Date: 08/11/2007

At its standard quarterly briefing meeting in the corporate head office of Guardian Holdings Limited (GHL) on November 2, 2007, CEO Rory O’Brien gave analysts and corporate investors in Trinidad & Tobago some insight into the Group’s third quarter results.

GHL Chairman Arthur Lok Jack last week reported that the operating performance of the Group was showing steady improvement and that this progressive trend was expected to characterize operations for the remainder of the year. For the period ending September 2007, he noted that the Group had produced an operating profit of $259.9 million before fair value adjustments, which shows another successful quarter.

Rory O’Brien recapped the first two quarters in which the Group had suffered from a declining stock market, ending those quarters with negative positions of $196 million and $167.7 million respectively in spite of operating profits of $86.6 million and $167.6 million. In considering the third quarter, the CEO showed the continued improvement in relation to both operating profit and fair value gains, reporting operating profit for the 9 month period of $259.9 million which led to the overall loss for the period being reduced to $69.2 million despite the inclusion of fair value losses of $182.9 million.

At the end of the presentation, analysts posed questions to the CEO as well as to Chief Financial Officer Howard Dottin, Group Chief Operating Officer Douglas Camacho and Business Unit Chief Executives Richard Espinet, Brent Ford and Ravi Tewari. Mr. O’Brien drew reference to the Group’s strong professional team who has been implementing the strategic plan, addressing such critical areas as operating efficiency, expense control and more effective management of the individual parts of the business. He expressed the Board’s delight at the turn around in the company at the end of the third quarter. If all goes according to plan, he said, the Group should be looking at a very strong position by year end.