Directors - Caribbean Cement Company Limited

Outlook for 2009With the impact of the world’s financial crisis still developing andwith the expected worsening of the national macro-economicenvironment, the Group’s main strategy for 2009 will beconsolidation. This means that there will be significant focus onmaximizing the Group’s local sales while seeking out new marketsto enable the growth of the Group’s export operations.In furtherance of this increased export initiative, CCCL’ssubsidiary Jamaica Gypsum & Quarries (JGQ) made its first exportof a shipment of pozzolan in November 2008. Exports are expectedto constitute at least 15% of total Group sales for 2009.The Group will focus on aggressively streamlining operationalcosts, especially in light of the efficiencies expected when theCement Mill 5 project comes on line. In this respect, Cement Mill5 project, which is proceeding in accordance with our projections,is expected to be in operation at the start of the third quarter.There will also be a continued focus on the enhancement of theorganization’s human resources so that the organization can benefiteven further from the state-of-the-art technology that is nowinstalled at our Rockfort plant.While 2009 will hold many challenges for the organization, onbehalf of the Board of Directors I would like to assure theshareholders that the Company is now poised to achieveworld-class efficiencies in all areas and in so doing, maintainits competitive edge.leading Jamaican manufacturing companies and currently serves asa Director on the Boards of several Jamaican companies.DividendThough we are close to completing the major components of ourExpansion and Modernization Programme, there is still the need tochannel all internally generated funds to this project during most of2009. Consequently, the Board considers it prudent not to declarea dividend for the year 2008. The Board is nevertheless committedto the resumption of the payment of dividends, on a semi- annualbasis, within the earliest possible timeframe.AcknowledgementsI wish to thank my fellow Board members, the General Managerand his Team and all employees for their commitment anddedication to duty and to thank our shareholders and otherstakeholders for their continuing support and confidence in theCCCL Group.Brian W. YoungChairmanDirector AppointmentsOn July 31st 2008, Mr. Felipe Zambrano, a nominee of Cemex,was appointed to the Board of Directors in accordance with Article103 of the Company’s Articles of Association to fill the vacancycreated by the resignation of Mr. Leopoldo Navarro. Mr. Zambranois the president of Cemex, Caribe. In view of the announcedintention by Cemex to dispose of its shareholding in our parentCompany, Trinidad Cement Company, and Caribbean CementCompany (held in name of Scancem Internatiional (St Lucia)Limited), Mr. Zambrano has taken leave of absence from theBoards of both our parent Company and CCCL. His appointmentwill not be submitted for shareholder confirmation at the AnnualMeeting.In January 2009 Mr. Derek Jones and Mr. Bevon Francis wereappointed to the Board in accordance with Article 103 of theCompany’s Articles of Association, having been appointed sincethe last Annual General Meeting they will retire and offerthemselves for re-election at this coming Annual General Meeting.Mr. Jones is an Attorney-at –Law and has served as a Director onvarious Boards of commercial, financial, civic, service andeducational institutions. Mr. Bevon Francis is an ElectricalEngineer and has served as a Senior Executive Manager in many12CARIBBEAN CEMENT COMPANY & ITS SUBSIDIARIES