Mr. Richard Hew reports

CARIBBEAN UTILITIES COMPANY, LTD. RELEASES ITS 2023 SUSTAINABILITY UPDATE REPORT

Caribbean Utilities Co. Ltd. has released its 2023 sustainability update report. This report provides an update on the company's progress on environmental, social and governance (ESG) initiatives since the release of the 2022 sustainability report.

Report highlights include:

• Environmental:
  • Developed a "road to renewables" marketing campaign;
  • In 2022, there were no fuel spills or releases with an associated fine and environmental procedures have been followed.
• Social:
  • 55 per cent female directors on the board of directors for the company;
  • 50 per cent of executive team are female;
  • 45 per cent of management team are female;
  • $465,000 (U.S.) in community donations;
  • Employees volunteered 919 hours for community projects.
• Governance:
  • Reviewed and updated ESG materiality assessment;
  • 100 per cent of employees received training on the company's Code of Business Conduct and Ethics Policy and Anti-Corruption Policy.

"Over the past year, the CUC team has been working on one of our core values -- teamwork. Our goal as a company is to collaboratively work with industry stakeholders to ensure that we continue to deliver safe, reliable and affordable service to our customers. Our team has been working assiduously to assist the regulator with the upcoming competitive bid process for utility-scale renewable energy. Growing the utility-scale renewable energy portfolio will significantly reduce greenhouse gas emissions and provide a low and more stable cost of energy to the electricity grid in line with our commitment to the United Nations Sustainable Development Goal 7 which is Affordable and Clean Energy," said president and chief executive officer Richard Hew.

The company is committed to the reduction of CO2e (carbon dioxide equivalent) emissions and to deliver more renewable and sustainable energy to the company's customers in Grand Cayman. The company has targets of a 60-per-cent reduction in greenhouse gas emissions by 2030 and 70 per cent of the energy on the grid coming from renewable energy sources by 2037. Focus will be given to the company's sustainable energy plan and grid resiliency and modernization plan to meet these targets.

In the future, renewable energy options remain a top priority for the company and it will continue to work closely with the regulator and all stakeholders to ensure that a sustainable, reliable and affordable energy future is available to all consumers.

We seek Safe Harbor.