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The Nassau Guardian | Monday, March 11, 2013 | Section B

BUSINESS

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BPC to invest $120M in rst drill


Top executive says exploratory drill will take at least one year to plan and hopes to spud well by early 2014
JEFFREY TODD Guardian Business Editor jeffrey@nasguard.com properly design and plan an exploratory drill. With the hurricane season roughly from June until October, the oil explorers hope to be spudding a well sometime in early 2014. "That would be very much the earliest, best case scenario," Potter told Guardian Business. The CEO pointed out that a number of things must fall into place to meet such a

NP project designs condo hotel


Development sketches out possible 72-unit building at marina to capitalize on transient boaters JEFFREY TODD Guardian Business Editor jeffrey@nasguard.com evelopers at Palm Cay are designing a condominium hotel on the eastern side of its more than 150-slip marina in eastern New Providence. While the plans are still in the draft stage, the condo hotel is "on the radar" in a bid to capitalize on heavy boater trac into the community. "We know a large portion of our market is the transient boating community and they might want to come here for several weeks at a time," according to Zack Bonczek, the new sales and marketing director at Palm Cay. "The balance of the time, why not have a rental pool for our other transient boaters?" This question is just one of many that have arisen following receipt of a 93-page report from Norton Consulting Group. Palm Cay is now implementing a new marketing and development plan for the next several years. A condo hotel would certainly lie at the heart of its plans for the marina, which is the largest of its kind by slips in New Providence. Bonczek told Guardian Business that "we're looking at NP, page B5

he Bahamas Petroleum Company (BPC) will spend around $120 million on an exploratory drill and could break ground around this time next year, according to its top executive. Simon Potter, the CEO of BPC, said it would take at least one year for the company to

Simon Potter.

timeframe. Most importantly, BPC is looking to secure an oil drilling partner. Potter said that Sunday's announcement by the Ministry of Environment could accelerate this process. The company is genuinely excited about whats ahead. Kenred Dorsett, the minister of environment and housing, released a statement yesterday that it would "hasten our own decision-making process as it pertains to oil exploration and environmental regulation here in BPC, page B2

TODAY
Five key steps for rst-time buyers Talk to a reputable Bahamas Real Estate Association (BREA) licensed agent and ask for a list of houses within your budget and specications. Keep in mind that location is still the number one criteria to consider if you are looking for a sound investment. Business, page B2

Palm Cay reveals new master plan


Eastern NP project hires Norton Consulting, targets around $30M in sales in 2014 and full steam ahead on restaurant, beach club and gas dock facility
JEFFREY TODD Guardian Business Editor jeffrey@nasguard.com luxury development in eastern New Providence has revamped its master plan and estimates $200 million in total build-out before exiting the market in seven years. Palm Cay, sitting on 69 acres of oceanfront property, is mulling over a 93-page report from Norton Consulting Group to cement its future plans. As it stands, the community contains 163 lots or homes either completed or under construction. This gure is poised to double over the coming years depending on market conditions. Zack Bonczek, the new sales and marketing director for Palm Cay, is protecting around $15 million in sales for 2013. In 2014, protections go "way up" at up to $30 million

Fishermen saddled by high costs Fishermen lose thousands of dollars in prot before their boats even leave the dock, according to the Bahamas Commercial Fishers Alliance (BCFA). Business, page B3

The jewel of the development includes 33 beachfront townhouses. A second row of townhouses, consisting of 30 properties, is in the late stages of construction and should be delivered six months from now. JEFFREY TODD

in sales. Management is estimating a ve- to seven-year exit strategy. "Developing real estate in The Bahamas presents challenges, but if you get the form right, you can be very successful," he told Guardian Business. Palm Cay believes it has achieved the right mix in its new master plan. So far, the project has sold 57 of its 88 single-family home sites. In the garden area, which consists of 12 dwellings, eight have been sold and two are rented. The jewel of the development includes 33 beachfront townhouses. Bonczek said nearly 10 have been sold or are under contract. Meanwhile, a second row of townhouses behind the beachfront lots, consisting of 30 properties, are in the late stages of construction and should be delivered six months from now, according to Bonczek. The Palm Cay executive said that the new master plan calls Plan, page B9

CB: Total revenue declines $51.9M

JEFFREY TODD Guardian Business Editor jeffrey@nasguard.com

he Central Bank is reporting a decline in total revenue of $51.9 million for the rst half of the scal year and a higher aggregate expenditure of $50.8 million, according to its latest report. According to the institution's Economic and Financial Developments report for January 2013, the overall decit for the rst six months widened by $102.7 million, or 62.9 per-

cent, to $266 million. Domestic sources nanced the ongoing decit, namely the issuance of $325 million in registered stock, $55 million in Treasury bills and $53 million in short-term advances. "On the external side, $180 million was obtained by an international bond in December, with a further $34 million derived from project-based loan nancing," the report explained. The Central Bank said that The Bahamas is still experiencing a mild pace of growth and

recovery that continues to be dependent on an economic rebound in the U.S. and the successful implementation of new revenue streams by government. The Progressive Liberal Party (PLP) is also attempting to reign in expenditure in a number of areas, particularly the funding given to public corporations. Unfortunately, major hotels in New Providence reported a 1.6 percent decline in total room revenues, which CB, page B5

Govt recognizes industrys VAT fears


JEFFREY TODD Guardian Business Editor jeffrey@nasguard.com he minister responsible for trade and manufacturing says that the fears towards value added tax (VAT) are unfounded and the government is willing to reach amicable solutions. Ryan Pinder, who is also the minister of nancial services, emphasized that last month's white paper is consultative in nature. Insisting that the concerns are "recognized", the ofcial said that he invites suggestions and recommendations. If it is a realistic approach, manufacturers will have the support of government. "We want to have an open and frank discussion on VAT as it applies to manufacturers and get recommendations from the group on how we make what is proposed a

BCFA seeks registry for shermen


SCIESKA ADDERLEY Guardian Business Reporter scieska@nasguard.com

he Bahamas Commercial Fishers Alliance (BCFA) is looking to create a registry as part of its plans to properly manage the industry. Under the shing registry,

all shermen in the country will be required to have a registration number, according to Adrian LaRoda, BCFA president. The Bahamas has between 6,000 and 9,000 shermen. LaRoda told Guardian Business that creating a shing registry is a part of the requirements for the Marine

Stewardships Council (MSC) certication. The move, he said, will give the countrys shermen access to major markets. It could also go a long way to eliminating rampant poaching in Bahamian waters. In order for us to be in total compliance, we are going BCFA, page B8

Ryan Pinder, the minister of trade and manufacturing, personally attended last Friday's meeting of manufacturers. He told Guardian Business that the government is taking the association "seriously". JEFFREY TODD more ecient system for them," he added. On Friday, Guardian Business revealed that manufacturers were growing increasingly worried about the impact of VAT on cash levels. Manufacturers importing raw materials into the VAT, page B9

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The Nassau Guardian | Monday, March 11, 2013 | B5

BUSINESS

NP | Project prepares new marketing campaign


Continued from page B1 somewhere in the neighborhood of 72 units". Each condo would have three bedrooms, with the ability to "lock off " one or more bedrooms so they can be offered to transient boaters or other tourists. The concept, Bonczek said, is to offer a diversity of accommodations at various price points. The condo hotel would be constructed in the third phase of development at Palm Cay, likely to commence sometime in 2015. The 69-acre community currently consists of 163 lots or homes either completed or under construction. This gure is poised to double over the coming years depending
on market conditions. Developers are planning around $200 million in total build out with an exit plan of ve to seven years. Surrounding the condo hotel, Bonczek said, will be a number of other offerings and amenities to help attract boat trac. Management is planning to open a restaurant and bar with a seating capacity of 102 people. A beach club, including pools, a work out facility, food and beverage facilities and beach access, will revolve around the club house, he said. For boaters, a full-service gas dock and 1,000-square-foot harbor master's oce should be of particular interest. "We have plans approved for the harbor master's oce. That is about 1,000 square feet and includes the fuel facility, sundry shop, oces, bathrooms and a sh cleaning station," he said. One year from now, the developers are planning to have the gas dock, restaurant and beach club fully operational. The harbor master's building should have broken ground. Palm Cay wants to capitalize on a perceived lack of space for boaters during peak season. It also benets from being the closest full-service harbor to Exuma, making it a convenient stop-over for visitors. In the second or third quarter of this year, Palm Cay will launch a new marketing initiative geared specically to boaters coming out of Miami, Fort Lauderdale and Palm Beach, among other places. Developers have been engaged in ongoing discussions with the Ministry of Tourism and the Marine Operators of The Bahamas (MOB) in rolling out the campaign. Bonczek said that boater trac will not only bring life to the development, but also cultivate new sources of revenue and generate sales for homes. "We have identied the transient boating community as a large market for us. We hope it will be increasingly heavy over the coming years," he said.

Palm Cay wants to capitalize on a perceived lack of space for boaters during peak season. Developers believe that boater trac will not only bring life to the development, but also cultivate new sources of revenue and generate sales for homes. JEFFREY TODD

CB | Top NP hotels still 21% below 2008 levels


Continued from page B1 remained 21 percent below 2008 levels. "Although the average daily rate improved by 3.5 percent to $240.57, the average occupancy rate fell by 1.5 percentage points to 57.9 percent," the report noted. "In addition, approximately six of the
nine properties surveyed experienced a fall-off in revenue, while the partial closing of a major property contributed to a 2.4 percent contraction in available room stock." Turning to the banks, the consumer loan segment provided a bit of good news for January. Arrears in this area declined almost 5 percent, while total private sector loan arrears contracted by $25.3 million. Total mortgage loans experienced a less signicantly reduction, but this segment still managed a 1.5 percent decline. Banks boosted their loan loss provisions by 17.2 million in January, the report said. "The modest pace of domestic economic activity is expected to be sustained in 2013, supported by steady improvements in tourism output and gains in foreign investmentled construction activity," it noted. "However, downside risks remain, related mainly to the United States economic outlook, as efforts by policy makers to constrain government spending could slow the pace of economic recovery."

Legal Notices
NOTICE MANHATTAN RAINBOW LIMITED Notice is hereby given that in accordance with Section 138(8) of the International Business Companies Act 2000, the dissolution of MANHATTAN RAINBOW LIMITED has been completed; a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. ARGOSA CORP. INC. (Liquidator) (M. 11) NOTICE H.D.S. INC. (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 8th day of March 2013. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757, Nassau, Bahamas. ARGOSA CORP. INC. (Liquidator) (M. 11) (M. 11) NOTICE TAKE NOTICE that SHARON LOUISE FRAZIER (nee Wilchcombe) is applying to the Supreme Court of the Commonwealth of The Bahamas to have the Registrar General in the City of Nassau, in the Island of New Providence, one of the Islands of the Commonwealth of The Bahamas, register the marriage had and solemnized between the said SHARON LOUISE WILCHCOMBE and SOLOMON DANIEL FRAZIER on the 11th day of August, A.D. 2003, at Mount Tabor Baptist Church by Bishop Neil Ellis, a Marriage Officer. (M. 11, 12) NOTICE ABERFELDY VENTURES LTD. (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 8th day of March 2013. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757, Nassau, Bahamas. ARGOSA CORP. INC. (Liquidator) (M. 11)

NOTICE THE DRAM INVESTMENTS LTD. (In Voluntary Liquidation) Notice is hereby given that, in accordance with Section 138(4) of the International Business Companies Act 2000, the above-named Company is in dissolution, which commenced on the 8th day of March 2013. The Liquidator is Argosa Corp. Inc., P.O. Box N-7757, Nassau, Bahamas. ARGOSA CORP. INC. (Liquidator) (M. 11)

NOTICE INVERNOR FAMILY INTERNATIONAL INC. Notice is hereby given that in accordance with Section 138(8) of the International Business Companies Act 2000, the dissolution of INVERNOR FAMILY INTERNATIONAL INC. has been completed; a Certificate of Dissolution has been issued and the Company has therefore been struck off the Register. ARGOSA CORP. INC. (Liquidator)

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The Nassau Guardian | Monday, March 11, 2013 | B9

CFAL WEEKLY MARKET RECAP


BISX ALL-SHARE INDEX
shares in 3 trades. CFAL TERM OF THE WEEK: Generally Accepted Accounting Principles (GAAP): The common set of accounting principles, standards and procedures that companies use to compile their nancial statements. GAAP are a combination of authoritative standards (set by policy boards) and simply the commonly accepted ways of recording and reporting accounting information. COMPANY UPDATES & CORPORATE ACTIONS: CIBC-FirstCaribbean Bank (CIB): AGM - Thursday, March 14th, 2013 at the British Colonial Hilton, Governors Room Bay Street at 6:20 p.m. Arawak Port Development (APD): Mr. Franklyn Butler II has been appointed as a director Commonwealth Brewery Ltd. (CBB): Mr. Radovan Sirorsky has been appointed as a director Commonwealth Brewery Ltd. (CBB): $0.39 per share payable to all shareholders of record April 20th, 2013 payable April 31st , 2013. INTERNATIONAL MARKET OVERVIEW: March 4, 2013 March 8, 2013: The international markets closed up this week. U.S. Treasuries rose, the dollar gained against 12 of its major peers while the yen continued to slump against 15 of its 16 major peers. In the U.S., the Dow Jones Industrial Average gained 307.41 points or 2.182 percent to close at 14,397.07. The S&P 500 gained 32.94 points or 2.17 percent to close at 1,551.18. The NASDAQ increased 74.63 points or 2.354 percent to close at 3,244.37. The Toronto Stock Exchange rose 77.33 points or 0.606 percent to close at 12,835.61. In the Euro Zone, the Euro Stoxx 50 rose 112.03 points or 4.281 percent to close at 2,728.78 and the FTSE 100 ended up 104.98 points or 1.646 percent to end at 6,483.58. The Nikkei 225 rose 677.24 points or 5.835 percent to end at 12,283.62. The commodities market posted Gold up $2.90 or 0.184 percent to 1,578.85 per ounce. Crude oil fell $0.22 or 0.248 percent to 88.58 per barrel.

LOCAL MARKET REVIEW: March 4, 2013 - March 8, 2013 The local market ended this week with 24,500 shares crossing the exchange over 18 trades to accumulate a value of $120,963.76. The BISX All-Share Index gained 2.25 points or 0.163 percent to end the week at 1,379.52. Year to date the index is up 33.26 points or 2.471 percent. This weeks volume leader was Fidelity Bank (FBB) trading 8,250 shares and the value leader was Commonwealth Bank Ltd. (CBL), moving 6,501 shares to accumulate a value of $42,891.226 with 3 trades. The remaining volume this week was attributed to: AML Foods Limited (AML) 3,000 shares in 2 trades, Arawak Cay Port Development Ltd. - 50 shares in 1 trade, Bank of The Bahamas (BOB) 3,000 shares in 1 trade, Cable Bahamas (CAB) 2,000 shares in 2 trades, Commonwealth Brewery (CBB) - 700 shares in 2 trades, and FINCO (FIN) - 999

BISX INDEX Mar. 8, 2013 1,379.52 MARKET MOVERS Daily Volume Avg. Advancers Decliners Unchanged COMPANY 2,940 1 2 20 CLOSING PRICE
PREVIOUS CHANGE% CLOSING PRICE 52 WEEK HIGH/LOW
2.60/1.55

Weekly % +0.163

YTD % +2.4713

Market Cap $ 2.940 bln

WEEKLY VOLUME
8,250

ADVANCERS
Fidelity Bank $2.60 $2.37 +9.70

DECLINERS
Bank of The Bahamas Consolidated Water $5.30 $1.83 $5.41 $1.88 -2.03 -2.66 5.90/4.50 1.88/1.39 3,000 ------------

UNCHANGED
Colina Holdings Pref. A Bahamas Property Fund J.S. Johnson Arawak Port Development Cable Bahamas Ltd. Famguard Commonwealth Brewery $1.00 $9.34 $10.02 $10.85 $10.50 $5.15 $9.43 Benchmark FOCOL Pref. B Bahamas Waste Ltd. FINCO CIBC FirstCaribbean Bank AML Foods Limited Commonwealth Bank Ltd. $0.18 $1.00 $2.70 $6.50 $7.43 $2.00 $6.60 Fidelity Pref A Doctors Hospital FOCOL Holdings Premier Real Estate ICD Utilities Colina Holdings Ltd. $10.00 $1.25 $5.74 $10.00 $6.50 $2.50

www.cfal.com 242.502.7010 Nassau, Bahamas


INTERNATIONAL MARKETS INDEX DJIA S&P 500 NASDAQ March 8, 2013 14,397.07 1,551.18 3,244.37 12,835.61 12,283.62 2,728.78 6,483.58 1,057.92 WEEKLY % 2.18% 2.17% 2.35% 0.61% 5.84% 4.28% 1.65% 0.31% YTD% 9.87% 8.76% 7.45% 4.29% 18.17% 3.52% 9.93% 0.26% YOY% 14.45% 18.59% 17.14% 4.12% 43.66% 13.70% 14.14% 7.85% MARKET CAP USD 3.93 tri USD 12.89 tri USD 4.92 tri CAD 1.64 tri JPY 195.14 tri EUR 1.82 tri GBP 1.64 tri USD 3.6 tri

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PLAN | New facilities to generate 30 jobs


Continued from page B1 for fewer multi-level offerings and more single-level condominiums. The developer is seeking to also attract an older demographic with a lowmaintenance lifestyle. Another offering is marina cottages for families, in addition to a marina hotel condominium complex. Indeed, developers at Palm Cay are hoping to leverage its
more than 150 slips to boost sales and activity, which makes it the largest marina by spaces in all of New Providence. Attached to this concept is the development's long-awaited restaurant and gas dock facility. Acknowledging there have been delays in the past, Bonczek told Guardian Business that the permits and budget have been approved. He said June 1 would be a "realistic" timeframe for completion as executives mull over three different proposals from restauranteurs. The restaurants will include inside and outside seating for 102 people. "We are full steam ahead. It will be casual and yet elegant as well. This will end up being the heart beat of our community," Bonczek said. Management plans to offer a total of 400 memberships to its up-and-coming beach club, a portion of which will be offered to non-residents of Palm Cay. The club includes a large pool, beach, inside and outside bars, a work out facility and beach access. Bonczek said that approximately 30 jobs should be created through the construction of a restaurant, beach club, gas dock and a 1,000-squarefoot harbor master's oce and general store, although a number of "spin off " opportunities should grow over time. Palm Cay, spearheaded by British investor Henry Moser, has been constructed through private equity and no involvement from the banks. Investment thus far is "north of $40 million", according to Bonczek. Palm Cay is organizing a number of special events in the next few months to stimulate investors and engage the existing community. In April, the development will host its second boat show, while in May it's planning a Marlin Marine Tournament. This shing event will be followed by the rst annual Family Fun Fishing Tournament for Palm Cay residents and guests.

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

BISX ALL SHARE INDEX: CLOSE 1,379.52 | CHG -0.80 | %CHG -0.06 | YTD 33.26 | YTD % 2.47 ALL SHARE %CHG BISX LISTED & TRADED SECURITIES AS OF FRIDAY, 8 MARCH 2013
52WK HI 2.00 11.01 10.63 5.90 0.53 2.70 2.60 10.00 10.80 2.60 1.00 9.56 9 56 56 6.89 1.67 1.41 5.16 6.50 8.00 5.75 1.00 7.30 10.50 11.00 52WK HI 99.46 100.00 100.00 100.00 100.00 52WK HI 0.55 52WK HI 41.00 0.55 52WK HI 1.71 3.13 1.71 2.49 5.04 5.04 04 04 142.24 122.22 1.17 1.13 1.18 11.79 10.41 10.00 10.00 8.75 52WK LOW 1.18 10.00 8.41 4.93 0.17 2.10 1.55 10.00 7.49 2.15 1.00 8.33 8 33 33 6.00 1.39 1.20 4.64 4.45 6.90 4.50 1.00 6.49 9.82 10.00 52WK LOW 99.46 100.00 100.00 100.00 100.00 52WK LOW 0.40 52WK LOW 29.00 0.40 52WK LOW 1.61 2.99 1.65 2.33 5.00 5 00 00 118.43 106.88 1.00 1.00 1.00 10.21 9.27 8.85 9.39 7.38 SECURITY AML Foods Limited AML APD Limited Bahamas Property Fund Bank of Bahamas Benchmark Bahamas W aste Waste Fidelity Bank Fidelity Bank Class A Preference Cable Bahamas Colina Holdings Colina Holdings Class A Preference Commonwealth Brewery Commonwealth Brewery Commonwealth Commonwealth Bank (S1) Water Consolidated W ater BDRs Doctor's Hospital Famguard Finco CIBC FirstCaribbean Bank Focol (S) Focol Class B Preference ICD Utilities J. S. Johnson Premier Real Estate SECURITY Bahamas Note 6.95 (2029) Fidelity Bank Note 17 (Series Fidelity Bank Note 22 (Series Fidelity Bank Note 13 (Series Fidelity Bank Note 15 (Series SECURITY Colina Real Estate Fund Ltd. SECURITY ABDAB Colina Real Estate Fund Ltd.
Previous Close Previous Close Today's Close Today's Close

VAT | Pinder urges industry to join association


Continued from page B1 country must pay 15 percent VAT on the top. While industry leaders understand the need for the tax, concern is being raised on their inability to recoup this cost until the nal point of sale. Carrying an additional 15 percent burden for a month, or perhaps longer, could have a major impact on local businesses. "I am not sure I understand the logic behind that," said Walter Wells, president and CEO of Caribbean Bottling Company (Bahamas). The issue of VAT came up at last Friday's inaugural Bahamas Light Industry Development Council meeting at the Lutheran Church of Nassau. Pinder said yesterday that he actually agged the cash ow issue early on following the white papers release. As a possible solution, manufacturers have suggested that the government impose a time lag on VAT collection that reects the business. For example, it often takes a month or more for the raw materials to become a product and make it to market. Other entrepreneurs have pointed out that major suppliers also carry receivables of 30 to 40 days, or more, after the initial sale. "There are a number of solutions. One is the time lag," Pinder said. "Ultimately it could mean having a credit on imports. Maybe you have a real-time credit. The important thing is we are open to discussions as we further developmental policy." The minister of trade and
manufacturing, who personally attended last Friday's meeting, said he was "very pleased" that entrepreneurs have organized themselves into a formal body. The ability to present a united position, he said, will benet both the public and private sector and ultimately the position of the country. He told Guardian Business that the government is taking the association "seriously".

2.00 10.85 9.34 5.41 0.18 2.70 2.60 10.00 10.50 2.50 1.00 9.43 9 43 43 6.60 1.83 1.25 5.15 6.50 7.43 5.74 1.00 6.50 10.02 10.00 SYMBOL SYMBOL BAH29 FBB17 FBB22 FBB13 FBB15 BID$ 0.35 BID$ 30.13 0.65

2.00 10.85 9.34 5.30 0.18 2.70 2.60 10.00 10.50 2.50 1.00 9.43 9 43 43 6.60 1.83 1.25 5.15 6.50 7.43 5.74 1.00 6.50 10.02 10.00 LAST SALE LAST SALE 99.46 100.00 100.00 100.00 100.00 ASK$ ASK$ 0.40 ASK$ ASK$ 31.59 0.75

CHANGE CHANGE 0.00 0.00 0.00 -0.11 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0 00 00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 CHANGE CHANGE 0.00 0.00 0.00 0.00 0.00 LAST LAST PRICE 0.55 LAST PRICE LAST 29.00 0.40

DAILY VOL. DAILY 50 3,000

2,000

100

EPS $ 0.143 0.000 0.366 0.078 -0.048 -0.048 0.174 0.147 0.000 1.795 0.373 0.000 0.670 0 670 670 0.380 0.084 0.007 0.463 0.540 0.537 0.394 0.000 0.064 0.624 0.762

DIV$ 0.040 0.000 0.400 0.100 0.000 0.090 0.140 0.000 0.450 0.160 0.000 0.580 0 580 580 0.290 0.060 0.060 0.240 0.100 0.260 0.220 0.000 0.000 0.660 0.356

P/E 10.3 0.0 25.5 65.1 N/M 15.5 17.7 0.0 5.8 6.7 N/M 14.1 14 1 17.4 19.5 178.6 11.1 12.0 13.8 14.6 N/M 101.6 16.1 13.1

YIELD 2.00% 0.00% 0.00% 4.28% 1.89% 1.89% 0.00% 3.33% 5.38% 0.00% 4.29% 4.29% 6.40% 0.00% 6.15% 6 15% 15% 4.39% 3.28% 4.80% 4.66% 1.54% 3.50% 3.83% 0.00% 0.00% 6.59% 3.56%

BISX LISTED DEBT SECURITIES - (bonds trade on a percentage pricing basis) (bonds percentage
DAILY DAILY VOL. INTEREST 6.95% 7% Prime + 1.75% 7% Prime + 1.75% EPS$ 0.001 EPS$ 4.540 0.029 DIV$ 0.000 DIV$ 0.000 0.000 20 19 19 30 29 MATURITY MATURITY November November 2029 October 2017 October 2022 May May 2013 May 2015 May YIELD 0.00% YIELD 0.00% 0.00%

A) + B) + C) + D) +

ROYAL FIDELITY MERCHANT BANK ROYAL FIDELITY MERCHANT BANK & TRUST LTD. (over-the-counter securities) TRUST LTD. (over-the-counter securities)
DAILY VOL. DAILY P/E 256.6 P/E 9.03 24.13

CFAL SECURITIES LTD. (over-the-counter securities) CFAL SECURITIES LTD. (over-the-counter securities)
DAILY VOL. DAILY

BISX LISTED MUTUAL FUNDS


FUND NAME NAME CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund Money Market Royal Fidelity Bahamas G & I Fund Royal Royal Royal Fidelity Prime Income Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund Growth FG Financial Diversified Fund Diversified Royal Fidelity Bah Int'l Investment Fund Principal Royal Investment Royal Fidelity Bah Int'l Investment Fund Principal Royal Investment Royal Fidelity Bah Int'l Investment Fund Principal Royal Investment Royal Fidelity Bah Int'l Investment Fund Principal Royal Investment Royal Fidelity Int'l Fund - Equities Sub Fund Royal NAV NAV 1.71 3.13 1.71 2.47 5.04 5.04 04 04 142.24 122.22 1.26 1.23 1.28 11.79 9.83 9.13 9.69 8.75 YTD% 12 MTH% MTH% 0.51% 5.60% 0.17% 4.23% 0.50% 3.73% -0.59% -1.47% 0.79% 0 79% 79% N/A 12.68% 15.56% 9.65% 9.65% 0.36% 4.22% 0.23% 6.67% 0.37% 5.66% 2.63% 11.65% 1.20% -5.59% 0.12% 1.00% 0.43% 0.82% 3.40% 11.44% NAV Date NAV 31-Jan-13 31-Jan-13 15-Feb-13 30-Sep-12 31-Dec-12 Dec 12 31-Dec-12 31-Dec-12 31-Dec-12 31-Jan-13 31-Jan-13 31-Jan-13 31-Jan-13 31-Jan-13 31-Jan-13 31-Jan-13 31-Jan-13

I urge all manufacturers to have membership and involvement. There is a commonality of concerns in the industry and it is best represented as a group.

RYAN PINDER

Protected Protected Protected Protected

TIGRS, TIGRS, TIGRS, TIGRS, TIGRS, TIGRS, TIGRS, TIGRS,

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MARKET TERMS
BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 BISX ALL SHARE INDEX 19 Dec 02 1,000.00 52w k-Hi - Highest closing price in last 52 weeks 52wk-Hi Highest closing price in last 52 weeks 52w k-Low - Lowest 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 Previous day's weighted price for daily volume Today's Close Current 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 Change in closing price from day to day Daily Vol. - Number of total shares traded today y Number of total shares traded today DIV DIV $ - Dividends per share paid in the last 12 months Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings Closing price divided by the last 12 month earnings 4-for-1 Date (S) - 4-for-1 Stock Split - Effective Date 8/8/2007 YIELD - last 12 month dividends divided by closing price last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Ask Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Price Last traded over-the-counter price Weekly Vol. Trading volume of the prior week Weekly Vol. - Trading volume of the prior week company's reported earnings rt share for EPS $ - A company's reported earnings per share for the last 12 mths last mths NAV - Net Asset Value A NAV Asset N/M - Not Meaningful Not Meaningful FINDEX - The Fidelity Bahamas Stock Index. January 1, 1994 = 100 The Fidelity Bahamas Stock Index. January 1, 1994 100 (S1) 3-for-1 Date (S1) - 3-for-1 Stock Split - Effective Date 7/11/2007

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 ROYALFIDELITY CAPITAL

"I urge all manufacturers to have membership and involvement. There is a commonality of concerns in the industry and it is best represented as a group, he said. Another major concern among manufacturers is the impending accession to the World Trade Organization sometime next year. Pinder assured members that the government is sensitive to the need to protect local industry. He said the negotiations will not shy away from imposed high tariffs on particular imported goods.