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LUCELEC Begins Trading on ECSE

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Contact: Claudia Monlouis

Thursday, May 15, 2003 - St. Lucia Electricity Services today begins trading its 11.2 million shares on the East Caribbean Securities Exchange. On Thursday May 15, 2003, senior management of the Bank of St. Lucia welcomed LUCELEC on board the Eastern Caribbean Stock Exchange (ECSE) as its third listing, and the second for St. Lucia. Chairman of LUCELEC and Manager of the Bank of St. Lucia Marius St. Rose remarked that LUCELEC has fulfilled a promise made to shareholders in 1994, when the company changed status from a private to public company.

“At the time we did not have the ECSC – East Caribbean Securities Exchange and in the interim what we did, we used the Barclay’s Bank as a temporary resale mechanism to facilitate the transfer of shares.”

St. Rose says that one of the distinctive features of the ECSE is its sophistication. “It’s unlike other exchanges in the region, settles transactions within or just a little over 24 hours of the date of transaction. Also it has the feature of dematerialisation. A long, big word, which means that shares certificates do not mean anything- the shares or your title to shares are registered in securities registry in St. Kitts.

LUCELEC was commissioned in 1964 and operates under an exclusive statutory license until the year 2045 when the license will expire. The company’s customer base numbers 48,633 consisting of residential, commercial and industrial customers.

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