Trinidad Cement Limited

Notes to the Financial Statements

1. Incorporation And Activities The parent company is incorporated in the Republic of Trinidad and Tobago. The group is involved in the manufacture and sale of cement and lime, premixed concrete, packaging materials and the winning and sale of sand, gravel and gypsum. 2. Significant Accounting Policies a) Basis of preparation These financial statements have been prepared under the historical cost convention, modified to take account of the revaluation of certain land, buildings and plant and machinery. They comply with International Accounting Standards approved in Trinidad and Tobago and therefore include all required material disclosures. b) Comparative information Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current year. In particular, the comparatives have been adjusted to take into account the requirements of the following revised International Accounting Standards: IAS 1 - Presentation of Financial Statements IAS 14 - Segment Reporting IAS 19 - Employee Benefits c) Basis of consolidation

Subsidiary undertakings, being those companies in which the Group, directly or indirectly, has an interest of more than one half of the voting rights, have been fully consolidated. All intercompany transactions and balances and unrealised surpluses and deficits on transactions between group companies have been eliminated. Separate disclosure is made of minority interests. d) Goodwill and Negative Goodwill Goodwill represents the excess of the cost of acquisition over the fair value of the Group's share of the net assets and liabilities of the acquired subsidiary undertaking at the date of acquisition. Goodwill on acquisition is reported in the balance sheet as an intangible asset and is amortised using the straight-line method over its estimated useful life not exceeding twenty years. Goodwill arising on major strategic acquisitions undertaken to expand geographic market coverage or which add significant competitive advantages to the Group is amortised over its estimated useful life not exceeding thirty years. Where the cost of acquisition is less than the fair value of the Group's share of the net assets and liabilities of the acquired subsidiary at the date of acquisition, the difference is negative goodwill which is recognised in the balance sheet and amortised using the straight line method over the remaining useful lives of the assets acquired but not exceeding fifteen years. e) Property, Plant and Equipment It is the group's policy to account for property, plant and equipment at cost except for certain property, plant and equipment which in 1975 were professionally revalued and the respective asset values adjusted accordingly. Depreciation is provided on the straight line basis at rates estimated to write-off the assets over their expected useful lives. The estimated useful lives of assets are reviewed periodically taking account of commercial and technological obsolescence as well as normal wear and tear, and the depreciation rates are adjusted if appropriate. Current rates of depreciation are: Buildings - 2% - 4% Plant, machinery and equipment - 3% - 25% Motor vehicles - 10% - 20% Office furniture and equipment - 25%

Leasehold land and improvements are amortised over the remaining term of the lease. It is the group's policy to capitalise interest on loans specific to capital projects during the period of construction. Repairs and renewals are charged against income when the expenditure is incurred. f) Investments Equity investments, classified as long term, are stated at cost and provision is only made where, in the opinion of the directors, there is a permanent diminution in value. Fixed income securities are stated at fair values determined by the discounted cash flow method. Changes in value are reflected in the current year's results. g) Inventories Plant spares, raw materials and consumables are valued at the lower of weighted average cost and net realisable value. Net realisabie value is determined only after review by technical personnel. Work in progress and finished goods are valued at the lower of cost including attributable production overheads, and net realisable value. Net realisable value is the estimate of the selling price less the costs of completion and direct selling expenses. h) Foreign currencies Transactions originating in foreign currencies are recorded in Trinidad and Tobago dollars at the rates of exchange ruling at the dates of the transactions, Assets and liabilities in foreign currencies are translated at rates ruling at the balance sheet date. Differences arising therefrom are reflected in the current year's results. Income statements of foreign entities are translated into the Group's reporting currency at average exchange rates for the year and the balance sheets are translated at the year end exchange rates. Exchange differences arising from the retranslation of the net investment in foreign subsidiaries are taken to the currency translation account in sharehoiders' equity i) Deferred Expenditure Fees and other related costs incurred in securing long term financing are amortised over the tenor of

the respective loans. The costs of refractories, chains and grinding media are amortised over a period of six to twelve months to match the estimated period of their economic usefulness. The portion of financing fees, refractories, chains and grinding media costs to be amortised in future periods is reported in the balance sheet. j) Financial instruments Financial instruments carried on the balance sheet include cash and bank balances, investments, receivables, trade creditors and borrowings and are stated at their approximate fair values determined in accordance with the policy statements disclosed. Cash and bank balances include all cash and overdraft balances with maturities of less than three months from date of establishment. k) Operating leases Leases of assets under which all the risks and benefits of ownership are effectively retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the statement of earnings on a straight-line basis over the period of the lease. l) Taxation The group recognises deferred taxation arising from differences between the book value and the tax base of assets and liabilities. Additionally, deferred taxation is recognised on the availability of tax losses and credits that are reasonably expected to be utilised in the future. The resulting deferred tax asset or liability is provided for using the liability method at the current corporation tax rate. m) Pension plans and post retirement medical benefits Group companies, except Caribbean Cement Company Limited, operate defined benefit plans. The pension plans are generally funded by payments from employees and by the relevant Group companies, taking into account the recommendations of independent actuaries. For defined benefit plans, the pension accounting costs are assessed using the projected unit credit method. Under this method, the cost of providing pensions is charged to the income statement so as to spread the

regular cost over the service lives of employees in accordance with the advice of independent actuaries who carry out a full valuation of the plans every three years. The pension obligation is measured as the present value of the estimated future cash outflows using interest rates of government securities which have terms to maturities approximating the terms of the related liabilities. All actuarial gains and losses to be recognised are spread forward over the average remaining service lives of employees. Caribbean Cement Company Limited operates a defined contribution pension plan for all permanent employees which is managed by an independent party. The company's liability is limited to its contributions which are accounted for on the accrual basis, Certain subsidiaries provide post-retirement healthcare benefits to their retirees. The expected costs of these benefits are measured and recognised in a manner similar to that for defined benefit pension plans. Valuation of these obligations is carried out by independent actuaries. n) Revenue Revenue is recognised upon delivery of products or performance of services and customer acceptance, net of any sales taxes and discounts. Interest and investment income is recognised as they accrue unless collectibility is in doubt. o) Trade receivables Trade receivables are carried at anticipated realisable value, Provision is made for doubtful receivabies based on a review of all outstanding amounts at the year-end. p) Earnings per share Basic earnings per share is computed by dividing profit attributable to shareholders by the weighted average number of ordinary shares in issue during the year. For diluted earnings per share the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares. The group had one category of dilutive potential ordinary shares in the form of convertible debt that was fully liquidated in February 1998. 3. Operating Profit 1999 1998

Revenue 836,109 548,674 Less expenses: Raw materials and consumables 187,986 106,849 Fuels and electricity 139,791 91,162 Personnel remuneration and benefits 126,323 96,869 Other operating expenses 116,010 68,828 Depreciation 56,997 35,514 Changes in inventories of finished goods and work in progress 11,697 5,562 Net goodwill/(deferred income) 1,869 (3,083) 195,436 146,973 Other income 46,237 16,098 Operating profit 241,673 163,071 Other income includes: Accretion in value of certain fixed income securities 9,229 7,883 Accretion in bond redemption options 13,547 3,753 Amortisation of gain from sale and leaseback of plant (Note 18) 6,281 - 4. Finance Costs - Net Interest expense 156,801 45,903 Interest income (19,970) (718) Amortisation of deferred finance charges (Note 10) 1,933 984 Finance costs - net 138,764 46,169 5 Taxation A Taxation charge Corporation tax 3,428 3,296 Deferred taxation from tax asset (Note 5C) 13,150 - Deferred taxation from tax liability (Note 5D) 8,958 24,019 25,536 27,315 Thousands of Trinidad and Tobago dollars 1999 1998 B Reconciliation of applicable tax charge to effective tax charge Profit before taxation 102,909 116,902

Tax calculated at 35% (1998-35%) 36,018 40,916 Effect of different tax rates outside Trinidad and Tobago (644) 885 Impact of income not subject to tax 9,940 (15,393) Net effect of other charges and allowances 362 1,682 Effective tax charge 25,796 28,090 Prior year refund (260) (775) Taxation charge 25,536 27,315 The parent company has tax losses of $6m ( 1998 - $2.5m) available for set off against future taxable profits, Readymix (West Indies) Limited has tax losses of $6.2m (1998 - nil) available for set off against future taxable profits. Arawak Cement Company Limited has no further tax losses (1998 - $533.3m) available for set off against future taxable profits but is exempt from the payment of corporation tax of up to $71.2m during the period 2000 to 2007. Caribbean Cement Company Limited and its subsidiaries have tax losses of $322.6m (1998 - $421.9m) available for set off against future taxable profits C - Deferred tax asset Movements on the deferred taxation account: Balance at 1 January - - Arising from acquisition of subsidiary (Note 20) 46,167 - Exchange rate adjustment (2,417) - Restated balance 43,750 - Charge for the year (13,150) - Balance at 31 December 30,600 - Thousands of Trinidad and Tobago dollars 1999 1998 D - Deferred tax liability

Movements on the deferred taxation account: Balance at 1 January (originally reported) 109,584 10,543 Transfer from retained earnings - IAS 12 (revised) - 73,763 - IAS 19 (revised) 30,931 - Transfer from minority interest - IAS 12 (revised) - 1,259 - IAS 19 (revised) (318) - Restated balance 140,197 85,565 Charge for the year 8,958 24,019 Balance at 31 December 149,155 109,584 Net Deferred Tax Liability 118,555 109,584 The recognition of the transitional balances and costs required by International Accounting Standard 19 (Note 11) results in certain timing differences between accounting profits and taxable profits which impact on deferred taxation. The effect of the consequential accounting policy change was a net increase in the deferred taxation liability of $30.6m in 1999 (1998 - nil) and an increase in the charge for 1999 by $1.4m (1998 - nil). Thousands of Trinidad and Tobago dollars 1999 1998 E Sources of deferred tax liability/(asset) Accelerated tax depreciation Balance at 1 January 111,633 10,543 Effect of accounting policy change - IAS 12 (revised) - 85,864 Restated balance 111,633 96,407 Arising from acquisition of subsidiary 133,049 - Exchange rate adjustment (8,125) - Charge to earnings 9,278 15,226 Balance at 31 December 245,835 111,633 Tax losses carry forward and provisions Balance at I January (2,049) - Effect of accounting policy change

- IAS 12 (revised) - (10,842) - IAS 19 (revised) 30,613 - Restated balance 28,564 10,842 Arising from acquisition of subsidiary (179,216) - Exchange rate adjustment 10,542 - Charge to earnings 12,830 8,793 Balance at 31 December (127,280) (2,049) Net balance at 31 December 118,555 109,584 6 Dividends Proposed - 6¢ (1998 - 8¢) 2,569 16,758 Paid - 6¢ ( 1998 - 8¢) 12,569 17,517 25,138 34,275 Thousands of Trinidad and Tobago dollars 1999 1998 7 Earnings Per Share Net profit attributabie to shareholders 70,195 85,244 Weighted average number of ordinary shares issued (thousands) 209,480 207,900 Basic earnings per share - cents 34 41 Net profit attributable to shareholders 70,195 85,244 Elimination of interest expense on convertible debt (after tax) - 122 Net profit used to determine diluted earnings per share 70,195 85,366 Weighted average number of ordinary shares in issue (thousands) 209,480 207,900 Adjustment for debt conversion - 1,264 Weighted average number of ordinary shares used

for diluted earnings per share (thousands) 209,480 209,164 Diluted earnings per share - cents 34 41 With effect from 27 February 1998, the number of issued ordinary shares of the parent company increased from 200,000,000 to 209,480,437. Thousands of Trinidad and Tobago dollars 8 Property, Plant And Equipment Land and Plant, Office Capital Total Buildings Machinery Furniture Work in and and Progress Equipment Equipment and Motor Vehicles At 31 December 1999 Cost 545,266 1,077,925 46,730 37,222 1,707,143 Accumulated depreciation (68,736) (333,398) (23,973) - (426,107) Net book amount 476,530 744,527 22,757 37,222 1,281,036 Net Book Amount 1 January 1999 137,239 534,357 7,919 7,388 686,903 Acquisition of subsidiary (Note 20) 362,744 411,249 23,517 85,289 882,799 Additions 8,430 21,420 2,794 16,313 48,957 Disposals and adjustments (22,162) (181,247) (5,449) 71,768 (280,626) Depreciation charge (9,721) (41,252) (6,024) - (56,997) 31 December 1999 476,530 744,527 22,757 37,222 1,281,036 At 31 December 1998 Cost 162,607 752,072 20,076 7,388 942,143 Accumulated depreciation (25,368) (27,715) (12,157) - (255,240) Net Book Amount 137,239 534,357 7,919 7,388 686,903

Net Book Amount 1 January 1998 133,329 474,085 7,l94 10,511 625,119 Additions 7,495 79,085 2,935 7,373 96,888 Disposals and adjustments 399 10,545 (38) 10,496 410 Depreciation charge (3,984) (29,358) (2,172) - (35,514) 31 December 1998 137,239 534,357 7,919 7,388 686,903 Thousands of Trinidad and Tobago dollars 1999 1998 9 Investments Fixed income securities 503,662 54,030 Unquoted equity investments 1,176 50 Quoted equity investments - 25,775 504,838 79,855 Current portion of fixed income securities (26,492) - 478,346 79,855 Fixed income securities include bonds with a stated value of $63.3m with an effective rate of return of 16.5% per annum. The remainder comprises US dollar denominated instruments carrying rates of return of 1l.38% and 9.88% per annum with maturities spread over the next five years. These instruments were acquired in order to provide a foreign currency exchange rate hedge for the US doilar denominated bonds issued by the Group (Note 16). Quoted equity investments represented the Group's 10% interest in Caribbean Cement Company Limited which was increased to 74.1% during 1999. This company is now being accounted for as a subsidiary from May l999. Thousands of Trinidad and Tobago dollars 10 Intangible assets Deferred Negative Goodwill Total Expenditure Goodwill Year ended 31 December 1999

Opening net book amount 11,810 (36,116) 7,359 (16,947) Acquisition of subsidiary (Note 20) - - 236,662 236,662 Current year expenditure 10,869 - - 10,869 Amortisation for the year (1,933) 3,611 (5,480) (3,802) Closing net book amount 20,746 32,505 238,541 226,782 Cost 23,663 (54,171) 245,600 215,092 Accumulated amortisation (2,917) 21,666 (7,059) 11,690 Net book amount 20,746 (32,505) 238,541 226,782 Year ended 31 December, 1998 Opening net book amount - (39,727) 6,800 (32,927) Acquisition of additional shares in Readymix (West Indies) Limited - 1,087 1,087 Current year expenditure 12,794 - - 12,794 Amortisation for the year (984) 3,611 (528) 2,099 Closing net book amount 11,810 (36,116) 7,359 (16,947) Cost 12,794 (54,171) 8,938 (32,439) Accumulated amortisation (984) 18,055 (1,579) 15,492 Net book amount 11,810 (36,116) 7,359 (16,947) During the year, the Group acquired a majority stake in Caribbean Cement Company Limited. The goodwill arising on this acquisition amounts to $236.7m (Note 20) and is attributable to the acquired market and the strategic fit with the Group that will translate to cost savings and competitive advantages, It is being amortised over 30 years to match the period over which it can be reasonably foreseen that these intangibles will contribute to earnings. Thousands of Trinidad and Tobago dollars 1999 1998 11 Pension Plans and Other Retirement Benefits A - Amounts recognised in the statement of earnings in respect of pension benefits: Current service cost 6,594 - Interest cost 12,889 - Expected return on plan assets (24,026) -

Total included in personnel remuneration and benefits (Note 3) (4,543) - Actual return on plan assets: 6,311 - International Accounting Standard 19 (revised) - Employee Benefits, requires with effect from 1 January 1999, that certain employment and post retirement costs and balances be recognised in the Group's financial statements. The Group changed its accounting policy to comply and as a result there was a net credit to personnel cost of $3.4m for 1999 (1998 - nil). The brought forward balances for retained earnings and deferred taxation have accordingly been adjusted by $S4.1 m and $30.6m respectively to reflect the impact of the transitional asset and liabilities arising from the change in accounting policy B - Pension plan surplus 103,932 - The Trinidad Cement Limited Employees' Pension Fund Plan is sectionalized for funding purposes into three segments to provide retirement pensions to the retirees of Trinidad Cement Limited, TCL Pack- aging Limited and Readymix (West Indies) Limited. The segment relating to Trinidad Cement Limited has a funding surplus due to its longer existence whilst the other two segments have funding deficits due to their more recent activation. Similarly, the pension plan covering the retirees of Arawak Cement Company Limited has a funding deficit. The aggregate of these deficits is shown in section C. The pension plan surplus is derived as follows: Fair value of plan assets 240,104 - Present value of funded obligations (154,839) - 85,265 - Unrecognised actuarial gains 18,667 - Pension plan surplus 103,932 - Movement in the pension plan surplus Transitional surplus on adopting IAS 19 (revised) 95,820 - Total credits for the year 6,216 - Contributions paid 1,896 - Pension plan surplus 103,932 - Thousands of Trinidad and Tobago dollars 1999 1998 C - Pension Plan obligations and other post retirement liabilities

Pension plan obligations 5,498 - Termination benefit obligations 200 - Retirees' medical benefit liabilities (Note 2m) 2,852 - 8,550 - The pension plan obligations are derived as follows: Fair value of plan assets 7,541 - Present value of funded obligations (12,626) - 5,085 - Unrecognised actuarial gains (413) - Pension plan obligations (5,498) - Movement in the pension plan obligations Transitional liability on adopting IAS 19 (5,323) - Total expense for the year (1,676 - Contributions paid 1,501 - Pension plan obligations (5,498) - The parent company's employees and employees of TCL Packaging Limited,TCL Ponsa Manufacturing Limited and Readynnix (West Indies) Limited are members of the Trinidad Cement Limited Employees' Pension Fund Plan. This is a defined benefit Pension Plan which provides pensions related to employees' length of service and basic earnings at retirement. The Plan's financial funding position is assessed by means of triennial actuarial valuations carried out by an independent actuary. The last such valuation was carried out as at 31 December 1997 and revealed that the plan was in surplus to the extent of $51.5m. A roll-forward valuation, using assumptions indicated below, was done as at 31 December 1999 for the sole purpose of preparing these financial statements. Thousands of Trinidad and Tobago dollars 1999 1998 Principal actuarial assumptions used for Trinidad Cement Limited Pension Plan Discount rate 8.5%-9.5% - Expected return on plan assets 10% - Rate of future salary increases 7.00% - Rate of future pension increases 3.00% -

Employees of Arawak Cement Company Limited are members of a defined benefit Pension Plan, which became effective in September 1994. The plan is established under an irrevocable trust and its assets are invested through an independent administered segregated fund policy. The triennial actuarial valu- ation was carried out at September 1997 and established an unfunded liability in respect of past service cost of $2.2m The actuary has advised that the company and employees fund this liability and future service benefits at 6.03% of members' earnings. A roll-forward valuation, using assumptions indicated below, was done as at December 31, 1999 for the sole purpose of preparing these financial statements Principal actuarial assumptions used for Arawak Cement Company Limited Pension Plan: Discount rate 7.00% - Expected return on plan assets 7.00% - Rate of future salary increases 6.00% - Rate of future pension increases nil - 12 Inventories Plant spares 96,243 54,923 Raw materials and work in progress 31,798 20,519 Consumables 29,407 26,883 Finished goods 26,310 14,793 183,758 117,118 13 Receivables and prepayments Trade receivables 42,766 42,472 Sundry receivables and prepayments 18,619 6,555 Deferred expenditure 23,619 15,399 Taxation recoverable 883 356 85,887 64,782 Thousands of Trinidad and Tobago dollars 1999 1998

14 Bank Advances Bankers' acceptances 8,135 9,335 Overdraft 7,929 - 16,064 9,335 Advances of $4.3m to a Jamaican subsidiary are unsecured and carry an interest rate of 26% per annum. The balance of the advances carries an average rate of 11.5% per annum and is secured by charges over the fixed and floating assets of the group, 15 Payables and Accruals Sundry payables and accruals 137,980 61,076 Trade payables 89,903 22,914 Statutory obligations - Jamaica subsidiary 25,376 - Operating lease payable -Jamaica subsidiary 20,406 - Taxation payable 378 98 274,043 84,088 16 Medium And Long Term Financing Maturity of borrowings: One year 41,111 327 Two years 85,696 36,885 Three years 52,744 26,877 Four years 54,853 13,019 Five years and over 1,046,854 250,236 1,281,258 327,344 Current portion ( 41,111) (327) 1,240,147 327,017 Type of borrowings Bonds 1,217,998 292,295 Amortised bank loans 47,147 - Other bank loans 15,500 34,000 Finance lease obligations 613 1,049

1,281,258 327,344 The weighted average effective interest rate for medium and long term financing is : 12.77% 11.72% Included in total borrowings are bonds with a stated value of $956.1m (1998 - $244.4m) which carry options to prepay the principal amounts before their due dates at discounted values. Bonds amounting to $425.9m (1998 - nil) are US dollar denominated. The consequential foreign cur- rency exchange rate adjustment exposure is hedged by the US dollar denominated fixed income securities of $440.4m (1998 - nil) held by the Group (Note 9). Amortised bank loans include $22.m which is US dollar denominated. All other borrowings are denominated in local currencies. Interest rates on all loans are fixed. Borrowings amounting to $705.2m ( 1998 - $79.8m) are secured by charges on the fixed and floating assets of the Group. The remaining loans are unsecured. Thousands of Trinidad and Tobago dollars 1999 1998 17 Share capital Authorised An unlimited number of ordinary and preference shares of no par value Issued and fully paid: 209,480,437 ordinary shares of no par value 267,706 267,706 18 Deferred Income Gain from disposal of plant and equipment 174,121 - Credited to the statement of earnings (6,281) - Balance carried forward 167,840 - In August 1999, Caribbean Cement Company Limited entered into a sale and leaseback transaction with a third party involving certain of its plant and equipment. A gain of $ 174. 1 m, representing the difference between the net value of the assets and the sale proceeds, was realised and is being recog- nised on a straight line basis over ten years which is the term of the related operating lease (see Note 19) 19 Operating Lease Commitments

Caribbean Cement Company Limited entered into a ten year operating lease for certain items of plant with a third party who can terminate the lease on its fifth anniversary. The payments due under the lease agreement are as follows: Year 2000 60,679 - Year 2001 65,174 - Year 2002 65,174 - Year 2003 65,174 - Year 2004 to 2009 391,044 - 647,245 - 20 Acquisition In April 1999, the Group increased its ownership of the share capital of Caribbean Cement Company Limited to 49.9% from the 10% held at 31 December 1998. Subsequently in July 1999, through partici- pation in an issue of new shares the Group's interest was further increased to 74.1%. The Group has determined the following to be the fair values of the assets and liabilities acquired in April 1999 $'000 Property, plant and equipment (Note 8) 882,799 Deferred tax asset (Note 5C) 46,167 investments 1,199 Receivables and prepayments 29,138 Inventories 45,638 Bank overdraft (net) (37,086) Payables and accruals (307,033) Short and long term borrowings (605,611) Net fair value of assets and liabilities at date of acquisition 55,211 Share of net assets acquired (49.9%) 27,550 Share of net assets at acquisition of additional shares (24.2%) 10,822 Share of change in net assets from rights issue (74.1%) 166,815 205,187 Purchase consideration : cash 441,849 Goodwill 236,662

Cash flow impact of purchase consideration Total purchase consideration 441,849 Cost of shares acquired prior to I January 1999 (18,737) Costs of shares acquired through rights issue (167,558) 255,554 Bank overdraft of subsidiary 37,086 Net cash flow impact 292,640 21 Contingent Liabilities There are certain pending legal actions and other claims against the group. It is the opinion of the directors, based on the information provided by the company's attorneys at law, that the liability, if any, arising out of these claims is not likely to be material, Accordinplv no nrovision has been made in these financial statements. 22 Capital Commitments The group has approved capital commitments amounting to $8.3m (1998 - $11.7m), 23 Subsidiary Undertakings The Group's subsidiaries are as follows Country of Incorporation Ownership Level 1999 1998 Readymix (West Indies) Limited. Trinidad and Tobago 70% 70% TCL Packaging Limited Trinidad and Tobago 80% 80% TCL Ponsa Manufacturing Limited Trinidad and Tobago 65% 65% TCL Leasing Limited Trinidad and Tobago 100% - Caribbean Cement Company Limited Jamaica 74% 10% Jamaica Gypsum and Quarries Limited Jamaica 74% 10% Rockfort Mineral Bath Complex Limited Jamaica 74% 10% Arawak Cement Company Limited Barbados 100% 100% TCL Trading Limited Anguilla 100% 100% TCL Service Limited Nevis 100% - TCL (Nevis) Limited Nevis 100% -

Cement Cement Concrete Concrete Packaging Packaging GROUP GROUP Thousands of Trinidad and Tobago dollars 1999 1998 1999 1998 1999 1998 1999 1998 Financial Information By Segment 24.1 Business Segment Information REVENUE Total Sales 766,762 460,792 71,643 94,379 51,520 52,506 889,925 607,677 Inter-segment sales (19,935) (28,669) - - (33,881) (30,334) (53,816) (59,003) Group Revenue 746,827 432,123 71,643 94,379 17,639 22,172 836,109 548,674 SEGMENT OPERATING PROFIT 176,640 127,016 5,693 8,189 12,557 11,463 195,436 146,973 Other Income 46,237 16,098 GROUP OPERATING PROFIT 241,673 163,071 SEGMENT ASSETS 2,020,284 786,447 75,951 76,405 48,176 47,630 1,966,672 867,075 Unallocated Corporate Assets 504,838 79,855 GROUP TOTAL ASSETS 2,471,510 946,930 SEGMENT LIABILITIES 1,404,282 466,320 47,688 53,438 23,457 27,351 1,298,852 547,109 Unallocated Corporate Liabilities 442,787 - GROUP TOTAL LIABILITIES 1,741,639 547,109 Expenditure on Property, Plant and Equipment 45,378 64,841 3,203 27,941 376 4,106 48,957 96,888 Expenditure on Equity Investments 292,640 - - 1,476 - - 292,640 1,476 Depreciation 49,967 28,811 4,950 4,099 2,080 2,604 56,997 35,514 *The Group figures may include consolidation adjustments not required in the Segment information. GROUP GROUP TOTAL TOTAL ADDITIONS ADDITIONS REVENUE REVENUE ASSETS ASSETS PP& E PP& E Thousands of Trinidad and Tobago dollars 1999 1998 1999 1998 1999 1998 24.2 Geographical Segment Information TRINIDAD and TOBAGO 255,581 302,287 1,012,395 660,201 32,711 79,312 JAMAICA 310,800 - 716,265 - 5,678 - BARBADOS 100,505 87,469 278,282 266,439 10,564 17,576

OTHER COUNTRIES 169,223 158,918 464,568 20,290 4 - GROUP TOTAL 836,109 548,674 2,471,510 946,930 48,957 96,888 PP&E - Property, Plant and Equipment