Businessuite Special Digital Issue - Caribbean Top 100 by Businessuite Media Group International (BMGI)

RedPlateGroup Limited

StandingattheforefrontofTechnological TransformationinJamaicaandthe Caribbean,drivingInnovationinLogistics andFulfilment,SmartAgnosticWarehousing, GroundTransportation,DataAnalytics, Systems&TechnologiesandE-Commerce

PreparingForANew CaribbeanReality

Inthefaceofrapideconomic,demographic,andtechnologicalshifts, Caribbeanbusinessleaderstodaynavigateanenvironmentmarkedbyboth promisinggrowthopportunitiesandunprecedentedchallenges.Fromthepressing demandsofEnvironmental,Social,andGovernance(ESG)imperativestothedualedgedinfluenceofArtificialIntelligence(AI),thescopeofleadershiphasexpanded dramatically.

Thedecliningbirthrateandregionalpopulationgrowthhighlightanurgent demographicchallenge.Withagingpopulations,highemigration,andshiftingfamily structures,theregionfacesashrinkinglabourpoolandagradualtransformationin consumerdemand.Businessleadersmustre-evaluatestrategies,investin automation,attracttalentcreatively,andengagepolicymakerstobuildaresilient future.

Additionally,theadoptionofadvancedtechnologies,particularlyAI,brings competitiveadvantagesbutalsonewcybersecurityrisksthatrequirerobust protectionsandforward-thinkingregulation.Thesepressuresdemandthat companiesadaptandsafeguardtheiroperationswhileresponsiblyimplementingAI tobuildtrustandensurelong-termsustainability.

ThiseditionofBusinessuiteTop100delvesintothesecriticalissueswithinsightsand actionablestrategies,frominnovativeESGpracticestofuture-proofingoperations amiddemographicshiftsandtechnologicaladvancements.Withcontributionsfrom topCaribbeanfirms,weexplorehowbusinessescanleadeffectivelyinaneraof constantchange,underscoringtheresilience,adaptability,andforwardvisionthat theCaribbean’sbusinesslandscapeneedsnowmorethanever.

BusinessuiteremainscommittedtosupportingCaribbeanbusinessleadersasthey shapesustainablegrowthandinclusiveprosperityfortheregion.

TheBusinessuite CaribbeanTop50&100 Companies

OURRANKINGMETHODOLOGY

TheBusinessuiteCaribbeanTop50&100Companiesrankingmethodologyand annualcoverageaimtoprovideastructuredviewofthefinancialstandingand influenceofCaribbeanbusinessesonaglobalscale

ThiseditorialintroductionhighlightsthegrowingtrendofCaribbeancompanies aimingforinternationalexpansionbeyondtheCARICOMmarket—astrategicmove notedamongmajorcompanieslikeGraceKennedy,MassyGroup,andGoddard Enterprises Thesecompaniesareincreasinglypursuinggrowthinmarketslikethe USA,Canada,LatinAmerica,andevenpartsofAfricaandEurope,settingtheir ambitionsbeyondregionallimitations.

TheBusinessuiteCaribbeanTop100rankingsprioritizecompaniesbyannualrevenue inUSdollars,whichallowsforbettercomparisonwithFortuneandForbesrankings. ThismethodenablesinvestorsandbusinessleaderstoassessCaribbeancompanies againstglobalcorporations,despitethesizedisparity.

Forinstance,MassyHoldingsLimited,leadingtheCaribbeanlistwithabout US$2.1billion,wouldrankfarbelowthesmallestcompanyontheFortune500,butstill showcasessubstantialCaribbeancorporatepotential.

Beyondrevenues,otherfinancialindicatorssuchaspost-taxprofitandmarket capitalizationarealsoconsideredintherankings.Thismulti-dimensionalapproach, modelledafterestablishedrankingslikethosebyFortune,reflectsBusinessuite’s commitmenttoprovidingacrediblebenchmarkforCaribbeancompanies,helping regionalbusinessestomeasuretheirgrowthandpositioningglobally.

Additionally,Businessuitehasextendeditspublicationfootprintthroughdigital channels,reachinginvestorsandexecutivesinterestedinCaribbeaninvestment opportunities

FormoreonBusinessuite’sinsightsintoCaribbeancorporateperformance, visittheofficialsiteatBusinessuiteOnline.com

CorporateFeature

PanJamaicaGroupisaCaribbean-basedmultinationalbusiness group.Itacquires,holds,andmanagesmarket-leadingbusiness interestsinfoursegments:property&infrastructure,financial services,globalservices,andspecialtyfood.Thegroupengagesin variousrealestate-relatedactivities,taking actively-managedpositionsinpublicandprivatecompanies,and tradingequitiesandfixed-incomeassetsforitsportfolio.

PanJamaicaGroupLimited

ACaribbeanPowerhouseinGlobalExpansion

PCaribbeanmultinational.Withaportfolio spanningProperty&Infrastructure,Financial Services,GlobalServices,andSpecialtyFoods, theGroup’sapproachreflectsaboldvisionof leveragingCaribbeanstrengthstoreach internationalmarkets AsCaribbean companiesfacethelimitationsofrelatively smallregionaleconomies,PanJamaicasets aprecedentfordiversifiedgrowthandglobal competitiveness

Thisnewlymergedentity,withassets exceedingJMD$100billion,aimstoexpandits influenceacrosstheCaribbeanandbeyond, markinganevolutioninhowCaribbean businessesviewinternationalmarketentry andresourcemanagement.Withitsdual focusonconsolidatinglocaloperationsand seekinginternationalopportunities,Pan JamaicaembodiesamodernCaribbean businessthatbalancesscalewithagility.

Property&InfrastructureDivision: AnchoringGrowththrough StrategicRealEstate

TheProperty&Infrastructure(P&I)Division, acoresegmentofPJG,isatopcommercial propertyownerinJamaica Thedivision managesahigh-qualityportfolioofassets, includinghotels,retailspaces,offices,andland. KeyholdingsincludePanJamaicaProperty CompanyLimited(formerlyJamaicaProperty Company),

whichoverseescommercialrentalsand propertymanagement,aswellasnotable assetsliketheROKHotelKingston(Tapestry CollectionbyHilton)andCaribeHospitality’s CourtyardbyMarriottKingston.TheP&I DivisionalsoincludesWilliamsOffices,which holdstheRegusfranchiseacrossthe Caribbean,andCapitalInfrastructureGroup, acompanyfocusedonregionalinfrastructure projects.

FinancialServicesDivision: StabilityandExpansionthrough StrategicHoldings

PJG’sFinancialServices(FS)Divisionis anchoredbya30.2%stakeinSagicorGroup JamaicaLimited,Jamaica’sleadingprovider oflifeandhealthinsurance,pensionfund management,andotherfinancialservices acrossJamaica,theCaymanIslands,and CostaRica.

Sagicor’sdiverseoperationsincludeunit trusts,investmentbanking,andcommercial banking,establishingitasacornerstoneof PJG’sfinancialportfolio.Thedivisionalso holdsinterestsinTermFinance(Jamaica) Limited,whichoffersaccessiblefinancial servicestounderservedmarkets

SpecialtyFoodsDivision: LeadingRevenueGeneration withInternationalExpansion

TheSpecialtyFoods(SF)Division,thelargest revenuecontributorforPJG,encompassesan arrayoffoodproductionbusinessesinthe Caribbean,Europe,andtheUnitedStates Centraltothisdivision’sgrowthisTheJuicy Group,aleaderinfreshjuiceproductionin NorthernEurope,whichsuppliesmajor

supermarketsandfoodserviceclientsacross theNetherlands,Belgium,Scandinavia, Switzerland,andGermany

Inthesecondquarterof2024,PJGexpanded itsEuropeanjuiceportfoliowiththeacquisition ofAPAProcessingBZ,S.L.U.,ajuiceprocessing facilityinBarcelona.Thisacquisitionbolsters TheJuicyGroup’scapabilitiesinhigh-pressure processingandalignswithPJG’sstrategyof enhancingitsPan-Europeanpresenceinthe specialtyfoodsmarket TheCaribbeanFood Group,asmallerentitywithinthedivision, focusesonfreshfruit,tropicalsnacks,and spirit-basedbakedgoods Thisgroup completedthedivestmentofGrupoAlaska SA,aDominicaniceandwaterproducer, markingasuccessfulexitwithstrongreturns GlobalServices(GS)Division: AdvancingCaribbean LogisticsinGlobalMarkets

PJG’sGlobalServices(GS)Divisionisa multinationallogisticsandservices conglomeratethatincludesinterestsinport terminaloperations,warehousing,third-party logistics(viaKingstonWharves),andfreight consolidationandforwarding(JPLogistics Solutions).Thedivisionalsoencompasses GeestLine,whichprovidesshippingservices betweenEurope,theCaribbean,andSouth America,aswellastourismandbusiness processoutsourcing(BPO)enterprisesacross theCaribbean.

ThisrobustperformancehighlightsPJG’s commitmenttoexpandingCaribbean-centric logisticsservicesintobroaderglobalmarkets

AsVice-ChairmanandCEO,JeffreyHallleads PanJamaicaGroupwithafocusonstrategic expansionandsustainabledevelopment

Hall’scareerhasbeenmarkedby transformativegrowth,mostnotablyinhis previousroleasCEOofJamaicaProducers, whereheprioritizedinternationalmarket expansioninfoodproductionandlogistics

Hisexperienceinhigh-growthsectors,especially foodandlogistics,positionshimtodrivegrowth intheSpecialtyFoodsegment,whichisintegral totheGroup’sinternationalambitions Hall’s focusonsustainableexpansionreflectsthe Group’sethosofbalancingprofitwith communityimpact,ensuringthatPanJamaica’s growthbenefitsnotonlyshareholdersbutalso thewiderCaribbeanregion

Hisleadershipstyleisdefinedbyacommitment togrowththroughmergersandacquisitions, whichallowsPanJamaicatoscaleeffectively whilemanagingadiversifiedportfolio.Under Hall’sdirection,PanJamaicahassetitssights onbecomingaCaribbeanleaderwithglobal reach.

StephenFacey: SustainableDevelopment andCommunityImpact

JeffreyHall:Visionary

LeadershipforGlobalGrowth

ChairmanStephenFacey,aveteraninreal estateandarchitecture,bringsawealthof experienceinpropertydevelopmentand urbansustainability.Withover40yearsinreal estate,Facey’scareerisdeeplyrootedin projectsthatintegrateeconomicgrowthwith socialresponsibility.AsChairmanofPan Jamaica,heoverseestheGroup’sproperty andinfrastructuresegment,ensuringthat theircommercialrealestateandurban developmentinvestmentsalignwithlongtermcommunityneeds.

Facey’sarchitectureandsustainable developmentbackgroundinformsPan Jamaica’spropertyinvestments,which prioritizesustainableurbangrowth.

Hisinvolvementininitiativessuchasthe KingstonRestorationCompanyandtheNew KingstonCivicAssociationunderscoreshis commitmenttocommunity-focused development Facey’sleadershipatPan Jamaicareflectsanapproachwhere economicsuccessispursuedalongside meaningfulsocialimpact,settingahigh standardforcorporateresponsibilityinthe Caribbean ANewParadigmfor CaribbeanBusiness

PanJamaicaGroup,undertheleadershipof JeffreyHallandStephenFacey,representsa newparadigmforCaribbeanenterprise:one thatisdeeplyrootedinregionalvaluesyet ambitiousenoughtomakeanimpactonthe globalstage.

TheGroup’semphasisonsustainable development,strategicacquisitions,and diversifiedinvestmentsreflectsaforwardthinkingapproachthatcanredefine Caribbeanbusinesssuccess.Asitcontinues togrow,PanJamaicastandsasatestament tohowCaribbeancompaniescanovercome regionalconstraints,fosterresilience,and createsignificantvalueininternational markets.PanJamaicasetsapowerful examplefortheCaribbean’sfuturein businessthroughitsbalancedfocusonlocal impactandglobalcompetitiveness.

StrategicGrowthThrough Diversificationand InternationalExpansion

ThePanJamaicaGroupmergerdemonstrates thepotentialofmergersandacquisitions (M&A)asarobuststrategyforCaribbean companiesaimingtocompeteonaglobal scale Byconsolidatingexpertiseand resources,PanJamaicahasdiversifiedits holdingsacrossmultiplesectors,from financialservicestospecialtyfoodproducts. Themergeralsofacilitatesabroaderreach intohigh-potentialmarketsinNorthAmerica andEurope,allowingPanJamaicatogrow beyonditsregionalbase.

Inadditiontostrengtheningitslocal presence,PanJamaica’sdiversifiedstrategy enablesittocompetewithlarger multinationalcorporations..

Byholdingstakesinbothpublicandprivate enterprises,theGrouphasoptimizeditscapital managementandpositioneditselffor sustainable,long-termgrowth Thisdiversified approach,combininglocalandinternational investmentsservesasamodelforother Caribbeanbusinesseslookingtoachievescale andresilienceinanincreasinglycompetitive globalmarket.

PanJamaicaGroup’sBlueprintfor CaribbeanSuccess

Themerger’ssuccessandPJG’sstrong performanceareatestamenttotheleadership ofVice-ChairmanandCEOJeffreyHalland ChairmanStephenFacey.Hall,knownforhis strategicvision,hasplayedaninstrumental roleinintegratingJamaicaProducersGroup withPanJam,focusingondrivinginternational expansionandoperationalefficiency.

Hisbackgroundinfoodlogisticsandfinancial serviceshasenabledhimtoleadPJG’sdiverse segmentswithafocusonsustainablegrowth ChairmanStephenFacey,withextensive experienceinrealestateandarchitecture, guidesPJG’spropertyinvestmentswitha strongemphasisonsustainableurban development.HisinfluenceensuresthatPJG’s realestateventuresbalanceprofitabilitywith communityimpact,maintainingPJG’s reputationasaresponsiblecorporatecitizenin theCaribbean.Together,HallandFacey embodyaleadershipphilosophythat combineslocalexpertisewithglobalambition, positioningPJGasatrailblazerforCaribbean multinationals.

PanJamaicaGroupLimitedrepresentsanew modelforCaribbeancompaniesaimingto competeglobally.Withadiverseportfoliothat spansproperty,finance,food,andlogistics, PJGillustrateshowstrategicmergersand acquisitionscancreatepowerfulsynergies thatdrivegrowthbeyonddomesticmarkets.

UndertheleadershipofHallandFacey,PJG continuestoexpanditsregionaland internationalfootprint,settingahigh standardforCaribbeanbusinessesinthe globalarena.Bycapitalizingonregional strengthswhilenavigatinginternational markets,PJGservesasablueprintforhow Caribbeanenterprisescanscalesustainably andcompeteonaglobalscale.

TheGlobalEconomy

TheEconomiesInWhichBusinessuite Top100CompaniesOperated

TheLabourForceIsGrowingLessThanBefore,AndThisWillWeaken OneEssentialEngineForGrowth

NeedToRebalanceMacroeconomic PoliciesInTheRegion

Welcometothispressbriefing Wehave justreleased,anditisontheinternet,our AnnualRegionalEconomicOutlookforthe WesternHemisphere ThisisabitliketheWEO, butfortheregion.Andherewehavetwo importantmessages,twokeymessages.

Thefirstoneisthatthereisaneedto rebalancemacroeconomicpoliciesinthe region Andthesecondoneistheurgencyto pressonwithstructuralreformstoboost potentialoutputgrowth AndIwillexplainthis Themonetarypolicypartofthefirstmessage, therebalancing,appliestoseveralofthe flexibleexchangerateandinflation-targeting countriesintheregionwithdifferentdegrees ofintensity.Thesecondmessage,theurgency todeepenreformsforgrowth,reallyappliesto almostalleconomiesintheregion.

Overthelastfewyears,theregionhas successfullyweatheredaseriesofmajor shocksintheworldeconomy.Theyshowed resilienceandtheyhaveadopted macroeconomicpoliciesinmostcountries thatareatthetopofthefrontierofwhatwe know.Andsofar,largelytheregionhasstayed inthesidelines,onthesidelinesofglobal geopoliticaltensions.

Nowgrowthintheregionismoderatingas mosteconomiesareoperatingbacknear theirpotential.Whatisconcerning,however, growthinmostcountriesisexpectedtoreturn toitslowhistoricalaverageandthiswillnot helpwiththeregion’smacroeconomic,fiscal andsocialchallenges.

TheOverall,weexpectgrowthinLatin AmericaandtheCaribbean--ifweexclude Argentina,whichhasanimportantrebound nextyear,andVenezuelawithitsown dynamics—growthwillmoderatefrom26in 2023to2.2in2025,goingthrough2.6alsothis year,2024.So,we'regoingbacktothelower partofthe2percentaroundthesebaseline projections.Weseetheriskstonear-term growthtiltedtothedownside,partlyreflecting globalrisks,includingimportantlythe persistentgeopoliticaltensions.

Turningtoinflation,inlinewithglobaltrends andalsoreflectingtheeffectoftightpolicies, inflationhasfallenmarkedlysincethepeakof mid-2022,anditisnearthetargetinmost countries.However,itisnotatargetalmost everywhere.

Intheregion,Iwouldsaythatthelastmileof thisinflationhasbeenratherlong Weexpect tocontinuetoseeeasingofmonetarypolicy, butgraduallyonaccountofstickyservices andinflationexpectationsnotbeingperfectly re-anchoredandalsobecauseinflationrisks aregenerallytiltedtotheupside,

reflectingbasicallycommodityprice volatility—thefactorsthatImentionedbefore ofgeopoliticalrisksandalsonewrisksof fiscalslippage So,withtheoutputgapand inflationgapmostlyclosed,whatshould policymakersdo?

Wethinkthattheyneedtofocuson rebuildingpolicyspaceandworkingon boostingpotentialgrowth-themessagesI mentionedatthebeginning Thismeans rebalancingthepolicymixandpushing forwardwithstructuralreforms

I'dliketoelaborateabitmoreonthepolicy mix.Thecurrentcombinationofmacro policiesisgenerallynoteverywherebut generallytiltedtowardtightmonetary policywhilefiscalpolicyremainsloose. Althoughtheearliertighteningofmonetary policybytheregion'scentralbankswas essentialtobringinflationdown,inflationis nowclosetotargetwhilemonetarypolicy ratesremainelevatedinmanycountries. Atthesametime,however,publicdebt levelsarehighandwillcontinueraisingif wedonothavefiscalconsolidation.

So,atthisjuncture,itisnecessaryto rebalancepolicies,startingwith strengtheningpublicfinances Most countrieshavequiteambitiousfiscal consolidationplans,buttheir implementation—sofromrealityplans— hasbeeninsuchawaythattheyhave beenpushedback.Intheregion,these plansmustproceedtorebuildthebuffers withoutfurtherdelayswhileprotecting prioritypublicspending,investment,and socialspending.Strengtheningthecurrent fiscalrulesisalsoimportantsotheycan delivertheseconsolidationobjectives.

Atimelyimplementationofthisfiscal consolidationiscriticalnotonlyforfiscal sustainabilitybutalsoforsupportingthe normalizationofmonetarypolicyandthe credibilityoftheframeworksmorebroadly

Withfiscalpolicymovingintheright direction,mostcentralbankswillbewell placedtoproceedwiththemonetarypolicy easingthatweexpect,

whileremainingonguard,ofcourse,against risksofre-emergingpricepressures

TheUrgencyToPressOnWith StructuralReformsToBoost PotentialOutputGrowth

Letmenowspeakaboutthesecondpoint, thatistheneedtopresswithstructural reformsandIwillgofromneedtourgency. Asmentionedbefore,medium-termgrowthis expectedtoremainsubdued,reflecting longstandingunresolvedchallengeswhich includelowinvestmentandespeciallylow productivitygrowth.

Also,theregionissufferingfromshifting demographicsthatwillslowgrowthfurther. Thelabourforceisgrowinglessthanbefore, andthiswillweakenoneessentialenginefor growth.Theimpedimentsforgrowtharemany andcountry-specific;somearemore common,andthatrealityisconfrontedwithan ongoingreformagendathatisthininmany countries.Thiscouldleadtoaviciouscycleof lowgrowth,socialdiscontentandpopulist policies.Sogreatereffortstoadvancewith structuralreformsareneededtoboost potentialgrowthandraiselivingstandards.

Weseethatstrengtheninggovernanceisa prioritythatcutsacrossallareasofgrowth This includes,forexample,reinforcingtheruleof law,improvinggovernmenteffectiveness,and, importantly,tacklingcrimemoreefficiently Improvingthebusinessenvironmentandpublic investmentisalsoneededtoincreaseoverall investment Whilereducinginformalityand makinglabourmarketsmoreattunedtomore productivitygainsisimportant.Thispartofthe labourmarketisalsoreallyimportantfor womenlabourforceparticipation,becausethis isoneofthesourcestooffsetthedemographic headwinds.

PositioningTheRegionToFully HarnessTheBenefitsOfThe GlobalGreenTransitionAnd NewTechnologicalAdvance

Thesereformswillalsobeessentialin positioningtheregiontofullyharnessthe benefitsoftheglobalgreentransitionand newtechnologicaladvances Itis disappointingthatuntilnowmining investment,forexample,intheregionhas notpickedupdespitethenew opportunitiesforgreenminerals Fromourside,throughpolicyadvice, capacitydevelopment,andfinancial support,wearereadytocontinue engaging,supportingcountriesintheir effortstostrengthentheirmacroeconomic frameworksandincreaseeconomic resilienceandgrowthopportunities.

RodrigoValdes,Director,WesternHemisphere Department(WHD),IMFPresentationmadeat apressbriefingfortheRegionalEconomic OutlookfortheWesternHemisphere.

TheGlobalEconomy–Focused ontheActionsofCentralBanks

Attheveryleast,oneormoreoftheUnited States(US),UnitedKingdom(UK)and EuropeanUnion(EU)wereexpectedto experiencerecessionaryconditionsbefore theendoftheyear

However,economicactivityremained resilientin2023,notwithstandingsome slowing,thankslargelytoastrongerthan envisagedjobmarketandconsumer spending.Overall,theglobaleconomyis expectedtoexpandby3percentin2023 comparedto3.5percentayearearlier, aidedbythealmostcompleterecoveryof globalsupplychainsandthedecreaseof shippingcoststopre-pandemiclevels.

Thisperformanceoccurredinthefaceof severalinhibitingfactors,includingtheweak performanceoftheChineseeconomydueto itsdeepeningrealestatecrisisandslumping exportdemand.

Growthwasalsostymiedbythecontinuedrise ininflation(despitesomedecelerationsince thestartoftheyear)andfinancialmarket turbulenceintheUSandEurope,which thankfullywascontainedbytheswiftactionof therelevantauthorities.

Againstthisbackdrop,economicactivityin advancedeconomiesisexpectedtoincrease by1.5percentin2023,downfrom2.6percentin 2022.Ontheotherhand,emergingmarketand developingeconomiesareexpectedtoexpand atasimilarrateto2022at4percent.Inflationis expectedtoeaseto6.9percentin2023from 8.7percent,withthefallincommodityprices fromthehighsof2022.

Giventhisrelent,somemajorcentralbanks slowedthepaceoftheirinterestrate increasesas2023progressed.

VincentA.Pereira,Chairman, RepublicFinancialHoldingsLimited

WeExpectDevelopedCountries’ CentralBanksToStartUnwinding HighInterestRates

BasedontheInternationalMonetaryFund’s (IMF)WorldEconomicOutlook(WEO) publicationinApril2024,theIMFestimated globalgrowthof3.2%in2023,highlightingstark deviationbetweendevelopedanddeveloping countriesandamongdifferentcountriesinthe twogroups.

Developedcountriesgrew16%,withtheUS economyexpandingby25%,whereasoutput inFranceandCanadaexpandedby1.1%and 0.9%,respectively.

TheUK’seconomygrewmarginallyby0.1%, whileGermany’seconomycontractedby0.3%. EmergingMarketandDevelopingEconomies grew4.3%,buoyedbygrowthinIndiaandChina of7.8%and5.2%,respectively.

WithintheGroup,lowgrowthinLatinAmerica andtheCaribbean(2.3%),theMiddleEastand CentralAsia(2.0%)andSub-SaharanAfrica (3.4%)weighedonthegrowthoutturn.

IntheUS,theeconomybenefittedfromthe decumulationofsavingsbuiltupduringthe COVIDeraandthewealtheffectfromabuoyant stockmarket,whichsawtheS&P500Stockindex return24.2%in2023.ThewarintheUkraineand highinflationweighedongrowthintheeuroarea.

TheconflicthadanegativeeffectonGerman exports,especiallytotheEuropeanUnion,on whichitisheavilydependent.InChina, challengesinthepropertymarketandfalling exportsweighedongrowth,resultinginoutput slowing370basispointsrelativetothe20-year averagegrowthupto2019of8.9%.Acrossother DevelopingandEmergingMarketEconomies, debtbuild-upduringtheCOVID-19era,the unwindingoffiscalstimulus,tightmonetary policyandstructuralchallengesnegatively impactedgrowth.

Inflationtrendedhigheracrosstheglobedespite moderationinthesupply-sidechallengesthat emergedduringtheCOVIDera.Acrossthe developedworld,risinginflationforcedcentral bankstoraisetheirpolicyrates.However,inLatin America,wherepricesrosesharplyduringthe pandemic,andcentralbanksraisedtheirpolicy ratesearly,pricestrendeddown,resultingin somecentralbanksloweringinterestrates.

InitsJune2024WEOpublication,theIMF estimatedglobalgrowthof3.2%in2024,whichis inlinewiththeoutturnin2023.Advanced economiesareexpectedtogrowby1.7%,0.1% morethanin2023,whileEmergingMarketand Developingeconomiesareexpectedtoexpand by4.2%.Underlyingglobalgrowthisstrong performanceintheUS,at2.7%,andslowingbut moderatelyhighgrowthinIndiaandChina,at 6.6%and4.6%,respectively.

Growthisexpectedtoslowto2.0%inLatin AmericaandtheCaribbean.TheIMFexpects inflationtodecelerate.Withinthiscontext,we expectdevelopedcountries’centralbanksto startunwindinghighinterestratesandcentral banksacrossLatinAmericatocontinue interestratecuts.

KeithDuncanCD,GroupChiefExecutiveOfficer, JMMBGroupofCompanies

TheEconomicEnvironmentHighInterestRatesCrimping GrowthInEmergingMarketsAnd DevelopingEconomies; DampeningInvestmentAnd IntensifyingTheRiskOfFinancial Crises.

Despitethesteepestglobalinterest-rate hikingcycleinfourdecades,inflation remainshighandwillremainabovethe targetrangeofmostcentralbanks.

Policymakersinadvancedeconomieswill needtobeexceptionallyagilewiththeir responsestotherisksaccompanyingsuch ratehikes.Today,highinterestratesaren’t merelycrimpinggrowthinEmerging MarketsandDevelopingEconomies;they arealsodampeninginvestmentand intensifyingtheriskoffinancialcrises.These challengeswouldintensifyintheeventof morewidespreadbanking-sectorstrainsin advancedeconomies(WorldBank,2023).

TheWorldBank’slatestprojectionsindicate thattheworldeconomywillremainfrail andatriskofadeeperdownturn 2023and in2024.Baselinescenarioscallforglobal growthtoslowfrom3.1%in2022to2.1%in 2023,beforeinchingupto2.4%in2024.

IntheEasternCaribbeanCurrencyUnion (ECCU)realGDPgrowthfor2024isnow projectedat42%

TheIMF2023ArticleIVMissionconcluding statementhighlightedthatGrenada’s economywillcontinuetoexpandby3.9%at theendof2023.Despitethecontinued economicgrowththerestillremains downsiderisk,thatis,economicslowdown ofkeytouristsourcemarketssuchasthe U.S.andtheU.K.,especiallyifglobalinflation remainshighandglobalfinancial conditionscontinuetightening.

Highimportcostsforconstructionmaterials couldweighonactivityinthesector,whilea renewedupswingincommodityprices woulddragongrowthandweakenthefiscal position.

DarrylBrathwaite,Acc.DirChairman, GrenadaCo-operativeBankLtd.

TheEconomiesInWhichRFHL Operates

Therewaslimitedimprovementinthe respectivejurisdictions’fiscalaccounts, withGhanaenteringanInternational MonetaryFund(IMF)programmein2023

Generally,thecountriesinwhichtheRFHL Groupoperatesrecordedpositiveeconomic performancesin2023.Thiswasdrivenbythe continuedrecoveryoftourismandotherkey sectorsfromtheCOVID-19-related disruptions Inthecaseofthetourism-based economies,somebenefitedfromvisitor arrivalfiguresthatwerecloseto,orabove, pre-pandemiclevels,whileforothers,the recoverywaslessrapid.

TheGroup’scommodity-producing economieshoweverfacedweaker internationalpricescomparedto2022.This restrictedtheimprovementoftheir respectivefiscalandexternalaccounts, exceptforGuyana,giventheoffsettingeffect ofitsincreasedoilproductionin2023 The fallincommoditypricescontributedtothe decelerationofoverallpriceincreases duringtheyearbutwasnotenoughto reducetheconstrainingimpactofinflation onrealGrossDomesticProduct(GDP).

Overall,thesedevelopmentsresultedina situationwhereeconomicactivityremained below2019levelsinseveralnations associatedwiththeRFHLGroup

Ghanaalsoexperiencednotable exchangeratevolatilityduringtheyear, givenlowlevelsofforeignexchange reserves,whichcontributedtohigh inflationratesinthiscountry.InGhana, thedomesticcurrencydepreciatedby 11.6%againsttheUSdollarbetween JanuaryandSeptember2023,whileits grossinternationalreservesmeasured onlyUS$2,089.54million(onemonthof importcover)inAugust2023.

Duringthefirsteightmonthsoftheyear, inflationaveraged45.1percent,withfood pricesincreasingby54.1percentand non-foodinflationmeasuring38.1 percent.Inadditiontonegatively impactingtheGroup’sresults,surging inflationcombinedwithGhana’songoing fiscalvulnerabilitiestoproduceavery challengingmacroeconomic environment

VincentA.Pereira,Chairman, RepublicFinancialHoldingsLimited

TheGuyaneseEconomy ContinuesToGrowVeryRapidly

TheGuyaneseeconomycontinuesto growveryrapidly,supportedbythe government’smodernizationplans, includingtheunparalleledoilsector expansion.

In2022,Guyanaachievedanexceptional realGDPgrowthrateof62.3percent, surpassingallothernations.

IThispositiveeconomicmomentumis expectedtopersistin2023accordingto theIMF,withananticipatedrealGDP growthof38percent Thisgrowthis attributedtotheexpansionofoil production,includingthecommencement ofoperationsatathirdoilfield.

Additionally,arapidpublicinvestment programconcentratingonenhancing transportation,housing,flood managementinfrastructure,andhuman capitaldevelopmentisboostingthe non-oilsector Theservicesandsupplies sectorsareexperiencinggrowthasaresult ofspillovereffectsfromtheoiland constructionindustries.Agriculture,mining, andquarryingarealsoperformingwell.

AccordingtotheBankofGuyanaHalfYear Report2023,therealnon-oilGDPrecorded astronggrowthrateof123percentwhile therealoilGDPgrewby595percent duringthefirsthalfof2023

Notably,CPIinflation,whichstoodat7.2 percentattheendof2022,inlinewithother regionalcountries,decreasedto12percent onayear-on-yearbasisbyJuly,2023, primarilyduetoreductionsin transportationandcommunicationprices.

Theexternalcurrentaccounttransitionedinto asubstantialsurplusin2022,reaching238 percentofGDP,andanotherconsiderable surplusisexpectedin2023

Furthermore,thebankingsectoris characterizedbystrongcapitalizationand liquidity;suggestingastableandthriving economicenvironmentinGuyana. Inthefirsthalfof2023,theeconomyof Guyanaexperiencedrobustgrowthacross varioussectors,drivenbyfavorableweather conditionsandincreasedproduction.

Theagriculturesectorincreasedby7.6 percent,asallmajorsectorsexperienced growthwhencomparedto2022.

Thelivestockandfishingsubsectorsalso showedgrowth,withsubstantialincreases inpoultry,beef,andshrimpproduction

Intheminingandquarryingsectors,theoil andgassubsectorsawremarkable expansion,thankstoincreasedcrudeoil production.Themanufacturingsector recordedstronggrowth,particularlyinthe productionofsugar,rice,andvariousother products.

Theservicessectorexpanded,with significantgrowthinadministrativeand supportservicesandwholesaleandretail trade.Additionally,theconstructionsector continuedtothriveduetoincreasedpublic andprivatesectorsactivities.

Onthebalanceofpaymentsfront,Guyana sawadeficitofUS$196.4million,witha smallersurplusonthecurrentaccount, mainlydrivenbymerchandisetrade balance,andsignificantincreasesinexport earningsfromcrudeoil.

However,thegrowthinimportpayments, especiallyforcapitalgoodsandfuel, contributedtothisdeficit.Themonetary sectorobservedanexpansioninthemoney supplyandcreditgrowth,indicating increasedborrowingbybothprivateand publicsectors.Inflationshowedsignsof slowingwitha12-monthinflationrateof1.9 percentinJune,2023,primarilyattributed tolowerfoodandenergyprices.

Theend-of-yearinflationforecastfor2023 remainsat38percentwithproactive governmentmeasuresinplacetoaddress potentialpriceincreases.Lookingback,the riseininflationof7.2percentfromDecember, 2021toDecember,2022wasnotablyhigh Overall,Guyana’seconomyisexhibiting positivegrowthtrendswithafocuson diversesectorsandmeasurestomanage inflationandsupporteconomicstability.

Mr.KomalSamaroo-Chairman, DemeraraBankLimited

BusinessOutlook–2024andBeyond

TheGlobalEconomyIs ProjectedToGrowIn2024.

Whilestillinitsearlystages,theconflictinthe MiddleEastinvolvingIsraelandHamas,hasthe potentialtojointheRussia-Ukrainewarasa globallydisruptiveforce.Ifitdoes,therelated disruptions,includingtoglobaltradeandother economicactivities,arenotexpectedtobeas severe.

ExpectThatMonetaryPolicyWill BeginToLoosenAndThatThere CouldBeInterestRateReductions

Inanycase,anothermajorconflictisthelast thingtheglobaleconomyneeds,considering howdifficultthelastthreeyearshavebeen. Fearsofglobalrecessionhavereceded appreciablyasmajorcentralbanksarenot expectedtoreverttorapidpolicyrateincreases, withinflationprojectedtoslowfurther.

However,withinflationcurrentlyabovethe targetlevelsoftheUSFederalReserve,Bankof EnglandandtheEuropeanCentralBank, furtherincreasesmaybecomenecessaryand, asaresult,afurtherdeclineingrowthcannot beruledoutin2024.

Otherdownsideriskstogrowthincludeweaker thanexpectedgrowthinChina,elevated energypricesduetocontinuedproduction curtailmentsbytheOrganisationofPetroleum ExportingCountries(OPEC)andnewroundsof financialsectorinstabilityinmajormarkets suchastheUSandUK.Theglobaleconomyis projectedtogrowby2.9percentin2024.

VincentA.Pereira,Chairman, RepublicFinancialHoldingsLimited

Fromamacroeconomicperspective,the Groupcontinuestomonitortheoutlookon inflationandinterestratepolicydecisions bytheUSFederalReserveandcentral banksacrosstheregion.InitsJune2024 meeting,theFederalReservekeptits interestrateunchanged,whichithassince July2023,andhasprojectedonlyonerate cutfortheremainderof2024,downfromits Marchforecastthatcalledforthree reductions.

Withthatsaid,theGroupexpectsthat monetarypolicywillbegintoloosenand thattherecouldbeinterestratereductions bytheUSFederalReserve,BankofJamaica andtheCentralBankoftheDominican Republic Theseinitialinterestratecuts couldbefollowedwithfurthermoderate reductionsininterestrates,whichwillbe positiveforfinancialmarketsandaugurwell fortheJMMBGroup’sfinancialperformance overtheshorttomediumterm.

KeithDuncanCD,GroupChiefExecutive Officer,JMMBGroupofCompanies

GrenadaCo-operativeBankWill CapitalizeOnGoodOpportunities ThatAriseInTheEvolvingEconomic Environment.

WorldBankprojectionsfor2024 forecastgrowthinthelocaleconomy tobeamoderate3.3%.Thefinancial servicessectorisexpectedtoremain fiercelycompetitiveasevenfewer commercialbankscompetewith creditunionsandnon-bankfinancial institutions.Astheeconomycontinues itsrecovery,therewillbesignificant opportunitiesforexpansionand growth.In2024,continuedgrowthis expectedinthebankingsectorwhich shouldreflectsignificantloangrowth astheeconomycontinuestorecover whileadjustingtotheinflationary pressuresandincreasedcostofliving.

Depositsisexpectedtocontinue growingfasterthanloans&advances asperprevioustrend.GrenadaCooperativeBankLimitedmaintainsits optimismabouttheprospectsof Grenada’sfinancialservicessectorfor 2024andwillcapitalizeongood opportunitiesthatwillariseinthe evolvingeconomicenvironment.

DarrylBrathwaite,Acc.DirChairman, GrenadaCo-operativeBankLtd.

Guyana’sEconomicLandscape ContinuesToEvolveAndIs ProjectedToMaintainTheHigh LevelOfGrowth

Guyana’seconomiclandscapecontinuesto evolveandisprojectedtomaintainthehigh levelofgrowthachievedinthefirsthalfof 2023intothesecondhalf.Thisislargely influencedbyitsburgeoningoilsector.

Asthesectorcontinuesgrowingwith increasedexplorationandproduction activities,Guyanaremainsoneofthe fastest-growingoilproducersintheworld, withthesectorcontributingsignificantlyto nationalrevenue WiththethirdFPSOvessel –Prosperityanticipatedtocomeinto operationinthelastquarterof2023,output isprojectedtoexceed580,000barrelsofoil daily.Thissurgeinoilproductionandexport willcontinueincreasingtheinfluxofFDIand boostingtheeconomy.

Thisboost,however,isnotlimitedtotheoil andgassectorasongoinginvestmentsare beingmadetosupportinfrastructural development,includingpowergeneration, roads,portsandtelecommunication.

Demandforhousingandaccommodation remainshighandgrowthoftheconstruction sectorwillcontinuecreatinglending opportunitiesinrealestateandproperty development

AshostfortheCaribbeanPremierLeague cricketplayoffsandfinalmatchesforyet anotheryear,there’santicipatedincreasein tourismandentertainmentactivities exceedingthenumbersrecordedin2022and 2023,therebycreatingsignificant opportunitiesforlocalbusinesses.

Asweapproach2024,Guyana’s economiclandscaperemainspromising withopportunities.RepublicBank (Guyana)Limitediswellpositionedto embracethefutureandourcommitment toinnovation,customersatisfaction, sustainability,andresponsiblebanking willguideourforwardplanstonavigate theever-changinglandscape.

NigelM.Baptiste,Chairman,Republic Bank(Guyana)Limited

TravelHasReturnedWithA Groundswell

Thetrendsintravelthatweobservedinthe latterperiodofthepriorfinancialyearhas heldtrue,astravelhasreturnedwitha groundswell.Theupsurgeorreturnseems sustainedandJamaica’sPaxarrivalfigures continuetooutpacetrendsandkeep breakingrecords

BeingconsideredJamaica’spremier island-widetransportsolution,coupledwith theaforementionedtrendcontinuesto reinforcetheextraordinaryresponsibility, privilegeandexpectationtoimproveour customers’lives.Inachallenging environmentwearededicatedtonurturing thistrustthroughundiminishedeffortsin maintainingandimprovingourlevelof safety,reliabilityandconvenience

Wehaveinthisperiod,setintomotion solutionsincludingtheorderingofseveral premiumdoubledeckerandfull-sized coachesequippedwithtoilets,charging points,andotherKnutsfordExpress conveniences Inanefforttoadd conveniencetothelivesofourcustomers wehavebegundevelopmentof innovationsthatwilltrulystreamlinethe processofbookingandcheckingintotrips toreducewaittimesatourstations.

Thestrongtransportationdemandalsoledto increasesinotherdirecttransportcosts.As expectedfuelcostsclimbedby44.4%totwo hundredseventeenmilliondollars($217M) fromonehundredfifty-onemilliondollars ($151M)overthepreviousfinancialyear followedbya36.1%increaseintollfeeswhich totalledforty-sevenmilliondollars($47M)up fromthirty-fivemilliondollarsayearago. As fuelpriceshoveraroundnewhistorichighsand tollpassagefeescontinuetokeeppace,itis preciselythesecircumstancesthatcontinueto affectmotorists’pocketsthatservetoboostour passengerridership.

OliverTownsend,ChiefExecutiveOfficer, KnutsfordExpressLimited

StrategicPrioritiesandOutlookWeremaincautiouslyoptimistic abouttheoutlookfor2024

Themanagementwillcontinuetoexercise financialprudenceandreduceoperating coststomaximiseshareholdervaluethrough ourfivestrategicdrivers-HealthandSafety, CustomerCentricity,Innovation, SustainabilityandEBITDAGrowth

Wewillcontinuetoseekopportunitiesto expandourbusinesswithourdiversified rangeofinnovativeproducts,byleveraging ontheexpertiseandsupportofCemexand ourstrongtrackrecord.

InJamaica,weintendtoleverageCarib Cement’sstrictcostdisciplineandstrong performanceinpreparationforthe commissioningofitsdebottleneckprojectin 2025,whichwillreducethecompany’scarbon footprint,increaseproductioncapacity efficiency,andenablecompetitiveexportsin thewiderCaribbeanandbeyond.

FEATURE

InTrinidadandTobago,theGroupremains optimisticdespitethechallengesposedby risinginputcostsandotherexternalfactors thatcouldaffectitsoperations.Whilewe continuetodeliverthemostcompetitively pricedcementintheregion,weremain focusedonthevariableswithinourcontrol, suchasquality,customerserviceand innovation.

InBarbados,weareconfidentthatthecurrent operatingmodelwillallowustomaintain marketshareandachieveprofitability.The Groupisalsoexploringoptionstodevelopnew businessesanddiversifyitsportfolio.

Thisgrowthwillbeseenthroughourfervent effortstoleadthemarketandbecompetitive intendersissuedbytheGPEandexpandour independentpowerproductionbusiness throughsuccessfullyattainedutilityscale projects

Thecontinuingriseincarbonemissionsand theincreasingfrequencyofextremeweather eventsinrecentyearshighlightmoreclearly thanevertheimportanceofadecisiveshift towardsanet-zerofuture.Wigtonisactively drivingthisshiftandfacilitatinggreenenergyis viewedasanobligationandopportunityto impactenvironmental,socialandgovernance issues.

DavidG.Inglefield,Chairman,TCLGroup

WigtonEnergy,SignallingAMore DeliberateFocusOnAllAreasOf RenewableEnergyAndClean Technologies

WelaunchedourtradingnameWigtonEnergy signallingashifttoamoredeliberatefocuson allareasofrenewableenergyandclean technologieswiththeprimaryobjectiveof increasingshareholdervalueandprofitability. TheCompanywhichnowhasahigh percentageofitsbusinessinwindpower,has setacleartrajectorytoensureitsgrowth throughdiversificationintootherareasof renewableenergy

Thisrepositioningisacompany-wide businesstransformationandareaffirmation ofourdiversificationstrategy.Theentire Companyhasboughtintothevisionof becomingaprofitable,regionalorganization withsuccessfulcleanenergyandother investmentsandstakeholderscanexpect growthduetocontinuedeffortsonbusiness developmentandbusinessexpansion.

DennisChung,Chairman,WigtonEnergy

BrydenIsFocusedOnThree Verticals:Food,HealthcareAnd PremiumBeverages.

Aswegointoour101styearBryden’s prospectsareveryexciting.Wecanbe reassuredasshareholdersbythetalentthat existswithintheOrganizationwhichistruly exceptional.Weoftendiscussthecapacity oftheOrganizationandwearecommitted toensuringthathighperformingindividuals aresupportedandareasequallyexcited aboutourfuture.

Attimeofwriting,Brydenshasbroken groundonournewdistributionfacilityin CentralTrinidad.Wehaveapprovedthe investmentinnewfacilitiesinGuyanaand wehavepurchasedanewsubsidiaryin StansfeldScottwhichextendsourpremium beveragebusinessintoBarbados.

Ourobjectiveistobuildaplatformacross ourregionthatisfocusedinthethree verticals:Food,HealthcareAndPremium Beverages.

Theplatformswillcoverthegeographiesof ourregionexecutingseamlesslythe objectivesofourprincipals(ourpartner suppliers).Anyonecanbuycompaniesor spendmoneybuildingwarehouses.That’s notwhatourGroupisabout.Withoutthe exceptionaltalentthatisrequiredto leveragetheseinvestmentswewillnotbe abletocontinueinthetraditionofour predecessorsandmaintainthegrowthand developmentforthenext100years.

Brydenswillcontinuetogrowandinvestin itsexpansionwhileensuringthatit maintainsalaserfocusonourhuman capital.Ifwedothiswewillcontinuethe trajectoryofshareholderwealththat,as shareholdersweexpect.

PaulB.Scott,Chairman,A.S.Bryden& SonsHoldingsLimited

WeRemainLaser-FocusedOnOur StrategicImperatives

Aswelooktotheyearahead,weremain laser-focusedonourstrategicimperatives. Wewillcontinuetodistinguishourselvesinthe marketbybeingourclients’mosttrusted financialpartner.Thetrustourclientsplacein usisaresultofourreputationforoffering expertadvice,soundfinancialmanagement andbest-in-classfinancialsolutionstohelp themachievetheirfinancialgoals.

Wewillstrategicallyfocusonearningprimary clientrelationshipsanddeepeningthose relationships.

Wewillworktoensurethatclientshave accesstoproductsandservicesthatprovide abalancedfinancialportfolioincorporating thebestproductsorday-to-dayfinances, insuranceandinvestmentstomeettheir uniqueobjectives.

Ourcomprehensivesuiteofproductsacross theScotiaGrouparedesignedwithourclients inmindandofferabroadrangeofoptionsto suittheirvariedneeds.

Serviceexcellence,centredaroundmakingit easyforourcustomerstodobusinesswithus, willcontinuetobeakeystrategicimperative asweworktofurthersimplifyourprocesses andcreatemoreconvenientoptionsforclients totransactwithusacrosstheGroup.

Significantworkisalsobeingdonetoenhance theexperienceatallourtouchpoints.Thiswill concurrentlyincreasethecapacityofourteam tobetterserveandengagewithourclients.

Thesuccessofourbusinessisfuelledbyour excellentteamofprofessionalScotiabankers. Wewillcontinuetoinvestindevelopingtalent andcreatinganinclusiveenvironmentthat allowsustowinasoneteam.

Continuedcollaborationacrossthebusiness willbecriticalinensuringthatwecanofferthe bestsuiteofsolutionsanddeliverthebest valuetoclients.

Lastly,wewillbuildontheefficienciesthatwe havecreatedinthebusinesstocontinueto improveourproductivity.Wewillcontinueto maintainadisciplined,enterprise-wide approachtoriskmanagementinorderto effectivelyrunourbusinessandultimatelyto drivesustainable,profitablegrowthand maximizeshareholderreturn.

AudreyTugwellHenry, PresidentandChiefExecutiveOfficer, ScotiaGroupJamaicaLimited(SGJL)

TheMotivationToAchieveOur VisionMustBeGreaterThanThe UrgeToAvoidTheChallenges.

GKoperatesinadynamicenvironment, characterisedbyrapidchanges, uncertainty,andcomplexity.Acultureof excellenceiscriticaltofosteringagility andresilienceamongstourteam.Even whenthereareobstaclesthatmayseem impossibletoovercome,themotivation toachieveourvisionmustbegreater thantheurgetoavoidthechallenges.

Accordingly,in2024,ourteamwillbe guidedbythetheme:Buildingaculture ofexcellencethroughgreatpeople.

Wewillcontinuetopursueventuresand initiativesthatacceleratethepaceat whichweextractvaluefromour strategicinvestmentsandmoveforward withourlong-termstrategy.Our2024 keystrategicinitiativeswillbe:

•DrivingourGKOnemobileapplocally andexpandingtootherterritories;

•Strengtheningourhumanresources operatingmodeltoimprovestrategic support;

•Improvingouroperationalefficiencyon acompany-by-companybasis,witha focusonworkingcapitalandcash management;

•Pursuinggrowthopportunitiesthrough M&Aandstrategicpartnershipsand ensuringthesuccessfulintegrationof acquiredcompanies;

•Ensuringgrowthinrevenueandprofitability ofourinternationalfoodbusinesses;

•EnsuringgrowthofourGraceand Grace-ownedbrandslocallyand internationally;

•Optimisinglogisticsandsupplychain management;

•Improvingtheinternationalcompetitiveness ofourmanufacturingcompanies;

•TransformingourGKMSbusinessmodelto dominatetheregionalmoneyservicesand paymentsspace;and

•Furthergrowingourinsurancesegment throughM&Aandexpandingintonewmarkets usingournewcorelifeinsuranceplatform, whileincreasingtheprofitabilityofrecent acquisitions.

Ourstrategyfor2024andbeyondincludes boldambitionstowardsachievingour2030 vision.Wecontinuetoalignourstrategic initiativeswithfourpillars:

•GrowthandSustainability

•CustomerCentricityandInnovation

•OperationalEfficiency

•Performance-drivenOrganisation

GK’s2030visionofbecomingthe numberoneCaribbeanbrandinthe worldseesourGroupearning70%of ourrevenuesandprofitsoutsideof Jamaica.In2024,wewillcontinueto workassiduouslytowardsachieving thisvisionby:

i.PursuingourgoaltolistGKonan internationalstockexchange,aswelook forwardtosignificantgrowthrelatedto ourgeographicexpansioninmajorfood marketsacrossUSA,Canada,andthe UK;

ii.Expandingourfinancialservices offeringwithintheCaribbean;and

iii.IntegratingESGintoourcorebusiness strategytopositivelyimpactourglobal societyandenhancethefinancial wellbeingofallourstakeholders.

Withourhighlyskilledandmotivated teamalignedtoourcorevaluesHonesty,Integrity,andTrust–and guidedbyourWeCareethos,and peopleatthecentreofallthatwedo, GKiswellpositionedtoachieveour2030 vision.

Prof.GordonShirley,OJ,Chairman, GraceKennedyLimited

WhyCaribbeanBusinessLeaders ShouldBeConcernedAbout

DecliningBirthRatesandPopulationShifts

Caribbeancountriesareexperiencingadecline inbirthrates,atrendposingsignificant challengesfortheregion’sfutureworkforce, economicvitality,andmarketdemand.

Thispopulationshiftisdrivenbyseveral factors:lowerbirthrates,single-parent households,agingpopulations,migration,and evolvingfamilystructures.ForCaribbean businessleaders,thesetrendsindicatea shrinkingpoolofyoungworkers,potential reductionsinmarketsize,andshiftsin consumerdemand—eachwithimplicationsfor long-termstrategicplanning

Oneconcernforleadersis workforcesustainability

Withanagingpopulationanddecliningyouth demographics,theregionfacesashortageof skilledlabour.Forinstance,inSt.Vincentand theGrenadines,theworking-agepopulation (25-64)isexpectedtodecreaserelativeto retirees,signalingpotentiallabourshortages thatmayhindereconomicproductivityand increasecostsrelatedtorecruitmentand retention.

Thisdemographicshiftwillalsostresssocial securityandpensionsystems,asfewer workingindividualswillbeavailableto supportagrowingnumberofretirees

Anotherkeyimpactisthe changingconsumerlandscape.

Asbirthratesdecline,spendingonyouthorientedgoods,likechildren’sappareland educationalservices,maydecrease Onthe otherhand,anolderdemographicincreases demandforhealthcare,elderservices,and financialplanningproducts.

Companiesinretail,healthcare,andfinancial servicesshouldconsiderhowtopivottheir offeringstocatertoanagingpopulation.This shiftindemandhighlightsagrowingneedfor businessleaderstoproactivelyadapttheir servicesandmarketingstrategiestoreflect demographicrealitieswhichalsoexacerbates populationchallengesintheCaribbean

Skilledprofessionalsoftenseekbetter opportunitiesabroad,creatinga“brain drain”thatimpactslocalinnovation, healthcare,andeducation.Thisemigration trendnotonlyreducesthetalentpoolbut alsoplacesaddedpressureonbusinessesto offercompetitivesalariesandbenefitsto retaintoptalent.whileremittancesfrom abroaddosupportlocaleconomies,these inflowsarenotsufficienttooffsetthelost humancapitalandmaycontributetoa relianceonexternalsourcesofeconomic stability.

MitigationStrategies

Tomitigatetheimpactsofadeclining populationandlabourpool,Caribbean businessleaderscantakeseveral steps:

InvestinWorkforceAutomation: AdoptingtechnologyandAIcanhelp offsetlabourshortagesandenhance efficiency.

AttractandRetainTalent:Offering competitivewages,flexiblework arrangements,andpathwaysfor careergrowthcanhelpretain existingtalentandattractskilled professionalswhomightotherwise seekopportunitiesabroad.

DevelopAge-ResponsiveProducts: Asconsumerneedsshiftwithan agingpopulation,tailoringproducts andservicestowardelder demographics—suchashealth, wellness,andretirementservices— canhelpmaintaindemand.

EngageinPolicyAdvocacy: Collaboratingwithgovernmentsto supportyouthemployment initiatives,incentivizefamily growth,andcreateskilled migrationprogramscanaddress demographicchallenges systemically.

EnhanceSkillsTraining:Investin upskillingprogramstoenhance productivityandadapttheexisting workforcetohigh-demandroles, fillinggapsleftbyemigration.

ExpandMarkets:Companiescan lookbeyondtheCaribbeantomore populousmarketswithyounger demographics,likepartsofLatin America,todiversifyrevenue.

Byanticipatingthesedemographic shifts,leaderscanfuture-prooftheir businesses,ensuringresilienceina changingCaribbeaneconomy.

markets.Anincreasingnumberof Caribbeanfirmsrecognizethepotentialof M&Atobuildscale,expandgeographic reach,andtapintointernationalmarkets. Formanyofthesecompanies,therelatively smallsizeoftheCaribbeaneconomyposes limitationsongrowth,makingM&Aa strategicsolutiontosecurelargermarket shares,diversifyrevenuesources,and competeglobally.

AnotableexampleisRepublicBank,which hasextendeditsreachthroughacquisitions suchastheBankofBancoMercantilinthe DominicanRepublicandCaribbean CommercialBankinBarbados.Thesemoves haveenabledRepublicBanktobuilda diversifiedportfolioacrosstheCaribbean andLatinAmerica,positioningitselfasa leadingfinancialentityintheregion.

Similarly,MassyGroup,withitsbroad-based operations,haspursuedinvestmentsin sectorslikeautomotiveinColombia, markingitscommitmenttoestablishinga strongholdinLatinAmericanmarketsand reinforcingitspositioninCentralandSouth America.

TheadoptionofM&AbyCaribbean businesseshighlightstheshiftinregional corporatestrategy Traditionally, companieslikeGraceKennedy,NCB Financial,andSagicorFinancialfocusedon consolidatingtheirdomesticoperations. Now,theseentitiesareprioritizingcrossbordergrowththroughacquisitionsthat canenhancetheirmarketpositions, providenewrevenuestreams,and strengthenoperationalcapabilities. Forinstance,Sagicor’sacquisitionof ScotiaLifeTrinidad&Tobagoalloweditto expanditslifeinsuranceandfinancial servicesofferings,whileNCBFinancial’s acquisitionofClarienGroupinBermuda extendeditspresenceintoNorthAmerica.

WhileM&Aholdssubstantialpromisefor Caribbeanfirms,italsobringschallenges. Integrationrisks,culturalalignment,and thecomplexityofmanagingmultinational operationsarecommonhurdlesthat requirecarefulplanningandexecution. Companiesmustfocusonstrategicfitand synergytoensurethesemergersgenerate long-termvalue.SuccessfulM&Adeals,as seenwithRepublicBankandMassy, illustratethattherightacquisitionscan propelCaribbeanfirmsbeyondregional limitationsandontotheinternationalstage.

WhileM&Aholdssubstantialpromisefor Caribbeanfirms,italsobringschallenges Integrationrisks,culturalalignment,andthe complexityofmanagingmultinational operationsarecommonhurdlesthatrequire carefulplanningandexecution.Companies mustfocusonstrategicfitandsynergyto ensurethesemergersgeneratelong-term value.SuccessfulM&Adeals,asseenwith RepublicBankandMassy,illustratethatthe rightacquisitionscanpropelCaribbeanfirms beyondregionallimitationsandontothe internationalstage

Mergersandacquisitionsarenotmerely growthstrategiesbutrepresenta transformativeapproachforCaribbean companiesstrivingtoestablishthemselvesin theglobaleconomy.Bypursuingstrategic acquisitions,Caribbeanbusinessescan overcometheconstraintsofsmalldomestic markets,improvescalability,andcompeteon aninternationallevel.

However,achievingsuccessinM&Ademands morethanfinancialinvestment;itrequires thoroughintegrationplanningandalignment withtheoverarchingstrategicgoalsofeach company.AsmoreCaribbeanfirmsembrace M&A,theyaresettingthestageforabolder, globallycompetitiveCaribbeanbusiness ecosystem,poisedtonavigatethedemands andopportunitiesofadynamicglobal market.

CIBCFirstCaribbeanGrenada BusinessAcquisition

OnJuly14th,2023,GrenadaCo-operative BankLtd.acquiredcertainassetsanddeposit liabilitiesofCIBCFirstCaribbeanGrenada business Thissawsubstantialgrowthwiththe additionofapproximately$360millionintotal assets.

Theloanportfolioacquiredwas$154 millionand$398millionindeposit liabilities.Ofnote,theacquiredfacilities contributedonlymarginallytotheBank’s overallfinancialperformancefortheyear endedSeptember30th,2023.

Asasafeguard,theBankstrategically pursued$50millionofadditionalcapital intheformofsubordinateddebtwhich buttresseditsTierIIbuffer,strengthening itsoverallcapitalposition. Thisacquisitionisasignificant developmentintheevolutionofthe bankingsystemofGrenada,Carriacouand PetiteMartinique. TheBankacquireda leanbookofbusinessthatboltsonwellto itscurrentbusinessmodelwiththeintent ofprovidingsought-afterprofitability, increasedmarketshare,andcompany momentuminasustainable,long-term way.

Thisallredoundstotheachievementofthe Bank’smissionofensuringafairreturnto shareholdersandcontributingtothewellbeingofthecitizenswhereweoperate. DarrylBrathwaiteAcc.DirChairman GrenadaCo-operativeBankLtd.

MassyStrategy,Growthand GlobalExpansionUpdate

TheGroup’sCorporateStrategyremains consistentandfollowsfromthenewvision statementwiththreesimplecomponents: GrowthandGlobalExpansion CapitalManagementtoIncreaseValue forStakeholders OperatingwithaCaribbeanHeart InFY2023,wesuccessfullyclosedthree significantacquisitions:Rowe’sIGA supermarketsinJacksonville,Florida(US$47 million),AirLiquideoperationsinTrinidad ($51.5millionwithadeferredconsideration), andIGLJamaica(US$142million).

1Rowe’sIGASupermarkets:independent supermarketchainof7storesinJacksonville, FloridaUSA;Rowe’sIGAacquisitionclosedon December12thandisamajorstepinachieving theGroup’sglobalvisionasitprovidesan excellentbeachheadforfurtherniche supermarketacquisitionsintheUnitedStates, whileprovidingstrengthinhardcurrencycash generation.

2AirLiquideTrinidad&TobagoLtd:a manufacturerandsupplierofindustrialand medicalgasesinTrinidad&Tobago;In January,theGroupacquiredAirLiquide’s operationsinTrinidadsolidifyingtheGroup’s positionastheleadingindustrialgas manufactureranddistributorintheregionand generatingadditionalexportopportunities.

3IGL(St.Lucia)Limited:theparentcompany ofadistributorofLPG,andmanufacturerand distributorofindustrialandmedicalgasesin Jamaica.TheIGLJamaicaacquisitionclosed inMay2023,andthisconsolidatedtheGroup’s positionastheleadingLPGbusinessinthe regionandwillalsoprovideaccessto additionaleconomiesofscaletobring efficienciestoconsumers.

Theseintegrationeffortsarenotonlyfocused oncapturingthedesiredsynergiesfor enhancedfinancialperformance,butalsoon ensuringculturalintegrationandalignment withourcorevaluesforwiderstakeholder valuecreation.

Mr.GervaseWarner,President&GroupCEO

In2019,theJMMBGroupstrategically investedinSFCtofurtherdiversifyits businessmodelandrevenuestreams. Currently,theGroupholdsa23.62%stakein SFC,makingittheCompany’ssingle largestshareholder.SFCprovidesthe Groupwithcountryandbusinessline diversification,operatingin21countries andasamajorplayerpredominantly withintheInsuranceindustry.Thiswas particularlybeneficialtotheGroupinthe adverseoperatingenvironment,which negativelyimpactedtheinvestment businessoffinancialservicesintheregion.

TheJMMBGroup’sinvestmentinSFC contributedJ$20.3BinShareofprofitof associate,whichwassignificantlydrivenby one-offgainsonitsacquisitionoftheivari InsuranceCompanyinCanada The US$250Mor22.52%acquisitionofSFCin 2019hasproventobeagood diversificationinvestmentthatcontinuesto providesolidreturnsfortheJMMBGroup.

However,thetotalcontributionfrom businesslinesandshareofprofitfromSFC weretemperedbyprudentloanloss provisioningofJ$126Bforastartup greenfieldoperationintheEnergysector, whichwasratedInvestmentgradeby CariCRISand,assuch,wasanallowable assetwhichreceivedwidesupportfromthe financialsectorintheregion.

Mr.EllisreportedthatJMMBGroup’s US$250MinvestmentinSFCrepresented 23.32%stakeintheAssociateCompany andwascurrentlyvaluedatJ$40.4B.

SFC’scontributiontoprofitfortheyear amountedtoJ$27B Thiscontributiontonet profitduringachallengingperiodfurther validatedthestrategicimportanceofthis investmentandthebenefitstobederivedfrom theGroup’sRevenueDiversificationStrategy. TheGroupreceivedconsistentflowsof dividendsfromtheSFCwhichfortheyear endedMarch31,2023totalledJ$1.1B.SFC’s continuedpushtostrengthenitsfinancial positionandcreategrowthopportunities auguredwellfortheCompanyandby extensiontheJMMBGroup

Mr.EllishighlightedthattheJMMBGroup continuedtobeexcitedaboutitsinvestmentin SFC.SFCcontinuestoimplementitsstrategic initiativesandrecentlyannouncedapotential acquisitionofIvariinCanada.Thetransaction wasinclosurephaseandmanagement expectsverypositiveresultsfortheJMMB Group.

KeithDuncanCD,GroupChiefExecutiveOfficer, JMMBGroupofCompanies

WigtonDiversification,InvestmentJoint Ventures,andInvestmentInAssociates

Wigtonhaspositioneditselfwellforsuccess andresilience.TheCompanyiscommittedto buildingasustainableenergyfuturethroughits strategyofinvestingingreenenergyandclean technologieslocallyandregionally.

DuringtheyeartheCompanycontinuedits forayintogreenenergyandcleantechnology diversificationthroughitsinvestmentsin associatesandjointventures,andalso participatedinthetenderissuedbythe GenerationProcurementEntityinSeptember 2023bysubmittinga49.83MWsolar technologybid.

OnApril5,2022theCompanyandInnovative EnergyCompanyDBAIECSPEILimited,

enteredintotwo(2)jointventure agreements,onespecificallyinrespectof theNormanManleyInternationalAirport Solarprojectwhichwassuccessfully completedandcommissionedonMay31, 2022andtheothergenerallyforthedesign, installation,operationandmaintenanceof greenenergysolutions.

Thelatterjointventurewasregisteredasthe Wigton-IECJointVenture(“JV”)underand inaccordancewiththeRegistrationof BusinessNamesAct.TheJVhastodate successfullybidonthedesign,supplyand installationofdistributivesolarphotovoltaic systemsatcertainEssexValleyAgricultural DevelopmentProjectlocationsinSt. Elizabeth/Manchester,Jamaicawhich design,supplyandinstallationisscheduled tobecompletedinthesecondquarterofthe financialyearendingMarch31,2025and commissioningatalaterdatepending readinessforsame

TheJVwasalsosuccessfulinitsbidforthe design,supply,installationand commissioningofsolarphotovoltaic systemsattheSangsterInternational Airport,MontegoBay,Jamaicaandwhich projectisnowbeingexecuted.

InMarch2022Wigtonacquired21%ofthe shareholdingsofFlashHoldingsLimited,aSt. Luciancompanywhichisthesole shareholderofFlashMotorsCompany Limited(“FMCL”),aJamaicancompany, thatdistributeselectricvehiclesandelectric vehiclecharginginfrastructure.

DuringtheyearFMCLtookactivestepsto acquireanelectricvehicledistributorship. Thisculminatedinsuccessfulnegotiations withtheGeelyHoldingsGroupinrelationto theirZeekrandRiddarabrandofelectric vehiclesandthecompanyacquiringan initialorderoftwentysix(26)Riddaraelectric vehicleswhichwillbesoldregionally.

DennisChung,Chairman

ANSAMcAlMergers,AcquisitionsAnd StrategicPartnershipsRemainKey AspectOfGroup’sGrowthStrategy.

Ourrecentacquisition,COLFIRE,hasalready madenoticeablecontributionstotheGroup’s performance,layingthefoundationforgrowth andinnovationintheInsurancesector During theyear,theGroupalsosecuredaminority interestintheBahamianBreweryand BeverageCompanyLimitedandenteredinto contractbrewingarrangementswithlocal partnersinCanadaandGreece.InGuyana, ANSAMotorsintroducedHyundaiconstruction equipmenttosupportthatcountry’sbooming buildingsector.Wealsointroducedourpaint brands,Penta,SissonsandBerger,aswellas ourconcreteandclayblocks,withthelaunch ofourANSABuildingSolutionsbusiness

Lookingahead,webelieveourGroup’svalue proposition,talentedemployees,good governancepracticesandstrongbalance sheetwillserveuswellinnavigatingany challengeswhichmayarise Wearefocused onstrengtheningandboostingthevalueof ourexistingoperationswhileexploring strategicbusinessopportunities.Iampleased toannouncethatinApril2024,weentered intoajointventureagreementwithGlobus SpiritsLimited,aleadingplayerintheIndian alcoholicbeverageindustry.Thenewjoint venturecompanywillengagein manufacturing,sourcinganddistributionof beerinIndia,withaninitialfocuson introducingourflagshipbrand,Carib,tothe Indianmarket.Webelievethatthecompany willplayapivotalroleinmeetingconsumer demandanddrivinggrowthinthebeverage sectorinIndia.

A.NormanSabgaLLD(Hon.)UWI;(H.C.)UTT ExecutiveChairman, ANSAMcAlLimited(Group)

GraceKennedyPursuingStrong PartnershipsAndStrategic AcquisitionsAreKeyToRealising Our2030Vision.

In2023,weexecutedonseveralinitiativesin keepingwiththislong-termgoal.M&A continuedtoplayanintegralroleinour growthstrategy.OuracquisitionofScotia InsuranceCaribbeanLimited(SICL), subsequentlyrenamedGKLifeInsurance CaribbeanLimited,wascompletedinMarch. InadditiontothesevenCaribbeanmarkets GKLifeInsuranceEasternCaribbeanLimited alreadyserved(Anguilla,Antiguaand Barbuda,Dominica,Grenada,St.Kittsand Nevis,St.Lucia,andSt.Vincentandthe Grenadines),GKLifeInsuranceCaribbean Limitednowofferscreditprotectioninsurance inthefiveterritorieswhereSICLoperated (Barbados,Belize,theBritishVirginIslands, theCaymanIslands,andtheTurks&Caicos Islands).Bothcompaniesoperateunderthe GKLifeInsurancebrand.In2023,GKLife InsuranceEasternCaribbeanLimited alsoreceivedregulatoryapprovaltobegin operatinginSt.Maarten,whichwilladda thirteenthmarkettoitsbusiness.InFebruary 2023,weincreasedourownershipin Catherine’sPeakBottlingCompanyLimited from35%to70% Catherine’sPeakBottling CompanyLimited,theownerofthe Catherine’sPeakpurespringwaterbrand,is nowasubsidiaryofourGroup.Additionally,in October,weacquiredUnibevLimited,a manufacturingcompanyspecializinginfully integratedbeverageproduction.These acquisitionssolidifyGK’spositioninJamaica’s springwatermarketwhilevertically integratingourspringwateroperations.In alignmentwithourJamaicanfoodbusiness’s growthstrategytoacquirestrongconsumer brandswithlocalandinternationalpotential, theacquisitionsalsofurtherourplanto positionGKasaregionalleaderinfoodand beveragemanufacturing.

DonWehby,OJGroupCEO, GraceKennedyLimited

GreenBonds:APathwayfor CaribbeanCEOsto ChampionClimate Resilience

Asclimaterisksintensify, Caribbeaneconomies largely dependentonnaturalresources andtourism—facedheightened vulnerability.GreenBondsare pivotalforCEOsstrivingtomake impactfulenvironmental investments.GreenBondsfund projectslikerenewableenergy, wastereduction,andclimate smartagriculture,aligning financialreturnswithmeasurable environmentalbenefits.

CaribbeanCEOswhoissueGreen Bondsnotonlygainaccesstonew capitalbutalsosignalleadership inclimateresilience,amovethat enhancesbrandreputationand attractsresponsibleinvestors. Embracingthesebondssupports long-termresiliencebyhelping companiesmitigate environmentalriskswhilefostering sustainablegrowth.

GreenBondspresentarobusttool forCaribbeancompaniesto reducecarbonfootprints,prepare forclimateimpacts,and championsustainability,making themleadersinregionalclimate resilience.

UnlockingtheSocial Potentialof Sustainability-Linked BondsintheCaribbean

Inadditiontoenvironmental benefits,Sustainability-Linked Bonds(SLBs)offerCEOsaunique avenuetofundsociallyimpactful projects.Thesebondsattract capitalforcriticalsocialinitiatives, suchasaffordablehousing, healthcare,andeducational programs.Caribbeancompanies canrespondtobothmarket demandsandcommunityneedsby focusingonpressingsocialissues.

SLBsprovidefinancialflexibility, allowingCEOstosetclearsocialor environmentaltargetsthat,ifmet, adjustbondtermsfavorably.This growingclassofbondsencourages companiestopursuemeasurable, impactfulprojectsthatcanboost theirmarketvalueandsocial footprint.CaribbeanCEOsinsectors suchasinfrastructureand healthcarearewell-positionedto lead,showcasingcorporate responsibilityinaddressingsocial andeconomicchallenges.

SLBsofferCaribbeancompaniesan innovativewaytofundprojectswith strongsocialreturns,enhancing communitywelfarewhilealigning withsustainablefinancegoals.

Sustainability-LinkedBonds: DrivingCorporateESG CommitmentsforCEOs

Environmental,Social,andGovernance (ESG)goalsarebecomingessential benchmarksforinvestorsworldwide. Sustainability-linkedbonds(SLBs) supportcompanieswithdiverseESG commitments,allowingthemtofinance avarietyofprojectswhilecommittingto improvedsustainabilitymetrics.

CaribbeanCEOscanuseSLBstopursue ambitiousESGtargets,suchasreducing carbonemissionsorincreasing workforcediversity.Thesebondsappeal toinvestorsseekingtransparentimpact reporting,asbondtermsadjustbased onachievingspecificESGmilestones.By aligningwithSLBs,Caribbeanbusinesses cansecureinvestmentfromESGconsciousmarketswhilepositioning themselvesasleadersincorporate responsibility.

SLBsallowCaribbeancompaniesto meetESGgoalsandattractimpactfocusedinvestors,aligningcorporate operationswithglobalsustainability standards.

AStrategicToolforGrowth: WhyCaribbean CompaniesShould EmbraceGSSBonds GSSBondsnotonlyofferfinancial resourcesbutalsoprovide Caribbeancompaniesawayto enhancecorporategrowthand differentiationinacompetitive market.CompaniesissuingGSS Bondscangainaccesstonew investors,benefitfrompotentialtax incentives,andimproveoperational efficiencybyinvestingingreen projects.

Bydemonstratingsustainability commitments,CEOsimprovebrand credibility,attracteco-conscious consumers,andtapintonew marketsprioritizingsustainability. GSSBondscanhelpcompanies reducelong-termoperationalcosts bysupportinginvestmentsin renewableenergyandresource efficiency,translatingintofinancial andenvironmentalgains.

GSSBondsoffersCaribbean companiesastrategicedgeby promotingsustainablegrowthand allowingthemtobecomerecognized leadersinresponsibleinvestment.

TheFutureofCorporateResponsibility: CaribbeanCEOsasEnvironmental Stewards

LeadershipcallsonCEOstoviewGSSBonds,notonlyasfinancing optionsbutascommitmentstoenvironmentalstewardship.With theCaribbean&heightenedexposuretoclimatechangeimpacts, suchashurricanesandrisingsealevels,corporateleadershavea uniqueopportunity andresponsibility toleadinsustainability.

TheFutureofCorporate Responsibility:Caribbean CEOsasEnvironmental Stewards

LeadershipcallsonCEOstoviewGSS Bonds,notonlyasfinancingoptionsbut ascommitmentstoenvironmental stewardship.WiththeCaribbean& heightenedexposuretoclimatechange impacts,suchashurricanesandrising sealevels,corporateleadershavea uniqueopportunity—andresponsibility toleadinsustainability.

CaribbeanCEOscanuseGSSBondsto setambitiousgoalsforreducing greenhousegases,conserving ecosystems,andimprovingresource management.Byactivelyembracing thesebonds,CEOshelppositionthe Caribbeanasaregionalleaderin sustainablepractices,inspiringother companiestofollowsuit.

GSSBondsempowerCEOstobecome environmentalstewards,positioning theircompaniesasindustry-wide sustainabilityleaders.

HowtoGetStartedwith GreenBonds:AGuidefor CaribbeanBusinessLeaders

Forcompaniesnewtosustainable finance,theJamaicaStockExchange providespracticalguidestoissuingGSS Bonds.JSEGuidescoverthenecessary steps,fromaligningprojectswiththe JSE’sGSSBondframeworktoensuring transparentreportingforinvestors.By clearlydefiningtheirenvironmentalor socialimpactgoals,companiescan gaininvestortrustandsecure competitivefinancing.

TheUNDP’sClimatePromiseProject offerssupporttoCaribbeanCEOsin understandingandengagingwith sustainablefinance.Caribbeanbusiness leadersareencouragedtoexplorethese resources,fosteringanenvironment whereGSSBondscontributetoboth corporategrowthandregional sustainability.

IssuingGSSBondsrequiresstrategic planningandalignmentwithglobal standards,butitofferssignificant benefitsintermsofcapitalaccess, corporatereputation,andsustainability impact.

CaribbeanCEOsandcompaniesare criticalandstrategicproactiveagentsin combatingclimatechangewhile benefitingfromsustainableinvestment opportunities.

TheJamaicaStockExchangeandthe UNDP’sClimatePromiseProjectoffer significantresourcescombining educationalcontentwithactionable insights,encouragingleadersto integratesustainablefinanceintotheir businessstrategies.

TheRoleoftheJamaicaStock Exchange(JSE)inGreen

Financing

TheJamaicaStockExchange(JSE) playsapivotalroleinpromotinggreen financingandsustainabledevelopment inJamaicaandthewiderCaribbean region.Asacentralfinancialinstitution, theJSEfacilitatesthemobilizationof capitaltowardsenvironmentallyand sociallybeneficialprojects,thereby supportingthetransitiontoamore sustainableeconomy.

Here’sanoutlineofthekeyrolestheJSE playsinthisdomain:

1.FacilitatorofGreenFinancial Instruments

TheJSEservesasaplatformforthe issuanceandtradingofGreen,Social, Sustainability,andSustainability-Linked Bonds(GSSBonds).Thesefinancial instrumentsaredesignedtoraisecapital forprojectswithpositiveenvironmental andsocialimpacts,suchasrenewable energyinitiatives,sustainableagriculture, andinfrastructureprojectspromoting climateresilience.TheJSEhelpsensure transparency,liquidity,andinvestor confidencebyprovidingaregulated marketforthesebonds.

2.PromoterofSustainableInvestment

TheJSEactivelypromotessustainable investmentbyeducatinginvestorsand issuersaboutthebenefitsofGSSBonds. Throughwebinars,workshops,and partnershipswithfinancialand environmentalexperts,theJSEprovides stakeholderswiththenecessary knowledgeandtoolstoparticipateinthe greenfinancemarket.Thiseducationand awarenesscampaignhelpstoalign investmentstrategieswithenvironmental, social,andgovernance(ESG)criteria, encouragingashifttowardsmore responsibleinvestmentpractices.

3.Standard-SetterandRegulator

Asaregulatorybody,theJSEestablishes guidelinesandstandardsforthe issuanceandreportingofGSSBonds Thesestandardsarealignedwith internationalbestpractices,ensuring thatprojectsfinancedbythesebonds meetrigorousenvironmentalandsocial criteria Bysettingthesestandards,the JSEenhancesthecredibilityofthegreen financemarketandprotectsinvestors fromgreenwashing(thepracticeof makingmisleadingclaimsaboutthe environmentalbenefitsofaproductor investment).

4.CatalystforEconomicandSocial Development

TheJSEplaysacrucialrolein channelingfundstowardsprojectsthat supportsustainabledevelopmentgoals (SDGs),suchascleanenergy, affordablehousing,andsocialequity initiatives.Byenablingthefinancingof suchprojects,theJSEcontributestothe overalleconomicandsocial developmentofJamaica.Thisnotonly helpstomitigateclimaterisksand socialinequalitiesbutalsopromotes economicresilienceanddiversification.

5 PartnershipBuilderandInnovator

TheJSEcollaborateswithlocaland internationalpartners,including governmentagencies,financial institutions,anddevelopment organizations,tofosterinnovationin greenfinance.Thesepartnershipshelp tocreateasupportiveecosystemfor greenfinancing,encouragingthe developmentofnewfinancialproducts andservicesthatmeettheevolving needsofthemarket.Forexample,the JSE’seffortstointroduceinnovative financingmechanisms,suchasgreen bondslinkedtospecificsustainability outcomes,demonstrateits commitmenttoadvancingsustainable finance.

ThoughtLeadershipandAdvocacy ThroughitsThoughtLeadership

Initiatives,suchaspublishingwhite papers,participatinginglobal conferences,andengagingwith policymakers,theJSEadvocatesfor policiesandregulationsthatsupport sustainablefinance TheJSE’sthought leadershiphelpsshapethediscourse aroundgreenfinanceintheCaribbean, positioningJamaicaasaleaderinthis fieldandattractinginternational investment.

FinancingJamaica’sClimate Ambitions:

UNDPsupportsJSEinfosteringenablingenvironmentthroughpartnershipandcapacitybuilding

AMessageFrom

KishanKhoday, ResidentRepresentative UnitedNationsDevelopmentProgramme(UNDP)

Multi-CountryOfficeinJamaica UNDPisproudtosupporttheGovernmentof Jamaicainitseffortstomeetandexceedits NationallyDeterminedContributions(NDCs)under theParisAgreement,aspartofourflagshipinitiative, theClimatePromiseProject

Thiscollaborationexemplifiesourshared commitmenttoaddressingtheglobalchallengeof climatechangewhilefosteringeconomicgrowth andresilience

Theinterconnectednessofclimatechangeand climatefinancecannotbeoverstated.Climate changepresentsasignificantthreattothe livelihoods,economies,andnaturalresourcesof JamaicaandthewiderCaribbean However,with thischallengecomesopportunity Bymobilizing climatefinance,wecanacceleratethetransitionto agreener,moresustainablefuture onethat prioritizesrenewableenergy,resilientinfrastructure, andnature-basedsolutions Unlockingclimate financeisnotmerelyatechnicalorfinancial exercise;itisaboutcreatingpathwaysfor sustainabledevelopment,enhancingeconomic stability,andensuringahealthierplanetfor generationstocome.

OurpartnershipwiththeJamaicaStockExchange isavitalstepinthisjourney Throughaseriesof sensitizations,wehavelaidthefoundationfor increasedawarenessofEnvironmental,Social,and Governance(ESG)principles Justrecentlywe partneredwiththeJSEtoexecuteanESGcapacitybuildingworkshoptoempowerstakeholderswith theknowledge,tools,andstrategiestointegrate ESGprinciplesintotheiroperationsanddecisionmakingprocesses. Theprivatesectorhasapivotalroletoplayin drivingsustainablefinance.Businessesand investorsmustseethemselvesnotjustasprofitdrivenentitiesbutasagentsofchangecapable ofshapingasustainableJamaica.Byadopting innovativefinancingmodels,supportinggreen bonds,andprioritizingsustainableinvestments, theprivatesectorcanleadthechargetowarda low-carbon,resilienteconomy Itisimportanttorecognizethatachievinga greenerandmoresustainableJamaicarequires thecollectiveeffortofallstakeholders government,civilsociety,andtheprivatesector UNDPremainscommittedtoworkingwiththe GovernmentofJamaica,theJSE,andallpartners tofosteranenvironmentthatenablessustainable finance,drivesmeaningfulclimateaction,and securesaprosperousfutureforallJamaicans.

KishanKhoday ResidentRepresentative,The Bahamas,Belize,Bermuda,Cayman Islands,JamaicaandTurks&Caicos -UnitedNations DevelopmentProgramme(UNDP) Multi-CountryOfficeinJamaica

UnderstandingtheClimateCrisis

Theimpactsofclimatechangearenolongera distantrealitybutapresentchallenge Jamaica, likeotherSmallIslandDevelopingStates(SIDS), facesrisingsealevels,intensifyinghurricanes, andprolongeddroughtsthatthreaten livelihoods,ecosystems,andtheeconomy Thesechallengescallforimmediateand collaborativeactiontomitigaterisksandadapt toachangingclimate.

Oneofthemostcriticalaspectsofaddressing climatechangeliesinfinancingsustainable solutions TheUnitedNationsDevelopment Programme(UNDP),inpartnershipwiththe JamaicaStockExchange(JSE),isleadingabold initiativeundertheClimatePromiseprojectto raiseawarenessaboutsustainablefinanceasa catalystforresilienceanddevelopment

TheClimatePromiseprojectisaglobalUNDP initiativeaimedatsupportingcountriesin deliveringontheirclimatecommitments undertheParisAgreement.InJamaica,the projectemphasizesgreengrowth,capacity building,andfosteringinnovativesolutionsto climatechallenges

Arecentfocushasbeenraisingawareness aboutsustainablefinance,aconceptthat alignsinvestmentwithenvironmental,social, andgovernance(ESG)principles.Thegoalis toempowerstakeholders,frompolicymakers toprivateinvestors,torecognizethe transformativepotentialofinvestingin sustainableandclimate-resilientinitiatives.

TheRoleofUNDPinBuildingResilience UNDPplaysapivotalroleinhelping countrieslikeJamaicadevelopstrategies toadapttoclimatechange Through technicalassistance,funding,and knowledgesharing,UNDPsupports initiativessuchasrenewableenergy projects,sustainableagricultureand researchtoadvancetheblueandgreen economy UNDP’scollaborationwith Jamaicaunderscorestheimportanceof integratingresilienceintoeveryfacetof developmentplanning Fromlocal communityprogramstonationalpolicy frameworks,theireffortsensurethatno oneisleftbehindinthejourneytoward climateresilience

SustainableFinance:AKeytoClimate Action

Sustainablefinanceinvolvesinvestments thatconsiderESGfactors,ensuringthat economicgrowthdoesnotcomeatthe expenseofenvironmentalorsocialwellbeing Bypromotingsustainablefinance, Jamaicacanattractinvestmentsin renewableenergy,climate-smart infrastructure,andgreenindustries The JamaicaStockExchangehasbeen instrumentalinthiseffort Recognized globallyforitsinnovation,theJSEisnow championingasustainablefutureby preparingtolaunchaSustainableGreen Bond Thisfinancialinstrumentwillenable bothpublicandprivatesectorentitiesto raisecapitalforenvironmentally sustainableprojects,creatingawin-win foreconomicgrowthandenvironmental protection

UNDPandJSE:AStrategicPartnership

InOctober2024,UNDPandtheJSEhosted asensitizationworkshopaspartofthe ClimatePromiseproject Thisevent broughttogetherkeystakeholders, includinggovernmentofficials,investors, andenvironmentaladvocates,todiscuss theroleofsustainablefinancein addressingclimatechange

Theworkshophighlightedtheneedfor capacitybuildingandknowledgesharing tocreatearobustecosystemforgreen investments Italsoshowcasedbest practicesfromothercountries, emphasizingthepotentialforJamaicato leadtheCaribbeaninsustainablefinance

Astheworldracestomeetthegoalsofthe ParisAgreement,Jamaicaispositioningitself asaleaderintheCaribbeanforsustainable development ThepartnershipbetweenUNDP andtheJSEdemonstrateshowcollaboration candrivemeaningfulchange Sustainablefinanceismorethanan economictool itisapromisetofuture generations.Byaligninginvestmentswith environmentalandsocialpriorities, Jamaicaischartingapathtoward resilience,prosperity,andsustainability.

TheClimatePromiseprojectisareminder thataddressingclimatechangerequires collectiveeffort WiththesupportofUNDP andforward-thinkinginstitutionslikethe JSE,Jamaicaisbuildingaresilient economythatvaluessustainability

Inthefaceofclimatechange,oneofthemostpressingchallengesofour time,governments,businesses,andfinancialinstitutionsmustcome togethertofindinnovativesolutions TheJamaicaStockExchange(JSE),in partnershipwiththeUnitedNationsDevelopmentProgramme(UNDP),isat theforefrontofthisglobalmovement,spearheadinginitiativesthat leveragegreenfinancetosupportsustainabledevelopmentinthe Caribbean.Theirpartnership,embodiedintheUNDP’sClimatePromise project,seekstointegratesustainabilityatthecoreoffinancialmarkets, bringingtogetherthetoolsneededtoaddresstheenvironmental, economic,andsocialchallengesfacingtheregion ThecollaborationbetweentheJSEandUNDPJamaicaexemplifiesthe powerofcollectiveactionindrivingpositivechange Together,theyarenot onlyproviding thenecessaryinfrastructureforGreen,Social,Sustainability,and Sustainability-LinkedBonds(GSS+Bonds)tothrive,buttheyarealso fosteringanecosystemwheresustainableinvestmentscanflourish, creatinglong-termbenefitsforbothbusinessesandtheenvironment

AstheleadingsecuritiesexchangeintheCaribbean,theJamaicaStock Exchangehaslongbeencommittedtofacilitatingthegrowthand developmentofitsfinancialmarketswhilemaintainingastrongfocuson sustainability UndertheleadershipofDr MarleneStreetForrest,Managing DirectoroftheJSE,theexchangehasintroducednationalguidelinesfor thematicbondissuance,facilitatinginvestmentsinenvironmentallyand sociallybeneficialprojects TheJSEisnowfocusingonlaunchingtheGreen BondPlusin2025,adedicatedplatformthatsupportsthelistingandtrading ofsustainablefinancialproducts,includingGreen,Social,Sustainabilityand Sustainability-LinkedBonds TheJSE’songoingcommitmenttosustainability isreflectedinitspartnershipwiththeUNDP,whichaimstobringabout transformativechangebyleveragingthepoweroffinancetofund sustainabledevelopmentinitiatives

PromotingGreenFinanceintheCaribbean:

TheJamaicaStockExchange(JSE)playsapivotalroleinadvancinggreen financebydevelopingguidance,products,andmarketsegmentstochannel morecapitaltowardsGreen,Social,Sustainable,andSustainability-Linked (GSSS+)andestablishingatrustedandtransparentplatform,currentlyinits developmentstages,forlistingGSS+Bonds Throughthisevolvingplatform, regionalcompanieswillgainaccesstocapitalforprojectsthatalignwiththe UnitedNations’SustainableDevelopmentGoals(SDGs).Thesebondsare powerfultoolsforfinancinginitiativesthatreducecarbonemissions, advancerenewableenergy,enhancesocialinfrastructure,anddriveresilient economicgrowth

AsaleaderinJamaica’sfinancialsector,theJSEhasconsistentlyfostered capitalformationandinvestmentopportunities,underpinnedbyits reputationfortransparency,innovation,androbustregulatoryoversight As aproudmemberoftheSustainableStockExchangesInitiative,theJSE recognizesitscriticalroleinpromotingsustainableeconomicdevelopment TheExchangeremainscommittedtobuildinganecosystemthatsupportsa moreenvironmentallyresponsibleandsustainablefutureforJamaicans andregionalinvestorsalike

Theseeffortsareinharmonywiththegovernment’sreformagendaunder theIMFagreement,particularlyPillar3oftheResilientandSustainable Facility,whichcallsforestablishingaframeworkforgreenbondissuance andtrading Thisalignmentunderscorestheimportanceofcreating accessiblepathwaysforgreenfinance,enablingbothpublicandprivate entitiestoengageinsustainableinvestments

Amidthegrowingglobalchallengesofclimatechangeandsocial inequality,investorsareincreasinglyseekingopportunitiestosupportthe transitiontoalow-carbon,equitableeconomy Thisdemandsignalsa vibrantandemergingmarketforsustainablefinance Encouragingly,there issignificantinterestfromprospectiveissuers notonlyinJamaicabut acrosstheCaribbean whoareeagertoexploretheopportunities presentedbygreenbonds WiththeJSE’sleadershipandsupport,this marketholdsimmensepotentialtodrivemeaningful,sustainable developmentacrosstheregion

TheUNDP’sClimatePromiseprojectisoneofthekeycomponentsoftheUN’s commitmenttotacklingclimatechange Launchedin2019,theinitiative workswithcountriestoenhancetheirNationallyDeterminedContributions (NDCs)andaligntheirclimateactionplanswiththeParisAgreement Inthe Caribbean,thepartnershipbetweentheUNDPandtheJSEaimstocreatea regionalframeworkforsustainablefinance,withafocusonmobilizingthe capitalnecessarytofundtheregion’sclimateanddevelopmentgoals

ThroughtheClimatePromiseinitiative,theUNDPsupportstheJSEinits effortstobuildasustainablefinanceecosystemthatempowersbusinesses toadoptsustainablepractices Thispartnershipoffersbothtechnicaland financialsupport,helpingtheJSEtorefineitsmarketofferingsanddevelop innovativesolutionsfortheCaribbean’suniqueenvironmentaland economicchallenges

•FacilitatingtheTransitiontoGreenFinance:TheJSEandUNDPare workingtogethertoenablethesmoothtransitionoftheCaribbean’s financialmarketstowardsgreen,sustainablepractices Bypromoting GreenBondsandothersustainablefinancialproducts,thepartnership helpsbusinessesraisecapitalforenvironmentalandsocialprojectsthat alignwithglobalsustainabilitygoals

•SupportingInvestmentinClimateChangeMitigationandAdaptation: Thepartnershipfocusesondirectinginvestmentstowardprojectsthat supportclimatechangemitigationandadaptationintheCaribbean Throughsustainablefinancialinstruments,theJSEandUNDPareensuring thattheregionisbetterequippedtoaddressthechallengesposedby climatechange,fromrisingsealevelstomorefrequentnaturaldisasters

•BuildingCapacityandKnowledge:Acriticalaspectofthepartnershipis thesharedcommitmenttobuildingcapacitywithintheCaribbeanfinancial sector TheJSEandUNDPworktogethertoeducatebusinesses,investors, andpolicymakersonthebenefitsandopportunitiesofgreenfinance, ensuringthatsustainableinvestmentsarefullyunderstoodandintegrated intoregionalstrategies.

ForCaribbeancompanies,theJSE-UNDPpartnershipprovidesaccesstoa wealthofopportunities Byparticipatinginthegreenbondmarket, companiescanattractanewwaveofinvestorswhoareincreasingly focusedonsustainabilityandenvironmental,social,andgovernance(ESG) factors Theseinvestorsarelookingtosupportbusinessesthatare committedtomakingapositiveenvironmentalandsocialimpact, providingcompanieswithanopportunitytoaligntheirfinancialgrowth withglobalsustainabilitytrends

Forinstitutionalandretailinvestors,thepartnershipcreatesatransparent andsecureplatformforengaginginsustainableinvestments TheJSE’s greenbondmarketallowsinvestorstodiversifytheirportfolioswhile supportingprojectsthatalignwiththeSDGsandtheglobaltransitiontoa low-carboneconomy TheJSE’scommitmenttomaintaininghigh standardsofgovernanceandtransparencyensuresthatinvestorscan haveconfidenceintheimpactandreturnsoftheirinvestments

ThepartnershipbetweentheJSEandUNDPisnotjustabouttoday it’sabout thefuture Theworkthatisbeingdonetodaywillhavelong-termimpacts, notjustontheCaribbean’sfinancialmarketsbutontheregion’sresilience andprosperity BysupportingthegrowthofsustainablebondsandESG,the JSEandUNDParelayingthefoundationforamoresustainableand equitableCaribbean,wherebusinessesthrive,communitiesareresilient,and theenvironmentisprotectedforgenerationstocome

ThroughtheClimatePromiseinitiative,theUNDPandJSEaredemonstrating thatsustainablefinanceisnotapassingtrend,butanecessaryframework forensuringlong-termdevelopment Asthepartnershipcontinuestoevolve, welookforwardtoseeingevenmoreinnovativesolutionsthatwillenablethe Caribbeantoplayitspartinaddressingtheglobalclimatecrisiswhile buildingaprosperous,sustainablefuture

ThecollaborationbetweentheJamaicaStockExchangeandtheUNDPis apowerfulexampleofhowfinancialmarketscanbeharnessedto promotesustainability ByaligningwiththeUN’sclimategoalsand leveragingtheJSE’smarketexpertise,thispartnershipissettingthestage foragreenfinancerevolutionintheCaribbean.Together,theJSEand UNDPareensuringthatbusinesses,investors,andcommunitiescan benefitfromafuturethatisnotonlyfinanciallyrewardingbutalso environmentallyandsociallyresponsible

Green,Social,SustainabilityandSustainabilityLinkedBonds(GSSBonds) Dr.MarleneStreetForrest, ManagingDirector,JamaicaStockExchange(JSE)

Astheworldfacesunprecedentedenvironmental challenges,ithasneverbeenmorecriticalfor businessesandinvestorstocometogetherand supportsustainablesolutions TheJamaicaStock Exchange(JSE)haslongbeencommittedtodriving economicgrowthwhileensuringthatsustainability remainsatthecoreofouroperations

InpartnershipwiththeUnitedNations DevelopmentProgramme’s(UNDP)Climate Promise,weareexcitedtopresentthisspecial eight-pagepull-outfeature,whichfocusesonthe growingimportanceofGreen,Social, Sustainability,andSustainability-LinkedBonds (GSSBonds)intheCaribbean

ThisfeatureoffersinsightsintohowGSSBonds arenotjustfinancialinstrumentsbutpowerful toolsthatcanhelpcombatclimatechange, supportsocialequity,anddrivesustainable economicdevelopment Withafocusonthe transformativepotentialofthesebonds,the featurehighlightstheroletheycanplayin shapingthefutureofCaribbeanmarketsand contributingtoglobalsustainabilitygoals.

Attheheartofthisinitiativeisour commitmenttoprovidingaplatformfor companies,investors,andfinancial institutionstotakepartinthegreenfinance revolution Together,wecanacceleratethe transitiontowardsalow-carbon,resilient,and equitablefuture

Remarks-TheJamaicaStockExchangeIs LeadingTheChargeInAdvancingSustainable FinanceInTheCaribbean.

TheJamaicaStockExchangeisproudto leadthechargeinadvancingsustainable financeintheCaribbean.Aswelaunch thisspecialfeatureincollaborationwith theUNDPClimatePromise,werecognize thattheneedforinnovativefinancial solutionshasneverbeenmoreurgent

Thedevastatingimpactsofclimate changearealreadyevident,anditis clearthatimmediate,boldactionsare requiredtoensurethatfuture generationscanthriveinaworldthatis bothenvironmentallysustainableand sociallyjust

Inthefaceofthesechallenges,Green, Social,Sustainability,andSustainabilityLinkedBonds(GSSBonds)offeraunique opportunityforbusinessesandinvestors tomakeameaningfulimpact.

Thesebondsarenotonlyaninvestment intheenvironmentandsocietybutalsoa smartfinancialdecision Byaligning financialreturnswithsustainabilitygoals, theycreateawin-winscenarioforboth investorsandtheplanet

AttheJSE,wehavealwaysbelievedthat financialmarketshaveacriticalroleto playindrivingpositivechange.Weare workingdiligentlytoensurethatour marketisaconduitforgreenand sustainableinvestments,providingthe necessaryinfrastructureforissuersand investorstocometogether Thisisavital partofourstrategytofosterresiliencein ourmarkets,enhancetransparency,and contributetotheregion'seconomic growthwhileaddressingthe environmentalandsocialissuesthat impactusall.

ThroughthispartnershipwiththeUNDP ClimatePromise,wearereinforcingour commitmenttocreatinganenabling environmentwhereGreenBondscan flourish Theinsightsandstoriesshared inthisandotherfeatureswillhelp demystifytheprocessofissuingand investinginGreen,Social,and Sustainability-LinkedBonds Wehopeto inspirecorporateleaders,institutional investors,andretailinvestorsto considerthesebondsasviablesolutions fornotonlycontributingtoglobal sustainabilityeffortsbutalsoachieving financialsuccess

AstheManagingDirectorofthe JamaicaStockExchange,Iamdeeply proudofthestrideswehavemadein developingarobustmarketfor sustainablefinance.However,thisisjust thebeginning Thepotentialforgrowth isvast,anditisuptoallofus governments,businesses,investors,and individuals todrivethisagenda forward

Iencourageyoutoengagewiththe contentofthisandotherspecial features,exploretheopportunitiesthat GreenBondsoffer,andjoinusin buildingamoresustainable,prosperous futureforJamaica,theCaribbean,and theworld.

Iextendmygratitudetoallourpartners, stakeholders,andtheUNDPfortheir continuedsupportandcommitmentto thisimportantwork Together,weare makingadifference,andIlookforward totheprogresswewillmakeinthe monthsandyearsahead

Thankyouforyourattentionand participation

JSEandUNDPcapacity-buildingsession entitled“EmpoweringSustainable Finance:ESGandGreenFinancing” HeldonNovember21st-22ndatthe ACHotelandTheJamaicaPegasus

Mr KishanKhoday,ResidentRepresentative,United NationsDevelopmentProgramme(UNDP)MultiCountryOfficeinJamaica

ParticipantsfromtheFinancialServicesCommission

FromLeft:Ms Kerry-AnnWillis-ProjectManager–UNDP JamaicaandtheWorkshopFacilitator,Mrs OnykaBarrett, Principal,Consultant–PinnacleImpactInternational

FromLeft:Mrs PatriceSmith-Lindo–ProjectManager, JamaicaStockExchange;Ms.Kerry-AnnWillis–Project Manager–UNDPJamaica;Mr KishanKhoday–UNDP ResidentRepresentative,UnitedNationsDevelopment Programme(UNDP)Multi-CountryOfficeinJamaica;Mrs OnykaBarrett,PrincipalConsultant–PinnacleImpact International;Mr AndreGooden–BusinessDevelopment Manager,JamaicaStockExchange

ESGTransformationintheCaribbean

HowLocalandGlobalCompaniesareReshapingCorporate ResponsibilityandAchevingImpact

AsEnvironmental,Social,andGovernance (ESG)factorsgaintractionworldwide, Caribbeancompaniesareincreasingly aligningwiththeseprinciplestomeetgrowing demandsfortransparencyandresponsibility. Globally,companiesacrossindustriesare demonstratingtheimpactofESGinitiativeson theirbrandvalue,stakeholdertrust,andeven financialperformance.Inthisevolving landscape,theCaribbeanregionistaking significantstridesinitsownESGjourney,often inspiredbyorcollaboratingwithinternational corporations

Internationalcompanieshavesetbenchmarks forcomprehensiveESGintegrationthat Caribbeanfirmsarebeginningtoadopt. Forexample,Unilever&SustainableLivingPlan andMicrosoft’scarbon-negativepledgehave illustratedhowcompaniescandrivesocial andenvironmentalimpactwhile strengtheningbusinessresilience.

Unilever’sinitiatives,forinstance,haveledto substantialreductionsinwaste,wateruse,and greenhousegasemissions,enhancingboth operationalefficienciesandbrandperception.

Likewise,Microsoft's2020commitmentto carbonnegativityhasinspiredtech companiestoadoptmorerobustcarbon reductionstrategies Microsoft’searly achievements,includingpoweringdata centerswithrenewableenergy,underscore howanambitiousESGplancanbenefitboth environmentaloutcomesandinvestor confidence.

IntheCaribbean,companieslikeRoyal CaribbeanGrouparealsosetting ambitiousESGgoals.Thecompany's “Seastainability”reporthighlightsa multifacetedapproachtoESG,suchas implementingwaste-to-energysystems andengaginginbiodiversityprojects. Thisnotonlydemonstratesresponsible environmentalstewardshipbutalso buildsstrongerconnectionswithlocal communities,enhancingthebrand’s reputationinthetourismindustry.

Tofurtheralignwithinternational standards,regionalfirmscanadopt practiceslikeregularESGimpact assessments,cleardata-drivenmetrics, andindustrycollaborationstoaddress sharedchallenges.

AccordingtoPwC’s2022Caribbean CorporateGovernanceSurvey,whileover 60%ofCaribbeanfirmsacknowledge ESG’sstrategicimportance,board-level engagementonESGremainslimited, underscoringtheneedforgreater governanceoversightandeducation. AsCaribbeancompaniesrefinetheirESG strategies,theyarepositioningthemselves ascompetitiveplayersinanincreasingly responsibleglobaleconomy.Byadopting andadaptinginternationalbestpractices, thesefirmsaredrivingpositivechange andenhancingtheirappealtoagrowing baseofESG-consciousinvestors, customers,andcommunities.

ThisESGshiftispoisedtoshapethe Caribbean’scorporatelandscape,reflecting alargerglobaltransformationthatvalues sustainableandethicalgrowth

EmbracingESG:SagicorGroup Jamaica’sComprehensiveApproach toSustainabilityandCommunity

SagicorGroupJamaica’ssteadfast dedicationtoEnvironmental,Social,and Governance(ESG)principlesreflectsa corephilosophythatpermeatesitsvision, mission,andoperationalpractices Recognizingtherolethatcorporate entitiesplayinshapingasustainable future,Sagicorhasdevelopedrobust initiativesacrosseachESGcomponentto drivevalueforstakeholdersandcontribute meaningfullytotheCaribbean’slongtermresilienceandprosperity.

EnvironmentalStewardship

Sagicor’scommitmenttoenvironmental sustainabilityisevidentinitsstrategiesfor energyconservation,sustainablesourcing, andwastemanagement Theseinitiatives areguidedbyafocusonreducingthe company’secologicalfootprintand supportingJamaica’stransitiontoa climate-resilienteconomy.

WaterSecurityPartnership

Recognizingthevulnerabilityofwater resources,Sagicorhaspartneredwiththe governmenttoensurereliablewater accessacrossJamaica.Thiscollaboration aimstomakewaterreadilyavailableeven duringdroughtsby2025,underscoringa forward-lookingapproachtoresource security.

HybridizedWorkEnvironment

Inlinewithglobaltrends,Sagicorhas adoptedahybridworkmodelto minimizeitsphysicalfootprint.This strategyhassignificantlyreducedthe needforemployeecommutes,thus decreasingthecompany’scarbon emissions.Furthermore,officespaces havebeenoutfittedwithenergy-efficient lighting,leadingtoa75%reductionin energyconsumption,whichcontributes tobothenvironmentalconservationand operationalcostsavings

DigitalTransformation

Tofurtherreduceitsenvironmental impact,Sagicorhasinitiateda comprehensivedigitaltransformation effort,aimingtominimizepaperusage acrosstheorganizationfrom2024to 2027.Thisshiftnotonlyreduceswaste butalsoalignswithglobalbestpractices forsustainablebusinessoperations.

Eco-WasteDisposal

IncollaborationwithRecyclingPartners ofJamaica,SagicorFoundationhas launchedtheSigmaRunGoGreenTeam tocollectandrecycleplasticwastefrom itsevents.Thisprojecthassuccessfully recycledover27,000bottles, demonstratingSagicor’scommitmentto wastemanagementandenvironmental responsibility.

SocialResponsibility

Sagicor’ssocialresponsibilityframework centersonfosteringcommunitywellbeing,promotingsocialequity,and enhancingaccesstoessentialresources. Throughtargetedprograms,thecompany supportsmarginalizedcommunitiesand investsinsectorscriticaltoJamaica’s socialandeconomicdevelopment.

SupportfortheFarming Community

Sagicorhascreatedspecialized financialproducts,suchasagroprocessingloans,tosupportfarmers andfisherfolk.

Thisinitiativeincludesaffordable healthcareoptions,reflectingSagicor’s dedicationtomeetingtheneedsofthose whooftenlackaccesstotraditional financialservicesandhealthcare.

HealthandEducationInvestments

Overthepast26years,Sagicorhasinvested morethanJ$600millioninJamaica’s healthcareinfrastructure,contributingto hospitals,children’shealth,anddisability supportservices.Additionally,Sagicor’s scholarshipprogramsprovideeducational supportatbothtertiaryandsecondary levels,helpingtofosterawell-rounded, educatedworkforceforthenation’sfuture

EmpoweringWomenand MarginalizedGroups

Sagicoroffersentrepreneurialsupport programsandproductsdesignedto empowerwomenandpromotesocialequity Byprovidingfamilysupportleavepoliciesand mentorshipprograms,thecompany cultivatesaworkplaceenvironmentthat valuesinclusivityanddiversity.

GovernanceExcellence

Upholdingthehigheststandardsofintegrity andtransparency,Sagicor’sgovernance frameworkisgearedtowardresponsible, accountableleadership.Thiscommitmentis reinforcedthroughrigorouspolicies,afocus ondataprivacy,andproactivecybersecurity measures.

CorporateGovernanceStructure

Sagicorhasimplementedarobust governancestructure,withcommittees dedicatedtoinvestment,riskmanagement, andIToversight.Thisframeworkensures vigilanceacrossalloperationalareas, positioningthecompanytoadapttoevolving risksandchallenges.Furthermore,Sagicor’s propertyservicesareISOcertified,amarkof qualityassuranceandcommitmentto excellence.

DataprivacyisapriorityforSagicor, whichhasestablishedacomprehensive DataPrivacyProgramme. DataPrivacyandCybersecurity

Thisincludesappointingadedicated DataProtectionOfficerandadoptinga “Privacy-by-Design”approachfor productdevelopment.Inaddition, Sagicor’scybersecurityframework adherestoglobalbestpractices, supportedbyboard-approvedpolicies andactivethreatmonitoring.

RegulatoryMonitoringandESG FrameworkDevelopment

SagicorstaysattheforefrontofESG regulatorychanges,activelymonitoring emergingstandardsandaligningits practicesaccordingly.Thecompanyis currentlybuildingoutadedicatedESG framework,whichwillfurtherintegrate sustainabilityintoitscorporatestrategy, ensuringlong-termalignmentwith globalESGpriorities.

Conclusion

SagicorGroupJamaica’smultifaceted ESGapproachexemplifiesa commitmenttoresponsiblebusiness thatgoesbeyondprofit.Byaddressing environmentalimpacts,fosteringsocial well-being,andadheringtoethical governancepractices,Sagicornotonly contributestotheCaribbean’s sustainabledevelopmentbutalso strengthensitspositionasaleaderin theregion’sfinancialandsocial landscape.

Thecompany’sdedicationtoESGisan inspiringmodelforotherorganizations seekingtointegratetheseessential principlesintotheiroperationsand supportamoresustainable,inclusive futurefortheCaribbean.

SupportingSustainable DevelopmentGoals:ANSAMcAL Group’sProgressinSustainability

ANSAMcALGroup,oneoftheCaribbean’s leadingconglomerates,hasconsistently advanceditscommitmenttosustainable development.Since2015,ANSAMcALhas activelyinvestedingreenenergy,circular economyinitiatives,andequalopportunity policies,supportingseveralUnitedNations SustainableDevelopmentGoals(SDGs). Inrecentyears,itseffortshaveamplified,with initiativesacrossrenewableenergy,waste reduction,workforcesafety,cybersecurity, andESGintegration.

Here’sacloserlookatsomekeyprojectsand theSDGstheyadvance.

InvestinginGreenEnergy

Since2015,ANSAMcALhasledrenewable energyinitiatives,generatingover121,000MWh ofgreenenergyin2023.Thisalignsdirectly withSDG7:AffordableandCleanEnergyand SDG13:ClimateAction Therecentsigningofa MemorandumofUnderstanding(MOU)with KenesjayGreenLimitedatCOP28reinforces theGroup’sdedicationtoadvancingprivatesectorgreenenergyprojectsacrossthe Caribbean,whichwillhelpreduceregional carbonfootprintsandmitigateclimate change.

CircularEconomy

ANSAMcAL’scirculareconomyapproach addressesSDG12:ResponsibleConsumption andProduction.ANSAPackaging'simpressive 91%increaseinglasscollectionforrecyclingin TrinidadandTobagoexemplifiesthis commitment,asdoestheBeverageSector’s redirectionofover2.4millionkilogramsofspent maltgrainsfromCARIBBreweries.

Byprovidingthesematerialstofarmers aslow-costanimalfeed,ANSAMcAL reduceslandfillwasteandsupports localagriculturaleconomies.

CaribbeanNaturalCapitalHub

IncollaborationwithTheCropper Foundation,ANSAMcAL’sfinancialentities, ANSAMerchantBankandANSABank, launchedtheCaribbeanNaturalCapitalHub SMEGrantChallengeinTrinidadandTobago. Thisinitiativefosterscorporateawarenessof environmentalresponsibility,supportingSDG 15:LifeonLand.Byintroducingatechnical workinggrouptoexplorenature-based reporting,ANSAMcALcontributesto preservingandenhancingbiodiversity.

SafeWorkingEnvironment

Prioritizingasafeworkplace,ANSAMcAL hasreducedworkplaceaccidentsby38% sinceimplementingSafeSystemsofWork training.Over2,400employeescompleted thisprogram,aligningtheGroupwithSDG 8:DecentWorkandEconomicGrowthby promotingsafe,productiveemployment.

EnhancedCybersecurity

ANSAMcAL’sinvestmentincybersecurity, includinganewSecurityOperations Centre(SOC)withSecurityOrchestration, Automation,andResponse(SOAR) capabilities,underscorestheGroup’s commitmenttoSDG9:Industry, Innovation,andInfrastructure TheGroup’s 24/7threatdetectionandincident responseservicesexemplifyhow technologycanstrengthenresilienceinan increasinglydigitalbusinessenvironment. EqualOpportunityandCulture Transformation

InaddressingSDG5:GenderEquality, ANSAMcALhasassessedgenderequity iremunerationacrossfivemajorjob levels,withpaydifferencesfavoring womeninsomecases

TheGroup’sculturetransformation initiativesalsoaimtocreatean enriching,equitableworkenvironment. Bypromotingdiversityandinclusivity, ANSAMcALsupportswork-lifebalance andacultureofgrowth.

ESGFrameworkandEnterprise RiskManagement

In2023,ANSAMcALestablishedaGroup-wide SustainabilityCommittee,withrepresentatives fromallsectors,alongsidethelaunchofitsESG framework.Thisframework,designedto integratesustainabilityintocorporatestrategy, supportsSDG16:Peace,Justice,andStrong Institutionsbyfosteringgovernancethatis transparentandethical Furthermore,theANSA McALPlaybook&RiskStandarddefinesthe Group’sminimumriskmanagement requirements,emphasizingsafety,governance, andlong-termimpact.

AsANSAMcALbuildsontheseefforts,theGroup setsabenchmarkforcorporateresponsibilityin theCaribbean,aligningitsstrategicdirection withinternationalbestpracticesandtheUN SustainableDevelopmentGoals.

KingstonWharvesLimited's2023ESG Initiatives:AdvancingSustainability, CommunityWell-Beingand EnvironmentalProtection

In2023,KingstonWharvesLimited(KWL) reinforceditsdedicationtoEnvironmental, Social,andGovernance(ESG)practicesby aligningwitheightkeyUnitedNations SustainableDevelopmentGoals(SDGs). AsacruciallogisticshubinJamaica,KWL usesitspositionandresourcestocreatea sustainableimpact,notonlywithinits operationsbutalsoacrosstheNewportWest PortCommunityandJamaicaasawhole. CommitmenttoQualityEducation andCommunityEngagement

KWLiscommittedtoempoweringlocal communitiesthroughinvestmentsinQuality Education.Thecompanysupportsearly childhoodeducation,youthdevelopment,and sports,recognizingthatstrongeducational foundationscontributetolong-term communityresilience.

Byfundingandparticipatingineducational initiatives,KWLhelpsfosterfutureleaders, workforcetalent,andengagedcitizenswho candriveregionalgrowth

PromotingDecentWorkand EconomicGrowth

OneofKWL’scorebeliefsisthatevery employee’slifeshouldbepositively impactedthroughtheiremployment.The company’sDecentWorkandEconomic Growthstrategyaimstonurturepersonal, professional,andcommunitydevelopment byprovidingresourcesforself-sustaining growth Thiscommitmentincludes competitivewages,careeradvancement opportunities,andasupportivework environmentthatreflectstheSDGspiritof “teachingamantofish.”

FosteringSustainableCities andCommunities

Recognizingtheimportanceofsafeand sustainableurbanenvironments,KWLis dedicatedtobuildingSustainableCities andCommunities.KWLactivelypromotes civicprideandenvironmentalresponsibility withintheNewportWestarea,organizing andsponsoringclean-upandrecycling initiatives.Thiscommitmentextends beyonditsfacilitiestopositivelyaffectthe surroundingareas,creatingahealthy, dignified,andwelcomingspaceforboth residentsandvisitors

EnvironmentalConservation:Life BelowWaterandLifeonLand

Protectingmarineandterrestrial ecosystemsiscentraltoKWL’sESGmission. ThroughprogramsalignedwithLifeBelow WaterandLifeonLand,thecompanyhas implementedmeasurestolimit environmentalimpact.KWLspearheads plasticwastereduction,coastalclean-ups, andrecyclingprojectstosafeguardmarine biodiversity Onland,KWL’sresponsible sourcingpracticesandbiodiversity initiativesstrivetobalancehumanactivity withthepreservationofnaturalhabitats.

GenderEqualityandCommunity Empowerment

KWLchampionsGenderEqualitywithinits organization,providingleadership opportunitiesandsupportinginitiativesthat empowerallemployees,regardlessof gender.Thisinclusiveapproachstrengthens thecompany’sorganizationalculture, fostersinnovation,anddemonstratesthe impactofgenderequityindriving sustainablecorporatesuccess.

Industry,Innovation,and InfrastructureInvestments

KWL’sinvestmentsinIndustry,Innovation, andInfrastructurereflectitscommitmentto long-termeconomicandtechnological advancement.Thecompanycontinually investsinstate-of-the-arttechnologyand infrastructuretosupportitssustainability objectivesandstrengthenitsoperations. Thisfocusoninnovationincludesintegrating environmentalandsocialgovernance practicesintoallbusinessfunctions, reinforcingKWL’sroleasaregionalleaderin responsiblebusinesspractices

ClimateActionandTracking CarbonFootprint

KWLhasintensifieditsClimateAction initiatives,measuringandtracking greenhousegasemissionsfromelectricity andfuelusetoreduceitscarbonfootprint. Throughtheseongoingassessments,KWL canimplementdata-drivenstrategiesthat contributetoclimatechangemitigation.All newconstructionplansincorporatefuel, energy,andwaterefficiencymechanisms, aligningwithglobalstandardsfor sustainabledevelopment

WasteManagementand Recycling

In2023,KWLmadesignificantstridesin recyclingandwaste management,emphasizingtheimportance ofEco-WasteDisposal.

In2023,KWLmadesignificantstridesin recyclingandwastemanagement, emphasizingtheimportanceofEcoWasteDisposal.Thecompanyintroduced plasticbottlerecyclingwithinitsdaily operations,strategicallyplacingrecycling binsthroughoutitsfacilities.By collaboratingwithRecyclingPartnersof Jamaica,KWLorganizedtwocommunity clean-upsfocusedonreducingplastic wasteandeducatedemployeesaboutthe environmentalimpactofwastedisposal.A plasticbottlerecyclingcompetitionfurther engagedemployeesandvendors, reinforcingKWL’scommitmentto environmentalstewardshipwithintheport community.

Conclusion

KingstonWharvesLimited’s2023ESG activitieshighlightacomprehensiveand proactiveapproachtosustainable businesspractices.Throughtargeted initiativesineducation,environmental conservation,community well-being,and infrastructure,KWLexemplifiesa responsiblecorporateentitythatseeksto contributetobothlocalandglobal sustainabilitygoals

AsKWLcontinuestoembedtheUNSDGs intoitsbusinessoperations,itsetsa standardforCaribbeanenterprises committedtoachievingasustainableand resilientfuturefortheregion.

GraceKennedy:Pioneering

Environmental,Social,andGovernance (ESG)forSustainableGrowth

GraceKennedy(GK)isundergoinga transformativeintegrationofEnvironmental, Social,andGovernance(ESG)principlesinto itsoperations Thiscomprehensive approach,rootedinthecompany’s corporategovernancevalues,underscores GK’scommitmenttosustainablegrowthand resiliencewithinthecommunitiesitserves. FollowingthereleaseofitsfirstESG statementin2022andanextensiveESG materialityassessmentin2023,GK establishedsevenprimaryESGgoals.These goalsaresettoguideGK’strajectorytoward asustainablefuturewhilemeetingthe expectationsofstakeholders.

IntegrityandGovernance: StrengtheningTrustand Transparency

Upholdingthehigheststandardsofintegrity remainsatthecoreofGK’svalues.By December2024,GKaimstoestablisha dedicatedESGhubonitswebsite,where stakeholderscanaccessthecompany’sESG policiesandreports.Inadditionto broadeningitsstakeholderengagement program,GKplanstopublisha comprehensiveEnvironmental,Social,and GovernancePolicyby2025,creatinga transparentplatformfordialogueand ongoingfeedbackintegration.

EmployeeWelfareandDiversity: BuildingaRespectfulWorkplace

Aspartofitscommitmenttoasafeand inclusiveworkenvironment,GKstrivesto beanemployerofchoice.Keygoalsfor December2025includelaunchinga comprehensiveHealth,Safety,and WellnessPolicyandimplementing diversitytrainingacrossallGKdivisions.

Withafocusonenhancingemployee engagement,GK’sworkplaceinitiatives aimtocreateanatmospherewhereeach teammemberfeelsvaluedfortheir contributions.

ResponsibleProductsand Services:BolsteringConsumer Confidence

GKhasmaderesponsibilityanddata privacycornerstonesofitsbusiness practices.Thecompanyplanstolauncha GroupDataProtectionPolicybytheendof 2023andenhancecybersecurity awarenessby2026.Additionally,GK’s financialliteracyprogram,GKMoney Sense,isevolvingintoabroad-based traininginitiativedesignedtohelp customersmakeinformedfinancial choicesbyDecember2025 Aimingto supporthealthierlifestyles,GKhasalso committedtoanacceleratedproduct developmentstrategythatreducesfat, salt,andsugarcontentacrossitsportfolio bythesamedate.

EnvironmentalStewardship: MinimizingEcologicalImpact

Reducingenvironmentalimpactis centraltoGK’sESGagenda.ByDecember 2024,GKplanstoimplementstrategies toreducevirginplasticuseinitsproducts and,by2025,launchacomprehensive sustainabilitystrategyforallGKentities. Expandingitsgreenhousegas(GHG) measurementandtrackingefforts,GK intendstoimplementGHGreduction strategiesacrossalloperationsby2026, underscoringthecompany’s commitmenttoclimateresilienceand sustainableresourcemanagement.

CommunityEngagement:

SupportingVibrantandInclusive Communities

Improvingcommunitywell-beingisatop priorityforGK.By2024,GKwillintroducean onlineCSRportalwithinitsESGhub, trackingcommunity-focusedactivities acrosstheorganization

GKhasalsosetambitioustargetsfor volunteerhoursandinvestment,aiming for4,000hoursandJ$370millionannually incommunitydevelopmentby2030. Theseinitiativesfocusonexpanding accesstoeducation,promotinghealthy lifestyles,andfosteringenvironmentally sustainable

The“WeCare”Report:Mapping GK’sESGJourney

InSeptember2023,GKpublisheditsinaugural ESG“WeCare”report,whichdocumentsthe company’ssustainabilityjourneyandoutlines itsESGgoalsandtargets.Thisreport representsamilestoneinGK’scommitmentto ESG,providingatransparentaccountofits progress,priorities,andvisionforthefuture.

Throughtheseinitiatives,GraceKennedyisnot onlyenhancingcorporatesustainabilitybut alsocontributingtoaresilientfutureforits stakeholdersandthewiderCaribbean community.GK’scommitmenttoESG principlesmarksaforward-thinkingapproach thatsetsthestageforalegacyofsustainable growthandcommunityempowerment

HarnessingArtificialIntelligence

HowCaribbeanBusinessesAreTransformingwithAI

Inrecentyears,Caribbeanbusinessleaders haveincreasinglyintegratedArtificial Intelligence(AI)intotheircompaniesto fosterinnovation,driveefficiency,andtackle region-specificchallenges.AsAIbecomes moresophisticated,Caribbeanfirmsare leveragingthistechnologytoaddress economicandoperationalhurdles from financialservicestosupplychain optimization.However,theregionalsofaces uniquechallengesinAIadoption,including limitedlocalAIexpertise,dataprivacy concerns,andthepotentialforcultural misrepresentation

OneoftheprimarydriversofAIadoptionin theCaribbeanhasbeenthefinancialsector, withbanksandfintechfirmsattheforefront. ThesecompanieshaveimplementedAIdrivenfrauddetection,customerservice chatbots,andautomatedriskassessment modelstoenhancesecurityandimprove customerexperiences.InTrinidadand Tobago,forexample,bankslikeRepublic BankhasbeenimplementingAItoolsto improvefrauddetection,helpingto safeguardcustomertransactionsanddetect suspiciousactivitiesmoreeffectively.

Intheretailandservicesectors,AIis reshapingcustomerinteraction.

Withconsumerpreferencesshifting towarddigitalplatforms,AI-powered solutionssuchaschatbotsand personalizedrecommendationengines arebecomingmorepopular.Thesetools allowbusinessestocreatemore engagingcustomerexperiences, increasesatisfaction,anddrivesales. Somecompaniesinthetourismindustry haveadoptedAItopersonalize marketing,predictingandtargeting preferencestoenhancetravel experiencesforvisitors.

TheCaribbeanisalsohometoseveral initiativesthatuseAItoaddress environmentalissues.Inresponseto climatevulnerabilities,there’sgrowing interestinAIsolutionsformonitoringand predictingweatherpatterns,aswellasin naturalresourcemanagement.

Caribbeancompaniesandgovernments alikeareexploringwaysAIcansupport disasterpreparednessandresilience planning,with AI-driveninsightsallow faster,moreaccurateresponsesto naturaldisasters Theseeffortsnotonly contributetoregionalresiliencebutalso havepotentialappealforglobal investorslookingtosupportsustainable initiatives.

Despitetheseadvancements,CaribbeanAI adoptionisnotwithoutitschallenges Many AIalgorithmsaretrainedondatasetsthat maynotrepresentCaribbeandemographics accurately,potentiallyleadingtobiasesor culturalmisalignmentsinAI-driven decisions.Inresponse,localbusinessesand policymakersareadvocatingformore inclusiveAIpracticesthatreflecttheregion’s diversity.Theyemphasizetheimportanceof investinginregionaldatainfrastructureand developingAItrainingprogramstocultivate homegrownAIexpertise,ensuringthat Caribbeanneedsandperspectivesare representedinAItechnologies

AIadoptionintheCaribbeanisastrategic shiftthathassignificantpotentialtoreshape industriesandcreateneweconomic opportunities.Byadvancingtechnology, enhancingtraining,andaddressingthe ethicalimplicationsofAI,Caribbean businessleadersareworkingtopositionthe regionasaninnovativeandsustainable playerintheglobalAIlandscape.Withthese initiativesunderway,theCaribbeanis beginningtoharnessthepowerofAI,paving thewayforafuturewheretechnologyand loca

1.ChatGPT(OpenAI)

Why:NaturalLanguageProcessing(NLP) chatbotslikeChatGPTcanimprove customersupport,streamlinequeries, andhandleFAQs24/7.

Benefit:Automatescustomerservice, freeinguphumanresourcesforcomplex taskswhileimprovingresponsetimeand customersatisfaction.

2.TableauwithAIIntegration

Why:DataanalyticsplatformslikeTableau incorporateAItoassistwithdata interpretationandvisualization.

Benefit:HelpsCaribbeanbusinessesderive actionableinsightsfromrawdata,enabling moreinformeddecision-makingand strategicplanning.

3 HubSpotAIforMarketingandSales

Why:HubSpot’sAI-poweredtoolsoffer predictiveleadscoring,content optimization,andcustomersegmentation. Benefit:Boostsmarketingefficiencyby personalizingoutreachandoptimizing customeracquisitionstrategiesbasedon data-driveninsights.

4.ZohoCRMwithZia(AIAssistant)

Top10AIToolsCaribbeanBusiness LeadersMustIncorporateFor FutureGrowth

Toremaincompetitiveandadaptable, Caribbeanbusinessescanbenefit significantlyfromadoptingacuratedsuiteof AItools.Belowarethetop10AItools Caribbeancompaniesshouldconsider integratingby2025todriveefficiency, customerengagement,andoperational excellence:

Why:ThisCRMsoftwareusesanAI assistantcalledZia,whichcanautomate tasks,interprettrends,andofferpredictive analytics.

Benefit:Enhancescustomerrelationship managementthroughpredictivecustomer behaviorinsightsandautomatesrepetitive tasks,allowingteamstofocusonbuilding relationships

iPath(forRoboticProcessAutomation)

Why:UiPathisanRPAtoolthatenables businessestoautomaterepetitivetasks, suchasdataentry,invoicing,and scheduling.

Benefit:Improvesoperationalefficiency andaccuracybyeliminatinghumanerror inrepetitiveprocesses,whichisespecially beneficialforbusinessesinfinance, logistics,andcustomerservice.

6.MicrosoftAzureAI

Why:AzureoffersasuiteofAIservices, includingmachinelearning,cognitiveservices, andlanguageprocessing

Benefit:AzureAIcanbetailoredtomeetdiverse needs,frompredictiveanalyticstoenhancing cybersecurityandimplementingsmartsupply chainsolutions.

7.HootsuiteInsightswithAI-DrivenSocial MediaManagement

Why:AIinHootsuiteprovidesreal-timesocial mediaanalyticsandpredictiveschedulingfor posts.

Benefit:Assistscompaniesinmanagingbrand presenceacrossmultipleplatformsby providingactionableinsightsandoptimizing engagementtimes.

8.SalesforceEinstein(AI-IntegratedCRM)

Why:SalesforceEinsteinenhancesCRMby offeringAI-poweredsalespredictions, personalizedmarketing,andcustomerinsights.

Benefit:Improvescustomerretentionand personalizationefforts,makingiteasierfor businessestopredictcustomerneedsand delivertargetedsolutions

9.IBMWatsonforCybersecurity

Why:AsAIforcybersecurity,Watsoncandetect threats,providerecommendations,and automateresponses.

Benefit:Strengthenscybersecuritydefenses,a criticalaspectascyberthreatscontinueto evolveinsophistication.Thisisespecially crucialforfinancialandtech-centricindustries intheCaribbean.

10 DataRobot(AutomatedMachineLearning)

Why:DataRobotsimplifiesmachinelearning modeldeployment,makingAIaccessiblefor non-specialists.

Benefit:Allowsbusinessestopredicttrends, optimizeinventory,andevenpersonalize customerexperiencesbyleveragingpredictive analyticswithoutextensivedatascience expertise.

Incorporatingthesetoolscangive Caribbeanbusinessesacompetitive edge,improvedecision-making,foster bettercustomerrelations,andsafeguard datasecurity.AsAIbecomesastandard componentofbusinessstrategy,these toolsenableleaderstoleveragedata andtechnologytomeettheevolving demandsoftheirmarkets.

GuardingtheDigitalFrontier:

HowCaribbeanBusinessLeaders FortifyAgainstCyber-Risk inaRisingThreatLandscape

Caribbeanbusinessleadersare increasinglyprioritizingcyberresilience astheregionfacesanevolvingand pervasivecyber-risklandscape.This shiftislargelydrivenbyfactorssuchas thedigitaltransformationofindustries, increasedconnectivity,andtheadoption ofAI,whichbringbothadvantagesand newsecuritychallenges.

Cyber-attackscandisruptbusiness operations,damagebrandreputation, andleadtofinanciallosses pressing concernsforCaribbeanbusinessesthat operateacrossdiversesectorsand geographiclocations.

CompaniesacrosstheCaribbeanare strengtheningtheircybersecurity measuresthroughextensiverisk managementframeworks,workforce training,andcollaborationwith internationalcybersecurityentities.For instance,PwC’sGlobalCEOSurveyreveals thatasignificantportionofCaribbean CEOsconsidercyber-risktheirtop concern,asdigitizationheightens vulnerabilitytocyber-attacks.

However,despiterecognizingtheserisks, manybusinessesareonlygradually increasingtheirinvestmentsin cybersecurity,suggestingthatfurther resourcesmayberequiredtoreach optimalresilience

HARNESSINGARTIFICIAL INTELLIGENCE

Inresponse,severalCaribbeannationsare developingnationalcybersecurity strategiesandfosteringprivatesector partnershipsthroughorganizationssuch asCARICOMandtheOrganizationof AmericanStates(OAS).Theseinitiatives supportcompaniesinimplementing robustcyberriskmanagementpractices andenhancingtheirresiliencethrough comprehensiveactionplansandtechnical support,asseenwithcountrieslike Jamaica,TrinidadandTobago,and Barbados Moreover,proactivemeasures, suchasANSAMcAL’sestablishmentofa 24/7SecurityOperationsCenter,have enabledcontinuousmonitoringand responsecapabilities,whichareessential forcounteringreal-timethreats.

TheCaribbean’sfinancialsector,in particular,ishighlyvigilantduetoits relianceondigitalplatformsandthe regulatoryobligationsofmaintaining securesystems.Financialinstitutionsare deployingadvancedcybersecurity measures,includingregularvulnerability testingandenhanceddataprotection protocols.Additionally,thereisgrowing awarenessofthepotentialrisks associatedwithgenerativeAI,as businessesrecognizeitspotentialto facilitatecyber-attacksand misinformationcampaigns.This awarenessunderscoresthenecessityof integratingAIriskmanagementinto broadercybersecuritystrategies.

Additionally,thereisgrowingawarenessof thepotentialrisksassociatedwith generativeAI,asbusinessesrecognizeits potentialtofacilitatecyber-attacksand misinformationcampaigns. Thisawarenessunderscoresthenecessity ofintegratingAIriskmanagementinto broadercybersecuritystrategies

Insummary,Caribbeanbusinessesare activelyseekingwaystofortifythemselves againstcyberthreats,recognizingthe criticalimportanceofcybersecurityfor operationalcontinuityandtrustworthiness. Bycontinuingtoinvestincybersecurityand collaboratingonregionalandinternational levels,Caribbeancompaniescanbetter protecttheirdigitalassetsandmaintain resilienceagainsttheever-presentthreatof cyber-attacks.BS

TheRiskOfCyber-Attacks RemainsHeightened

Theriskofcyber-attacksremains heightenedbecauseof,amongotherthings, theevolvingnatureandpervasivenessof cyber-threats,ourprominentsizeandscale, ourgeographicfootprintandinternational presence,ourcompanies’exposuretoand relianceonnetworkedsystems,theinternet, digitalplatformsandourexpandingrolein thefinancialservicesindustryandthe broadereconomy.Astheadoptionof ArtificialIntelligence(AI)rises,newrisks emergethatmaynothavebeenonthe radaroforganisationsuntilrecently.

GenerativeAItechnologiesmaybeabused bypersonsseekingtospread misinformationanddisinformation, facilitatecyber-attacks,oraccesssensitive personaldata,eachwiththepotentialto causeanythingfromafallinsharepriceto alossofbrandtrust.TheGroupmitigates cyber-riskbymaintainingprotective measuresincludingtraining,vulnerability andpenetrationtesting,redundant systemsandothersafeguardstosupport ouroperationsandbolsterouroperational resilience,includingperiodicthird-party evaluationofourGroup’scybersecurityrisk programme.

AnthonyN.SabgaIII,GroupChiefExecutive Officer,TheANSAMcALGroup

TheRiseofFemale-Led CompaniesintheCaribbean:

DrivingBusinessSuccessandBreakingBarriers

ThecorporatelandscapeintheCaribbean isexperiencingatransformativeshiftas morewomenassumeleadershiproles, enhancingcompanyperformanceand fosteringdiverse,inclusiveworkcultures. Thistrendisnotonlycontributingto breakingthecorporateglassceilingbutis alsoproducingmeasurablebusiness success.Studiesrevealthatfemale-led companiestendtooutperformtheirmaleledcounterparts,benefitingfromunique perspectivesandleadershipapproaches thatdriveinnovationandresilience.

OnesuchexampleisAudreyTugwell Henry,PresidentandCEOofScotiaGroup JamaicaLimited,haschampioned initiativessupportingwomen-led businessesthroughprogramslikethe ScotiabankWomenInitiativeinJamaica. Thisinitiativeaidswomenentrepreneurs andbusinessownerswithaccessto financialresources,networking,and mentorship,crucialforenablingtheir businessestothrive UnderHenry’s leadership,Scotiabankhasestablishedthe CaribbeanInclusionCouncil,focusingon fosteringdiversityandsupportingthe advancementoffemaleprofessionals acrosstheregion.

Henry’sinvolvementintheScotiabank CaribbeanNetwork’sMentorshipProgram alsohighlightshercommitmenttonurturing futureleaders,reinforcingaculturewhere femaleprofessionalsareequippedtobreak throughbarriersincorporateleadership.

MelanieSubratie,ChairmanandCEOof StanleyMottaLimited,hasalsomade stridesbyassemblingtheCaribbean’sfirst all-femaleboardofdirectors,amovethat exemplifiesfemaleempowermentinthe region.Thisleadershipmodelhelpsto combatstereotypesandservesasa beaconforothercompanies.

ArecentS&PGlobalstudycorroboratesthe advantagesoffemaleleadership,finding thatcompaniesledbywomenexperience greaterstockpriceappreciationand improvedprofitability.Thisimpactisnot isolatedtotheCaribbean;internationally, firmswithgender-diverseboardsand executivesoftenseebenefitslikebetter financialreturnsandmorerobustdecisionmaking,attributedtotheinclusive perspectiveswomenbring

ThebroaderCaribbeanisseeingmore femaleexecutivesshapingpoliciesthat fosterinclusivityanddrivelong-term businesssuccess.

Forexample,acrosstheCaribbean,therehas beenanincreaseinprogramsandpolicies thatpromotegenderequalityonboards,a trendalignedwithresearchbytheWorld EconomicForumindicatingthatcompanies withagreatershareoffemaleleaderstendto outperformtheirpeersinproductivityand innovation.Astheseleaderspavethewayfor upcominggenerations,theyprovidevaluable mentorship,reinforcingasustainabletalent pipelinethatwilllikelybenefittheCaribbean's economicandsocialdevelopment.

Withtheregion’sgrowingemphasison femalerepresentation,Caribbeanbusinesses arewell-positionedtoleveragethediverse insightswomenleadersbring.Thisshiftholds promisefornotonlydrivingbusinessgrowth butalsocreatingalegacyofequalityand opportunityintheregion’scorporate framework.

BusinessuiteHighlightsAFewOfThese FemaleBusinessLeadersDriving BusinessSuccessAndBreakingBarriers

MelanieSubratie:Visionary

AstheChairmanandCEOofStanleyMotta Limited,MelanieSubratiehasdrivenaunique transformationincommercialrealestate, spearheadinggrowththatemphasizes technologicaladvancementandsustainable infrastructure Melanie’sleadershipportfolio spansvarioussectors,holdinghigh-levelroles acrossnumerouscompanies,includingMusson (Jamaica)Limited,SeprodLimited,andPBS Group.HerguidancehasestablishedStanley Mottaasakeyplayerinbusinessprocess outsourcing(BPO)with58HWT,oneofthe Caribbean’slargesttechnologyparks

Shareholderequitygrew26%toJ$766 billion,andthemarketcapitalizationstood strongatJ$4.08billionattheendof2023. Thisrobustfinancialpositionsignalsthe company’songoingsuccessandits potentialforfurtherexpansionunder Subratie’sdirection.Moreover,withanallfemaleboardthatincludesexpertslike BlondellWalkerandSandraGlasgow, StanleyMottaisatrailblazerin championinggenderdiversityincorporate leadership.

AnyaSchnoorandAudreyTugwell Henry:StrengtheningScotiaGroup JamaicaLimited

Undertheirleadership,SGJL’sfinancial resultsfortheyearendingOctober31, 2023,areimpressive. StanleyMotta’srecentperformance reflectsherstrategicvision:thecompany reporteda958%increaseinNet OperatingIncome,reachingJ$186billion, andtotalcomprehensiveincomeroseby 111.2%toJ$1.77billion.

AnyaSchnoor,ChairoftheBoardof Directors,andAudreyTugwellHenry, PresidentandCEO,areredefining leadershipatScotiaGroupJamaica Limited(SGJL).Withoverthreedecadesin thefinancialsector,Schnoor’sstrategic visionhasbeenessentialinaligningSGJL withglobalstandards,positioningitasa premierfinancialinstitutioninthe Caribbean.TugwellHenry,withastrong focusonempoweringwomen, spearheadedtheScotiabankWomen Initiative,providingcrucialsupportfor women-ledbusinesses.

Undertheirleadership,SGJL’s financialresultsfortheyearending October31,2023,areimpressive. Netincomeroseby67%toJ$17.2 billion,atestamenttotheir operationalefficiencyandrisk management.SGJLcontinuesto investindigitalinnovations,with initiativessuchastheimproved OnlineBankingplatformandQFlowautomatedqueuingsystem, enhancingcustomerexperience.

Withaproductivityratioof49.81% andaReturnonEquityof15.15%, SGJL’scommitmenttoshareholder valueandoperationalexcellence isevident.Therecentlaunchof ScotiaProtect,adigital-first insurancesubsidiary,marksanew chapterforSGJL,aligningwiththe bank’sstrategytodiversify servicesanddeepenitsmarket reach.

DanielaBucaroandGinelle Lambie:NavigatingGrowthat UnileverCaribbean

AtUnileverCaribbean,DanielaBucaro, Chair,andGinelleLambie,Managing Director(Ag.),areleadingan ambitiousshifttowardsprofitable growthamidstchallengingmarket conditions.Bucaro,amarketingexpert, andLambie,aseasonedfinance professional,bringabalanced leadershipapproachthataddresses bothconsumerinsightsandfinancial resilience.Undertheirstewardship, UnileverCaribbeanhasfocusedon expandingitsBeautyandPersonal Careline,whichnowaccountsfor 52.6%oftotalrevenue—asignificant increasefrom39.8%intheprevious year.

Despitea20.1%declineinrevenuedue toeconomicpressures,Unilever Caribbeanachieveda393.5%increase inProfitBeforeTax,reaching$26.5 million.Costoptimizationmeasures improvedoperatingmarginsto12.4%, underscoringtheteam’scommitment tosustainable,profitablegrowth. UnileverCaribbean’sdedicationto deliveringshareholdervalueis evident,withtotaldividendsreaching $0.56pershare,supportedbyarobust cashreserveandfavorableretained earnings.

Businessuite2024#1Caribbean ChiefExecutiveOfficer

KeithDuncanCD GroupChiefExecutiveOfficer, JMMBGroupofCompanies

KeithisanExecutiveDirectorandtheGroup ChiefExecutiveOfficeroftheJMMBGroupof Companiesandhasresponsibilityforoverall performanceandchartingthestrategic directionoftheGroup.

Hisfinancialexpertisehasnotonlybenefited theJMMBGroupbutalsotheJamaican financialsector.KeithservedasPresidentof thePrivateSectorOrganisationofJamaica (PSOJ)fortheperiod2019-2022,whichwas duringunprecedentedtimesoftheCOVID-19 Pandemic.

HealsoservedasaVice-Presidentofthe PSOJthroughout2013–2015,andiscurrently Co-ChairofPROJECTSTAR-Apartnership forsocial&economictransformationIn Jamaica.

KeithDuncanisaPastPresidentofthe JamaicaSecuritiesDealersAssociation (JSDA)andcontinuestocontributehis servicetoJamaicathroughvariousroles, includinghiscurrentappointmentas ChairmanoftheEconomicProgrammeand OversightCommittee(EPOC).

HeisalsotheimmediatePastChairmanof theNationalInformationand CommunicationsTechnologyAdvisory Council(NICTAC),whichprovidesadvisory servicestotheMinistryofScience,Energy andTechnologyinrelationtoits’ICTPortfolio. Underhisleadership,theJMMBGroupwas conferredwiththeAmericanFoundationfor theUniversityoftheWestIndies(AFUWI) AwardforExcellenceinBusinessLeadership inFebruary2020andtheprestigious‘Bestof ChamberAward’fromtheJamaica ChamberofCommerceinMarch2011.

Knownforhiscommitmenttoyouth development,KeithservedasChairmanof theNationalYouthServicefrom2003to2009.

Heworkedcloselywiththerespective boardsandteamstofulfilthemissionof creatingandreformingJamaica’syouthto becomepurposefulcitizens

Mr.Duncanisalsoafoundingmemberof theYUTEProgrammeinJamaica(Youth UpliftmentthroughEmployment).

In2020,KeithwasawardedtheNational Honour,theOrderofDistinction,intherank ofCommander,bytheGovernmentof Jamaicaforhisexceptionalservicein Finance,Business,YouthEmpowermentand CommunityDevelopment.

SFCprovidestheGroupwithcountryand businesslinediversification,operatingin21 countriesandasamajorplayer predominantlywithintheInsuranceindustry. ThiswasparticularlybeneficialtotheGroup intheadverseoperatingenvironment,which negativelyimpactedtheinvestment businessoffinancialservicesintheregion.

TheJMMBGroup’sinvestmentinSFC contributedJ$20.3BinShareofprofitof associate,whichwassignificantlydrivenby one-offgainsonitsacquisitionoftheivari InsuranceCompanyinCanada.

TheUS$250Mor22.52%acquisitionofSFCin 2019hasproventobeagooddiversification investmentthatcontinuestoprovidesolid returnsfortheJMMBGroup.

However,thetotalcontributionfrom businesslinesandshareofprofitfromSFC weretemperedbyprudentloanloss provisioningofJ$12.6Bforastartup greenfieldoperationintheEnergysector, whichwasratedInvestmentgradeby CariCRISand,assuch,wasanallowable assetwhichreceivedwidesupportfromthe financialsectorintheregion.

GroupStrategicOutlook–Vision2026

Fromamacroeconomicperspective,the Groupcontinuestomonitortheoutlookon inflationandinterestratepolicydecisionsby theUSFederalReserveandcentralbanks acrosstheregion.InitsJune2024meeting, theFederalReservekeptitsinterestrate unchanged,whichithassinceJuly2023,and hasprojectedonlyoneratecutforthe remainderof2024,downfromitsMarch forecastthatcalledforthreereductions

Withthatsaid,theGroupexpectsthat monetarypolicywillbegintoloosenandthat therecouldbeinterestratereductionsbythe USFederalReserve,BankofJamaicaandthe CentralBankoftheDominicanRepublic

Theseinitialinterestratecutscouldbe followedwithfurthermoderatereductionsin interestrates,whichwillbepositivefor financialmarketsandaugurwellforthe JMMBGroup’sfinancialperformanceoverthe shorttomediumterm

InorganicGrowth

TheGroupcontinuestomanageM&A opportunitiesthatcouldpotentiallydeliver long-termsustainablereturnstotheGroup. Thisinorganicgrowthstrategycontinuesto lookforopportunitiestofurtherdiversifythe Groupacrossbusinesslinesandterritories. RegardingthemostrecentOctober2022Bell Bankacquisition,JMMBBankinDRhas transitionedintoacommercialbank.

Theteamremainsfocusedonunlockingvalue inthisbusinessbydeepeningclient partnership,creditriskandcollections processesastheymoveforward.

Asiscustomary,theGroupwillinform thepublicifithasundertakenanynew opportunitiesinthisregard,onceitis legallypermittedtodoso

RisingtotheChallenges, DeliveringValue

Thefinancialyear2023/2024 representedaninflectionpointforthe JMMBGroup TheGroupcontinuedto facethestrongheadwindsposedbythe highinterestratesgloballyand restrictivemonetarypoliciesintwo jurisdictions,aswellaslowmarket liquidityinallmarkets,whichwould haveconstrainedthegrowthofthe Company.Nevertheless,theGroup demonstrateditsresiliencetodeliver credibleresultsbecauseofits diversificationstrategy.

Duringthefinancialyear,theteam initiatedandbegantheaccelerationof strategicimperativesneededtorealign thebusiness,especiallyinJamaica, wheretheInvestmentsbusinesswas significantlyimpactedbyhighinterest ratesandilliquiditymarketconditions.

Goingforward,theGroupexpectsthat theeconomicclimatewillremain uncertain,potentiallyduetogeopolitical eventsandnaturaldisasters.

Notwithstanding,theGroupremains confidentinitspeople,knowledge,and expertisetonavigateanypotential challengesthatmaypresent themselves.

KeithDuncanCD,GroupChiefExecutive Officer,JMMBGroupofCompanies

Mr.IanMitchell

Mr.IanMitchellhasbeentheChiefExecutive OfficerofNationalFlourMillsLimitedsince February31,2021.Mr.Mitchellwaspreviously employedastheManagingDirectorofAnsa Polymer,isanEngineerbyprofessionwith experienceinthemanufacturingsectorof TrinidadandTobago.

Mr.MitchellholdsaPostGraduateDiplomain FinanceandanInternationalMBAfromthe ArthurLokJackGlobalSchoolofBusiness.

NationalFlourMillsLimited(NFM) NationalFlourMillsLimited(NFM)was incorporatedin1972andovertheyearshas beenrecognisedastheleaderinflourmilling feedmillinganddrymixoperations throughoutTrinidadandTobago.

NFMhasemergedfromthepandemic strongerandmoreresilientthanbefore. Plaguedbychallengesemanatingfromthe globalenvironment,NFMfocuseditsefforts ondevelopingitshumancapacity, restructuringtheorganisationandimproving itsprocesses Asaresult,NFMachieveda 636%increaseinGrossProfitfrom$93Min 2022to$152Min2023 OperatingProfit increasedby376%from$124Mto$593M yearonyear,andProfitaftertaxincreasedto $355Mfrom$69Min2022

Thesesignificantimprovementscouldonly havebeenachievedthroughthesynergies amongprocesses,peopleandequipment.

Inpursuitofourpurpose,‘ToFeedOur CaribbeanFamilies’,ourstrategicinitiatives continuedtofocusonourtwostrategicpillars ofimprovingprofitabilitythroughproductivity andgrowththroughinnovation Inserviceof improvingprofitabilitythroughproductivity, effortswereexpendedonrestructuringthe organisationtocreateamoreagileworkforce. Wemovedawayfromjobsthatwerehighly specialisedtorolesthatembraceandreward multiskillingandflexibility.

Tocomplementthisprocess,theperformance managementsystemisbeingre-engineered, andthisprocesswillcontinuein2024toensure thatteammembersareheldaccountableand fairlyrewardedfortheirefforts Thiswillnowallow theorganisationtocontinuetoattractthe top-leveltalentthatisneededtodeliveravery ambitiousandexcitingstrategy.

Ourabilitytocontinuetoaggressivelygrowour profitabilityiscontingentonourabilityto furtherdevelop,attractandretaintop-leveltalent. Therehasbeenacarefulmixofnewtalentwith existingup-and-comingtalentfromwithinthe organisation Thisblendiswhatweconsidertobe thewinningformula.Traininganddevelopment havealwaysrepresentedasignificantareaoffocus andinvestmentforNFM,andin2023,wewent furtherbyimplementingaGraduateTrainee Programme.Thisprogrammeoffersanopportunity fortalentedyounggraduatestogainon-the-job professionalexperience Graduatesofthis Programmewouldcertainlycontributeina meaningfulwaytothesector,ifnotdirectlytoNFM, inthenot-too-distantfuture.

OliverTownsend

ChiefExecutiveOfficer,KnutsfordExpressLimited

OliverTownsendistheChiefExecutive Officerofthecompany.Mr.Townsendhas servedintheTourismandServiceSectorfor over26yearsinvariousmanagement capacitiesincludingthosethatinvolved marketinglocallyandoverseas.Hiscareer beganinCaribicVacations,afamily-owned destinationmanagementcompany,where heservedasDirectorofTransportandCEO.

HealsoservesasDirectorofCaribic VacationsLimited Mr Townsendholdsa B.Sc.inElectricalEngineeringfromtheNew YorkInstituteofTechnology,aswellasan MBAfromtheFloridaInternationalUniversity.

KnutsfordExpressbeganchangingtheway youtravelonJune1,2006,andourmission hasalwaysbeentoprovideworld-class servicetoourcustomers.Whetheryou’re takingoneofourcoachesforatripacross theisland,orneedtosendapackage locallyoroverseas,we’vegotyoucovered.

Wenowserve18majortownsinJamaica, includingconnectionstobothmajor Internationalairportsinthecountry, NormanManleyInternationalAirportand TheDonaldSangsterInternationalAirport

Ourofficesarelocatedinconvenientspots islandwidesothatwecanbethereforyou, whetheryou’reanindividualoran organization.

KnutsfordExpressLimitedWeAreExcitedAboutTheFuture OfOurCompany

We’realwaysstrivingtoimproveourservices, andnow,weevenofferonlineshipping services,airportshuttleservices,andpickup servicesforselectlocations.Ifyousignupfor aCourierPlusaccount,youcanaccesseven moreKEbenefitsandtakeadvantageofour competitiveandaffordablerates.

Thetrendsintravelthatweobservedinthe latterperiodofthepriorfinancialyearhas held true,astravelhasreturnedwitha groundswell.Theupsurgeorreturnseems sustainedandJamaica’sPaxarrivalfigures continuetooutpacetrendsandkeep breakingrecords

BeingconsideredJamaica’spremierislandwidetransportsolution,coupledwiththe aforementionedtrendcontinuestoreinforce theextraordinaryresponsibility,privilegeand expectationtoimproveourcustomers’lives.

Inachallengingenvironmentweare dedicatedtonurturingthistrustthrough undiminishedeffortsinmaintainingand improvingourlevelofsafety,reliabilityand convenience.

Wehaveinthisperiod,setintomotion solutionsincludingtheorderingofseveral premiumdoubledeckerandfull-sized coachesequippedwithtoilets,charging points,andotherKnutsfordExpress conveniences.Inanefforttoadd conveniencetothelivesofourcustomers wehavebegundevelopmentof innovationsthatwilltrulystreamlinethe processofbookingandcheckingintotrips toreducewaittimesatourstations.

Profitability

Netprofithasincreasedtoarecordthree hundredandfourmilliondollars($304M) fromseventyeightymilliondollars($78M) Theoperationaltransportefficienciesgained inthepost-covideracontinuetoserveus well.

Ourdeparturefrequencyandschedule managementhavegeneratedhigher efficienciesinfleetutilization.Thishas helpedustocontainouroverallexpensesto onebillionthreehundredtwenty-eight milliondollars($1,328M)anincreaseofthree hundredforty-ninemilliondollars($349m) or356%overthepreviousperiod These costsweredrivenmainlybya59.6%increase instaffcostsinresponsetoincrease customerdemand.

Asfuelpriceshoveraroundnewhistoric highsandtollpassagefeescontinueto keeppace,itispreciselythese circumstancesthatcontinuetoaffect motorists’pocketsthatservetoboostour passengerridership.

Othernotableincreasesarefrom combinedutilitycostswhichrose29%in thisperiodtosixty-sixmilliondollars ($66M)upfromfifty-onemillion($51M)in thefinancialyear2022.

Telephonecosts(whichincludeinternet costs)haverisensignificantlyandhas beendrivenlargelybycustomers’shiftin buyingpatternstowardsonlinebookings andthemoreconvenientdigitalsolutions. Growingbandwidthhasitsownattendant costs,butweknowthattheimpactwillbe diminishedovertimeasincreasinglymore ofourrevenuewillbederivedfromthe virtualplatform.

Regularelectricityandwaterutilitycosts haveincreasedaswestrivetosatisfyour travellingcustomersandourteaminthe comfortablesurroundingsofallofour locationsinthefaceofincreasedglobal temperatures

LarryLawrenceMBA,Acc.

OnJune7th,2021Mr LarryLawrencetook upthepositionofManagingDirector, DesignateatGrenadaCo-operativeBank Limited.Establishedin1932,GrenadaCooperativeBankLimitedisGrenada’slargest indigenouscommercialbankwithassetsof over$1.4B,twohundred(200)highly trainedstaff,five(5)RetailBankingUnits, Broker-Dealeroperations,andanetworkof thirty(30)AutomaticTellerMachines.

Mr.LawrenceholdsaMasterofBusiness Administration(MBA)inFinancefrom UniversityofLeicesterandaBanking CertificatefromtheInstituteofFinancial Services.

Inadditiontohiseducationalcredentials, Mr.Lawrencebringswithhimtwenty-seven (27)yearsofcommendablebanking experienceinlocalandregionalmarkets havingservedaninternationalbankinthe capacityofCountryHead,Turks&Caicos Islands(TCI)andheadofCorporate BankinginGrenada DirManagingDirector,GrenadaCo-operativeBankLtd.

Duringhisbankingtenure,hehasamassed considerablecapabilitiesandexpertisein maintainingrobustcontrolframeworks,as wellasexecutingfocusedanddisciplined changemanagement

Mr.LarryLawrencereplacedMr.RichardW. Duncanwho,aftertwenty-five(25)yearsof dedicatedservice,

GrenadaCo-operative BankLimited includingthirteen(13)yearsasManaging Director,retiredfromtheBankon December5th,2021

Thefiscalyear2023wasadecisiveperiod forGrenadaCo-operativeBankLimited Thiswasmarkedbytheimprovedfinancial performanceoftheBank’sbookof businesspre-CIBCFirstCaribbeanandthe significantgrowthandstrategicexpansion followingtheacquisitionofCIBC FirstCaribbeanGrenadabusiness.

TheBankexperiencedsubstantial increasesinnetprofitaftertax,total assets,andearningspershare.Notably, netprofitaftertaxmeasured$21.9million, ahistorichighfortheinstitution,whiletotal assetssurgedfrom$161billionin2022to $222billionin2023

Theacquisitionnotonlybolsteredthe Bank’smarketsharebutalsosolidified itspositionasthelargestcommercial bankinGrenada.Theimproved financialperformanceallowsusto buildresilienceandcapacity,sothat wecaninvestindeliveringhighquality financialservices,ensuringafairreturn forourshareholderswhilstimproving thelivesofourcitizensacross Grenada,CarriacouandPetite Martinique.

FinancialReview

TheBank’stotalassetsexperienceda 38%increase,reaching$2.2billionin 2023.Thissignificantgrowthwas evidentacrossvariousasset categoriesincludingcashandcash equivalents,loansandadvances, investmentssecurities,andother assetsandprepayments.

Furthermore,thisexpansionwas supportedbyincreasesincustomers’ deposits,subordinateddebt,and equity,reflectingtheBank’srobust financialperformanceandstrategic initiativesundertakenduringthe fiscalyear.

Statement of Income Review

•Totalrevenuereached$104.3million,a significantincreasefromthe$71.5 millionachievedin2022.Notably, interestincome,investmentincome, andotherincomeexperienced respectiveincreasesof$5.1million,$10 million,and$27.7million,contributingto theoverallgrowthinrevenue.

•Totalexpendituresamountedto$75.2 million,demonstratinga9%increase fromthe$69.1millionspentduringthe sameperiodin2022.Despitetherisein expenditure,prudentcostmanagement measuresensuredthattheincrease remainedmanageablerelativetothe substantialgrowthinrevenue.

TheBankrecordedanexceptional performancein2023.Netprofitssurged to$21.9millionor938%whencompared tothe$2.1machievedin2022.This substantialincreaseinprofitscanbe attributedtothefollowingkeyfactors: Thesefactorscollectivelydrovethe substantialincreaseinnetprofits,and ultimatelyresultedinasignificantboost inearningspershare,risingfrom$0.28 in2022to$2.88in2023.

Thisimpressivegrowthunderscoresthe Bank’scommitmenttodeliveringvalue toitsshareholdersandstakeholders throughprudentfinancialmanagement andstrategicdecision-making

Businessuite#1BarbadosChiefExecutiveOfficer

Priortothis,MarkwasappointedManaging Director,Retail&BusinessBankinginMay 2013wherehehadresponsibilityforthe developmentandgrowthofCIBCFirst Caribbean’sRetail&BusinessBanking operationsincludingtheBank’scards issuingbusiness.

PrevioustohisappointmentasManaging Director,Retail&BusinessBanking,Markwas theBarbadosCountryManagerand ManagingDirectorofCIBCFirstCaribbean’s BarbadosOperatingCompany.Previousto thathewastheDirector,International Bankingwithresponsibilityfortheleadership anddevelopmentoftheInternational Banking(Personal&Corporate)offering acrossthesixcentersinTheBahamas, Barbados,BritishVirginIslands,Cayman, CuracaoandTurksandCaicosIslands

Anexperiencedbankerwith33yearsin variouspositionsspanningInsurance Brokerage,RetailBanking,Corporate Banking,CreditRisk,InternationalBanking andWealthManagement,Markhasalso heldseniormanagementpositionsinseveral countriesintheCaribbeansuchasGrenada, BritishVirginIslandsandBarbados.

MarkisaFellowoftheBritishInstituteof CharteredSecretariesandAdministrators, agraduateoftheFirstCaribbeanExecutive LeadershipProgramwithWharton BusinessSchoolandhasalsocompleted theMaster’sCertificateProgramin FinancialServicesLeadershipin conjunctionwithSchulichSchoolof BusinessandCIBC.HeisalsothePresident oftheBarbadosHockeyFederation.

TransformingItselfIntoThe Region’sPremierMulti-Channel FinancialServicesInstitution 2023hasseensignificantchangeforCIBC FirstCaribbean.Ourbankhasdeliveredon itsstrategyoftransformingitselfintothe region’spremiermulti-channelfinancial servicesinstitution,asitpreparesitselffor growthinthecomingyears.

anditsexitfromDominica,arepartofthe Bank’srevisedfocuson10keymarkets, whichwillhelpittoachieveitsstatedgoal ofprovidingbankingservicetoitsclientsin avarietyofformats,fromcreativedigital solutionsviamobiledevices,toinbranch clientserviceandfinancialadvice

ThetwofinaldivestituresintheDutch CaribbeanislandsofSt.Maartenand Curaçao,whichwereannouncedattheend ofthefiscalyearandaresubjectto regulatoryapproval,completethebank’s right-sizingphase,andheraldarenewed focusongrowthinourcoremarkets.Your boardisfullysupportiveoftheseplans,asit believesthefocusingonour10keymarkets representsthebestwayforwardtoachieve ourlong-termgrowthandsuccessofour Bank.

TheBankdeliveredastrongfinancial performanceforthefiscalyearaswe continuedtoexecuteourclient-centric strategyfocusedondeepeningclient relationships,

TheBankdeliveredastrongfinancial performanceforthefiscalyearaswe continuedtoexecuteourclient-centric strategyfocusedondeepeningclient relationships,enhancingourdigital bankingofferings,simplifyingoperations andinvestinginourpeople.Ourstrategic investmentsarecreatingastrong foundationforfuturegrowthand optimizationofresourcesacrossour strategicbusinesssegments.

FortheyearendedOctober31,2023,the Bankreportednetincomeof$269.9million, up$93.5millionor53%fromtheprioryear’s netincomeof$176.4million.Adjustednet incomewas$267.0million,afterexcluding netgainsof$29millionrelatedtothe previouslyannounceddivestitures comparedwithadjustednetincome1of $186.9millionattheendof2022.

Theyear’ssignificantlyimprovedresults werelargelyduetotherevenueupliftfrom higherUSbenchmarkinterestratesinour primaryUSdollardenominatedoperating companiesintheBahamasandthe CaymanIslands.Astheregional economiescontinuedtorecoverfromthe aftermathoftheCOVID-19pandemic, transaction-basedoperatingincome returnedtonormalizedlevels,improving overtheyear.

Whilethehighinterestrateenvironment hasimprovedmarginsin2023,loan growthhasbeenmoderateinlinewith costlierdebtandclients’debt managementstrategies.Depositgrowth hasalsoslowed,assomeclientinflows havebeendirectedtowardsalternate investmentproductsordebtrepayment.In 2024,asofterpaceforeconomicgrowth andsustainedinflationlevelsarelikelyto havebroadimplicationsacrossour strategicbusinessunits.However,even withsomefluidityintheeconomicoutlook, weareconfidentwecanbuildonour momentumanddrivestrategiclong-term growth.

Businessuite#1GuyanaChiefExecutiveOfficer

PravinchandraDave

DemeraraBankLimited–Group

Mr PravinchandraDavehasoverthree decadesofprofessionalbankingexperience inanexecutivecapacity.Equippedwitha vastspectrumofknowledgeofbanking operations,hespearheadedtheBankintoa leadingfinancialinstitutioninGuyanaand hasbeeninstrumentalfortherapidgrowth andexpansionoftheBank.

Mr.DaveistherecipientoftheGoldenArrow ofAchievement(A.A.)thatwasconferredin 2018

InTheWorldOfBanking, AchievingTheExtraordinary RequiresBoldAspirations.

Thebankrecordedanotherexceptionalyear ofperformanceforthefinancialyearended September30,2023 Ourcontinuous outstandingperformanceliesinour financialdiscipline,strategiesforinvestment andcontinuousdevelopmentinourhuman resources.Moreover,theconfidenceand expectationsofourshareholdersand customershaveundoubtedlyinfluencedour growthandpassionforimprovementto becomeadigitalfrontierbank.

Justayearago,weweretheonlybankthat didnothaveanyNon-PerformingLoans whichwasunheardofinthefinancialsector

ForSeptember,2023,wehavesuccessfully maintainedaspotlessrecordwithzero NonPerformingLoansyetagainwhileour loanportfolioexpandedby23percent overtheyear.Thisexceptional accomplishmentisadirectresultofthe diligentandprudentmanagement exhibitedbyourdedicatedstaff,underthe wiseguidanceofouresteemed BoardofDirectors.

Wehaveembarkedonatransformative journeythatwascharacterizedby audaciousgoalsandsteadfast determination.Ourvisiontogrowour revenuewasnotwithoutitschallenges, butitunderscoredourcommitmenttoour customers,shareholders,andthe communitiesweserve.

Wesetthebarhighandpersevered relentlessly.

TheNetProfitofthebankincreased significantlyby37.9percentto$4.075 billionincomparisonto$2.954billionin 2022.

TotalDepositsincreasedfrom$1070 billionto$1391billion;increasingby30 percentoverthepreviousyear

TotalAdvancesofthebankincreased from$58.2billionto$71.4billionin2023; showingariseof22.7percentoverthe corresponding2022period.

Investmentsofthegroupasat September30,2023was$53.5billion.

Zeronon-performingloansastheendof thereportingperiod

EarningsperShareincreasedfrom$6.57 pershareto$9.06pershareasat September30,2023indicatingan increaseof37.9percent.

ReturnonAverageAssetsasat September30,2023was2.85percent whichisfarhigherthantheindustry average.

Shareholders’Fundshavegoneupfrom $16.7billionto$19.8billion;showingarise of18.2percentfromthepreviousyear.

ReturnonShareholders’Fundshasbeen substantialovertheyearandrecordeda returnof20.6percentfortheyearended September30,2023.

TheBookValueoftheshareshasgone upfrom$3720persharein2022to $43.96persharein2023;showingarise of18.2percentoverthepreviousyear.

IncomeandExpenses

ThebankwasabletoachieveProfitBefore Taxationof$5.945billion,anincreaseof 217percentoverthepreviousyearandan After-TaxProfitof$4075billion,an increaseof37.9percentfortheperiod endedSeptember30,2023.

Theseoutstandingresultswereprimarily attributedtoafocusedapproachto improveourincomemix.InterestIncome increasedby25.4percentor$7.907billion ofwhichincomefromloansandadvances increasedby20.4percentwhistincome frominvestmentgrewby36.2percent.

InterestExpensesincreasedby$35million or4.4percentwhileNonInterestExpenses havemovedfrom$1.741billionto$1.951 billion;showingariseof12.0percentover thepreviousyear.

Despiteinflationarychallengesinthe broadereconomiclandscape,thebank hasdemonstrateditsabilitytoeffectively manageexpenses.Themaincontributorto Non-InterestExpenseswasmainlyan increaseinstaffcostssinceweconsider ourstaffasourmostvaluedasset.Notably, thebankfocusesonmaintainingastrong cost/incomeratiothroughinnovative cost-savingstrategiesandremains committedtofinancialprudence

CorporateAccount

AtInterMetroTransitJamaica,weunderstandthe complexitiesyourbusinessfaceswhenitcomestomanaging multipleondemandrideanddeliveryservicesdailyor weekly.Handlingthesetasksona"PayAsYouGo"basiscan leadtoaccountinginefficienciesandcashflowissues.

thebestsolutionsforyourcompany.Send usanemailwithyourspecificneedsor requirementstoredplatejm@gmail.com. Youwillgetaresponse within24hours.

MassyHoldingsLimitedisaninvestment holding/managementcompanywith threemaininvestmentportfolios: IntegratedRetail,GasProductsandMotors &Machinesaswellasotherlegacylinesof business.TheMassyGrouphasbeenin operationsince1923andhasbusinesses throughouttheCaribbeanbasin,aswellas inColombiaandSouthFlorida.

TheGroupemploysover12,000peoplein nearly60companiesacrosstheregion Theirscaleallowsthemtoleverage synergiesanddeliversuperiorgrowthand valueforshareholders.

Massyisapubliclyheldcompanywhichis listedontheTrinidad&Tobagoand JamaicaStockExchanges.

Mr.RobertRiley Chairman

Appointed:May2023 Non-ExecutiveDirector

Appointed:October2019

Overmorethantwodecades,Roberthas heldavarietyofexecutivemanagementand seniorlegalpositionsinmajormultinationals, including:HeadofSafetyandOperations Risk,SafetyRiskLeadershipandCulture,BP PLC,London,ChairmanandChiefExecutive Officer,BPTrinidadandTobago;Vice President,LegalandGovernmentAffairs, AmocoandBP/Amoco.Robertwasawarded theChaconiaMedal(Gold)bytheRepublic ofTrinidadandTobagoforhiscontributionto NationalDevelopmentRobertbringstothe boardexperienceingloballeadershipand businessmanagement.

Mr.GervaseWarner President&GroupCEO

Appointed:December2009 ExecutiveDirector

Appointed:September2004

SkillsandExperience

GervasehasbeenPresidentandGroup CEOsince2009 HejoinedtheGroupin 2004,asaDirectorofMassyHoldingsLtd andhasservedastheExecutiveChairman oftheGroup’sEnergyandIndustrialGases BusinessUnit.

PriortohisMassyexperience,hiscareer includedapositionasPartneratthe internationalmanagementconsultingfirm, McKinsey&Company,whereGervasespent 11yearsservingclientsintheUS,Latin AmericaandtheCaribbeanacrossawide rangeofindustries

Massy’s2023Performance

Wearestronglycommittedtothepremise thatasabusiness,thedeliveryofconsistent andimprovingbusinessperformanceis fundamentaltoourabilitytodeliverour purposeandvision

Theworld,includingMassy,hashadseveral volatileandchallengingyears,andweare gratefulthat2023hasbeenoneofrelative stabilityalthoughheadwindsremain.Oil pricesremainhealthy,touristnumbers continuetoreboundandheadtowardsprepandemiclevelsintheCaribbean.Guyana continuestoexperienceoneofthehighest growthratesintheworldandJamaicahas benefittedfromarelativelystableexchange rateinFiscalYear(FY)2023

Challengessuchasincreasinginterest ratesjustatthetimetheGroupincreased itsborrowingstofundacquisitions,and depreciationintheColombianpesothis yearhavebeenaccommodatedthrough theGroup’soverallperformance The Colombianeconomyhasstillgrown despitethevolatileexchangerateandhigh interestrates.Wehaveconfidenceinthe long-termoutlookforthatcountry.

Aswecontinuetoexecuteourstrategyto focusoureffortsonthethreecoreindustry Portfolios,Iampleasedtoreportthat Massy’sPortfoliosandLinesofBusiness teamshavegrownacrosstheGroup’score territoriesanddeliveredcommendable resultsforyetanotheryear AllPortfolios recordeddoubledigitgrowthwith acquisitionsinFY2023contributingto incrementalgrowthintheIntegratedRetail andGasProductsPortfolios.

ProfitBeforeTaxfromContinuing Operationsgrewby24percenttoTT$1,229 million(US$182million)inFY2023.As DiscontinuedbusinessesfallofftheGroup’s ProfitandLossandtheone-offgainson saleofassetsandbusinessesarenot repeated,thereareexpectedlylower earningsfromDiscontinuedOperations.

Infact,DiscontinuedOperationsproduced aProfitAfterTax(PAT)lossinFY2023of TT$20.4million(US$3.0million)versusa PATcontributionofTT$169million(US$25 million)inFY2022 Asaresult,Group’sPAT (AfterDiscontinuedOperations)declined by5percenttoTT$813million;and EarningsPerSharedeclinedby6.1percent toTT38.61cents.

TheMassyGroupiscontinuously committedtocreatingvalueforits shareholdersandhence,wehavedeclared afinaldividendofTT12.68centspershare, whichbringstototaldividendforFY2023to TT15.83centspersharewhichisan increaseinthetotaldividendfromFY2022

Strategy,GrowthandGlobal ExpansionUpdate

TheGroup’sCorporateStrategyremains consistentandfollowsfromthenewvision statementwiththreesimplecomponents:

•GrowthandGlobalExpansion

•CapitalManagementtoIncreaseValuefor Stakeholders

•OperatingwithaCaribbeanHeart InFY2023,wesuccessfullyclosedthree significantacquisitions: Rowe’sIGAsupermarketsinJacksonville, Florida(US$47million),AirLiquide operationsinTrinidad($51.5millionwitha deferredconsideration)andIGLJamaica (US$142million).

1Rowe’sIGASupermarkets:independent supermarketchainof7storesin Jacksonville,FloridaUSA;Rowe’sIGA acquisitionclosedonDecember12thandis amajorstepinachievingtheGroup’sglobal visionasitprovidesanexcellentbeachhead forfurthernichesupermarketacquisitionsin theUnitedStates,whileprovidingstrengthin hardcurrencycashgeneration.

TheGroupdeployedoverUS$240.5millionin capitaltoconsummatethesetransactions andduringthefiscalyear.AnadditionalTT$1.1 billion(US$158million)inRevenueandTT$142 million(US$21million)inPBTwerederived specificallyfromthethreedealsinaggregate Weareactivelyengagedineffortstointegrate thecompanieswithintheMassyGroup.These integrationeffortsarenotonlyfocusedon capturingthedesiredsynergiesforenhanced financialperformance,butalsoonensuring culturalintegrationandalignmentwithour corevaluesforwiderstakeholdervalue creation.

Afterdivestingnon-coreassetsoverthepast fewyears,thestrategyoffocusingtheGroup onthethreePortfolioscontinuestopayoffand theseacquisitionsdemonstratethebenefitsof suchfocus.Duringtheyear,westrengthened ourcommitmenttoglobalexpansionby executingfocusedbusinessdevelopment activitiesaswellasimplementingkey structurestosustainablypropelthiseffort.

Forexample,wehostedaGlobalExpansion SummitinApril2023whichbroughttogether severalexecutivesfromboththePortfolios andInvestmentHoldingCompanyfor problem-solvingandfosteringalignmenton globalexpansion.Wealsoconducted roadshowsandmarketvisitstospecific territoriesintheUS,Europe,andAfrica throughouttheyeartostrengthen relationshipswithkeystakeholdersincluding investmentbankers,financialadvisors,law firmsandprospectivepartnerswhichhas alreadysupportedthedevelopmentofour investmentopportunitypipeline.

Wecommencedtheprocessofdeveloping pitchbooksandinvestmentprospectuses toengagekeystakeholdersandprovide clarityonwhereeachrespectivePortfolio willfocus,notonlyintermsofparticipating withinindustrysub-sectorsbutalsoasit relatestogeographiccoverage. Additionally,weestablishedclearroles betweentheInvestmentHoldingCompany andPortfolioswithrespecttovarious phasesinvolvedinMergerand Acquisitions(M&A)executionaswe continuetosource,assessandintegrate newacquisitionsinternationally.

Financially,TheGroupContinues ToPerformCommendably.

MassyHoldingsLtd.(MHL)ThirdPartyRevenue increasedto$14.2billion(US$2.1billion)in 2023up15percentfrom2022.IntegratedRetail Portfolio(IRP)Revenuegrewby20percent, whileGasProductsandMotorsandMachines PortfolioRevenuesgrewby11percentand5 percentrespectively.

TheGroupcontinuedwithrobustperformance in2023withProfitBeforeTax(PBT)from ContinuingOperationsreaching$1,229million (US$182million)from$995(US$148)millionin 2022whichrepresentsgrowthof24percent. Weareexcitedandenergizedbythe performanceofourportfolios/LoBswhose combinedperformancecontributedtoa15 percentimprovementfromtheprioryear.

Furthermore,ourthreecoreportfoliosall recordeddoubledigitgrowthin2023!The IntegratedRetailPortfolioaidedbyitsRowe’s IGAacquisitioncontinueditsstrong performancewithgrowthof23percentinPBT from2022,GasProductsfollowedsuitwitha 12percentincreaseover2022supportedby theiracquisitionofAirLiquideTrinidadand TobagoLimitedandI.G.L.(St.Lucia)I.B.C LimitedandtheMotors&MachinesPortfolio sawanincreaseof10percentfrom2022.

InFY2023theDFPrecordedagainof$17 million(US$2.6million)withapositive varianceof$51million(US$7.5million) versusitslossesof$33million(US$4.9 million)inFY2022,theselosseswere curtailedinFY2022whentheGroup reviseditsinvestmentphilosophy therebylimitingfurtherlossesand volatilitywhileatthesametimemaking asignificantcontributiontoGroup profits

Asmentionedabove,PBTfrom ContinuingOperationsandPATfrom ContinuingOperationsgrewby24 percentand21percentrespectively As mentionedintheChairman’smessage, weexpectedPATfromDiscontinued OperationstodeclineinFY2023,knowing thatthecompanieswhoseoperations werediscontinuedinFY2022wouldno longercontributetotheGroupandsome oftheone-offgainsonsalesofassets andcompanies(suchasMassyUnited) wouldalsonotberepeatedinFY2023.

InFY2023,DiscontinuedOperations producedalossofTT$204million (US$3.0million)mainlyderivedfrom impairmentsassociatedwithnon-core realestateassetsandbusinessesin Barbadosslatedfordivestmentin FY2024.ThisisincomparisontoPAT contributionofTT$169million(US$25 million)fromDiscontinuedOperationsin FY2022.Asaresult,Group’sProfitAfter Tax(AfterDiscontinuedOperations) declinedby5percenttoTT$813million; andEarningsPerSharedeclinedby6 percentto3861TTcentspershare

EPSfromContinuingOperationsgrewby 22percentwhileEPSfromDiscontinued Operationsdeclinedby112percent

MassyHoldingsLimited

ANSAMcAILimited

RepublicHoldingsLimited

GuardianHoldingsLimited

Agostini’sLimited

FirstCitizensGroupLimited

TrinidadCementLimited

ScotiabankTrinidadandTobagoLimited

PrestigeHoldingsLimited

AngosturaHoldingsLimited

TheWestIndianTobaccoCompanyLimited

NationalFlourMillsLImited

ANSAMerchantBankLimited(Group)

NationalEnterprisesLImited

PLIPDECOLimited

OneCaribbeanMediaLImited

UnileverCaribbeanLimited

GuardianMediaLImited

EndeavourHoldingsLimited

TrinidadandTobagoNGLLimited

CinemaONELimited

LJWilliamsLimited

$8,912 $7,908 $6,205 $7,566 $3,481 $3,330 $2,923 -$1,998 $4,425 $830 $300 $311,997 $0 $9,359 $142 $36,317

GraceKennedyisnowaUS$1billioncompany.

GKisapubliclylistedcompanyonthestock exchangesofJamaicaandtheRepublicof Trinidad&Tobago OurCompanywas foundedonFebruary14,1922,andisthe parentcompanyofagroupofsubsidiaries operatingmainlyinthefoodandfinancial servicessectors-theGraceKennedyGroup (orGKGroup).

OurGroup’soperationsarestructuredinto twodivisions:

•Food(GKFoods):Ourfooddivisionis engagedinmanufacturing,distribution,and retail WemanufactureGraceandGraceownedbrands,alongwiththird-party brandsatourmanufacturingfacilitiesin JamaicaandtheUK.Wedistributeour GraceandGrace-ownedbrandsthroughout JamaicaandthewiderCaribbean,including BelizeandGuyana,aswellasinCanada,the USA,theUK,andEurope.

InJamaica,wealsodistributeproductsfor severalmajorinternationalfoodbrands,

andweareengagedinretailthroughour supermarketchain.

FinancialServices(GraceKennedy FinancialGroup):Ourfinancialdivision offersarangeofservicesforbusinessesand individualsacrosstheCaribbeanandthe Caribbeandiasporaglobally Itincludes commercialandmerchantbanking; investmentandadvisoryservices;general, creditorlifeandhealthinsurance;insurance brokerage;andmoneyservices,including remittance,cambioandbillpayment services.

OurVision

WehaveboldambitionsforthefutureofGK, andwearecommittedtomakingourvision areality.Our2030visionseesGraceKennedy becomingthenumberoneCaribbeanbrand intheworldwith70%ofourrevenuesand profitsearnedoutsideofJamaica Notwithstandingatoughglobaleconomic climatecharacterisedbyhighinflationand geopoliticalunrest,wemadesignificant stridestowardsachievingthisvisionin2023.

GraceKennedy Limited

Leadership

ProfessorGordonShirleyistheChairmanof GraceKennedyLimitedandGraceKennedy Foods(USA)LLC.Hehasbeenamemberof theBoardofDirectorssince1996and previouslyservedasChairoftheCorporate Governance&NominationCommittee,and amemberoftheAuditCommittee.

ProfessorShirleyiscurrentlythePresident andCEOofthePortAuthorityofJamaica HehasalsoservedasJamaica’s AmbassadortotheUnitedStatesof AmericaandPermanentRepresentativeto theOrganizationofAmericanStatesand hashadadistinguishedacademiccareer atTheUniversityoftheWestIndiesserving astheCarltonAlexanderProfessorof Management,ExecutiveDirectorofthe SchoolofBusinessandasProVice ChancellorandPrincipaloftheMona Campus.

HehasalsoservedastheExecutive ChairmanoftheJamaicaPublicService Companyandhasbeenaboardmember ofseveralpublicandprivatesectorentities.

HeholdsanMBAandaDoctoratein BusinessAdministrationfromHarvard UniversityandaBScinMechanical EngineeringfromTheUniversityoftheWest Indies.

Hehasbeenconferredwiththehonourof theOrderofJamaica.

DonWehby,OJ GroupCEO,GraceKennedyLimited

OnJuly1,2011,Mr DonWehbywas appointedGroupChiefExecutiveOfficerof GraceKennedyLimited Priortothis appointment,Mr.Wehbyheldtheposition ofGroupChiefOperatingOfficerfrom October5,2009.

Mr.WehbyfirstjoinedGraceKennedyLtd. in1995asGroupFinanceManager.

Thefollowingyear,hewasappointed GroupChiefFinancialOfficerandin1999 undertooktheadditionalroleofChief OperatingOfficerfortheFinancialServices Division.Inaddition,hewaschargedwith theresponsibilityforleadingtheGroup’s localandinternationalexpansion especiallyasthisrelatestobanking, investments,andinsuranceservices.He hasdirectedthelistingofthecompanyin Trinidad&Tobago,Barbadosandthe EasternCaribbeanSecuritiesExchange sitedinSt.Kitts.Underhisleadership, GraceKennedyacquired100%ownershipof FirstGlobalBankLtd,nowawhollyowned subsidiaryoftheCompany.

DuringhistenureasChiefOperating OfficeroftheFinancialServicesDivision, thedivision’spre-taxprofitrosefrom$280 millionin2000to$1.417billionin2005,an increaseof406%.

Prof.GordonShirley,OJChairman

Additionally,underhisleadership(as GroupChiefExecutiveOfficer)the GraceKennedyGroupachievedrecording breakingresultsforthefinancialyear endedDecember31,2020.Thisrepresented theCompany’sbestfinancialperformance inits99-yearhistory.

Heisalsoadirectorofseveralof GraceKennedy’sBoardsincluding chairmanofFirstGlobalHoldings,GK Foods&ServicesLimited,GraceKennedy MoneyServicesSRL,CanopyInsurance Limited,KeyInsuranceCompanyLimited andDeputyChairofGrace&Staff CommunityDevelopmentFoundation

Mr.WehbyiscurrentlyNewZealand’s HonoraryConsultoJamaica,followinghis appointmentinSeptember2015.In September2020Mr.Wehbywas reappointedtotheSenateallowinghimto continuehisservicetoJamaicaandhis contributiontonation-building.Mr.Wehby isalsoaformerChairmanofJAMPROa roleheservedinsinceApril2016uptohis resignationinJuly2022

OnOctober16,2017,Mr.Wehbyreceived theOrderofDistinction(Commander Class)forhissterlingcontributiontoboth thepublicandprivatesectors.Heisalso theChairmanoftheFinanceCommission fortheRomanCatholicArchdioceseof Kingstonfollowinghisappointmenton August2019.

AFellowCharteredAccountant,Mr Wehby holdsbothaBachelorofScience(Hons.) andaMasterofSciencedegreein AccountingfromTheUniversityofthe WestIndiesandhascompletedan AdvancedManagementCollege certificatecourseatStanfordUniversity. Mr.Wehbyismarriedwiththreechildren. Heisanavidcricketfanandamemberof theKingstonCricketClub

GraceKennedyisnowaUS$1 billioncompany.

2023wasagoodyearforGraceKennedy Forthefirsttimeinourhistory,wesurpassed theUS$1billionrevenuemark,asignificant milestoneinourjourneytowardsbecoming aUS$2.1billioncompanyby2030.

“Wearechampioningimprovementand innovationacrossourbusiness,andremain dedicatedtoservingtheneedsofour customeratthehigheststandard.”

2023wasayearofsignificantgrowthforGK, markedbyrecord-breakingrevenueof $155.0billion,anincreaseof9.5%or$13.4 billionoverthecorrespondingperiodin2022. Withthisresult,weachievedasignificant milestone,exceedingtheUS$1billion revenuemark,demonstratingprogress towardsour2030visionofbecominga US$2.1billioncompany.

Profitbeforeotherincomewas$7.5billion,a $11billionor179%increasecomparedto prioryear;whileprofitbeforetax(PBT)was $11.4billion,11.0%or$1.1billionhigher.Net profitwas$8.4billion,anincreaseof$0.8 billionor10.0%whencomparedtotheprior year.

Totalassetsgrewby$23.3billionto$219.5 billion,whiletotalliabilitiesgrewby$16.5 billionto$136.2billion.Capitalcomprised shareholders’equityof$79.1billionandnoncontrollinginterestsof$4.2billion,compared to2022,whenshareholders’equitywas$72.6 billionandnon-controllinginterestwas$3.8 billion

Returnonequitywas10.3%,aslight improvementcomparedto2022,while earningspersharegrewfrom$7.11to$7.86.

2023wascharacterizedbyhighinterestrates andhighercostsacrossoursupplychainand distributionchannels.Highglobalinflationalso limitedthedisposableincomeofremittance customersinoursendingmarkets,leadingto reducedforeigncurrencyinflowstoJamaica, whichadverselyimpactedtheperformanceof ourremittancebusiness.Despitechallenges, GKcontinuedtothriveduetoourstrategic diversificationinbothbusinessand geography,resultinginarobustfinancial performance.

GKearnsfromfouroperatingsegments:Food, Banking&Investments,Insurance,andMoney Services.In2023,revenueincreasedacross threeoutoffoursegments,ledbystrong growthinInsurance.OurInsurancesegment sawthebiggestpercentageincreasein revenue,followedbyourBanking& InvestmentsandFoodsegments.

MoneyServicesrecordedadeclineinrevenue. Profitabilityresultsweremixed,withour Insurancesegmentshowingimpressive growthandourFoodsegmentexperiencing solidgains.MoneyServicesandBanking& Investmentsrecordedreducedprofits.

GK’svisionofbeingaglobalconsumergroup includesachieving70%ofourrevenueoutside Jamaicaby2030.In2023,wegenerated42.7% ofourrevenueoutsideJamaica.NorthAmerica accountedfor24.5%ofourtotalrevenue, comparedto26.2%in2022.Europeanmarkets, includingtheUK,contributed11.6%oftotal revenuein2023.

WIOCisanenergycompanywhosecore businessisthestorageanddistributionof petroleumproducts.TheCompany’s dominantmarketpositioninAntiguaand Barbudaanditsstrongretailbaseinthe CommonwealthofDominicaprovidesthe basisforfutureorganicgrowthaswellasthe financialfoundationforacquisitionsand investmentseitherconsistentwithitscore businessorinrenewableenergy opportunities.

WIOCprovidesstorageandancillarymarine servicesandlaboratoryattestationservices tovariousregionalpetroleumproduct suppliersatitsFriarsHillRoadterminalin AntiguaandBarbuda.Thecompanyalso hassignificantrealestatereportedonits BalanceSheetasInvestmentPropertyand PropertyHeldforDevelopmentandSale In addition,thecompanyisthesoleimporter anddistributorofgasoline,diesel,jetfuel, liquifiedpetroleumgas(LPG),andheavy fueloiltotheAntiguaandBarbudamarket. Italsohasthelargestretaildistribution networkforgasolineanddieselinDominica.

Therevenuegeneratingstorageand ancillarymarineandlabattestation services;andthesalesanddistribution segmentsaresupportedbycorporate servicescomprisingexecutive administration,humanresources,finance, informationtechnology,marketingand procurementdepartments.Engineering, maintenanceandterminaloperationsalso supporttherevenuegeneratingbusiness segments.

RaúlLicausi,Chairman

ChairmanRaulLiCausiistheDeputy ForeignMinistertoCaricomforthe governmentofVenezuela.Hehasa numberofyearsofseniordiplomatic experienceandbringsthegreatwealthof hisextensivenetworkofcontactswith influentialregionalpoliticalandbusiness leaderstohisrole.Hehasdone undergraduateandpostgraduatestudies inInternationalAffairsandHumanRights HealsoholdsadiplomainFrenchfrom theAllianceFrancaiseDeRouen, Normandie,France.

Mr.GregoryFGeorges,

ChiefExecutiveOfficer

GregoryF.GeorgeswasappointedChief ExecutiveOfficer(CEO)ofWIOCwith effectfromNovember1,2014 Priortothis, heservedastheCompany’sChief FinancialOfficerfromSeptember2004.

HehasbeenassociatedwithWIOCforover twentyyearsashewaspartofa professionalteamthatprovidedauditand consultingservicestoWIOC.

Mr.Georgesisresponsibleforleadingthe teaminthedeliveryofWIOC’sstrategic plan,buildingcapacityandrealising profitablegrowth.Hisfinancialacumen, resultsorientedapproach,andabilityto thinkstrategicallyplaysapivotalrole buildingonWIOC’slegacyandextending trackrecordofinnovation,whilecontinuing toaddvaluetoallWIOC’sstakeholders.

SincehisappointmentasCEO,Gregoryhas successfullyledthetransformationofWIOC fromacompanywhosecorebusinesshas beenthedomesticsupplyofpetroleum productsinaregulatedpricing environmenttoanincreasinglymore diversifiedbusinesswiththeprovisionof clientservicesplayingamuchlargerrolein theCompany’srevenuebaseand profitability.

Hehasatrackrecordofstrongtechnical capabilityandleadershipbothinsideand outsideofWIOC.Healsocommandsa wealthofknowledgeandexperienceinthe petroleumindustry.HeisaChartered ProfessionalAccountant(CPA)

Therehasbeencontinuedstronginterestin theWIOCshareontheEasternCaribbean SecuritiesExchange(ECSE)fromretail investors.Thisisapowerfulendorsementof theCompany’sperformance,andweare mindfulofourobligationtomeetthe expectationsofourinvestors.

Thecompany’ssuccessisdependenton ourrelationshipswithkeybusinesspartners whoareintegraltoouroperationsandare valuedcustomers.Therelationshipswith ourstorageclients,inventorysuppliers, customersandoperationspartnersrequire consistentfocus

SteadfastAndSuccessful StewardshipOfTheCompany During2023.

FESCOisadistributorofPetroleumproducts, includingbutnotlimitedtotransportation fuelsandLPG{undertheFESGAS™brand}, Petroleumequipmentandtechnologies, Lubricants,ChemicalsandPurifieddrinking water.Wedistributeourproductsand servicestoagrowingnetworkofdealer ownedservicestations,dealerownedLPG fillingplantsanddepots,commercial customersandretailcustomers.

Lyden“Trevor”Heaven Chairman

Mr.LydenD.“Trevor”Heavenisagraduateof TheUniversityofReadingandaChartered ElectricalEngineerbyprofession,with extensiveexperienceinthebauxite/alumina industry Hehasbeeninthepetroleum industryasafranchiseoperatorsince1988

Mr.Heaveniscurrentlytheowner/operator ofHeaven’sFESCO’sDODOinMandeville.He isatwo-timePastPresidentoftheJamaica GasolineRetailersAssociation(JGRA) Mr HeavenisaJusticeofthePeace,serving currentlyasVicePresidentofTheLay MagistratesAssociationofJamaicaanda RotaryPastPresidentandDistrictChair.

HecurrentlyservesasChairmanof CornerstoneTrustandMerchantBank (CTMB),ChairmanoftheCreditandAudit CommitteesforCTMB,PresidentoftheLay MagistrateAssociationofJamaicaand severalothercorporateandschoolboards.

JeremyBarnes ManagingDirector

Mr.JeremyBarnesisaseniorexecutive withextensiveexperienceinoperations management,financialanalysisand financialmanagement

Hehasovertwenty(20)yearsofexperience inthefueltrade,holdingpositionsofdealer andmanagingdirectorpriortohis engagementatFESCO.HeholdsaMasterof BusinessAdministrationfromtheMona SchoolofBusiness,UniversityoftheWest IndiesandaBachelorofBusiness AdministrationinFinancefromtheZicklin SchoolofBusinessBaruchCollegeinNew YorkCity,U.S.AwherehegraduatedSumma CumLaudeandwastherecipientofthe IrvineFrommeacademicScholarshipfor InternationalFinance.

MrBarnesisaformerchieffinancialofficer andchiefoperatingofficerofMarathon InsuranceBrokersandFederalCapitalGroup Limited.

Fortheyear,theCompanywasableto achieveitsmaintargetsto:

1 CreatebrandawarenessforFESGAS™and establishanaccretiveandsustainableLPG business;

2.Increaseitsservicestationnetwork footprintandincreasefuelsalesmeasured inlitres;

3.Increaseprofitability,specificallyasit relatestooperatingprofit(EBIT)and operatingcashflow(EBITDA)andTotal ComprehensiveProfit

4 Executesignificantcapitalexpenditure (CAPEX),whichdoesnotyetreflectinsales orprofit,whichweforecastwillgenerate substantialandsustainablereturnsinthe mediumterm;whilstcurrentlygenerating ROEaftertaxof53.7%.

5.Continueandexpandourcommunity outreachprogrammesandsocialinitiatives

InrelationtoFESGAS™,theCompanywas abletoestablishLPGfillingplants, distribution,andcreatebrandawareness andsuccessfullycapture5.5%oftheLPG marketinDecember2023.TheCompanyis pleasedwithitsentryandgrowththusfar, andiscommittedtodevelopingaleading LPGbusiness

TheCompanyisawareofthecompetitive forceswithintheindustryandthe requirementtocontinuouslyinvestin capacitytofacilitatefurthergrowth.

TheCompanyhaditsbestyearwith regardtosalesinlitresoftransportation fuels TheCompanywasabletoachieve salesof120million+litresforthecalendar yearendingDecember2023whichreflects 18.9%growthand9.5%shareofmarket basedonpublisheddatabytheMinistryof Energyfor87,90,ADOandULSDforthe calendaryearendedDecember2023.

TheCompanywasabletoopenthree(3) newFESCOservicestations,FESCO Maypen,FESCOKitsonTownandFESCO PortMariawhichcontributed,inpart,tothe growthexperienced

WearepleasedtoreportthattheCompany hasachieveditsbestyeartodateasitrelates to grossprofit(J$1,387,005,451,up56.2%or J$499.2million),

Operatingprofit(EBIT)(J$594.7million,up 5.0%fromJ$566.4million),

Earningsbeforeinterest,taxes,depreciation andamortization(EBITDA)(J$778.7million up308%orJ$1833million),

TotalcomprehensiveincomeofJ$956.0 million,up67.3%orJ$384.7millionand

Shareholder’sequityofJ$2.3billionasat March2024isup73.4%orJ$956.0million yearoveryearfromJ$1.3billionasatMarch 2023,whichismorethanseventimes(7X) theCompany’sshareholder’sequityof J$318.4millionasatMarch2021.

TheCompanyhaditsbestyearwithregardto TotalComprehensiveincome.Total ComprehensiveIncomeofJ$956.0millionfor theyearcomprisedofNetprofitaftertax (NPAT)ofJ$4108millionandasurplusonthe revaluationofrealestateofJ$545.2million.

Netprofitslipped28.1%orJ$160.4millionyear overyearfromtheCompany’srecordnetprofit achievedlastyearofJ$5713million

TheslippageinNetprofitreflectsa significantincreaseyearoveryearfor:

1.Interestexpense(net)+J$163.6 million;

2.Depreciation+J$145.1millionand;

3.Advertisingexpense+J$31.1million.

4.Taxation(deferredtax)+UpJ$25.2 million

TheCompanywasalsoabletoacquire bothLPGandservicestationassets whichwebelievewillfacilitategrowthin themediumandlongtermforthe Company.

Theincreaseininterestexpense, depreciationandadvertising,inthe main,isreflectiveofandisattributable toourmediumtolong-termvisionto expandournetworkfootprint,our expansionintoLPGdistributionandto increasebrandawarenessforboth FESCOandFESGAS.

ThePrincipalActivitiesofBanksDIH Limited(Group)arebrewing,blending, bottlingandwholesalemarketingof beers,wines,liquors,andassorted beverages;theprocessingoffooditems; theoperationofrestaurants,bars, laundryservices,hotel;theoperationof commercialbanking;transportationand alternativeenergyproductsandservices.

On18thJanuary,2023theDirectors incorporatedaHoldingCompanybythe nameofBanksDIHHoldingsInc. (“BDIHHI”).ThepurposeofBDIHHIisto createanewcorporatestructureforthe BanksDIHGroupofCompanies,which wouldfacilitatetheentryintonew activitiesarisingfromthepresentrapid economicdevelopmentinGuyana.

Thisstepwastakenpursuanttotheadvice ofthereputableaccountingfirmBDO, whichoperatesinmanycountriesinthe WesternWorldandhasaBranchOfficein St.Lucia.

Leadership

CliffordBarringtonReis,C.C.H., Chairman/ManagingDirector

BanksDIHLimitedisamulti-billion-dollar companyheadedbyMr.CliffordBarrington Reis,CCH,whowasappointed Chairman/ManagingDirectorafterthe deathofMr.PeterS.D’Aguiarthereby heraldingthedawnofanewerainthe company 'shistory

CliffordBarringtonReis,isregardedasa veteranbusinessexecutivewhohasbeen responsibleforthestewardshipoflocal bottlinggiantsBanksDIHLimitedforthepast 29yearsasChairman/ManagingDirector.

Mr.CliffordReis'managementstylecouldbe describedas"hands-on"andmanages throughconsultation,helpandadvicefrom theDirectors,ExecutiveBoardMembersand theWorkerManagementParticipationBoard (WMPB) Hebelievesthatbusinessmust beundertakenwithasenseofurgencyand gettingqualityresultsisoftheutmost importance.

BuildingResilienceThrough People,Products,andProcesses: AStrategyforSustainableand EfficientManufacturing RevenueandProfits

TheoverallperformanceoftheGroup improvedbyrecordingaProfitbeforeTaxof $14.509billioncomparedto$13.398billionin 2022,anincreaseof$1.111billionor8.29%. ProfitafterTaxfortheGroupattributableto ShareholdersoftheParentCompany increasedfrom$8.395billionto$8.970 billion,anincreaseof$575.0millionor6.8%.

RevenuegeneratedbytheCompanywas $44048billioncomparedto$39653billion in2022,anincreaseof$4.395billionor11.1%.

TheProfitbeforeTaxfortheCompanywas $11.393billioncomparedto$10.506billion achievedin2022,anincreaseof$887.0 millionor8.4%whiletheProfitafterTax increasedfrom$7.589billionto$8.129billion by$540.0millionor7.1%.

ThecomplexityoftheBusinessEnvironment isescalatingrapidly Inthewakeofthe ongoingGlobalrecoveryfromtheCOVID-19 pandemicin2023,wehaveencountered furtherchallengesintheGlobalLandscape impactingouroperations.

Ourstrategywascenteredaroundour EmployeesandCustomerstodrive SustainableSolutionsandbuildResilience inourManufacturingProcesses, maintainingtheproductionofHighQuality ProductsandEfficiencyinOperations.

TheCompanycontinuedtomakeCapital InvestmentsinPlant,Machinery,and Equipmentinordertostrengthenlong-term development,bolsterourmanufacturing capacity,andimprovetheoperational efficiency CapitalExpenditure

Capitalworkswerecompletedwiththe acquisitionofa120HLBrewHouseto enhancethebrewingcapacityofourMalt Products.

TherewastheacquisitionofaBlowMoulder, ConveyorsandPuncheonsfortheRum Division,aswellasanew on-lineBlowMoulderfortheSoftDrinkPlant.

TheFoodDivisionwasenhancedwith PackagingEquipment,SpiralMixers,Bag SealingUnit,ConicalRounderand TemperatureControlEquipment.

TheUtilityServicesAreaswithinthe CompanywhichincludeThirstParkWater Well,CO2Plant,CentralQualityLab, RefrigerationandMaterialHandlingwereall upgradedwithnewequipment.

ThePowerGenerationPlantwasupgraded withnewSwitchGears,theoverhaulof GeneratorsandtheinstallationofAlternative PowerEquipment.

SeveralofourLandHoldingsandBuildings wereupgradedincludingtheBerbiceBranch Bond,SpecialEventsOutletandtheLinden Branch.Constructionworkscontinuedonthe ElevatedCarParkingFacilities.

Duringtheyear,theCompanyacquiredforty (40)acresofLandforthepurposeoffuture developmentandexpansion

Inourquesttodeliverproductsto Customers,theTransportandDistribution Fleetwasboostedwiththeacquisitionof newTrucksandForklifts.

HundredsofCustomersintheMomandPop shops,SupermarketsandGroceryStores andseveralOfficesandMinistrieswere suppliedwithCoolers,FreezersandWater Dispensers.

TheInformation,Communicationand Technology(ICT)Departmentwasupgraded withnewComputersandPowerSolutions.

Weareoneofthelargestregionallylisted financialservicesinstitutionsintheEnglish andDutchspeakingCaribbean,withUS$13 billioninassetsandmarketcapitalizationof US$16billion

Leadership

Wealsohavearepresentativeofficein HongKongthatprovidesbusiness developmentandrelationship managementforourfundadministration.

Thefaceofbankingischangingthroughout theworldandCIBCFirstCaribbeanintends toleadthesechangeswiththeexpertise, integrityandknowledgegainedfrom bankingintheCaribbeansince1836.

BrianMcDonough ChairoftheBoard

BrianwaspreviouslytheExecutive Vice-President,CROGlobalCreditRisk Management,attheBank’sparentcompany, CIBC.HeledCIBC’sCorporateand CommercialAdjudicationgloballyandwas responsibleforassessment,adjudicationand monitoringofcreditriskinWholesaleBanking andCommercialBankingforCIBC.

BrianjoinedCIBCin1983,hasheldvarious seniorpositionsinRiskManagement,andwas appointedtothepositionofExecutiveVicePresident,WholesaleCreditandInvestment RiskManagementinJuly2008.

HeisagraduateofMcGillUniversity,University ofAlbertaandUniversityofToronto

MarkSt.Hill ChiefExecutiveOfficer

Priortothis,Markwasappointed ManagingDirector,Retail&Business BankinginMay2013wherehehad responsibilityforthedevelopmentand growthofCIBCFirstCaribbean’sRetail& BusinessBankingoperationsincluding theBank’scardsissuingbusiness.

PrevioustohisappointmentasManaging Director,Retail&BusinessBanking,Mark wastheBarbadosCountryManagerand ManagingDirectorofCIBC FirstCaribbean’sBarbadosOperating Company.Previoustothathewasthe Director,InternationalBankingwith responsibilityfortheleadershipand developmentoftheInternationalBanking (Personal&Corporate)offeringacross thesixcentersinTheBahamas, Barbados,BritishVirginIslands,Cayman, CuracaoandTurksandCaicosIslands.

Anexperiencedbankerwith33yearsin variouspositionsspanningInsurance Brokerage,RetailBanking,Corporate Banking,CreditRisk,International BankingandWealthManagement,Mark hasalsoheldseniormanagement positionsinseveralcountriesinthe CaribbeansuchasGrenada,BritishVirgin IslandsandBarbados.

MarkisaFellowoftheBritishInstituteof CharteredSecretariesandAdministrators, agraduateoftheFirstCaribbean ExecutiveLeadershipProgramwith

WhartonBusinessSchoolandhasalso completedtheMaster’sCertificateProgram inFinancialServicesLeadershipin conjunctionwithSchulichSchoolof BusinessandCIBC HeisalsothePresident oftheBarbadosHockeyFederation

TransformingItselfIntoThe Region’sPremierMulti-Channel FinancialServicesInstitution

continuedtoexecuteourclient-centric strategyfocusedondeepeningclient relationships,enhancingourdigital bankingofferings,simplifyingoperations andinvestinginourpeople Ourstrategic investmentsarecreatingastrong foundationforfuturegrowthand optimizationofresourcesacrossour strategicbusinesssegments.

Today,itsoperationalsuccessand achievementsaretobecelebrated,while lookingforwardtothenextexcitingphase.

Thedivestitureswhichthebankhas completedinthepastyear,withsalesofits assetsinSt.VincentandGrenadatoBankof St.Vincent&GrenadinesandGrenada CooperativeBankLimitedrespectively,andits exitfromDominica,arepartoftheBank’s revisedfocuson10keymarkets,whichwill helpittoachieveitsstatedgoalofproviding bankingservicetoitsclientsinavarietyof formats,fromcreativedigitalsolutionsvia mobiledevices,toinbranchclientservice andfinancialadvice. 2023hasseensignificantchangeforCIBC FirstCaribbean Ourbankhasdeliveredon itsstrategyoftransformingitselfintothe region’spremiermulti-channelfinancial servicesinstitution,asitpreparesitselffor growthinthecomingyears.

TheBankdeliveredastrongfinancial performanceforthefiscalyearaswe

FortheyearendedOctober31,2023,the Bankreportednetincomeof$269.9million, up$93.5millionor53%fromtheprioryear’s netincomeof$176.4million.Adjustednet incomewas$267.0million,afterexcluding netgainsof$2.9millionrelatedtothe previouslyannounceddivestitures comparedwithadjustednetincome1of $1869millionattheendof2022

In2024,asofterpaceforeconomicgrowth andsustainedinflationlevelsarelikelyto havebroadimplicationsacrossour strategicbusinessunits.However,even withsomefluidityintheeconomicoutlook, weareconfidentwecanbuildonour momentumanddrivestrategiclong-term growth. Theyear’ssignificantlyimprovedresults werelargelyduetotherevenueupliftfrom higherUSbenchmarkinterestratesinour primaryUSdollardenominatedoperating companiesintheBahamasandthe CaymanIslands.Astheregionaleconomies continuedtorecoverfromtheaftermathof theCOVID-19pandemic,transaction-based operatingincomereturnedtonormalized levels,improvingovertheyear.

ThefutureofOOHadvertisingliesintheabilitytoadapt, personalize,andengagewithconsumersininnovativeways. BlackTone’sOOHAdvertisingandScreensolutionsrepresenta significantleapforwardinachievingthesegoals,offeringan unparalleledopportunitytoconnectwithaudiencesonthego.

RepublicFinancialHoldingsLimited(RFHL) istheregisteredownerofalloftheBanksin theRepublicGroup–RepublicBank Limited,RepublicBank(Guyana)Limited, RepublicBank(Barbados)Limited, RepublicBank(Grenada)Limited,Republic Bank(StMaarten)N.V.,RepublicBank(EC) Limited,RepublicBank(Anguilla)Limited, RepublicBank(Suriname)N.V,Republic Bank(Cayman)Limited,RepublicBank (Ghana)Plc.,RepublicBank(BVI),Cayman NationalCorporationaswellasRepublic WealthManagementLimitedandother subsidiaries.

Inkeepingwithinternationalbestpractice, thisholdingcompanywasformedwiththe aimofofferingincreasedoperational efficienciesandoptimummanagementof theGroup;ultimatelyleadingtogreater valueforourshareholdersandclients whileenablinggreaterstrategicfocusand diversification. RepublicFinancialHoldingsLimited

Leadership

VincentA.Pereira, Chairman

VincentA.Pereiraisanaccomplished petroleumengineerwithmorethan35 yearsintheenergysector,

bringingextensiveleadershipand technicalexpertisetohisroleasChairman ofRFHL.Hiscareerincludessignificant achievementsinbothTrinidadand TobagoandtheUnitedStates,witha strongbackgroundinoperational excellenceandstrategicdevelopment.

Mr.PereiraisaformerPresidentofBHP TrinidadandTobago,wherehewas instrumentalinachievingvalue-based growth,overseeingmajoroffshore developments,andspearheading explorationeffortsindeepwaterfrontier basins Hisinfluenceextendstoindustry governance,havingservedasaDirector oftheEnergyChamberofTrinidadand TobagoandasaGovernorontheBoardof theNationalEnergySkillsCentre.

EducationandCredentials

BachelorofScienceinChemistry, UniversityofGuelph

MasterofBusinessAdministration(MBA), HoustonBaptistUniversity

DiplomainPetroleumEngineering, UniversityoftheWestIndies

NigelM.Baptiste,

GroupPresidentandChief ExecutiveOfficer

NigelM.Baptistehasdedicatedover30 yearstothebankingsector,contributing toRepublicBankLimited'sgrowthand innovation.Appointedin2016,Mr. Baptiste'stenureasGroupPresidentand CEOismarkedbyhiscommitmentto strengtheningRepublic’sleadership positionintheCaribbeanfinancialmarket Hisextensiveexperienceencompasses keyroles,includingManagingDirectorof RepublicBankLimitedandRepublicBank (Guyana)LimitedandservingasGeneral ManagerofHumanResources.

Mr.Baptiste’sstrategicvisionhaspositioned RFHLforsustainablegrowthandmarket responsiveness.Healsochampions operationalexcellenceacrossmultiple subsidiaries,aligningthegroup’sstrategic initiativeswitheconomicdevelopmentgoals acrosstheCaribbean

EducationandCredentials

BachelorofScience(Honours)inEconomics, UniversityoftheWestIndies

MasterofScienceinEconomics, UniversityoftheWestIndies

AdvancedManagementProgram, HarvardBusinessSchool

DiplomawithDistinction, ABAStonierGraduateSchoolofBanking AssociateoftheCharteredInstituteofBankers “TheRepublicGrouphasbeencompetitive inthepursuitofserviceexcellenceand nation-buildingformorethan186years.”

RepublicFinancialHoldingsIsA DrivingForceAndAgencyFor Change Workingcloselywithmanytohelpbuild successfulpeopleandsustainablesocieties, theGroupstrivestogobeyondthe boundaryastheonetrueindigenousteam thathasstoodthetestoftimeinefficiently deliveringservicetoourclients, stakeholders,andcommunitiesinthe Caribbean,SouthAmericaandGhana.

Ineveryfield,everytimewebat,westride forwardconfidentlywitheyesfixedon hittingourgoals.Aswefocusonunlocking thetruestpotentialofourPeople,Planet, ProgressandCommunities,weare determined,compassionateandstrategic inourapproachinseizingopportunitiesand facingchallengesheadon

Unifiedinthispurpose,theRepublicGroup continuestobeadrivingforceandagency forchangeinthemarketsweserve,working togetherasonetobringourstakeholders andourpeople,leading-edgesolutionsto fulfiltheirneedsandachievetheirgoals.

Asateam,wewillcontinuetocheerfor,and empower,manyinbringingouttheirbest. AsaGroup,wewillendeavourtocreate sustainability,promoteequity,andnurture thetalentsofourpeopleandcommunities whereverwechannelourresources.

RepublicFinancialHoldingsLimited(RFHL) recordedaprofitattributabletoequity holdersoftheparentof$1.75billionforthe yearendedSeptember30,2023,anincrease of$224.0millionor14.7percentoverthe profitof$1.53billionreportedintheprior year.

Theseresultsareacombinationofthe returnsfromtheGroup’sadvancesand investmentportfolios,andreducedcredit lossexpenses.

Basedontheseresults,theBoardofDirectors declaredafinaldividendof$410pershare fortheyearendedSeptember30,2023.

Whencombinedwiththeinterimdividend of$1.10pershare,thisbringsthetotal dividendfortheyearto$5.20pershare, anincreaseof$0.70or15.6percentover theamountdeclaredfor2022.Atashare priceof$121.02asatSeptember30,2023, thisresultsinadividendyieldof4.3 percentonanRFHLshare.TheGroup earnednetinterestincomeof$47billion foryearendedSeptember30,2023,an increaseof$526millionor12.7percent abovetheprioryear.

Averagetotalassetsincreasedby$1.9 billionor1.7percentinthefiscal,withthe netinterestmarginincreasingfrom3.76 percentin2022to4.17percentin2023.

•InTrinidadandTobago(T&T),net interestincomegrewby$142million, beingthenetimpactofincreasesin interestincomeandinterestexpenseof $210millionand$68millionrespectively. Theincreaseininterestincomewas generatedprimarilyfromthegrowthin theadvancesportfolio,coupledwith higherinterestratesonUnitedStates dollars(USD)denominatedinvestments. The$68millionincreaseininterest expensestemmedfromgrowthinthe depositportfolioandhigherinterestrates ontheUS$150millionfloatingratedebt.

*InBarbados,netinterestincomegrewby $5million,thenetresultofa$3million increaseininterestincomeanda$2million declineininterestexpense.The$5million growthininterestincomewastheresultof increasedportfoliosforadvancesand investmentsecurities,whilethedecreased interestexpensewasduetoadeclineinthe depositportfolioofRepublicBank (Barbados)Limited

•TheCaymanIslandsrecordedincreased netinterestincomeof$247million,thenet effectofincreasesininterestincomeof$352 millionand$105millionininterestexpense.

Theincreasesweretheresultofincreased yieldsonUSDinvestmentsecuritiesand customerdepositsintheCaymanIslands market.

InSuriname,theincreaseof$40million wastheneteffectofanincreaseininterest incomeof$37millionanda$3million declineininterestexpense.Theincreasein interestincomewasduetogrowthinthe advancesandinvestmentportfolios,while thedecreasedinterestexpensewasa resultofareductionindepositrates

InGhana,the$40milliondecreaseinnet interestincomeresultedfromadeclinein interestincomeof$5millionandincreased interestexpenseof$35million.Thisdecline wasmainlyduetoareductioninaverage interestratesforadvancesandthe depreciationintheCediexchangerate duringtheyear.Theincreasedinterest expenseresultedfromincreasedinterest ratesinadditiontoanincreasedcustomer depositportfolio

IntheBritishVirginIslands(BVI),the increaseof$9millioninnetinterestincome wasduetoincreasesininterestincome andinterestexpenseby$20millionand$11 millionrespectively.

Increasedyieldsonadvances,investments andcustomerdepositsaccountedforthe increasedincomeandexpense.

Theincreaseinprofitabilityin2023is reflectedintheriseinmostkeyratiosin 2023,withtheReturnonAverageAssets (ROA)ratioincreasingfrom153percent in2022to1.73percentin2023,andthe ReturnonAverageEquity(ROE)ratio increasingfrom12.73percentin2022to 13.87percentin2023.

Dividends

TheBoardofDirectorsdeclaredafinal dividendof$4.10(2022:$3.45)per share,whichbringsthetotaldividendto $5.20(2022:$4.50)pershareforthe fiscalyear,anincreaseof15.6percentor $0.70intotaldividendpaymentover 2022.Ataclosingsharepriceof$121.02, thisdividendrepresentsadividendyield of430percent(2022:321percent)

TheGroup’scapitaladequacyratios acrossallcountriesandatthe consolidatedlevelremainsquiterobust. Thefinaldividendwaspaidon December1,2023,toallshareholdersof recordonNovember16,2023.

RepublicFinancialHoldingsLimited

MassyHoldingsLimited

FirstCitizensBankLimited

GuardianHoldingsLimited

ScotiabankTrinidad&TobagoLimited

ANSAMcAILimited

Agostini’sLimited

TheWestIndianTobaccoCompanyLimited

TrinidadCementLimited

AngosturaHoldingsLimited

ANSAMerchantBankLimited(Group)

PrestigeHoldingsLimited

PLIPDECOLimited***

EndeavourHoldingsLimited

NationalFlourMillsLimited

OneCaribbeanMediaLimited

UnileverCaribbeanLimited

LJWilliamsLimited

CinemaONELimited

GuardianMediaLimited

NationalEnterpriseLimited

TrinidadandTobagoNGLLimited

2023hasseensignificantchangeforCIBCFirstCaribbean.Ourbankhasdelivered onitsstrategyoftransformingitselfintotheregion’spremiermulti-channel financialservicesinstitution,asitpreparesitselfforgrowthinthecomingyears.

Today,itsoperationalsuccessandachievementsaretobecelebrated,while lookingforwardtothenextexcitingphase.Thedivestitureswhichthebankhas completedinthepastyear,withsalesofitsassetsinSt.VincentandGrenadato BankofSt Vincent&GrenadinesandGrenadaCo-operativeBankLimited respectively,anditsexitfromDominica,arepartoftheBank’srevisedfocuson10 keymarkets,whichwillhelpittoachieveitsstatedgoalofprovidingbanking servicetoitsclientsinavarietyofformats,fromcreativedigitalsolutionsvia mobiledevices,toinbranchclientserviceandfinancialadvice.

Yourboardisfullysupportiveofthese plans,asitbelievesthefocusingonour 10keymarketsrepresentsthebestway forwardtoachieveourlong-term growthandsuccessofourBank.

TheBankdeliveredastrongfinancial performanceforthefiscalyearaswe continuedtoexecuteourclient-centric strategyfocusedondeepeningclient relationships,enhancingourdigital bankingofferings,simplifying operationsandinvestinginourpeople. Ourstrategicinvestmentsarecreatinga strongfoundationforfuturegrowthand optimizationofresourcesacrossour strategicbusinesssegments.

FortheyearendedOctober31,2023,the Bankreportednetincomeof$269.9 million,up$93.5millionor53%fromthe prioryear’snetincomeof$176.4million. Adjustednetincomewas$267.0 million,afterexcludingnetgainsof$2.9 millionrelatedtothepreviously announceddivestiturescomparedwith adjustednetincome1of$186.9million attheendof2022.

Theyear’ssignificantlyimproved resultswerelargelyduetotherevenue upliftfromhigherUSbenchmark interestratesinourprimaryUSdollar denominatedoperatingcompaniesin theBahamasandtheCaymanIslands. Astheregionaleconomiescontinuedto recoverfromtheaftermathofthe COVID-19pandemic,transactionbasedoperatingincomereturnedto normalizedlevels,improvingoverthe year.

Whilethehighinterestrate environmenthasimprovedmarginsin 2023,loangrowthhasbeenmoderate inlinewithcostlierdebtandclients’ debtmanagementstrategies.Deposit growthhasalsoslowed,assomeclient inflowshavebeendirectedtowards alternateinvestmentproductsordebt repayment.In2024,asofterpacefor economicgrowthandsustained inflationlevelsarelikelytohavebroad implicationsacrossourstrategic businessunits.However,evenwith somefluidityintheeconomicoutlook, weareconfidentwecanbuildonour momentumanddrivestrategiclongtermgrowth.

MarkSt.Hill, ChiefExecutiveOfficer

ScotiaGroupJamaica

JamaicaProducersGroupLimited

NCBFinancialGroupLtd

SagicorGroupJamaicaLimited

JMMBGroupLimited

GraceKennedyLimited

CaribCementCompanyLimited

WisyncoGroupLimited

SeprodLimited

TransJamaicanHighwayLimited

PanJamaicaGroupLimited

CarrerasLimited

BaritaInvestmentsLimited

KingstonWharvesLimited

JamaicaBroilersGroupLimited

SupremeVenturesLimited

LascoManufacturingLimited

StanleyMottaLimited

PulseInvestmentsLimited

LascoDistributors Limited

CaribbeanProducersJamaicaLimited(Group)

SygnusCreditInvestmentsLimited MayberryGroupLimited WigtonWindfarmLimited

KingstonPropertiesLimited-Group GeneralAccidentInsuranceCoJa EppleyLimited

138StudentLivingJamiacaLimited

MPCCaribbeanCleanEnergy

PalaceAmusementCompany(1921)Limited

SygnusRealEstateFinance-Group

VictoriaMutualInvestmentsLimited-Group

SaladaFoodsJamaicaLimited

SteringInvestmentsLImited

ScotiaGroup,establishedin1889and headquarteredinKingstonisoneofthe largestbankingandfinancialservice organizationsinJamaica,withassetsin excessof$664billion.Weofferadiversified rangeoftailoredfinancialsolutionsthrough oursubsidiariestoawiderangeof corporations,governments,institutions,and individualclientsacrossallsectorswithin theJamaicaneconomy,supportedbya networkof28branches,292ATMs,1,485 teammembersandabest-in-classdigital bankingplatform.

ScotiaGrouphasdelivered134yearsof unbrokenindustry-leadingserviceto Jamaicaandcontinuestofocusonevolving bybuildingonourclientfirststrategyin Jamaicaaswecontinuetoleverageour strength,experience,resilienceandexecute onourstrategicplanstosupportclients’ financialwell-beingandhelpthemplanfor thefuture.

Leadership AnyaSchnoor ChairoftheBoardofDirectors

AnyaSchnoorwasappointedChairof ScotiaGroupJamaicaLimitedeffective December10,2022.Shehasbeenthe ExecutiveVicePresident,Caribbean, CentralAmerica&Uruguayfor InternationalBankingsinceOctober2020

Inthisrole,Anyaleadsthedevelopmentof theoverallstrategicdirectionfortheBank’s personal,commercial,corporate,wealth, andinsuranceoperationsintheregions.

AnyajoinedScotiabankinJamaicain2006,

ScotiaGroupJamaicaLtd.

andhasheldprogressivelyseniorroles acrossthebank,includinghermostrecent roleastheExecutiveVicePresident,Retail ProductsinCanadianBanking.Her experienceinthefinancialservicessector intheCaribbeanspansmorethan30 yearsintheareasofwealthmanagement, insuranceandbanking.

Sheiswidely-recognizedasastrong businessleaderintheCaribbeanregion, receivingtheCaribbeanLuminaryAwardin 2019bytheAmericanFoundationforThe UniversityoftheWestIndiesforher contributionsinthebusinesscommunity.

SheisalsoamemberoftheInternational Women’sForum(IWF),anorganization dedicatedtosupportingthenext generationofwomenleaders.

Ms SchnoorholdsaMasterofBusiness AdministrationfromBarryUniversityanda BachelorofBusinessAdministrationin FinanceandInternationalBusinessfrom FloridaInternationalUniversity.

AudreyTugwellHenry PresidentandChiefExecutiveOfficer

AudreyTugwellHenryisthePresident& CEO,ScotiaGroupJamaicaLimitedsince January1,2021.Shehasbeenemployedto Scotiabankforacollectiveperiodof14 yearsinexecutivepositions.Audreyjoined ScotiabankinMay2000toMay2008and againinSeptember2017astheExecutive VicePresident,RetailandSmallBusiness Banking,CaribbeanNorth&Central.

Audreyhasacombined36yearsof experienceinbankingwith21yearsatthe executivelevelandaproventrackrecord leadingbusinesseswithintheFinancial ServicesIndustry.

Sheispassionateaboutwomen empowerment,diversityandinclusion. Audreyspearheadedthelaunchofthe ScotiabankWomenInitiativeinJamaica,a programsupportingwomen-ledand women-ownedbusinesses Sheisamember oftheScotiabankInternationalBanking InclusionCouncilandunderherleadership, theCaribbeanInclusionCouncilwas establishedwithrepresentativesfrom acrosstheCaribbean.

Additionally,sheplacesmuchofherfocus onthedevelopmentoftalentandprovides guidanceandcoachingthroughthe ScotiabankCaribbeanNetwork’sMentorship Program,aswellasdirectcoaching.Sheis alsoamemberoftheInternationalWomen’s Forum(IWF),anorganizationdedicatedto supportingthenextgenerationofwomen leaders.

OutsideoftheScotiaGroup,Audreyisthe PresidentoftheJamaicaBankers’ Association,appointedinOctober2023,and alsoservesontheboardoftheMonaSchool ofBusinessandManagement.

ShehasaDiplomainEducationfromChurch Teachers’College,Mandeville,aBachelorof SciencedegreeinManagementStudies fromtheUniversityoftheWestIndiesanda MasterofBusinessAdministration.

TheBusinessHasYieldedStellar ResultsForThePastFiscalYearBusinessPerformanceHighlights

Ourstrongperformancefortheyearyielded areturnonaverageequityof1515%versus 9.43%intheprioryear,amarked improvementof5.72%.

Ourassetbasegrewby$70.3billionor12% to$664.7billionasattheendofthefiscal yearandwasunderpinnedbytheexcellent performanceofourloanportfolio. Shareholders’equityavailabletocommon shareholdersincreasedby$20.2billionor 19%whencomparedtoOctober2022.

Wecontinuetomaintainstrongcapital adequacy,exceedingregulatorycapital requirementsinallourbusinesslines,and ourstrongcapitalpositionalsoenablesus tocapitalizeonanygrowthopportunities whichemergeinthemarket.

Eachbusinesslinemadestrong contributionstotheoverallresultsaswe offerclientsacomprehensivesuiteof financialservices.Ourdepositbook continuestogrowasclientschooseusto managetheirfinances

Totaldepositsgrewby12%whencompared withthepreviousyearwhiletotalloans increasedby14.6%yearoveryear.

Inourretailbusiness,wecontinuetosee significantgrowthinmortgageswhich increasedby25%whencomparedwith prioryear Thiscontinuedgrowthis indicativeofthedemandinthemarket,our competitiveratesaswellasourvery streamlinedmortgageprocess. Commercialbankingalsodelivered outstandingresultswithcommercialloans increasingoverprioryearby12%.

Ourrelationshipmanagershave consistentlydeliveredpositiveresultsby understandingtheneedsofourbusiness clientsandprovidingsolutionstofacilitate theirgrowthanddevelopment

Aswecontinuetopromoteabalanced financialportfolio,ourwealthandinsurance businessescontinuetoofferrealvaluetoour clients.Thisyear,were-affirmedthe importanceofadequateprotectionthrough ourinsurancesubsidiaries.

Ourlifeinsurancearm-ScotiaJamaicaLife InsuranceCompanyincreasednet insurancerevenueby105%versuslastyear. Keytotheirperformancewereproduct enhancementsforflagshipproductssuchas ScotiaCriticareaswellasourApproved RetirementScheme,ScotiaBRIDGE.

Ournewestsubsidiary,ScotiaGeneral InsuranceAgency(ScotiaProtect), generated$400millioninannualized premiumsinitsfirstyearofoperationas clientspositivelyrespondtoourstrongvalue proposition.

ScotiaInvestmentsalsomadeastrong contributiontotheGroup’sperformance AssetsUnderManagementincreasedby$11 billionor6%yearoveryear.

Additionally,allScotiaInvestmentsmutual andunittrustfundscontinuetodelivergood returnstounitholders.

OurstableNAVfund,theScotiaPremium MoneyMarketFundrecordeda1-yearreturn of7.3%,exceedingtheinflationrate(5.1%)for the12-monthperiodendingOctober31, 2023ScotiaMoneyMarketFundalso deliveredover4%USDollarreturnsto unitholdersoverthelast12months

ThePrincipalActivitiesofBanksDIHLimited (Group)arebrewing,blending,bottlingand wholesalemarketingofbeers,wines,liquors, andassortedbeverages;theprocessingof fooditems;theoperationofrestaurants, bars,laundryservices,hotel;theoperation ofcommercialbanking;transportationand alternativeenergyproductsandservices.

On18thJanuary,2023theDirectors incorporatedaHoldingCompanybythe nameofBanksDIHHoldingsInc.(“BDIHHI”). ThepurposeofBDIHHIistocreateanew corporatestructurefortheBanksDIHGroupof Companies,whichwouldfacilitatetheentry intonewactivitiesarisingfromthepresent rapideconomicdevelopmentinGuyana.

Thisstepwastakenpursuanttotheadviceof thereputableaccountingfirmBDO,which operatesinmanycountriesintheWestern WorldandhasaBranchOfficeinSt.Lucia.

Leadership

CliffordBarringtonReis,C.C.H., Chairman/ManagingDirector

BanksDIHLimitedisamulti-billiondollarcompanyheadedbyMr.Clifford BarringtonReis,CCH,whowasappointed Chairman/ManagingDirectorafterthe deathofMr.PeterS.D’Aguiarthereby heraldingthedawnofanewerainthe company’shistory.CliffordBarrington Reis,isregardedasaveteranbusiness executivewhohasbeenresponsiblefor thestewardshipoflocalbottlinggiants BanksDIHLimitedforthepast29years asChairman/ManagingDirector.

Mr.CliffordReis’managementstyle couldbedescribedas“hands-on”and managesthroughconsultation,helpand advicefromtheDirectors,Executive BoardMembersandtheWorker ManagementParticipationBoard (W.M.P.B.).Hebelievesthatbusiness mustbeundertakenwithasenseof urgencyandgettingqualityresultsisof theutmostimportance.

BuildingResilienceThrough People,Products,andProcesses: AStrategyforSustainableand EfficientManufacturing RevenueandProfits

TheoverallperformanceoftheGroup improvedbyrecordingaProfitbefore Taxof$14509billioncomparedto $13.398billionin2022,anincreaseof $1.111billionor8.29%.ProfitafterTaxfor theGroupattributabletoShareholdersof theParentCompanyincreasedfrom $8.395billionto$8.970billion,an increaseof$575.0millionor6.8%.

RevenuegeneratedbytheCompany was$44048billioncomparedto$39653 billionin2022,anincreaseof$4.395 billionor11.1%.

TheProfitbeforeTaxfortheCompany was$11.393billioncomparedto$10.506 billionachievedin2022,anincreaseof $887.0millionor8.4%whiletheProfit afterTaxincreasedfrom$7.589billionto $8.129billionby$540.0millionor7.1%.

ThecomplexityoftheBusiness Environmentisescalatingrapidly Inthe wakeoftheongoing GlobalrecoveryfromtheCOVID-19 pandemicin2023,wehaveencountered furtherchallengesintheGlobal Landscapeimpactingouroperations.

TheGeopoliticalCrisisinEurope continuestoexertinfluenceon commoditypricesand SupplyChainOperationsTheFinancial YearwhichendedonSeptember30,2023 hadmanychallengeswhichincluded SupplyChainDelaysandincreased costsforRawandPackagingMaterials, Spares,Energy,Distributionandthe RetentionofSkilledEmployees.Our strategywascenteredaroundour EmployeesandCustomerstodrive SustainableSolutionsandbuild ResilienceinourManufacturing Processes,maintainingtheproductionof HighQualityProductsandEfficiencyin Operations

CapitalExpenditure

TheCompanycontinuedtomakeCapital InvestmentsinPlant,Machinery,and Equipmentinordertostrengthenlong-term development,bolsterourmanufacturing capacity,andimprovetheoperational efficiency.

Capitalworkswerecompletedwiththe acquisitionofa120HLBrewHouseto enhancethebrewingcapacityofourMalt Products.Therewastheacquisitionofa BlowMoulder,ConveyorsandPuncheons fortheRumDivision,aswellasanewonlineBlowMoulderfortheSoftDrinkPlant

TheFoodDivisionwasenhancedwith PackagingEquipment,SpiralMixers,Bag SealingUnit,ConicalRounderand TemperatureControlEquipment.

TheUtilityServicesAreaswithinthe CompanywhichincludeThirstParkWater Well,CO2Plant,CentralQualityLab, RefrigerationandMaterialHandlingwere allupgradedwithnewequipment.

ThePowerGenerationPlantwasupgraded withnewSwitchGears,theoverhaul ofGeneratorsandtheinstallationof AlternativePowerEquipment.Severalofour LandHoldingsandBuildingswere upgradedincludingtheBerbiceBranch Bond,SpecialEventsOutletandtheLinden Branch Constructionworkscontinuedon theElevatedCarParkingFacilities

Duringtheyear,theCompanyacquired forty(40)acresofLandforthepurposeof futuredevelopmentandexpansion.

Inourquesttodeliverproductsto Customers,theTransportandDistribution Fleetwasboostedwiththeacquisitionof newTrucksandForklifts.Hundredsof CustomersintheMomandPopshops, SupermarketsandGroceryStoresand severalOfficesandMinistriesweresupplied withCoolers,FreezersandWater Dispensers.

TheInformation,Communicationand Technology(ICT)Departmentwas upgradedwithnewComputersandPower Solutions.

TheEastCaribbeanFinancialHolding Company(ECFH)istheproductofamerger oftwofinancialinstitutions,thethen NationalCommercialBank(NCB),andthe SaintLuciaDevelopmentBank(SLDB)in 2001.Themergerobjectivesweretoprovide abroaderrangeofbankingandrelated servicesatalowercostandahigherlevelof efficiencythanwaspreviouslyprovidedby theseinstitutionsoperatingindependently.

ECFHbankingsubsidiary,BankofSaintLucia Limited,hasgrownintothelargestfinancial servicesproviderinSaintLuciaenjoyinga dominantshareofthebankingmarketand otherfinancialserviceareas:

Encouragingandmobilizingsavings.

Financingcommercial,personaland developmentloans.

Developingrelevantfinancialproducts andservicestoservetheneedsofthe economy.

Promotingeconomicdevelopment throughtheprovisionoffinancial servicesandcorporatesocial responsibilityprogrammes.

Facilitatingthegrowthofthenascent capitalmarket.

Fosteringentrepreneurship.

Leadership

EvaristusJnMarie Chairman M.Sc.MAAT,Acc.Dir.

RolfPhillips ManagingDirector

DeliveredAnotherYearOf StrongPerformanceIn2023

TheEastCaribbeanFinancialHolding CompanyLimited(ECFH)anditssole subsidiaryBankofSaintLuciaLimited (BOSL)deliveredanotheryearofstrong performancein2023.Thereportedresults reflectitsresilienceandthefirmfoundation beingbuilttosecureasuccessfulfuturefor theGroupandallitsstakeholders.

Thesearecharacterizedbythetrustand confidencefromourclients,strengthofour humanresources,prudentrisk management,strongbalancesheet,well diversifiedbusinessmixandourrelentless disciplinedexecutionofstrategiesgeared toempowerallourstakeholdersto succeed.

TheOperatingEnvironment

Duringthefinancialyear,theoperating environmentcontinuedtobemaskedby economicvolatilityanduncertainty, persistenthighinflationandgeopolitical challenges.Notwithstandingthese challenges,theGrouphaspositioneditself tocapitalizeonopportunitiestobegained fromexistingandemergingtrends includinghighinternationalbenchmark rates,improvementsindigitization,the adoptionofgenerativeartificialintelligence (AI),leveragingcloudinfrastructureand changingneedsandpreferencesofour clients.

TheECFHGroupreportedanimpressive profitaftertaxattributabletoequity shareholdersof$74.7millionfortheyear endedDecember31,2023 Thisrepresented, anincreaseof$33millionor792%above theprofitaftertaxof$41.7millionreported in2022.

Thisyear’simprovedperformanceis largelyattributedtocontinuedrevenue upliftfromthehighUSbenchmarkinterest rates,usageandvolumegrowthinour creditcardportfolio,increasedforeign exchangeincomeandincreasedshareof profitsfromourinvestmentsinassociates.

Thissoundperformanceisalsosupported byourbalancesheetgrowthof$334 millionor12.6%,reflectingthestrengthof ourbrandandthesuccessintheinitiatives pursuedintheprioryears,ourresilience andabilitytoovercomeeconomic challengesandidentifyopportunitiesfor growth.

Netinterestincomewas$75.7million,an increaseof$22.2millionor41.6%fromthe prioryear.Theincreasewasdrivenbya $16.3millionincreaseininterestincomeon investmentsandbankdeposits, NetInterestIncome

Netinterestincomewas$757million,an anincreaseof$6.2millioninintereston loans,partiallyoffsetbyanetincreasein interestexpenseof$202thousand.

Thesignificantboostininvestmentincome camefromthestrategicplacementsof casharisingfrominvestmentmaturities anddepositgrowthtoshortterm instrumentsincludingmoneymarketand Certificatesofdepositsinordertobenefit fromhighratesontheshortendoftheUS yieldcurve

TheGroupactivelymonitorsmarket sentimentsandexpectationstotakethe optimalinvestmentdecisions.

Growthininterestincomeonloansand advanceswasdrivenbyshorttermgrowth inthecorporateandoverdraftportfolios withinthefinancialyear.Wealsobenefited fromgrowthwithintheretailandmortgage portfolios.

Theaverageyieldonloansremained relativelyflatfrom61%to6%whilethe averageyieldonoverdraftsimprovedfrom 11.92%to16.33%.Theaverageyieldon overdraftsimprovedreflectinggreater utilizationofoverdraftfacilityonhigherrate accounts.

Themarginalgrowthininterestexpense reflectsthenetimpactofincreasedinterest costarisingfromgrowthincustomer savingsdepositsandtermdeposits respectivelyandthecostsavingsarising fromprincipalreductionsonexternal borrowings.

Theaverageyieldondepositsdeclinedby 6basispointsfrom1.10%to1.04%asdeposit growthinnon-interest-bearingdemand depositssurpassedgrowthininterest bearingdeposits.

FontanaLimited

DolphinCoveLimited

DollaFinancialServicesLimited

FutureEnergySourceCompanyLimited

AccessFinancialServicesLimited

CragoHoldersLimited

KnusfordExpressLimited

Stationery&OfficeSuppliesLimited

MailpacLimited

JmaiacaTeasLimited

FosRichCompanyLimited

HoneyBun(1982)Limited

ExpressCateringLimited

IndiesPharmaJamaicaLimited

ImagePlusConsultantsLimited

MainEventEntertainmentGroupLimited

DerrimonTradingCompanyLimited

BluePowerGroupLimited

LascoFinancialServicesLimited

LumberDepotLimited

CaribbeanFlavoursandFragrancesLtd

TropicalBatteryCompanyLimited

CaribbeanAssuranceBrokersLimited

EverythingFreshLimited

SpurTreeSpicesJamicaLimited

AMGPackaging&PaperCompany

KevinO’BrienChangistheChairmanofthe Company.OnhisreturnhomefromCanada in1989heoversawthegrowthoftheoriginal FontanalocationinMandeville,which becamethethenlargestpharmacyin Jamaica.Kevinalsospearheadedthe openingofFontanaMontegoBayin1994 andFontana’stransformationfromalocal toanationalbusiness.

KevinholdsaBScinStatisticsandanMBA fromtheUniversityofToronto.Before returningtoJamaica,hewasMarketing SystemsManageratMastercraftGroup DevelopmentinTorontoandOttawa Canada,wherehetransformedtheir customermarketingpresentationsystems. HehaswrittentwobooksonJamaica–‘ReggaeRoutes:theStoryofJamaican Music’and‘JamaicaFiReal:BeautyVibes andCulture’.

AnneChangistheChiefExecutiveOfficer andhasbeenadirectoroftheCompanyfor thepast22years.

Shehasoversightoflocalandforeign purchasing,supplierrelationsand marketing.Annehasalsobeenintegralin establishingFontana’ssocialmedia footprintinJamaicaaswelltheCustomer RewardProgrammethatnowboastsover 120,000membersandconfirmsFontanaas thepremierJamaicanbeautydestination forwomenofallages.

PriortojoiningFontana,Annewasasenior executiveatBellCanadaInc,Canada’s largesttelecommunicationscompanyfor 10yearsholdingseveralkeypositionsin OperatorServices,Bellretailcentres, FinanceandConsumerMarketing.

FontanaLimited

AnneChang,ChiefExecutiveOfficer

KevinO’BrienChang,Chairman

Anne,whoiscurrentlyamemberofthe boardofFairfieldInternationalAcademyin MontegoBay,holdsanHonoursBachelorof Commercedegreewithamajorin marketingfromMcMasterUniversity.

Aftertherecord-breakingrevenues recordedlastyear,wearepleasedtohave betteredthatfigureby15%,closingtheyear at$73billioninrevenues

Wesawasignificantgrowthinourbeauty productlinesandwereabletocapitalizeon thisbyforgingpartnershipswithvarioustop suppliersofbeautyandcosmeticproducts.

Wecontinuetoseeexponentialgrowthfrom thelargerstoreswithhealthycompetition acrossthenetworkfortopposition Our abilitytoadapttochangingmarket dynamicsandcapitalizeonemerging opportunitieshasbeenakeydriverofour sustainedsuccess.

Correspondingwithourrevenuegrowth,our grossprofitfor2023surgedto$2.63billion, markingasubstantial16%increase.We maintainedourgrossmarginat36%aswe continuetomanageourprocurement processtoreducecostofsales.This achievementunderscoresourabilityto balancecostmanagementwithrevenue expansion,atestamenttoouroperational efficiency.

Operatingexpensesgrewby26%,endingthe yearat$1.9billioncomparedto$1.5billion lastyear.

Staffcostswereahugecontributingfactor tothisincrease.Staffretentionandwelfare wereatthetopofmanagement’sagenda, andtheadditionoftheFerrywarehousealso contributedtostaffcosts

Inpreparationfortheopeningofournew Portmorelocationlaterthisyear,we supplementedthesharedservicessothat propercoveragecouldbeallocatedto logistics,warehousing,andlossprevention.

Thestrategicdecisiontoexpandour footprintinanewlocation,investingintalent acquisitionsandinnovativeprojectswill continuetoimpactourexpenses Despite this,operatingexpensesasa%ofsalessaw aslight2%increaseoverlastyear.

Operatingprofitovertheperioddeclinedby 2%endingtheyearat$745.7millionfrom $762.1millionlastyear.

Aswemovetoaddour7thstore,weare maintainingadisciplinedapproachto expensemanagement.

Expensesasa%ofsalesdeclinedfrom252% lastyearto23.6%thisyearasaresultof focusedexpensemanagementandnew initiativesimplementedtoimprove efficiencies.Operatingprofitovertheperiod grewby17%to$761million.

Financecostssawareductionof10.3%, movingfrom$218.6millionlastyearto$196 millionthisyear.Thiswasmainly attributabletotheconstantvalueofthe JamaicandollarwhencomparedtoitsUS counterpart,resultinginminimalexchange differencecomparedtolastyearandproper handlingofourexposuretorevaluations.

Ournetprofitfor2023standsatan impressive$655.20million,indicatingan8% growthfromthepreviousyear.Thisresult underscoresourcontinuouscommitmentto profitabilityandlong-termvaluecreation. Ourearningspershareisnowat$0.52 comparedto$0.49in2022.Thereturnon equitywas27%thisyear,downaslight1% whencomparedtotheprioryear