Government of Jamaica Debt Exchange JDX Individual Investor

Government of Jamaica Debt Exchange (“JDX”) Individual Investor Presentation January 19, 2010

Government of Jamaica Representative Pamella Mc. Laren – Senior Director Debt Management – Ministry of Finance and the Public Service 2

Government of Jamaica Introduction

Government of Jamaica High Levels of Debt / GDP Interest as % of Tax Revenues 4

Government of Jamaica Programme Framework Fiscal Reform Economic Programme Multilateral Financial Support and Monitoring Jamaica Debt Exchange (JDX) 5

Government of Jamaica Debt Dynamics at a Fork in the Road Ukraine (B) Belize (B+) Median for Bs Uruguay Brazil (B+) Pakistan (B) Jamaica (B+) Turkey (B-) Belize (B+) Median for Bs Ukraine (B) Pakistan (B) Uruguay Brazil (B+) Turkey (B-) Jamaica (B+) Source: IMF, excludes IMF debt 6

Government of Jamaica Par for Par J$ 100 Old Notes J$ 100 New Notes + Accrued Interest New Bonds: - Longer Maturity - Lower Coupon - New Features: Fixed Rate Non-Call Life & CPI Bonds 7

Government of Jamaica Choices for All Investors, Subject to Maturity Rules Old Notes Fixed Rates “FR” Variable Rate “VR” New Notes Up to: 10 Choices Up to: 21 Choices New Fixed Rate 3 -Months to 30 Years New Variable Rate 1. 5 Years to 22 Years Inflation Indexed 12 Year and 20 Year USD Up to: 3 Choices New USD 3, 4 & 6 Year 8

Government of Jamaica How do I know which bonds I can choose? 1) Start with type of Old Note – and check the maturity table 2) If Fixed Rate Bond (“FR”) look at the maturity of your bond, example 15. 75% due August 24 2011 (about 1. 5 Years). 3) Look on Table 2 on page 10 of the document for the row corresponding to this maturity range. You will only have 3 choices in this case: Fixed Rate 4 -Year Bond with 12. 50% coupon due 2014 Fixed Rate 6 -Year Bond with 12. 625% coupon due 2016 Fixed Rate 9 -Year Bond with 12. 75% coupon due 2019 ALL CHOICES NON-CALL LIFE 9

Government of Jamaica Single-Choice “Retail” Window, J$ 5 MM or less Old Notes New Notes FR 12. 25% Tenors: 3 Years Structure: Fixed Rates “FR” Coupons: 1 Choice Not Callable USD 1 Choice VR USD 1 Month T Bill + 1. 0% Fixed Period 11. 75% for 3 Months Tenors: Variable Rate “VR” 1 Choice Spread: 3. 5 Years Coupon: 6. 75% Tenor: 3 Year 10

Government of Jamaica Submission Forms for Your Old Bond USD Old Bonds – Blue Fixed Rate Old Bonds –Yellow Variable Rate Old Bonds - Green Data Required: - Name, TRN - Contact Information - Note Series Name, Maturity - Certificate Number and Amount - Delivery Information 11

Government of Jamaica Submitting an Offer You can submit yourself – or submit through your broker Eligible Investors: Jamaican Residents Valid Submission: Submission Form + Note Certificate Submission Form: Selection of New Bonds + Other Info 1 – 10 Certificates Use Physical Offer Submission Form Deliver to Bank of Jamaica 10+ Certificates Use Electronic Offer Submission Form Deliver to Ministry of Finance 12

Government of Jamaica Delivering Certificates Delivering Old Certificates to the Government of Jamaica: Required for all submissions Receiving New Certificates from the Government of Jamaica: This can be to your home or to the care of your broker 13

Government of Jamaica Transaction Processing Timeline Launch Date Expiration Date Settlement Date January 14, 2010 January 26, 2010 February 16, 2010 Registration & Certificate Delivery • Cancellation of Old Bonds • Credit for New Bonds 14

Government of Jamaica Transaction Information Ministry of Finance and the Public Service www. mof. gov. jm § § § § Information Memorandum Investor Presentation Press Releases Certificate submission forms and instructions Electronic submission spreadsheet Q&A Clarifications and amendments Bank of Jamaica www. boj. org. jm 15

Government of Jamaica New Benchmark Bonds Fixed Rate Variable Rate Maturity Yield 3 Month 11. 00% 6 Month 11. 25% 1 Year 11. 75% 2 Year 12. 00% 3 Year 12. 25% 4 Year 12. 50% 6 Year 12. 625% 9 Year 12. 75% 14 Year 12. 875% 30 Year 13. 25% USD Maturity* Margin Index / Pay Initial Fix Period 1. 5 Year 1. 0% 1 Month 11. 75% 3 Month 2. 5 Year 1. 0% 1 Month 11. 75% 3 Month 3. 5 Year 1. 0% 1 Month 11. 75% 3 Month 5 Year 1. 25% 3 Month 11. 75% 6 Month 7 Year 1. 375% 3 Month 11. 75% 6 Month 8 Year 1. 375% 3 Month 11. 75% 6 Month 10 Year 1. 50% 3 Month 11. 75% 1 Year 16 Year 1. 50% 3 Month 11. 75% 1 Year 22 Year 1. 50% 3 Month 11. 75% 1 Year * Variable bonds are callable after certain dates CPI Maturity Yield Maturity Real Rate 3 Year 6. 75% 12 Year 2% step to 4. 00% 4 Year 7. 00% 20 Year 2% step to 4. 25% 6 Year 7. 25% Fixed Rate, USD, and CPI bonds are not callable 16

Government of Jamaica Example Allocation Rules by Maturity – Table 2 Example New Bond Election Options for Fixed Rate Bonds: Group Maturity Range of Old Notes Short FR Package* 3 Y Fixed 4 Y Fixed 6 Y Fixed 9 Y Fixed FR-A 2/17/2010 - 12/31/2010 x x x FR-B 12/31/2010 – 6/30/2011 x x FR-C 6/30/2011 – 12/31/2012 x x x FR-D 12/31/2012 – 12/31/2014 x x FR-E 12/31/2014 – 12/31/2017 FR-14 12/31/2017 - 12/31/ 2024 x FR-30 After: 12/31/2024 x 14 Y Fixed 30 Y Fixed x x Full “lookup” list will be posted on the website with all choices by each bond. If you have any doubt please call your broker or the Ministry of Finance. 17

Government of Jamaica Reallocation Rules – Summarized in Table 1 Hypothetical Elections Reallocation Option Exercised $50 bn cap The government may exercise its reallocations in the amortization profile if it exceeds the $50 bn cap Example above: 14 Y FR can be split into 3 bonds with the same coupons – 30% New Fixed Rate 13. 0 Y – 40% New Fixed Rate 14. 0 Y – 30% New Fixed Rate 15. 0 Y 18

Government of Jamaica Questions & Answers 19