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MONDAY, DECEMBER 2, 2019

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Brokers in blast at Customs ‘dinosaur’ By YOURI KEMP Tribune Business Reporter

RUSTRATED brokers have blasted Customs’ new system as “a dinosaur that has set us back 20 years”, resulting in lost business and a near five-fold increase in the time required to complete entries. Multiple industry operators told Tribune Business that the department’s electronic single window (BESW) initiative, branded Click2Clear, has thus far failed to deliver on any of the benefits that

• New electronic system ‘sets us back 20 years’ • Business lost, entry time increases five-fold • DPM: ‘We’re addressing the complaints’

were promised as part of an initiative to bring Customs and The Bahamas’ crossborder trade into the 21st century via the embrace of technology. Several have described the platform, which was rolled out two months’ ago on October 1 for all seaborne freight coming into New Providence, as a “real rough” adjustment

Cruise port: We will fight crime ‘head on’ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net NASSAU cruise port’s new operator last night pledged to lead a crack down on illegal activities at Woodes Rogers Wharf after a video showing a cruise ship tourist seemingly inhaling drugs went viral. Michael Maura, pictured, Nassau Cruise Port Ltd’s chief executive, told Tribune Business that the social media posting exposed “a very real problem” in the heart of downtown Nassau where drug peddlers sold narcotics to a minority of

cruise ship passengers in full public view. He added that himself and other officials of the Global Ports Holding subsidiary have already met with the police and cruise industry stakeholders in a

SEE PAGE 6

Digital payment sector differs on new licence bar By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net DIGITAL payments solutions providers yesterday gave a mixed reaction to the Central Bank placing a year-long hold on issuing new licences to prevent the market becoming “over-saturated”. Harvey Morris, Omni Financial Services’ chief executive, praised the regulator’s decision as “an excellent move” that will enable existing Bahamasbased payments operators and money transmission

businesses to develop their products/services in a sustainable market environment. However, other industry sources, speaking on condition of anonymity, criticised the Central Bank’s action as an attempt to “artificially control” the fledgling sector rather than encourage its innovation-led development. They argued that the regulator needed to step back and allow consumerdriven “market forces” to determine the best operators, and who succeeds or fails.

SEE PAGE 9

and a “giant step back from the old system”. Among the brokers’ major complaints are that, prior to the system’s implementation, they were informed that import shipments would be immediately released once due taxes (VAT and duties/ excise tax) was paid on the declaration. This was intended to

speed up the clearance of goods at the border, benefiting Bahamian merchants, wholesalers and other importers through reduced supply chain delays and associated logistical costs. However, in practice, this is not happening as Customs is still insisting on checking consignments

SEE PAGE 8

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Dorian Recovery Zones may be facing disaster By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Grand Bahama Chamber of Commerce has slammed the confusion surrounding how the postDorian Economic Recovery Zones and their tax breaks, which took effect yesterday, will work. Greg LaRoda, the GB Chamber’s president, in a statement sent to Tribune Business warned that “most businesses” on the island have not been informed as to how the VAT and import tariff/Excise tax concessions will be implemented. He added that the island’s private sector, where “at least” 11 percent of businesses are not planning to re-open following Dorian, had received no “confirmation” on which tariff headings

will be impacted by the central element to the government’s restoration and recovery effort just three days ahead of implementation. Mr LaRoda also revealed that the island’s Department of Inland Revenue unit had been of little help as it had yet to be advised by its Nassau headquarters of what was happening. “Local businesses were told of the VAT concession via the media, and it was announced that it would be implemented on December 1 to give local businesses time to adjust their systems,” he said. “However, most businesses have not been engaged ... and there have not been any announcement or confirmations on exactly which tariff headings will be impacted,

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PAGE 2, Monday, December 2, 2019

THE TRIBUNE

Bahamas signs UK trade deal

ELLISON E GREENSLADE THE Bahamas has become the latest Caribbean nation to sign a regional trade agreement with the United Kingdom as that nation continues its preparations to exit the European Union (EU). The new Economic

Partnership Agreement (EPA) between members of the Caribbean Forum (CARIFORUM), including The Bahamas, and the UK is necessary to preserve trade continuity given that the latter will no longer be a signatory to this region’s

ten year-old EPA with the EU due to its impending departure. The UK EPA was signed on The Bahamas’ behalf on November 27, 2019, by Ellison E Greenslade, this nation’s high commissioner for the UK.

THE TRIBUNE

Monday, December 2, 2019, PAGE 3

HOTEL UNION: WE’VE SENT THE MESSAGE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE hotel union’s president is “confident the message has been sent” despite Atlantis obtaining an emergency Supreme Court injunction to prevent further picketing or industrial action. Darrin Woods, the Bahamas Hotel, Catering and Allied Workers Union (BHCAWU) chief, told Tribune Business that the Thanksgiving Day picketing outside the Paradise Island resort’s Coral Towers property had been sparked by unresolved grievances not related to the ongoing industrial agreement talks with hotel employers. Thursday’s events prompted an emergency meeting that day at the Department of Labour involving acting minister of labour, Marvin Dames, who stepped in for Dion Foulkes; John Pinder, director of labour; Atlantis management and the hotel union’s leadership. As a result, the latter two parties met again on Friday at 11am to discuss the issues behind Thursday’s picket, which include union concerns over the outsourcing of Atlantis’s laundry functions; the housekeeping department’s shift change; and various employee terminations. Mr Woods declined to comment on the outcome of Friday’s meeting, other than to say he had been asked to keep quiet after “the minister ordered us to do some stuff”. He added, though, that the union and its members will abide by the terms of the court’s injunction until both parties appear for a further hearing before Justice Keith Thompson on Friday, December 6. The injunction, for which a “certificate or urgency” was filed by Atlantis and its attorneys, Ferron Bethell and Camille Cleare of

Mr Pinder, the director of labour, confirmed Mr Woods’ explanation of the reasons for why hotel union members picketed on Thursday. He added that the issues in question had “apparently been outstanding for some time”, suggesting that the laundry outsourcing had impacted earnings for some. “Based on the meeting with myself and the acting minister at the time, Mr Dames, I’m very hopeful this matter will be resolved,” Mr Pinder told Tribune Business. “If the union had followed the chain of command, it would not have led to this, but they stopped at the senior

DARRIN WOODS Harry B Sands & Lobosky, bars the union, its officers and employees who do not work at Atlantis from entering the property, “picketing or besetting” it. They also cannot “induce, incite or intimidate” Atlantis employees or guests, or impede access to the resort in any way. Mr Woods said the union had sent all its members an advisory warning them about the injunction and what they are barred from doing, adding that its “next move” will be determined by the court hearing’s outcome on Friday. He questioned, though, whether the resort could obtain an injunction to prevent picketing as the rules governing this were set out in the Industrial Relations Act’s schedule two. “I think the message has been sent,” he told Tribune Business. “We were trying to bring awareness to the employees’ plight.” The union president, though, said was

unable to give details on what transpired during the meetings with the government and Atlantis management on both Thursday and Friday. While agreeing that both the union and Bahamas Hotel and Restaurant Employers Association (BHREA) had been due to meet on Thanksgiving Day to sign-off on 36 of the 48 clauses agree in their industrial deal talks to-date, Mr Woods said the picketing that same date was unrelated to these negotiations despite member frustrations at how long they were taking. “The employee contentions were outstanding matters at the Department of Labour that did not get resolved,” he added. “It was the shift system, the outsourcing of the laundry at Atlantis. The employees wanted to talk about the contract and their frustrations that it’s outstanding, but that’s not the reason we were out there.”

supervisor level. They did not go to his boss or Russell Miller. Had they done that this matter would have been resolved.” Acknowledging concerns about the timing of the union’s actions, given that they coincided with the start of the peak winter tourism season and Dorian’s aftermath, the labour chief added: “This is the time hotel workers make their Christmas money, and considering we’re coming out of this disaster with Dorian, I expect employers to do the best they can in accommodating their employees so they at least have a decent Christmas and make some money.

“I’m glad it was only picketing and they’ve not sought to strike at this time. They have already concluded 36 of the 48 items they were supposed to sign up to on Thanksgiving morning. Due to the picketing that did not happen. We expect that to happen very soon, if not today [Friday], and then hammer out the remaining 12 items.” Mr Pinder said all Atlantis staff had reported to work as normal on Friday, adding: “The injunction is to prevent the union from any further industrial action until such time as the matter has been resolved.”

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THE TRIBUNE

Ministry’s media drive Swiss bank celebrates aims to boost tourism 40th Bahamas birthday

THE Ministry of Tourism says it has scheduled multiple visits by social media influencers and travel writers to reinforce the message that The Bahamas is “open for business” postHurricane Dorian. The trips, which began in November and are scheduled to last into the New Year, are designed to produce positive coverage that will help to drive tourist demand for The Bahamas during the critical winter tourism booking season. “With more than 700 islands and cays, there is so much to discover in The Bahamas,” said Joy Jibrilu, the Ministry of Tourism’s director-general. “Hosting influential media and storytellers to deliver our ‘open For business’ message in a way that resonates with their readers and followers is a key part of our multiphased post-hurricane campaign. The coverage we receive from these visits will be crucial in inspiring travel

to our country, speaking to all the important reasons why now is the time to visit.” Travel and lifestyle journalists, contributing to Delta Sky, the Daily Beast, TravelPulse, Travel + Leisure, Condé Nast Traveler and others, were among the first to visit in November. They went to Nassau/ Paradise Island, Eleuthera and Harbour Island in a bid to position The Bahamas as a must-visit travel destination this season and beyond. The Ministry of Tourism also hosted south Florida travel and lifestyle influencer, The Style Bungalow, in Harbour Island in November. She experienced the quiet island lifestyle while also visiting some of the world’s most Instagram-worthy spots, including The Pink Sands Beach, the pastel-hued homes and Bahama House. Aligning with the Hero World Challenge in

December, the Ministry of Tourism will be hosting five quality sports, travel and lifestyle media to promote Nassau and Exuma as premier golf destinations. Journalists from Forbes, GOLF.com, BroBible and GOLF Monthly will experience top golf courses in Nassau, including the Royal Blue Golf Course at Baha Mar, Ocean Club Golf Course at Atlantis and Exuma’s Sandals Emerald Bay Golf Course. Through the people-topeople experience, visiting journalists are able to connect with the Bahamian people. Reporters with The Washington Post and Jamaque Paradis Magazine have visited in the past two months while travel influencer, Get Lost With Jackie, a journalist from The Zoe Report and two Boston Globe writers are scheduled to come early in 2020 to cover topics ranging from Junkanoo to fly-fishing.

LOMBARD Odier Bahamas marks its 40th anniversary with a grant to the Grand Bahama Children’s Home. From left: K Peter Turnquest, deputy prime minister; Christophe Hentsch, managing partner at Lombard Odier Group and chairman of the Bahamas Board; Sheila Johnson-Smith, executive director of the Grand Bahama Children’s Home; Niekia Horton, deputy managing director, Lombard Odier Bahamas; and Renaud Vielfaure, managing director, Lombard Odier Bahamas. Photo: Roderick Wells Photography

A SWISS bank has celebrated its 40th anniversary in The Bahamas by pledging to help rebuild the Grand Bahama Children’s Home that was destroyed in Hurricane Dorian. Lombard Odier & Cie (Bahamas) was created in 1979 after the Genevabased bank saw the potential of establishing operations in Nassau. This office has evolved into a regional hub that services Panama, Uruguay and Bermuda, staffed by a 30 stropng-workforce. A privately-owned private bank takes the longterm approach, Lombard Odier focuses on protecting and growing clients assets through a simple philosophy: “Rethink Everything”.

Its Nassau anniversary was celebrated by 200 guests including clients, industry partners and employees on November 21 at Sapodilla Estate. Christophe Hentsch, managing partner at Lombard Odier Group and chairman of the Bahamian institution’s Board, was among those present. His father set up the local office 40 years ago. Marc Lopez, limited partner and head of private client services, LO Group, Renaud Vielfaure, the Bahamian operation’s managing director, were also in attendance. Niekia Horton, Lombard Odier & Cie (Bahamas) deputy managing director, affirmed the bank’s commitment to helping restore communities

devastated by Hurricane Dorian. “Tonight, I am pleased to announce that Lombard Odier will support the rebuilding of the Grand Bahama Children’s Home, which lost everything as a result of the storm,” she said. “The Home has been in operation since 1977, providing a safe environment to more than 7000 children that have had to be removed from their families for their well -being.” The presentation was made to Sheila Johnson-Smith, executive director of the Grand Bahama Children’s Home, by Mr Hentsch. He was accompanied by K Peter Turnquest, deputy prime minister, and Ms Horton and Mr Vielfaure.

THE TRIBUNE

Monday, December 2, 2019, PAGE 5

NAD REVEALING VISION FOR BETTER EXPERIENCE THE Nassau Airport Development Company (NAD) is introducing a new vision, branding and special offers from its retail/restaurant tenants to improve traveller experiences at the nation’s largest airport. “When people think of travel, the first thing that comes to mind is scheduling. ‘Will my flight depart on time? Will the ride be smooth? Can I count on my luggage arriving at the same time I do?’ The travelling public rarely stops to think about what their experience in the departure lounge is going to be like,” said Jan Knowles, NAD’s vicepresident of marketing and commercial development. “We realise that the opportunity always exists to make that wait for a flight a memorable time, topping off the flavour and memories of a great vacation for visitors and inviting stress-free pleasure for locals heading off whether for business, medical or holiday.” NAD hired a local marketing agency, which it did not name, to help created a new vision for the airport. Called “Your travel, Our pleasure”, this branding rolls out this week to coincide with special offers by Lynden Pindling International Airport’s (LPIA)

ability to remind travellers of all we have to offer on our digital assets throughout the airport,” said Ms Knowles. “Our goal in the coming year is to use all technology available to provide information that takes the

ELEVATOR doors at LPIA showcase NAD’s new vision. retail vendors and digital coupons. “We are anticipating a record number of travellers over the Thanksgiving weekend,” said Ms Knowles. “What better time to introduce a new experience that adds to the festivities and excitement of the start of the holiday season?” During the campaign’s planning stages, airport vendors helped by each developing an in-store special ranging from gifts to

discounts on purchases. Ms Knowles called the effort “a true partnership that included new store displays, more products, even better eats and brighter smiles”. Bright signage throughout the LPIA terminal will invite guests to do more when it comes to patronising retail and restaurant tenants. The campaign also involved additional staff training. “We live in a digital age, so one of the things we are most excited about is the

SCOTIABANK NAMED AS BAHAMAS LEADER SCOTIABANK says it has been named as The Bahamas’ “Bank of the Year 2019” by The Banker magazine, a Financial Times publication. “We are proud of the initiatives launched during the past year, which will provide customers with more convenient and efficient banking options. These include Scotiabank alerts and controls, the introduction of wi-fi in branches, and pre-authorised loans to retail customers,” said Roger Archer, Scotiabank’s vice-president and district

head, Caribbean North. “I really have to credit my great team of employees and the wider team of Scotiabankers who ensure that we continue to deliver the highest quality service to our customers. As a bank, customer focus is a significant strategic imperative for us and we are also investing heavily in technology to enable us to offer our customers the best digital banking solutions to make their day-to-day lives more convenient.” Scotiabank was also named Bank of the Year

2019 in Canada and Trinidad and Tobago. The Banker selects winners based on their ability to deliver shareholder returns and gain strategic advantage. The magazine is the world’s longest-running international banking magazine. The Banker selects one winning bank for each of the 120 countries judged. More than 1,000 applications are collected, and judges select winning banks based on which ones they believe have made the most progress over the past 12 months.

JOB VACANCY Electrical Installations Superintendent Purpose: The purpose of this role in our organization is to supervise field construction teams, including the organization, planning and scheduling of field labor; to identify and remove barriers to field productivity; and to lead, train and develop field manpower resources Required skills • Extensive knowledge of electrical installations within buildings and facilities • At least 10 years in the role as foreman or superintendent on medium and large scale electrical installation projects • Ability to lead electrical installation crews on multiple projects by coordinating with lead electricians and foremen on each project • Demonstrated leadership and managerial capabilities with the ability to motivate subordinates using collaborative, strategic and coaching leadership styles • Extensive knowledge of the local electrical codes and standards • Must be proficient in Microsoft Office. Some knowledge of AutoCAD and MS Project is a plus but not mandatory • Results and detailed oriented • Electrical Contractors license is preferred but not mandatory • Some formal training in codes and electrical installations is mandatory • While post high school education is not mandatory, however college level technical education is preferred Duties and responsibilities • During project pre-planning, coordination with the Project Manager to assist with schedule preparation, budgets, resource planning, scope management and related activities • During project execution, optimize installation methods and procedures, ensure installation crews are productive, communicate with other contractors and design team members and ensure materials and tools are available to work crews when needed • Monitoring and controlling activities shall include quality control and verification checks, providing technical support to work crews, scope compliance, assistance with schedule compliance and where required prepare field reports • During job close out ensure that all identified defects are promptly addressed • Assistance with development of skills of field staff, including providing coaching and training as required • Assessing performance and progress of all direct reports • Ensure that the company’s safety policy is adhered to on all sites Suitably qualified individuals shall submit CV’s via email to

bahamaselectricalengineer@gmail.com This opportunity is located in Nassau

Submission deadline is Dec 9th 2019. Only preferred qualified submissions will be contacted

stress right out of travelling, and makes spending time in the airport a pleasure. We believe that the more fun we make it, the better it will be for travellers because they will want to arrive early and that alone eliminates the stress of a last-minute rush.”

LPIA is the fourth busiest airport in the Caribbean, and for the past three years has ranked in the top three. Up to October 30, 2019, close to 3.5m passengers passed through Nassau’s airport travelling within The Bahamas and internationally.

PAGE 6, Monday, December 2, 2019

Cruise port: We will fight crime ‘head on’ FROM PAGE ONE

bid to kick-start efforts to combat “both the criminal activities and deplorable behaviour” that regularly takes place in and around a port that acts as the gateway for 3.5m visitors to The Bahamas annually. Besides “elevating policing” in the area with the construction of a four-person police office at the cruise

port, Mr Maura said Closed Circuit Television (CCTV) cameras will also be installed along Woodes Rogers wharf and the port’s Festival Place market area to capture and deter illegal behaviour. Promising to tackle any illicit activities threatening The Bahamas’ cruise and tourism industry “head on”, Mr Maura warned Bahamians and visitors engaged in such practices that the cruise port and associated waterfront are “not the place for them”. Mr Maura’s comments came came after a 21-second social media video emerged showing a bare-chested tourist, openly standing on Woods Rogers Wharf and wearing a Carnivalbranded wrist band, using US dollar bills to inhale

THE TRIBUNE a powdery substance that appears to be illegal narcotics through his nose. The video, which shows the waterfront and Nassau harbour in the background, carries a woman’s voice in the background saying: “Wow. Jesus, Jesus.” She then laughs, and repeats the word “Wow” before a laughing man pushes the cell phone down to stop the filming. “This is a very real problem along the waterfront, as a relatively small number of visitors coming to Nassau search for and subsequently purchase drugs from a few locals happy to sell both real and fake drugs,” Mr Maura, who had seen the video, told Tribune Business. “The activity, as the social media post reveals, is not

JOB VACANCY

Assistant Designer-Detailer - Electrical Purpose: The purpose of this role in our organization is to assist with the preparation of Construction Documents and Installation and Shop drawings for Electrical Installations Required skills • Must be proficient in AutoCAD and related software, with some knowledge of BIM, Revit & Bluebeam • Experience working in the Construction industry is required, some knowledge of Electrical work is preferred • Demonstrated willingness to learn and constantly improve one’s skills and abilities • Results and detailed oriented and must thrive in a team environment • Some formal training in codes and electrical installations is not mandatory but preferred • While post high school education is not mandatory, college level technical education is preferred Duties and responsibilities • Assisting Project Engineer with the preparation of electrical construction documents including reviewing available information, determining applicable code rules, researching equipment requirements, assisting with circuit designs & coordinating with other disciplines, among other duties • Reviewing Construction Documents including specifications and shop drawings to assist with the preparation of project submittals and shop drawings. • Assisting Project Manager with identifying any conflicts, errors and omissions in the Construction Documents and preparation of RFI’s • Assisting with PM in preparing installation drawings including layout of distribution equipment, branch circuits, lighting, electrically powered equipment, LV systems requirements, etc. • Assist with preparation of standard installation details • With the assistance of field personnel, preparation of as-built drawings Suitably qualified individuals shall submit CV’s via email to

bahamaselectricalengineer@gmail.com This opportunity is located in Nassau

Submission deadline is December 23rd, 2019. Only preferred qualified submissions will be contacted

hidden from view but takes place in the open. Upon Nassau Cruise Port Ltd assuming control of Prince George Wharf and the associated Festival Place, we have met with the local business operators, taxi and tour operators, and tourism and Port department officials in an effort to work together to address both the criminal activities and deplorable behaviour of some persons in the vicinity of the port.” The Nassau Cruise Port chief continued: “On November 21, Collin Cleare, Nassau Cruise Port’s port facility security officer and myself, met with police commissioner Anthony Ferguson and assistant commissioner Davis to discuss plans to elevate the policing in the cruise port area. We discussed how effective the police have been along Bay Street and the need to bring the same level of policing to the cruise port area and Woodes Rogers Wharf. “We agreed that Nassau Cruise Port would construct an interim police office in Nassau Cruise Port, which would be staffed with four officers. We would also install CCTV along the wharf and in the port market area. The Bahamian people, the cruise lines and Nassau Cruise Port are working very hard to offer a wonderful, safe, family friendly experience for all. “With the support of the police and the commitment of all stakeholders, we will swiftly address both the criminal behaviour and the frequent use of profanity and immoral behaviour head on. Persons engaged in this illegal activity will soon learn that the Nassau Cruise Port waterfront is not the place for them.”

URCA to hold GB meetings THE Utilities Regulation & Competition Authority (URCA) will today launch a two-day series of meetings on Grand Bahama to help educate consumers on the supervisory body’s role. Stephen Bereaux, URCA’s chief executive, said: “We must ensure that residents throughout the country feel connected to URCA and understand our role, particularly as it relates to bringing relief to our chief stakeholders, consumers. It is our goal to bring the ‘URCA office’ to all of the key population centres in the country, and to eventually have a permanent presence on the island of Grand Bahama.” Although URCA does not currently regulate utilities in Freeport, as this is the Grand Bahama Port Authority’s responsibility under the Hawksbill Creek Agreement, the national electricity and communications supervisor will hold its December 2-3 meetings at the offices of the Grand Bahama Chamber of Commerce. “In New Providence, interested persons can pick up the phone and call us without incurring any long distance charges or simply visit our physical offices,” explained URCA’s corporate and consumer relations manager, Mavis Johnson-Collie. “For residents in Grand Bahama and the rest of the Family Islands, they don’t have that opportunity, and so we want to make ourselves

URCA will give scores of local business access to resources necessary to start businesses in industries regulated by the organisation. Photo: Barefoot Marketing available and easily accessible to all Bahamians. This would also give local businesses and residential consumers the chance to speak to our team about service issues, solar needs or information on opening their own business in the fields we regulate.” Following the town hall meetings held in May this year, the one-on-one consultations will be held at the Chamber’s offices from 9 am to 12 noon on both days. “Prior to Hurricane Dorian, URCA had planned to combine these pop-up meetings with a series of civic organisation event, to give residents on Grand Bahama the opportunity to take full advantage of all the services offered by URCA,” Ms Johnson-Collie said. “As the recovery efforts continue on the island, we hope that the resources we are able to provide for local businesses can be of assistance to the island moving forward.”

THE TRIBUNE

Dorian Recovery Zones may be facing disaster FROM PAGE ONE what specific goods will be VAT free and what the specific reporting responsibilities will be for businesses in Grand Bahama as of November 28, 2019. “Businesses have been calling the Department of Inland Revenue locally and could get no direction from them as they had not yet been advised of such.” Persons and businesses resident on Grand Bahama and Abaco, the two islands ravaged by Dorian, are supposed to enjoy the tax-free importation of goods through until end-June 2020 to facilitate their recovery once they can prove they are located there. However, one private sector source speaking on condition of anonymity said

Monday, December 2, 2019, PAGE 7 it was “as clear as mud” how the promised tax breaks will work in practice because they have not been based on the tariff code. They explained that rather than go line-by-line through the established tariff headings and determining which should be exempted from import taxes/VAT at both the border and point-of-sale, the government appeared to be basing its waivers on broadlydefined categories of goods. This, the source added, meant that apart from including items that the government did not necessarily want designated “tax free”, it would be impossible for businesses to break-out VAT from import tariffs when adjusting computer systems for the concessions. And, with consumers in the disaster-hit areas already expecting to enjoy VAT-free and duty-free prices, they added that the confusion threatened to leave many businesses in trouble with their customers. “A month ago, when

they first conceived of the VAT-free situation, it’s got to be done by tariff code,” they told Tribune Business. “These categories of goods are too big, and I’m sure there are specific things in these categories that they do not intend to be tax-free. “It is the business community that is the final implementation team, and they have not been consulted. Quite honestly, the business community in Freeport is sitting with their arms up in the air. How are they supposed to calculate it? It’s as clear as mud, and with all the confused reports coming out of Customs and Inland Revenue, it’s going to be mayhem in Freeport. “The public has the perception that everything is duty and VAT-free... The real issue is the public are going into these shops demanding VAT and duty-free, and in a lot of cases they can’t do it. It’s obvious they don’t know what they’re doing and are making it up as they go along. If they’d consulted businesses

who knew what to do, they could sort it out and make it simple for them.” Tribune Business was informed that a seminar to inform the private sector on the Economic Recovery Zones and how they will work has been scheduled for tomorrow in Freeport at the GB Chamber, some two days after they came into effect. The source suggested that the regimes and tax breaks had been designed to ensure merchants in Nassau, through where most goods destined for Abaco pass through, were involved in the recovery effort and bypassed by businesses and homeowners importing materials directly from abroad. Mr LaRoda, meanwhile, also said that with the government’s fourth Dorian exigency order expiring on Saturday “no replacements or direction have been given to businesses or households with damage needing those concessions – nor to businesses processing such sales” - even though thousands

were impacted. With a GB Chamber survey revealing that 64 percent of Dorian-damaged businesses lacked insurance, and 22 percent of staff employed by those companies no longer in a job, he added that the island’s private sector and economy were facing “a very serious picture”. Pointing out that collaboration between the government, Grand Bahama Port Authority (GBPA) and private sector was key, Mr LaRoda said: “We are not clear on some of the most critical pieces that affect businesses and the community at large. And, unfortunately, we are not receiving communication, information nor responses to our requests for communication and clarity.” He added that the GB Chamber was “strongly advocating for” regular updates from the GBPA, as city manager, on the restoration of both the island’s international airport and potable water supply, and

plans to ensure such a crisis was never endured again. Calling for “a clear, communicated plan for the recovery for Freeport businesses”, Mr LaRoda said what was required is “clear leadership that shares the strategy with Grand Bahama, works with and supports the businesses locally fighting to stay alive, and harnesses all the national and international interests that stand at the ready to help us recover. “While we don’t doubt efforts are underway, we simply do not know what they are and no business can make informed decisions without such,” he continued, while further urging “concrete investment plans and strategies for business recovery the so that Grand Bahamian businesses can make their plans. “So many Grand Bahamian businesses are trying to figure out how best to recover; they need to understand the plan for Grand Bahama in order to best do that.”

PAGE 8, Monday, December 2, 2019

Brokers in blast at Customs ‘dinosaur’ FROM PAGE ONE prior to their clearance even if taxes have been paid. “Customs can’t let go,” one source said. Other issues include “significant delays” to the replenishment of

companies’ performance bonds with Customs even after due taxes are paid, and problems processing shipments where VAT waivers are required. The latter is understood to have added an extra business day to processing/clearance

The Cove Resort & Spa, Eleuthera is seeking a qualified Boat Captain to join our Guest Activities Team. The successful candidate should have the following minimum requirements: A minimum of three to five years of experience as a licensed Boat Captain (Class A Master Captain’s License or Class B Captain’s License). Extensive knowledge of Bahamian Marine rules and regulations. Familiarity in the Tourism Sector also preferred. Prior experience at high end luxury properties and/or businesses are highly desired. Must have vessel maintenance and navigation experience (30ft vessel minimum). Computer skills are required. Strong team member relations and organizational skills. Must maintain current CPR and First Aid certification. Safety sensitive position.

All interested applicants can forward their Resume and Cover Letter to: Human.Resources@thecoveeleuthera.com vanessa.taylor@thecoveeleuthera.com

THE TRIBUNE times alone. With both brokers, importers and Customs still “trying to learn” the new system, some added that “the real challenge” is the fact that Bahamians were not properly educated on how the clearance process has in effect been reversed. While taxes were previously paid at the end, after Customs finished its verification process, they now have to be submitted at the start. Kenneth Gibson, chief executive of Five Star Brokers, told Tribune Business: “It’s been rough. Real, real rough. You know it’s a learning curve and the real issues that we are really having is the fact of us not getting the support from Customs. “For example, we have clients that have concessions, and... Customs is now taking their time in terms of processing it, citing that there are people ahead you and you have to wait. But with high-end projects, time is money and most times the processing times, for example, I have entries in here from last week.” “We had a meeting with the Customs Comptroller (Dr Geanine Moss) and her team, and they said they would address it, but we are still having the same issues. If anything were to happen where you would need support from Customs after 5pm in the evening, dog eat your lunch,” Mr Gibson added. “The other thing that we face is that the way the program is written. They have it where, as a broker, the clients who I process have to come back to me in order for me to supply them with an update as far as what the next step is in the process. “You know, if I have 50 people in front of me and I’m trying to make money from these 50 persons, the 50 ones from yesterday I have to still look in their

FORM B Notice of Intended Marriage (Section 7(3))

face because Customs are sending them to me to check the system to see if their entries can be processed. The Comptroller said that they will rewrite programme so the client can directly be advised as to what stage they are in the process. “Customs told me they would be back with us ‘shortly’, but you know how that is. It has been two weeks since we had that meeting with Dr Moss and her team, and we have heard nothing yet,” Mr Gibson continued. “Because of the hiccups now, I don’t even want to take my customers’ money because there is no clear path in terms of timeframe from when to start and when to finish. Some people, when I tell them, ‘Listen, I cant take you money. I prefer for you to come back when you have registered’, I don’t ever see those people any more. I have had five or six of them a day walk away from my building. I’m losing $500 to $1,000 a day.” A November 8, 2019, letter sent by Christina Taylor, general manager at Pinder’s Customs Brokerage, to the firm’s clients details the specific challenges all brokers and importers have had with the new Customs system. “One of the largest proposed benefits of clearance on BESW was that the process would be automated,” the letter, seen by Tribune Business, states. “It was stressed to us repeatedly in the training sessions with Customs that once taxes were paid for a declaration, shipments would be (essentially) instantly released, so that goods could be picked up and delivered very shortly after payment. “It was stated that the process we used to call entry checking would occur as post-auditing – officers would do their checking/ auditing of declarations days/weeks after a declaration had been paid/released/ delivered. This is not what is happening so far. “Instead, for standard, non-expedited shipments, we have been instructed that we must first pay the taxes and fees for the Declaration, then wait for Customs to perform the entry checking step before the shipment can be released to be picked up. As I mentioned above,

we were told that this checking would be done in a post-audit. This has caused tremendous delays in processing shipments.” Ms Taylor added that “significant delays” were also being experienced with the clearance of “expedited shipments”, such as cargos of perishable foodstuffs, which which were previously dealt with using Customs form C19. Now, an expedited release form and processing fee has to be submitted to the new system, with Customs’ approval again required before the import shipment can be collected. “Again, this was not how BESW was presented in the years leading up to it,” Ms Taylor wrote. “One of its primary benefits was the speed with which goods could be cleared and released – expedited or not. “Expedited Releases for FCL (full container load) shipments produce even further delays. We cannot submit (and then pay for) the follow-up declaration (for duty/taxes) until Customs officers have performed their container examination and submitted their report in BESW. This is critical because it means your bond is not being replenished in a timely manner.” Bond sums were also not being restored when Customs duties/taxes are paid, as “the declaration must be processed by officers in a different department of Customs. We have seen significant delays as a result of this”. “A further source of delay occurs when a shipment requires VAT to be waived. This is not an automated process – it requires approval from a very small number of officers – so each and every shipment requiring VAT to be waived incurs a delay of at least one business day,” Ms Taylor continued. “There are several other parts of the process that remain challenging because they are out of our control. This includes delays in receiving manifest numbers (we cannot submit any declarations until the shipping lines provide these numbers). Also, we have found that in a significant number of cases, declarations have been incorrectly

rejected. This requires us to them resubmit and wait for approval. “We know that they were incorrectly rejected because we resubmit the exact same declaration and then it is approved. We find that this has happened, in particular, with most of the multiple-declaration shipments (some dutiable items, some concession items) that we have processed.” Neither Customs’ Dr Moss, nor Marlon Johnson, the Ministry of Finance’s acting financial secretary, responded to multiple Tribune Business calls and messages seeking comment before press time. K Peter Turnquest, deputy prime minister and minister of finance, acknowledged the issues when contacted by Tribune Business as he returned to this country from Europe. “All I can say about it is we’re aware of the complaints and are working through it, and will hopefully sort it out in short order.” The Electronic Single Window (ESW) is a key component of the Government’s efforts to modernise and digitise critical public services. Besides improving border revenue collection, and helping to crack down on tax evasion, fraud and related crime by identifying high-risk shipments and importers, the system was also hailed as a means to improve the speed and efficiency of cross-border commerce. Apart from aiding the proposed World Trade Organisation (WTO) accession, its electronic platform was designed to play a key role for an economy that is almost totally reliant on imports for everything it consumes. However, the delays and confusion in the immediate aftermath of implementation threaten to bottleneck retail/wholesale supply chains at the worst possible time just before Christmas, when import volumes tend to peak amid merchants’ rushing to stock up. Another Customs Broker, speaking on condition of anonymity, said: “I could add about ten paragraphs about a program that was probably written decades ago and somehow sold to us. Every broker agrees it has set us back 20 years.

Sally Ann Pratt Registrar of Marriages

FORM B Notice of Intended Marriage (Section 7(3))

Sally Ann Pratt

Registrar of Marriages

THE TRIBUNE

Monday, December 2, 2019, PAGE 9

Digital payment sector differs on new licence bar FROM PAGE ONE

The conflicting views came after the Central Bank announced the yearlong “suspension” on accepting any new licence applications for non-bank digital payments solutions providers and money transmission businesses late on Friday. The financial sector regulator added that the “moratorium” will not be reviewed until end-2020, effectively thwarting the hopes and business plans of two digital payments providers whose applications had been submitted - but not approved - prior to last week’s announcement. This leaves the Bahamian non-bank payments market with three licensed digital providers and five approved money transmission businesses, together with the latter’s collective 23 agents. The suspension applies only to new licensees, meaning the likes of Cash N’Go, Sun Cash and Omni can still expand via new locations and/or by adding agents once the latter get the necessary approvals. John Rolle, the Central Bank’s governor, could not be reached for comment yesterday despite several calls and messages being sent. However, it appears that the rationale for the regulator’s moves lies in fears that the market would become unsustainable and over-saturated if more licences were awarded, with too many players chasing too few customers and undermining its

orderly development. “The moratorium is intended to allow development and introduction of new payments services by non- bank providers in a non-saturated environment,” the Central Bank statement said. It added that the Payment Systems Act and accompanying regulations give it the power “to implement policies that are in the interest of the overall stability of the financial system, controlling risks and promoting the safety and efficiency of the payment systems”. “This moratorium will remain in effect until the end of 2020, at which time the Bank will review its position,” the Central Bank said. “In the interim the Central Bank will monitor adjustments among existing licensees to ensure orderly, sustainable developments in the payments and money services space.” Omni’s Mr Morris described the Central Bank’s action as a “pleasant surprise”, explaining that while he was aware the regulator had been considering such a move he did not know it was about to formally announce the suspension of new licence approvals. He added that the digital payments/money transmission industry is driven by transaction volumes, rather than yields, and argued that the emerging Bahamian industry and its existing operators needed breathing space to examine “the viability” of their business models. Pointing out that

compliance costs are “skyrocketing” for established players, Mr Morris agreed with the Central Bank’s logic that permitting too many entrants could undermine market stability and force some to pursue business that “may tarnish the reputation of The Bahamas” and its financial services industry. “I welcome it,” he told Tribune Business of the Central Bank’s actions. “The reason being that the margins in this business are very thin... We need an opportunity to be able to assess the viability of the business at this point. “I think the Central Bank made an excellent move to put a moratorium there until the end of next year. It gives everybody the opportunity to get the business going, and because we’re competing for a limited market, to ensure that we will all be competing properly and not going after business we don’t really want in the payments industry than can tarnish the reputation of The Bahamas.” Mr Morris said that when the non-bank digital payments/money transmission services market was opened up initially by the Central Bank, some three providers were all licensed at the same time two years’ ago. “We recognise that created some challenges,” he added. “The costs of doing business are very high. The compliance costs alone are skyrocketing. I think it’s the right move. There are enough players in the market to allow competition without people going overboard

to recoup their investment. There’s also no restriction on opening up new agents. Persons can make a business decision.” The Omni chief’s views were not universally shared, though. Another digital payments industry source argued that the Central Bank should leave well alone, and allow market forces to take their course rather than stifling new entrants by blocking off innovation. “If you look at any market - the US, the UK, Europe - the reality is that mobile digital payments have to be given the chance to find their own way,” the source said. “Those who have the best mouse trap, deliver the best, most reliable service and timely service will win the market. “The Central Bank is trying to control the market artificially, like they always do.... Let the market find its way. The Bahamas is an ideal market for this, as it’s small and the results are seen very quickly. Right now we need digital payments solutions as the banks have failed to provide payment services in the Family Islands. “The good thing is these are all Bahamas-based or owned businesses,” they continued. “It’s an ideal medium where you let the market filter out who’s best. What the Central Bank should be doing as the purveyor of financial services in the country, it should be encouraging and supporting the development of mobile payment services rather than police them. “They should be patient over their development. This is one area where The Bahamas, because of technology, can be a major player in the market, leapfrogging the US, Canada and Europe.” The source pointed out that in China, where the majority

of financial transactions are conducted over digital platforms, the country went from 16 providers initially to just two. The remaining duo now share 2bn customers after the market was allowed to consolidate naturally. The same technology platforms, they added, can be employed in The Bahamas to improve access to financial services and move money across the island archipelago from Grand Bahama to Inagua using a cell phone.

“Let the market find its way,” the source argued. “PayPal found its way, and it is now one of the biggest in the world despite starting as a very dinky little company. We’ve got to let the market find its way.”

To advertise in The Tribune, contact 502-2394

NOTICE NOTICE is hereby given that AVERY DOMINIQUE FERNANDER JR, of General Delivery, Sandy Point, San Salvador, The 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 25th day of November 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that RENO DAVIN, of Second Street Coconut Grove, Nassau, New Providence, The 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 25th day of November 2019 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

FORM B Notice of Intended Marriage (Section 7(3))

Sally Ann Pratt

Registrar of Marriages

FORM B Notice of Intended Marriage (Section 7(3))

Sally Ann Pratt

Registrar of Marriages

PAGE 10, Monday, December 2, 2019

THE TRIBUNE

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL

The Public is hereby advised that I, BRIAN WILLIAMSON of Union Village #66, New Providence, Bahamasintend to change my name to BRIAN WILLIAMS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

The Public is hereby advised that I, ARCHIE ROLLE of Adelaide Road, New Providence, Bahamasintend to change my name to ARCHIE ROLLE HAMILTON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O.Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

Dated this 2nd day of December, A. D. 2019

LEGAL NOTICE

N O T I C E

PXF FUNDING LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a) PXF FUNDING LIMITED is in dissolution under the provisions of the International Business Companies Act 2000.

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 18th day of December, A.D., 2019. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

(b) The dissolution of the said Company commenced on the 28th day of November 2019 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Dated the 2ND day of December, A.D., 2019.

(c) The Liquidator of the said Company is Kirvy Ferguson of 253 Shirley Street, Nassau, Bahamas Dated the 2nd day of December, 2019

Kirvy Ferguson Liquidator 253 Shirley Street, Nassau, Bahamas

HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

MARKET REPORT www.bisxbahamas.com

(242) 323-2330

FRIDAY, 29 NOVEMBER 2019

(242) 323-2320

Dated this 2nd day of December, A. D. 2019

ALL SHARE INDEX: CLOSE: 2,189.94 | CHG: 0.01 | %CHG: 0.00 | YTD: 80.49 | YTD%: 3.82 BISX LISTED & TRADED SECURITIES 52WK HI 4.45 22.65 7.00 6.10 2.60 2.00 5.47 11.75 6.17 4.64 11.25 2.81 3.96 10.21 7.60 16.90 9.40 3.63 14.20

52WK LOW 3.35 20.91 4.90 4.46 1.01 0.22 2.00 9.30 5.60 3.95 6.75 2.35 1.76 8.00 6.10 12.10 6.41 3.01 13.01

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

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

1000.00 1000.00 1000.00 1000.00

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

CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

PREFERENCE SHARES

1.00 10.00 1.00

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

52WK HI 2.27 4.32 2.08 194.86 158.57 1.65 1.82 1.74 1.21 8.23 10.10 6.85 11.45 12.32 10.74 10.00 8.69 11.79

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.58 1.69 1.66 1.09 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) +

SYMBOL FBB22

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

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

BAHAMAS GOVERNMENT STOCK - (percentage pricing)

MUTUAL FUNDS

MARKET TERMS

LAST CLOSE 3.37 17.43 6.00 6.10 2.46 1.80 4.36 11.06 6.16 4.14 8.06 3.27 3.96 10.12 7.60 16.90 9.33 3.20 14.00

CLOSE 3.37 17.43 6.00 6.10 2.46 1.80 4.36 11.06 6.16 4.14 8.06 3.34 3.96 10.06 7.60 16.90 9.33 3.20 14.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.07 0.00 -0.06 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

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

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 0.00 0.00

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

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

VOLUME

4,450

VOLUME

NAV 2.27 4.32 2.08 193.72 158.42 1.65 1.82 1.74 1.19 8.31 10.26 6.88 11.45 12.32 10.70 9.92 8.68 11.38

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

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

0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 14.1 18.7 N/M 16.5 N/M N/M -10.0 15.3 13.7 22.5 57.6 32.7 8.5 15.6 10.4 20.7 9.9 15.8 22.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0

YIELD 5.04% 7.23% 0.00% 4.26% 0.00% 1.11% 0.00% 6.51% 3.57% 2.90% 0.00% 12.99% 1.52% 3.26% 3.16% 3.20% 2.14% 3.75% 4.36% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75%

MATURITY 19-Oct-2022

6.95% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 3.06% 3.81% 1.91% 3.39% 2.23% 2.75% 4.99% 6.20% 7.18% -0.08% 2.88% 3.80% 4.56% 6.50% 3.35% 4.17% 5.77% 7.89% 11.19% 12.08% 18.66% 19.64% 4.33% 5.06% 10.43% 7.24% 5.42% 5.77% 3.11% 0.77% -0.71% 0.16% 7.40% 2.70% 10.20% 1.30%

NAV Date 31-Oct-2019 31-Oct-2019 25-Oct-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 30-Sep-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 31-Oct-2019 30-Mar-2019 30-Mar-2019 30-Mar-2019

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

Dated this 2nd day of December, A. D. 2019