BSE Third Quarter Report 2014

2

Overview At the close of the first nine months of 2014 the Barbados Stock Exchange (BSE) recorded increases in trading volume but decreases in trading value. As illustrated in Table 1 below, the total volume of shares traded increased by 8% while total value of shares traded recorded a decrease of 32% when compared with the corresponding period in 2013.

Excluding extraordinary transactions which occurred in 2013 (Republic Bank Barbados Limited - 1,304,956 shares, $6,524,780.00) total traded volume would have recorded an increase of 41% and total traded value would have recorded a decrease of 4%.

The Regular Market recorded decreases in terms of both volume and value, the Put-Through Market experienced increases in volume but decreases in value while there was no activity on the Junior or Block Trade Markets.

Table 1 - Trading activity for first nine months

Market

Year-to-Date

Year-to-Date

Year-to-Date

Year-to-Date

2014 Volume

2013 Volume

2014 Value

2013 Value

Volume

Value

4,560,366

4,706,443

$

11,988,386 $

17,983,039

-3%

-33%

1,561,161

952,350

$

3,436,192 $

4,603,446

64%

-25%

Junior

-

-

$

- $

-

NA

NA

Block Trade

-

-

$

- $

-

NA

NA

6,121,527

5,658,793

$

15,424,578 $

22,586,485

8%

-32%

Regular Put Through

Total

% Change % Change

The third quarter of 2014 was characterized by increases in total trading activity. Total trading volume and value for the quarter rose by 115% and 30% respectively (See Table 2).

Table 2 - Trading Activity for Third Quarter

Market

Regular

Third Quarter

Third Quarter

Third Quarter

2014 Volume

2013 Volume

2014 Value

Third Quarter % Change % Change 2013 Value

Volume

Value

1,668,858

1,045,244 $

2,508,143 $

2,767,312

60%

-9%

650,785

33,711 $

1,188,818 $

78,915

1830%

1406%

Junior

-

- $

- $

-

NA

NA

Block Trade

-

- $

- $

-

NA

NA

2,319,643

1,078,955 $

3,696,961 $

2,846,227

115%

30%

Put Through

Total

3

Regular Market The Regular Market recorded decreases in both the volume and value traded at the end of the third quarter of 2014.

As illustrated in Table 3 below, the total share volume was 4,560,366, representing a decrease of 3% when compared to the 4,706,443 shares recorded for the same period in 2013. There was also a decrease of 33% in the value of shares traded at the end of the quarter as compared to the same period in 2013. There was a 7% increase in the number of trades occurring on the Regular Market as 898 trades occurred by the end of the third quarter. This as compared to 840 trades in 2013. Figure 1 illustrates a monthly comparison of the volume of trades for 2014 and 2013.

There was an improvement in average share price as well as positive changes being seen in the Cross-Listed Market measures, however, the Local and Composite Market measures recorded year-on-year decreases. The Cross-Listed Index recorded an increase of 13% while the Local and Composite indices recorded decreases of 28% and 18% respectively. Similar results were recorded for the Market Capitalization, where the Cross-Listed measure also recorded an increase of 13% while the Local and Composite Market Capitalization measures recorded declines of 36% and 25% respectively. The number of securities listed for the period ended September 30th, 2014 decreased to 261; down from 27 at the close of the third quarter of 2013.

Figure 1 - Trade Frequency Comparison

BSE Trade Frequency Comparison 160

No. of Trades

140 120 100 80 60 40 20 0

1

January

February

March

April

May

June

July

August

September

2014

64

152

103

81

101

97

99

110

91

2013

116

101

72

155

41

94

74

93

94

Pursuant to the Rules of the Barbados Stock Exchange Inc. (BSE) and the Order of the Securities Commission, the shares of Barbados Shipping and Trading Company Limited were delisted from the Board of the BSE on February 5, 2014.

4 Table 3 - Year on Year Regular Market Statistics

Regular Market Year on Year Comparison Total Share Volume Total Share Value Average Daily Share Volume Average Daily Share Value

$

30-Sep-14

30-Sep-13

% Change

4,560,366

4,706,443

-3%

11,988,386

17,983,039

-33%

24,518

25,303

-3%

64,454 $

96,683

-33%

Number of Trades

898

840

7%

Number of Trade Days

186

186

0%

5.47 $

5.97

-5%

7/8

6/8

N/A

Local Index

2,136.73

2,979.25

-28%

Cross – Listed Index

1,676.68

1,486.78

13%

607.29

737.33

-18%

Local Market Capitalization

5,365,898,408

8,434,729,762

-36%

Cross-Listed Market Capitalization

2,798,239,355

2,481,309,653

13%

8,164,137,763

10,916,039,415

-25%

26

27

-4%

Average Share Price

$

Advance/Decline Ratio

Composite Market Index

Composite Market Capitalization Number of Listed Securities

Table 4 and Table 5 below show the top traded companies by volume and value for the year-to-date. Fortress Caribbean Property Fund - Value Fund and Fortress Caribbean Property Fund - Development Fund were the two top traded securities in terms of volume accounting for 28.4% and 18% of the total volume traded for the period January 1 to September 30, 2014 respectively. Although only accounting for 13.23% of the total volume traded for the year, Goddard Enterprises Limited was the top performer in terms of value traded due largely in part to its steadily increasing share price. Light and Power Holdings Limited and Sagicor Financial Corporation rounded out the top three; the latter being the most actively traded security on the board of the Exchange accounting for 30.62% of the number of trades conducted as at the close of the third quarter of 2014.

Table 4 - Top Five Traded Companies by Volume: Year to date

Company

2014

2013

2014

2013

Volume

Volume

Value

Value

Fortress Caribbean Property Fund - Val Fund

1,295,317

0 $ 0 $

Fortress Caribbean Property Fund - Dev Fund

820,796

Sagicor Financial Corporation

744,404 1,291,187 $

Goddard Enterprises Limited

603,500

Insurance Corporation Of Barbados Limited

320,764

702,114 $

-

170,637 $

-

1,490,318 $ 2,604,032

318,831 $ 3,736,539 $ 91,478 $

828,658 $

1,951,200 234,787

5 Table 5 - Top Five Traded Companies by Value: Year-to-Date

Company

2014

2013

2014

2013

Value

Value

Volume

Volume

Goddard Enterprises Limited

$

3,736,539

$

1,951,200

603,500

318,831

Light And Power Holdings Limited

$

1,838,491

$

1,278,997

71,566

49,772

Sagicor Financial Corporation

$

1,490,318

$

2,604,032

744,404

1291187

Neal And Massy Holdings Limited

$

1,030,326

$

2,176,238

52,403

130,860

Insurance Corporation Of Barbados Limited

$

828,658

$

828,658

320,764

91,478

As Table 6 and Table 7 illustrate, Fortress Caribbean Property Fund - Development Fund and Fortress Caribbean Property Fund - Value Fund were the top two traded securities for the third quarter in terms of volume. In terms of value, Goddard Enterprises Limited and Sagicor Financial Corporation were the top two traded securities.

Table 6 - Top Five Traded Companies by Volume: 3rd Quarter

2014

2013

2014

2013

Company

Volume

Volume

Value

Value

Fortress Caribbean Property Fund - Dev Fund

542,009

Fortress Caribbean Property Fund - Val Fund

533,675

0 $

293,521 $

-

Sagicor Financial Corporation

272,412

507,369 $

494,452 $

974,829

Banks Holdings Limited

90,935

40,708 $

268,143 $

119,203

Goddard Enterprises Limited

86,640

47,072 $

542,943 $

289,632

2013

2014

2013

0 $

119,217 $

-

Table 7 - Top Five Traded Companies by Value: 3rd Quarter

2014

Value

Volume

Volume

Goddard Enterprises Limited

Company $

542,943

Value $

289,632

86,640

47,072

Sagicor Financial Corporation

$

494,452

$

974,829

272,412

507,369

Fortress Caribbean Property Fund - Val Fund

$

293,521

$

-

533,675

0

Banks Holdings Limited

$

268,143

$

119,203

90,935

40,708

Light And Power Holdings Limited

$

266,721

$

500

10,405

25

6

Junior Market There was no activity on the Junior Market for the period January 1 to September 30, 2014.

Put-Through Market Table 8 - Put Through Market Activity - YTD

Security

No. of Trades

Volume

Value

Banks Holdings Limited

5

35,655 $

115,649.50

Cave Shepherd And Company Limited

1

1,600 $

3,536.00

Firstcaribbean International Bank

1

3,366 $

10,434.60

Goddard Enterprises Limited

1

25,396 $

158,725.00

Sagicor Financial Corporation

140

1,495,144 $

3,147,846.92

TOTAL

148

1,561,161 $

3,436,192.02

Table 8 above, illustrates the Put Through transactions which have occurred as at September 30, 2014.

Block Trade Market There were no recorded block trades on the board of the BSE for the period ending September 30, 2014.

7

Bond Market As at September 30, 2014 twenty-three (23) Barbados Government Debentures and fifteen (15) Barbados Government Treasury Notes traded on the board of the Exchange as compared to twenty-five (25) Barbados Government Debentures, fifteen (15) Barbados Government Treasury Notes and one (1) Government-backed security trading for the corresponding period in 2013. There were a total of 179 trades occurring on the Bond Market resulting in a face value of $5,471,000 trading as compared to 156 trades and a total face value of $38,016,000 trading as at September 30, 2013. Table 9 below summarizes all bonds traded for the period ended September 30, 2014.

Table 9 - Summary of Bonds Traded

Security

No. of Trades

Amount Traded

BARBADOS GOVERNMENT DEBENTURE 4.75% 2016

3

56,000

BARBADOS GOVERNMENT DEBENTURE 5.875% 2018

8

110,000

BARBADOS GOVERNMENT DEBENTURE 6.125% 2021

8

120,000

BARBADOS GOVERNMENT DEBENTURE 6.25% 2019

8

29,000

BARBADOS GOVERNMENT DEBENTURE 6.25% 2022

6

805,000

BARBADOS GOVERNMENT DEBENTURE 6.625% 2018

1

52,000

BARBADOS GOVERNMENT DEBENTURE 6.625% 2020

3

52,000

BARBADOS GOVERNMENT DEBENTURE 6.75% 2021

2

6,000

BARBADOS GOVERNMENT DEBENTURE 6.75% 2022

4

521,000

BARBADOS GOVERNMENT DEBENTURE 6.875% 2023

16

193,000

BARBADOS GOVERNMENT DEBENTURE 6.875% 2024

6

25,000

BARBADOS GOVERNMENT DEBENTURE 7% 2017

7

554,000

BARBADOS GOVERNMENT DEBENTURE 7% 2023

11

52,000

BARBADOS GOVERNMENT DEBENTURE 7.125% 2026

3

514,000

BARBADOS GOVERNMENT DEBENTURE 7.25% 2025

1

10,000

BARBADOS GOVERNMENT DEBENTURE 7.25% 2026

2

21,000

BARBADOS GOVERNMENT DEBENTURE 7.25% 2028

2

16,000

BARBADOS GOVERNMENT DEBENTURE 7.375% 2027

6

170,000

BARBADOS GOVERNMENT DEBENTURE 7.375% 2029

5

5,000

BARBADOS GOVERNMENT DEBENTURE 7.50% 2026

1

1,500,000

BARBADOS GOVERNMENT DEBENTURE 7.75% 2025

3

14,000

BARBADOS GOVERNMENT DEBENTURE 7.75% 2032

2

2,000

BARBADOS GOVERNMENT DEBENTURE 8.50% 2018

3

8,000

8 Security

No. of Trades

Amount Traded

BARBADOS GOVERNMENT T/NOTE 4.125% 2015

1

2,000

BARBADOS GOVERNMENT T/NOTE 4.25% 2016

1

9,000

BARBADOS GOVERNMENT T/NOTE 4.375% 2014

1

1,000

BARBADOS GOVERNMENT T/NOTE 4.5% 2015

2

3,000

BARBADOS GOVERNMENT T/NOTE 5.875% 2015

3

170,000

BARBADOS GOVERNMENT T/NOTE 6% 2016

16

142,000

BARBADOS GOVERNMENT T/NOTE 6% 2017

3

16,000

BARBADOS GOVERNMENT T/NOTE 6% 2018

2

10,000

BARBADOS GOVERNMENT T/NOTE 6.125% 2021

1

17,000

BARBADOS GOVERNMENT T/NOTE 6.25% 2018

7

37,000

BARBADOS GOVERNMENT T/NOTE 6.375% 2019

2

2,000

BARBADOS GOVERNMENT T/NOTE 6.5% 2016

12

155,000

BARBADOS GOVERNMENT T/NOTE 6.5% 2019

3

16,000

BARBADOS GOVERNMENT T/NOTE 6.625% 2019

12

50,000

BARBADOS GOVERNMENT T/NOTE 7.25% 2014

2

6,000

TOTALS

179

5,471,000

9

Index and Market Capitalisation Movement There were mixed results for the indices and market capitalization when examined over the past three, nine and twelve month periods. For the third quarter, as illustrated in Table 10, only the Local and Composite Indices recorded declines of 1.12% and 0.73% respectively from their positions at June 30, 2014; there was no change in the CrossListed Index measure. When the comparison is extended to nine and 12 months (Table 11 and Table 12), performance was similar, as the Local and Composite Indices recorded declines in the 28% and 17% range respectively while the Cross-Listed Index recorded increases of 12.77% for both the nine and twelve month respectively.

The market capitalization comparisons are illustrated in Table 13 - 15. The Cross-Listed Market Capitalization was the only measure to record increases over the 9 month (12.77%) and 12 month (12.77%). These results can be attributed to marked increases in the share prices of both Massy Holdings Limited (formerly Neal and Massy Holdings Limited) and One Caribbean Media Limited. Massy Holdings Limited’s share price appreciated from $17.25 at the close of 2013 to $19.50 by the end of the third quarter of 2014; an increase of $2.25. One Caribbean Media Limited’s share price rose from $4.80 to $6.20 representing an increase of 29.17% over the nine month period under consideration.

Figure 2 below illustrates index movements over the last twelve months.

Table 10 - Index Comparison 3rd Quarter

Index

30-Sep-14

30-Jun-14

% Change

Local

2,136.73

2,161.03

-1.12%

Cross Listed

1,676.68

1,676.68

0.00%

607.29

611.75

-0.73%

Index

30-Sep-14

31-Dec-13

% Change

Local

2,136.73

2,995.52

-28.67%

Cross Listed

1,676.68

1,486.78

12.77%

607.29

740.42

-17.98%

Index

30-Sep-14

30-Sep-13

% Change

Local

2,136.73

2,979.25

-28.28%

Cross Listed

1,676.68

1,486.78

12.77%

607.29

737.33

-17.64%

Composite Table 11 - Index Comparison Nine Months

Composite

Table 12 - Index Comparison Year-on-Year

Composite

10 Table 13 - Market Capitalization Comparison 3rd Quarter

Market Capitalisation

30-Sep-14

30-Jun-14

% Change

Local

5,365,898,408

5,423,749,948.68

-1.07%

Cross Listed

2,798,239,355

2,798,239,354.90

0.00%

Composite

8,164,137,763

8,221,989,304

-0.70%

30-Sep-14

31-Dec-13

% Change

Local

5,365,898,408

7,999,308,023

-32.92%

Cross Listed

2,798,239,355

2,481,309,653

12.77%

Composite

8,164,137,763

10,480,617,676

-22.10%

30-Sep-14

30-Sep-13

% Change

Local

5,365,898,408

8,434,729,762

-36.38%

Cross Listed

2,798,239,355

2,481,309,653

12.77%

Composite

8,164,137,763

10,916,039,415

-25.21%

Table 14 - Market Capitalization Comparison Nine Months

Market Capitalisation

Table 15 -Market Capitalization Comparison Year-on-Year

Market Capitalisation

Figure 2 - Index Movement - 12 months

Year on Year Index Movement 15.00% 10.00%

0.00%

Local Index

-5.00%

Cross-Listed Index Composite Index

-10.00% -15.00% -20.00% -25.00%

September

August

July

June

May

April

March

February

January

December

November

-35.00%

October

-30.00% September

% Change

5.00%

11

Company Activity Comparative Report For the first nine months of the year, ending September 30th 2014, seven (7) securities advanced, eight (8) declined, seven (7) remained unchanged, and four (4) did not trade; one (1) security was delisted. This is compared to six (6) securities advanced, eight (8) declined, seven (7) remained unchanged, and six (6) did not trade; one (1) security was delisted.

Fortress Caribbean Property Fund - Development Fund was the top advancer for the first nine months of 2014 doubling in price from $0.11 as at December 30, 2013 to $0.22 at the close of the third quarter. Fortress Caribbean Property Fund - Value Fund (37.5%), One Caribbean Media Limited (29.17%), Barbados Farms Limited (20%) and Massy Holdings Limited (13.04%) were the remaining four companies to experience share price appreciation in excess of 10%. The two other companies to increase in price were West India Biscuit Company Limited and Goddard Enterprises Limited.

Four companies experienced declines in excess of 10% for the first nine months of 2014. Barbados Dairy Industries Limited suffered the largest decline as their share price fell by 50% at the close of the period. FirstCaribbean International Bank, Sagicor Financial Corporation and Cable and Wireless Barbados Limited were the other companies to experience double digit declines.

Table 16 - Year-to-date Trading Activity by Company (Regular and Junior Market (J) only)

SECURITY

YTD 2014

YTD 2014

CLOSING PRICE

CLOSING PRICE

Volume

Value

Sep 30 2014

Dec 31 2013

% Change

Almond Resorts Incorporated

5,000

$

1,540

0.32

0.32

0.00%

BICO Industries Limited

4,768

$

8,517

1.75

1.80

-2.78%

Barbados Dairy Industries Limited

1,850

$

2,775

1.50

3.00

-50.00%

Barbados Farms Limited

28,221

$

15,144

0.60

0.50

20.00%

Banks Holdings Limited

237,692

$

715,745

2.95

3.03

-2.64%

Fortress Caribbean Property Fund - Dev Fund

820,796

$

170,637

0.22

0.11 100.00%

Fortress Caribbean Property Fund - Val Fund

1,295,317

$

702,114

0.55

0.40

37.50%

Cave Shepherd and Company Limited

53,242

$

126,876

2.51

2.70

-7.04%

Cable and Wireless Barbados Limited

62,094

$

183,187

3.00

3.40

-11.76%

FirstCaribbean International Bank

109,326

$

229,725

1.80

2.98

-39.60%

Goddard Enterprises Limited

603,500

$

3,736,539

6.31

6.15

2.60%

12 YTD 2014

YTD 2014

CLOSING PRICE

CLOSING PRICE

SECURITY

Volume

Value

Sep 30 2014

Dec 31 2013

Insurance Corporation Of Barbados Limited

320,764

$

828,658

2.44

2.60

-6.15%

1,012

$

155

0.15

0.15

0.00%

71,566

$

1,838,491

25.70

25.70

0.00%

40

$

125

3.11

3.11

0.00%

52,403

$

1,030,326

19.50

17.25

13.04%

129,757

$

793,956

6.20

4.80

29.17%

587

$

1,327

2.26

2.26

0.00%

744,404

$

1,490,318

1.80

2.24

-19.64%

Trinidad Cement Limited

2,968

$

3,969

0.80

0.80

0.00%

West India Biscuit Company Limited

1,834

$

19,126

10.46

10.03

4.29%

10,217

$

81,734

8.00

8.00

0.00%

Royal Fidelity TIGRS A Fund (J)

0

$

-

10.50

10.50

0.00%

Royal Fidelity TIGRS A1 Fund (J)

0

$

-

10.00

10.00

0.00%

Royal Fidelity TIGRS A2 Fund (J)

0

$

-

10.00

10.00

0.00%

Royal Fidelity TIGRS A3 Fund (J)

0

$

-

10.00

10.00

0.00%

4,560,366

$

11,988,386

Jamaica Money Market Brokers Limited Light and Power Holdings Limited Light And Power Holdings Ltd 5.5% Pref Massy Holdings Limited One Caribbean Media Limited Sagicor Financial Corporation 6.5% Pref Sagicor Financial Corporation

The West Indies Rum Distilleries Limited

% Change

For the third quarter of 2014, five (5) securities advanced, five (5) declined, ten (10) remained unchanged and six (6) did not trade. This is compared to five (5) securities advanced, four (4) declined, nine (9) remained unchanged and nine (9) did not trade.

13 Table 17 - 3rd Quarter Trading Activity By Company (Regular and Junior Market (J) only)

SECURITY

3rd Quarter 2014

3rd Quarter 2014

Volume

CLOSING PRICE

CLOSING PRICE

% Change

Value

Sep 30 2014

June 30 2014

300

0.32

0.32

0.00%

Almond Resorts Incorporated

1,000 $

BICO Industries Limited

2,747 $

4,932

1.75

1.80

-2.78%

Barbados Dairy Industries Limited

1,350 $

2,025

1.50

1.50

0.00%

Barbados Farms Limited

11,753 $

6,758

0.60

0.51

17.65%

Banks Holdings Limited

90,935 $

268,143

2.95

3.04

-2.96%

Fortress Caribbean Property Fund - Dev Fund

542,009 $

119,217

0.22

0.20

10.00%

Fortress Caribbean Property Fund - Val Fund

0.55

0.57

-3.51%

533,675 $

293,521

Cave Shepherd and Company Limited

20,047 $

46,588

2.51

2.20

14.09%

Cable and Wireless Barbados Limited

12,696 $

35,322

3.00

3.00

0.00%

FirstCaribbean International Bank

23,638 $

41,405

1.80

1.80

0.00%

Goddard Enterprises Limited

86,640 $

542,943

6.31

6.21

1.61%

Insurance Corporation Of Barbados Limited

31,885 $

78,896

2.44

2.59

-5.79%

1,012 $

155

0.15

0.15

0.00%

10,405 $

266,721

25.70

25.70

0.00%

0 $

-

3.11

3.11

0.00%

11,527 $

229,864

19.50

19.50

0.00%

7,100 $

44,668

6.20

6.20

0.00%

0 $

-

2.26

2.26

0.00%

272,412 $

494,452

1.80

2.00

-10.00%

Jamaica Money Market Brokers Limited Light and Power Holdings Limited Light And Power Holdings Limited 5.5% Pref Massy Holdings Limited One Caribbean Media Limited Sagicor Financial Corporation 6.5% Pref Sagicor Financial Corporation Trinidad Cement Limited

2,968 $

3,969

0.80

0.80

0.00%

West India Biscuit Company Limited

1,834 $

19,126

10.46

10.03

4.29%

217 $

1,734

8.00

8.00

0.00%

Royal Fidelity TIGRS A Fund (J)

0 $

-

10.50

10.50

0.00%

Royal Fidelity TIGRS A1 Fund (J)

0 $

-

10.00

10.00

0.00%

Royal Fidelity TIGRS A2 Fund (J)

0 $

-

10.00

10.00

0.00%

0 $

-

10.00

10.00

0.00%

1,668,858 $

2,508,143

-

-

The West Indies Rum Distilleries Limited

Royal Fidelity TIGRS A3 Fund (J)

14

Conclusion Table 18 - Regional Index Comparative Analysis

PERFORMANCE Regional Exchange

Three Month

Nine Month

Twelve Month

Barbados Stock Exchange Composite Index

-0.73%

-17.98%

-17.64%

Jamaica Stock Exchange Market Index

4.66%

-8.18%

-14.68%

Trinidad and Tobago Composite Index

-1.84%

-3.37%

0.13%

1.23%

-2.84%

-4.54%

Eastern Caribbean Stock Exchange Share Index

The third quarter of 2014 has been promising for the Barbados Stock Exchange with increases in both trading volumes and values of 115% and 30% respectively over their corresponding June 2014 closing figures. Despite improvements in the trading activity, the BSE Composite Index measure showed decreases of 0.73% for the three month, 17.98% over the nine month and 17.64% for the twelve month period. A look at our regional counterparts shows that both the Jamaica Stock Exchange (JSE) and the Eastern Caribbean Stock Exchange (ECSE) have recorded index growth over the three month period, however, all regional exchanges experienced declines over nine and twelve month periods.

During the 4th quarter of 2014, the BSE will once again host its Corporate Governance and Accountability Conference in association with the Canadian Society of Corporate Secretaries (CSCS) and Chartered Secretaries Canada - the Canadian Division of the Institute of Chartered Secretaries and Administrators (ICSA). The two day conference will be held on November 13 and 14 at the Hilton Barbados at Needham’s Point, St. Michael. Featured speakers include York University’s Professor Richard Leblanc and Professor Poonam Puri, Sylvia Groves, President and Creative Director Governance Studio, Catherine Bromilow, Partner - PricewaterhouseCoopers Center for Board Governance, Meghan Herman, Senior Marketing Manager - Diligent Board Member Services and Andrew Fastow, former Chief Financial Officer - Enron Corporation. Featured panelists include Sandra Osborne, Q.C. - Attorney-at-Law and Chartered Secretary, Ronaele Dathorne-Bayrd, Engagement Leader, Corporate Services - PricewaterhouseCoopers Services Inc. and Dr. Axel Kravatzky, Founding Chairman of the Caribbean Corporate Governance Institute.

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