PRIVATE AND CONFIDENTIAL

April 22, 2012 Mr. Egbert King Accounting Clerk A Finance & IT - Management Accounting Department Sagicor International Administrators Dear Mr. King: We are pleased to advise that, resulting from Year 2 of the Collective Labour Agreement, an increase of 6.00% has been applied to your basic salary. Additionally, you have been awarded a 1.00% merit incentive as a result of your 2011 Performance Appraisal Score. Consequently, you will receive an overall adjustment of 7.00% on your 2011 basic pay, effective January 1, 2012. Your position as Accounting Clerk A, which is classified at the Grade 2 level, is within the salary scale of $1,047,100.00 to $1,636,020.00. In light of the foregoing, your revised compensation package is as follows:
Basic Salary Shoe Allowance
Directors Dr. the Hon. R. Danny Williams,O.J., C.D. Chairman Richard O. Byles President & CEO Prof. Sir. Hilary Beckles Marjorie Fyffe-Campbell Jeffrey C. Cobham Jacqueline D. Coke-Lloyd Richard Downer Paul A.B. Facey Stephen B. Facey Paul R. Hanworth Dr. Dodrige Miller Williams P. Lucie-Smith Janice A.M. Grant-Taffe Corporate Secretary

$1,333,999.70 $37,060.00 __________________ $1,371,059.70

Total

Accordingly, your new gross monthly Basic Salary is $111,166.64. The 2012 Shoe Allowance amount, net of tax, was deposited to your salary account on January 3, 2012. Your basic salary is just one part of your total rewards package; attached, is a list indicating several additional benefits provided to you. All other terms and conditions, outlined in your Contract of Employment, not stated herein, remain the same. We take this opportunity to thank you for your contribution to the Organization in 2011, and encourage you to continue pursuing your goals and objectives for the current year at an exemplary level reflective of the high performance standards of the Company. Yours sincerely, Marilyn Flynn Relationship Manager Group Human Resources Department
Enclosures

Sagicor Life Jamaica Limited - Benefits

BONUSES Christmas Bonus Productivity Bonus 5 10% of Salary Package This varies annually and by person, depending on company performance, an individuals salary package, and individual performance; on average, this is approximately 7% of salary

Long Service Bonus

One (1) months salary package for employment on the 20th anniversary and every five (5) years after eg. 25th, 30th years of service
Uniform

Uniform

Female: Four (4) Sets of Uniforms Male: Seven (7) shirts and material for four (4) pants $37,060.00 Overtime & Acting Pay

Annual Shoe Allowance

Overtime Rates

Mondays through Fridays: 1 hours for first three (3) hours double-time thereafter Saturdays: Double-time Sundays & Public Holidays: Triple-time Paid after two (2) hours of approved overtime on weekdays. Transportation to and from work on weekends & public holidays. Difference between basic pay of team member and the incumbent

Taxi Allowance Acting Pay Call Facility

Additional compensation for technical support staff

Transportation & Parking

Parking Portmore Toll Scheme

$88,830 per employee annually

Company advances payment of road-toll fees for employees and deducts the total toll amount from employees salaries each month. Toll fees are discounted because of company arrangement.
Learning & Development

LOMA (Parts 1 & 2) LOMA (Parts 3 & up) Examination Success Educational Assistance

US$370 per team member; 100% subsidized 50% reimbursement for company related courses Up to 10% of monthly basic salary for some exams Loan of 50% of fees charged by recognized tertiary institutions up to $150,000
Personal Well-being

Group Health Insurance Group Life Insurance Subsidized Staff Loans

Company pays full cost ($5,185 per month for each team member) 62 cents for every $1,000 of a team members salary package Access to a variety of staff loans at 10% rate of interest on personal and motor vehicle loans

Mortgage Loans

Under fifteen (15) years of service: Loan up to $3 million at the rate of interest of 7.95% Fifteen (15) years or more of service: Loan up to $5 million at the rate of interest of 7.95% *Team Members below the supervisory level have to attain three (3) years of service before gaining access to this loan
2/3 of basic salary for period of illness
7% Matching Contribution

Weekly Indemnity Pension Discount on company products Employee Assistance Programme Wellness Programme Annual Wellness Examination Sports Programmes Sagicor Chorale

Including parental life, voluntary life, critical illness, AD&D, dependent life, etc. 100% payment for four (4) visits/calls to a professional psychologist Gymkhana discounts, Free Yoga, Dancing, and Aerobics classes Annual physical examination and other medical tests, courtesy of the Paramedic Unit, on or around team members employment anniversary Sports teams for team members including netball, cricket, football, basketball and dominoes Opportunity for team members to share talent and interests in performing

Children

After-School & Homework Facility Summer School Programme Summer Mentorship Programme Corporate Scholarship Award

Subsidized after-school child-care programme Subsidized summer child-care programme Placement of team members children in Sagicor summer employment positions Corporate Staff Education Fund provides support for eligible children of permanent employees, who have demonstrated excellence through academic achievement

Reward & Recognition Programmes

Long Service Awards Recognition & Reward Programme

Ceremony in recognition of 5, 10, 15, 20, 25, 30, 35, and 40 year employment milestones Employee of the Month, Quarter, Year and Sagicorian Awards, which include cash prizes, glamour-shots, and All-Staff communications (luncheon and trip for two (2) to Advisors conference overseas for the Sagicorian) Showcasing Talents & Recognizing Staff Week - a week of events and showcases to recognize and reward staff and talent Annual Christmas party, usually ending S.T.A.R.S. week, to reward staff for hard work throughout the year Occassions for staff to relax and enjoy each others company

S.T.A.R.S. Week Staff Christmas Party Sagicor Fridays and Staff Lymes

Other Benefits

Employee Share Option Motivational Seminar

Company shares, offered at 75% of market value Annual motivational retreat for financial advisors and administrative staff

Leave Benefits

Vacation Leave

Calculated on calendar basis and dependent on years of service

1 3 Years: 10 days 4 9 Years: 15 days 10 14 Years: 20 days 15 19 Years: 25 days 20 Years and over: 30 days

Sick Leave

Paid to each permanent staff as per the schedule below. Team Members are also allowed to accumulate a maximum of sixty (60) days sick leave. 1 - 4 Years: 10 days 5 - 9 Years: 15 days 10 - 14 Years: 20 days 15 - 19 Years: 25 days

Study Leave Compassionate Leave

After being with the company for two (2) years, team members are granted six (6) days for the year, in addition to time to sit the exams Three (3) days per occasion (local) and five (5) days (overseas) is granted in the event of death or serious illness of staff members immediate family members Sixty-six (66) days with pay including public holidays. Option to request a maximum of two (3) months of No-Pay leave and Vacation. 28 weeks of Maternity Leave also available in the event of miscarriage. Years of Service/Pay in lieu of notice: 1 - 4 Years: 4 weeks 5 - 9 Years: 6 weeks 10 - 19 Years: 8 weeks 20 years and over: 12 weeks

Maternity Leave

Redundancy Leave