MANAGEMENT'S CONCLUSIONS

13.6 The Carlton Savannah REIT (Jamaica) Limited will authorize 500 million shares of which approximately 42.5% will be issued to the public Company’s shareholders. Based on the assumptions in the Discounted Cash Flow model, the share Offer Price is J$5.91.

13.7 The after-tax dividend yield on the original investment is projected to be approximately 6.3% in the first year and grows to approximately 6.5% by the third year. This compares favourably to the dividend yield of listed companies on the Jamaica Stock Exchange

13.8 Comparison of dividend yield for the Carlton Savannah REIT (Jamaica) Limited shares versus that of Jamaica Stock Exchange listed companies:

For 2006, dividend yield for Jamaica Stock Exchange listed companies range from a low of 0.17% to a high of 7.4%. For the Carlton Savannah REIT (Jamaica) Limited, the dividend yield is expected to be approximately 6.3% in the first year of operations, putting it at the high end of the range.