09242020 BUSINESS

business@tribunemedia.net

THURSDAY, SEPTEMBER 24, 2020

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‘Now or never’ for Freeport

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

C

OVID-19 has given Freeport a “now or never opportunity” to fulfill an economic potential that could ultimately generate 40-60 percent of Bahamian GDP, a prominent attorney argued yesterday.

Robert Adams, who heads the Revitalization and Economic Expansion of Freeport (REEF) committee, told Tribune Business that “the road to the economic turnaround of The Bahamas goes and lies” through the nation’s second

this, together with plans to establish Freeport and wider Grand Bahama as “a centre of excellence” for the so-called “Blue Economy”, which involves maximising the benefits of marine resources in a sustainable way, could “perhaps define Freeport’s identity for the first time”.

The committee’s wideranging suggestions, covering reforms in areas such as Immigration, tourism, the ease of doing

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ROBERT ADAMS

business and land and real estate, also focus on Freeport’s immediate needs for a new airport and hospital as critical infrastructure foundations that are essential to any hopes of economic recovery on Grand Bahama.

They were released publicly yesterday for the first time as part of a 21-day consultation process, as the committee bids to obtain feedback and fresh ideas

SEE PAGE 10

Over 10,000 back anti-oil exploration petition

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

ENVIRONMENTAL activists behind a 10,000strong petition opposing oil drilling in Bahamian waters yesterday argued “we cannot afford to jeopardise our existing economic drivers” with such a “risky” venture.

Casuarina McKinneyLambert, the Bahamas Reef Environment Educational Foundation (BREEF) executive director, told Tribune Business the petition - which had gained 10,562 signatures by press time last night and is now targeting 15,000 - had seen support “double over the past three days”.

Interpreting this as a signal that the Our Islands, Our Future campaign, which her group created in alliance with

• Activists: ‘We can’t afford to endanger economy’ • Say support has ‘doubled in past three days’ • Calling on PM for ‘permanent drilling ban’ Waterkeepers Bahamas, is “gaining traction”, Mrs McKinney-Lambert said the environmental and economic risks associated with the Bahamas Petroleum Company’s (BPC) plans far offset the potential financial rewards in terms of royalties paid to this nation’s sovereign wealth fund.

Dismissing arguments that The Bahamas cannot afford to pass up such opportunities amid the economic and fiscal devastation created by COVID-19, she replied: “This is precisely why we cannot afford to risk what we have.”

Simon Potter, BPC’s chief executive, in an e-mailed

PM in last ditch rescue for gyms

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE prime minister yesterday performed a last-ditch rescue of the Bahamian gym and fitness industry as operators warned they could “not hold out much longer” amid rising debt and staff terminations.

Dr Hubert Minnis, pictured, leading the debate on extending the COVID19 emergency powers for a further month to end-October 2020, said gyms on “all

islands” were being given permission to re-open provided the necessary health and safety protocols were in place.

The “11th hour” reprieve came just hours after one gym owner said he was struggling under an $80,000 debt amassed during COVID-19, while another was forced to lay-off all employees.

Dr Kent Bazard, owner/operator of Empire Fitness, told Tribune Business ahead of the prime minister’s address: “Nothing

SEE PAGE 6

New airport, hospital key for GB recovery

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net COMPLETING Grand Bahama International Airport’s sale to the government and development of a new hospital are among the top three short-term priorities identified for Freeport’s revival.

The Grand Bahama Port Authority (GBPA) launched Revitalization and Economic Expansion of Freeport (REEF), in proposals unveiled yesterday for public comment and feedback, signalled the desire of the

airport’s owners to sell the Hurricane Dorian-ravaged facility to the government for a “peppercorn” price.

With the GBPA, the driving force behind the committee, ironically owning 50 percent of the airport via its joint venture with Hutchison Whampoa, the proposal said the government must be asked to “amend or enact any legislation that will facilitate the sale of the Grand Bahama International Airport to the Bahamas Airport Authority (BAA) in a ‘peppercorn’ sale” as a matter of urgency.

SEE PAGE 6

reply to this newspaper indicated he would respond to the petition and environmental concerns within the next few days. However, BPC has always pledged that the exploratory well it plans to drill in waters several hundred miles southwest of Andros will be “safe and responsible”, and meet all local and international best practices.

This, though, cut little ice with Mrs McKinney-Lambert, who retorted: “I’m sure that’s what BP said before the Deepwater Horizon.”

While BPC will likely argue that comparisons with this infamous incident are questionable at best, the BREEF

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Squandering Freeport costs Bahamas ‘billions’

• Committee chief: City can give 40-60% of GDP • ‘Road to Bahamas turnaround’ lies through GB • Rebranding eyes ‘Maritime Centre of Americas’

city - especially when it comes to diversification and attracting new industries.

He disclosed that the 20-person committee, launched quietly some six months ago by the Grand Bahama Port Authority (GBPA), is proposing that Freeport build on its existing strengths through the container port, shipyard and harbour to “rebrand as the Maritime Centre for the Americas”.

Mr Adams argued that

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chief argued: “The riskiest type of well is an exploratory well because you don’t know what’s down there.”

Turning to the petition’s progress, Mrs McKinney-Lambert told this newspaper: “We’re very pleased with the attention it’s getting locally and internationally, and we know there are a lot of people concerned about the proposal to drill for oil in our waters and have signed it.

“It certainly has the potential for a huge environmental impact and not much benefit for The Bahamas from what I’ve seen. I think

SEE PAGE 4

THE Bahamas has lost “billions of dollars” through decades of squandering Freeport’s special economic zone (SEZ) potential with “collaboration not seen for 50 years” needed to effect a turnaround.

A September 2020 report prepared for the Grand Bahama Port Authority (GBPA) on ways to revive the city and island’s economy argued that Freeport had effectively “fallen off the map” of global SEZs or free trade zones despite the Hawksbill Creek Agreement (HCA) providing it with the advantage of being a “first mover” into this area.

The report, by Cambridge Strategy Group, argues that The Bahamas has failed to fully capitalise on Freeport’s status because many of the Hawksbill Creek Agreement’s benefits have been “diluted, frustrated or nullified” by the government and GBPA’s fight for control of the city’s development.

The consultants added that this had resulted in a complex regulatory and approvals process that deterred private sector investors, while access to essential expatriate worker talent had been “severely curtailed”. As a result, the report said the range of businesses able to function competitively in Freeport was “radically smaller” than in rival free trade zones.

The Cambridge Strategy Group’s work, prepared as part of the economic revival initiative launched by the GBPA-appointed Revitalization and Economic Expansion of Freeport (REEF) committee (see other article on Page 1B), argued that Freeport needed to develop a fresh, compelling “value proposition” if its SEZ potential is to be restored.

It recommended that the

city follow Dubai’s lead by developing a “portfolio of SEZs”, each targeted at a specific industry, both inside Freeport and elsewhere on Grand Bahama with “loosened Immigration restrictions” applying only to businesses operating in these zones to enable them to import the necessary talent.

SEZ-based companies, the report added, “would not trade with or in the wider Bahamian economy except through Bahamian-owned intermediary businesses, so there would be no possibility of competing with Bahamian businesses or jobs and, in fact, only increased demand for goods and services supplied by Bahamian-owned businesses”.

Cambridge Strategy Group recommended that each SEZ or free trade zone, which is a designated area designed to attract investment in job-creating, export-led businesses via a menu of tax breaks and other incentives, have its own brand. The portfolio or cluster approach, it added, would give Freeport the chance for “clear differentiation and the opportunity to scale over time”.

Noting that efforts to revive Freeport will face fierce competition, with more than 7,000 SEZs expected to be operating worldwide by 2025, the report also called for “a welcoming culture” to be developed if the city is to flourish.

“A mindset shift is needed from expatriates being perceived as a threat to Bahamian jobs and livelihood (so to be resisted) to being a source of very significant benefit to The Bahamas and its people (so to be welcomed),”it added.

Turning to Freeport’s present moribund status, Cambridge Strategy Group

SEE PAGE 11

PAGE 2, Thursday, September 24, 2020

THE TRIBUNE

Don’t take date protection lightly

BY DEREK SMITH

S

TRONG governance requires effective management at its core. Governance, risk and compliance (GRC) have, over the past decade, expanded from standalone and abstract disciplines to arguably the most important functions in a business.

They are not a technology

platform, fad or catchy phrase for software vendors and professional service providers to generate revenue. Instead, it is about ensuring compliance while strategically pushing the business forward.

The ingredients for strong governance, risk and compliance functions were detailed by the KPMG accounting firm thus: “There was a general consensus that GRC should be an approach or framework to help clarify reporting lines, ensure consistent processes, and minimise the degree of subjective interpretation as information passes across business units.

It sets the overall direction, and guides the scope of a range of assurance and compliance programmes, along with subsequent technology implementations.”

The debate on an exact definition of cyber security has been a marathon to say the least. However, I would submit that it is the processes, protocols and mechanisms deployed by a company and its employees to protect various technology assets against malicious attacks.

Information security, meanwhile, encompasses three attributes, namely confidentiality, integrity and availability through procedures and protocols for the protection of information. Simply put, cyber security addresses digital information while information security addresses both information assets - digital or paper-based. Moreover, cyber security typically relates to cyber crimes, cyber frauds and law enforcement, while information security relates to unauthorised access, disclosure modification and disruption.

Risk and Controls A collective approach

by Board and management to managing risk is crucial to any company. You must decide what your company’s GRC framework will include. In the risk management process, you must identify, analyse and evaluate the risk, treat it and then review, before engaging in further monitoring. Cyber security and information security are no different.

In this digital age, and with the increase in cyber attacks, cyber security risks must be managed to control a company’s overall risk exposure. The recent “FinCen” files leak highlights the intersection of cyber security and information security.

Experts have discussed in several forums whether

the environment at the US Financial Crimes Enforcement Network (FinCEN) lent itself to an information security breach or a cyber security breach, depending on how the information was leaked to the reporter.

Risk requires balance.

This balance is achieved to control activities. The controls can either prevent or detect an issue, or correct and recover from any incident while preventing it from occurring again. All of the above should be monitored by a risk management function, then reviewed by compliance, which provides a creditable challenge if needed. The results should be shared with the board.

Data Privacy Oversight Arguably the most robust regime in the world for the regulation of privacy and data flows is the European Union’s (EU) General Data Protection Regulation (GDRP). Although data regulations vary from jurisdiction to jurisdiction, legal, risk, compliance, audit and technology leaders must have a privacy programme in place that establishes accountability and oversight of data throughout the company. Board and management must consider the following when designing their data management frameworks.

• Pinpoint compliance requirements • Allocate and establish policies and procedures • Construct breach and incident management processes • Develop privacy and data change management and communication strategy Carefully constructing a framework that suits your company should not be taken lightly. All stakeholders should be engaged at the beginning to ensure gaps are minimised. This topic, inclusive of the technical and oversight perspective, will be discussed at length by industry professionals during the Bahamas Association of Compliance Officers’ event – Cyber Security Management, the GRC Perspective, which is being held today.

NB: Derek Smith Jr is a compliance officer at a leading law firm in The Bahamas, and a former assistant vice-president, compliance and money laundering reporting officer (MLRO), at local private bank. His professional career started at a ‘Big Four’ accounting firm and has spanned over 15 years, including business risk management, compliance, internal audit, external audit and other accounting services. He is also a CAMS member of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

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THE TRIBUNE

Thursday, September 24, 2020, PAGE 3

‘Another weapon’ to avoid blacklists

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE deputy prime minister yesterday said reforms to the Register of Beneficial Ownership Act give The Bahamas “another weapon in our arsenal” to combat future and present “blacklistings”.

K Peter Turnquest, pictured, told Parliament that the changes will enhance The Bahamas’ efforts to escape the Financial Action Task Force’s (FATF) enhanced scrutiny over perceived deficiencies in its anti-financial crime regime.

While COVID-19 continues to prevent FATF assessors from conducting an on-site visit to The Bahamas to determine this nation has implemented all the legislative changes to address weaknesses in its anti-money laundering/ counter-terror financing regime, Mr Turnquest said the amendments debated yesterday were critical to passing this final test and exiting the oversight initiative.

And, in turn, he added that escaping the FATF programme is a major factor in The Bahamas being removed from the European Union’s (EU) own “blacklist” of nations deemed to present a “high risk” of facilitating financial crime. The 27-nation EU had previously delayed implementation of its blacklist until October 2020 due to COVID’s impact, but that extension has now almost expired.

“This Bill will address a major recommendation by the Financial Action Task Force (FATF) with respect to ensuring that no person is able to hide their identity through the use of a Bahamian entity,” Mr Turnquest told the House, adding that there was “unanimous

agreement” from the Bahamian financial sector that it would bolster The Bahamas’ prospects of escaping the FATF process.

“The implications of this Bill for The Bahamas are far-reaching, and the implementation of the measures proposed vital to safeguarding the integrity of the financial sector and the reputation of the jurisdiction.

“This Bill to amend the Register of Beneficial Ownership Act that we are debating today is another weapon in our arsenal to counter the narrative that The Bahamas’ financial services industry operates outside of the regulatory bounds accepted by the international financial community,” Mr Turnquest continued.

“More importantly, it is protection against the abuse of our financial services industry by persons attempting to use our financial institutions and products to avoid declaring, or to abate the true extent of, their financial assets to the relevant authorities in their home countries, or as a shield to hide or launder illicit assets.”

Mr Turnquest added that the Bill brought Non-Profit Organisations (NPOs) and Segregated Accounts Companies (SAC) under the

corporate entities covered by the Act. “While it can be argued that a SAC would have already been within the scope of the Act on the basis that a SAC is either an IBC or a Companies Act company, we felt that it was important to expressly state that SACs were included, given that the intrinsic operation of a SAC could be viewed as a vulnerability to our anti-money laundering framework with respect to the identification of beneficial owners,” the deputy prime minister said.

“This is because the assets of a SAC are not pooled and deemed to be owned by the shareholder of the company, as is usually the case. But rather, different individuals other than the shareholders of the SAC beneficially own the assets of the SAC in separate accounts within the SAC.” Mr Turnquest said the Bill “also fine tunes the definition of beneficial owner with respect to NPOs and Partnerships (Common Law Partnerships, Limited Liability Partnerships and Exempted Limited Partnerships) by defining who the beneficial owners of such entities are”.

“The Bill imposes a duty on the Registrar General to provide beneficial ownership information in those cases where a legal entity does not have a registered agent. A Compliance Unit has been established in the Registrar General’s Department to monitor the provision of beneficial owner information and other compliance measures related to the Register of Beneficial Ownership registry. Two senior attorneys of the Office of the Attorney General have been assigned to this unit and a third is being retained.”

Galleria chief: Better to be safe than sorry

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net GALLERIA Cinemas president yesterday said he was eyeing a possible December return to coincide with new movie releases, while agreeing that combating COVID-19 must remain The Bahamas’ priority.

Christopher Mortimer described the cinema and entertainment industry’s continued pandemic-enforced closure as “it is what it is”, and said: “Whatever happens, we will be ready. Many places in the United States aren’t open either, New York and California, and it’s always best to err on the side of caution.”

Responding to concerns that Galleria will remain closed for the rest of 2020,

Eliminate ‘bureaucracy bottleneck’, urged MP

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE opposition’s spokesman yesterday demanded that the government eliminate the “bottleneck of bureaucracy” for the private sector, as he warned that The Bahamas is “not the only game in town”.

Chester Cooper, also the Progressive Liberal Party’s (PLP) deputy leader, told the House of Assembly during the debate on reforms to the Register of Beneficial Ownership Act that there was no need for the National Economic Council (NEC) - meaning Cabinet or a Cabinet subcommittee - to approve regulated entities.

Mr Mortimer replied: “The priority is in making sure people remain safe. That is the priority. At the end of the day we can’t afford to have a nation of sick people, and so our government is no different than what’s happening.

“Responsible governments in many states in the United States have erred on the side of making sure we don’t have an outbreak.

We are a tourist nation.

We cannot afford to continue to have another year of COVID-19 cases continuing to go up. We can’t continue to have 50 or 60 new cases every day because as a country that makes us a place where no tourist wants to come to and, ultimately, that affects every single person in the country.

“So, at some point we have to realise that we have to do what is in the best interest of the country, because if the country doesn’t work and we are labelled as a COVID-19 territory, nobody will want to come. The hotels will stay closed, Bay Street will remain closed, and it will

create a real negative shock in our economy.”

Noting that Galleria is in good company, Mr Mortimer said: “New York has not opened its theatres, Los Angeles has not opened their theatres, and those are the top two territories in the United States for movie goers. Those haven’t opened. So they are making sure that those areas that can be significant areas for COVID-19 spread, they take their time in reopening those sectors.”

Mr Mortimer said the major Hollywood movie studios and distributors have pushed “most movies out of this timeframe, so there are no real movies until December and that is only unless there isn’t any more uptick in COVID-19 in the US”.

“If there is an uptick in cases in the United States, as we have seen in the United Kingdom that opened too quickly, I would suspect that the studios will go again with PVOD (premium video on demand) on these pictures or they will move them out of the frame into next year,” he added.

“I don’t understand for the life of me why this would be the case, given that there are competent regulators in our country.

We must look to streamline this. We must look to ensure perhaps that the NEC is meeting more regularly to ensure that these regulated entities are not stuck in the bottleneck of bureaucracy,” he blasted.

Pointing out that The Bahamas is “not the only game in town” in financial services, he encouraged the government to get its “inefficiencies” out of the way of doing business. Mr Cooper added: “We must pivot with super-tech for automating approvals. We must pivot with fintech to compete globally.

“We should not give any other jurisdiction an edge over us. When we are debating these Bills, when we debated them two years ago, I stressed that.... we must ensure that we are compliant but not make

ourselves less competitive than Cayman or the BVI (British Virgin Islands.

“The elephant in the room today is the issue of possible hacks. That’s the elephant in the room.

There was already at least one hack of the Bahamas Registrar General’s system, not this one, but another one, and quite frankly it sent chills down my spine,” Mr Cooper continued.

“The fact that it happened, and the fact that we weren’t told about it for some six months, that concerned me. We were told that there was going to be an investigation into that hack, but we have not been told the results of that investigation.”

“Thankfully the database of beneficial owners itself was not hacked, and as I have mentioned before an electronic database of beneficial owners of all entities in The Bahamas is a powerful one and it goes to the privacy we offer.”

PAGE 4, Thursday, September 24, 2020

THE TRIBUNE

Over 10,000 back anti-oil exploration petition FROM PAGE ONE

the number of signatures has doubled in the last three days, so we’re really getting a lot of traction.

“It’s an environmental risk for The Bahamas and also for Florida, which put a moratorium in for the next ten years on oil drilling

because of the risk to their economy.

That’s what they’re concerned about, and what we want to consider in The Bahamas as well. It’s a crude deal for The Bahamas; a very crude deal.”

BPC’s oil exploration activities have long been controversial with Bahamian public opinion split

on the issue. While those in favour will argue that The Bahamas simply cannot afford to pass up this potential opportunity given the dire economic and fiscal straits it finds itself, Mrs McKinney-Lambert said: “It’s the opposite. We cannot afford to jeopardise our existing economic drivers with something as

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risky as this.

“It’s risking two of our major industries, tourism and fisheries, from an economic perspective. This is too important an issue to risk what they’re [BPC] proposing. This is a highpolluting industry that we want to be very careful about. And it’s not just us; it’s coming from many different directions.

“The letter from a number of US congressmen and women to the secretary of state, Mike Pompeo, and the US Embassy charge d’affaires, Stephanie Bowers, expressed extreme concern. We would be liable for damages to Florida should we have a leak here. It’s another economic risk.”

Ms McKinney-Lambert added that it was contradictory for The Bahamas, one of the most vulnerable nations to climate change, to permit the very activities that were helping to drive this problem. “There are many, many more jobs in green industries and renewable energies than fossil fuels,” she argued.

“In other countries like Belize, they determined the risks were too great to start offshore exploratory well drilling. Belize made the decision not to do that as they didn’t want to risk their tourism and fisheries.

“I think it’s in the interests of pretty much all Bahamians to get on board with this campaign

and make sure it doesn’t happen here. I have a lot of confidence.”

The Our Islands, Our Future petition, which is located on the change.org website, calls on the government and Dr Hubert Minnis to “cancel all existing oil exploration licenses, reject all proposed renewals and impose a permanent ban on fossil fuel exploration anywhere within our maritime borders”.

Arguing that The Bahamas is at a “pivotal point” in its history, and that the prime minister has “one last chance” to protect the economy and country’s natural resources, the petition added: “The critical threat posed by oil drilling to our world-renowned oceans, reefs and beaches cannot be exaggerated...... Simply put, drilling threatens our very way of life.

“We cannot afford to put our nation’s future at risk, nor risk its reputation being tied to a devastating accident. Help us urge Prime Minister Minnis to cancel existing licenses immediately, disregard any license renewal proposals and place an permanent ban on offshore oil drilling. Let us be known for pristine waterways and our commitment to a sustainable economy, not dirty fossil fuels or another uncontrolled and costly oil disaster.”

The petition’s signatories appear to be both local and international. Peter

Carlyon said: “Oil exploration isn’t what the Bahamas need. Leave it’s splendor and beauty as untouched as possible.” And Melanie Griffith added: “We must think of our grandchildren.

We already know the harm offshore drilling can cause.

It is past time to stop crapping in our home.”

BPC, which now bills itself as a “full cycle” exploration and production business following its recently-completed merger with Columbus Energy Resources, said the recent extension of its Bahamian licence as granted by the government had given it “sufficient certainty” to confirm drilling of its first exploratory well will start between December 15, 2020, and February 1, 2021.

The company believes drilling in waters southwest of Andros, close to the maritime border with Cuba, will begin in the early part of the December 15 to February 1 timeframe.

This would place completion of BPC’s first exploratory well towards end-January or mid-February 2021, thus ensuring “the licence obligation will be fulfilled well in time for April” and the revised deadline. Based on a 45-60 day completion cycle, the well would be finished by early April at latest assuming a February 1 start, still inside its obligations.

NOTICE TO THE PUBLIC The Public is hereby advised that

Mr. Jamaine Bostwick, whose photograph appears, is NO longer an employee of PREMIER TRAVEL.

He is NOT authorized to conduct business for or on behalf of the company which includes but is not limited to transacting any business, receiving funds, giving instructions or act in any way for and on our behalf.

Whoever transacts any business with him for and on behalf of PREMIER TRAVEL, does so at his/her own risk as the Company shall not be liable for such transactions and they will NOT be honored.

MANAGEMENT

THE TRIBUNE

BAMSI’s cassava plan to boost food security ALL of the planting materials, cassava sticks and sweet potato slips came from the BAMSI farm in North Andros.

FARMERS across The Bahamas have received cassava sticks and sweet potato slips as part of the Bahamas Agriculture and Marine Science Institute’s (BAMSI) Roots and Tubers Distribution initiative.

The programme, which launched earlier this year, is expected to continue until early 2021 in a bid to boost the Ministry of Agriculture and Marine Resources’ food substitution initiative amid the COVID-19 pandemic.

To-date, almost 6,300 pounds of cassava sticks and 57 bundles of sweet potatoes slips have been delivered to 276 farmers across the country. Since the initial launch almost five months ago, the cassava and sweet potato plant materials have been delivered to Abaco and its cays – Man O’ War Cay, Guana Cay and Green Turtle Cay. They have also been distributed to South Andros, the Berry Islands, Bimini, Cat Island, Eleuthera, Exuma, Inagua, Long Island, Rum Cay and San Salvador.

Stephen Adderley, a member of BAMSI’s Board of Directors and the Institute’s farm co-ordinator, said its programme aligns with the Ministry of Agriculture’s food substitution/ security initiative that focuses on encouraging more Bahamians to grow roots and tubers as part of the push to enhance this nation’s production.

Mr Adderley added that the plant material being shared with farmers was grown on BAMSI’s North Andros farm. He said that while there were at least six different varieties of cassava grown in The Bahamas, BAMSI is focusing on two local varieties, the BAH1 and BAH2, which have been grown for more than 60 years. While BAMSI grows a few Cuban varieties, more research data has to be gathered before it will consider distributing them to the farming community.

Each participating farmer has received around 300 sticks, and is expected to start with at least a tenth of an acre of plants. The expected yield is some 3,000 pounds of cassava in eight to nine months.

The programme will then continue in two ways, with BAMSI distributing the cassava sticks and sweet potato slips on a regular basis over upcoming months.

The initiative will also move forward as each farmer invests in his/her own community. As the produce is harvested, it will increase the capacity of the farmer to plant cassava because a medium-sized tree can produce up to 100 sticks. Farmers will also be able to share plant material with others in their farming community.

Due to the challenges posed by COVID-19 and climate change, BAMSI said it was even more aware of the need for The Bahamas and its citizens to become less dependent on imported food. Besides existing commercial farmers, it added that backyard operations also have a significant role to play in this efforts.

“It took the Coronavirus to wake the country up regarding food security in The Bahamas,” Mr Adderley said. “Agricultural practices that involve root crops and grains would lend towards greater food security as compared to vegetables because you can readily store these items for weeks, and even months, with very little advance preparation.”

One of the cassava project’s long-term goals is to tap into the growing interest in backyard farming, and support Bahamians who want to start the practice. “Sooner or later some may discontinue, but many will continue with the backyard farming when they realise how easy it is to grow [the cassava] and will continue with it over their lifetime,” said Mr Adderley.

“Once you see the rewards it excites you, and it can become a hobby. BAMSI’s hope is that backyard farming will catch on in Nassau because it’s already done so to a great extent in the Family Islands, particularly those in the southern Bahamas.”

Mr Adderley added that one of the reasons why cassava and sweet potato were chosen for the initiative was because neither requires a significant amount of effort to cultivate. He said cassavas planted during this time will not need irrigation methods to survive and thrive because the summer rain should be enough to produce a good crop, 15 to 20 pounds per tree, without irrigation.

And for farmers with limited space, the sweet potato and cassava root can be planted fairly close to one another. The sweet potato vines will run along the ground horizontally, while the cassava roots grow vertically, forming trees above ground.

Cassava is a nutritionallydense food that contains complex carbohydrates, making it a good source of dietary fiber or roughage, vitamin C, thiamin, folic acid, manganese and potassium. The tuberous root can replace rice and Irish potatoes, and can be used to make flour, breads, fries, chips and tapioca. Some cultures also use it to make an alcoholic beverage and even laundry starch.

A nine-month crop, the cassava can be planted at any time of the year, although February through April is the optimum time. For the home gardener, the root requires a fairly good depth of soil or a mound of soil to be planted in. The planting material is obtained from cuttings from the mature plants.

Thursday, September 24, 2020, PAGE 5

To advertise in The Tribune, contact 502-2394

PAGE 6, Thursday, September 24, 2020

THE TRIBUNE

PM in last ditch for gyms To advertise in The Tribune, contact 502-2394 rescue FROM PAGE ONE much has changed. Nothing much has changed at all. We are just sitting with eager ears waiting on what the prime minister has to say today. I heard he will have good news for us so let’s see what that good news is.”

Revealing that he would have been unable to hold out much longer financially, Dr Bazard said: “There is not much longer we can hold out.

Within a few weeks it will be $80,000 in debt and that’s not sustainable at all. This is money that I owe regardless of when we open. I owe the money.

“This is not a good place at all. The bank is not working with me and we are working

New airport, hospital key for GB recovery FROM PAGE ONE

This will effectively hand the responsibility and cost of building a new airport terminal and facility to the Airport Authority and Bahamian taxpayer. “The Airport Authority is to build a new terminal or renovate the previous terminal to a fullyfunctional facility scaled to accommodate the current traffic volumes along with the ability to grow as traffic increases,” the committee added.

It is unclear, though,

out a payment plan with our landlord. They are very understanding, but they are still due their money whether or not our business closes down or not.

“As far as the law is concerned they are totally within their legal rights to kick us out at any point, but I’m saying as a business we cannot keep racking up bills. We can’t be operating a business and operating in hundreds of thousands of dollars in debt. We just can’t do it.”

Sophia Whitehead, owner/ operator of ClubOne Fitness, also speaking ahead of Dr Minnis’ address, added: “We can’t hold on much longer.

We have had to negotiate things so we can stay afloat.

We are trying to wait this out, but we have no answers.”

“I’m just waiting. I have almost given up. Obviously we are not giving up, but we can’t fight any more. The

gyms have already tried to approach the Office of the Prime Minister but nobody is answering us; they don’t have any answers for us.”

Ms Whitehead added that she had to “lay off all of our staff, except for the manager and one trainer because there just isn’t any revenue coming in”. She said: “Luckily we have a negotiation with the building right now that they are going to help us out, but that’s it.

“I think if we start back up at the end of the month we would be rolling around January to have our regular staff complement back. Even my customers, everyone is waiting patiently. They just want to get back. We still have our online class every morning and every day, and it is going good, it is busy.

Honestly, I have no words. I can’t believe they can forget an entire industry and not talk to us.”

whether negotiations over the airport between the government and Hutchison, which has management control, have truly progressed since this newspaper reported last year that the latter and GBPA were willing to exit for a $1 sales price. However, it is thought that Hutchison was waiting for the Dorian insurance proceeds, which it planned to walk away with rather than reinvest.

The committee’s proposal also indicates why Hutchison and the GBPA may be eager to exit. “For more than a decade, Grand Bahama International Airport has not had the passenger traffic required to make it financially viable at

its pre-Dorian scale.....

“Aviation fuel prices on Grand Bahama are uncompetitive relative to other options. Lack of economies of scale have led to higher ticket prices and public misconception that the Grand Bahama Airport Company (GBAC) tariffs are the cause for these rates.

“Grand Bahama International Airport is subject to storm surge inundation and, in the case of Hurricane Dorian, that proved devastating. The current state of Freeport’s economy and the collapse of tourism as a result of COVID-19 renders reinstatement of the airport facilities uneconomical.”

ANNUAL GENERAL MEETING NOTICE Notice is hereby given that the Annual General Meeting of Benchmark (Bahamas) Ltd. will be held via teleconference on September 30th, 2020 at 6:30pm.

To join the AGM, you would be required to dial (242) 603-0000 and input Participant Code/Pin 426473.

PAGE 10, Thursday, September 24, 2020

‘Now or never’ for Freeport FROM PAGE ONE from both the private sector and individual residents on how the economy should be rebuilt post-COVID-19 and Hurricane Dorian.

Acknowledging that the committee and GBPA “do not have all the ideas and proposed solutions”, Mr Adams pledged “don’t count us out” as he conceded that many residents will be weary due to the island’s challenges over the past 15 years.

He also agreed that no change will be possible unless the government agrees to make essential law and policy reforms, chief among them the need to extend Freeport’s real property tax exemption to all licensees - not just the GBPA and Hutchison Whampoa-owned entities

- until at least 2036 so that businesses and investors “can have the confidence to plan and invest for the future”.

Asked whether Freeport will receive the necessary level of co-operation and collaboration from the government, given Nassau’s frequent efforts to exert more control over the city and the sometimesfraught relationship with the GBPA, Mr Adams said the committee’s proposals had received a positive response when presented to government and opposition members earlier this week.

“I think describing it as a ‘now or never opportunity’ is a good way of putting it,” Mr Adams told this newspaper of the reform possibilities created by COVID-19. “I think it’s an excellent opportunity.

I think this is probably the

THE TRIBUNE best opportunity we have had in a very long time: A now or never opportunity.

“We’ve met with the representatives of central government. We had a meeting [on Monday] with all the Grand Bahamabased ministers, and [on Tuesday] we had a meeting with the PLP’s representatives in Grand Bahama and Chester Cooper, their deputy leader.

“I can say that across the board both expressed support for the consultation exercise, and are willing to work with the Port Authority. We think that’s a very positive sign. When we present the recommendations for the action plan, and the legislation and policy reforms to be made, we’ll have constructive dialogue with government and make changes that ultimately support the work and objectives,” he continued.

“We cannot count it as a given, but based on the exchange with government and opposition representatives so far we feel reasonably confident we’ll receive their support. That’s critical.

That’s the centrepiece. We cannot make any changes

without government.”

Mr Adams added that the government will be “hard pressed” to resist the need for change if the Freeport community and voters throw their weight behind the final recommendations and report provided by the committee, which has a majority of private sector representatives as well as GBPA Board members and executives.

With the GBPA’s owners, the Hayward and St George families, “100 percent behind the initiative” and “fully committed to seeing it through to the end”, Mr Adams told Tribune Business: “I think that Freeport, if it was able to realise its full and true potential, could contribute - and this is my off-the-cuff estimate - somewhere between 40-60 percent of national gross domestic product (GDP).

“That’s ideal. I would at the moment accept 30 percent. If we’re able to do 30-40 percent of GDP, we’d turnaround the national economy in a big way. We think the road to the economic turnaround for the national economy goes and lies through Freeport.

“When Freeport does well, it reduces the conurbation and the overcrowding issues that exist in Nassau. We have people from Freeport in Nassau at the moment only because of the need to work and seek employment opportunities.... The way forward for The Bahamas is through

Freeport and enhancing Freeport’s advantage as a special economic zone (SEZ).”

Mr Adams explained that the inspiration for the committee’s launch came when the government-appointed Economic Recovery Committee (ERC) excluded any GBPA representatives and only incorporated one person from Grand Bahama, the island’s Chamber of Commerce president, Gregory Laroda.

This prompted Freeport’s quasi-governmental authority to form the committee, reaching out to stakeholders and major licensees, in a bid to use the crisis created

by COVID-19 “to create an action plan to promote and revitalise the economy in the long-term”. Its work will now be assessed and rated by the wider public to see whether there is sufficient support, or better alternatives, to the proposals.

“We have identified, as a rebranding of Freeport, converting the city into a Maritime Centre for the Americas and centre of excellence for the Blue Economy,” Mr Adams told Tribune Business, “leveraging the assets we have. They are, in my view, achievable aspirations. It gives Freeport the opportunity to play to our strengths.”

The presence of Freeport Container Port and Freeport Harbour Company, together with the Grand Bahama Shipyard and the cruise lines’ investment in

that entity (as well as Carnival and Royal Caribbean’s pending port/hotel investments), as well as Grand Bahama’s proximity to the US and major shipping routes, provide a foundation upon which to build a potential maritime hub.

“We’re also asking the government to move the Bahamas Maritime Authority to Freeport to make a statement of intent that this is going to be the centre of maritime affairs for The Bahamas,” Mr Adams added.

He said Freeport’s experience with hurricanes over the past 15 years also made it an ideal candidate to develop and attract industries focused on mitigating the effects of climate change and natural disaster elements, creating “research and development on inter-coastal resilience, and figuring out how economies and communities cope with storm surges” as a unique twist on the Blue Economy.

Other committee members include Jeremy Cafferata at Freeport Ship Services; Sean Basden, of Taino Beach And Flamingo Resorts; Greg Ebelhar, Polymers International’s chief operating officer; Ellie Hepburn, chief executive of Elnet Maritime; James Sarles of Sarles Realty; Pietro Stefanutti, Pharmachem’s president; and Fred Smith QC, the Callenders & Co attorney.

THE TRIBUNE

Thursday, September 24, 2020, PAGE 11

Squandering Freeport costs Bahamas ‘billions’

FROM PAGE ONE

said: “For several decades now, Freeport has suffered a succession of major business failures, almost all of which have been attributed to a difficult business operating environment and unacceptably high levels of business risk. This means that those in the global business community who are aware of Freeport have a generally negative perception of its value proposition.

“The above makes it very difficult to attract international businesses of any size or global standing to Freeport, excepting those that find the value proposition offered by Freeport Harbour compelling enough to overlook the disadvantages.

It impossible for most kinds of SEZ (as the term is generally understood) to exist in Freeport under current circumstances.”

Despite the Hawksbill Creek Agreement providing the framework for one of the world’s oldest SEZs, the report added that Freeport did not merit a mention

in recent World Bank and United Nations (UN) agency reports on free trade zones.

“A half-century of government efforts to emasculate the HCA and draw Freeport more under the mantle of central government, and the GBPA responding to protect its interests, has radically reduced Freeport’s attractiveness as an SEZ,” Cambridge Strategy Group added.

“The treaty and the GBPA have proved resilient to challenges both legal and extra-judicial, together with gratuitous attacks in the media, but the resulting environment has prevented the GBPA or its business partners from developing anything like the SEZs that now thrive across the world.”

It continued: “It is seldom constructive to contemplate what might have happened had other roads been travelled, but the opportunity cost to The Bahamas of not having implemented effective SEZs in Freeport a decade or more ago likely

Legal Notice

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:(a) SHRADLER COMPANY LTD. is in dissolution; (b) The date of commencement of the dissolution is the 22nd day of September A.D., 2020 and (c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

C.B. Strategy Ltd. LIQUIDATOR

runs well into billions of dollars lost to the Bahamian economy, to jobs not created, to Bahamian businesses not established and grown.

“Obstacles to developing a sustainable SEZ offering in Freeport today are no less formidable than they have been for many years. What has changed, though, is the economic context. Exacerbated by the COVID-19 pandemic, The Bahamas today faces challenges unprecedented in its history.

“The need is dire to very quickly grow the economy, create jobs, reduce the level of national debt and diversify away from the monolithic dependence on tourism. The ability to establish thriving SEZs in Freeport lies at the core of achieving this. An entirely new approach is required,

though, which will require constructive collaboration between GBPA and government on a scale not seen in 50-plus years.”

Informed observers are likely to greet Cambridge Strategy Group’s findings with little surprise, although some may feel that the report glosses over the failures of the GBPA and its partner, Hutchison Whampoa, to live up to their own governance and developmental responsibilities.

To advertise in The Tribune, contact 502-2394

Legal Notice

NOTICE Pursuant to the provisions of Section 138 (4) (a), (b) and (c) of the International Business Companies Act, 2000, notice is hereby given that:(a) SHADANOAH VALLEY LTD. is in dissolution; (b) The date of commencement of the dissolution is the 18th day of September A.D., 2018 and (c) the Liquidator is C.B. Strategy Ltd., of Sassoon House, Shirley & Victoria Streets.

C.B. Strategy Ltd. LIQUIDATOR

PAGE 12, Thursday, September 24, 2020

THE TRIBUNE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANTHONY THADDEUS MISIEWICZ of, Nassau, Bahamas intend to change my name to ANTHONY THADDEUS MUNNINGS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

To advertise in The Tribune, contact 502-2394

Legal Notice NOTICE Lighthouse FX Fund Ltd. (the “Fund”) Registration No. 204534 B

NOTICE

NOTICE IS HEREBY GIVEN as follows: (a)

Lighthouse FX Fund Ltd. is in dissolution under the provisions of the International Business Companies Act, 2000.

Lighthouse Corporate Services Ltd. Liquidator

NOTICE is hereby given that ILICIA BAZILE TOUSSAINT, #35 Union Village P.O.Box NP-336, Nassau, 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 24th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

LEGAL NOTICE

NOTICE

(b)

The dissolution of the said Fund commenced on the 18th day of September, 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Fund is Lighthouse Corporate Services Ltd. situated at Offices at Old Fort, Building 4, suite 303, Lyford CayNassau, Bahamas.

NOTICE

EXXONMOBIL RUSSIA RESEARCH SERVICES LIMITED ________________________________________________

EXXONMOBIL RUSSIA RESEARCH SERVICES LIMITED ________________________________________________

N O T I C E IS HEREBY GIVEN as follows:

Creditors having debts or claims against the abovenamed Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 12th day of October, A.D., 2020. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

C.J. Carrow Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

(a)

EXXONMOBIL RUSSIA RESEARCH SERVICES LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

(b)

The dissolution of the said Company commenced on the 16th day of September 2020 when its Articles of Dissolution were submitted to and registered by the Registrar General.

(c)

The Liquidator of the said Company is C.J. Carrow, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

Dated the 24th day of September, 2020 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

MARKET REPORT www.bisxbahamas.com

WEDNESDAY, 23 SEPTEMBER 2020

BISX ALL SHARE INDEX:

CLOSE

CHANGE

2090.84

-1.51

%CHANGE

YTD

YTD%

-0.07 -140.76

-6.31

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.08 22.65 2.00 1.79 2.46 6.00 6.75 5.00 8.59 4.50 6.16 12.77 3.64 5.50 10.88 8.44 16.99 4.25 9.40 15.21

52WK LOW 3.13 20.91 0.67 1.65 1.67 5.40 5.39 2.70 5.05 3.62 5.60 11.05 2.71 3.19 9.60 7.50 13.04 3.20 8.00 13.90

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Focol Finco J. S. Johnson

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

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

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 102.00

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

52WK HI 2.34 4.41 2.12 198.39 168.29 1.69 1.85 1.77 1.24 8.34 10.26 7.08 12.15 12.71 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.64 1.79 1.73 1.06 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

SECURITY Fidelity Bank Note 22 (Series B) + Bahamas First Holdings Limited

SYMBOL FBB22 BFHB

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

MARKET TERMS

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: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-7Y

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

LAST CLOSE 3.80 17.43 1.62 1.65 1.67 6.00 6.75 3.00 5.10 3.77 6.00 11.26 2.23 5.50 9.98 8.44 14.30 3.96 8.97 15.20

CLOSE 3.80 17.43 1.62 1.65 1.67 6.00 6.75 3.00 5.10 3.76 6.00 11.26 2.11 5.50 9.86 8.44 14.30 3.96 8.97 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.95

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 0.95

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno 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 Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

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

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 (0.01) 0.00 0.00 (0.12) 0.00 (0.12) 0.00 0.00 0.00 0.00 0.00

VOLUME 100

1,041

5,000

8,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.000 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

NAV 2.34 4.41 2.12 196.40 163.60 1.68 1.81 1.76 1.07 8.30 9.90 7.08 11.27 12.71 10.23 N/A 8.93 11.27

DIV$ 0.170 1.260 0.020 0.000 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 15.9 18.7 N/M N/M N/M N/M 18.3 -6.8 36.4 20.4 13.4 15.6 20.7 11.8 15.3 11.6 17.5 19.5 9.6 24.1

YIELD 4.47% 7.23% 1.23% 0.00% 0.00% 0.00% 3.85% 0.00% 0.00% 3.19% 3.67% 6.39% 20.57% 1.09% 3.33% 2.84% 3.78% 3.03% 2.23% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

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

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.50% 6.25% 3.50% 4.25%

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-2022 26-Jun-2045 15-Oct-2018 15-Oct-2022

YTD% 12 MTH% 2.54% 4.13% 1.12% 2.44% 1.38% 2.55% 0.65% 2.50% -1.88% 3.33% 1.10% 2.34% -2.43% 1.49% 0.34% 2.43% -11.07% -9.92% -0.45% 8.36% -3.20% 11.46% 2.10% 5.15% -6.17% 3.54% 2.92% 5.55% -4.66% -3.81% N/A N/A -4.20% 0.20% -8.60% -2.90%

MATURITY

NAV Date

31-Jul-2020 31-Jul-2020 31-Jul-2020 30-Jun-2020 30-Jun-2020 31-Jul-2020 31-Jul-2020 31-Jul-2020 31-Jul-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 31-May-2020 30-Jun-2020 30-Jun-2020 30-Jun-2020

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

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | COLONIAL 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

NOTICE NOTICE is hereby given that KRINSNY TANIS, #35 Union Village P.O.Box NP-336, Nassau, 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 17th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that RITCHIE D’ANGELO, Palm Breeze Road, off Carmichael Road, Nassau, 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 17th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that ROSANDRA JOSEPH, Boat Zain Hill East, off Carmichael, Nassau, 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 17th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that CHAMANAL LOUIDOR, Market Street , Nassau, 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 17th day of September 2020 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.