Carib Cement Disclosure

Caribbean Cement Company Limited (CCC) has advised that “on March 16, 2018 it signed a memorandum of understanding, as amended, modified, supplemented, restated and/or enhanced from time to time (“MOU”), with its holding company Trinidad Cement Limited (“TCL”) agreeing to the essential terms with respect to, mainly, the (i) termination of an operating lease agreement originally dated July 2, 2010, as amended, modified, supplemented, restated and/or enhanced from time to time (the “Lease Agreement”), signed by TCL as lessor and CCCL as Lessee and the corresponding purchase by CCCL of the assets object of the Lease agreement for approximately USD$118 million to be paid to TCL (the “Asser Acquisition”); (ii) redemption of an aggregate number of 52 million preference shares issued by CCCL to TCL in 2010 and 2013, for approximately USD$40.5 million to be paid over a nine-year period starting in 2018 and sourced from at least 1/3 (one third) of CCL’s profits available for distribution from the previous year (the “Redemption”); and (iii) financing options to fund the Asset Acquisition and the Redemption.

“The closing of the above transactions is subject to the satisfaction of certain conditions, including approval from TCL and CCL’s corporate bodies, securing financing options by CCL, the absence of occurrence or potential occurrence of any material tax and/or accounting effects if the above transactions are executed, among others. The definitive agreements in relation to the foregoing transactions are expected to be executed by TCL and CCCL within 90 days from the date of signing the MOU.”