Mr. Richard Hew reports

CARIBBEAN UTILITIES COMPANY, LTD. ANNOUNCES THE APPOINTMENT OF VICE PRESIDENT ENERGY OPERATIONS

Caribbean Utilities Co. Ltd. has appointed Dr. Stephen Jay as an executive officer of the company serving as vice-president of energy operations. Dr. Jay holds a doctorate in electrical and mechanical engineering and brings a wealth of knowledge with over 30 years of experience in strategy development, asset management, electricity markets and regulation, renewable generation development, and technological innovation.

Prior to his appointment with Caribbean Utilities, Dr. Jay was with Transpower New Zealand Ltd. as the executive general manager operations. Dr. Jay has a wealth of experience including strong leadership skills, active collaboration with the New Zealand market regulator including the development of renewable energy systems and assistance with positioning the country for a lower carbon emission future.

As the president of the Electricity Engineers Association, a national not-for-profit organization that represents the self-governance, safety and asset management best practice for the generation, distribution and transmission companies in New Zealand, Dr. Jay provided insight into renewable energy thought leadership, technology integration and asset management.

"We are pleased to have Dr. Jay with the company as the vice-president of energy operations. His expertise and knowledge gained in New Zealand are a welcomed addition to the CUC team as we transition to a low carbon energy future," stated Richard Hew, president and chief executive officer.

The principal activity of the company is to generate, transmit and distribute electricity in its licence area of Grand Cayman, Cayman Islands, pursuant to a 20-year transmission and distribution (T&D) licence and a 25-year non-exclusive generation licence granted by the Cayman Islands government (the government, CIG). The T&D licence, which expires in April, 2028, contains provisions for an automatic 20-year renewal and the company has reasonable expectation of renewal until April, 2048. The generation licence expires in November, 2039.

We seek Safe Harbor.