Kingston, Jamaica – NCB Financial Group Limited (“NCB”) announced today a transaction under which NCB will acquire a majority stake in Clarien Group Limited (“CGL”), owner of Clarien Bank Limited (“Clarien”) based in Hamilton, Bermuda. Under the transaction agreement, NCB will acquire a 50.1% majority stake in CGL. Funds managed by Portland Private Equity (“PPE”) will hold 17.92% and Edmund Gibbons Limited (EGL) will retain a 31.98% shareholding. The transaction has received approval of the Bank of Jamaica and a letter of no objection from the Bermuda Monetary Authority. Final completion of the transaction is subject to the approval of the Minister of Finance. According to NCB President and Group CEO Patrick Hylton, “Bermuda is one of the world’s premier financial jurisdictions and our acquisition of a majority stake in Clarien is aligned with our regional growth strategy and focus on continuing to enhance shareholder value. Our investment in Clarien reflects our confidence in the prospects of the Bank and Bermuda itself. As home to many of the world’s leading financial companies, Bermuda is respected as a stable, sophisticated legal and regulatory jurisdiction well equipped to meet the needs of international high net worth and institutional clients. We view this as a complement to our wealth management operations in the Caribbean.” James Gibbons, Director of EGL, CGL and Clarien commented, “We are very excited by our partnership with NCB, which is one of the most successful financial services groups in the Caribbean, and the broader Portland group which includes operations in Canada and other international markets. It will enable us to expand our offerings locally, regionally and globally.” NCB Financial Group Limited 32 Trafalgar Road | Kingston 10 | Jamaica W.I. Nichole Brackett Walters, Manager – Group Marketing and Communications Unit Tel| 1-876-935-2342; Email: [email protected] Jacqueline De Lisser, Head - Group Investor Relations, Performance Monitoring & Planning, 1-876-935-2540; Email: [email protected] About NCB Financial Group Limited NCB Financial Group Limited (“NCB”) was incorporated in April 2016 to be licensed under the Banking Services Act as the financial holding company for National Commercial Bank Jamaica Limited (“NCBJ”). NCB is the largest and most profitable financial services group in Jamaica with roots dating back to 1837. Through the bank and its wealth management, life and general insurance, and offshore banking subsidiaries, NCB provides a wide array of financial products and services to meet the needs of individual and business clients. The NCB Group includes NCBJ, NCB Capital Markets Limited and its subsidiaries in Barbados and Cayman, NCB Insurance Company Limited, Advantage General Insurance Company Limited, NCB (Cayman) Limited, and NCB Global Finance Limited in Trinidad and Tobago. In May 2016, NCB acquired a 29.99% interest in Guardian Holdings Limited (GHL) in Trinidad & Tobago, which is held through a directly owned subsidiary, NCB Global Holdings Limited, incorporated in Trinidad & Tobago. www.myncb.com About Clarien Bank Limited Clarien Bank Limited (“Clarien Bank”) is one of the largest independent, privately-owned integrated financial services organisations in Bermuda, providing personal and commercial banking, private banking, and corporate banking to individuals, families and corporations in Bermuda and worldwide. Clarien Bank also provides a full range of investment products and brokerage services through Clarien Investments Limited. Clarien Bank Limited together with its subsidiary companies is licensed to conduct banking, investment and trust business by the Bermuda Monetary Authority. www.clarienbank.com