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Tech hub goal will take years

WTO set to drag Bahamas ‘from 19th to 21st century’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

D

eficiencies ranging from energy costs to ‘business ease’ and data protection must be remedied if a Cabinet Minister is to achieve his dream of attracting 500 ‘high tech’ firms to the Bahamas.

The Grand Bahama Technology Hub Steering Committee, in a confidential report to the Government, identified 19 different areas requiring improvement if the Minnis administration is to truly

* Minister targets 500 ‘tech firms’ for GB * But ‘under no illusions’ over reform scale * Power costs, Port ‘transparency’ issues realise its vision for the island.

The lengthy ‘to do’ list was effectively acknowledged by Kwasi Thompson, minister of state for Grand Bahama, when he told the Senate in his contribution to the mid-year Budget debate that he was “under no illusion” about the scale

SEE PAGE 5

KWASI THOMPSON

PM HUBERT MINNIS

FULL WTO membership will “drag the Bahamas from the 19th century to the 21st”, a well-known attorney yesterday urging: “We must make it work for us.”

Carey Leonard, the former Grand Bahama Port Authority (GBPA) inhouse attorney, admitted to Tribune Business that this nation will face “a rough two to three years” once it completes the accession process.

While many Bahamians and businesses will be

* ‘ROUGH YEARS’ IMMEDIATELY POST-ACCESSION * EX-GBPA ATTORNEY SEES ‘HUGE BENEFITS’ * GBPA’S ‘SILENCE IS DEAFENING’ ON ISSUE “unhappy” during the prolonged adjustment, Mr Leonard argued that full World Trade Organisation (WTO) membership will ultimately reap “huge benefits” by forcing this nation

SEE PAGE 4

CORPORATE TAX PROMISE NOT ‘CONCRETE’ FOR EU Bahamas reliance on tourism accelerating * Ex-BFSB chair: Time against this

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas will be unable to satisfy the European Union’s (EU) demands by merely promising to implement corporate taxation, a prominent attorney has warned.

Michael Paton, who coheads the financial services industry working group assessing the Government’s ‘blacklisting’ response, told Tribune Business in a recent interview that time and the EU’s appetite for “concrete” progress means corporate taxation will not be the Bahamas’ shortterm salvation. With the Bahamas anxiously waiting

* Bahamas pushed to ‘substance’ * But IBCs won’t become ‘irrelevant’ to see whether it will be removed from the EU’s ‘blacklist’ tomorrow, Mr Paton said the introduction of economic substance/ physical presence requirements was likely to be the route chosen for meeting the 28-nation bloc’s demands by its December 31, 2018, deadline.

A former Bahamas Financial Services Board (BFSB) chairman, Mr Paton added that the Bahamas’ removal from the ‘non-cooperative

‘Right pieces not easy’ for the Grand Lucayan

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A GOVERNMENT minister has admitted that “putting the right pieces together is not easy” as it bids to transform the Grand Lucayan and surrounding strip into a true tourist destination.

Kwasi Thompson, minister of state for Grand

* MINISTER: RE-OPENING ‘BALANCING ACT’ * WANTS ‘DESTINATION’ DESPITE ‘URGENCY’ Bahama, conceded that solving the 18-month closure of Freeport’s ‘anchor’ resort was “not an easy project”, given the need

SEE PAGE 5

jurisdictions’ list would provide reassurance that the EU is “acting in good faith”.

He confirmed that the working group was likely to recommend splitting the Multinational Financial Entities Reporting Bill, the Government’s key response to the EU, into two separate pieces of legislation to reduce the complexity caused by attempting to deal with two separate - but related - anti-tax avoidance initiatives.

And Mr Paton also sought to calm fears that the Bill, as currently proposed, will effectively wipe out the attractions of using Bahamian International Business Companies (IBCs) through potentially eliminating their 20-year ‘tax holiday’ and Stamp Duty exemptions.

Many observers have argued that this essentially removes the distinction between IBCs and domestic companies, but the Lennox Paton attorney and partner pointed out that the EU and Organisation for Economic Co-Operation and Development (OECD) were only interested in

SEE PAGE 7

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas will become ever-more reliant on tourism to the point where it generates almost 60 per cent of GDP within a decade, a global industry body has forecast.

The World Travel and Tourism Council (WTTC), in its annual assessment of the sector’s economic impact, predicted that the sector’s GDP and investment growth rates will accelerate even faster than this year over the 10-year period to 2018.

* SECTOR’S NEXTDECADE GROWTH RATE TO BEAT 2018 * WILL DIRECTLY GENERATE 60% OF GDP BY 2028 * BUT EXPANSION RATE LAGGING 120 ECONOMIES Likely buoyed by Baha Mar’s full opening, tourism’s direct and total GDP contributions are forecast to rise by 3.4 per cent and

SEE PAGE 4

PAGE 2, Wednesday, April 11, 2018

THE TRIBUNE

CONSTRUCTION FIRMS ‘CEMENT’ A MERGER TWO BAHAMIAN construction companies have ‘cemented’ a partnership that has seen them merge as Bahamas Redi-Mix, with a plant at New Providence’s Airport Industrial Park.

The combination of Nassau Ready Mixed and NP Building Supplies, one-time competitors turned business partners, aims to enhance efficiency and generate ‘economies of scale’ by merging their previously separate operations under one roof.

“It is ironic,” said Phil Andrews, managing director of the new company.

“Both of us come from generations of parents and grandparents who started their businesses at about the same time; in the 1950s when construction first

began to really take off in the Bahamas.

“It is hard to find a major structure that one of our two families did not help build; from the old Britannia Hotel to the most recent phase of Atlantis, with nearly all the government buildings in between. We hear stories about how they used to bid against each other, though I think they were always friends.”

Mr Andrews, whose grandfather, Jack Donald, founded Nassau Ready Mixed nearly 60 years ago, said the former competitors began working together during the Atlantis first phase, supplying concrete as a joint venture. That was in the early 1990s.

Then Nassau Ready Mix, which had outgrown

its Oakes Field facility, sold the property a few years ago and was considering re-locating and building a new plant when discussions began over the potential merger.

“The rest is a natural transition and a short history,” said James ‘Jimmy’ Mosko, Bahamas RediMix’s president. The new plant was built on Mosko family land in the Airport Industrial Park. Both companies’ trucks got new paint jobs and logos, while 10 employees moved from Nassau Ready Mix to Bahamas Redi-Mix. “We had a few who had been with the company a very long time and took the opportunity to retire, but other than natural attrition there was no job loss and we hope we will have

reason to expand,” said Mr Andrews.

He expressed concern, though, about a lack of major real estate developments, particularly in New Providence.

The Pointe, he added, and Albany were are the most promising large construction prospects now that ONE Cable Beach is nearing completion.

Individual housing starts are reported to be up, but there is little in current work in industrial, large commercial or new residential subdivisions or resorts on the drawing board for Nassau, Mr Andrews said.

The company already has a batch plant in place to prepare Coco Cay in the Berry Islands, a cruise ship stopover, for Royal Caribbean’s major expansion.

BRITISH-CARIBBEAN CHAMBER MEETS GBPA EXECUTIVES REPRESENTATIVES of the British-Caribbean Chamber of Commerce (BCCC) have paid a visit to Grand Bahama Port Authority (GBPA) executives.

The BCCC, which was inaugurated in 2001, has its head office in the UK and chapters in the Caribbean. It connects Caribbean countries, and aims to develop trade and investment opportunities with the UK. It is a ‘daughter chamber’ of the Hull & Humber Chamber of Commerce, one of the UK’s 52 Chambers of Commerceaccredited chambers. The Hull & Humber Chamber of Commerce is one of the oldest Chambers in the UK, dating back to 1837.

The GBPA, Grand Bahama Chamber of Commerce (GBCC) and the BCCC will continue to work together to solidify Grand Bahama’s trade relationships with the UK and other nations.

PICTURED L to R are: Rupert Hayward (GBPA executive director); Tanisha Thiara (head of trade for India); Lord Michael Howard (BCCC president); Sarah St George (GBPA vice-chairman); Henry St George (GBPA executive director); Pauline Wade (director of international trade); and Mick Holding (GBCC president)

Chamber to represent at Summit of Americas THE BAHAMAS Chamber of Commerce and Employers Confederation (BCCEC) will this week represent the country at the CEO Summit of the Americas in Lima, Peru.

The third CEO Summit, set for April 12-13, will take place alongside the larger VIII Summit of the Americas (April 13-14) as a business forum for chief executives and heads of government in the region to engage in talks on economic growth and investment in the region.

Prime Minister Dr Hubert Minnis is scheduled to give his first presentation to the VIII Summit on Friday, April 13, at 9.20am.

The CEO Summit, like the larger VIII Summit, occurs every three years. It is attended by the Americas Business Dialogue (ABD), a subsidiary working group of the Inter-American Development Bank (IDB), together with a coalition of more than 300 companies and private sector associations in the hemisphere, of which the Chamber is a part.

Edison Sumner, the Chamber’s chief executive, as a member of the ABD recently presented at its planning meeting (during the IDB Board of Governors meeting) in Mendoza, Argentina, on behalf of the Caribbean private sector group.

The ABD’s goal is to work jointly with government to build a constructive public-private agenda in improving trade, promoting transparency, stimulating innovation, supporting the digital economy, and maximising the potential of the region’s energy and natural resources.

EDISON SUMNER Under the theme ‘Made in the Americas’, the ABD will present its 20182021 action plan at the III CEO Summit for consideration by heads of state under the theme ‘Democratic Governance Against Corruption’.

Panels for the 2018 CEO Summit will cover topics such as natural resources and smart energy for the Americas; Transparency: public-private partnerships against corruption; and Women at the forefront of economic prosperity in the 21st century.

Speakers at this year’s third CEO Summit include executives from international companies Google, Facebook, LinkedIn, Amazon, Microsoft, IBM, General Electric, Wal-Mart, Boeing, MasterCard, Scotiabank, Merck, PepsiCo, UPS, and DHL. Immediately following the CEO Summit, the Chamber’s private sector delegation – Edison Sumner, Mike Maura and John Delaney – will attend the 11th Commonwealth Business Forum (CBF) in London from April 16-18.

The CBF will be held in tandem with the 25th Commonwealth Heads of Government Meeting (CHOGM), and brings trade, business and government leaders together to debate their specific country issues.

The event is by invitation of the Commonwealth Enterprise and Investment Council (CWEIC), and key themes to be discussed include accessing modern financial services; easing the pathway for business and growth; and mobilising an export economy.

THE TRIBUNE

Wednesday, April 11, 2018, PAGE 3

Landfill bid evaluation set to begin this week

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Government will start evaluating all bids for the New Providence landfill management contract this week, with winner expected to be announced in early June.

Anthony Newbold, the Prime Minister’s press secretary, said during a briefing yesterday: “The Ministry of the Environment will begin to evaluate the proposals from the companies seeking to manage the New Providence landfill by the end of the week.”

He confirmed that the deadline for receiving bids was Monday this week, with all offers opened yesterday.

A joint public-private sector committee will evaluate those proposals and, by early June, the Ministry will make an announcement on who the new operator will be.

Seventeen bidders had submitted expressions of interest (EoI) for the New Providence landfill, but just seven qualified for the Request for Proposals (RFP) round.

The seven were Apapa International (Nassau) Ltd, Bahamas Waste, Bahamas WPT Ltd, Eastern Waste Systems Ltd, Marine Contractors Inc, Providence Advisors and Valoriza Sevicios Medioambientales, S A. However, Romauld Ferreira, minister of the environment and housing,

announced in the mid-year Budget debate that just four of the seven had paid the $10,000 non-refundable fee and picked up the tender documents.

The four to do so included at least three groups that are either Bahamian-led or have local participation, as they were Bahamas WTP Ltd; Bahamas Waste; Providence Advisors and the Waste Resources Development Group; and APAPA International (Nassau).

Cedric Scott, the actor, producer and uncle of former Cabinet minister, Jerome Fitzgerald, is listed

by Bahamas WTP LTD’s website as one of its five principals. Its two other Bahamas-based principals are banker, Ivylyn Cassar, and permanent resident,

French tourism boost via Bahamasair deal

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net An agreement between Bahamasair and French airline, Air Caraïbes, is expected to provide the French travel market with greater access to this destination, an airline executive noting: “The demand is there.”

Air Caraïbes, which is the regional airline of the French Caribbean. already has service into San Salvador for the Club Med resort. The inter-airline agreement with Bahamasair will now allow French

passengers to fly to Nassau direct via San Salvador.

“Passengers can fly every Thursday on Air Caraïbes from Paris to San Salvador, and change their plane on to Nassau with Bahamasair.

It’s same day connection, leaving Paris at 9am local time and arriving in Nassau at 4pm. It increases the possibility of French travellers reaching the Bahamas.

They get to clear Customs and Immigration in San Salvador,” said Karin Mallet Gautier, director of the Bahamas Tourism Office in Paris.

She said the French market was an important for the Bahamas,

and continues to grow yearafter-year. “Our target is to attract airlines to come to the Bahamas, and in this way enable travellers to discover the diversity and beautiful people of the Bahamas,” she added.

Air Caraïbes began its weekly service to San Salvador in November 2016.

“When it comes to the Bahamas, the demand is there in France and Europe,” said Francois Bonnet, commercial manager of Air Caraïbes at a recent cocktail reception.

“We hope to increase the volume of traffic. There is big demand to discover the islands of the Bahamas.”

Fay Russell. The company’s physical address is listed as Ms Cassar’s Equity Bank & Trust, based in western New Providence.

Bahamas WTP is a consortium that also features two US companies, Delaware-incorporated Ameresco Ltd and Louisiana-based Furnace and Tube Services Inc. Bahamas Waste is the BISX-listed company of the same name, while Providence Advisors is headed by the well-known local investment banker, Kenwood Kerr. His partner, Waste Resources Development Group, features all the other Bahamian waste disposal groups bar Bahamas Waste.

Mr Ferreira’s comments indicated that Valoriza Sevicios Medioambientales, a Spanish-headquartered waste and environmental services provider with significant interests in the Latin American region; Eastern Waste Systems, which appears to be a Florida-based garbage disposal operation; and Marine Contractors Inc have elected not to proceed with bids despite qualifying for the

ANTHONY NEWBOLD, the Prime Minister’s press secretary.

RFP round. Mr Newbold said yesterday that the Ministry of the Environment has identified close to a dozen officials to be trained

as prosecutors for the soon-to-be revived Environmental Court. Their training is set to begin this Monday.

Public Notice

The Bahamas Pharmacy Council (BPC) Pharmacist Registration Examination (PRE)

The Bahamas Pharmacy Council wishes to advise all prospective applicants for registration as pharmacists under the provisions of the Pharmacy Act that with effect from the 30th June, 2018 the Council shall require all applicants to take the Pharmacist Registration Examination (PRE). The examination shall include testing of the core competencies for pharmacy practice in the following areas: Foundations in Pharmacy Practice, Pharmacy Law and Ethics and an Objective Structured Clinical Examination (OSCE).

The Council has set the following dates in 2018 for the sitting of the examination: EXAMINATION DATES JUNE 21ST, 22ND, & 23RD SEPTEMBER 20TH, 21ST, & 22ND DECEMBER 13TH, 14TH, & 15TH

APPLICATION DEADLINE MAY 11TH AUGUST 10TH NOVEMBER 9TH

PAGE 4, Wednesday, April 11, 2018

THE TRIBUNE

WTO set to drag Bahamas ‘from 19th to 21st century’ FROM PAGE 1 into a long-overdue modernisation of its archaic economy. The now-Callenders & Co attorney said WTO-driven tax reforms and legislative changes will benefit both the private sector and consumers, with the introduction of health and quality ‘certification’ potentially “opening the door” to local producers supplying the hotel industry and export markets.

The reduction/elimination of import tariffs, he added, will reduce “carrying

costs” for Bahamian companies that presently have millions of dollars locked up in unsold inventory.

And foreign and Bahamian investors will be able to develop 15-20 year business strategies because the WTO will require investment regimes to be ‘set in stone’, removing rule-making “out of the hands of the politicians”.

Mr Leonard, urging Bahamians to view WTO membership from the perspective of how it can benefit this nation, also questioned why the GBPA had yet to address the issue,

NOTICE

CESONS ANTIQUES LTD. NOTICE is hereby given that in accordance with the relevant provisions of the International Business Companies Act, 2000, Cesons Antiques Ltd. has been dissolved and struck off the Register according to the Certificate of Dissolution issued by the Registrar General on the 21st day of March A.D., 2018.

Dated the 9th day of April A.D., 2018.

Carlo Eleuteri Liquidator

saying: “Their silence is deafening.”

“I think the WTO has huge benefits for the economy,” he told Tribune Business. “We’re going to bring the Bahamas out of the 19th century, kicking and screaming, into the 21st century.”

Pointing out that some of the Bahamas’ recentlyamended laws dated from the late 18th and early 19th centuries, Mr Leonard argued that full WTO membership would force this nation into badly-needed overhaul of its commercial regulatory regime.

“We need it, and we need the WTO to modernise us,” he said. “We need to look at WTO in a different light, and see how we can make it work for us.”

Mr Leonard, though, admitted that such ‘modernisation’ would not be painless. “It’s going to be a difficult two to three years,” he said of the Bahamas’ immediate experience, with the Government targeting end-2019 for completing the accession process.

“It’s going to be a rough time,” the ex-GBPA attorney reiterated. “We’re all going to have to make adjustments. As we build into it to 2019, everyone’s going to be very unhappy.

“For two to three years afterwards everyone’s still going to be unhappy, but after that they will feel the benefits. I don’t expect any immediate benefit; it’s going to take a while. As long as everyone can bear it out until then.”

Mr Leonard said many in the private sector had yet to realise how the WTO, and other rules-based trading regimes, were the primary

influences on much legislation recently passed by Parliament.

“The Bahamas has already made a tremendous amount of progress on this. A lot of people are now aware,” he explained, pointing to the Customs Management Act and introduction of Value-Added Tax (VAT) as two reforms designed to ready this nation for WTO accession.

Mr Leonard said the Bahamas had also moved to address health-related sanitary and phytosanitary measures through the Food Safety Act and related plant/animal legislation, while recent improvements to intellectual property rights were also driven by impending trade regulations.

He added that the Bills’ ‘objects and reasons’ sections often specified that they were motivated by the WTO and similar agreements, such as the Economic Partnership Agreement (EPA) signed with the European Union (EU) in 2008, while noting that many laws had yet to be brought into effect because they were awaiting their accompanying regulations.

“There are 10-12 pieces of legislation passed through the House but not brought into effect yet,” Mr Leonard said. “The pieces of the puzzle are already falling into place.

“I don’t think many businesses are aware that we’ve already committed to a number of things when we signed the EPA in 2008, and these things are gradually creeping in on us as well.

It’s very important that Bahamian businesses are

engaged in these consultations, as we’re already well down the road.”

Mr Leonard suggested one way that Bahamian businesses can benefit from WTO membership is through the health, safety, quality and other standards/ certification that the rulesbased trading body will mandate.

He argued that the current absence of such standards was likely one obstacle to local businesses supplying the domestic hotel sector, or export markets, as potential purchasers had nothing to validate the quality of these goods and services.

“It opens the door for Bahamian businesses to benefit much more from the tourism industry than they have ever done before,” Mr Leonard told Tribune Business. Citing the example of an organic egg farmer, he added: “It’s unlikely a lot of hotels and food stores will buy it until the product is validated and certified.

WTO does have that benefit. “I don’t think only local businesses will benefit, but consumers too. They will be able to buy with certainty, and know they will be able to buy Bahamian products.

A lot of times Bahamians bypass Bahamian products because they think the foreign product is better. Now they have the certainty to say Bahamian products are better.”

With rules-based regimes viewing import tariffs as barriers to trade, Mr Leonard said full WTO membership will also spur long-overdue tax reform and eliminate the multi-million duty payments frequently locked

into Bahamian companies’ inventories until they are sold.

“It pushes the cost of business in the country up quite substantially,” he added. “Whereas if you do a sales tax or VAT, and reduce Customs duties, you reduce the carrying cost of items and allow the business to operate more efficiently.

It will benefit everyone all the way through.”

Mr Leonard also argued that WTO membership would reduce political interference with private sector investments, as the relevant laws and regulations would be set in law - not policy.

“That’s critical,” he added. “It takes it out of the hands of the Minister.

You know where you’re going and can invest. It’s out of the hands of politicians. I now have certainty as a businessman and can look out 15-20 years with confidence, with all the regulations, statutes and certainty. It’s all there.”

Mr Leonard said the Bahamas did not yet have to focus on how it will marry the Hawksbill Creek Agreement, and Freeport’s free trade zone characteristics, with the WTO’s requirements.

He acknowledged that this nation’s negotiators will have to “see what we can get in on that specific economic zone” while ensuring that the Bahamas’ regulatory regimes are harmonised throughout the country. “By the same token we in the Port area need to take positive action,” Mr Leonard told Tribune Business. “We’ve yet top hear the GBPA say one word on this. Their silence is deafening.”

Bahamas reliance on tourism accelerating FROM PAGE 1 3.1 per cent in 2018, respectively. The WTTC, though, is predicting that these growth rates will increase to an annual

average of 3.6 per cent and 3.4 per cent for the next decade. This suggests that, for all the Minnis administration’s stated ambitions to diversify the economy, the Bahamas is set to become more reliant - not less on tourism as its primary economic growth and job creation driver.

The Bahamas is currently the world’s ninth most tourism-reliant economy, in terms of the sector’s contribution to GDP, but the WTTC report also highlighted its relative maturity by pegging its 2018 and next-decade growth forecast at 121st and 128th in the world, respectively.

“The direct contribution of Travel and Tourism to GDP was $1.726 billion, 19 per cent of total GDP in 2017, and is forecast to rise by 3.4 per cent in 2018,” the WTTC said, “rising by 3.6 per cent per annum from 2018-2028

to $2.543 billion, 23.9 per cent of total GDP in 2028.

“The total contribution of travel and tourism to GDP was $4.343 billion, 47.8 per cent of GDP in 2017, and is forecast to rise by 3.1 per cent in 2018, and to rise by 3.4 per cent per annum to $6.276 billion, 59 per cent of GDP, in 2028.”

On the employment front, the WTTC predicted that the direct tourism industry workforce will expand by 20,000 over the next decade. “In 2017, Travel and Tourism directly supported 52,500 jobs (26.2 per cent of total employment).

This is expected to rise by 3.4 per cent in 2018, and rise by 2.9 per cent per annum to 72,000 jobs (32.6 per cent of total employment) in 2028.

“In 2017, the total contribution of Travel and Tourism to employment, including jobs indirectly supported by

the industry, was 55.7 per cent of total employment (111,500 jobs). This is expected to rise by 3.2 per cent in 2018 to 115,000 jobs, and rise by 2.8 per cent per annum to 151,000 jobs in 2028 (68.5 per cent of total).”

Tourism-related visitor exports accounted for almost 73 per cent of total Bahamian exports in 2017, and the WTTC added: “This is forecast to grow by 3.6 per cent in 2018, and grow by 4 per cent per annum, from 2018-2028 to $4.073 billion in 2028, 80.9 per cent of the total.

“Travel and Tourism investment in 2017 was $442.5 million, 18.6 per cent of total investment ($442.5 million). It should rise by 2.8 per cent in 2018, and rise by 3.2 per cent per annum over the next 10 years to $621.1 million in 2028, 22 per cent of the total.”

Legal Notice

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a) BRETON CAPE CORPORATION is in dissolution under the provisions of the International Business Companies Act 2000 (b) The Dissolution of said Company commenced on April 10, 2018 when its Articles of Dissolution were submitted and registered by the Registrar General. (c) The Liquidator of the said company is Zakrit Services Ltd. of 2nd Terrace West, Centreville, Nassau, Bahamas. (d) All persons having Claims against the above-named Company are required on or before the May 10, 2018 to send their names and addresses and particulars of their debts or claims to the Liquidator of the company or, in default thereof, they may be excluded from the benefit of any distribution made before such debts are proved.

April 10, 2018 ZAKRIT SERVICES LTD. LIQUIDATOR OF THE ABOVE-NAMED COMPANY

THE TRIBUNE

Wednesday, April 11, 2018, PAGE 5

Tech hub goal will take years FROM PAGE 1 of the reforms required from the Government and the private sector. “I am under no illusions,” he said.

“This is a major undertaking that is likely to take years, and we are only at the very beginning and have not yet scratched the surface of what needs to be done to truly make a significant difference.”

He pointed to “positive signs” from last year’s GB Technology Summit, which had spurred two companies - one involved in cyber security, the other in bio technology - to apply for approvals to establish operations in Grand Bahama.

Yet this remains a long way from the Minister’s “goal”, stated in his mid-year Budget speech, of attracting “500 blockchain, crypto currency and Fintech companies to Grand Bahama”.

The committee’s report, which was presented to Mr Thompson in late January 2018, called for a focus on multiple areas that “have an impact or influence on how robust a framework can be built to support a

knowledge-based technology economy in the Bahamas”.

The cost and reliability of energy supply, in particular, was identified as a key impediment to the creation of a sustainable technology sector. “There needs to be an effort to reduce the cost of electric power in the Port Area and GB as a whole,” the committee warned.

“The Government and the GBPA (Grand Bahama Port Authority) need to look at all possible options that can be used to reduce the cost of power.”

These options included allowing companies to generate their own power, increased renewable generation and ending the Grand Bahama Power Company’s monopoly.

‘Ease of doing business’ concerns also figured highly in the committee’s report, which has been obtained

by Tribune Business. It called for the creation of a “one-stop shop” for business registration, licensing and processing that was linked to all other government regulatory agencies.

The committee also recommended the establishment of a Grand Bahama Investment Authority,

which could approve investments up to a maximum of $3 million and work with the Government and GBPA to help technology firms establish on the island.

“The Government must consider issuing a Due Diligence Certificate (DDC) for beneficial owners of a registered company after they have passed the necessary automated background checks,” the report added.

“The business owner should be able to use this DDC as proof of a clean background check, and should be able to open a bank account for the business without the need for extraordinary documentation requirements.

“A conversation must take place with the commercial banking community to get their feedback on this proposed process as a means to speed up the process of opening a business bank account in The Bahamas.”

The committee also called for “greater transparency” in the GBPA’s licensing process, with “clearly established timelines”, and called for approvals to be issued in a 14-day timeframe that

matched the Commercial Enterprises Act. “There should be no issue or delay in approving businesses that meet all requirements; the free market will determine if the business will succeed or not,” the report added.

“The Government should have an appeals process for businesses that do not receive approval from the GBPA. “The GBPA should look into separating the licensing and regulatory processes in order to streamline the process of issuance of licenses.

The GBPA can maintain the right to suspend or revoke licenses in the event that there is a breach of regulatory responsibilities.”

Both Mr Thompson and, indeed, Prime Minister Dr Hubert Minnis appear to be following the committee’s report - and its recommendations - almost ‘to the letter’ based on their recent pronouncements.

Dr Minnis, in concluding the mid-year Budget debate in the House of Assembly, revealed that the Government was mulling whether to introduce a Headquarters Encouragement Act as a piece of incentive legislation designed to encourage

companies to domicile their head offices in the Bahamas.

This idea, though, appears to have been lifted directly from the GB technology hub committee’s report, as it calls for positioning the Bahamas as “an ideal location for international corporate headquarters”.

It then names the exact same Act, and adds: “The CHEA (Companies Headquarters Encouragement Act) should appeal to small companies as well as multinational companies. Small companies represent a strong growth opportunity for the Bahamas.”

Mr Thompson, for his part, referred to both the committee’s suggestion that the Bahamas offer something similar to the US’s H1B visa to attract technology companies and their foreign staff, and its call to stage a venture capital conference focused on financing tech start-ups.

Indicating the Government is moving on the latter, Mr Thompson told the Senate: “We also intend to facilitate a venture conference to establish the Bahamas as a global player in introducing venture

investors to ‘seed stage’, and ‘early stage’, companies that are focused on Blockchain, Crypto currency and FinTech solutions.

“This venture conference is designed to drive activity to Grand Bahama by attracting investors, entrepreneurs and service providers from all over the world who are focused on making investments, and building business relationships, with Blockchain technology companies.

“Additionally, this venture conference is designed to provide the Bahamas with the opportunity to present itself to the world as a jurisdiction that has established policies that are favourable to Blockchain, crypto currency, ICOs (initial coin offerings), and FinTech companies that incorporate and are domiciled in the Bahamas,” the Minister continued. “There is also an opportunity to present Freeport, Grand Bahama, as the ideal location to establish offices and global headquarters for these new technology companies.

“Our goal is to attract 500 blockchain, crypto currency and FinTech companies to Grand Bahama.”

‘Right pieces not easy’ for the Grand Lucayan FROM PAGE 1 to ensure it had the necessary hotel brands to attract and sustain the necessary airlift. Addressing the Senate in the midyear Budget debate, Mr Thompson indicated the Government was seeking to balance the “urgent” need to re-open the Grand Lucayan with ensuring the resort - and surrounding tourist amenities - became profitable, standalone entities that were weaned off annual multi-million dollar subsidies.

“We are taking advantage of this opportunity with the Lucayan strip, and while the hotel must be redeveloped urgently we are seeking to create the right destination for Grand Bahama,” the Minister explained.

“Putting the right pieces together is not easy. This includes airlift, cruise vessels, tours and activities, and dealing with cost of electricity, consumables and

taxes. It is a careful balancing act.”

The Grand Lucayan closed in early October 2016 as a result of damage inflicted by Hurricane Matthew, just when its owner, Cheung Kong (CK) Property Holdings (effectively Hutchison Whampoa’s real estate arm) was running a sales process for the resort.

The Toronto-based Wynn Group emerged as the potential purchaser, and signed a Letter of Intent (LoI) with CK Property Holdings to acquire the resort when the former Christie administration was in office. The deal, though, was never concluded and Wynn withdrew amid doubts over whether it had the necessary financing to complete the $110 million purchase. The Minnis administration, confronted with this after taking office, then announced it would participate as an equity investor in a deal to purchase the Grand Lucayan, likening its involvement to the US auto industry ‘bail out’.

NOTICE

NOTICE is hereby given that WILNER DIEUIVEUIL of Bacardi Rd., New Providence,Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 4th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

The Government emphasised it would have sought a quick exit, but suspended its plans after Wynn returned with a new, improved $65 million all-cash deal that was more to CK Property Holdings’ liking.

The two sides signed a new LOI just before Christmas, with the Prime Minister suggesting the deal would close by endFebruary. That milestone was missed, and the ‘chatter’ surrounding the Grand Lucayan deal subsequently went quiet with little talk of progress nearly two months past that target.

Tribune Business sources have provided mixed information, with some alleging that CK Property Holdings is being “difficult”, others suggesting the Government may again purchase the resort, and further claims that the taxpayer will finance Wynn’s purchase through a combination of subsidies, tax breaks and promotional concessions.

One source suggested that the potential re-opening timeline involves the

former Memories property opening in October, with the full complex operational by March next year.

They suggested that CK Property Holdings may be motivated to close a deal because the business interruption payments it has been receiving end in June.

Mr Thompson admitted solving the Grand Lucayan’s woes has “taken some time”, with a “recognisable major hotel brand” key to establishing the resort as a destination. Recalling the various acquisition attempts, he said: “When we came to office the parties had not agreed, and were nowhere close to agreeing the operators of the hotel.

It therefore took some time to determine who the potential operators would be. “Second, the financial demands of the operators where not acceptable to the Government, which led to the Government making an offer to purchase the hotel themselves. Third, it was only after the Government made this offer that Paul Wynn returned with an

NOTICE

NOTICE is hereby given that SHIRLEY DORSETT of #93 Gambier Drive, Freeport, Grand Bahama,Bahamas

is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 4th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

offer acceptable to Hutchison and led to the signing of a Letter of Intent in late December that came into effect in January. “Since January, the Government has been engaged with all the parties in negotiating an acceptable Heads of Agreement. The Grand Lucayan is not an easy project and requires special attention to who will operate the hotel; proper and

adequate airlift; protection of Bahamian employment during renovations and operation; and what concessions are needed to keep the operation viable. “We are confident that we are at the end of this process and will soon see renovations and the reopening of the entire resort.” Mr Thompson, though, provided no timeline for when this will happen.

NOTICE

NOTICE is hereby given that RONEL ALFRED of

P.O. Box SB-51308, New Providence, Bahamas

is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twentyeight days from the 11th day of April, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I SHANTI McPHEE of Chestnut Street, Pinewood Gardens, New Providence, Bahamas, intend to change my name to SHANTI LITHERA CLARKE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

IN THE SUPREME COURT PROBATE DIVISION

In the Estate of Alexander Rudolph Deveaux, late, of Soldier Road East in the Southern District of the Island of New Providence, one of the Islands of the Commonwealth of the Bahamas, deceased.

NOTICE Is hereby given that Dino Deveaux of Coral Heights, Dwayne Deveaux of Spikenard Road in the Southwest District and Daron Deveaux of Nassau East in the Eastern District and Darnette Deveaux of Stapledon Gardens in the Western District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas will make application to the Supreme Court of The Bahamas after the expiration of fourteen days from the date hereof, for a GRANT OF LETTERS OF ADMINISTRATION of the real and personal Estate of Alexander Rudolph Deveaux, late, of Soldier Road East in the Southern District of the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, deceased.

Dated the April 11th day of 2018.

Ad insertion date Dino, Dwayne, Daron and Darnette Deveaux Intended Applicants

PAGE 6, Wednesday, April 11, 2018

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Wednesday, April 11, 2018, PAGE 7

Corporate tax promise not ‘concrete’ for European Union FROM PAGE 1 corporate vehicles that are part of multinational company structures. As a result, Mr Paton said there “should be no concern” that IBCs will be “rendered irrelevant or impossible to use” as a product in private wealth management and trust structures.

K P Turnquest, Deputy Prime Minister, revealed to Tribune Business yesterday that the EU may delist the Bahamas tomorrow which, if it occurs, will provide a much-needed boost to both the Government and the financial services industry.

“Hopefully we can come off the list on April 12,” Mr Paton told this newspaper.

“That will give me some reassurance that we’re dealing with the EU on a ‘good faith’ basis.

“What we were told by the Minister of Finance was that there was an expectation we’d be on the agenda for that meeting, but we’ve not heard confirmation that’s the case.”

The EU formally ‘blacklisted’ the Bahamas on March 13, having ‘leaked’ its intentions the previous week, for allegedly being non-cooperative in the fight against large-scale tax avoidance by multinational companies.

The 28-nation bloc complained that it did not receive the ‘high level political commitment’ it had been seeking from the Bahamas to address its concerns, which largely related to ‘ring fencing’ and the absence of ‘economic substance’ requirements for corporate vehicles operating in this jurisdiction.

Yet even if the Bahamas escapes tomorrow it may only be a short-term reprieve, given that the EU has given all countries until year-end 2018 to actually implement measures that will counter its tax avoidance concerns.

Acknowledging that the Bahamas does not need to introduce corporate taxation to escape the EU’s ‘blacklist’, Mr Paton said this country had two

options to meet the latter’s demands - implement such taxation or bring in economic substance/physical presence requirements.

“You have this December 31 deadline to deal with the EU,” he explained. “The fundamental issue is: Can you satisfy the EU if you indicate the Government is going to implement corporate tax reform without having anything actually in place?

“I don’t think a commitment will be enough. I think they’ll want something concrete. There’s clear ways to meet the ‘ring fencing’, substantive economic presence requirement, without having taxation. The question is that we have to deal with this by the end of the year, and if a commitment to taxation does not get you a ‘pass’, then you need economic substance.”

Mr Paton said the EU’s ‘ring fencing’ concerns, which deal with the existence of ‘preferential tax regimes’ for non-resident entities and foreigners, would “fall away” should the Bahamas introduce corporate taxation - provided it was not a ‘single digit’ or nominal rate.

But he acknowledged that the Bahamas could not afford to rush tax reform merely to satisfy the EU, given the wider economic implications of any sudden shift and the need to link this to World Trade Organisation (WTO) accession.

“I don’t see how we can move on a corporate tax position by year-end,” Mr Paton told Tribune Business. “We don’t want to approach tax reform in an ad-hoc way. You look at things like WTO and recognise it takes time.”

The ex-BFSB chairman said the Bahamas should not be seen to introduce corporate taxation solely for the EU’s benefit, adding that many in the financial services industry had suggested taking that approach since at least 2016 as a means to reposition the sector.

In the absence of a corporate taxation regime acceptable to the EU, he reaffirmed that the

Bahamas would have to meet the 28-nation bloc’s demands by introducing economic substance requirements.

The EU’s concerns in this regard relate to the possibility that multinational companies can exploit loopholes, and differences in tax regimes and rates between countries, to artificially shift profits, revenues and assets to low-tax jurisdictions such as the Bahamas despite having no physical presence - and conducting no real business - in this jurisdiction.

Imposing such ‘physical presence’ requirements would eliminate these loopholes, and Mr Paton said: “I think we’ll be looking at substantive economic presence in great detail between now and year-end to have something in place by December 31.

“I think that clearly, on a technical level, I fully expect over the summer and going into the fall we’ll be looking very closely at substantive economic presence requirements, and I expect to see changes that satisfy the EU at a technical level.”

And, addressing concerns over how legislative reforms will impact IBCs, Mr Paton said those employed in private wealth management and estate planning structures should not be impacted by any

changes. He explained that as “private holdings companies”, concerns relating to these IBCs ‘economic substance’ have already been addressed by the Bahamas signing on to the OECD’s automatic tax information exchange initiative.

“They’re not looking for private banking or trust company IBCs,” Mr Paton told Tribune Business of the EU. “What they’re looking for in the private client space is automatic information exchange.

“There should not be a concern that IBCs for private wealth, private banking business will be rendered irrelevant and impossible to use. That doesn’t need to be the case, and isn’t the case.”

Mr Paton said “the way forward has to be agreed” on IBCs in relation to ‘ring fencing’, but he emphasised that the private sector is “pushing” for the section in the Multinational Financial Entities Reporting Bill that deals with this - and allows the Minister of Finance to impose corporate taxation by regulation - to be “stripped out”.

He confirmed that the industry views the Bill as too complex because it attempts to address the EU’s concerns and the OECD’s Base Erosion and Profit Shifting (BEPS) initiative in one piece of legislation.

TUESDA10, 9 APRIL 2018

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 1,981.71 | CHG -1.73 | %CHG -0.09 | YTD -81.86 | YTD% -3.97 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 7.50 3.76 1.64 0.19 4.50 8.80 6.30 5.30 11.50 2.59 1.56 9.25 6.10 10.55 8.10 13.67 12.51 11.00

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.30 8.40 6.00 3.15 9.00 2.18 1.40 7.30 6.00 8.78 5.67 3.35 12.01 10.00

1050.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Finco Focol J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

SYMBOL LAST CLOSE AML 4.23 APD 17.43 BPF 9.09 BWL 3.34 BOB 1.00 BBL 0.18 CAB 3.41 CIB 8.80 CHL 6.10 CBL 4.13 CBB 10.07 CWCB 2.74 DHS 1.50 EMAB 7.97 FAM 6.10 FBB 10.44 FIN 6.43 FCL 4.47 JSJ 12.51 PRE 10.00 CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS

INTERNATIONAL BUSINESS COMPANIES ACT (No. 45 of 2000)

Targfort Investment Funds Ltd. (the “Company”)

Notice is hereby given that, in accordance with Section 138 (8) of the International Business Companies Act, No.45 of 2000, the Dissolution of Targfort Investment Funds Ltd. has been completed, a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. The date of completion of the dissolution was the 27th day of March, 2018.

we’ll prevail. You won’t have the two issues being dealt with in the same piece of legislation. That seems to be the path we’re going down.

“It’s going through the technical review and coming out the other side with something that has clarity and makes sense going forward.”

MARKET REPORT

PREFERENCE SHARES

LEGAL NOTICE

As a result it is calling for the EU’s ‘ring fencing’ fears, and the BEPS country-by-country financial reporting requirements, to be dealt with in two separate Bills.

“That’s the theme we’re trying to push forward at the private sector level,” Mr Paton confirmed. “Hopefully our input is put in and

52WK HI 2.13 4.14 1.99 178.69 153.40 1.54 1.70 1.62 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.48 1.62 1.57 1.04 6.41 7.62 5.66 8.65 10.54 9.57

CLOSE 4.23 17.43 9.09 3.34 1.00 0.18 3.45 8.80 6.10 4.13 10.07 2.74 1.50 7.97 6.10 10.44 6.23 4.47 12.51 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.04 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.20 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

109.95 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

-0.14 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

110.09 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Royal Fidelity Int'l Fund - High Yield Fund Strategies Fund

VOLUME

1,380 200

7,032 500

VOLUME

EPS$ 0.361 0.932 -0.306 0.281 -1.133 0.000 -1.465 0.638 0.583 0.171 0.631 0.102 0.330 0.000 1.129 0.743 0.832 0.293 0.543 0.000

DIV$ 0.080 1.130 0.000 0.230 0.000 0.000 0.000 0.320 0.220 0.120 0.690 0.060 0.050 0.084 0.300 0.500 0.150 0.120 0.570 0.000

P/E 11.7 18.7 N/M 11.9 N/M N/M -2.4 13.8 10.5 24.2 16.0 26.9 4.5 N/M 5.4 14.1 7.5 15.3 23.0 0.0

YIELD 1.89% 6.48% 0.00% 6.89% 0.00% 0.00% 0.00% 3.64% 3.61% 2.91% 6.85% 2.19% 3.33% 1.05% 4.92% 4.79% 2.41% 2.68% 4.56% 0.00%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 6.00% Prime + 1.75% 6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

NAV 2.13 4.12 1.99 178.69 153.40 1.54 1.69 1.62 1.09 7.16 8.40 6.29 11.28 11.60 10.21

YTD% 12 MTH% 0.31% 4.30% 0.16% 5.93% 0.17% 2.36% 4.66% 3.89% 5.58% 6.65% 0.36% 4.29% -0.15% 3.50% 0.23% 3.89% -0.34% 4.66% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

Aligned Investment Partners Ltd. Liquidator TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

MATURITY 31-May-2018 19-Oct-2022 20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022 NAV Date 31-Jan-2018 31-Jan-2018 26-Jan-2018 31-Dec-2017 31-Dec-2017 31-Jan-2018 31-Jan-2018 31-Jan-2018 31-Jan-2018 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017 30-Nov-2017

PAGE 8, Wednesday, April 11, 2018

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