Page 1

First Half Report 2012 Overview Following the performance of the 1st Quarter, trading activity continued to be characterized by decreases in both the total trading volume and total trading value, as illustrated in Table 1, when compared to the corresponding period in 2011. Total trading volume decreased by 70% and total trading value decreased by 92%. There was one (1) extra-ordinary transaction, pursuant to a take-over, which brought to a close AMCL Holdings Limited bid for all issued and outstanding shares in ANSA McAL (Barbados) Limited, compared to fourteen (14) extra-ordinary transactions in the corresponding period for 2011. The Odd-Lot Market was the only market to record any improvement in activity and there was no trading on the Block Trade Market. The exclusion of the extra-ordinary transactions, however, paints a much more realistic picture of market activity. Less the extra-ordinary transactions which occurred in both the first half of 2012 and 2011, total trading volume would have increased by 10% while total trading value would have fallen by 14%. These figures are in line with general market conditions as share prices have fallen thus giving persons an excellent opportunity to purchase stock in lucrative companies at discounted prices. Falling share prices have also given these persons the opportunity to purchase more stock with the same level of investment thus resulting in an increase in the trading volumes. st

Table 1 - Total Trading Activity - 1 Half 2012

Market REGULAR ODD-LOT PUT - THROUGH JUNIOR BLOCK TRADE TOTAL

June 2012 Volume 3,660,142 110,448 72,415 2,000 3,845,005

June 2011 Volume 12,316,659 86,445 178,056 3,200 12,584,360

$ $ $ $ $ $

June 2012 Value 18,201,636 483,971 431,099 20,925 19,137,631

$ $ $ $ $ $

June 2011 Value 225,678,597 416,668 915,939 34,400 227,045,604

% Change Volume -70% 28% -59% -38% NA -69%

% Change Value -92% 16% -53% -39% NA -92%

Second quarter 2012 market performance showed some improvements even when taking into account two extra-ordinary transactions which occurred during the second quarter of 2011. As illustrated in Table 2 below total trading volume was up 3% while total trading value was down 35%. The Odd-Lot


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Market was the only market recording any significant increases in performance as trading volume in this Market increased by 59% with a corresponding value increase of 30%. nd

Table 2 - Trading Activity - 2 Quarter

Market

REGULAR ODD-LOT PUT - THROUGH JUNIOR BLOCK TRADE TOTAL

Second Quarter 2012 Volume 1,312,491 61,873 4,455 2,000 1,380,819

Second Quarter 2011 Volume 1,224,036 39,010 74,026 3,200 1,340,272

$ $ $ $ $ $

Second Quarter 2012 Value 4,208,295 261,643 26,953 20,925 4,517,815

$ $ $ $ $ $

Second Quarter 2011 Value 6,353,967 201,805 346,446 34,400 6,936,618

% Change Volume 7% 59% -94% -38% NA 3%

% Change Value -34% 30% -92% -39% NA -35%

Regular Market

The trading activity on the Regular Market for the first half of 2012 recorded decreases in both trading volume and value of 70.28% and 91.93% respectively. The total volume of shares traded at the half year was 3,660,142 as compared to the 12,316,659 shares traded for the corresponding period in 2011 as illustrated in Table 3. Similarly, the total value traded decreased from $225,678,597 in the first half of 2011 to $18,201,636 for the corresponding period in 2012. As mentioned earlier, the inclusion of the extra-ordinary transactions are the main determinant of the large differences in trading activity. Excluding these transactions, Regular Market activity would have yielded an increase in volume traded of 15% but a reduction in the value traded of 12%. The number of trades recorded during the first half of 2012 rose from 475 in 2011 to 487 in 2012; an increase of 2.53%. Figure 1 illustrates a monthly comparison of the volume of trades for 2011 and 2012. The Advance/Decline Ratio, which measures the number of companies whose share price increased or 'advanced' versus those whose share price decreased or 'declined', showed some minor declines in 2012 with 5 companies experiencing increases in their share price, down 3 from 2011 while 9 experienced decreases; the same number of companies experienced declines in 2011.


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Trade Frequency Comparison 140

No. of Trades

120 100 80 60 40 20 0 2012

January 33

February 87

March 132

April 55

May 102

June 78

2011

59

119

100

40

79

78

Figure 1 Table 3 - Regular Market Comparison

Regular Market Year on Year Comparison TOTAL SHARE VOLUME TOTAL SHARE VALUE AVERAGE DAILY SHARE VOLUME AVERAGE DAILY SHARE VALUE NUMBER OF TRADES NUMBER OF TRADE DAYS AVERAGE SHARE PRICE ADVANCE/DECLINE RATIO LOCAL INDEX CROSS – LISTED INDEX COMPOSITE MARKET INDEX LOCAL MARKET CAPITALIZATION CROSS-LISTED MARKET CAPITALIZATION COMPOSITE MARKET CAPITALIZATION NUMBER OF LISTED SECURITIES

30-Jun-12 3,660,142 18,201,636 29,281 $ 145,613 487 125 $ 5.72 5/9 3,200.26 1,184.41 722.40 9,192,523,517 2,009,717,950 11,210,041,467 26

30-Jun-11 12,316,659 225,678,597 100,135 $ 1,834,785 475 123 $ 6.04 8/9 3,333.34 1,181.39 740.38 9,134,276,418 1,953,269,159 11,095,495,576 25

% Change -70.28% -91.93% -70.76% -92.06% 2.53% 1.63% -5.27% N/A -3.99% 0.26% -2.43% 0.64% 2.89% 1.03% 4.00%

Table 4 and Table 5 show the top five companies traded in the Regular Market for the first half of 2012 based on volume and value respectively. Sagicor Financial Corporation was the top traded company for the first half of 2012 in terms of volume, accounting for 29.68% of the total volume traded but was second in terms of value traded accounting for 13.53% of the value traded. ANSA McAL (Barbados)


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Limited, which accounted for 49.09% of the total value traded, was the top traded company in terms of value. st

Table 4 - Top five traded companies by volume -1 half

2012 Volume 1,086,949 761,324 435,770 372,759 303,156

Company SAGICOR FINANCIAL CORPORATION ANSA MCAL (BARBADOS) LIMITED FIRSTCARIBBEAN INTERNATIONAL BANK GODDARD ENTERPRISES LIMITED FORTRESS CARIBBEAN PROPERTY FUND

2011 Volume 334,556 2,619,845 483706 215,181 178,319

$ $ $ $ $

2012 Value 2,465,313 8,945,557 1,354,618 2,216,495 269,851

2011 Value $ 1,008,509 $30,783,179 $ 1,495,400 $ 1,294,013 $ 203,909

st

Table 5 - Top Five Traded Companies by Value –1 Half

Company ANSA MCAL (BARBADOS) LIMITED SAGICOR FINANCIAL CORPORATION GODDARD ENTERPRISES LIMITED FIRSTCARIBBEAN INTERNATIONAL BANK CABLE AND WIRELESS BARBADOS LIMITED

$ $ $ $ $

2012 Value 8,945,557 2,465,313 2,216,495 1,354,618 706,969

2011 Value $ 30,783,179 $ 1,008,509 $ 1,294,013 $ 1,495,400 $ 2,308,523

2012 Volume 761,324 1,086,949 372,759 435,770 132,496

2011 Volume 2,619,845 334,556 215181 483,706 427,721

As Table 6 and Table 7 illustrate, Sagicor Financial Corporation was the top security traded for the 2nd quarter in terms of both volume and value. Trading 639,222 shares or 48.63% of the volume traded, they outperformed second place Banks Holdings Limited which only traded 123,624 or 9.40% of the volume traded. Trading just over $1.4 million, Sagicor accounted for 33.14% of the value traded for the second half while second place Goddard Enterprises Limited traded $692,939 or 16.38% of the value traded. Table 6 - Top Five Traded Companies by Volume –2nd Quarter

Company SAGICOR FINANCIAL CORPORATION BANKS HOLDINGS LIMITED GODDARD ENTERPRISES LIMITED FIRSTCARIBBEAN INTERNATIONAL BANK CABLE AND WIRELESS BARBADOS LIMITED

2012 Volume 639,222 123,624 118,833 106,127 85,621

2011 Volume 82,356 76,433 47,881 188,243 209,614

$ $ $ $ $

2012 Value 1,401,525 404,719 692,939 331,262 456,496

$ $ $ $ $

2011 Value 243,337 302,080 291,276 582,375 1,130,878


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Table 7 - Top Five Traded Companies by Value –2nd Quarter

Company SAGICOR FINANCIAL CORPORATION GODDARD ENTERPRISES LIMITED CABLE AND WIRELESS BARBADOS LIMITED BANKS HOLDINGS LIMITED FIRSTCARIBBEAN INTERNATIONAL BANK

$ $ $ $ $

2012 Value 1,401,525 692,939 456,496 404,719 331,262

$ $ $ $ $

2011 Value 243,337 291,276 1,130,878 302,080 582,375

2012 Volume 639,222 118,833 85,621 123,624 106,127

2011 Volume 82,356 47,881 209,614 76,433 188,243

Odd-Lot Market

The trading activity on the Odd-Lot Market continued to show improvements in both the volumes and values traded for the first six months of 2012. The total volume of shares traded of 110,448 was 28% more than the 86,445 traded for the same period in 2011 while the $483,971 represented a 16% increase over the total value traded for the first half of 2011 - $416,668. Table 8 and Table 9 illustrate the top five traded companies for the first half of 2012. Sagicor Financial Corporation was the top performer for the half year in terms of total volume traded accounting for 29.04% of the volume traded on this market and 15.25% of the value traded. Neal and Massy Holdings Limited commanded 17.67% of the value traded but only 5.69% of the volume traded; once again their strong share price on the Odd-Lot Market ($13.60 as at June 30th, 2012) has made them the top traded security by value for the first half of 2012. st

Table 8 - Top five traded companies by volume -1 half

2012 Volume 32,078 19,544 14,269 11,931 8,528

Company SAGICOR FINANCIAL CORPORATION BANKS HOLDINGS INCORPORATED GODDARD ENTERPRISES LIMITED CABLE & WIRELESS (BARBADOS) LIMITED INSURANCE CORPORATION OF BARBADOS LIMITED

2011 Volume 23,498 6,942 10,948 11,114 7,989

$ $ $ $ $

2012 Value 73,803 64,060 84,440 63,764 22,862

$ $ $ $ $

2011 Value 70,983 27,457 65,799 59,977 24,055

st

Table 9 - Top five traded companies by value -1 Half

Company NEAL & MASSY HOLDINGS LIMITED GODDARD ENTERPRISES LIMITED SAGICOR FINANCIAL CORPORATION BANKS HOLDINGS INCORPORATED CABLE & WIRELESS (BARBADOS) LIMITED

$ $ $ $ $

2012

2011

2012

2011

Value 85,530 84,440 73,803 64,060 63,764

Value $ 106,150 $ 65,799 $ 70,983 $ 27,457 $ 59,977

Volume 6,289 14,269 32,078 19,544 11,931

Volume 7,886 10,948 23,498 6,942 11,114


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For the second quarter of 2012 trading activity increased by 59% in terms of volume and 30% in terms of value. The top performing security in terms of both volumes and values traded was Banks Holdings Limited accounting for 28.26% of the volume traded and 21.72% of the value. Table 10 and Table 11 show the top five traded companies in terms of volume and value for the Odd-Lot Market over the second quarter of 2012. nd

Table 10 - Top Five Traded Companies by Volume –2 Quarter

Company BANKS HOLDINGS INCORPORATED SAGICOR FINANCIAL CORPORATION GODDARD ENTERPRISES LIMITED INSURANCE CORPORATION OF BARBADOS LIMITED NEAL & MASSY HOLDINGS LIMITED

2012 Volume 17,485 17,011 5,552 4,050 3,800

2011 Volume 1,742 9,361 7,341 4,746 3,999

$ $ $ $ $

2012 Value 56,828 37,182 32,138 10,824 51,680

$ $ $ $ $

2011 Value 6,889 28,152 44,514 14,169 54,315

nd

Table 11 - Top Five Traded Companies by Value –2 Quarter

Company BANKS HOLDINGS INCORPORATED NEAL & MASSY HOLDINGS LIMITED SAGICOR FINANCIAL CORPORATION GODDARD ENTERPRISES LIMITED LIGHT & POWER HOLDINGS LIMITED

$ $ $ $ $

2012 Value 56,828 51,680 37,182 32,138 29,966

$ $ $ $ $

2011 Value 6,889 54,315 28,152 44,514 1,980

2012 Volume 17,485 3,800 17,011 5,552 1,166

2011 Volume 1,742 3,999 9,361 7,341 89

Put Through Market st

Table 12 - Put Through Market Activity - 1 Half

Company GODDARD ENTERPRISES LIMITED SAGICOR FINANCIAL CORPORATION

Volume

Value

70,322

$425,154.75

2,093

$5,944.12

Junior Market There was some activity on the Junior Market during the second quarter of 2012. Royal Fidelity's TIGRS A Fund traded 2,000 shares with a value of $20,295.00.

Bond Market For the first half of 2012, nineteen (19) Barbados Government Debentures and eleven (11) Barbados Government Treasury Notes traded on the board of the Exchange as compared to fourteen (14)


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Barbados Government Debentures and seven (7) Barbados Government Treasury Notes trading for the corresponding period in 2011. There were a total of 141 trades occurring on the Bond Market resulting in a volume of 9,977,500 bonds trading. The total face value of the bonds traded was $981,686,750.00. Table 13 below summarizes all bonds traded for the first half of 2012. Table 13 - Summary of Bonds Traded

Security

Volume

BARBADOS GOVERNMENT DEBENTURE 4.25% 2013

1,000

BARBADOS GOVERNMENT DEBENTURE 4.75% 2016

4,000

BARBADOS GOVERNMENT DEBENTURE 5.25% 2013

1,000

BARBADOS GOVERNMENT DEBENTURE 5.875% 2018

80,000

BARBADOS GOVERNMENT DEBENTURE 6.125% 2021

7,000

BARBADOS GOVERNMENT DEBENTURE 6.25% 2019

9,000

BARBADOS GOVERNMENT DEBENTURE 6.25% 2022

2,000

BARBADOS GOVERNMENT DEBENTURE 6.625% 2020

3,007,000

BARBADOS GOVERNMENT DEBENTURE 6.75% 2022

15,000

BARBADOS GOVERNMENT DEBENTURE 6.875% 2023

3,000

BARBADOS GOVERNMENT DEBENTURE 7% 2017

512,000

BARBADOS GOVERNMENT DEBENTURE 7% 2023

15,000

BARBADOS GOVERNMENT DEBENTURE 7.125% 2026

21,000

BARBADOS GOVERNMENT DEBENTURE 7.375% 2027

5,503,000

BARBADOS GOVERNMENT DEBENTURE 7.5% 2012 BARBADOS GOVERNMENT DEBENTURE 7.750% 2031 BARBADOS GOVERNMENT DEBENTURE 8% 2012

100,000 3,000 10,000

BARBADOS GOVERNMENT DEBENTURE 8.250% 2018

200,000

BARBADOS GOVERNMENT DEBENTURE 8.50% 2018

14,000

BARBADOS GOVERNMENT T/NOTE 4.25% 2013

3,000

BARBADOS GOVERNMENT T/NOTE 6% 2016

63,000

BARBADOS GOVERNMENT T/NOTE 6% 2017

3,000

BARBADOS GOVERNMENT T/NOTE 6.125% 2021

1,000

BARBADOS GOVERNMENT T/NOTE 6.5% 2016

7,500

BARBADOS GOVERNMENT T/NOTE 6.625% 2019

6,000

BARBADOS GOVERNMENT T/NOTE 7.25% 2014

165,000

BARBADOS GOVERNMENT T/NOTE 7.50% 2012

1,000

BARBADOS GOVERNMENT T/NOTE 7.75% 2013

10,000

BARBADOS GOVERNMENT T/NOTE 7.875% 2015

210,000

BARBADOS GOVERNMENT T/NOTE 8% 2014 TOTAL

1,000 9,977,500


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Index and Market Capitalization Movement There were mixed results in the indices and market capitalization when examined for over the past three, six and twelve month periods. For the second quarter of 2012, as illustrated in Table 14, the Cross Listed Index was the only index to record an increase over its March 31st 2012 figure by 1.87%; all other indices recorded decreases. When the comparison is extended to six months (Table 15), the local index was the only measure recording a decrease of 2.05% over its December 31st 2011 closing figure; the Cross Listed Index recorded an increase of 3.69%. Over the twelve month period shown in Table 16, the Cross Listed Index was the only index measure to record an increase of 0.26%. The Cross-Listed Index performance can be attributed to share price appreciation in both Jamaica Money Market Brokers Limited and One Caribbean Media Limited. Figure 2 below tracks the Index movement over the 12 month period. The market capitalization comparisons illustrated in Table 17-19, closely mirror the performance of the index comparisons discussed above over the same three, six and twelve month periods. The second quarter Local Market Capitalization was impacted heavily when Almond Resorts Inc. share price fell by 60% from $1.25 to $0.501. First half performance shows improvement but is mainly driven by increases in the share prices of the larger issuers namely FirstCaribbean International Bank, Sagicor Financial Corporation 6.5% Pref. and Jamaica Money Market Brokers Limited. Table 14 - Index Comparison 2nd Quarter

Index LOCAL CROSS LISTED COMPOSITE

30-Jun-12 3,200.26 1,184.41 722.40

31-Mar-12 3,261.28 1,162.64 725.94

% Change -1.87% 1.87% -0.49%

31-Dec-11 3,267.18 1,142.23 722.07

% Change -2.05% 3.69% 0.05%

st

Table 15 - Index Comparison 1 half

Index LOCAL CROSS LISTED COMPOSITE

30-Jun-12 3,200.26 1,184.41 722.40

Table 16 - Index Comparison year-on-year

Index LOCAL CROSS LISTED COMPOSITE 1

30-Jun-12 3,200.26 1,184.41 722.40

30-Jun-11 3,333.34 1,181.39 740.38

% Change -3.99% 0.26% -2.43%

The Price Stabilization Rule came into effect halting trading in this security. After our Compliance Department conducted the necessary due diligence the transaction was allowed and trading activity on the security was resumed.


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nd

Table 17 - Market Capitalization comparison 2 quarter

Market Capitalization LOCAL CROSS LISTED COMPOSITE

30-Jun-12 9,192,523,516.72 2,009,717,949.85 11,210,041,466.57

31-Mar-12 9,319,483,622.90 1,987,204,617.63 11,314,638,241

% Change -1.36% 1.13% -0.92%

st

Table 18 - Market Capitalization comparison 1 half

Market Capitalization LOCAL CROSS LISTED COMPOSITE

30-Jun-12 9,192,523,517 2,009,717,950 11,210,041,467

31-Dec-11 9,127,101,474 1,896,819,202 11,031,870,677

% Change 0.72% 5.95% 1.62%

Table 19 - Market Capitalization Comparison year-on-year

Market Capitalization LOCAL CROSS LISTED COMPOSITE

30-Jun-12 9,192,523,516.72 2,009,717,949.85 11,210,041,466.57

30-Jun-11 9,134,276,417.73 1,953,269,158.75 11,095,495,576

% Change 0.64% 2.89% 1.03%

Year on Year Index Movement 0.50% 0.00%

Percentage Change

-0.50% -1.00% -1.50%

Local Index

-2.00%

Cross-Listed Index

-2.50%

Composite Index

-3.00% -3.50% -4.00% -4.50%

Figure 2 - Index Movement - 12 months


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Company Activity Comparative Report For the first half of the year, ending June 30th 2012, five (5) securities advanced, nine (9) declined, five (5) remained unchanged and six (6) did not trade with one (1) suspension. This is compared to eight (8) securities advanced, nine (9) declined, three (3) remained unchanged and six (6) did not trade with one delisting for the first half of 2011. Jamaica Money Market Brokers Limited was the top advancer for the first half climbing 50% from $0.10 on December 31st 2011 to $0.15 at June 30th 2012. One Caribbean Media Limited and Insurance Corporation of Barbados Limited rounded out the top three companies to increase in price during the first six months of 2012 increasing 20.34% and 7.6% respectively. The two other companies to increase in price were FirstCaribbean International and Sagicor Financial Corporation 6.5% Pref. Four companies experienced declines in excess of 10% for the first six months of 2012. Almond Resorts Incorporated suffered the largest decline as their price fell by 60% during the half. Sagicor Financial Corporation, Barbados Farms Limited and Fortress Caribbean Property Fund were the other companies to experience double digit declines for the half of 23.34%, 20.67% and 15% respectively. st

Table 20 - 1 Half Trading Activity by Company (Regular and Junior market only)

SECURITY ANSA MCAL (BARBADOS) LIMITED ALMOND RESORTS INC. BICO INDUSTRIES LTD. BARBADOS DAIRY INDUSTRIES LTD. BARBADOS FARMS LTD. BARBADOS NATIONAL BANK INC. BANKS HOLDINGS LTD. BARBADOS SHIPPING & TRADING CO. LTD. FORTRESS CARIBBEAN PROPERTY FUND CAVE SHEPHERD AND CO. LTD. CABLE AND WIRELESS BARBADOS LTD FIRSTCARIBBEAN INTERNATIONAL BANK GODDARD ENTERPRISES LTD. INSURANCE CORPORATION OF BARBADOS LTD. JAMAICA MONEY MARKET BROKERS LIMITED LIGHT AND POWER HOLDINGS LTD. LIGHT AND POWER HOLDINGS LTD 5.5% PREF NEAL AND MASSEY HOLDINGS LTD. ONE CARIBBEAN MEDIA LIMITED SAGICOR FINANCIAL CORPORATION 6.5% PREF SAGICOR FINANCIAL CORPORATION TRINIDAD CEMENT LTD.

1st Half 2012 Volume 761,324 10,000 18,034 13,951 28,969 0 211,209 0 303,156 58,772 132,496 435,770 372,759 104,524 1,000 5,001 0 34,846 63,382 18,000 1,086,949 0

1st Half 2012 Value $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $

8,945,557 5,000 33,543 73,801 34,116 696,994 269,851 274,368 706,969 1,354,618 2,216,495 281,044 150 128,526 473,906 204,746 36,640 2,465,313 -

CLOSING PRICE June 30 2012 11.75 0.50 1.86 5.29 1.19 5.50 3.25 7.58 0.85 4.59 5.30 3.12 5.50 2.69 0.15 25.70 3.11 13.60 3.55 2.08 2.20 0.80

CLOSING PRICE December 31 2011 11.75 1.25 1.86 5.29 1.50 5.50 3.29 7.58 1.00 4.60 5.34 2.90 6.00 2.50 0.10 25.70 3.11 13.60 2.95 2.00 2.87 0.80

% Change

0.00% -60.00% 0.00% 0.00% -20.67% 0.00% -1.22% 0.00% -15.00% -0.22% -0.75% 7.59% -8.33% 7.60% 50.00% 0.00% 0.00% 0.00% 20.34% 4.00% -23.34% 0.00%


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SECURITY WEST INDIA BISCUIT CO. LTD. THE WEST INDIES RUM DISTILLERIES LTD. ROYAL FIDELITY TIGRS A FUND ROYAL FIDELITY TIGRS A1 FUND TOTAL

1st Half 2012 Volume 0 0 2,000 0 3,662,142

1st Half 2012 Value $ $ $ $ $

20,925 18,222,561

CLOSING PRICE June 30 2012 10.01 8.00 10.50 10.00

CLOSING PRICE December 31 2011 10.01 8.00 10.75 10.00

% Change

0.00% 0.00% -2.33% 0.00%

For the second quarter, two (2) securities advanced, ten (10) declined, five (5) remained unchanged and eight (8) did not trade with one (1) suspension. This is compared to three (3) securities advanced, nine (9) declined, six (6) remained unchanged and seven (7) did not trade in the corresponding period in 2011. nd

Table 21 - 2 Quarter Trading Activity By Company (Regular and Junior market only)

SECURITY ANSA MCAL (BARBADOS) LIMITED ALMOND RESORTS INC. BICO INDUSTRIES LTD. BARBADOS DAIRY INDUSTRIES LTD. BARBADOS FARMS LTD. BARBADOS NATIONAL BANK INC. BANKS HOLDINGS LTD. BARBADOS SHIPPING & TRADING CO. LTD. FORTRESS CARIBBEAN PROPERTY FUND CAVE SHEPHERD AND CO. LTD. CABLE AND WIRELESS BARBADOS LTD FIRSTCARIBBEAN INTERNATIONAL BANK GODDARD ENTERPRISES LTD. INSURANCE CORPORATION OF BARBADOS LTD. JAMAICA MONEY MARKET BROKERS LIMITED LIGHT AND POWER HOLDINGS LTD. LIGHT AND POWER HOLDINGS LTD 5.5% PREF NEAL AND MASSEY HOLDINGS LTD. ONE CARIBBEAN MEDIA LIMITED SAGICOR FINANCIAL CORPORATION 6.5% PREF SAGICOR FINANCIAL CORPORATION TRINIDAD CEMENT LTD. WEST INDIA BISCUIT CO. LTD. THE WEST INDIES RUM DISTILLERIES LTD. ROYAL FIDELITY TIGRS A FUND ROYAL FIDELITY TIGRS A1 FUND TOTAL

2nd Quarter 2012 Volume

2nd Quarter 2012 Value

0 10,000 16,735 13,951 14,687 0 123,624 0 37,375 39,672 85,621 106,127 118,833 37,045 0 3,441 0 19,124 31,034 16,000 639,222 0 0 0 2,000 0 1,312,491

$ $ 5,000 $ 31,127 $ 73,801 $ 16,978 $ $ 404,719 $ $ 31,591 $ 181,518 $ 456,496 $ 331,262 $ 692,939 $ 99,202 $ $ 88,434 $ $ 260,086 $ 100,977 $ 32,640 $ 1,401,525 $ $ $ $ 20,925 $ $ 4,208,295

CLOSING PRICE

CLOSING PRICE

June 30 2012 11.75 0.50 1.86 5.29 1.19 5.50 3.25 7.58 0.85 4.59 5.30 3.12 5.50 2.69 0.15 25.70 3.11 13.60 3.55 2.08 2.20 0.80 10.01 8.00 10.50 10.00 -

March 31 2012 11.75 1.25 1.86 5.29 1.20 5.50 3.28 7.58 0.90 5.00 5.34 3.13 6.00 2.69 0.15 25.70 3.11 13.60 3.21 2.00 2.30 0.80 10.01 8.00 10.75 10.00 -

% Change

0.00% -60.00% 0.00% 0.00% -0.83% 0.00% -0.91% 0.00% -5.56% -8.20% -0.75% -0.32% -8.33% 0.00% 0.00% 0.00% 0.00% 0.00% 10.59% 4.00% -4.35% 0.00% 0.00% 0.00% -2.33% 0.00%


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Conclusion Table 22 - Regional Comparison

First

Half

2012

First

Half

2011

Regional Index Performance

Three Month

Six Month

Twelve Month

Three Month

Six Month

Twelve Month

BSE Composite Index

-0.49%

0.05%

-2.43%

0.65%

9.66%

-1.22%

JSE Market Index

-4.36%

-8.30%

-1.35%

2.42%

3.95%

2.61%

1.07%

0.94%

7.61%

8.95%

13.70%

16.03%

TTSE Composite Index

A look at two of the other major regional exchanges above shows that while the Trinidad and Tobago Stock Exchange's (TTSE) Composite Index is recording positive movements, the BSE's Composite Index and the Jamaica Stock Exchange's (JSE) Market Index continue to come to terms with falling share prices. The BSE recorded its highest positive index change over the six month period while the TTSE recorded its highest positive change over the twelve month period. The JSE's Market Index was the only one to record negative changes over the three, six and twelve month periods. A comparison of the index performance over the same periods at the close of first half of 2011 shows that all markets are currently experiencing some form of regression in index performance; perhaps due to the slow rate at which economies are recovering. The main highlights of the half were the final transaction pursuant to the take-over of ANSA McAL (Barbados) Limited by AMCL Holdings Limited, the Offer made by Barbados Dairy Industries Limited (BDI) to repurchase a maximum of 5% of its issued and outstanding shares, excluding those owned by its parent company - Banks Holdings Limited - pursuant to its delisting from the board of the BSE, the subsequent decision by the Directors of BDI to defer the delisting of its shares pending the publication of new BSE "guidelines and procedures for the delisting and repurchase of securities that should better provide for a delisting process in a manner which takes account of the practical considerations of listed companies, minority shareholders and the regulatory environment" and finally Neal and Massy Holdings Limited's decision to close and sell the Almond Resorts properties and said sale and closure's impact on the listed security Almond Resorts Inc. In his presentation of the Budgetary Proposal 2012-2013, the Honorable Christopher Sinckler - M.P., Minister of Finance and Economic Affairs, made specific mention to initiatives the Government is intent on implementing in support of the development of the Capital Market in Barbados. The following are the initiatives proposed: 

Undertake Initial Public Offerings of 30% of the shares of Grantley Adams International Airport Inc, the Oil Company and Barbados Port Authority, and the listing of these companies on the Barbados Stock Exchange. Over the next few months, a valuation of the entities will be undertaken and the IPO process initiated. The listing of these three major entities on the stock exchange will serve to inject some much needed life in the exchange. The IPO process will be


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undertaken in a manner that will ensure broad share ownership which promotes economic democracy and market liquidity. Providing a fiscal incentive for companies to list on the Junior Stock Market, where firms that choose to list on the Barbados Stock Exchange’s Junior Stock Market will be provided with a tax incentive2 for ten years structured as follows: o An income tax holiday on 25% of the company’s operation for the first five years of the ten year incentive period; o A full income tax holiday for the first five years of the ten year o incentive period; o A half income tax holiday for the second half of the incentive period; o An exemption from withholding tax on dividends and other distributions from companies listed on the junior market; o An exemption from transfer tax on transfers of shares in Junior market companies; To promote liquidity and encourage economic democracy, in order for a company to qualify for the above-mentioned tax incentives the following could be required: o The company must have a minimum of 50 shareholders; o No single shareholder should own more than 25% of the shares of the company and no other shareholder should own more than 5% of the shares. o If at any point these are violated the company must repay the Government all taxes claimed.

The BSE is very pleased to see that recognition of the importance of the Capital Market in Barbados has been given; especially the assistance given to further develop the Junior Market of the BSE. The tax incentives offered should make equity financing a far more attractive option than the traditional debt financing regime currently prevailing in Barbados. Supporting the Junior Market's development also further emphasizes Government's commitment and support for SMEs and Entrepreneurs as the main drivers of economic activity in an economy under duress from the effects of a prolonged recession. The BSE formally wishes to express its gratitude to the Government of Barbados for providing it with the opportunities to further develop and enhance the investment and financing opportunities for investors and issuers of equity securities.

2

The BSE has formally written Minister Sinckler for clarification of the Tax Incentives outlined and the requirements.

BSE First Half Report 2012  

Report on all trading activity occurring on the board of the Barbados Stock Exchange Inc. for the period ended June 30, 2012

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