group willremain the pace-setter in the marketplace, and will also bewell-poised to capitalise on emerging opportunities that willbe advantageous to our members.The Hon. Oliver F. Clarke, OJ, JPChairman24

General Manager’s Report 2008/2009Our primary focus was to address the welfare ofour most vulnerable members and customers.From an organisational perspective, wedeveloped a multi-pronged approach to theeconomic challenges. It included island widefinancial planning meetings, at which therewere more than 1,000 persons in attendance;town meetings in communities affected by theclosure of large bauxite companies; specialpresentations to employees of companiesimpacted by the global recession; and seminarson how to stimulate creative ventures within themedium, small and micro enterprises sector.Earl Jarrett, CD, JPFCA, MSc (Accounting)General ManagerOverview of Economic EnvironmentThis has been one of the most challengingperiods in the 134-year history of the JamaicaNational Building Society (JNBS), impactedmainly by the effects of the housing meltdownin the United States of America, which morphedinto a global financial crisis.The ripple effect resulted in steep declines inexports, slowdown in economic growth, tightcredit restrictions, job loss, and reduction inincome in many countries as the economicrecession worsened.Governments around the world respondedby implementing assistance programmes toprevent major financial sector fallout. InDecember 2008, the Jamaican governmentunveiled a stimulus plan to assist key sectors– such as manufacturing, micro enterprise,tourism, and real estate – to stay afloat.Incentives to the sectors included provisionof working capital for the tourism sector;elimination of custom user fees on some goodsand raw materials for the manufacturing sector;reduction of stamp duty and transfer tax onreal estate; funding to assist small and mediumsize businesses; and the announcement of theremoval of tax on dividend.Your building society responded to the crisiswithin the context of our commitment to thetenets of mutuality – which is to safeguard theinterest of our members.The Society also implemented several strategiesto assist members. A Mortgage StrategicResponse Unit was established to work withmortgagors who were experiencing financialdifficulties to help them find mutually beneficialsolutions. Some financial ease was providedwith the removal of compulsory upkeep savingsas a part of mortgage payments; and interest raterebate for persons who paid their mortgages ontime; as well as alternate financial solutions,such as an extension of mortgage terms, andseveral other options.Simultaneously, rates were increased onvarious savings and deposits accounts, andnew investment instruments such as the SolidGrowth and Pioneer Club series introduced toprovide attractive returns to members.Financial ResultsOne of the strengths of the Society has alwaysbeen our practical approach to businessand keen attention to the needs of members.Profitability fell during the year due to prudentdecisions to soften the impact on members inresponse to changed market conditions.The Society also experienced a decline in profitdue to three main factors - impairment loss onshares owing to a substantial reduction in shareprices; challenging financial markets due toerratic movements in foreign currency trading;and minimal profit margins between interestrate payments on deposits and investmentsmade by the Society.Notwithstanding, the Society’s Net SavingsIntake increased from $5.7 Billion to $6.1 Billion.There was also an increase in total lending of$34.8 Billion, which is a 21.8 percent increaseover the $28.6 Billion reported last year.25

General Manager’s ReportMortgage origination for the fiscal year was$7.88 Billion, moving from $7.65 Billion inthe previous year, while Disbursement grew to$7.5 Billion up from $7 Billion.Enhanced Service DeliveryDuring the year, Jamaica National maintainedbrand presence and superiority as one of thetop global brands from the Caribbean, which istotally Jamaican-owned. The brand is definedas solid, safe and secure, and we will continueto build our operation around protecting it.Internationally, we sought to improve our levelof output to members in the Jamaican Diasporawhom we serve, particularly in the UnitedKingdom (UK), United States of America (USA),and Canada. This through several series ofmeetings entitled Outlook for the Future in allthree countries, Wealth Creation Roundtablesin the USA and Immigration Seminars in theUK. These meetings provided a comprehensiveperspective on Jamaica and highlightedopportunities for investment; as well as,outlined programmes and policies to improvethe quality of life in Jamaica. Our services toJamaicans overseas also extended to the thirdbiennial Diaspora Conference, held in Jamaica,in June 2008.Locally, we continued to raise awareness of theJN brand and promote the ease in transactingbusiness through modification and branding oflocations namely at the Half-Way-Tree, OchoRios, St Ann’s Bay and Mandeville branches andJN Money Shop Xpress locations; expansion ofthe JN ATM network; and opening of JN MoneyShop locations in Old Harbour, St Catherine; theHalf-Way-Tree Transport Centre; and Highgate,St Mary.The Society sacrificed profitability by improvingthe branch network to ensure that membersatisfaction was consistent with our VisionStatement which highlights our commitmentto the delivery of excellent, quick and efficientservice.The JN Money Services Limited partnershipswith the City Of Kingston Co-operative CreditUnion, Guardian Life Insurance Company andthe National Housing Trust also expanded ourreach by providing additional service locationsfor members and the public-at-large.We also enhanced service delivery by mountingour new interactive website in December,which increased information flow; and throughavenues such as our internet banking facility,LIVE by JN. The increased integration of servicesacross the JN network, for instance, access toJN Small Business Loans micro finance andNEM insurance services, have also contributedto greater member satisfaction.Another area in which the Society soughtto improve service delivery was to addressthe affordability and availability of access tohealth insurance services. The Society soughtto acquire Blue Cross of Jamaica; however, theprocess was not completed.Our membership thrust continued to reap richrewards with the 2008 Customer SatisfactionSurvey reflecting a 98 percent satisfaction levelamong our members, an increase of one percentover the previous year.Once again, we demonstrated that as a modernmutual building society we can deliver value tomembers. This is consistent with our objectiveof being the hub of financial life for membersand customers, whether it is through accessto savings, personal car loans, insurance, orinvestment opportunities.Improved EfficiencyDuring the period under review, the Societyidentified the need for greater efficiency whilewe grow our business within the competitiveenvironment in which we operate.In that vein, we revamped the mortgage processto facilitate speedier underwriting and approvalof loans. The Mortgage Department was renamedthe JN Loans Processing Centre with fourdistinctive departments: Underwriting, Closing,Loans Servicing, and Records. Concurrent withthis was the rollout of electronic documentmanagement to move documents around andsignificantly reduce the time for approval ofmortgage loans.Electronic document management was alsointroduced in other aspects of the Society’sback-end operations with the implementationof a document scanning project, and archivingand retrieval system.A review of the Society’s existing bankingplatforms, e-Money, Phoenix and other bankingsystems, indicated that there was need toupgrade. This resulted in the introduction of the26

General Manager’s ReportSoftware Oriented Architecture (SOA) Projectto improve efficiency in areas such as over-thecountertransactions.We also tightened our internal operations bystreamlining some processes under the Fixthe Basics Programme; and establishing anEnterprise Project Management Office (ePMO)to better coordinate and manage projectinitiatives. The Fix the Basics Programmeidentified inefficiencies throughout the Society’soperations and implemented cost-effectivesolutions, including computerising manualoperations.In an effort to increase market share and improveservice delivery, the Society implementeda sales strategy project – Sales CultureTransformation that resulted in the training ofsome 500 employees to adopt the “JN PreferredWay of Selling.” The aim is to provide a uniquemember experience that can only be deliveredby a mutual organisation.This new, achievable goal-planning systemempowers Customer Service and SalesRepresentatives to shift the marketing strategyfrom one of “product management” to focus on“relationship management.”Industry and RegulationDuring the past year, we maintainedcompliance with existing and new laws andregulatory requirements in all our operatingmarkets. The Society also coped with changesto the regulatory environment in respect ofaudit, treasury, compliance and improved riskmanagement initiatives.Jamaica National has aligned its treasuryoperations in keeping with government’simplementation of a Real Time Gross SettlementSystem (RTGS) for inter-bank settlements and anelectronic Central Securities Depository (CSD)for all fixed income Government of JamaicaSecurities issued in the local market. JamClear,an amalgamation of these two governmentsystems, is expected to improve efficiency inthe local financial market and reduce risksinherent in the physical movement of chequesand securities for large volume transactionsamong financial institutions, the Ministry ofFinance and the Public Service, and the Bankof Jamaica.From a compliance perspective, an independentreview of Jamaica National’s complianceinitiatives was conducted by Kroll &Associates from which there were a number ofrecommendations to improve and strengthencorporate governance. During the year we alsoexamined our business continuity managementcapability, and several areas for improvementwere identified, to enhance processes andreduce operational risk. The Risk ManagementUnit was also assessed and recommendationsmade by Ernst & Young. In addition, the Societybegan work to develop ICAAP, the InternalCapital Adequacy Assessment Process with aninternational consultancy firm.Subsidiaries HighlightsJN Finance Limited consolidated its loanprogrammes by bringing consumer loans intothe mainstream of financial activities.The remittance sector experienced an overalldecline during the year; albeit, JN MoneyServices Limited achieved marginal increase inits operations. In addition to the appointment ofa new General Manager, Miss Leesa Kow, thecompany also extended its global reach, nowoffering remittance services between the UnitedKingdom and Ghana.The name change process for NEM InsuranceCompany (Ja.) Limited is almost complete andwas preceded by the appointment of its newGeneral Manager, Mr. Chris Hind. NEM alsoupgrade its insurance platform SIRIUS, andestablished an internal processing centre forelectronic document management.The Jamaica Automobile Association(JAA), along with Management ControlSystems Limited, partnered with the MonaGeoInformatics Institute, which developed theGarmin GPS Navigational Unit, to market andretail the product. The JAA also launched theglobal initiative, Make Cars Green campaign,to educate drivers about more eco-friendlyand fuel-efficient driving techniques. It hasalso partnered with the National Road SafetyCouncil on local initiatives such as the Below300 project, which aims to lower the numberof road deaths below 300 by encouraging roadusers to, among other things: obey speed limits,ride motorcycles with helmets, wear seatbelts,and not to drink and drive.Micro financing through JN Small Business LoansLimited (JNSBL) continued to positively impactsmall and micro entrepreneurs through fundingmade available by the Tourism EnhancementFund and Development Bank of Jamaica.27

General Manager’s ReportOutreach ActivitiesThe Society recognises that its continuedgrowth and development are intricately linkedto the progress of our people and country. We,therefore, sought to commit our resources tobuild social capital, improve the quality of life,foster economic development and contribute tocommunity building.The JN National Recovery Fund facilitateddonations from persons overseas to assist inrehabilitating schools and hospitals damagedduring the passage of Tropical Storm Gustav.JN International Money Transfer also waivedremittance fees on donations received locallyand overseas for these efforts.The Society also collaborated with The Universityof the West Indies on several research initiativessuch as a study conducted by the TropicalMedicine Research Institute in November2008, to assess the impact of JN Small BusinessLoans’ micro-credit programme on health anddevelopment in Jamaica. The study revealedthat JNSBL beneficiaries ultimately enjoyed animproved quality of life as against persons ofsimilar status who were not involved in microenterprise.Through the JN Scholarship programme, weengaged in educational partnerships withtertiary and secondary institutions to providefinancial resources needed for students topursue studies.The Jamaica National also fostered dialoguelocally and internationally, and provided thoughtleadership at approximately 50 major speakingengagements to groups, including—churches,such as the Jamaica Baptist Union, Church ofGod in Jamaica and the New Testament Churchof God; tertiary institutions—The University ofthe West Indies Campus Council and NorthernCaribbean University Board of Governors;and parish development initiatives with theSt Elizabeth and St Mary Homecoming WeekCelebrations. There has also been input onregional issues through the Inter-AmericanDialogue, the Jamaican Diaspora Conferenceand more recently, the Civil Society Forum ofthe 5th Summit of the Americas. This is all inan effort to help to build the knowledge base ofour people.Our PeopleDuring the period under review we mournedthe passing of two stalwarts who servedthe organisation well and whose work andmemories are indelibly etched in the annalsof the Society. Our Deputy Chairman, GeorgeMagnus, will always be remembered for hissharp wit and keen insight. And, the selflesscontribution of our former General Manager,the charismatic Lancelot ‘Lanny’ Reynolds,will long be remembered by employees andmembers alike.The professionalism and work ethics of ourpeople established the base on which weaccomplished much in the past year. Therefore,on behalf of the management team, I expressour deep appreciation for their dedication andloyalty. And, we are positive that our employeeswill continue to rise to the challenges in thechanging economic environment.ConclusionAfter what has been a very testing year, welook forward to the continued support of ourmembers; and again thank you, our staff, astogether we forge ahead to meet new challenges,confident in our commitment to the highestlevel of service, because at Jamaica National,our Members are Everything!Earl W. Jarrett, CD, JPGeneral Manager28

Vision StatementWe are the premier provider of financial and other services, not only inJamaica, but with certain products internationally. We are the institutionof first choice against which other financial institutions in Jamaica arebenchmarked.Our image of excellence, trustworthiness and high standards is clearlyetched in our philosophy and values, and reflected in the treatment ofmembers, customers and the community. We have attained full mission,vision and goal congruence within JNBS and its subsidiaries.We are an organisation enabled by cutting-edge technology, which allowsus to deliver superior products and excellent service quickly and efficientlyresulting in true customer satisfaction. Our products and services aredelivered through all channels.We have a working environment, which keeps staff happy and motivated.All the members of our team are knowledgeable and well qualified. Ourstaff members understand the JNBS philosophy and are committed toexcellence in all areas of their work, especially in the delivery of customerservice.We have established a clear understanding of the value of membership inthe Society. The many special benefits that accrue to our ever-expandinggroup of loyal members have validated the concept of mutuality. We arewell positioned to approach the future with confidence and continue to bevigorous participants in the development of Jamaica.

Exclusive JN Member Benefits• Free transactions at any JNBS orMultilink ATM• Free Point of Sale transactions• Free Internet Banking, LIVE by JN• Free Utility Bill payment at JNBSbranches, JN Money Shop Xpress,JN Money Shops, JN Financial Servicesand via LIVE by JN• Free Money Transfer Card (collect yourremittance at your convenience)• Up to $200,000 free on contentinsurance if member insurescontents for a minimum of $1M andhas peril (homeowners) insurance withNEM Insurance Company• Merchant discounts linked toJN Teller 24/7 card• Low money transfer fees• Expansive network of money transferagents overseas• Saturday opening at most Jamaicanlocations with extended hours onFridays• Low mortgage rates• Convenient access to NHT benefits• Access to an affordable health plan(JN Health)• Discounts at NEM Insurance Company• Twenty percent discount on JAAmembership fees• 15% disount on motor insurance atNEM Insurance CompanyPension Expediter Benefits:• No fees for cheque withdrawals• Free JAA membership for one year• Twenty percent discount on motorinsurance from NEM Insurance Company(subject to normal underwritingguidelines)• Up to $200,000 free on contentinsurance if member insures contentsfor a minimum of $1M and hasperil (homeowners) insurance withNEM Insurance Company• Financial advice from JN Fund Managers• Free health insurance (JN Health) forone year• Free JAA membership for one year(roadside assistance)• Free financial advice from JN FundManagers (Annual Women’s Seminar)Women’s Mortgage Product• No processing fees• Discount on home security system• Free mammogram at JamaicaCancer Society15% Premier Mortage Applicants• Free JAA membership for one year• Free JN Health policy for one year• Discount on home security system• Up to $200,000 free contents insurance(NEM Insurance Company)• Discount on closing costs30

Business ReviewBusiness ReviewJN Group OverviewDespite forecasts about the negative trends in theglobal economy, the companies and organisationsin the JN Group maintained consistent growth inthe fiscal year 2008/2009, further increasing theGroup’s asset base; and delivering an expanded suiteof financial, investment and professional services tomembers and customers, locally and overseas.During the year under review, the total assets of theJN Group exceeded $100 Billion for the first time,moving from $90.5 Billion to $106 Billion as atMarch 31, 2009; and the Group achieved a pre-taxsurplus of $1.8 Billion.A substantial volume of the Group’s work impactsJamaicans in the Diaspora, through RepresentativeOffices in the United Kingdom, Canada, the UnitedStates of America and locations in the Caribbean,operating in accordance with stated regulations inthe respective countries. As a result, our nationalswho reside overseas enjoy consistent access toinformation about products and services offered bythe JN Group.The JN Group operates in four distinct servicecategories:• Financial: Jamaica National Building Society,JN Small Business Loans Limited,JN Fund Managers Limited, JN FinanceLimited and the National Building Societyof Cayman• Remittances: JN Money Services Limited• Professional Services: Management ControlSystems and its subsidiaries, ManufacturersCredit and Information Services Limited andthe Jamaica Automobile Association; TotalCredit Services Limited and The CreativeUnit Limited• General Insurance: NEM Insurance Company(Ja.) LimitedThe management of these entities is guided by worldstandard customer service, as evidenced by surveys,which indicate some 97 percent in customersatisfaction; 21st century marketing and salestechniques, using the “JN Preferred Way of Selling”;and clearly defined corporate social programmes,designed to build social capital in the communitiesand countries in which the Group operates.The key elements of the JN Group’s financialperformance in the last fiscal year are as follows:Jamaica National Building SocietyAlthough the 2008/2009 financial year was impactedby uncertainties in the global economy, the JamaicaNational Building Society (JNBS) continued to makepositive gains in its core business, as a result ofimproved marketing strategies and a commitment toenhance its products and services.During the period, JNBS achieved a net surplus of$798 Million after exceptional impairment losseson equity investments of $559 Million. And, thetotal revenue generated during the financial yearincreased by 25 percent, moving from $6.9 Billionto $8.6 Billion, with interest on loans increasing by19 percent, an upward movement from $3.2 Billionto $3.9 Billion.Core BusinessDespite the macroeconomic environment, JamaicaNational continued to achieve growth in itscore businesses, with impressive increases in itsmortgage disbursements and net savings intake. AtMarch 31, 2009, the Society had saving deposits ofapproximately $62.7 Billion, which was20 percent more than the recorded $52.1 Billionfor the preceding year.During the 2008/2009 financial year, the mortgageportfolio, including approximately 17,279 loans,increased by some $6.2 Billion, and at the end of theperiod, stood at $34.8 Billion. A total of 1,477 newmortgages, valued at approximately $7.4 Billionwere disbursed during the period under review,representing a 6 percent increase over the previousyear.Asset BaseRecords at the end of March 2009 reflected growthin the Society’s asset base, which is now valued atsome $77.3 Billion, and representing a 17 percentincrease in value, when compared to last year’sfigure of $66 Billion.31

Business ReviewGroup ComplianceDuring the past financial year, the Group ComplianceUnit continued to perform its role and responsibilitiescreditably in all markets. There are three ComplianceUnits located in the UK, North America and Jamaica,headed by an Executive Officer in Jamaica.Group Compliance monitors all operationalprocedures across the JN Group and, on a monthlybasis, reports directly to the JNBS Board. It alsosubmits monthly and quarterly reports to thedesignated authority, the Financial InvestigationsDivision. Training is high on the compliance agendaand, as a result, the Unit oversees an ongoing trainingprogramme to ensure that a healthy complianceculture is established and fostered throughoutthe Society. Most of the training is conducted inconjunction with the Performance Learning &Development Centre.Towards the end of the financial year and, in keepingwith international best practice, an independentassessment of the Group Compliance Unit was doneby Kroll Associates Inc. The report revealed that theUnit has an established and vigilant Anti-MoneyLaundering (AML) compliance programme.JN Small Business Loans LimitedFrank WhylieGeneral ManagerIn recent years, the microfinance sector in Jamaicahas achieved significant growth, and has establisheditself as a prime area of development for the Jamaicaneconomy. As such, JN Small Business Loans Limited(JNSBL), one of the leaders in the sector, plays amajor role in stimulating economic growth from the“base of the pyramid.”In addition, JNSBL manages a portfolio for theTourism Enhancement Fund (TEF). Over the reviewperiod, some 33 loans valued at $93.67 Millionwere disbursed; and as at the end of March 2009, theTEF portfolio consisted of 33 loans with a principalbalance of $88.47 Million.JNSBL, which operates from some 30 locationsacross the island, continues to be innovative andproactive in its approach to meeting and exceedingthe expectations of its clients. The company hasstrengthened its training initiatives with the JamaicaBusiness Development Corporation (JBDC) for thebenefit of clients; developed new products to includepersonal, educational and motor vehicle loans; aswell as a website that will provide information andguidelines for small business management, and theproducts and services of JNSBL. It will be launchedin the next financial year.The company developed an interactive websiteIsupportjamaica.com to garner the support ofJamaicans locally and in the Diaspora for the microbusiness sector. The site, which is in the final phase oftesting, will provide a platform for micro businessesto access loans or grants.The tremendous efforts of the JNSBL to provideservices for the benefit of its clients have contributedto the company being identified as the institution ofchoice by 80 percent of small business operators,as evidenced in a recent survey by pollster, BillJohnson.As JN Small Business Loans Limited expands thescope of its operation across the island, the companywill continue to develop and deliver innovative andaccessible credit to small business operators, whohave limited access to loans from the traditionalbanking sector.During the year under review, JNSBL disbursed some36,381 loans, valued at approximately $1.74 Billion.And, its current loan portfolio as at March 31, 2009included 14,822 loans, valued at $381.9 Million.32

Business ReviewJN Fund Managers LimitedDespite the pressures in markets globally andlocally, JN Fund Managers will continue to provideopportunities and financial solutions to its clients. Thecompany remains forward-thinking and is steadfastin its commitment to generate wealth creation forindividual and corporate clients.The Board of Directors provide astute corporategovernance and the company’s staff remains highlyengaged and dedicated to the shared mission—tocreate wealth and financial security for our clients.Keith SeniorGeneral ManagerNational Building Society of CaymanAt the end of fiscal year 2008/2009, JN FundManagers Limited (JNFM) recorded strong financialperformance evidenced by steady growth inits investment portfolio and off balance sheettransactions. Funds under management rose by 28.6percent to $17.003 billion, an increase of $3.780Billion over the previous year.The company’s pre-tax profit increased by $232.4Million, an increase of 242.59 percent over theprevious fiscal year. Each fiscal quarter saw astrengthening of the company’s profits over theprevious year’s quarter, reflecting the positiveresults of clearly defined strategies and closeadherence to operating discipline. This occurred ina negative environment, adverse market conditionsand financial meltdowns in economies around theworld. Challenges experienced by other institutionsdue to exposure to toxic assets were not faced byJNFM, which was not similarly exposed.Business in pension fund management andadministration increased with new contractsnegotiated, moving pension fund assets to $6 billionat year end.During the period under review, JNFM refinedits selling strategies, reviewed distributionrelationships and strengthened market positioning.Its achievements were due, in large measure, to thecompany’s fiscal prudence, attention to changingclient needs, and expertise in the management ofmultiple asset classes.Access to account information online is scheduledfor completion in the new financial year; and a newwebsite will also enhance the client experience.C A Y M A NDunbar McFarlaneGeneral ManagerThe National Building Society of Cayman (NBSC)grew its asset base by 12 percent above the2007/2008 financial year, with the Balance Sheetamounting to CI$26.37 Million at March 31, 2009.The company recorded profits of some CI$423,000,which represents a reduction of 58.5 percent overthe previous year.NBSC ended the year in a comparatively strongerfinancial position. Our savings fund increasedby 41 percent to CI$19.75 Million; liquid assetsgrew by 261 percent to some CI$5 Million; fixedassets increased substantially to CI$1.9 Million,while liabilities to our parent society, JNBS, weresignificantly reduced from CI$4.75 Million to someCI$483,000.Mortgages valued at CI$5.73 Million were sold toJNBS in December 2008; and, thereafter, the NBSCadopted a strategy to build the Savings Fund andmaintain greater liquidity. This approach was drivenby a commitment to place less reliance on fundingsupport from JNBS.NBSC ended the year with a mortgage portfoliovalued at CI$18.46 Million, which is 10.5 percentbelow the 2007/2008 year-end balance. Mortgagesmanaged on behalf of JNBS increased from CI$24.8Million to CI$25.6M. It should be noted that,33

Business Reviewalthough the Savings Fund increased by41 percent, this was outstripped by Interest Expenseswhich grew by 58 percent. On the other hand, themortgage portfolio decreased by 10.5 percent, andLoan Interest Income fell by 24 percent.Fees earned from money transfers increased by32 percent during the year, despite the economicchallenges and adversity experienced by Jamaicanwork permit holders, who are our primary clients.This performance, in the context of an unchangedfee structure, is due to growth in the number oftransactions and the consistent efforts of JNMTAgents. Remittances also contributed to foreignexchange gains, which augmented our incomeappreciably. Our commissioned income ofCI$788,000 fell just short of the CI$794,000 earnedin 2007/2008; and fees from the management ofthe mortgage portfolio owned by JNBS contributedsignificantly to this.Operationally, customer service improved withthe commissioning of the NBSC’s first ATM at ourlocation. This has assisted in expanding our serviceofferings to customers and providing more touchpoints for interaction with the building society.JN Money Services LimitedLeesa KowGeneral ManagerJN Money Services Limited (JNMS) was successfulin its remittance and bill payment operations in the2008/2009 financial year, despite the adverse effectsof the global economic crisis, and the increasedstringency of the regulatory controls in both Jamaicaand the overseas markets in which we operate.Our current distribution network in the UnitedStates of America, the United Kingdom, Canada,the Cayman Islands, Dominica, and St. Vincent &the Grenadines was bolstered as JNMS extendedits international presence by launching remittanceservices in Ghana through a partnership with theMerchant Bank of Ghana. The company now has anetwork of 135 Agents and 20 subsidiary locationsoverseas, and our Caribbean and Latin Americannetwork in some CARICOM states, the DutchCaribbean, the French West Indies and Bermuda, asa result of our partnership with MoneyGram.Local distribution continued to expand withremittance facilities being offered in 15 JN MoneyShop Xpress locations, four City of Kingston CooperativeCredit Union (COK) branches and fournewly-established independent Agents across theisland.The inbound transactions of the JN Money Transferbrand achieved growth of 8 percent across allmarkets during the last year. While the overallvalue of transfers sent recorded a 9 percent increaseover the prior year, it became evident in the lastquarter that senders begun to feel the impact ofthe global economic crisis, as the average value oftransfers started to decline. In the case of outboundremittances, transactions grew by approximately11 percent for the financial year 2008/2009. Ourintra-island service grew by 190 percent due to ourpartnership with the National Housing Trust (NHT)to facilitate the processing of NHT ContributionsRefunds throughout our network.The bill payment facility continued to grow as, inaddition to the 15 JN Money Shop Xpress locationsisland wide, we have signed on new companiessuch as M. Z. Holdings Jamaica Limited (CoolCards), Columbus Communications Jamaica Limited(FLOW), Long Mountain Country Club, NuvilleJamaica, First Union and Contact Net. Bill paymenttransactions increased by 184 percent over the lastfinancial year.JNMS intends to continue to build and maintainits customer base though our Loyalty Programme,which offers rewards for use of the JNMT service.The programme currently includes more than 18,000members located across the UK, USA and Canada.JNMS has also remained a good corporate citizenby providing assistance to the education, health andsports sectors.It should be noted that remittances worldwide arepredicted to decline over the next year due to therecession in major source countries, such as theUSA, Spain, Japan and the UK; however, JNMS iscommitted to contributing to the continued successof the JN Group. We have initiated projects to34

Business Reviewensure sustained growth in existing markets whilepursuing rapid expansion into new markets. Wewill continue to put our customers first by offeringthem better value, world class customer service, thelatest technological innovations, as well as new andattractive product offerings.The Creative Unit LimitedAs we continue to re-energise our efforts, emphasis isplaced on upgrading of skills and specialised trainingof staff members with the aim of keeping the teamabreast of industry trends. As media options widenand move beyond the traditional, TCU’s MediaDepartment has embraced this and non traditionalmedia is now a part of the offering to our clients.TCU is proud to be a part of this dynamic Group whosefocus is on Membership and one that demonstratesthrough all its actions that “Membership Matters!”Management Control Systems Limited andSubsidiaries JAA and MCISDonna CarrollGeneral ManagerThe Creative Unit (TCU) is even now more focusedon meeting the creative needs of the Society,while the company continues to offer its full rangeof services to the rest of the JN Group and a fewexternal clients.As more emphasis is placed on Group activities,TCU is called on to create engaging opportunitiesto heighten awareness of the JN Brand, throughthe various advertising campaigns and eventsstaged. Most recently, the JN House at Denbighwas designed and executed by TCU Events PlanningUnit; the end result was a true demonstration of thestrength of the Group. This was very well receivedby all visitors.TCU is proud to have developed the advertisingcampaign for the recently launched JAA RoadSafety programme “Make it Click”. In light of thehigh fatality rate since the start of 2009, TCU fullyendorses the strengthening of road safety initiatives.The JNBS Membership campaign was another fullyintegrated communications programme worked onby TCU wherein the benefits of JNBS membershipexperience were captured and presented in aninteresting manner.Our in-house printing service has expanded andnow delivers most of the short-run printing needsfor the JN Group. The output of the Digital EditingUnit has also extended beyond the developmentof graphics for JNBS in-branch screens. We nowprovide material for placement on external digitaladvertising boards.Shereen JonesGeneral ManagerManagement Control Systems Limited (MCS) hasdistinguished itself as the leading local providerof cutting-edge technology solutions in softwaredevelopment and the provision of hardware fromaccredited partners Microsoft and Hewlett Packard.Performance highlights for the company over theyear include increased revenue inflows – with grossprofit running at 53 percent above the previousyear for non-transaction processing activities, andservices specific revenue at 57 percent above the2007/2008 figure. Much of this improvement wasdue to an increased focus on key customers anddeepening the relationship with them. In responseto the dynamic nature of our business, rising costsand the changing needs of our customers, MCSundertook some restructuring in the last quarter ofthe year, resulting in a 25 percent reduction in staff.MCS also focused on improving product and serviceofferings. Among the initiatives mounted were thedevelopment of new options to enhance our suite ofpayroll products, the introduction of a new paymentsolution to complement our current offerings in themarketplace; enhancement of our product supportfunctions to include Microsoft’s Dynamics CRM forCustomer Relationship Management – with JNBS asour first customer; and migration of our point-of-sale(POS) payment solutions to the new POS platform.35

Business Review• The JAA worked along with FIA and theInternational Assessment Programme IRAP toimprove the safety of the local road network,and lobbied the Government to introduce theIRAP programme in Jamaica. As a first step,IRAP has provided funding to supportimplementation of the programme. The fundswere used to compensate HEART Trust/NTAData Entry Operators employed to update thebacklog of crash data.• The Make Cars Green (MCG) project wasinitiated by FIA and was launched in Jamaicain December 2008. The MCG, an internationalenvironmental campaign, aims to reduce theimpact of motoring on our planet. FIA launchedthe project on World Environmental Day,June 2008; and MCG leaflet, outlining greenermotoring targets and steps to reduce impact onthe environment, are now available throughoutJamaica.• Member Discounts: The local Show Your Cardand Save discount programme continues toexpand with some 200 participants. Merchantsare highlighted on the JAA website; and arefeatured in the Association’s monthlyE-Newsletter. In addition, copies of the 2009AAA US member discount guide are madeavailable to JAA members who travel to the USA.The JAA remains committed to promoting theimportance of road safety in Jamaica through theseand other initiatives such as participation in theroad safety demonstration programme in schools,which is conducted by the Mobile Unit of theJamaica Constabulary Force with the use a truckequipped with road safety teaching aids donated bythe Association.Manufacturers Credit & InformationServices Limited (MCIS)Manufacturers Credit & Information Services Limited(MCIS) continues to dominate the local vehicleexpense management market through the provisionof a fleet management/debit card service, whichallows for the monitoring, audit and control ofvehicle related expenses in a cost effective manner.The company recorded steady growth, both inJamaica and Trinidad & Tobago; and this, along withthe acquisition of the remaining shares and businessassets of the company in 2008/2009, contributed toits strong financial performance which was reflectedin a pre-tax profit of approximately $46 Millioncompared to $11.7 Million in the previous year.During the year under review, MCIS became a whollyownedsubsidiary of Management Control Systems,following the acquisition of the remaining 25 percentshareholding from PanCaribbean Financial Services(PCFS) Limited.MCIS’ ADVANCE brand continues to be dominantin the marketplace. During the past year, MCISparticipated in the public tender and was awardedthe contract to continue to provide services for theGovernment of Jamaica.ADVANCE customers and vendor partners inJamaica benefitted from significant improvementsin functionality and reporting that were made tothe hosting systems and the Web Portal, and whichfacilitated increased convenience and flexibility in themanagement of their fleet of vehicles. The installation,in July 2008, of new point-of-sale equipment andhosting hardware resulted in significantly improvedprocessing speed, and system reliability of 99.9percent. The Web Portal was introduced to Trinidad& Tobago during this reporting period and receivedexcellent responses.Since April 2008, MCIS expanded its operating hoursto 16 hours daily, with the exception of Christmas Dayand Good Friday. The company also enhanced fieldservice support to vendor partners and implementeda technology-based Customer Service System, whichhas resulted in improved service delivery to bothvendors and corporate clients.The significant systems upgrade undertaken byMCIS during the year under review have effectivelypositioned the company to attain its goal of expandingits business throughout the Caribbean region, aligningits operations with the best technologies available,and becoming the provider of choice in the field ofvehicle expense management systems.37

Business ReviewNEM Insurance Company (Ja.) LimitedJN Finance LimitedChris HindGeneral ManagerNEM Insurance Company (Ja.) Limited is one ofJamaica’s largest and strongest general insurancecompanies with a book of business that focuseson personal lines and selective small and mediumcommercial risks. Last year, returns to shareholdersimproved three-fold, as increased investment incomeand a much improved underwriting performancein the non-motor area resulted in a strong profitperformance for the financial year, January toDecember 2008.The company was among three of the 11 Jamaicangeneral insurers that succeeded in passing theRegulatory Minimum Asset Test (MAT), and is widelyconsidered to be the strongest in the market in termsof capital adequacy.Management continued to focus on improvingoperational efficiency during 2008 with productivitydoubling in key areas at the company’s core. Severalexciting technology-based initiatives have beenimplemented to enable these gains to gather furtherimpetus in the next year. These initiatives includethe introduction of Electronic Content Management(ECM), which will eventually see NEM establishinga paperless working environment; and, a state-ofthe-artmanagement information tool, which willprovide real-time data to guide business and riskmanagement decisions.The expanded sales network in the Jamaica NationalBuilding Society branches generated a profit in itsfirst full year of operation; and the company hasrecently introduced a special offer for membersof the Society, designed to make motor insurancemore affordable in the current testing economicenvironment. This concentration on enhancing thecustomer experience resulted in major renovationsat the King Street offices, particularly in the customerservice areas, and a redesign of the claims operationsarea, to ensure that settlements are fast and fair attimes of greatest need.Arnie FrancisGeneral ManagerJN Finance Limited (JNFL) provides credit linefinancing such as consumer, auto and premium loans,and other credit facilities including construction,equipment and bridge financing.Despite the challenging economic climate, thecompany posted outstanding financial results. Thecompany’s after-tax profit was $48.9 Million, whichrepresents an increase of 415 percent over$9.5 Million in 2008/2009. Net interest incomeadvanced by 153.3 percent to $84.2 Million from$33.2 Million, as earning assets and marginsimproved significantly.The company’s loan portfolio expanded by$189.3 Million to $567.2 Million, up from$377.9 Million in the previous year. This explosivegrowth was mainly attributed to the continuedimplementation of strategic development programmelaunched last year, in addition to the judiciousmanagement of the company’s finances.The increased visibility enjoyed by JN Finance atJNBS locations across the island, following therebranding of the company, has received positivepublic response. However, while our business hasgrown, many of our corporate objectives are still tobe met. In the 2009/2010 financial year, JNFL willcontinue to pursue its strategic initiatives and buildon the gains achieved last year.JN Finance is committed to its strategic objectives, aswe continue on a consistent growth path and striveto increase our market share.38

Corporate Social ResponsibilityOver the decades, Jamaica National BuildingSociety (JNBS) made a conscious decision, as amutual society, to serve the underserved in ourcountry, to play a pivotal role in the buildingof communities where our members reside; aswell as to “give back” to the communities fromwhich the Society has grown.In its 134 years of operation, the Society,working in tandem with other entities, has madesignificant contributions that have changed thelives of people in the areas of education, healthand sports; and stimulated the building of socialcapital throughout the country.While the JNBS Foundation pursued projectsthat are targeted to impact rural regeneration,the Society continued to support CorporateArea programmes and national projects, in theinterest of its members, to influence sustainednational development.During the past year, the Society continued itssponsorship of several national projects; andmade selected interventions in response tocritical circumstances that warranted timelyassistance.Gustav RecoveryAfter Tropical Storm Gustav caused the floodingand destruction of Sophie’s Place, operatedby the Mustard Seed Communities, in GordonTown, the Society contributed $1 million toassist with the redevelopment of the facility,which serves some 42 young people who arephysically challenged.In addition, two departments in the Societysponsor two of the young people at Sophie’sPlace, through personal donations, on amonthly basis.Health ProjectsThe employees of the Society and its subsidiarieswere active participants in the annual “Relay forLife,” the major fundraising event of the JamaicaCancer Society (JCS). Each year, a team of morethan 200 employees participate in the relay,and make personal contributions amounting tomore than $500,000 annually. The Society hasbeen specially recognised for being one of themajor contributors to this vital fund.Since last February 2009, a department and theNurse of the Month, at the University Hospital ofthe West Indies have been receiving incentives,to encourage performance and teamwork.Jamaica National contributes a plaque andother incentives to the programme.A Monument to Slain ChildrenLast year, the Society was a major contributor tothe erection of the Monument to Slain Children,located at the intersection of Church and TowerStreets, Kingston, spearheaded by the Mayorof Kingston and St. Andrew (KSAC), SenatorDesmond McKenzie.The edifice, in honour of children who diedunder tragic circumstances, stands as a reminderof the need to eliminate acts of violence againstyoung people.Rewarding ExcellenceThe Society also contributed to projects, whichrewards the unsung heroes and heroines amongus for their contribution to helping others in theircommunities, such as the Governor-General’sAchievement Award.This achievement programme, which is alsosupported by other building societies andThe Gleaner Company Limited, commendsvolunteerism and selfless giving, which are thehallmarks of those who are selected to bear thetitle of Governor-General Achievement Awardrecipient. The awards highlight key values thatare essential for empowering young peopleand adults, support community building and,ultimately, national development.39

Corporate Social ResponsibilityJamaicans in the DiasporaJamaica National was a key participantin the Third Biennial Jamaican DiasporaConference, which was held in Kingston, atthe Jamaica Conference Centre, in June 2008,under the theme, “Borderless Partnership forDevelopment.” Jamaicans in the Diaspora werehailed as a “mighty force” in the country’snational development.Many of the more than 700 delegates whoattended the three-day event, for which theGeneral Manager of JNBS was Co-Chairmanof the Preparatory Committee, are overseasmembers of the Society.Education InitiativesIn the area of education, the Society maintainsa consistent scholarship programme, whichsupports the education of our young people atdifferent levels and in various categories:JN Scholars: During the past 25 years, JamaicaNational has awarded approximately 250scholarships to students at the high school andtertiary levels. In September 2008, 47 studentswere awarded scholarships. Of this number,15 were top parish performers in the GradeSix Achievement Test (GSAT), three were topJN School Savers, one from each county; andseven were children of JN employees.Keisha Melhado, Senior Underwriter in the LoanProcessing Centre, Jamaica National, reads to studentsof the Maxfield Park Primary School on May 27, 2008.JNBS staff members engage students in readingsessions as part of the Private Sector Organisation ofJamaica (PSOJ) reading programme dubbed “Reading… the Bottomline”. The initiative was introduced lastyear to increase the standard of students at the primarylevel.Some 12 students from The University of theWest Indies, the University of Technologyand Northern Caribbean University were alsoawarded two-year full tuition scholarship,or bursaries. A special reception was held inSeptember, to motive students, and welcomethem as JN Scholars.Summer Interns: Annually, the Society providesthe context in which university and otherstudents receive practical training, in concertwith their field of studies, at the Society. Lastyear some 270 students were interns; andseveral JN scholarship holders were among thisgroup.More than 400 high school students from across theisland converged on the Jamaica Conference Centreon June 13, 2008 for the grand finale of phase one ofa Financial Literacy initiative to improve their moneymanagement skills. The JN/CARIMAC project wassupported by Jamaica National through the Society’sSchool Savers’ Programme.40

Corporate Social ResponsibilityHigh School Financial Literacy: Last year, theSociety, through its School Savers’ Programmepartnered with the Commonwealth Secretariatand the Caribbean Institute of Media andCommunication (CARIMAC) to mount aFinancial Literacy Education programme forsome 500 high schools students, ages 14-17,in some 12 high schools across the island. Theobjective was to reinforce the value of soundfinancial knowledge in the minds of youngpeople, to influence behaviour change andencourage wealth creation.At the closing ceremony, which washeld at the Jamaica Conference Centre,students demonstrated what they learnedthrough dramatic performances; and theywere applauded by Mrs. Cheryl Bruce,Commonwealth Secretariat Advisor, for theirgrasp of the programme. She also commendedCARIMAC and Jamaica National for havingmounted the largest and most comprehensiveFinancial Literacy Project in the CaribbeanRegion.A vital component of the programme was theresearch data, compiled by CARIMAC graduatestudents who implemented the teachingprogramme. This data will benefit the Society inits on-going interventions to encourage youngpeople to save.PSOJ Reading Project: Since February 2008,employees of the Society have been activeparticipants in the Reading Project for primaryschools, “Reading the Bottomline,” organisedby the Private Sector Organisation of Jamaica(PSOJ) in association with the Ministry ofEducation.The Dudley Grant Memorial Trust: The EarlyChildhood Education Centre of the DudleyGrant Memorial Trust was the recipient ofsix computers from Jamaica National duringthe past fiscal year. The Centre informs earlychildhood educational practitioners aboutreading and teaching materials to enhance theirwork; and the computers have expanded itstechnology base, to further upgrade the trainingprogrammes for teachers and administrators.Support to SportsSports play a vital role in the development of ouryoung people; and annually, Jamaica Nationalsponsors the Eastern Secondary School SportsAssociation Championship (ESSSA); the Primaryand All-Age School Cricket Competition;and contributes to national and parish sportsprogrammes, such as the Reggae Boyz; theJNBS/St. James Division One League and theJNBS/Hart Senior League.All of these contributions have beeninstrumental in shaping character and refiningthe performance of our young people; as wellas, to encourage discipline in sports; and honeskills for participants to perform at national andinternational levels.At Jamaica National we believe that all ofthese contributions in funds, time and expertiseto impact on the development of education,health and sports in our country go a far way inhelping to build a better society; and our effortsare rewarded by the positive achievements ofour people, locally and overseas.The Society worked with the principal, teachersand students at Maxfield Park Primary School,and based on the positive response, the projecthas been extended. Employees from the Societyvisit the school on a monthly basis to read tostudents; and the principal has attributed newlevels of interest in reading, as well as higherstudent performance to the programme.41

Corporate Social ResponsibilitySacha NeilPaulette Sterling, Manager, Operations, Eastern Region,JNBS, reads to two boys at the Maxfield Park PrimarySchool as part of the Private Sector Organisation ofJamaica Reading programme dubbed “Reading … TheBottomline”Judy Benjamin, Sales Manager, JNBS, celebrates withthe New Forrest All-Age School team who emergedwinners of the 2008 Primary and All-Age SchoolsCricket Competition.Horace Allen, JN Scholar and student of The Universityof the West Indies, at work in the Marketing Departmentduring the JNBS Summer Employment Programme.Some 250 employees of the JN Group participatedin the Relay For Life on June 14, 2008 at the PoliceOfficers’ Club in Kingston. The event, whichattracted more than 3,000 persons, is organised bythe Jamaica Cancer Society to raise funds forits cancer awareness education programme.The JN Group raised $532,000.42

Corporate Social ResponsibilitySacha NeilThe Jamaica National Building Society’s (JNBS)HWT Branch was the venue of a GSAT Reception onSeptember 14, 2008 where 17 girls and eight boys wereawarded five-year scholarships for their outstandingperformance in the 2008 Grade Six AchievementTest. Seven of the recipients are children of JNBSemployees.Leesa Kow (left), then Marketing, Promotions andSales Executive, Jamaica National Building Society(JNBS), and Diana Cunningham, School SaversCoordinator at JNBS, congratulate the three topsavers of the JN School Savers programme in theinfant/basic, primary and secondary level. Theywere at the JN School Savers’ Awards Ceremony atthe Golf View Hotel on July 9, 2008.Marjorie Gaynor (seated) and Masie Wint of theDudley Grant Memorial Trust use one of six computerspresented by JNBS.Krystal Witter, JN Scholar and student at HamptonHigh, accepts a gift from Llewelyn Bailey, AssistantGeneral Manager, JNBS.43

Corporate Social ResponsibilityDorcelyn Cooper lifts her grandson, Carlos, for himto make a contribution to the Dudley Grant MemorialTrust coin collection drive.Jubilant students of Oberlin High proudly displaythe JNBS trophies they won as the overall championschool at the 23rd renewal of the Eastern SecondarySchools Sports Association (ESSSA) Championships.Earl Jarrett, General Manager, JNBS, congratulatesKahliela Levy (centre) and Clover Tobin, YouthAwardees from the parish of St. Thomas at theGovernor-General’s Achievement Awards.Chaneen Walker (left) CSR, HWT Branch, completesdocuments to facilitate the opening of the JN MustardSeed Recovery account. Witnessing the occasion are(l-r) Father Gregory Ramkissoon, Executive Director,Mustard Seed Communities; Karen Oliver, CorporateCommunications Assistant, JNBS; and DoreneJohnson, Assistant Branch Manager, JNBS.44

JN Group Financial Highlights2005 2006 2007 2008 2009Total Assets (J$ M) 57,013 63,469 73,927 90,554 106,794Capital & Reserves (J$ M) 13,691 12,792 14,101 17,649 18,578Loan balances (J$ M) 14,482 18,837 24,427 31,308 37,984Total Savings Fund J$ M) 30,540 35,166 43,138 53,264 64,549Liquid Funds (J$ M) 39,381 40,179 44,922 50,937 62,103Revenues (J$ M) 9,206 9,483 10,595 15,578 15,226Surplus before taxes (J$ M) 2,410 1,745 1,998 5,366 1,807Number of Loans 25,832 28,239 33,106 37,083 37,13557,01363,46973,92790,554106,79413,69112,79214,10117,64918,57814,48218,83724,42731,30837,9842005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009Total Assets ( J$ M)Capital and Reserves ( J$ M)Loan Balance ( J$ M)Total assets up 17.94 % from$90.55 billion to $106.794 billionCapital & Reserves up 5.26% from$17.65 billion to $18.58 billionLoans to members up 21.32% from$31.31 billion to $37.98 billion30,54035,16643,13853,26464,54939,38140,17944,92250,93762,1039,2069,48310,59515,57815,2262005 2006 2007 2008 2009 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009Total Savings Fund ( J$ M) Liquid Funds ( J$ M) Total Revenues( J$ M)Member savings balances up 21.19%from $53.26 billion to $64.55 billionLiquid Funds up by 21.92% from$50.94 billion to $62.1 billionTotal Revenues down 2.26% from$15.58 billion to $15.23 billion25,83228,23933,10637,08337,1352005 2006 2007 2008 2009No. of Loans ( J$ M)37,135 loans, 0.14% more thanthe 37,083 last year45

Values StatementThe success of the Jamaica National BuildingSociety is dependent on a set of core values,which relate to our dealings with our customers,colleagues, members, suppliers, regulatorsand the communities that we serve. We arecommitted to the highest ethical standards,integrity, respect for all and excellence in allwe do.The success of the Jamaica National BuildingSociety is dependent on a set of core values,ExecutivesLlewelyn BaileyAssistant General ManagerA 40-year veteran of the Society, Llewelyn Baileyis the Assistant General Manager providingexecutive resource support in several areas,including business continuity planning, processimprovement, human resources, and industrialrelations.Mr. Bailey has also served as Branch Manager,head of the Human Resources and AdministrationDepartments and Chief Information Officer.He is a Trustee of the Contributory PensionFund for JNBS and subsidiary companies and aDirector of JETS Limited, Management ControlSystems and the Best Care Foundation; he isalso a Junior Chamber International Senator.Carlton BarclayAssistant General ManagerFinance, Administration & PlanningCarlton Barclay is a Chartered Accountant withresponsibility for Treasury, Finance, ForeignExchange, Administration and CorporatePlanning. Mr. Barclay is mandated to lead thefinancial management of the JN Group. He alsorepresents the Society in the capacity of Directoron the Boards of a number of companies.He is Chairman of the Current Affairs Committeeof the Institute of Chartered Accountants ofJamaica (ICAJ) and a Director of the RoadMaintenance Fund of the Ministry of Transport& Works.Wendell SmithAssistant General ManagerManagement Information, Systems &OperationsWendell Smith joined JNBS in April 2003 asChief Information Officer with responsibility forManagement Information Systems/ InformationTechnology. He was appointed AssistantGeneral Manager in 2005 with added oversightof the Society’s operational processes.Mr. Smith is Chairman of MCS, and previouslyheld the position of General Manager. Hehas served on several technology committeesadvising both the private and public sectors onIT strategy and policy.Carlton BarclayWendell SmithLlewelyn Bailey46

Values Statement cont’dCustomers: We will provide innovative, highvalue products and services delivered in acourteous, swift, accurate and personalisedmanner that meet or exceed our customers’needs.Customers: We will provide innovative, highvalue products and services delivered in aExecutivesEmile SpenceBusiness Development & ResearchEmile G. Spence, an economist and marketer,has served the Jamaica National BuildingSociety (JNBS) in several strategic capacities,ranging from Branch Manager to SeniorMarketing Executive responsible for marketing,distribution and Representative Offices,during the past 26 years. Under his leadershipJamaica National achieved significant growthin its overseas portfolio, particularly in theestablishment of JNBS locations in the UnitedKingdom, the United States of America andCanada, and the expansion of its remittanceservice, JN International Money Transfer.Today, Mr. Spence serves as JN Group Executivefor New Business, Development & Research,conceptualizing and implementing productsand services, at the corporate and commerciallevels. His knowledge of local and overseasfinancial markets places him in a unique positionto capatilise on cutting-edge technologiesand products to enhance the JN Group’s newbusiness initiatives.A graduate of The University of the WestIndies, Mr. Spence is an avid sportsman. Heis currently Vice President of Kingston CricketClub and a Director of the Sports DevelopmentFoundation.Mary SmithChief Risk Officer, Risk Management UnitMary Smith is the Executive with responsibilityfor the JN Group’s Risk Management function,which involves establishing, cascadingand maintaining an enterprise-wide riskmanagement framework in the organisation forthe management of credit, market, operational,business and strategic risk. Mrs. Smithpreviously held the position of Executive withresponsibility for Corporate Planning, Budgeting& Special Projects.She is a Director of JN Small Business LoansLimited and the JNBS Foundation; member ofthe Global Association of Risk Professionalsand the International Association of InvestmentManagement & Research.Delroy BowenGroup Compliance & SecurityA 37-year veteran of the Society, Delroy Bowenis the Group Compliance & Security Executivewith responsibility for monitoring operationalcompliance and adherence to industryregulations and best practices; and ensuring theorganisation’s overall efficiency and security ofthe Society’s assets, its members and staff.Mary SmithEmile SpenceDelroy BowenMr. Bowen is a former president of the JamaicaNational Managers’ Association (JANMAS),and the Building Societies Cooperative CreditUnion (BSCCU). He is a Director of the BSCCUand a member of the International Associationof Financial Crimes Investigation.47

Values Statement cont’dStaff: We will create a safe workingenvironment that fosters opportunities formeaningful, challenging and rewardingwork, and the empowerment of all staff. Wewill encourage open communication andteamwork throughout the organisation. Weare committed to being an equal opportunityemployer and to staff advancement andcompetitive compensation, which is based onconsistently excellent performance.Staff: We will create a safe workingenvironment that fosters opportunities formeaningful, challenging and rewardingwork, and the empowerment of all staff. Wewill encourage open communication andteamwork throughout the organisation. WeExecutivesCarmen E. TiplingGroup Corporate CommunicationsCarmen E. Tipling is the Group CommunicationsExecutive with responsibility for shaping andguiding the communication strategies andprogrammes of the Building Society and itssubsidiaries. She is also charged with developingand implementing initiatives to ensure theeffective operations of the JN Member CareCentre.Prior to assuming her position at JNBS,Mrs. Tipling was the Chief Executive Officerat the Jamaica Information Service (JIS), anExecutive Agency of the Government of Jamaica.She has a record of sterling contribution to thedevelopment of Public Relations in Jamaica; andas a Lecturer at the Institute of Management andProduction, now part of the University Collegeof the Caribbean (UCC), worked to develop thecraft among aspiring communicators.She is a Director of Power 106 FM; a LifetimeMember of the Press Association of Jamaica(PAJ); and a member of the Public RelationsSociety of Jamaica (PRSJ).Wanica PurkissMortgage & OperationsWanica Purkiss, who has been with the Societyfor 36 years, is the Executive with responsibilityfor Mortgage and Operations.She is mandated to lead the development ofJNBS’s core business, mortgages, and to ensurethat operational structures support the deliveryof initiatives which stimulate expansion, andposition JNBS as Jamaica’s leading mortgageprovider. Mrs. Purkiss has earned a reputationas one of Jamaica’s leading authorities onmortgages.are committed to being an equal opportunityemployer and to staff advancement andcompetitive compensation, which is based onconsistently excellent performance.Carmen E. TiplingWanica Purkiss48

Values Statement cont’dMembers: We are committed to preservingcapital, providing competitive returns andrepresenting the interests of members. Wewill seek opportunities to provide services andbenefits that are exclusive to our members andwill encourage their participation in chartingthe direction of their Building Society.Members: We are committed to preservingcapital, providing competitive returns andrepresenting the interests of members. Wewill seek opportunities to provide services andbenefits that are exclusive to our members andExecutivesLeon MitchellGroup Marketing, Promotions & SalesLeon Mitchell is the Group Marketing,Promotion and Sales Executive withresponsibility for identifying and implementingstrategic business opportunities locally andoverseas. Since joining the Society in 1999,he has been appointed to several positionsincluding Chief Executive Officer, CorporateSecretary and Overseas Business DevelopmentExecutive for Jamaica National Overseas (USA)Inc, Jamaica National Overseas (UK) Limitedand Jamaica National Overseas (Canada) Ltd.as well as Business Development Executive.Mr. Mitchell is a member of the Kiwanis ClubKingston; Kingston Cricket Club; President ofthe Kingston Commissioner football team, andTechnical Director of the Shortwood Unitedfootball team for the 2008-2009 season.Karen Smythe-WitterGroup Human ResourcesKaren Smythe-Witter is the JN Group HumanResources Executive. She brings more than25 years experience in financial services toJamaica National to continue the improvementof the JN Culture. Her extensive experience inconsulting techniques, process optimization andproject management positions her to implementa culture of continuous improvement and themanagement of change.Mrs. Smythe-Witter is a former Director ofKPMG Consulting, where she worked onpeople, process and technology; and she wasa Senior Vice President for Process and ProductDevelopment at the NCB Insurance Company.will encourage their participation in chartingthe direction of their Building Society.Leon MitchellKaren Smythe-Witter49

Senior andRegional ManagersValues Statement cont’dSuppliers: We will honour our agreements andAElaine Reittie-PittGroup Investment Advisortreat our suppliers fairly and will ensure thatBTonya GrantGroup Auditmutually rewarding relationships are fosteredas we seek to obtain the best competitiveCCheryl LevyRiskadvantage.DMargaret RamsayRegional OperationsCSuppliers: We will honour our agreements andEHilret HansonSenior Regional Manager,Central Regiontreat our suppliers fairly and will ensure thatBmutually rewarding relationships are fosteredDEFA50

Values Statement cont’dCommunities: We will be a good corporatecitizen, respected and admired as much forour integrity, insight and progressiveness, as forour financial success. We will take an activeinterest in the communities in which we serveand will encourage our staff to do likewise.Communities: We will be a good corporateGHcitizen, respected and admired as much forour integrity, insight and progressiveness, as forIJSenior andRegional ManagersFGHIJTamara SilveraTreasuryLeslie “Ted” WilliamsSenior Regional Manager,North Western RegionSharon SmithBusiness DevelopmentErrol StairOperationsObinna BlakeChief Project Officerour financial success. We will take an active51

Values Statement cont’dRegulators: We will know and comply withGeneral, Senior &Regional Managersthe letter and spirit of all relevant laws andAMichele Pollard GonzalezCustomer Service &Quality Assuranceregulations governing our operations in thoseBJoscelyn CampbellCompliance and Securitycountries in which we operate and keep theregulators informed about key issues relatingto our business.CDJoy BradyGroup FinancePhilip BernardGeneral Manager,Community Banking andATM ServicesBRegulators: We will know and comply withEPatricia AustinInsurance ServicesADthe letter and spirit of all relevant laws andCFTiffany GordonGroup Senior Managerregulations governing our operations in thoseEF52

JNBS Overseas OfficersMargaret BarrettChief Representative OfficerJNBS Representative Office, FloridaMiss Margaret Barrett has been with theSociety since 1987 and was appointedthe Chief Representative Officer of theRepresentative Office in Florida in 2003.Margaret BarrettPaulette SimpsonChief Representative OfficerJNBS Representative Office, UKMiss Paulette Simpson joined theJamaica National Building Societyfamily in November 2002. She is theChief Representative Officer for theRepresentative Offices in the UnitedKingdom.Paulette SimpsonAlison MartinChief Representative OfficerJNBS Representative Office, CanadaMrs. Alison Martin joined the Society inOctober 2004 as Chief RepresentativeOfficer for the Representative Office inToronto.Alison Martin53

Chief Office & Overseas ManagersClaudine AllenSpecial Assistant, GeneralManager’s OfficePaula AtkinsonPerformance, Learning &DevelopmentGeorge BakerInternal Processing CentrePatrick BarrettSecurityJudy BenjaminSalesFitz BernardEnterprise ProgrammeManagementDavia BrownFinanceBeverly BurnettCustomer Service & QualityAssuranceMaximilian CampbellHuman Resources Development,Compensation & BenefitsSimone ChambersBusiness PlannerSheron ChungAssistant TreasurerMichelle DinaldHuman Resources Development,Business Partner, NEMEsther Francis HillHuman Resources DevelopmentDenise GoculMarketing Manager,Special ProjectsTawana GrayFinanceClaire HarrisinghJNBS FoundationJerome HenryLoan Processing CentreCarla Henry-FarquharsonInternal AuditGillian HydeFinancial PlannerKathleen LynIT Testing & User SupportCarol MaddenMember Care CentreKeisha MelhadoLoan Processing CentreRose MillerMail and Courier Services UnitDavid MullingsE-Channels &Discount BusinessPaulette NewbyMortgage CentrePhillip PoweApplications & DatabaseManagementTanya PringleGeneral Manager’s DepartmentMaurice SalkeyEnterprise ProgrammeMgmt OfficeWesley ScottRegional Sales and CustomerServiceSamantha SinghBusiness DevelopmentPaulette SterlingManager, OperationsEastern RegionMarie StewartCorporate CommunicationsBeverley SudineComplianceNigel ThomasTechnical ServicesShelly-Ann WalkerComplianceElaine WilliamsLegal & SecuritiesMarie WilliamsOffice ServicesMichael WhyteIT Incident & ProblemManagementOVERSEASCarmen BartlettJamaica National Overseas(U.S.A.) Inc., Florida, U.S.A.Harry BhoorasinghJamaica National Ovevrseas(U.S.A.) Inc., New York U.S.A.Rhoda LeeJamaica National Overseas(U.K.) Ltd.OVERSEAS COMPLIANCEDesmond SmithCompliance, North AmericaHope SortieInternal Audit and Compliance,United Kingdom54

Branches, Member Service Managers & Member AmbassadorsRegion 1Half-Way-Tree2-4 Constant Spring Rd., Kgn. 10Tel: 929-8052-3, 968-1290,Fax: 968-6595Member Service Mngr. - Janice MillsMember Ambassador - Onair AllenNew Kingston10-12 Grenada Cres., Kgn. 5Tel: 929-3734-7, 926-6871Fax: 906-8720Member Service Mngr. - Angella BootheMember Ambassador - Tanya LindoDowntown Kgn.32 1/2 Duke Street, KingstonTel: 922-3905/6, 922-3366/7Fax: 922-2869, 948-3342Member Service Mngr. - Sharon SpenceMember Ambassador -Andrea Wright- AndersonMorant Bay10 Queen StreetMorant Bay, St. ThomasTel: 982-2226, 982-1231Fax: 982-2588Member Service Mngr. - Orett DouglasMember Ambassador - Terrian EvansRegion 2ChristianaSamfo Plaza Main StreetChristiana, ManchesterTel: 964-2529, 964-4672/3Fax: 964-4674Member Service Mngr. - Jascinth CollinsMember Ambassador -Takeese Turner- WrightJunctionShops 7-8, Roye’s PlazaJunction P.O., St. ElizabethTel: 965-5387, 965-5959Fax: 965-8243Member Service Mngr. - Troy BygraveMember Ambassador - Stacey MarshallMandevilleMandeville PlazaMandeville, ManchesterTel: 962-2179, 962-2724Fax: 962-0204Member Service Mngr. - Doreen AlexanderMember Ambassador -Michelle Boothe-HallMay Pen45a Main StreetMay Pen, ClarendonTel: 986-2551, 986-4759Fax: 986-9764Member Service Mngr. - Paulette SalmonMember Ambassador - Joel BurkeSanta Cruz85 Main StreetSanta Cruz, St. ElizabethTel: 966-2231, 966-2742,Fax: 966-2741Member Service Mngr. -Alethia Carpenter-PeartMember Ambassador - Sacha NeilRegion 3Linstead27 King StreetLinstead, St. CatherineTel: 985-7749, 985-2525Fax: 985-2506Member Service Mngr. - Jennifer TwiddleMember Ambassador - Dorcia WilliamsPortmore PinesShop #29Portmore Pines, PlazaSt. CatherineTel: 949-2196, 949-3350,949-2221, 949-9233Fax: 949-1690Member Service Mngr. -Marcia Lettman-ReidMember Ambassadors -Tanesha Lewis-Blake/Maria ClarkeSpanish Town26-28 Wellington StreetSpanish Town, St. CatherineTel: 984-2473, 984-2637,Fax: 984-7798Member Service Mngr. - Michelle HinesRegion 4Falmouth1 Officer’s AlleyFalmouth, TrelawnyTel: 954-4421-2Fax: 954-5992Member Service Mngr. - Claude ThompsonMember Ambassador - Dwight GriffithsLuceaMosley DriveLucea, HanoverTel: 956-2344, 956-9828-9Fax: 956-3323Member Service Mngr. - Angella HinesMember Ambassador - Marcia GayleMontego Bay2 Market StreetMontego Bay, St. JamesTel: 952-4561-3Fax: 952-8307Member Service Mngr. - Shernette CallamMember Ambassador -Claudian Fraser-CollinsSavanna-la-MarHendon CornerSavanna-la-Mar, WestmorelandTel: 955-2525, 955-2843Fax: 955-2774Member Service Mngr. - Canute SimpsonMember Ambassador - Orlando LewisonRegion 5Brown’s TownMusgrave SquareBrown’s Town, St. AnnTel: 975-2243, 917-8272/3Fax: 917-8322Member Service Mngr. - Ransford DavidsonMember Ambassador - Samantha NewbyOcho RiosCorner of Graham Street &DaCosta Drive Ocho Rios,St. AnnTel: 974-5537, 974-4723Fax: 974-4724Member Service Mngr. -Bernard ComrieMember Ambassador -Cheri Powell- HenrySt Ann’s Bay10 Bravo StreetSt. Ann’s Bay, St. AnnTel: 972-2235, 972-9191Fax: 972-2657Member Service Mngr. -Winsome RickettsMember Ambassador - Oraine ThompsonRegion 6Annotto BayMain StreetAnnotto Bay, St. MaryTel: 996-2215, 996-2350Fax: 996-9732Member Service Mngr. - Omar HayeMember Ambassador -Georgette SutherlandGayleMain Street, Gayle, St MaryTel: 975-8103, 975-8436Fax: 975-8214Member Service Mngr. -Alverine Moodie-DavisMember Ambassador - Rose CampbellPapine17c Gordon Town RoadSt. AndrewTel: 970-0774, 977-5758Fax: 702-4286Member Service Mngr. -Jacqueline RobothamMember Ambassador - Althea EdwardsPort Antonio21 Harbour StreetPort Antonio, PortlandTel: 993-3006, 993-9151Fax: 993-9670Member Service Mngr. - Edison TaylorMember Ambassador - Charlene WatsonPort Maria1 Stennett StreetPort Maria, St. MaryTel: 994-2471, 994-2671,Fax: 994-2123Member Service Mngr. - Karen MarshMember Ambassador - Laura PlunkettJN Financial CenterBarbican Square (Loshusan)29 East Kings House RoadKingston 6Tel: 978-2253; 927-6221927-3853Operations Supervisor. - Shani MaxwellMONEY SHOPSBarbican, AZMart,34 East King’s House RoadKingston 6Tel: 978-5484Fax: 927-8519Operations Supervisor. - Andral DawkinsSpanish Town Road45 Spanish Town Rd.KingstonTel: 948-6745, 948-7427Fax: 948-7038Operations Supervisor -Jacqueline GabbidonWhitehouseShop #5 Lawrence PlazaWhitehouse, WestmorelandTel: 963-5902, 963-5693Fax: 963-5797Operations Supervisor - Rayon SamuelsOld Harbour Money Shop8 East Street, Old HarbourTel: 983-1871; 983-6052Fax: 745-1650Operations Supervisor. - Sharon SamuelsPort Maria Money Shop1 Stennett Street, Port MariaTel: 994-2471; 994-2671Fax: 745-1650Operations Supervisor. - Karen MarshKnutsford Money Shop75 Knutsford Blvd.Kingston 5Tel: 501-7023-5Fax: 920-4112Operations Supervisorr. - Steve StewartHalf-Way-Tree Transport CenterShop #15Tel: 968-6881-2Fax: 968-6883Operations Supervisor. - Judon Bowden55

Directory ListingsOverseas Money Transfer Locations & Local JNBS ATMSUNITED KINGDOMToll Free - Tel: 0-800-328-0387BALHAM5 Hildreth StreetBalham, London SW12 9RQTel: 208-675-4951Fax: 208-675-4932BIRMINGHAM6 Suffolk Street(near Alexander Theatre)QueenswayBirmingham B1 1LTTel: 121-643-0077Fax: 121-643-3010BRISTOL248 Stapleton Road, EastonBristol, BS5 0NTTel: 117-939-5895Fax: 117-939-5547BRIXTON389-391 Brixton RoadLondon SW9 7DETel: 207-737-7244Fax: 207-737-6951ELEPHANT & CASTLEUnit #234,Elephant & Castle Shopping CentreLondon SE1 6TETel: 207-708-6621-23Fax: 207-703-8003Handsworth311A Soho Road,Birmingham, B21 9SDTel: 121-551-5362Fax: 121-554-7553HORNSEY8 Turnpike Lane, HornseyLondon N8 0PTTel: 208-888-8882Fax: 208-889-3219Peckham175 Rye Lane, Peckham,London, SE15 4TLTel: 207-639-3149Fax: 207-639-4983PERRY BARRUnit #1, InshopsOne Stop Shopping Centre PerryBarr, Birmingham, B42 1SFTel: 121-344-3630Fax: 121-344-4256SHEPHERD’S BUSHUnit #4, 5 Uxbridge RoadShepherd’s Bush, London W12 8LGTel: 208-743-5940Fax: 208-743-6771STRATFORDUnit 13, 70-73The Mall, Stratford ShoppingCentre, London E15 IXQTel: 208-522-1093Fax: 208-519-8416TOTTENHAM550-552 High RoadLondon N17 9SYTel: 208-885-3807Fax: 208-885-3209CANADAToll Free - Tel: 1-866-353-7778TORONTO1672 Eglinton AvenueWest TorontoOntario M6E 2H2, CanadaTel: 416-784-2075,416-784-9611Fax: 416-784-2076email: info@jnocanada.comGRAND CAYMANNATIONAL BUILDING SOCIETYOF CAYMAN71 Eastern Avenue, Trinity SquareP.O. Box 504 G.T., Grand CaymanTel: 345-945-2014Fax: 345-945-2015email: nbs@candw.kyU.S.A.Toll Free - Tel: 1-800-322-3773NEW YORK690 Utica Avenue, BrooklynNew York, N.Y. 11203, USATel: 718-756-2355/ 756-2810Fax: 718-756-6674email: info@jnousa.comToll Free NumberTel: 1-866-735-6002233-16 Merrick Blvd., QueensNew York 11422, USATel: 718-804-1924email: info@jnousa.comFax: 718-949-4672Toll Free Number:1-866-735-60024264 White Plains RoadBronx, N.Y. 10466Tel: 718-882-5776Fax: 718-882-6937email: info@jnousa.comToll Free Number1-800-828-9291ConnecticutJNO 1164 – Albany AvenueHartford Connecticut 06112Tel: 860-727-1914Fax: 860-725-0938FLORIDA3895 NW 24th StreetLauderdale Lakes, Florida 33311Tel: 954-676-5755-6Fax: 954-727-9701email: info@fl.jnousa.comToll Free NumberTel:1-866-735-60026905 Miramar ParkwayMiramar, Florida 33023Tel: 954-983-6480email: info@fl.jnousa.comToll Free NumberTel:1-866-735-65024100 NW 12th StreetSuite A Lauderhill Florida 33313Tel: 954-583-1778Fax: 954-583-17331943 North Pine Island RoadSunrise Florida 33322Tel: 954-735-6002Fax: 954-749-3571JNBS ATM LocationsKingston & St Andrew• JN Money ShopHWT Trransport Center• JNBS Duke Street32 ½ Duke Street, Kingston• Mico College1A Marescaux Road, Kingston• Cross Roads Post OfficeCross Roads, Kingston 5• JNBS Money Shop45 Spanish Town Road, Kgn 5• JNBS New Kingston Money Shop75 Knutsford Blvd, Kingston 5• The SourceBryce Hill Plaza, 85 August Town Rd• Vineyard Town61B Deanery Road• Azan’s SupercentreRegal Plaza Cross Road• JNBS Half-Way-Tree2-4 Consant Spring Rd., Kgn. 10• JNBS Money Shop AzmartSuperstore34 East King’s House Rd,Barbican, Kgn 6• JNBS Papine17c Gordon Town Road, Kgn 7• Constant Spring Post Office191 Constant Spring Rd, Kgn 8• Norman Manley InternationalAirport Customs Hall, NormanManley International AirportClarendon• JNBS May Pen, 45 Main StreetHanover• JNBS Lucea, Mosley Drive, Lucea56

Directory ListingsATM Locations, Overseas Offices and Local subsidiaries & Associated CompaniesJNBS ATM Locations (continued)Manchester• JNBS MandevilleMandeville PlazaPortland• JNBS Port Antonio21 Harbour Street, Port AntonioSt Ann• JNBS Ocho RiosCorner of Graham St &DaCosta Dr• JNBS St. Ann’s Bay, 10 Bravo St.St Catherine• Rapid Sheffield Super CentrePort Henderson Road• JNBS PortmorePortmore Pines Plaza• JNBS Spanish Town26 Wellington Street• Bog Walk P.O., Bog Walk• JNBS Old Harbour Money Shop8 East Street, Old Harbour• JNBS Linstead, 27 King StreetSt Elizabeth•JNBS JunctionRoye’s Shopping CentreJNBS Santa Cruz, Main StreetKing Fisher Plaza, Treasure Beach••St James• JNBS Montego Bay, 2 Market St.St Mary• Highgate• JNBS Port Maria1 Stennett Street, Port Maria• JNBS Annotto BayMain Street, Annotto Bay• JNBS Gayle, Main Street, GayleSt Thomas• JNBS Morant Bay, 10 Queen St.Trelawny• JNBS Falmouth1 Officer’s Alley, FalmouthWestmoreland••Cayman•JNBS Savanna-la-MarHendon CornerJNBS Money ShopLawrence Plaza, WhitehouseNational Building Societyof Cayman71 Eastern Ave, Trinity SquareJAMAICACHIEF OFFICE2–4 Constant Spring RoadKingston 10Tel: 926-1344-9, 926-1364Fax: 926-7661, 968-6596S/Board 926-1344-9(Ext. 2346,2408)Email: info@jnbs.comToll Free NumbersJa: 1-888-991-4065/40661-888-GET-JNBS(438-5627)JNBS RepresentativeOffices LocationsCANADATORONTOToll Free: 1-800-565-26321390 Eglinton Avenue WestToronto, Ontario M6C 2E4CanadaTel: 416-784-2074416-784-9434Fax: 416-784-4388email: jnbstoronto@jnbs.comwww.jnbs.caUNITED KINGDOMToll Free: 0-800-328-0387LONDONUnit #235, Elephant & CastleShopping CentreLondon SE1 6TE, EnglandTel: 207-708-2442-3Fax: 207-708-5040Toll Free: 0-800-328-1622BIRMINGHAMToll Free: 0-800-085-6302SHEPHERD’S BUSHUnit #3, 5 Uxbridge Road,Shepherd’s BushLondon W12 8LG, EnglandTel: 208-743-2358208-743-9056Fax: 208-735-2896HANDSWORTHToll Free: 0-800-085-6302311A Soho Road,Birmingham B21 9SD, EnglandTel: 121-551-5569Fax: 121-551-5592UNITED STATES OF AMERICAToll Free: 1-800-462-9003FLORIDAToll Free: 1-800-390-78505039 North State Road 7Tamarac, Florida 33319, USATel: 954-485-0444Fax: 954-485-0300Local Subsidiaries &Associated CompaniesJN Fund Managers Limited17 Belmont Road, Kingston 5Tel: 929-7159, 929-2289Fax: 926-4375email: info@jnfunds.comJN Small Business Loans Limited32 1/2 Duke Street, KingstonTel: 948-7454/5Fax: 948-7452email: fwhylie@jnbs.comJN Money Services Limited26 Trafalgar Road, Kingston 5Tel: 920-7530Fax: 920-4768email: leesa@jnbs.comManagement Control Systems Limited10-12 Grenada CrescentKingston 5Tel: 929-8661, 926-0104Fax: 929-5678email: sjones@mcsystems.comNEM Insurance Company (JA) Limited9 King Street, KingstonTel: 922-1460-5Fax: 922-4045email: info@nemjam.comWebsite: www.nemjam.comThe Creative Unit Limited1 Holborn Road, Kingston 10Tel: 926-4414Fax: 920-2371email: dcarroll@jnbs.comJamaica AutomobileAssociation (Services) Limited7 Central Avenue, Kingston 5Tel: 929-1200, 968-6007Fax: 929-4377Website: www.calljaa.comToll Free NumberTel: 1-888-225-5522email: emile@jnbs.comManufacturers Credit & InformationServices Limited8 Grenada Crescent, Kingston 5Tel: 926-1939Fax: 929-1535Islandwide Tel: 663-MCIS (6247)email: mciscustomerservice@mcsystems.comJNBS Foundation32 1/2 Duke Street, KingstonTel: 922-4931Fax: 922-4777email: saffrey@jnbs.comJN Finance Limited3 Barbados Avenue, Kingston 5Tel: 501-6421-7Fax: 926-0146email: afrancis@jnbs.comTotal Credit Services Limited26 Trafalgar Rd., Kingston 10Tel: 920-6573920 4205Fax: 929-4684Email: scampbell@jnbs.com57

Subsidiaries & Associated CompaniesName of CompanyOwnershipName of CompanyOwnershipJN FUND MANAGERS LIMITED 100%Provision of consumer financing, moneymarket fund management services, pensionfund management and administration services.17 Belmont Road, Kingston 5Tel: 929-7159, 929-2289Fax: 926-4375email: info@jnfunds.comWebsite: www.jnfunds.comJAMAICA POPULARINVESTMENT CO. LIMITED 100%Owners of commercial buildingsJN SMALL BUSINESS LOANS LIMITED 100%Operates microfinance programmes for thebenefit and assistance of micro entrepreneurs.32 1/2 Duke Street, KingstonTel: 948-7454-5 Fax: 948-7452email: fwhylie@jnbs.comJN MONEY SERVICES LIMITED 100%Money transmission and bill payment services.26 Trafalgar Road, Kingston 5Tel: 920-7530 Fax: 920-4768email: leesa@jnbs.comMANAGEMENT CONTROLSYSTEMS LIMITED 94.5%Provision of information and technologysolutions and data entry services.10-12 Grenada, Kingston 5Tel: 929-8661, 926-0104Fax: 929-5678email: sjones@mcsystems.comNEM INSURANCE COMPANY(JAMAICA) LIMITED 99%General insurance services9 King Street, KingstonTel: 922-1460-5 Fax: 922-4045email: nemjam@infochan.comWebsite: www.nemjam.comJN FINANCE LIMITED 100%Insurance premium financing, consumer loans, bridgefinancing and other credit facilities.3 Barbados Avenue, Kingston 5Tel:929-6604/968-2038email: nemjam@infochan.comTHE CREATIVE UNIT LIMITED 100%Provision of advertising, event planningand other creative services.1 Holborn Road, Kingston 10Tel: 926-4414 Fax: 960-0501email: dcarroll@jnbs.comNATIONAL BUILDING SOCIETYOF CAYMAN 96.7%Provides savings and lending on residentialreal estate in the Cayman Islands; licensed moneytransmission services from the Cayman Islands.71 Eastern Avenue, P.O. Box 504Grand Cayman, KY-1106Cayman IslandsTel: 345-945-2014Fax: 345-945-2015KNUTSFORD HOLDINGS LIMITED 40%Owners of commercial buildings.JAMAICA NATIONAL BUILDINGSOCIETY FOUNDATION 100%An approved charitable organisationfunded by contributions from JNBS.32 1/2 Duke Street, KingstonTel: 922-4931Fax: 922-4777JAMAICA AUTOMOBILE ASSOCIATION(SERVICES) LIMITEDProvision of roadside assistance and related services.7 Central Ave. Kingston 5Toll Free: 1-888-225-5522Tel: 929-1200, 968-6007Fax: 929-4377www.calljaa.com58

Membership of Boards & CommitteesJN FUND MANAGERSLIMITEDDr. Dhiru Tanna ChairmanHon. Carlton Davis, OJDr. Peter FletcherEarl Jarrett, CDMonica LaddPeter MorrisKeith SeniorJN MONEY SERVICESLIMITEDHon. Oliver F. Clarke, OJ ChairmanMichelle BartlettEarl Jarrett, CDLord William “Bill” Morris, OJHon. Dorothy Pine-McLarty, OJDr. Don RobothamAlfred SimmsJ. A. Lester Spaulding, CDJN SMALL BUSINESSLOANS LIMITEDParris Lyew-Ayee, CD ChairmanJames BurrowesHon. Oliver Clarke, OJCosma EarleEarl Jarrett, CDRoy MegarryMary SmithFrank WhylieMANAGEMENT CONTROLSYSTEMS LIMITEDWendell Smith ChairmanLlewelyn A. BaileyEarl Jarrett, CDDr. Parris Lyew-Ayee, Jr.Molly Rhone, ODDianne Smith-SearsNEM INSURANCECOMPANY (JAMAICA)LIMITEDHon. Oliver F. Clarke, OJ ChairmanEarl Jarrett, CDDr. Parris Lyew-Ayee Jr.Peter MorrisKathleen MossChristopher RobertsErrol ZiadieTHE CREATIVE UNITLIMITEDEarl Jarrett, CD ChairmanCarlton BarclayDonna CarrollEmile SpenceNATIONAL BUILDINGSOCIETY OF CAYMANEarl Jarrett, CD Chairman (Acting)Robert HamatyA. Spencer MarshallDunbar McFarlaneDr. Dhiru TannaJNBS FOUNDATIONEarl Jarrett, CD Chairman (Acting)Parris Lyew-Ayee, CDJennifer MartinMary SmithJN FINANCE LIMITEDDr. Dhiru Tanna ChairmanHon. Carton Davis, OJDr. Peter FletcherEarl Jarrett, CDMonica LaddPeter MorrisChristopher RobertsKeith SeniorErrol ZiadieCOMMITTEES OF THEJNBS BOARDAUDIT COMMITTEELloyd G. Gooden ChairmanLlewelyn A. BaileyEarl Jarrett, CDS. KumaraswamyKathleen MossFINANCE & INVESTMENTCOMMITTEEEarl Jarrett, CD Chairman (Acting)Peter MorrisChristopher RobertsDr. Dhiru TannaPROXY COMMITTEEHon. Oliver F. Clarke, OJ ChairmanDr. Henry A. A. P. Brown, CDEarl Jarrett, CDJennifer MartinHon. Dorothy Pine-McLarty, OJCOMPENSATIONCOMMITTEEHon. Oliver F. Clarke, OJ ChairmanEarl Jarrett, CDPeter MorrisDr. Dhiru Tanna59

Attorneys-at-Law, Auditors & BankersAttorneys-at-lawAbendana & AbendanaClark, Robb & Co.Clinton Hart & Co.Crafton Miller & Co.Dabdoub Dabdoub & Co.Delroy Chuck & Co.DunnCoxEdward Hanna & Co.Frater Ennis & GordonG Anthony Levy & Co.Gentles & WillisGrant, Stewart, Phillips & Co.Hamilton & CraigHarrison & HarrisonIan Phillipson & Co.Jennifer Messado & Co.Keith Smith & Co.L Howard Facey & Co.Langrin, Parris WoodstockLex CaribbeanLivingston, Alexander & LevyM N Hamaty & Co.Murray & TuckerMyers, Fletcher & GordonNaylor & TurnquestNicholson, PhillipsNunes, Scholefield, DeLeon & Co.O G Harding & Co.Palomino, Gordon-PalominoPatterson Mair HamiltonPhillips, Malcolm, Morgan & MatthiesRamsay StimpsonRattray Patterson RattrayRobertson, Smith, Ledgister & Co.Robinson, Phillips & WhitehorneScott, Bhoorasingh & BonnickTaylor, Deacon & JamesUsim, WilliamsVaccianna & WhittinghamWatson & WatsonWatt, King & RobinsonWilliams, McKoy & PalmerZiadie, Reid & Co.AuditorsKPMGBankersBank of AmericaBank of Nova Scotia Jamaica Ltd.Bank of Nova Scotia, Toronto, CanadaBarclays Bank PLCCitibank, CanadaCitibank, London, U.K.Citibank, Wall Street, New York, U.S.A.HSBCLloyd’s TSBNational Commercial Bank Jamaica Ltd.RBTT Bank Jamaica Ltd.Wachovia Bank, N.A.60

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