APPLICATION PROCEDURES

Application Procedures, Terms and Conditions

21.1 You may apply for Shares in the Offer by means of the Application Form included in this Prospectus, on the Application Forms contained in local newspapers when published therein or on Application Forms otherwise made available by the Company for such purpose. Each duly completed and signed Application Form, accompanied/supported by payment for the full amount payable, by an Approved Payment Method, must be taken to the offices of the Company or any Broker to the Offer on or before 4:00 p.m. (Jamaican time) on May 30, 2008. Manager’s Cheques should be made payable to “KPMG / Carlton Savannah REIT (Jamaica) Limited Share Offer”.

21.2 Each Application must be for multiples of 100 Shares.

21.3 The Directors in their sole discretion may accept (in whole or in part) or reject any Application to purchase Shares even if an Application is received, validated and processed. The acceptance may be in respect of the whole or any part of your Application and, accordingly, the allocated number of shares may be reduced.

21.4 If the Company accepts your Application to purchase (in whole or in part), this will be a binding contract under which you will have agreed to subscribe for the Shares in respect of which your Application has been accepted at the Offer Price.

21.5 If the Offer is oversubscribed, the shares may be apportioned for Allotment among the Applicants by the Directors, taking into account the factors described at 6 below and any other factors that the Directors consider relevant. Should the Offer be oversubscribed, Applicants may by allotted fewer shares than they applied for.

21.6 Once the Offer closes, if the Offer is oversubscribed shares may be allotted to Applicants on a “Pro Rata” basis, with the Applications submitted earlier after the Offer opens being allocated shares prior to those Applications which were submitted later, and the Applications submitted later may be scaled down to the extent necessary given the number of shares available in the Offer.

21.7 In the event that the Offer is oversubscribed, the Directors reserve the right in their sole discretion (but shall not be obliged) to issue and allot further shares in the Company as part of this Offer, at the same Offer Price per Share.

21.8 In respect of each Application which is accepted in whole or in part by the Company, the Company will issue a letter of allotment in the name of that Applicant (or in the joint names of joint Applicants) for the number of Shares allotted to the Applicant. The letters of allotment will be sent by ordinary post to such Applicants, along with a cheque for the portion of the subscription monies which is refundable to the Applicant if the Application has only been accepted in part.

21.9 Cheques for the amounts refundable to Applicants whose Applications are not accepted will be refunded by post without interest. The Company will use its best efforts to put the letters of allotment and refund cheques in the mail within seven working days after the Closing Date or as soon thereafter as practicable. If specifically requested by any Applicant, a share certificate for the shares allotted to the Applicant shall be issued by the Company and delivered to the Applicant within 45 days after the close of the Offer.

21.10 Each letter of allotment, refund cheque and share certificate will be mailed through the post at the Applicant’s risk to the address of the Applicant (or of the first-named joint Applicant) stated in the Application Form.

21.11 Letters of allotment are not transferable or assignable.