Issuu

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MONDAY, JULY 9, 2018

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Target web shop contributions for Relays funding By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

SEE PAGE 8

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Digital divide: 40,000 tax payments manual By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AN EX-TOURISM minister has blasted the decision to stop hosting the IAAF World Relays as “short-sighted”, and urged that funding be raised from web shops and private sponsors. Obie Wilchcombe, pictured, told Tribune Business that the government should use the two percent contribution to community causes from the domestic gaming industry, and target public-private partnerships (PPPs), if The Bahamas’ dire fiscal situation meant nothing was available from the Public Treasury. He added that the TV exposure and associated publicity generated by the Relays outweighed “by far” the government’s estimated $5m contribution to staging the 2019 event, placing its value at “hundreds of millions of dollars that you can’t buy”. Warning the Minnis administration that it was “destroying the reputation of the country”, Mr Wilchcombe said the decision to drop the track and field event could risk The Bahamas “never getting anything like this again”. He added that withdrawing from hosting in 2019, following the three inaugural events, was especially ill-timed given that next year’s World Relays will act as a qualifier for the 2020 Olympics in Tokyo - an incentive that would likely have drawn more elite athletes to The Bahamas. Mr Wilchcombe said the Relays had been central to the former government’s strategy to develop a sports tourism niche for The Bahamas, giving it something beyond sun, sand and sea to promote and differentiating the nation from Caribbean rivals. That could now be lost, with Jamaican media coverage yesterday saying The Bahamas’ southern neighbour was now eager to replace it as the IAAF World Relays host for 2019. The former tourism

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ORE than 40,000 tax payments in 2017 were made manually, highlighting how far the government and private sector have to travel to achieve true digital government. The Inter-American Development Bank (IDB), in an economic analysis of the potential benefits from its $30m project to transform the government’s digital/IT infrastructure and boost Bahamian economic competitiveness, revealed that thousands of VAT, business licence and real property tax payments are still being made “in person”. Despite filing and payment requirements for all

* Similar tale for NIB, Road Traffic, Registrar General * IDB analysis highlights long road to e-government * 36,000 pensioners must show life twice per year

three taxes being available online, data disclosed by the IDB showed that 9,554 VAT payments; 7,592 business license fee payments; and 24,019 real property tax payments were not made digitally. Some 1,308 business registrations were also done manually, or “in person”. Collectively, more than 41,000 tax payments to the Department of Inland Revenue (DIR) were not made electronically, exposing how much work remains to reduce the time, cost and inefficiency associated with the continued use of manual methods.

The IDB report showed it was a similar tale at other key government agencies, such as the Registrar General’s Department, National Insurance Board (NIB) and Road Traffic Department - all of which dealt with between 50,000 to upwards of 60,000 transactions for key services manually in 2017, despite many of them being available online. At NIB, some 43,360 benefits and assistance claims were dealt with “in person”, along with 8,176 and 8,215 new registrations of insured persons and employers/self-employed, respectively. And 50,000

‘Challenged’ to reject local bid’s power takeover

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

and job creation. The association’s members are said to include major foreign developers, such as Albany and Baker’s Bay; Sterling Global Financial, the company behind the $250m Hurricane Hole project; and Arawak Homes. “That group stuck together pretty well,” one source close to developments told Tribune Business. “If that group is telling you what you are

THE government’s election promises mean it will “be challenged” to reject a Bahamian group’s bid to take over power supply to East and West End, an advocacy group chief is arguing. Pastor Eddie Victor, head of the Coalition of Concerned Citizens (CCC) and long-time campaigner for lower Grand Bahama energy costs, said the Northern Bahamas Utilities (NBU) proposal was a perfect match for the energy sector goals outlined in the Free National Movement’s (FNM) 2017 campaign manifesto. This pledged to increase renewable energy penetration and expand Bahamian ownership/participation in the industry - objectives that Pastor Victor says NBU’s offer meets, hailing the group’s plans as “a new beginning for the energy sector in The Bahamas”. Pastor Victor and his Coalition have been working with NBU’s principals to arrange town meetings throughout West End in a bid to obtain public support for the group’s plans, with this effort set to shift to East End come early August. They are seeking 1,000 signatories on a petition backing NBU to take over electricity supply from the GB Power, and are hoping to present this to West End MP, Pakeisha Parker-Edgecombe, by month’s end. NBU, founded by ex-GB

SEE PAGE 5

SEE PAGE 6

driver’s licence renewals were also processed using the same method. As for the Registrar General’s Department, some 31,200 birth certificate copies; 22,900 deeds search payments; 7,530 “letters of good standing”; 9,747 birth, death and marriage certificates; and 4,989 “other company services” were all handled by nondigital means. The report acknowledged that while some of these services could be applied for online, the likes of birth and death certificates still needed to be

SEE PAGE 7

Govt to alter VAT ‘exempt’ for real estate

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

* Follows lobbying by top developers * DPM: ‘Stand by for change’

THE government appears poised to reverse the budget’s VAT “exempt” treatment of real estate, following lobbying from top developers such as Albany and Baker’s Bay. KP Turnquest, deputy prime minister, told Tribune Business to “stand by” for a potential “change” when asked why the government had imposed what one developer representative yesterday described as “a disaster” for the sector. “There may be a change in respect of that. Stand by on that particular point,” he

replied when asked about VAT “exempt” real estate. He declined to be drawn further on any specifics of such “change”, saying: “I’d like to leave it right there.” Real estate developers were similarly coy when contacted by Tribune Business yesterday, suggesting they were aware that change was coming but providing no details. None wished to speak on the record. “I know they [the government] are planning something, but I cannot say

what. There is something in the works I suspect. We’re making some progress,” one developer’s representative told Tribune Business. This newspaper was told that a newly-formed industry group, the Bahamas Developers Association, had taken the lead in emphasising to the government just how badly VAT “exempt” status will affect a sector - and associated professions such as real estate and construction - that is vital to economic growth

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Budget ‘fixed’ unfair property tax anomaly By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE government reformed the real estate “transfer tax” structure because it was “inherently unfair” to give companies preferential tax treatment over individuals on property purchases. KP Turnquest, deputy prime minister, pictured, told Tribune Business that including value-added tax (VAT) in the levy on real estate transactions had effectively allowed businesses to pay a tax rate

* DPM: VAT inclusion favoured companies * Firms paid 2.5%; residential deals 10% * Also targeted second home ‘loophole’ equivalent to just 2.5 percent of the purchase price. By contrast, parties to residential real estate deals had to pay the full ten percent rate, split between 2.5 percent stamp duty and VAT at 7.5 percent under the tax structure introduced by the former Christie administration. Mr Turnquest branded the disparity in rates as an

“anomaly”, which arose as a result of how VAT works. Companies were able to treat the 7.5 percent levy on real estate purchases as a business expense, and “net it off” or offset it against the “output VAT” they collected from consumers. As a result, they effectively recovered three-quarters of the tax payable. “The reality is it was

never the intent, in our view, for businesses to be able to transfer property at 2.5 percent,” the deputy prime minister told Tribune Business. “This was effectively what was happening with VAT charged on property. “It is inherently unfair that businesses were effectively able to have a 2.5 percent stamp

duty rate while individuals were paying ten percent. We sought to fix that anomaly.” In doing so, and reverting to the old ten percent stamp duty levy, the government

SEE PAGE 4

PAGE 2, Monday, July 9, 2018

THE TRIBUNE

PALM CAY UNVEILS NEW $100M OFFER PALM CAY is today releasing its latest real estate offering, a $100m condominium and penthouse complex overlooking the community’s marina and

ocean access. Named One Marina due to its location, the residential community’s latest real estate offering was 40 percent pre-sold before

its release to the general market, according to Myles Newell, Palm Cay’s recentlyappointed director of sales and marketing. “The pre-release response

was really encouraging,” said Mr Newell. “When we shared the design and site plan with owners and new clients prior to going to market, expression of interest was almost instant.” That interest, added Mr Newell, was divided between those who wanted to own a second residence at Palm Cay for family or investment purposes, and those who plan to move into the new complex and sell their existing property. He credited two factors for the positive response. “Palm Cay has a strong track record with property values appreciating consistently,” Mr Newell said. “The resortstyle development has already had approximately 160 properties purchased since opening. “Developers have already put $65m in the ground, and you can see it in the quality of the infrastructure, construction and amenities that are unparalleled for a residential community of homes that fall mostly under $1m. In addition, the economic

picture is brighter as confidence continues to rebuild. A decade has passed since the recession that frightened a lot of people off, and the pent-up appetite for investment in real estate is strong.” Against this positive background, Mr Newell said Palm Cay’s developers are expanding marketing efforts with a multi-channel campaign focused on North America. Palm Cay’s first newlydesigned, high-end real estate offering to come to the market in almost a decade features 84 two and three-bedroom residences. Two-bedroom units range in size from 1,780 to 1,940 square feet, and will sell for between $750,000 and $800,000. The three-bedroom units are selling from $1.5m to $1.9m, ranging in size from 2,751 square feet to 4,228 square feet. One Marina complements Palm Cay’s existing residential offerings, which include one and two-story condos at The Anchorage and Starfish Isle’s town

homes. Owners can opt to place their unit in a rental programme. There are also slips available at the full-service Palm Cay Marina, a deep-water facility covering eight acres. The community covers 69 acres in total, and is located in southeastern New Providence between Port New Providence and Treasure Cove. The community’s developers recently invested a further $2m in upgrading its resort-style amenities. Palm Cay offers a members’ fitness centre, spa services, tennis courts, recreation areas, dockside café, a beach bar and grill, half-size Olympic swimming pool and a beachscape including private cabanas and a deck area with sun-loungers. “Palm Cay’s quality of construction, design features, size of these residences and its amenities have helped to sell out previous phases in the development in a short space of time,” said Mr Newell. “This time around is expected to be no exception.”

ONE MARINA’S proposed condominium and penthouse complex. The $100m development is in its pre-construction phase.

A LIVING room concept for One Marina, the latest high-end real estate offering at Palm Cay.

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POOLSIDE at Palm Cay’s One Marina. The new $100m development features 84 residences ranging from $750,000 to $2m in price.

A Small Company is looking for a Manager to manage and oversee its operations and sales. Requirements • BS/MS degree in business administration or related field • Proven working experience as a Manager with a minimum of 5-7 years • Successful previous experience as a sales representative or sales manager, consistently meeting or exceeding targets • Strong business sense and industry expertise • Excellent mentoring, coaching and people management skills • Interpersonal skills to maintain and develop relationships with management and customers General Responsibilities • Achieve growth and hit sales targets through successful management • Design and implement strategic business plan that expands company’s customer base and ensure a strong presence within the market • Build and promote strong, long-lasting customer relationship by partnering with them and understanding their needs. • Identify emerging markets and market shifts while being fully aware of new products and competition status • Maintain production to meet all schedules • Manage Staff • Provide technical support to customers and support staff • Foster a positive team environment and assist coworkers as required • Comply with all company policies and procedures • Prepare Budget and Marketing Plans Instructions to applicants • Please send the below listed documents via email to humanresources.noreply@gmail.com - Resume including Passport Photo - 3 Character Reference Letters • Subject of email “Vacancy- Manager Position” • Only those applicants who are shortlisted for interview will be contacted • Deadline for submission – 5pm, Friday July 13th 2018.

THE TRIBUNE

Monday, July 9, 2018, PAGE 3

Realtors still hopeful over VAT extension By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net THE Bahamas Real Estate Association (BREA) remains hopeful it can secure an extension of time to implement the value added tax (VAT) increase, its president arguing: “It is not too much to ask for.” Christine Wallace-Whitfield told Tribune Business: “The government has not given us any extension or any concession to honouring the 7.5 percent VAT amount, but we are hopeful that they will reconsider and meet with us to discuss our concerns with regards to the VAT. Hopefully I am able to advise my membership of their decision of honouring the 7.5 percent VAT for sales under contract before July 1.” Mrs Wallace-Whitfield, in a previous interview with Tribune Business, called on the government to either provide a 60-90 day “transition period” for property deals signed before July 1, but which have yet to close, or “honour” them at the existing 7.5 percent VAT rate. She told this newspaper it would prevent market disruption, and reassure both buyers and sellers, describing the sudden jump from a 7.5 percent VAT to 12 percent as “a little cut throat”. Calling on the government to work with a real estate industry that is one of its largest revenue generators, Mrs WallaceWhitfield said it was unfair for parties to “under contract” deals to be faced with paying extra VAT on attorney fees and realtor commissions when they had a budgeted for - and had a legitimate expectation of - a 7.5 pecent rate. Mrs Wallace-Whitfield added: “It is not too much to ask for considering the

VAT INCREASE IMPACTS INDEPENDENCE SALES By NATARIO MCKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

CHRISTINE WALLACE-WHITFIELD

government has made provisions for the hotel sector and other sectors. We understand that the government has to do what they have to do. “However, we would like for the government to seriously consider making this extension or at least honouring the original VAT amount at the 7.5 percent for sales under contract before July 1. Then any sales that go under

contract and are negotiated after July 1 will be subject to the new VAT amount at 12 percent.” The government has given time extensions and “grace periods” to several key industries, including the hotel sector, construction and retailers, to enable a smooth transition to the 12 percent VAT. The length of these extensions/grace periods is in keeping with what BREA is requesting.

THE value-added tax (VAT) rate increase has affected consumer confidence and purchasing for this year’s Independence celebrations, a well-known businessman has revealed. Scott Farrington, president of Suntee Uniforms and Promotional Marketing, told Tribune Business that customer demand and sales remained high despite the impact from the increase to 12 percent VAT. “Over the years, Suntee has built an amazing reputation for its authentically Bahamian Independence Day designs, so customer demand and sales remain high this year,” Mr Farrington said. “Suntee’s designs are always stylish,

always unique – and most importantly always Bahamian, and Bahamians appreciate these qualities. “The increase of the VAT rate has affected consumer confidence and purchasing. Suntee has waived the full VAT on Independence apparel for the last week as a ‘thank you’ to our customers for supporting Suntee for 35 years. Independence is when Bahamians wave our flags and wear our Independence apparel to show our pride, strength and love for this country, and Suntee is proud to supply products.” The much anticipated Independence Collection from Bahari Bahamas has been released just in time for the 45th anniversary of Independence. The Bahamian fashion brand, over the weekend,

announced the the release of its 5th Independence Collection. “The inspiration for this year’s collection came from us wanting to create a stylized-sketch aesthetic, and a collage of hand-drawn elements of flora, fauna, culture, maritime and national pride,” said brand manager, Kyle Williams. “Over the past five years, Bahamians have grown to expect a dynamic release from Bahari for the independence season. It’s always an exciting time as Bahamians from all walks of life flood our three locations in support. This year Bahamians definitely started their Bahari shopping earlier than year’s past; ensuring that they aren’t met with empty shelves and sold out signs, as is often the case with new Bahari collections.”

PAGE 4, Monday, July 9, 2018

THE TRIBUNE

Budget ‘fixed’ unfair property tax anomaly FROM PAGE ONE is now treating real estate purchases as VAT “exempt”. This has created a new set of concerns, especially for real estate developers, as they are no longer able to reclaim the VAT paid on their “inputs” such as construction materials, contractor, architect and engineer services (see other article on Page 1B). Numerous developers, including Jason Kinsale, Aristo Development’s chief, and Arawak Homes’ president, Franon Wilson, have warned that this will result in increased construction/ development costs that will inevitably be passed on to consumers - pushing real estate and home affordability beyond the reach of many more Bahamians. Mr Turnquest, meanwhile, explained that changes to the Real Property Tax Act’s definition of “owner-occupied” property were designed to eliminate “loopholes” that had allowed mainly foreign homeowners to escape with a lower tax rate. “One of the issues is that these homes were claiming owner-occupied status, and some are not being used in any significant way,” the deputy prime minister told Tribune Business. “The benefit is intended for Bahamians owning their own homes. It’s a bit of a loophole we sought to close. It’s also a reality that some of those homes were being used as vacation rentals rather than owner-occupied,

so we’re seeking to close the loophole.” When asked whether the change was also designed to prod wealthy foreign investors and second homeowners to choose The Bahamas as their primary domicile, Mr Turnquest replied: “That would be an added benefit. “It’s just a matter of tightening up the holes. In any tax administration, there’s always areas that are grey that need to be tightened up as you go along, and this is one of those.” A briefing note to clients from the Higgs & Johnson law firm said the “owneroccupied” change, which realtors and developers have both warned the government against, will take effect from January 1, 2019. “The definition of the term “owner-occupied property” has been amended to remove the phrase “or seasonal basis”, and to insert a requirement that an owner must reside in their property for at least six months annually,” Higgs & Johnson said. “As a result of this change, beginning January 1, 2019, an owner that resides in their property for less than six months in any given year will be required to pay real property taxes annually at the rate of 0.75 percent on that part of the market value which does not exceed $500,000, and two percent on that part of the market value which exceeds $500,000. “This change will affect Bahamian citizens, permanent residents and second

PUBLIC NOTICE Ultimate Door and Windows will be closed on Monday July 9, 2018 due to a death in the family. Ultimate Door and Window will reopen on Wednesday July 11, 2018

homeowners who do not reside in their property for a minimum of six months. Accordingly, the statutory maximum annual tax of $50,000, which applies to owner-occupied property, will not apply in such instances.” As previously revealed by Tribune Business, second homeowners who fail to meet this benchmark face being reclassified as “residential property” or “other property”. Since non-Bahamians cannot qualify for the former, foreign second homeowners will fall into the “other property” category where the tax rates - as outlined by Higgs & Johnson - will effectively double with no protection from a $50,000 “cap”. Adrian White, head of the Bahamas Bar Association’s real estate committee, previously said the likely effect of the Real Property Tax Act changes was “a real concern” given the “quite severe increase” in tax bills it will produce. “It looks like the open opportunity for owner-occupied status is being limited to residents in occupancy for six months,” Mr White told Tribune Business. “The overall amounts payable are going to increase quite severely depending on the overall value of the property in question. It’s going to be a big increase if that bill is passed; it certainly would be.” Mike Lightbourn, Coldwell Banker Lightbourn Realty’s president, told Tribune Business that the government’s planned reforms will likely impact 90 percent of the Bahamas’ second home market. He branded the “owneroccupied” change’s implications as “ridiculous”, given that the dramatic taxation increase risked undermining The Bahamas’ price competitiveness and driving foreign buyers to rival Caribbean destinations that did not impose such cost burdens. “That will affect at least 90 percent of the foreign homeowners, and they’re the ones that pay the taxes by and large,” Mr Lightbourn said. “Oh God, I’m thinking of some sales we have now that it could kill.”

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THE TRIBUNE

Monday, July 9, 2018, PAGE 5

Govt to alter VAT ‘exempt’ for real estate FROM PAGE ONE

doing is a disaster, for you to ignore that kind of thinking is kind of reckless. “We’ve received some feedback similar to what the deputy prime minister told you. We’ll see. We have reason to believe that when the deputy prime minister says what he says, we believe the Cabinet has come to a conclusion and it’s only a matter of time before they announce it. My suspicion is a lot is going to change. “I believe the Association was able to bring to their attention some of the impacts of what they were proposing to do, and they came to the conclusion that what they were contemplating doing was not good public policy,” the source added. “It’s never too late to do the right thing. It’s unfortunate we do these things after the fact, rather than preceding, with prudent consultation. How you skin the cat, whatever you propose to do, you can’t drive up the cost of construction the way the law is. “To ratchet up the cost of construction the way it is now is not a good thing. Certain positions were put to the government, and we’ll see what they say.” It is unclear what reforms the government is proposing with the new budget

just nine days old, but it will almost certainly involve some mechanism allowing developers to recover their VAT “input” costs - something “exempt” status does not allow them to do. Developers, via the pages of Tribune Business, had previously warned such tax treatment would mean “millions of dollars are on the line” as it would be “impossible” for them to claim back the nowincreased 12 percent VAT on their input costs. The former Christie administration changed the ten percent stamp duty levied on real estate sales to accommodate the previous VAT rate, splitting this 7.5 percent/2.5 percent between VAT and stamp duty. But the 2018-2019 budget goes back to the ten percent stamp duty on all real estate purchases over $100,000. This prompted warnings of increased real estate costs for both Bahamian and international buyers. Developers currently “net off” the VAT they pay on construction materials, and the likes of contractor, engineer and architect bills, against the “output” tax whenever a property is sold. But the budget’s altered tax structure, by eliminating VAT, robs developers of the ability to claim back already-paid input tax, thus

saddling them with a multimillion dollar increase in development costs that will likely be passed on to purchasers of new housing units. This, in turn, could depress real estate development activity and have negative consequences for all industries that rely on the housing market - especially realtors, contractors and attorneys. The VAT “transition notes” confirmed that all property sales/purchases are now being treated as VAT “exempt”, meaning that developers can no longer recover the tax paid on their “input” costs. “If you are a developer you may have, or be in the process of, acquiring real property. Transactions involving the sale or purchase of real property are now exempt as of July 1, 2018. Stamp tax is now, however, charged on all such transactions,” the transition notes state. “All of the VAT you incur in the process of your development is not recoverable, as VAT on any taxable supplies in relation to an exempt supply is not available as an input tax credit deduction.” Franon Wilson, Arawak Homes’ president, had previously revealed the company’s most popular “home and lot” package that for a three-bed, two

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bath home - would increase in price by $23,000 - going from $192,000 to $215,000 - as a result of the budget’s tax changes. He warned that a “huge” number of Bahamians will thus be priced out of home ownership, with the VAT rate hike and changed real estate taxation structure having “a bigger impact than VAT’s introduction” back in 2015. His father, Sir Franklyn, subsequently told Tribune Business: “One needs to recognise that any time you do anything to cause the cost of a home to go up $1,000, you guarantee you are moving hundreds of people across the line from being able to qualify to not being able to qualify [for a mortgage], even for the most inexpensive home.” He told this newspaper that the budget was incompatible with the Access to Affordable Homes Bill 2018, which was recently passed by Parliament. This aims to provide serviced lots for less than $30,000 to Bahamian home purchasers, with incentives - such as customs duty and excise tax exemptions - provided for a two-year period to persons who construct their own homes on the property. “They say they wish to encourage home ownership, and the prime minister himself has been vocal in stating that,” Sir Franklyn said. “He’s to be commended for that, but this budget is highly incompatible with that. That’s the bottom line. “It’s material enough that I’ve got to hope and pray it’s not too late for someone to think after all that this is not likely to have a positive impact, and that it’s worth another look.”

COMMONWEALTH OF THE BAHAMAS IN THE SUPREME COURT Equity Side

2018 FP/QUI/No. 00148

IN THE MATTER OF THE QUIETING TITLES ACT 1959 AND IN THE MATTER of Petition of William Henry Miller and Maxine Elizabeth Miller both of Harbour Island, Eleuthera, The Bahamas. AND IN THE MATTER of ALL THAT piece, parcel, or lot of land being Lot No. 42 and measuring 9,000 square feet and situate on Harbour Island, Eleuthera, one of the Islands of the Commonwealth of the Bahamas. NOTICE TAKE NOTICE that William Henry Miller and Maxine Elizabeth Miller claim to be the owners in fee simple in possession of the land at caption and has made application to the Supreme Court of the Commonwealth of The Bahamas Under Section 3 of the Quieting Title Act, 1959 to have their title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provision of the said Act. A plan of the said land may be inspected during normal working hours at: (a)

The Registry of the Supreme Court, Freeport, Grand Bahama in the Commonwealth of The Bahamas and at the Chambers of V. Alfred Gray & Company, Harbour Island, Eleuthera;

NOTICE IS HEREBY GIVEN that any person or persons having dower or rights of dower or an Adverse Claim or Claim not recognized in the Petition shall on or before the 07th day of August A.D, 2018, file in the Supreme Court in Freeport Grand Bahama aforesaid and serve on the Petitioners or the undersigned a Statement of their claim as aforesaid on or before the 07th day of August A.D., 2018, or it will operate as a bar to such claim.

Dated this 20th day of June A.D., 2018 V.ALFRED GRAY & CO. Chambers Dowdeswell House Dowdeswell & Armstrong Street Nassau, Bahamas Attorney for the Petitioners

PAGE 6, Monday, July 9, 2018

THE TRIBUNE

‘Challenged’ to reject local bid’s power takeover FROM PAGE ONE Power executives, had been working for three years to realise an opportunity that depends entirely on the government ending their former employer’s 25-year monopoly. GB Power’s agreements to supply East and West End expire within months, and Pastor Victor likened these deals to the “port exclusivity” deal signed with Hutchison Whampoa by the same Ingraham administration, describing them as products of an era when the government was desperate to incentivise economic development.

Suggesting that the need for such “exclusivity” has long passed, he told Tribune Business: “I don’t think the power company agreements anticipated that, 25 years later, you would have a Bahamian company that could do it. “What was also not anticipated was the problematic business model the power company is using when it comes to the delivery of power. That’s proving to have adverse effects, and we also have to consider that they’re [GB Power] challenging URCA’s right as regulator.” KP Turnquest, the deputy prime minister and east Grand Bahama MP, told Tribune Business that the government was “reviewing” the East and West End electricity supply situation but declined to comment further. “The agreement is being reviewed, and we will have more to say about that once the process is completed,” he said. Pastor Victor, though, warned the government that it will effectively be going against its own election campaign promises should it ignore NBU’s proposal and instead opt to renew with GB Power, which is now 100 percent owned by Canadian utility giant, Emera, following the ICD Utilities buy-out. “The government is going to be challenged with a couple of policies,” he told Tribune Business. “They’re going to be challenged to stand firm on various policies they’ve announced to the public. “The development of the energy sector, as it relates to renewables and Bahamian participation, it’s all stated in the FNM manifesto. They laid out policies that incorporate everything this company is offering, such as building an alternative energy plant. “It’s going to have

Bahamian ownership and investment in the company. That falls all in line with the government’s goal to see more Bahamian ownership, participation in the energy sector.” NBU says its solar proposal can reduce energy costs by 40 percent, and create up to 100 jobs, if permitted to take over power supply to Grand Bahama’s East and West End through a $30m investment in two utility-scale solar plants. The group is proposing a six megawatt (MW) solar plant, backed up by ten MW of cleaning burning propane, for West End, and a smaller version - a three MW solar plant, with six MW of propane back-up - for East End. NBU, whose principals include Dr Carlton Bosfield, Rodger Johnson, Alexander Brown and Leon Cooper, would take over between 2,600 to 3,000 potential customers outside the Port area in West End, and around 200-250 in the east, if successful. They would then seek to acquire GB Power’s transmission and distribution infrastructure - wires and poles - outside the Port area, and link these directly to its solar plants. NBU is also offering to sell any surplus solar energy to GB Power at a price of 15 cents per KWh. GB Power, though, is unlikely to give up its existing supply agreements, and monopoly, without a fight. West End, in particular, holds out the potential of being an extremely lucrative supply market as a result of the Ginn sur mer project’s seemingly imminent revival under the new ownership of Torontobased Skyline Investments. The Carnival cruise port proposed for eastern Grand Bahama, together with the much-maligned Oban

HELP WANTED

Flyer Distributer Looking for well-groomed females to hand out samples and flyers. Must be able to direct customers into the store, must have a great personality, and know how to interact with guests. Must be punctual and willing to work and grow with the company. Send resume and a photo via WhatsApp to 815-5808 or tresorrarebahamas@gmail.com. No phone calls.

Energies project, also present profitable energy supply opportunities if they ever come to fruition. Pastor Victor, however, argued that the NBU offer “could be a model for the rest of The Bahamas” plus enable the Utilities Regulation and Competition Authority (URCA) to expand its authority to Grand Bahama at least outside the Port area. GB Power is currently challenging URCA’s authority to regulate it, on the basis that the Hawksbill Creek Agreement (HCA) confers this right on the Grand Bahama Port Authority (GBPA) - not a national regulator. Pastor Victor, though, argued that the GBPA was not properly fulfilling this role. “They’re providing a regime that is pro-power company,” he argued. “A regulator exists to protect the consumer and that is not what the GBPA is doing.” He added that NBU and the Coalition will hold their next meeting in Hunter’s on July 19, as they bid to obtain the 1,000 petition signatures target, before moving on to East End. “Almost everybody in the room wants this project to happen,” Pastor Victor told Tribune Business. “This is the challenge our government is going to have if they don’t approve it, because the people want it. “The NBU project is a new beginning for the energy sector in The Bahamas, and the government needs to give this group a chance to do it. These are not novices; these are professionals, well-educated with proven experience in the sector. “This would be an unbelievable achievement for this whole island in bringing down the cost of electricity. It’s not only going to affect the economy but it’s a Bahamian company, where revenues and profits stay in the country. That’s the kind of project we need, but we’re realising from what we’ve seen so far that there’s no guarantee which way the government is going to go.”

THE TRIBUNE

Monday, July 9, 2018, PAGE 7

Off to Europe: Trump to meet worried NATO heads, then Putin WASHINGTON Associated Press

WITH the established global order on shaky footing, President Donald Trump’s weeklong trip to Europe will test already strained bonds with some of the United States’ closest allies, then put him face to face with the leader of the country whose electoral interference was meant to help put him in office. Trump departs tomorrow on a four-nation tour amid simmering disputes over trade and military spending with fellow Western democracies and speculation about whether he will rebuke or embrace Russian President Vladimir Putin. He meets the Russian leader in Helsinki as the finale of a trip with earlier stops in Belgium, England and Scotland. Trump has shown little regard for America’s

US PRESIDENT DONALD TRUMP

traditional bonds with the Old World, publicly upbraiding world leaders at NATO’s new headquarters a year ago for not spending enough on defense and delivering searing indictments of Western trading partners last month at an international summit in

Canada. On this trip, after meeting with NATO leaders in Brussels, he’ll travel to the United Kingdom, where widespread protests are expected, before he heads to one of his Scottish golf resorts for the weekend. In the run-up to his trip, the president did little to

COMMONWEALTH OF THE BAHAMAS

1967

IN THE SUPREME COURT

No.61

Equity Side IN THE MATTER of ALL THAT tract of land containing 3.618 Acres square feet situate on the Northwestern side of Fox Hill Road and approximately 595 ft Northeasterly of the Fox Hill Road, Prince Charles Avenue Junction in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas bounded NORTHWARDLY by land now or formerly the property of Thomas Knowles and running thereon Six hundred and Twenty-three point fortytwo (623.42) feet EASTWARDLY by Public Road called and known as Fox Hill Road and running thereon Two hundred and Twenty-three point ninety-four (223.94) feet SOUTHWARDLY by land now or formerly the property of Prince Bodie and running thereon Six hundred and Fiftyfour point ninety-six (654.96) feet and WESTWARDLY by land now or formerly the property of Eastern Close Subdivision and running thereon Two hundred and Fifty-seven point eighty (257.80) feet which said tract of land has such position, boundaries, shape, marks and dimensions as are more particularly delineated on the subdivision plan filed with the Department of Lands and Surveys being Plan No.2641 N.P. and the plan filed in this action. AND IN THE MATTER of The Quieting Titles Act, 1959 AND IN THE MATTER of the Petition of Building Heritage Limited.

NOTICE OF PETITION NOTICE is hereby given that BUILDING HERITAGE LIMITED of the Southern District of the Island of New Providence one of the Islands of the Commonwealth of The Bahamas (hereinafter called “the Petitioner”) claims to be the owner of the unencumbered fee simple in possession of the land hereinafter described, that is to say: ALL THAT tract of land containing 3.618 Acres square feet situate on the Northwestern side of Fox Hill Road and approximately 595 ft Northeasterly of the Fox Hill Road, Prince Charles Avenue Junction in the Eastern District of the Island of New Providence one of the Islands of the Commonwealth of the Bahamas and has made application to the Supreme Court in the Commonwealth of The Bahamas aforesaid under Section Three (3) of the Quieting Titles Act, 1959 to have its title to the said land investigated and the nature and extent thereof determined and declared in a Certificate of Title to be granted by the Court in accordance with the provisions of the said Act. A Plan of the said land may be inspected during normal office hours in the following places:(a) The Registry of the Supreme Court, Marlborough House, Marlborough Street North, Nassau, The Bahamas; (b) Shadrach A. Morris, Jr. & Co., Chambers, ShaRon House, 235 Baillou Hill Road, New Providence, The Bahamas. NOTICE is hereby given that any person having dower or rights of dower or an adverse claim or a claim not recognized in the Petition shall on or before the expiration of Thirty (30) days of the last publication file in the Supreme Court and serve on the Petitioner and the undersigned a statement of his or her claim in the prescribed form, verified by an affidavit to be filed therewith. Failure of any such person to file and serve a statement of his or her claim on or before the Thirty (30) days after the last publication will operate as a bar to such claim. DATED the 21st day of June A.D., 2018

SHADRACH A. MORRIS, JR. & CO.,

Chambers, ShaRon House, 235 Baillou Hill Road, P.O. Box N-4421 N.P., The Bahamas, Attorneys for Building Heritage Limited, the Petitioner herein

ease European concerns by delivering fresh broadsides against NATO, an intergovernmental military alliance of 29 North American and European countries aimed at countering possible Russian aggression. “I’ll tell NATO: ‘You’ve got to start paying your bills,’” Trump pledged at a rally last week in Montana in which he bemoaned that Americans were “the schmucks that are paying for the whole thing”. He then laced into German Chancellor Angela Merkel, who will be in attendance in Brussels, complaining about how much the United States put toward Germany’s defense: “And I said, you know, Angela, I can’t guarantee it, but we’re protecting you, and it means a lot more to you. ... I don’t know how much protection we get from protecting you.” At the same time, he declared that “Putin is fine” and that he had been preparing for their summit “all my life”. Experts fear the trip could produce a repeat of the dynamics from Trump’s last trip abroad, when he admonished Group of Seven allied nations at a

summit in Canada before heading to Singapore, where he showered praise on one of America’s longest-standing adversaries, North Korea’s Kim Jong Un. “What people are worried about this trip is he’ll have equally difficult interactions with his NATO counterparts,” including Merkel and Canadian Prime Minister Justin Trudeau, said James Goldgeier, a visiting senior fellow at the Council on Foreign Relations and professor at American University, who is an expert in NATO and security alliances. “The main concern is he will spend much of the time berating them on not spending enough on defense” before having “a love fest with Putin, like he did with Chairman Kim,” Goldgeier said. He added that if Trump is warmer toward Putin than the leaders of the military alliance that was founded to protect Europe from Soviet threats, it would go “a long way to undermining NATO, undermining the trans-Atlantic relationship, undermining our relationship with our allies.” Trump is expected to continue to press NATO nations to fulfill their commitments to spend two percent of their gross domestic product on defense by 2024. Trump has argued that countries not paying their fair share are freeloading off the US and has threatened to stop protecting those he feels pay too little. NATO estimates that 15 members, or just over half, will meet the benchmark by 2024 based on current trends. Trump sent letters to the leaders of several NATO countries ahead of his visit, warning that it would become “increasingly

difficult to justify to American citizens why some countries fail to meet our shared collective security commitments.” The ties between the US and many of its longeststanding allies have frayed since Trump took office and put his “America first” agenda into practice. He has pulled the US out of the Paris climate agreement as well as the Iran nuclear deal, slapped tariffs on steel and aluminum imports, and threatened additional tariffs on products like automobiles. Although administration officials point to the longstanding alliance between the United States and the United Kingdom, Trump’s itinerary will largely keep him out of central London, where significant protests are expected. Instead, a series of events — a blacktie dinner with business leaders, a meeting with Prime Minister Theresa May and an audience with Queen Elizabeth II — will happen outside the bustling city, where Mayor Sadiq Khan has been in a verbal battle with Trump. Woody Johnson, Trump’s ambassador to the UK, said the president is aware of the planned protests but insisted that Trump “appreciates free speech” in both countries. The G-7 world leaders’ meeting in Canada last month ended in tumult when Trump suddenly retracted his endorsement of the group’s final joint statement after his departure and railed against Trudeau by midflight tweet en route to Singapore for his summit with Kim, a meeting that critics said legitimised Kim on the world stage without securing a clear pathway to the denuclearisation.

Digital divide: 40,000 tax payments manual FROM PAGE ONE picked up physically from its offices. Still, the IDB analysis revealed the results of a Registrar General’s Department survey, which estimated that customers could save an average of $10.91 per transaction if they did it online as opposed to appearing at its offices “in person”. Turning to the benefits from a fully-functioning, interlinked government IT system, it studied the impact this would have on “life verification” for NIB pension beneficiaries and birth certificate requests at the Registrar General’s Department. “The pensioner life verification of the National Insurance Board is a requirement of all Bahamian NIB pension recipients: They must show up in person at an NIB office to prove that they are still alive and thus eligible to continue receiving pension benefits,”

the IDB report said. “Through the interoperability platform, the NIB will be able to learn which of its beneficiaries have passed via a connection with the Registrar General’s Department and the morgues, thus eliminating the necessity for pensioners to conduct this transaction.” With 36,000 such beneficiaries, and each having to appear twice per year, the IDB pegged the potential annual savings to this group from such an e-government platform at $410,530. Although the IDB analysis did not focus on public sector downsizing, it looked at the impact from redeploying staff dealing with “in-person” requests. It found that three Department of Inland Revenue staff are assigned to process real property tax requests; eight Road Traffic staff process driver’s licence renewals; and 14 staff handle manual inquiries at the Registrar General’s Department. Their combined salary costs are currently $596,000

NOTICE

JANSGAARD LIMITED N O T I C E IS HEREBY GIVEN as follows: (a) JANSGAARD 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 5th July, 2018 when the Articles of Dissolution were submitted to and registered by the Registrar General. (c) The Liquidator of the said company is CST Administration (Bahamas) Limited, The Bahamas Financial Centre, Shirley & Charlotte Streets, Nassau, Bahamas Dated this 5th day of July, A. D. 2018 _________________________________ CST Administration (Bahamas) Limited Liquidator

“Currently, a number of government personnel are dedicated to exchanging information among government agencies through Excel spreadsheets or other labor-intensive means,” the IDB analysis said. “The programme will support the installation of an interoperability platform to automate the exchange of information between government agencies, thus drastically reducing the need to spend staff resources on this task. Additionally, it will finance other automation improvements, limiting the necessity of manual intervention.” The analysis focused on 40 Inland Revenue dedicated to data exchange and processing of tax compliance certificates, refunds and amendments, and Business License applications and renewals. It also considered 11 National Insurance Board staff dedicated to pensioner life verification and data exchange for Business License renewals. “The savings on these staff will be nearly immediate following the connection and programming of the interoperability platform. The current annual expenditure on these staff is $1.126m,” the IDB analysis said. “As more services are conducted online, and interoperability reduces the need for citizens to present physical proof of different documents, government will need less paper and ink to produce such documents. “An indicative analysis of the Registrar General’s Department found that current annual expenditure on paper and ink is approximately $238,200. The savings on this item are assumed to be proportional to the rate of uptake of online services.”

PAGE 8, Monday, July 9, 2018

THE TRIBUNE

Target web shop contributions for Relays funding FROM PAGE ONE minister, meanwhile, said the decision not to host would also cost the Bahamian hotel industry a valuable “bulk” booking that traditionally comes just after its peak Easter season. The prime minister, following his return from the CARICOM summit at the weekend, suggested that fiscal cutbacks were responsible for the government’s decision to withdraw, and called on the private sector to fill the gap by providing sponsorship money. However, Mr Wilchcombe countered: “I think they’re not taking into account all the total success of the event.” He added that staging the IAAF World Relays had placed The Bahamas “on the world stage” and “reach tens of million of households”, something that it needed to continue doing. The ex-tourism minister said that, together with the Beach Soccer World Cup and various professional golf tournaments, the Relays had enabled The Bahamas to position itself as a sports tourism destination that stood out from Caribbean rivals. Now, with the government deciding to pull out, The Bahamas risked having

a Thomas A Robinson Stadium that is “sitting idle, doing nothing and we’ll have to pay maintenance”. “I think the other mistake we’re making is that we have the premier athlete in women’s track and field (Shaunae Miller-Uibo), and next year is going to be the World Championships and the Relays will be used as the qualifier for the Olympics,” Mr Wilchcombe added. “Here we are, missing the opportunity. It’s shortsighted. They should revisit this. They’re not thinking about it. You’re destroying the reputation of the country. You’ve agreed to something and, ten months out, get rid of it. Why give this up when you may not get something like it again? It’s a bad deal.” Mr Wilchcombe urged the government to use the web shops’ annual commitment to community causes, now almost $4m per annum, to finance hosting the World Relays. He said some $2-$3m had been “sitting there waiting to be used” at the Gaming Board when he was minister, with the sum having likely grown since then. “That could fund half of it,” he added. The former Christie administration engaged the Deloitte & Touche

accounting firm to conduct an economic impact study of the World Relays’ benefits, including TV viewership and publicity value. Mr Wilchcombe was unable to recall the study’s findings, but added that TV exposure alone - with various locations, scenes and highlights of The Bahamas featured in the commercial breaks - was worth “hundreds of millions of dollars”.

“You cannot buy that. You cannot buy that. That is so important,” he told Tribune Business. “Many hotels will also have been hoping to act as the host hotel. That’s going to be big business, especially as they’re going through the transition period in the Spring. “It gets you ready for the summer. Then there’s transportation. All these things are linked to it. The

event itself causes a lot of linkages.” The decision to drop the IAAF World Relays fits into a government strategy unveiled by Dionisio D’Aguilar, minister of tourism, who earlier this year told Tribune Business the government wanted to graduate sporting and other events from taxpayer support to a position where they can “stand on their own two

feet” with private funding. Some, though, will question the decision to carry on funding the Bahamas Bowl football game given the dropping of the Relays. Mr Wilchcombe, while backing Mr D’Aguilar, said the government should not exit its support before ensuring such events have the necessary infrastructure to attract private sponsorship.

NOTICE

MYJ GROUP LIMITED

MERITUS ASSETS LIMITED

N O T I C E IS HEREBY GIVEN as follows: (a) MYJ GROUP LIMITED is in voluntary dissolution under the provisions of Section 138 (4) of the International Business Companies Act 2000.

N O T I C E IS HEREBY GIVEN as follows: (a) MERITUS ASSETS 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 5th July, 2018 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 5th day of July, A. D. 2018 _________________________________ Bukit Merah Limited Liquidator

PAGE 10, Monday, July 9, 2018

HELP WANTED

High End Skin Care Line is looking for beautiful professional ladies as Sales Associates 18 years and older. Must be well groomed, must wear makeup daily, must be able to stand for long hours. Must know how to interact with guests, must be able to clean, must be punctual. If your answer is Yes to all the information above please forward your resume to 815-5808 via WhatsApp or tresorrarebahamas@gmail. com.No phone calls will be allowed.

THE TRIBUNE

Trump administration takes another swipe at ‘Obamacare’ WASHINGTON Associated Press THE Trump administration is freezing payments under an “Obamacare” programme that protects insurers with sicker patients from financial losses, a move expected to add to premium increases next year. At stake are billions in payments to insurers with sicker customers. The latest administration action could disrupt the Affordable Care Act, the health care law that has withstood President Donald Trump’s efforts to completely repeal it. In a weekend announcement, the Centers for

PRESIDENT DONALD TRUMP Medicare and Medicaid Services said the administration is acting because of conflicting court ruling in lawsuits filed by some smaller insurers who question whether they are being fairly treated under the programme. The so-called “risk

NOTICE

adjustment” programme takes payments from insurers with healthier customers and redistributes that money to companies with sicker enrollees. Payments for 2017 are $10.4bn. No taxpayer subsidies are involved. The idea behind the programme is to remove the financial incentive for insurers to “cherry pick” healthier customers. The government uses a similar approach with Medicare private insurance plans and the Medicare prescription drug benefit. Major insurer groups said on Saturday the administration’s action interferes with a programme

NOTICE is hereby given that ALINE SAINT SURIN of Carmichael Road, 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 2nd day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

that’s working well. The Blue Cross Blue Shield Association, whose members are a mainstay of Affordable Care Act coverage, said it was “extremely disappointed” with the administration’s action. The Trump administration’s move “will significantly increase 2019 premiums for millions of individuals and small business owners and could result in far fewer health plan choices,” association president Scott Serota said in a statement. “It will undermine Americans’ access to affordable coverage, particularly those who need medical care the most.”

NOTICE

Notice is HEREBY GIVEN that OBEN DESIR of Cowpen Road, Nassau, The Bahamas is applying to the Minister responsible for a Certificate of Nationalisation, for naturalisation as a citizen of The Bahamas, and that any person who knows of any reason why naturalisation should not be granted should send a written and signed statement of the facts within twenty-eight days from the 2nd day of July, 2018 to The Minister responsible for Nationality and Citizenship, P. O. Box N-7147, Nassau, The Bahamas.

NOTICE

Legal Notice NOTICE

NOTICE is hereby given that GUILENE CHARLES of Sir Lynden Estates,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 9th day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

Hawkesbury Holdings Ltd. NOTICE IS HEREBY GIVEN as follows: (a) HAWKESBURY HOLDINGS LTD. 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 6th July, 2018 when its Articles of Dissolution were submitted to and registered by the Registrar General.

NOTICE

NOTICE is hereby given that KELSIE AZIZA THOMAS of 78 Falcon Crest, Eastern Road, Nassau, Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 2nd day of July, 2018 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

(c) The Liquidator of the said Company is Shareece E. Scott of Deltec Bank & Trust Limited, Deltec House, Lyford Cay, P.O. Box N-3229, Nassau, Bahamas. Dated this 6th day of July A.D. 2018 Shareece E. Scott Liquidator

MARKET REPORT THURSDAY, 5 JULY 2018

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

BISX ALL SHARE INDEX: CLOSE 1,986.97 | CHG -0.01 | %CHG 0.00 | YTD -76.60 | YTD% -3.71 BISX LISTED & TRADED SECURITIES 52WK HI 4.50 19.17 7.50 4.00 1.48 0.19 4.00 9.10 6.60 5.30 11.00 2.71 1.77 8.21 6.21 11.48 7.29 13.67 12.51

52WK LOW 3.50 17.43 7.50 3.32 0.90 0.12 3.00 8.50 6.00 3.15 9.00 2.30 1.40 7.25 6.00 9.50 5.67 3.25 12.50

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

1050.00 1000.00 1000.00 1000.00

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 Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Commonwealth Bank Class Fidelity Bank Class A Focol Class B

PREFERENCE SHARES

1.00 103.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 100.00 100.00 100.00 10.00 1.00

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

E J K L M N

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00

52WK LOW 100.00

CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

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) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

MUTUAL FUNDS 52WK HI 2.15 4.16 2.00 179.39 157.58 1.55 1.70 1.64 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 1.49 1.62 1.58 1.07 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.45 17.43 9.09 4.00 1.01 0.18 3.00 9.10 6.14 4.20 10.90 2.57 1.70 7.96 6.10 11.20 6.32 3.65 12.51

CLOSE 4.45 17.43 9.09 4.00 1.01 0.18 3.00 9.10 6.14 4.20 10.90 2.56 1.70 7.95 6.10 11.20 6.32 3.65 12.51

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.01 0.00 -0.01 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

LAST SALE 100.00

CLOSE 100.00

CHANGE 0.00

107.54 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

107.54 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

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

VOLUME

200 100 200

VOLUME

EPS$ 0.361 0.932 -0.306 0.283 -0.973 0.000 -0.996 0.638 0.573 0.171 0.627 0.102 0.231 0.000 0.545 0.679 0.610 0.277 0.631

DIV$ 0.080 1.130 0.000 0.230 0.000 0.010 0.000 0.320 0.220 0.120 0.620 0.060 0.070 0.084 0.320 0.500 0.200 0.120 0.580

P/E 12.3 18.7 N/M 14.1 N/M N/M -3.0 14.3 10.7 24.6 17.4 25.1 7.4 N/M 11.2 16.5 10.4 13.2 19.8

YIELD 1.80% 6.48% 0.00% 5.75% 0.00% 5.56% 0.00% 3.52% 3.58% 2.86% 5.69% 2.34% 4.12% 1.06% 5.25% 4.46% 3.16% 3.29% 4.64%

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

NAV 2.15 4.12 2.00 179.39 153.02 1.55 1.69 1.64 1.09 7.15 8.14 6.41 11.26 11.68 10.24

YTD% 12 MTH% 1.55% 4.09% -0.45% 4.34% 0.84% 2.31% 0.39% 5.05% -0.25% 4.57% 1.29% 4.18% -0.61% 2.84% 1.02% 3.84% -0.87% 1.82% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

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

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