11242017 business

business@tribunemedia.net

FRIDAY, NOVEMBER 24, 2017

$4.25

$4.29

$4.50

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‘Shift in thinking’ vital to reshape economy

BY DENISE MAYCOCK Tribune Freeport Reporter dmaycock@tribunemedia.net

S

tate Minister for Grand Bahama Kwasi Thompson said yesterday the Commercial Enterprise Bill is designed to boost the Grand Bahama economy, attracting new industries and create opportunities for Bahamians.

He stressed that tourism alone is not enough, and the bill is exactly what Grand Bahama needs.

“This government was elected to effect change and we cannot function as business as usual,” Mr Thompson said.

‘The growing of our economy will require a shift in policy and a shift in thinking.”

During a press conference at the Office of the Prime Minister, the minister indicated the passing of the Commercial Enterprise Bill and the Grand Bahama (Port Area) Extension of Tax Exemption Bill would increase the ease of doing business and attract investors to the island.

He believes the Commercial Enterprise Bill will attract industries, such as International Trade, Captive Insurance, Nano Technology and Data warehousing, that are not already doing business here.

“Tourism alone in Grand Bahama is not sufficient to grow our economy, and, therefore, we must attract more businesses by making it easier for them to come to Grand Bahama,” said Mr Thompson.

KWASI THOMPSON

“We in GB have been talking about being the leader in the Technology, Arbitration, Maritime Trade, Captive Insurance, and this bill for the first-time providers an attractive package for businesses who are not here to come here and provide opportunities for Bahamians.”

The minister said the government intends to make Grand Bahama a technology hub as promised at the first GB Technology Summit.

He stated technology businesses will bring in specially skilled persons who can train Bahamians.

“This government was elected to effect change and we cannot function as business as usual, he stressed. “The growing of our economy will require a shift in policy and a shift in thinking.”

Minister Thompson explained the Commercial Enterprise Bill allows benefits to Bahamians and non-Bahamians. It also allows for special economic zones to be created all over the Bahamas, including GB where the model has previously worked, he said.

Enterprises can apply for a certificate. But before a certificate is granted, the proposed enterprise must submit for approval the nature of the business, staffing needs, and training and capacity building for Bahamians.

Mr Thompson said the certificate must be reviewed every year and an assessment must been conducted of how the plan to include Bahamians is being executed. He noted that a number

SEE PAGE 4

POOLING RESOURCES WOULD CUT OUT NEED FOR FOREIGN INVESTMENT

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

‘What we really need is more economic activity’

ENCOURAGING more Bahamians to pool their resources and invest in commercial activity could reduce the demand for foreign direct investment, a leading accountant has argued.

“I think we tend to see FDI as a panacea. What we really need is more economic activity.

“If we can encourage Bahamians to pool their resources and to start investing in significant commercial activity then it is not as critical as it is made out to be,” said Gowon Bowe, a former Bahamas Chamber of Commerce chairman.

“What we do have in this country is skilled shortages in certain key areas. We have a number of very talented Bahamians but with a population of only 300,000 or so that pool is going to be every limited. There will be a need for trained individuals.

“Bahamians need to become skilled to take on the roles we are bringing in people for at this point in time, as opposed to having this paranoia about who is coming to take advantage in our local economy,” said Mr Bowe, referencing concerns over the Commercial Enterprises Bill (CBE) debated in Parliament on Wednesday.

PRIVY COUNCIL RULES IN BIMINI FAMILY LAND DISPUTE

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE London-based Privy Council has dismissed an appeal arising out of a family dispute over two plots of land on Bimini.

The Privy Council, which is the Bahamas’ final appellate court ruled earlier this week that the appeal by Rolle Family and Company Limited against an earlier Court of Appeal decision in favour of Ena Rolle be dismissed.

According to the facts of the case, on May 24, 2006, Emanuel Rolle conveyed

three plots of land on Bimini to his daughter Ena by deed of gift. Some three and a half months later, on September 8, however he executed two conveyances purporting to convey two of those plots, and a portion of the third to Rolle Family & Co Ltd, for a consideration of US$100 each. That company, which was incorporated by Holowesko & Co is controlled by his son Paul, who is the majority shareholder, its president and director.

The Privy Council noted that Under Section 10 of

SEE PAGE 5

GREAT IDEA? STRIPING’S READY TO HELP WITH FUNDING

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net THE Bahamas Striping Group of Companies (BSGC) Investment Group yesterday launched its new website to allow entrepreneurs to apply for funding from a $1 million facility.

The Investment Group was launched in midAugust, at which time three local entrepreneurs became recipients of funding to grow their businesses.

TheBSGC was born in 2010 from a $5,000 selfstarter grant to its original company, Bahamas Striping, and has now grown

to a multi-layered enterprise, including Airport Maintenance Services, Caribbean Pavement Solutions, Bahamas Themed Photography and Abaco Caribbean Holdings.

“There are no restrictions as to the type of businesses we are looking to assist in building into profitable ventures,” said Felix Stubbs, TIG’s board chairman who also served as chairman of the National Development Plan Steering Committee, a committee formed by the last administration to create a 25-year strategic plan for the nation. “Any young entrepreneur with a great

SEE PAGE 4

Finance Minister K Peter Turnquest made a strong push for the bill on Wednesday telling Parliament it would facilitate ease of doing business, and more importantly make The Bahamas attractive to niche high value markets.

The markets outlined in the bill include mutual fund administration, wealth management, computer programming, nano technology, call centres and manufacturing or assembly of manufactures among other niche areas.

PLP Deputy Leader I Chester Cooper during his contribution

argued the bill “rolled out the red carpet” for foreigners.

He further criticised the government over its $250,000 threshold of investment. In its current form, Mr Cooper said he could not support the bill.

Mr Bowe told Tribune Business that Bahamians should become masters of their own fate and embrace competition.

“We should be the masters of our fate and stop having this concern that competing with expat staff is a negative thing. It really is an opportunity for Bahamians to demonstrate their abilities,” he said.

GOWON BOWE

THE TRIBUNE

Friday, November 24, 2017, PAGE 3

China stock slump weighs on global markets

By The Associated Press

LONDON (AP) — European stock markets were weighed down yesterday by the earlier slump in China’s main stock market to its lowest level since September.

Trading levels were relatively modest though with US markets closed for the Thanksgiving holiday.

KEEPING SCORE: In Europe, Britain’s FTSE 100 fell 0.1 to 7,410 while Germany’s DAX dipped 0.2 per cent to 12,995. France’s CAC 40 outperformed its counterparts, trading up 0.6 per cent at 5,384.

CHINA SLIDE: Chinese stocks fell sharply on reports that the government is moving to rein in online lending firms. Investors also pulled back after Hong Kong’s Hang Seng index hit a 10-year high Wednesday to take profits.

The Shanghai Composite Index sank 2.3 per cent to 3,351.92, its lowest level since September, while the Hang Seng slumped 1 per cent to 29,707.94

THE BOTTOM part of the European Central Bank is reflected in the Main river in Frankfurt, Germany.

(AP Photo/Michael Probst)

ANALYST TAKE: “Sentiment in China was dented by Beijing halting approvals for all new online lending companies to curb a credit bubble,” said Mike van Dulken at Accendo Markets.

REST OF ASIA: Other Asian markets finished generally flat.

South Korea’s Kospi finished 0.1 per cent lower at 2,537.15 and Australia’s S&P/ASX 200 finished unchanged at

5,986.20. Stocks in Singapore and other Southeast Asian countries were mixed. Japan was closed for a holiday.

EUROZONE BOOMING: The 19-country eurozone is set for its best quarterly performance since early 2011, according to a closely watched survey yesterday, the latest sign that a robust economy has gained further momentum heading into the year’s

FOCOL HOLDINGS LTD. DIVIDEND PAYMENT TO COMMON SHAREHOLDERS The Board of Directors of Focol Holdings Limited has declared an Extraordinary Dividend Payment of 3 cents per share on Common Shares to all shareholders of record as of November 30, 2017.

The payment will be made on or before December 12, 2017 through The Bahamas Central Securities Depository, the Registrar & Transfer Agent, in the usual manner.

CARYL A.E. LASHLEY Corporate Secretary

“Fuelling Growth For People”

end. Financial information company IHS Markit said its purchasing managers’ index — a broad gauge of business activity across the manufacturing and services sectors — rose to 57.5 points in November from 56 the previous month. Anything above 50 indicates an expansion and the index now stands at its highest level since April 2011.

FED: Minutes of the Fed’s last meeting that ended November 1 showed that most officials generally believe it will soon be time for another increase in the Fed’s key interest rate.

A few Fed leaders think rates should stay where they are until there is more evidence inflation is rising, showing the concerns the US inflation rate is falling short of expectations despite the jobless rate falling to the lowest level in nearly 17 years. But the minutes did not change expectations of a December rate hike, analysts said.

OIL: The price of oil retreated after a jump on reports that key oil

producers might extend the cuts in production they made at the start of this year. US crude fell 20 cents to $57.82 per barrel on the New York Mercantile Exchange while Brent crude, used to price

international oils, lost 31 cents to $63.01 per barrel in London.

CURRENCIES: The euro rose 0.2 per cent to $1.1844 while the dollar was unchanged at 111.21 yen.

PAGE 4, Friday, November 24, 2017

ECONOMY FROM PAGE 1

of specialized industries, such as The shipyard, BORCO, and the container

port, have started by a similar means, by nonBahamians coming in and starting industry and transferring skills and knowledge to Bahamians who have now taken over the industry.

THE TRIBUNE Mr Thompson said that a more recent example was the launch of the Carnival Medallion Project in Grand Bahama where Bahamians are being trained in technology that did not exist in The Bahamas.

Turning to the Grand Bahama (Port Area) Extension of Tax Exemptions Bill, he assured that the government is focused on revitalizing the GB economy. “The bill fulfills a campaign commitment

to repeal and replace the job killing Grand Bahama Incentives Bill passed by the former PLP administration, the minister said.

He stated the existing bill has never been fully brought into effect and has created an added layer of bureaucracy, red tape, and uncertainty for businesses in GB. The minister said government will therefore provide the extension of

tax incentives under the Hawksbill Creek Agreement for 20 years to all licensees along with the GBPA. “This will create the needed certainty for business development,” Mr Thompson said.

He noted the bill also for the first time provides legislative framework for the One Stop Shop which will tremendously increase the ease of doing business in Grand Bahama.

GREAT IDEA? STRIPING’S READY TO HELP WITH FUNDING

FROM PAGE 1

business idea we will look at the application. It has to be a viable business with a compelling business plan.

We need to believe that the business has a future.”

Mick Holding TIG’s vice chairman and president of the Grand Bahama Chamber of Commerce said: “On the one hand we are helping either new business start-up or existing business expand to help boost the economy generally but we also have the objective of making those business successful and sharing in their success.”

“That’s where our approach differs from other

lenders. We not only invest money but also invest our board’s experience and expertise. We assist in the development.

“Then, we will exit, typically in a buy back share strategy, whenever the entrepreneur feels I’m big and strong enough to run on my own.”

“It’s incredibly rewarding to be able to assist in growing and developing small businesses,” said Bahamas String Group of Companies president, Atario Mitchell.

“The goal is to take good business ideas, develop them into great self-sustaining, moneymaking ventures that are ultimately benefiting the economy.”

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THE TRIBUNE

Friday, November 24, 2017, PAGE 5

PRIVY COUNCIL RULES IN BIMINI FAMILY LAND DISPUTE FROM PAGE 1

the Registration of Records Act, Cap 187, successive conveyances of the same land take priority in the order that they are lodged and accepted for record in the Bahamas Registry of Records.

“On May 22, 2007, stamp duty was paid on the conveyances in favour of the company, and on the following day they were lodged and accepted for registration in the Registry. Ena stamped and lodged the deed of gift in her own favour eight weeks later on July 18, 2007. It follows that if the conveyances in favour of the company were valid, it has title in priority to Ena,” the Privy Council ruled.

The Council further noted a conveyance, like any other deed, must be signed, sealed and

delivered in order to take effect.

“Both deeds in favour of the company were expressed to have been signed, sealed and delivered on the date of execution, September 8 2006. The problem arises from the fact that although on that date lawyers had been instructed to incorporate the grantee company, the formalities were not completed and the company did not come into existence until September 12, 2006, four days later.

It follows that at the time when the conveyances were executed, there was no grantee in existence in whose favour the deed could be delivered. The general rule at common law is that a company cannot adopt or ratify a transaction purporting to have been made on its behalf before its incorporation. In the ordinary course, the result would be that

NOTICE

ZERIO HOLDINGS LTD. NOTICE IS HEREBY GIVEN as follows: (a) ZERIO HOLDINGS LTD. is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 22nd day of November, 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said Company is Mr. Delano Aranha of Ocean Centre, Montagu Foreshore, East Bay Street, P.O. Box N-3247, Nassau, Bahamas Dated the 22nd day of November A.D., 2017.

H & J CORPORATE SERVICES LTD. Registered Agent for the above-named Company

NOTICE IRIS PRIVATE HOLDING COMPANY LTD. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Iris Private Holding Company Ltd., has been completed and the company has been struck from the Register on the 8th day of November, 2017.

the conveyances in the company’s favour were void,” the Privy Council noted.

The appellant company had argued the conveyances of September 8, 2006 were delivered as escrows, conditional on the incorporation of the company and taking effect as valid grants when that condition was satisfied. Secondly, the company relied on Section 22 of the Companies Act, Cap 308, which validates preincorporation contracts on certain conditions.

In siding with Ena Rolle, the Privy Council found the Rolle Family and Company Ltd did not have title to the two plots purportedly conveyed in September, 2006. “That leaves unresolved the question who does have title.

It will not necessarily be Ena, because it is arguable that since

the transaction is void at common law and the company cannot claim title by adoption under section 22(2) of the Act, the legal owner is Paul by virtue of section 22(1). Another possibility is that Ena might derive rights from the fact that the failure of the company’s claim leaves her as the only claimant on whose behalf any conveyance has been lodged for registration with the Register of Records. The Board is unwilling to express a view on these points, because Paul Rolle is not party to these proceedings, and the implications of the Board’s conclusions have not been fully addressed in the arguments on this appeal.

They would need to be properly considered as between Paul and Ena Rolle in proceedings to which both of them were parties,” the Privy Council stated.

Legal Notice NOTICE

CONWAY ASSET MANAGEMENT LTD. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Conway Asset Management Ltd., has been completed and the company has been struck from the Register on the 8th day of May, 2017.

Dated the 30th day of August, 2012 Shareece E. Scott Liquidator

NOTICE

YOKENA LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) YOKENA LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 23rd November, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Leeward Nominees Limited, Akara Building, 24 de Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands.

“The only question under this head which the Board thinks it right to address, arises out of a submission made on behalf of the company to the effect that if Paul Rolle has the legal title to the two plots by virtue of section 22(1), he would hold it on trust for the company.

“The Board cannot accept this, because it is not consistent with the statutory scheme. The scheme makes the company’s interest in the transaction dependent on its adoption of the transaction within a reasonable time. Equity cannot intervene to create a trust inconsistent with the statutory principle.”

Subject to any written submissions which may be addressed to the Board within 14 days of its ruling, the company must pay Ena Rolle’s costs of the appeal.

NOTICE MASCOT PRIVATE HOLDING COMPANY LTD. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Mascot Private Holding Company Ltd., has been completed and the company has been struck from the Register on the 8th day of November, 2017.

Shareece E. Scott Liquidator NOTICE ASTER PRIVATE HOLDING COMPANY LTD. NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Aster Private Holding Company Ltd., has been completed and the company has been struck from the Register on the 8th day of November, 2017.

Dated this 24th day of November, A. D. 2017

Shareece E. Scott Liquidator

_________________________________ Leeward Nominees Limited Liquidator

Shareece E. Scott Liquidator

NOTICE

NOTICE

FORTRESS GROUP LIMITED

LWG LIMITED

NOTICE MARIGOLD PRIVATE HOLDING COMPANY LTD.

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

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

a) FORTRESS GROUP LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(a) LWG LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

(b) The dissolution of the said company commenced on the 23rd November, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 24th day of November, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator NOTICE

CORUNDUM LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) CORUNDUM LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000. (b) The dissolution of the said company commenced on the 23rd November, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas Dated this 24th day of November, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

(b) The dissolution of the said company commenced on the 23rd November, 2017 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is Bukit Merah Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, P.O. Box N-3023, Nassau, Bahamas

NOTICE IS HEREBY GIVEN that pursuant to section 138 (8) of the International Business Companies Act 2000 the dissolution of Marigold Private Holding Company Ltd., has been completed and the company has been struck from the Register on the 8th day of November, 2017.

Dated this 24th day of November, A. D. 2017 _________________________________ Bukit Merah Limited Liquidator

Shareece E. Scott Liquidator NOTICE XAPA LTD. Pursuant to the provisions of Section 138 (8) of the International Business Companies Act 2000, notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by The Registrar General on the 7th day of November, A.D., 2017.

Dated the 24th day of November, A.D., 2017.

Kirvy Ferguson LIQUIDATOR Shirley House 253 Shirley Street Nassau, Bahamas

PAGE 6, Friday, November 24, 2017

THE TRIBUNE

NOTICE

NOTICE is hereby given that SANDEEP GUPTA of #2 Village Green, P.O. Box SS-5083, 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 17th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that SANJEEV GUPTA of #2 Village Green, P.O. Box SS-5083, 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 17th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that ELIE MANACE of East Street, 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 17th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that WALTO BATHELUS of Gibbs Corner 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 24th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that JEAN LOUISESAIE of Windsor Lane West, 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 17th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

MARKET REPORT THURSDAY, 23 NOVEMBER 2017

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

BISX ALL SHARE INDEX: CLOSE 2,065.22 | CHG 0.00 | %CHG 0.00 | YTD 127.01 | YTD% 6.55 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.77 0.16 5.60 8.60 6.30 5.30 13.50 2.59 1.60 6.01 10.06 11.00 4.50 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.50 1.13 0.12 3.50 8.40 5.83 3.15 9.00 2.18 1.40 5.82 8.78 5.75 3.35 6.61 12.01 10.00

1000.00 1000.00 1000.00 1000.00

1000.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

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 Famguard Fidelity Bank Finco Focol ICD Utilities 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 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y 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 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

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

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

MUTUAL FUNDS 52WK HI 2.10 3.98 1.97 176.30 149.66 1.52 1.69 1.61 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 1.46 1.62 1.56 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.31 17.43 9.09 3.70 1.21 0.15 3.70 8.60 6.10 4.93 9.01 2.62 1.51 6.01 10.06 6.29 4.49 7.01 12.50 10.00 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 LAST SALE 100.00 100.00 100.00 108.02 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.31 17.43 9.09 3.70 1.21 0.15 3.70 8.60 6.10 4.93 9.01 2.62 1.51 6.01 10.06 6.29 4.49 7.01 12.50 10.00

CHANGE 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 0.00 0.00 0.00 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

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

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

108.17 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.15 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 0.00

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 Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME 25

15,857 450 200

VOLUME

NAV 2.10 3.98 1.97 176.30 149.66 1.52 1.69 1.61 1.09 6.97 8.00 6.25 10.96 11.60 10.08

EPS$ 0.444 0.932 -0.223 0.540 -1.373 0.000 -0.857 0.611 0.574 0.196 0.582 0.102 0.392 1.217 0.743 0.575 0.310 -0.668 0.543 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.450 0.000 0.120 0.140 0.600 0.000

P/E 9.7 18.7 N/M 6.9 N/M N/M -4.3 14.1 10.6 25.2 15.5 25.7 3.9 4.9 13.5 10.9 14.5 -10.5 23.0 0.0

YIELD 1.86% 5.74% 0.00% 5.68% 0.00% 0.00% 0.00% 3.49% 3.61% 2.43% 6.33% 2.29% 3.31% 4.83% 4.47% 0.00% 2.67% 2.00% 4.80% 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 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 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%

20-Nov-2029 15-Dec-2017 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

YTD% 12 MTH% 3.29% 4.48% 1.69% 2.22% 1.77% 2.42% 4.66% 3.89% 5.58% 6.65% 3.57% 4.29% 1.59% 2.22% 2.65% 3.25% 3.83% -1.09% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 31-Oct-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017

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

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 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

NOTICE

NOTICE is hereby given that ALLEN BAPTISTE of Apple Street off Wulff Rd., P.O. Box SB-51470, 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 24th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

International Business Companies Act, 2000 DREAMHOUSE HOLDINGS INVESTMENT LTD. In Voluntary Liquidation NOTICE is hereby given that in accordance with Section 138(4) of The International Business Companies Act, 2000, DREAMHOUSE HOLDINGS INVESTMENT LTD. is in dissolution.

The date of commencement of the dissolution was the 23rd day of November A.D., 2017.

Mr. Michael C. Miller, P.O. Box EE-17971, Nassau, Bahamas is the liquidator of DREAMHOUSE HOLDINGS INVESTMENT LTD.

Michael C. Miller Liquidator