Citation
The Tribune.

Material Information

Title:
The Tribune.
Uniform Title:
Tribune. (Nassau, Bahamas).
Added title page title:
Nassau tribune
Place of Publication:
Nassau, Bahamas
Publisher:
Tribune
Publication Date:
Language:
English
Physical Description:
v. : ill. ; 58 cm.

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Genre:
newspaper ( sobekcm )
newspaper ( marcgt )
Spatial Coverage:
Bahamas

Notes

General Note:
Description based on: Vol. 79, no. 210 (Aug. 3, 1983); title from caption.

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University of Florida
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The Tribune







SOME CLOUDS

Volume: 103 No.132

The Miami Herald

BAHAMAS EDITION

see inside todz





- Candidate ‘fears for safety

Phenton Neymour claims both
himself and campaign workers
have been threatened

i By MARK HUMES

THE Free National Movemen-
t's candidate in the South Beach
constituency, Phenton Neymour,
has expressed concern for his per-
sonal safety after months of
"political intimidation" culminat-
ed with threats of physical vio-
lence against him and his cam-
paign staff.

In talking with The Tribune
yesterday, Mr Neymour said he
was reluctant about coming forth
and making-an issue out of the
various acts of intimidation that
he has experienced since begin-
ning his official campaign earlier
this year.

However, he had a change of
heart after the threatening calls
were placed to him and his cam-
paign workers.

"I didn't want to appear as
though I was trying to take polit-

ical advantage of a personal situ-
ation," said Mr Neymour, "but
enough is enough."

"The fact that I am now to the
point where I am being threat-
ened physically is the greatest con-
cern of mine right now, because
this is not the Bahamian way of
life," Mr Neymour said.

Mr Neymour, whose home and
vehicle have been broken into in
the months following the launch
of his campaign, attributes the
recent calls of intimidation to sup-
porters of his political rival, PLP
candidate Wallace Rolle, telling
The Tribune that they are being
influenced by "mafia style" cam-
paign tactics.

“On Thursday night past, my
opponent was at a rally where he
was inciting violence," Mr Ney-
mour told The Tribune. “After

SEE page 15

Proposed EU treaty
sparks CSME concerns

@ By RUPERT MISSICK Jr
Chief Reporter



A PROPOSED trade treaty with the European Union has caused
serious concern among local experts who think the document requires
the Bahamas to enter into a CSME-type agreement with other coun-

tries of the Caribbean.

Sources say they also feel the agreement — which will create a free
trade area between the European Union and Africa, Caribbean, and
Pacific, of which the Bahamas is a part — draws the country deeper into

the perimeters of the WTO.

Negotiations are expected to be completed in September and are
expected to have a serious impact on the Bahamas.

Concern remains that the country is not adequately prepared and not
enough analysis has been conducted on the treaty and its conse-

quences.

The Tribune has obtained a copy of Economic Partnership Agree-

SEE page 14



















Smell the garlic

Look at all.that te
Provolone, Garlic Oregano






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Ye








@ WITH elect

Bey a

ion day fast approaching, the FNM (above at Clifford Park) and the PLP

ae

(below at Golden Gates) held their penultimate rallies of the season.

(Photo: Felipé Majo

Ingraham urges
vigilance at polls

FNM leader Hubert Ingraham :

t/Tribune staff) \,

-S OAS SER SN WOO AC




last night urged party voters to :
be vigilant at the polls on

Wednesday.

Speaking before a huge crowd :
at the party’s rally at Clifford :
Park, Mr Ingraham said, “We :
need to be vigilant. We have :
trained our poll workers. But we }
will need your eyes and ears to }
ensure that this election is fair, :

fraud-free and democratic.

“Reports are coming in that :
floating ballots may be in play in :

New Providence but also in :'

Grand Bahama and in the Fami- :
ly Islands. If you witness any }
irregular activities, report them ;
to the appropriate authorities. Do ;
not take matters into your own :

hands.”

SEE page 14

Ww f

PM promises to

broaden war on crime

m@ By PAUL G TURNQUEST

promised them that if his PLP :
government was given a second : K } et
term in office, they would broad- i cal questions about their political
en the war on crime to ensure }
that “every neighbourhood” in : opposed to

: the Bahamas was made safe and :

secure.

takes to get the job done. Unlike : } o [ i
others, we have acomprehensive : candidate had participated in the :
plan for fighting crime. There are : exercise of filling out a question- :

three major steps to my anti- i naire to ascertain their political i
: views in these “morally challeng-
“Step one. We’re going to send : ing times.”

: criminals a message. We’re going :

crime plan.

SEE page 14



pprageosree Z yee:
VERSACE ACE
G NEWS PAR

nett

ALISON LOWE
Tribune Staff Reporters

NMC Rocce airtoites

_ 12 questions: majority
_ of candidates ‘opposed |

: to homosexual tourism’

Tribune Staff Reporter
—_ _? i By KARIN HERIG and

PRIME Minister Perry Christie
rallied his party’s supporters last :
night at Golden Gates and :

THE majority of candidates
who answered 12 moral and ethi- :

positions declared they are :

“homosexual
tourism.”
Up until yesterday, some 34

“I know that we have what it candidates — five PLPs, 12 FNMs, :

16 BDMs and one independent :

Commenting on the effort by

SEE page 15

Call today!

Nassau: T 356.7764 © Freeport: T 352.6676/7

oc aa







lawsuit against
Hubert Ingraham

: ji By PAUL G TURNQUEST
: Tribune Staff Reporter

TOURISM Minister Obediah
Wilchcombe filed a lawsuit in the
Supreme Court yesterday against
former prime minister and FNM
leader Hubert Ingraham.

According to Mr'Wilchcombe’s
attorney Wayne Munroe, the suit
could yield payment in damages
and other costs of up to $1 mil-
lion, or at least figures in the high
hundreds of thousands.

According to the document,
Mr Wilchcombe’s claim is for
damages for slander relative to
the words attributed to Mr Ingra-
ham in a story written by The Tri-

SEE page 15

thahibcblsle al

= J)RIDELITY











PAGE 2, TUESDAY, MAY 1, 2007

THE TRIBUNE

Minister’s stunning response
to vote-buying allegation

HERE have been persis-
tent reports of vote-buy-
ing in Grand Bahama by PLP can-
didates or their agents and of voters
being asked to swear on the Bible
that they will vote for the PLP.
According to one report, mon-
ey was being given out at a PLP
_ campaign office and there were so
many people lined up that the
police had to be called to keep
order... ‘

‘The PLP catididate for the West
End and Bimini constituency,
Tourism Minister Obie Wilch-
combe, was questioned about this
by a reporter from Cool 96 Radio
and made some extraordinarily
revealingly comments in response.

Said Mr Wilchcorhbe: “It’s stu-
pid. First of all, you don’t buy votes
that way. To purchase votes, let me
just explain, because I’m so embar-
rassed at the reporters of our coun-
try. actually running such a stupid
story.

“To buy a vote, you have to buy
a voter’s card and you cannot

_ ensure what the individual is going
“to do in the voter’s box and that
does not make sense.

“When you buy a vote you take
the person’s card so you try to
avoid them from voting. That does-
n’t happen and it did not happen. I
made it very clear and I don’t apol-

-ogise for it, I help people in my
constituency and I will always help
people in-my constituency.

“If the individual running against
me does want to or cannot do it or
has never done it, that’s his busi-
ness. I take care of my people in my
constituency and I do so every day of
my life, whether they are in hospital or
whether they are having some individ-
ual difficulties, whatever it might be.

“I am there to serve and I assist my
people. So if you want to accuse me of
helping people, go ahead. But that
ridiculous: notion is just propaganda
and.it is unfortunate that the media is
again allowing itself to be wrongfully
used by an individual who for the'most
can only do talk, That’s why West End
has an MP and not an MC.



“I work for people every day, what
you expect me to be, I be with the peo-
ple every day, it is stupid okay, that’s
the word, it’s stupid.”

‘ke reporter intervened to ask:
“So you’re saying no money
was given out at that time?” ¢

Mr Wilchcombe’s refusal to confirm
this amounted to a stunning admission:
“No, I don’t say that. What I say is
this: we don’t buy votes. That’s what
you are asking me. I said I assist peo-
ple, no matter what the circumstances

are and I do it every day of my life.

“So if you see me today, I may be

assisting somebody else, or if you
go to Holmes Rock, we’re helping
somebody with their home, and we
do that all the time. That’s noth-
ing new. But buying votes, that is
stupid.”
_ There is so much wrong with
what Mr Wilchcombe had to say
that it is difficult to know where to
start.

First of all, he began and ended
by making it clear that he thought
the question was stupid, repeating
that word three or four times in his
response, and claiming that he was
embarrassed that reporters would
pursue and run such a story.

I: was not stupid at all, of
‘JA course, and Mr Wilchcombe,

who lays claim to a background in
journalism, knows better. Any
reporter worth his salt would be
derelict in his duty if on his beat
there was such a story and he
neglected to follow it up.

If Mr Wilchcombe were a jour-
nalist covering the election and he
discovered such goings-on at an
FNM office does he expect anyone
to believe that he would have
ignored it?

That he would have considered it
so run-of-the-mill that he would
have been embarrassed to report
“it?.

More likely he would have been
right there to’ cover the story after
calling the police and when the
police swooped down, not to keep
ofder, but to make arrests.

It is astonishing that something like
this can také place in The Bahamas at
this stage in the development of our
democracy and that a Minister of Gov-
ernment sees nothing wrong with it
and attempts to pass it off as “helping
people” and that any suggestion of
wrong-doing is a “ridiculous notion”
and “just propaganda”.

his is very much like the
response given by frmer

ait

Immigration Minister Shane Gibson
and Prime Minister Perry Christie
when the minister was accused of fast-
tracking the permanent residency
application of the late Anna Nicole
Smith for personal reasons.



If Mr Wilchcombe
were a journalist
covering the election.
and he discovered
such goings-on at an
FNM office does he
expect anyone to
believe that he would
have ignored it?



Mr Christie and his minister tried to
sell the ludicrous idea to the Bahamian
people that this faux pas was just an
example of a new efficiency the PLP
government had brought to Immigra-
tion; and Mr Gibson tried to sell the
equally dubious story that his rela-
tionship with Ms Smith was all about
compassion for someone in need.

Mr Wilchcombe must think that not
only the reporters who covered the
story are stupid but also the Bahamian
people if he expects them to believe
that there is nothing wrong with giving
out money at the office of a political
party, or anywhere else for that matter,
in the middle of an election campaign.

Any intelligent person knows that
there are many ways to buy a vote
besides buying a voter’s card, but for
the corrupt politician or his agent the
worry is how to make sure that a par-
ticular voter stays bought.

B ack in the day, corrupt politi-
cians-would require a bought
voter to vote openly on one pretext or
another but the best insurance was the

torn five pound note. The voter was giv-
enone half of the note and if the candi-

date won he would get the other half. As
late as 1987 the chain ballot - a more
elaborate system - was very much in use.

Without such guarantees of success,
today’s corrupt politician may give out
money and take a chance that the
receivers — or enough of them — will
honour their corrupt arrangement. Or
they may ask the receiver to swear on
the Bible.

The idea of swearing to do a cor-
rupt thing might seem sacrilegious to
some but apparently does not faze

~-some-PLPs who make a habit of trying

to recruit God to cloak their dirty
deeds and Validate their claim to enti-
tlement.

* At best, Mr Wilchcombe’s protesta-
tions go to the heart of one of the big
problems that still distorts the Bahami-
an political process and demeans the
people who participate in it.

* It is the old paternalistic concept of
the member of parliament not as rep-
resentative in a democratic system but
as the source of easy money. It is iron-
ic that a minister of this “new” PLP
that talks about not going back sees
nothing wrong with that.

More worrying is that the whole lot

of them seem hell-bent on rushing back
into the past with a leader who appar-
ently sees nothing wrong, and hears
nothing but the sound of his own voice.

@) f course, there are politicians
who, like other compassion-
ate human beings, do respond to others
in real need and some do so without
fanfare and without any expectation
that the persons in need are to be polit-
ically beholden to them.

But democratic politics:must be
about empowering citizens, about pro-
viding them with opportunities and the
means to take advantage of opportu-
nities, and about creating safety nets
that citizens can rely on without sur-
rendering their dignity:to any .politi-
cian. ;

It should not be about victimisation,
intimidation, vote-buying and other
corrupt and unfair practices; and cer-
tainly not about implicating God.

sirarthurfoulkes@hotmail.com

. » www.bahamapundit.typepad.com



Te ee



THE TRIBUNE



TUESDAY, MAY 1,° 07, PAGE 3



EU ne fare oe Ee a ae eee
Workers Party predicts landslide

for FNM after second street poll

@ In brief

BUT claim

government
letting down
AF Adderley

THE inefficiency of the

Ministry of Education may

compromise the ability of stu-

_ dents of AF Adderley Junior
‘High School to take their :

BJC exams, it was claimed
yesterday.

President of the Bahamas
Union of Teachers, Ida Poiti-
er, told The Tribune that she
is frustrated that the ministry
has broken numerous promis-
es to clear the school’s gym-

nasium of a large number of :

old desks and chairs.

The gym, she said, has been
transformed in to a'storage
facility — denying students and

~ . teachers access.

“The students have not

been able to have PE, they

have not been able to have
assemblies, or any of the

functions that they Pe ee

have within the gym,” she
said.

This ordeal has seieae
for seven months, ae
to Ms Poitier, and teachers at

the school are at their “wits

end”, as every Friday, for

months, they have been
promised that the materials
will be moved.

Ms Poitier told The Tri-
bune that she was assured
that the gym would be
cleared last Friday. Howev-
er, this was not done.

Yesterday, she was again
assured by an officer of the

ministry, that they gym would

be cleared, but, judging by
the trail of broken promises,
Ms Poitier said that she
doubts that any action will be
taken.

Both the Minister of Edu-
cation, Alfred Sears, and his
Permanent Secretary,
Creswell Sturrup, made

promises that this issue will }
be addressed, Ms Poitier :

alleges.

This list of broken promis-

es has raised the question as

to whether or not the minister :
and permanent secretary
have an interest in resolving i
the matter, or the ability to

control their bureaucracy.

“These promises are fast
and furious and nothing is

taking place. There’s no res-—
olution to atiythirig as of yet,”
Ms Poitier said.

Calls to the Permanent Sec-

retary of Education, Creswell
Sturrup, and Minister Alfred

Sears were not returned up
until press time.
19-year-old
charged with
marijuana
possession

A 19-YEAR-OLD woman

_was fined $1,000 yesterday

after pleading guilty to < mar-
ijuana possession charge.

Dericka Rolle was

arraigned before Magistrate
Carolita Bethel, charged with
possession of marijuana with
the intent to supply the drugs
to another.

According to court dock-
ets, Rolle was found in pos- ;

session of the drugs on Fri-
day, April 27.

According to the prose-
cution, Rolle was found in

possession of two clear plastic

wraps containing two ounces
of marijuana which had been
concealed in her underwear.

Number of
intercepted
Haitians
increased

@ MIAMI

NEARLY as many Hait-

ian migrants were intercepted

in April on their way to US
shores as in all of 2006, the
Coast Guard said yesterday.

A total of 704 Haitians
were rescued from vessels in
April, according to the Coast
Guard count. That compares
with just 43 in April 2006 and
769 in all of last year.

The increase was not being
attributed to one single cause,
but the Coast Guard said it
continually watches for Hait-
ian migrants:

While the number of

migrants was higher, it is a
far cry:from the early 1990s,

when. tens of thousands of

Haitians fled to the US
About 31,430 came in 1992
alone, the Coast Guard said.

Since 2004, when 3,078 |

Haitians were intercepted,
the number has been falling.

A LANDSLIDE victory for
the FNM was predicted yester-
day on the basis of a street poll
taken right in the heart of Prime
Minister Perry Christie’s own
constituency.

Voters were declaring their
support for the FNM at a rate of
more than two-to-one over the
PLP, more or less in line with a
similar poll taken in Freeport
last week.

Workers Party leader Rod-
ney Moncur, who conducted the
poll with secretary-general Bri-
an Smith and national polling
commission chairman Peter
Sturrup, said the result was
“phenomenal” considering the
survey’s location.

The party set up a Stall at
McCullough Corner and Saxon
Way in the Farm Road-Centre-
ville eonee nes) held by Mr
Christie.



HA VOTER takes part in the poll as Rodney Moncur looks on

“This is historically a black
belt area, a bastion of PLP-ism,
but it seems the FNM has deci-
sively burst through that sup-
port in a poll taken just two

days before the election,” said
Mr Moncur.

“This is a phenomenal result
and is a clear indication that the

FNM will defeat the PLP in

Wednesday’s general election.”

Of registered female voters,
60.1 per cent (125) said they
would vote FNM, while only
37.5 per cent (78) opted for the
PLP.

pedestrians passing through,”
he said.

“However, one woman said
she wished she had 10,000 votes
to cast against the PLP. They
were saying they can’t wait for
Wednesday to vote the PLP
out.”

If correct, the poll reflects
FNM leader Hubert Ingraham’s
own claim, which is that the
PLP will be left with parlia-
mentary seats “in single digits”
after the election.

He said reports from all over
the islands indicated a decisive
trend in his party’s favour, with
voters expressing open hostility
to the PLP government’s poor:
performance since 2002.

Mr Ingraham said at Satur-
day night’s rally in Freeport that
Grand Bahama was expected
to deliver all six of its seats to
the FNM.

Among men, 70 per cent
(156) favoured the FNM, while
only 26 per cent (58) were PLP
supporters. Four per cent of
those polled supported neither
side.

Of the total of 431 voters
polled, the FNM claimed 65.2
per cent (281) while the PLP
gained only 30.6 per cent (136).

Mr Moncur said that, judged
alongside the Freeport poll,
which recorded similar results,
the figures indicated a national
trend.’

“In fairness, the persons vot-
ing were principally residents
of the constituency, but there
were a number of motorists and

Wendell Jones launches television station

@ By PAUL TURNQUEST
Tribune Staff Reporter

WENDELL Jones, the CEO
of Jones Communication, Love
97, and the Bahama Journal
yesterday expanded his media
empire — commissioning the
official launch of Jones Com-
munications Network (JCN).

At 5pm, the television sta-
tion, which will appear on Cable
Channel 14, was launched,
beginning with a message from
Mr Jones himself.

Mr Jones reminisced on his
35 years in journalism and how
at the start of all his other enter-
prises, there were “doomsay-
ers” who believed the ventures
would not make it.

“On those two occasions
(Love 97, Bahama Journal) we
were emboldened by those
comments and sought the inter-
vention of a good and gracious
God, who empowers and sus-

tains through good times and
bad. Today we are on this red
letter day in the history of
broadcasting, launching the first
private television facility in the
Bahamas.

Mr Jones said television is “a
powerful medium” which must
be used to help inform the
country’s “attitudes, its politi-
cal opinions, and social con-
science”.

Ambition

Mr Jones said that JCN wants
to play a bigger role in socialis-
ing young Bahamians who are
adrift and engrossed in cultures
that “threaten what is good and
decent” about the Bahamas.

“Right now the nation’s cul-
tural centre of gravity is shifting
in the wrong direction. A newly
emergent restless population,
many of them intellectually and

socially insecure, are driven by
money and materialism. JCN
will play its role in focusing this
segment of the society to appre-
ciate the role they ought to play
in our national development,”
Mr Jones said.

“JCN will be a mix of news
and features that will play off
of the news instead of simply

. Te-capping it. JCN sets out to

create a medium that will sift
through journalistic clutter and
synthesise what is important for
you to know. We want to put
events into context, anticipate
trends, add new insights and
facts, tell the behind the scene
tales, and explore the questions
others forgot to ask.”

Mr Jones pledged that JCN
will stick with a formula that
is clear yet demanding —
good reporting, good writing,
and authoritative yet fair
analysis.

“We wouldn’t be in this busi-

Police officers are warned to remain
pieutral in oe to general election

_fll.By.ALISON LOWE...
Tribune Staff Reporter _

FIVE hundred police officers
received their promotions yes-
terday from police commis-
sioner Paul Farquharson, along
with an admonishment not to
“mix friendship or political par-
tisanship with the execution of
your duties.”

Following weeks of delibera-
tions and interviews by the police
promotion board — constituted
of a significant number of senior
police officers — the officers were
presented their stripes in a cere-
mony at police headquarters.

Assistant commissioner John

Rolle said that the, board had.

gone to “great length to select
the most qualified” candidates.

Commissioner Farquharson
said that the make up of the
board ensured that there was a
great deal of transparency in
the decision about which offi-
cers would be elevated.

“You’ve been selected
because you’ve performed at
optimal levels and provided
excellent service to the Bahami-
an people,” Mr Farquharson
told gathered police.

However, a police source had
told The Tribune that the recent
wave of promotions, taking in
hundreds of officers, had left

the force with “too many chiefs

and not enough indians.”

Countering this claim yester-
day, Mr Farquharson told The
Tribune that there are recruits
coming in at the lower levels.

Mr Farquharson added that
he is always pleased to be able
to promote his officers.

“They have worked hard and
deserve promotion,” he said.

During the ceremony, the
commissioner asked that all
newly promoted officers “pro-
vide non-partisan service” to
their communities.

“I implore you to continue
on the path that has propelled
you to this point,” he said.

TWO people are in hospital
with gunshot wounds — one shot
by a police officer — after vio-
lence erupted at Arawak Cay
on Sunday night.

The wounds, which have left
the victims listed in a serious
condition, were sustained dur-
ing two separate incidents, said
police.

The first followed a minor
theft, reported by a vendor at
the popular dining area.

According to police press liai-
son officer Walter Evans, a
female vendor reported having
been robbed of some cash and
"candies."

When police arrived, they
found the suspect, who began
behaving “in a violent manner",
reportedly hitting a police officer.

"The police officer became
fearful and drew his service
weapon. Shots were discharged
and, as a result of that, the male
was hit to the back area," said
Mr Evans.

The victim did not have a
weapon, Mr Evans confirmed.
He was taken to hospital, where
he is being treated for his
injuries.

Later, at around midnight,
two individuals approached
another man in the Arawak Cay
area.

One produced a handgun and
shot a male victim in the
abdomen. He is also recuperat-
ing in hospital, said Mr Evans.
Investigations are continuing.

TROPICAL
EXTERMINATORS

a ed Rah
PHONE: 322-2157 |



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opinions, would eventually lead
to more truth,” he said.

ness if we didn’t believe that
more information, and more .









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| 7 for
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PAGE 4, TUESDAY, MAY 1, 2007

The Tribune Limited

EDITORIAL/LETTERS TO THE EDITOR

Naming of bridge should have



NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI

Being Bound to Swear to The Dogmas of No Master
LEON E. H. DUPUCH, Publisher/Editor 1903-1914

SIR ETIENNE DUPUCH, Kt, O.B.E.,
(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.

Published Daily Monday to Saturday

Shirley Street, PO. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES







K.M., K.C.S.G.,

Publisher/Editor 1972-

Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387
Nassau Fax: - (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608

“HELP and hope are on the way!” was the
rallying cry of then Opposition Leader Perry
Christie five years ago when he led his party
to victory at the polls and himself into the
position of prime minister of the country.

Top of his list at that time was a more ful-
filling way of life for Bahamians and a nation-
al health insurance plan.

“J want to create a system of National
Health Insurance so that poor people will
stop dying simply because they are too poor to
pay for major medical attention,” he told the
Bahamian people in April 2002.

Fast forward five years to a second elec-
tion, and still top of his list is a promise to
deliver national health insurance. Having
missed the first term he now promises it in his
second term — if the voters give him a second
chance on Wednesday.

“A vote for the PLP is a vote for National
Insurance,” his government again proclaims.
In five years all his government has produced
is a plan that doctors, employers — yes, and
even union leaders — say won’t work. And
their opinion is supported by the experience
of countries that have tested the same health
insurance plan and failed.

The Christie government appointed a Blue
Ribbon Commission to investigate the feasi-
bility of implementing such a plan. The Com-
mission spent a long time investigating and
eventually. produced a lengthy report, only:
to. be told by the. medical profession that its
plan was doomed to failure. The-Medical
Association of the Bahamas gave it a thumbs
.down. They made it clear that they did not
support the “NHI plan as currently present-
ed.”

“The goals of the Blue Ribbon Commis-
sion and the National Health Insurance plan
are admirable and universally held,” said the
doctors. “They will not be achieved with this
plan as currently outlined and will likely cause
far more damage than ever anticipated.”

And so, here we are, Mr Christie’s second
election and he is still hanging his hat on
bringing help and hope and national health
insurance to the Bahamian people.

The Christie vision was “to steer our nation
towards a fairer, more dignified, more peace-
ful and fulfilling way of life so that we can all
live in harmony in a universe of social jus-
tice, equal opportunity and prosperity for
all.”

And then he declared: “We must never
allow petty prejudices and hatreds to lead us
into the temptation to divide or to victimise.”

This was Mr Christie’s promise. But since
the beginning of this election campaign petty

Freeport fax: (242) 352-9348

Christie falls short of his promises







prejudices, racism and hatreds have not only
led to threats of victimisation, but still more
serious — bodily harm.

In this campaign the PLP’s slogan is: “No
Turning Back.” However, we have seen this
government take a complete “U” turn right
back to the cradle of the Pindling era — scan-
dal, chasing scandal, open talk of vote buying,
victimisation, unfair use of government’s air-
waves. And a Prime Minister seemingly inca-
pable of holding back the tide that threatens
to wash away any glimmer of that “help and
hope” that so far he has been unable to deliv-
er.

In 2002 when he was asking Bahamians to
trust him with their future, he promised that
PLP candidates, if chosen for government,
would have to conduct themselves according
to an uncompromising code of complete
integrity and transparency.

What has transpired in five years has made
a mockery of a code that has been so com-
promised that it is no longer included in the
PLP’s proposed plan of action if voted in for
another five years.

“If we set the right example at the top,”
said Mr Christie in 2002, “it will filter all the
way down to the bottom, both in the public
sector and in the wider society.”

Is this the root cause of our social problems
today? The righi cxample was not set at the
top — and so what trickled down was a mes-
sage that if our leaders can get away with it at
the top without facing any consequences, why
should we at the bottom have to toe the line?

When excuses can be made for the folly of
ministers, why shouldn’t unruly John Q Pub-
lic expect the same for himself?

Crime is the major challenge of today’s
society. After so many hollow promises can
anyone rely on the Prime Minister’s word
that his government has a “comprehensive
plan for fighting crime”? Mr Christie claims
that there are three major steps to his anti-
crime plan. If this is so why — in view of
today’s escalating crime — hasn’t he imple-
mented them sooner?

Mr Christie, based on the five year per-
formance of his government, is asking too
many Bahamians to take a giant leap of faith
that he will deliver in the second five years
what he promised, but failed to do in the first.

As Mr Christie himself has said. It is all a
matter of trust. The big question is: Do the
Bahamian people still believe him when he
says that his party has “what it takes to get the
job done”?

This question will have to be-answered at
the polls tomorrow.























THE TRIBUNE



been the council’s responsibility

EDITOR, The Tribune.

ON WEDNESDAY, April 25,
2007 the Rt. Hon. Prime Minister
came to Spanish Wells for his first
visit in over five years.

He came here to name the
bridge between Spanish Wells
and Russell Island, which, if my
memory serves me right, was ded-
icated to the memory of Mr. Rod-
erick Newton Higgs when it was
officially opened when it was
replaced after Hurricane Andrew.

He stood in front of the
microphone and told the people
of Spanish Wells that he did not
know anything about coming to
Spanish Wells until 11 o’clock
that morning when he got a
phone call and he asked what he
was supposed to be coming for.

My-My! I got a call from the
Administrator on April 23 telling
me that the Prime Minister and
Bradley Roberts were coming to
Spanish Wells on Tuesday the
24th to carry out this exercise,
however, it had to be put off for
some reason to Wednesday, 25th.

I faxed the P.M. a letter telling
him that under the Local Gov-

LETTERS

letters@tribunemedia.net




ernment Act no one in Nassau
was supposed to do this because it
is supposed to be done by Dis-
trict Councils in their respective
districts.

The naming and renaming of
roads is one of the Council’s
responsibilities.

I tell you this to show the total
disregard of this government for
any laws, it doesn't matter what
they are.

The people of Spanish Wells
know that the Prime Minister
looked them in the face and told
them a bold faced untruth when
he said he had only learned that
morning that he was to come to
Spanish Wells and what he was
coming for.

They are intelligent people so
they know that if he could deceive
them to their faces he could
deceive them about anything else
just as well.

We had a rally here in Spanish

Turnquest, Foulkes impress

EDITOR, The Tribune.

KINDLY allow me some space
in your paper to express my
thoughts on something that has
been overlooked this election sea-
son.

I have been extremely
impressed with the political matu-
rity of Tommy Turnquest and
Dion Foulkes who lost their
respective bids to retain and win
the leadership of the Free Nation-
al Movement.

Messrs Turnquest and Foulkes

— who collectively won forty per-

cent of the votes in the leadership
race — could have broken up the
party and dragged it down to cer-
tain electoral defeat.

Instead, they placed the good
of the party and the needs of the
country above their personal
ambitions. They are young, yet
seasoned men with bright futures.
If the FNM wins they will be
senior Cabinet ministers.

Their maturity stands in
tremendous contrast to the arro-
gance, political immaturity and
selfishness of older heads in the
FNM, particularly Tennyson Wells
and Algernon Allen.

After losing their bids for the
leadership, these FNM “veterans”
threw temper tantrums and basi-
cally walked out of the party.

Blinded by self and business
interests, it appears to me that
they lent their aid and comfort to
a PLP culture of corruption, sleaze
and victimization they once took
principled stands against.

Their blind hatred of Hubert
Ingraham and inability to convince
a majority of the FNM to support
them as leader, led them into
political blind alleys which will
turn into dead ends on May 2nd.

Whereas Tommy and Dion are
the political future Tennyson and
Algernon are yesterday's news.

The biggest loser is Mr. Allen
who is now universally recognized
as a shameless opportunist and
chameleon. He is good at rapidly
changing political colours depend-

ing on the circumstances.

FNMs know who he is and the
PLP, which is temporarily using
him as a mercenary, will dump
him with record speed if they lose
at the polls.

The final histories of Dion and
Tommy are yet to be written. And
that is the point: they have promis-
ing chapters yet to be written.

But at least one chapter will
tell how they helped the FNM to
mature, grow and remain united.

As sons of FNM veterans,
these still relatively young turks
understood how internal divisions
and disunity seriously damaged
the FNM in the 70's and 80's.

Alternatively Tennyson and
Algernon are about to end their
political journeys with a shame-
less ironic twist.

Not only did they try to destroy
an FNM they helped to build, they
also lent their dogged support to a
PLP culture they once fought so
hard against.

This time around it was the
young men (Tommy and Dion)
who had to show those who
should have known better (Ten-
nyson and Algernon) what gen-
uine leadership and maturity is:
service above self; long term vision
over short term gain; and the peo-
ple's business above personal for-
tune.

The FNM and the country will
be glad to see the backs of Allen
and Wells. Thankfully neither man
will ever become Prime Minister.

We look forward to good
things from Turnquest and
Foulkes who have demonstrated
stability, courage and judgment.
Hopefully, one of these men will
eventually become the nation's
Chief Executive.

They have earned the right to
run again.

If the FNM wins on May 2nd,
they must now earn our trust that
they can one day lead the country.

LIVINGSTON GRAY
Nassau,
April, 2007

Wells on Friday night, April 27th,
and the turn out was very heart
warming.

It won't be long before the lies
which they have been telling at
their rallies are proven to be just
that — lies. wg

To all of you who have any. -
political savvy you know that for
Perry to come to Governor’s Har-
bour on Wednesday, 25th, after
just having a rally in Rock Sound
four nights before with the busy
schedule that he has it is an
admission that they do not
believe that they are going to win
South Eleuthera, much less
North. I was told that Mr. John-
son said from the platform that
we have the south and “I am try-
ing hard to win the North” — that
is an admission of defeat in itself.

Spanish Wells has always been:
FNM and it will not change now
no matter how many lies they tell
from their platform.

Thank The Lord It Ain't
Long Now.

ABNER PINDER
Spanish Wells,
April 29, 2007.

Fred Mitchell
‘abandoned —
Fox Hill people’

EDITOR, The Tribune.

I thought long and hard before
I wrote this letter. I did not want to
allow my deep-rooted feelings to
cloud my good sense and good
manners. But my conscience would
not allow me to sleep until I set
the record straight. What has been
happening and allowed to go
‘unchecked was a mission of mean-
spirited, wicked comments about
decent people whose lives are com-
mitted to helping Fox Hill in every -
way, and it must stop NOW.

I cannot stand by and watch
anyone, while through the disguise
of bahamasuncensored.com, say
anything about a lady that I defi-
nitely know extended herself at
great sacrifice to her family in help-
ing Fred Mitchell in every way pos-
sible. I personally know about the
enormous planning and contribu-
tions of most events that was exe-
cuted on behalf of Mr. Mitchell
that was done with the greatest
enthusiasm. When someone does
something out of the goodness of
their hearts and they receive noth-
ing but negative returns, ingrati-
tude must be a sin.

My name is Larry Wilmott; I
have been deeply involved with the
present and soon to be former PLP
Member of Parliament for Fox
Hill's campaign from its inception.
I will not blow my own horn, but I
will play an entire orchestra, I was
the campaign. Without my influ-
ence Fred Mitchell could not win
Fox Hill, especially because of his
own sad _ personality and
demeanour. :

George Mackey introduced me
to Mr. Mitchell, if my memory
serves me right, around 1996. Ever
since then I worked tirelessly day |
and night, always remaining loyal
to Mr Mitchell. Mr Mitchell relied
heavily on my popularity and the

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THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 5



i eS Si

Independent may split PLP
vote in St Thomas More seat

Oln brief

Three accused
of marijuana
possession
and cultivation

THREE people were
arraigned in Magistrate’s
Court yesterday on several

. charges related to marijuana

possession and cultivation.

Michael Sylvira Whitting-
ham, 37; of Jamaica, Levon
Gahart Largie, 24, alias Junial
Surat, also of Jamaica; and
Nora Annyer Marie Hanna,
32, alias Annyer Marie Han-
na of Flamingo Gardens,
appeared before Magistrate
Carolita Bethel at court eight
in Bank Lane.

It was alleged that on Fri-
day April 27, the accused con-
spired to posses a quantity of
marijuana.

It is also alleged that on the
same day, they were found in
possession of a quantity of
marijuana which authorities
believed they intended to
supply to another.

Prosecutor Inspector Ercell
Dorsette alleged that on that
date, the accused were found
in possession of 77.5 pounds
of marijuana. They all plead-
ed not guilty to these charges.

It is also alleged that on
Tuesday April 3 while at
Stafford Creek, being con-
cerned together and with
another, the accused were
found cultivating marijuana.

It is also alleged that on the
same date, the accylsed con-

spired to posses a quantity of

marijuana which authorities
believed they intended to
supply to another.

According to the prosecu-
tion, the accused were found
with $191,150 worth of sus-
pected marijuana plants as
well as seven bales amounting
to 134 pounds of the drug.

The accused also pleaded
not guilty to the April 3
charges.

They were remanded to
Her Majesty’s Prison and a

bail hearing has been sched- i

uled for May 7.

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2007 FORD SPORT TRAC

A PHARMACIST who
claims he was struck off the PLP
candidates’ list in 2002 only 48
hours before nomination day is
expected to split the party’s vote
in St Thomas More, the seat
held by the PLP’s Frank Smith.

George Hepburn has been
prompted to run by his lifelong
involvement in the Kemp Road
area — and his eleventh-hour
rejection by the PLP five years
ago when he had been ratified
as candidate for the St Margaret
constituency.

“After campaigning for
months, I was removed by coun-
cil two days pret to nomination
day. I would like to amalgamate
both factors to give those sup-
porters an opportunity to elect
one of their own to parliament,
to serve and to lead.”

Mr Hepburn, who attended
Uriah McPhee School, runs a
pharmacy in the constituency,
and also worships locally, said
he wants to provide “a beacon
of hope” for young residents.

“IT would like to provide lead-
ership that would commence by





& GEORGE Hepburn

extending the Kemp Road library
hours and developing communi-
ty tutoring centres through
church assistance, providing after-
school activities and guidance.

“The ultimate goal is to pro-
mote academia as an avenue
towards progress, the hope to
extend the education boundary
beyond high school, encourag-
ing government to reinstate the
scholarship programme for indi-
gent families.”

Candidate claims he was struck off party’s
list hours before election nominations



Mr Hepburn also said he
would extend constituency
office hours until 7pm to pro-
vide extended advisory services
for those requiring assistance
who work during the day.

He also has a social develop-
ment plan to help the elderly
and disabled through establish-
ment of a wellness programme.
And he wants provision of flu
vaccine for the elderly and
infants in the community during
peak months.

Mr Hepburn said he plans to
initiate dialogue to educate con-
stituents on access to democra-
cy, constitutional rights, and res-
olutions debated in parliament.

In addition, he wants com-
munity committees and boards
to explore ways of raising rev-
enue for beautification projects,
parks maintenance and play-

ground safety.

In promoting “community
togetherness”, he wants to see
pageants, tournaments, family
days, health walks, prayer ser-
vices and wellness education.

“The lack of local govern-
ment in New Providence cre-
ates a void evolving to partial
anarchy which now demands
that members of parliament
should provide leadership and
guidance. As each individual
aspires to help others through
voluntary service, we help our-
selves to appreciate the virtue of
giving to build lives.”

A political observer said last
night that Mr Hepburn’s
involvement in the St Thomas
More race would affect the PLP
more than the FNM. .

“Mr Hepburn was properly
ratified as a PLP candidate last

Broadcast

WHEN voters head to the
polls to casts their ballots for a
new administration tomorrow,
the country’s broadcast media
outlets will provide extensive
coverage of election-day activi-
ties, keeping voters informed as
returns come in throughout the
evening.

Joy FM, Cool FM AND 100
Jamz will be providing up-to-
date results as each becomes
known, with coverage begin-
ning as soon as the polls close.

Over at Island FM 102.9,
election day coverage will begin
at 7am, with live updates every:
hour from the various con-
stituencies in New Providence,
Grand Bahama, Exuma, and
Eleuthera.

Later in the evening, Cable
12,television will set the tone
for the. election returns, as vet-

eran news personality and for-
mer MP Charles Carter hosts a
political round table with guests
Henry Bostwick and George
Smith.

Beginning at 5pm, Mr Carter,
Mr Bostwick, a former leader
of the Free National Move-
ment, and Mr Smith, himself a
former Progressive Liberal Par-
ty MP, will combine years of
political expertise in providing
commentary on the political cli-
mate leading up to tomorrow’s
final returns.

Broadcasting from the top of
the hill in Centerville, featured
guests, political analysts, and
local radio and television talent
from ZNS will keep the public
informed through a live radio
and television simulcast pegin-
ning at 6pm.

In addition, througbput the

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day, ZNS radio will provide
updates as a part of its regular-
ly scheduled news programmes.

Love 97 and Jones Commu-
nications’ newest addition to
the media market, Jones Com-
munication Network (JCN),
like ZNS will have guest ana-
lysts and several of their local
radio and television presenters
in simulcast coverage of the
day’s activities.

Jones Communications’ cov-
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time, so he has quite a lot of
support in the area. He was
nominated by several con-
stituencts, but was then rejected
at the last minute without expla-
nation,” said the source.

“As a well-known business-
man in the area, and someone
who grew up there, he clearly
has a following, including a lot
of people who have known him
for many years.”

Mr Hepburn, in seeking to
unseat Mr Smith as MP, is also
up against the FNM’s Reece
Chipman.

TV 18 SCHEDULE

TUESDAY,
MAY 1ST
6:00 Community page 1540am
1 11:00 Immediate Response
noon ZNS News Update
12:05 Immediate Response
1:30 Legends: Chris Malaikus
2:00 Fast Forward
2:30 Turning Point
3:00 Practical Principles
3:30 Ernest Leonard
4:00 Lisa Knight
4:30 Cybernet
5:00 ZNS News Update
5:05 Andiamo
5:30 The Envy Life
6:00 Literacy Living
6:30 News Night 13
7:00 The Bahamas Tonight
8:00 Political Broadcast: Free
National Movement
8:15 Political Broadcast: Progressive}
Liberal Party
8:30 Progressive Liberal Party
} Mass Rally
11:00 News Night 13
11:30 The Bahamas Tonight
12m/n Immediate Response
12:30 Community Page 1540AM

NOTE: ZNS-TV 13 reserves the
right to make last minute
programme changes!



























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PAGE 6, TUESDAY, MAY 1, 2007

THE TRIBUNE



Geographic data being !

collected on Abaco

MARSH Harbour, Abaco —
Officials from the Bahamas
National Geographic Informa-
tion Systems Centre and key



government departments and
agencies are nearing comple-
tion of the first week of the first
national spatial data collection

.

exercise in Abaco with great
expectations for the future of
data collection and dissemina-
tion in the country.

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The team, led by Carolann
Albury, director of the BNGIS
Centre, and Valrie Grant-Har-
ry, GISP, geographic profiles
co-ordinator for the LUPAP 2
Project and IDB consultant,
began the data collection
process on Monday, April 23,
in Marsh Harbour and sur-
rounding areas.

Ms Albury and Mrs Grant-
Harry also met with several key
players on the island of Abaco
Monday, with a view to getting
their assistance with the project
and to provide them with details
of the project.

Ms Albury said she was
“quite satisfied” with the
amount of information gleaned
during the initial collection peri-
od.

“The process has gone fairly
well,” Ms Albury said. “In addi-
tion to going out into the field
and collecting lots of data, we
had a very good meeting with
some of the agencies and net-
work partners on the ground in
Abaco who were in possession

of maps that we can use to fur- .

ther assist us in accomplishing
our goals.

“The meeting with the agen-
cies and our partners was very
important on several levels,
because in addition to providing
us with additional information,
it also gave us the opportunity
to make Abaconians more
aware of what the government’s
intention is with regards to






H@ DIRECTOR of the Bahamas National Geographic Informa-
tion Systems (BNGIS) Centre Carolann Albury (left); Vanessa
Francis, Ministry of Financial Services and Investments; and Val-
rie Grant-Harry, GISP, geographic profiles co-ordinator for the
LUPAP 2 Project, review some of the data collected during a
visit to the Great Guana Cay area of Abaco on Tuesday, April

24

Geographic Profiles of the

‘ island. While Abaco was cho-

sen as the starting point for the
project, data collection exercis-
es also will be conducted in
Andros and Great Inagua.
“Abaco, Andros and Great
Inagua were chosen as the three
islands to begin the process of
building the country’s informa-
tion resources in order to
address the lack of digital data
required for mapping, managing
and monitoring economic devel-
opment and to expand the use
of GIS to the Family Islands.
“This will in turn allow Local
Government officials on these
islands access to modern tools
which will assist them in better
managing the country’s natural
resources,” Ms Albury said.
Mrs Grant-Harry said the
team has met most of its objec-
tives for the first week. She said
the teams had completed their
work in Marsh Harbour and

(Photo: BIS/Patrick Hanna).

had also conducted collection
operations in Great Guana Cay,
Spring City, the Mud, Pigeon
Pea, Cooper’s Town, Blackwell
and Hope Town.

“We have collected data
regarding the location of docks,
road networks, blue holes, quar-
ries, buildings, homes, utility
poles, cemeteries and other spe-
cial features during this initial
collection process,” Mrs Grant-
Harry said.

“Additionally, we have cap-
tured and will continue to cap-
ture data on everything rang-
ing from infrastructure, to
beaches, hotels, tourism attrac-
tions, heritage sites, sewage
treatment plants, airports, mari-
nas and on and on.

“Tam excited about the fact
that we have collected a sub-
stantial amount of information
in our first week here on the
island of Abaco,” Mrs Grant-
Harry added.

Weve eer

VV emt ots closing at 1 :00pm for the
General Election. |

We will re-open on May Srd at our
regular hours - 10am to 5pm.
We apologize for any inconvenience



Bahamas Bus & Truck Co., Ltd
Montrose Avenue
Phone:322-1722 ¢ Fax: 326-7452

Before buying
Bahamas Bus & Truck

__ Call:
ee eZ



advancing the use of Geo-
graphic Information ‘Systems
(GIS) in the Family Islands.

“It also provided our team
with the opportunity to meet
with those who would have
existing data that we can use in
this initiative, (and) on those
two levels it was very benefi-
cial.

“From the responses we
would have gotten from them,
they were also better able to
appreciate what we are doing
because it is to their benefit as
well.”

~ Resources

The data collection exercise
in Abaco is part of the Centre’s
mandate to build the country’s
digital information resources
under the Land Use Policy and
Administration Project
(LUPAP), Component 2.

It is expected to lead to better
collection, management and
sharing of information on the

‘country’s resources and to facil-
itate an improved land use plan-
ning and administration policy
within The Bahamas.

It will also lead to the devel-
opment of GIS databases or

i

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award.

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and share your story.













KEMP’S FUNERAL HOME LIMITED

22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas

A FUNERAL SERVICE FOR

Ms. Rosemary
Coltilda Ageeb,75

of Nassau, The |
Bahamas, who died
peacefully at her
residence on Tuesday,
24th April, will be held
at Sacred Heart
Church, Shirley Street,
Nassau, on Thursday,
3rd May, 2007 at
11:00 a.m.

Father Mel Taylor will F )
officiate. :
Cremation will follow.



Ms. Ageeb is survived by one daughter-in-law,
Jennifer Ageeb; two grandsons, Joshua and
Zachary Ageeb; two brothers, George and Charles
Ageeb; one sister, Kathleen Winchell; three sisters-
in-law, Gloria, LaVerne and Karen Ageeb; four
nieces, E.J. Maria Ageeb, Lupita Ageeb-Rolle,
Angelique Priore and Michaelene Ageeb; ten
nephews, Jose, Thomas, Antonio, John, Gregory,
Ashley, Mark, Edward, Brian and Christopher
Ageeb; nine great-nieces, Jazmin and Isabella
Ageeb-Rolle; Lizbeth Ageeb, Heather Priore,
Sephanie, Rebecca, Dana, Erin and Jenna Ageeb;
eight great nephews, Shelton and Jonathon Ageeb
Rolle, Thomas, Joseph, Daniel, Andrew and Jordan
Ageeb and Michael Priore.

She was predeceased by her parents, John and
Mary Ageeb; two sisters, Gloria and Theresa
Ageeb and two brothers Anthony and Arnold
Ageeb.

A funeral service will be held at Sacred Heart
Roman Catholic Church, East Shirley, Nassau on
Thursday, 3rd May, 2007 at 11:00am.

Arrangements by Kemp’s Funeral Home Limited,
22 Palmdale Avenue, Nassau, The Bahamas.



“797 Rt

ee ee ee ee er ee

eee 8 ee

THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 7



Pear) ee ea ee ae eee
Ingraham pledges to introduce NHI
during FNM visit to Grand Bahama

m By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - National
Health Insurance will be put in
place by the FNM if it wins the
general election tomorrow,
according to party leader
Hubert Ingraham.

Speaking to thousands of sup-
porters in Grand Bahama on
Saturday, Mr Ingraham said:
“When I first talked about
national health insurance and
did something about it, those
words had never been uttered
by Perry Christie - that’s 20 odd
years ago.

So you can trust us. We are
going to deliver NHI for all in
our Bahamaland,” he said.

Mr Ingraham claims that the
PLP government has failed the
country and is now “resorting
to undemocratic means to steal”
the election on May 2.

“Do not be intimidated by
threats, and don’t be provoked
by their dealings —- we are on
the side of right and truth, and
right and truth will prevail next
Wednesday,” said Mr Ingra-
ham, who is confident of an
FNM victory in Nassau and
many of the Family Islands.

“Grand Bahama, last time
you gave us half of the seats.
This time, we are asking for all
six. I assure you that the rest of
the Bahamas is voting FNM,”
he said.

The FNM rally — followed by
a lively motorcade procession
to Independence Park — was

Former PM focuses on Royal Oasis, PLP land deals and vote-buying allegations



one of the largest turnouts on
the island in the run-up to the
general elections.

Mr Ingraham told supporters
that the PLP government must
go because of its many failures,
He said Grand Bahama has suf-
fered under the PLP.

“They stood by and allowed
Freeport and Grand Bahama
to suffer. They disappointed
you time and again. Now, it is
your time and your turn to dis-
appoint them - vote them out,”
he said.

Since the closure of the Roy-
al Oasis, the government has
made several announcements
regarding the sale of the prop-
erty, initially to WHI Group of
Florida, and now to the Irish-
based Harcourt Group.

Mr Ingraham said he intend-
ed to meet with the intended
buyers of Royal Oasis before
leaving the island on Sunday.

“You know, Grand Bahama,
I have lost count of the num-
ber of times that Perry Christie
has announced the sale of the
Royal Oasis. The last time he
announced the sale he said that
was the only thing that the
FNM had to talk about, or
could use against them in this
campaign, and that as the sale
had now been settled, the FNM
would have nothing to cam-
paign on. But, the question still
is: has the hotel been sold?”



Saturday night

Mr Ingraham also pointed
to the weak security at Lyn-
den Pindling Airport, where
an airplane recently disap-
peared; the alleged misman-
agement of crown land, and
the questionable land deals
that have been approved by
the government.

Mr Ingraham also claimed
that the PLP has betrayed the
trust of the Bahamian people —
as can be seen in the many scan-
dals involving cabinet ministers,
permitting the abuse of the
environment and damage to the
country’s international reputa-
tion.

Hf FNM officials in front of the crowd in Grand Bahama on

He said that the PLP are
afraid and desperate to hold
onto power.

Votes

“The governing party is being
accused of buying votes on
Grand Bahama. But take their
money, and vote FNM,” Mr
Ingraham said.

“They are desperate; they are
up to their dirty tricks, and des-
perate to hold onto power and
privilege. And so they are
resorting to undemocratic
means in a last ditch effort to

approaches the stage |

steal a victory in the poll next
week, but that won’t happen.
We have got the votes, and
come Wednesday, we winning
the election,” he said.

Mr Ingraham said it is impor-
tant that young Bahamians in
particular make their vote
count.

He urged voters to: check
their voter’s card to ensure they
know where their polling sta-
tion is; ensure that the ballot
they receive from election offi-
cials has no markings on it, oth-
er than the signature of the pre-
siding officer; only use the
indelible pencil provided in the

@ HUBERT Ingraham is swamped by supporters as he



voting booth.

“Do not make any other
mark on the paper other than
your X. If you do that, it will
be declared to be a spoiled bal-
lot, and your vote won’t be
counted, and it will be wasted.”

“We are going to eliminate
exchange control when we
become the government during
our term. And we are going to
cause the expansion of Bahami-
an ownership in our economy,
and we will attract investment -
true investment with real mon-
ey, not monopoly money - and
we will pick up where we left
off in education and health.

Symonette says Christie and ministers unfit for government

S By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - DEPUTY
FNM leader Brent Symonette
has said that Prime Minister
Perry Christie and his scandal-
ridden government ministers
are not the right choice for the
Bahamas.

Mr Symonette says that Mr
Christie owes the Bahamian
people an apology for failing to
deliver “help and hope” during
his five years in office.

“Mr Christie, it is you who
should apologise to the Bahami-
an people for the five years you
have shuffled.

That you have failed to deliv-
er help and hope; that you have
failed the people of the Com-
monwealth of the Bahamas,”
he said.

According to the Nassau MP,
Bahamians are unable to access
basic services, medicines, and
other essential services, such as

garbage collection.

“But, yet at the very last hour —

the government starts painting
buildings, paving roads, and
signing contracts as an election
game,” said Mr Symonette.

Mr Symonette, who was
speaking at an FNM rally in
Grand Bahama on Saturday,
said former prime minister and
FNM leader Hubert Ingraham
is the right choice for the coun-
try. . vw

He criticised Mr Christie for
his government’s failure to build
a new school, and straw mar-
ket in New Providence, in the
past five years.

“What happened to the City
Meat Building? What happened
to the $9 odd million dollars in
Blake Road building? What
happened to Obie Wilch-
combe’s own office at the Min-

istry of Tourism? Nothing is fin- .

ished,” he said.
“What about the people’s
land in Cable Beach that the

government has sold? The
UBP, the FNM, and the previ-
ous PLP did not sell the peo-
ple’s land, but this PLP sold the
Cable Beach, and only deposit-
ed $10 million to the Hotel Cor-
poration’s account,” said Mr

HB BRENT Symonette addresses the FNM rally on Saturday



Symonette.

“The other day the Hotel
Corporation went back to the
government to borrow another
$6 million. Where did all the
money go?”

Mr Symonette said that many

PLP ministers are involved in
alleged scandals, which appears
to be of no concern to the gov-
ernment.

“A minister’s law firm accept-
ed some $400,000 for an LNG
project, but that’s okay; a min-
ister had a bag full of US cash in
his closet for school fees, but
that’s okay; a minister enters a
house and repossesses furniture
and a toilet, but that’s okay."

“A minister/ministers had to

be involved in the Korean boat

scandal, but that’s okay; a min-
ister intimidates the registrar
general, but that’s okay. What
about the $2 million contract
that ended up at over $5 mil-
lion?”

Mr Symonette also ques-
tioned the “hundreds of thou-
sands of dollars” in back rent
owed by the PLP and their fol-
lowers to various government
organisations.

He says that the attack on
him by the PLP is a desperate

a

attempt by Mr Christie to hold
onto power.
“They are attacking me, and

. saying that Hubert Ingraham

will step down and I will
become leader.

They sent Obie to attack me,
a man himself who aspires to
be Prime Minister. Why not ask
Mother Pratt if she would stay
the full term if they were elect-
ed? Ask her how ‘long ‘she
intends to stay, or does Mr
Christie intend, if by chance
they win, to send her to Gov-
ernment House?

Mr Symonette said that there
are a lot of people waiting in
the PLP to take Mr Christie's
job. :
“Ask Allison, Fred
(Mitchell), Obie, Vincent Peet,
and Bernard Nottage, but yet
they focusing on Hubert Ingra-
ham and me. The only man that
will be Prime Minister on May 2
is Mr Hubert Ingraham,” he
said.

THE GATEWAY TO THE CARIBBEAN.

SUR MER”

more Ginn communities...

LAURELMGR RESORT”

BarrLe

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BELLA GOLE

A OMEN LUM OG

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At Ginn Resorts™, we’re proud to have Ginn sur Mer™ as our flagship resort community. As the gateway to the

Caribbean, Ginn sur Mer will feature all of the luxurious amenities one would expect from a Ginn resort. But it will

also feature members of our new Bahamian family. When Ginn sur Mer is completed and fully operational, it will

employ more than 7,000 people, most of whom will be Bahamians. In addition to Ginn sur Mer, Ginn Resorts is

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Ginn Resorts and Ginn sur Mer, proud partners with our new family in The Bahamas.



RESORTS”





SS a = =

Â¥



PAGE 8, TUESDAY, MAY 1, 2007

2.1

2.2

2.3

2.4

2.5

Credit Sulsse Brazi! (Bahamas) Limited

Balance Sheet
As of December 31, 2006

Gintousends of US eomers)

Note 2006 2005
Cash and cash equivalents 4 186,033 203,043
Placements with banks 5 65,045 -
Loans and advances 6 210,869 -
Derivative financial instruments 10 42,235 233
Receivables from brokers, dealers, clearing
organizations and customers 2.6 40,028 :
Other assets _ 1,662 :
Total assets 545,872 204,176
7 107,073
Deposits from customers . d
Borrowed funds 8 261,846 -
Derivative financial instruments 10 42,662 3,685
Dividends payable . - 136,181
Payables to brokers, dealers, clearing - -
organizations and customers 2.6 22,142 - -
Other llabilities 1241 300
Tota! liabilities 434,064 134,176
Equity :
Capital 9 70,000 70,000
Retained eamings ——__—40,008 _______=
Total equity 110,908 70,000
Total Habiltties and equ 545 872 204,716




were approved on behalf of the Board on April 26, 2007 by:



Notes to the Balance Sheet
Organization and operations

Credit Suisse Brazil (Bahamas) Limited (“the Company”) was originally incorporated on
December 15, 1999 in the British Virgin Islands and licensed under the International Business

Companies Act (Chapter 291).

On October 12, 2004, the Registrar General of The Commonwealth of The Bahamas approved
the Company's domicile transfer and the change of its name from Credit Suisse First Boston
(BVI) Limited to Credit Suisse First Boston Brazil (Bahamas) Limited.

On December 20, 2004, pursuant to Section 4 of the Banks and Trust Companies Regulation
Act, 2000, the Govemor of thé Central Bank of The Bahamas granted the Company a license
to carry on banking and trust business. ‘

The Company is a wholly owned subsidiary of Banco de Investimentos Credit Suisse (Brazil)
S.A. In Brazil (“the parent company”), which in turn is a wholly owned subsidiary of Credit
Suisse in Zurich, Switzerland ("the CS Group”). The Company has extensive transactions
with affiliated companies and operates in conjunction with its parent company. As for Brazilian
banking regulations, its operating limits are consolidated with the parent company’s limits.

The Company's registered office is situated at Bahamas Financial Centre, 4" floor, Shirley &
Charlotte Streets in the city of Nassau on the Island of New Providence, one of the islands of
The Commonwealth of The Bahamas.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of this balance sheet is set out
below. These policies have been consistently applied to all the years presented, unless
otherwise stated.

Basis of preparation

This balance sheet have been prepared in accordance with International Financial Reporting
Standards (IFRS). This balance sheet have been prepared under the historical cost
convention, as modified by the revaluation of financial assets and financial liabilities held at fair
value through profit or loss and all derivative contracts.

The preparation of financial statements in conformity with IFRS requires the use of certain
critical accounting estimates. , It also requires management to exercise its judgment in the
process of applying the Company's accounting policies. Actual results could differ from those
estimates. :

Estimates and underlying assumptions are reviewed on an ongoing basis. .In particular,
information about areas involving a higher degree of judgment and where assumptions and
estimates are significant to the financial statements are disclosed in notes 2.3, 2.5 and 11.

A number of amendments to standards and interpretations have been issued and are effective
from 1 January 2006. The application of the amendments and interpretations did not result in
substantial changes to the Company's accounting policies.

In addition, a number of new standards, amendments and interpretations have been issued
which are not effective for accounting periods beginning on 1 January 2006. The Company
has chosen not to early adopt any of the standards, amendments and interpretations.

Management estimates that the adoption of these new standards, amendments and
interpretations will not have a significant impact on the Company's financial statements in the
period of initial application, except for the adoption of IFRS 7, Financial instruments:
Disclosures, which will increase the level of disclosures relating to financial Instruments.

Forelgn currency translation
(a) Functional and presentation currency

The Bahamian dollar is the currency of the country where the Company is domiciled. Items
included in the financial statements are measured in United States dollars (‘USD’) which is the
currency of the primary economic environment in which the Company operates.

The financial statements are presented in United States dollars (‘USD’), which is the
Company's functional and presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation at year-end exchange rates
of monetary assets and liabilities denominated in foreign currencies are recognized in the
income statement.

Financial assets

The Company classifies its financial assets in.the following categories: financial assets at fair
value through profit or loss and loans and receivables. Management determines the
classification of its investments at initial recognition.

(a) Financial assets at falr value through profit or loss

Financial assets held for trading are measured at fair value through profit or loss. A financial
asset is classified as held for trading if itis acquired or incurred principally for the purpose of
selling or repurchasing in the near term or if it is part of a portfolio of identified financial
Instruments that are managed together and for which there is evidence of a recent actual
pattem of short-term profit-taking. Derivatives are also categorised as held for trading unless _
they are designated as hedging instruments.

(b) Loans and recelvables

Loans and receivables are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market. They arise when the Company provides money
directly to a debtor with no intention of trading the receivable.

Securities purchased under agreements to resell (‘reverse repos’) are recorded as loans to
other banks or customers, as appropriate. The difference between resale and purchase price
is treated as interest and accrued over the life of the agreements using the effective interest
method.

Purchases and sales of financial assets at fair value through profit or loss are recognised on
the trade-date — the date on which the Company commits to purchase or sell the asset. Loans
are recognised when cash is advanced to the borrowers.

Financial assets are initially recognised at fair value plus transaction costs for all financial
assets not carried at fair value through profit or loss. Financial assets are derecognised when
the rights to receive cash flows from the financlal assets have expired or where the Company
has transferred substantially all risks and rewards of ownership. Financial liabilities are
derecognized when they are extinguished - that is, when the obligation is discharged,
cancelled or expires.
Financial assets at fair value through profit or loss are subsequently carried at fair value,
Loans and receivables are carried at amortised cost using the effective interest method. Gains,
and losses arising from changes in the fair value of the ‘financial assets at fair value through
profit or loss’ category are included in the income statement in the period in which they arise.

|
The fair values of quoted investments in active markets are based on current bid prices. If the
market for a financial asset is not active (and for unlisted securities), the Company establishes, ;
fair value by using valuation techniques. These include the use of recent arm's length
transactions, discounted cash flow analysis, option pricing models and other valuation
techniques commonly used by market participants. ‘

Impairment of financial assets

The Company assesses at each balance sheet date whether there is objective evidence that a
financial asset or group of financial assets is impaired. A financial asset or a group of
financial assets is impaired and impairment losses are incurred only if there is objective
evidence of impairment as a result of one or more events that occurred after the initial
recognition. of the asset (a ‘loss event’) and that loss event (or events) has an impact on the
estimated future cash flows of the financial asset or group of financial assets that can be
reliably estimated.

For the purposes of a collective evaluation of impairment, financial assets are grouped on the
basis of similar credit risk characteristics (ie, on the basis of the Group's grading process that
considers asset type, industry, geographical location, collateral type, past-due status and other
relevant factors). Those characteristics are relevant to the estimation of future cash flows for
groups of such assets by being indicative of the debtors’ ability to pay all amounts due
according to the contractual terms of the assets being evaluated. |

Derivative financial Instruments

Derivatives are initially recognized at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at their fair value. All derivatives are carried
as assets when fair value is positive and as liabilities when fair value is negative. Gains and
losses arising from changes in the fair value of these instruments are included in ‘net tradin~
income’.

2.6

2.7

2.8

2.9

2.10

THE TRIBUNE

Fair value is determined using quoted market prices where a price efficient and liquid market
exists. If listed market prices are not available, fair value is determined based on valuation
techniques. These include net present value techniques, the discounted cash flow method
Price quotations ascertained from brokers, price activity of similar instruments traded in
different markets and pricing models which, where appropriate, take Into account current
market and contractual prices for the underlying securities, as well as time value and volatility
factors underlying the positions.

The value produced by a model or other valuation technique is adjusted to allow for a number
of factors as appropriate, because valuation techniques cannot appropriately reflect all factors
market participants take Into account when entering into a transaction. Valuation adjpstments
are recorded to allow for model risks, bid-ask spreads, liquidity risks, as well as other factors.

Management believes that these valuation adjustments are necessary and appropriate to fairly
state financial instruments carried at fair value on the balance sheet.

Receivables and payables to brokers, dealers,
clearing organizations and customers

Purchases and sales of financial instruments are recorded by the Company on a trade date
basis. Amounts due from and to brokers, dealers, clearing organizations and customers
represents receivables for instruments sold and payables for instruments purchased that have
been contracted for but not yet settled or delivered on the balance sheet date, respectively.
These trades are usually settled within the regular period through clearing organizations.

Borrowings

Borrowings are recognized initially at fair value net of transaction costs incurred. Borrowings
are subsequently stated at amortized cost; any difference between proceeds net of transaction
costs and the redemption value is recognized in the income statement over the period of the
borrowings using the effective interest method.

Income tax

The Company is not subject to corporate income or capital gain tax in The Commonwealth of
The Bahamas.

Fiduciary activities

The Company acts as trustee and In-other fiduciary capacities that result in the holding or
placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions.
These assets and income arising thereon are excluded from these financial statements, as
they are not assets of the Company.

Comparatives

Where necessary, comparative figures have been adjusted to conform with changes in
presentation in the current year.

Financial risk management

The Company engages in transactions that exposes it to financial risks in the normal course of
business. These risks include liquidity, market and credit risks.

(a) Liquidity risk

Liquidity risk is the risk that the Company is unable to meet its payment obligations associated
with its financial liabilities when they fall due and to replace funds when they are withdrawn.
The consequence may be the failure to meet obligations to repay depositors and fulfill
commitments to lend.

Liquidity risk is minimized through the concentration of high quality and liquid assets at
competitive rates, controlled by monitoring leverage levels. ! :

(b) Market risk

Market risk is the potential unfavorable change in value of a financial instrument caused by
changes in interest rates, currency exchange rates, Indices, volatilities, correlations, liquidity or
the fair values of the securities underlying the instrument. ,

Interest rate risk ,

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk
that the value of a financial instrument will fluctuate because of changes in market interest
tates. Interest rate risks are managed through exposure monitoring techniques, utilizing
numerous interest rate derivatives available in the market on a consolidated basis by the
Company's parent company.

Foreign currency risk

Foreign currency risk is managed at the parent company level on a consolidated basis. As of
December 31, 2006, after considering the foreign currency balance sheet positions and the
derivative financial instruments, the group did not have any significant net foreign currency
exposures.

Overall, the Company minimizes its exposure to market risk through various control policies,
including establishment of limits, consolidated currency/indices risk strategies and procedures
of monitoring. the currency and indices risk including Value-at-Risk and Stress-testing
procedures.

Credit risk and concentration of credit risk

The Company takes on exposure to credit risk, which is the risk that « counterparty will cause -

a financial loss for the Company by failing to discharge an obligation. Credit exposures arise
principally in lending activities that lead to loans and advances.

Credit risk is minimized through transactions with related parties or “first class” clients, .
monitoring and determining credit limits based on the clients financial position..and. ;

counterparty diversification.

The credit exposure associated with derivatives Is generally a fraction of the notional value of
the instrument. The Company measures all derivative positions at fair value on a daily basis.
The Company minimizes its exposure to credit risk by dealing with creditworthy counter-parties
and through the use of collateral policies, offsetting arrangements and credit exposure limits,
based on the financial condition of the applicable counter-parties. The Company's main
concentration in “over-the-counter” (‘OTC’) contracts is represented by transaction with
counterparties within the financial services sector, including banks, brokers and dealers.

Cash and cash equivalents

The balance is substantially represented by an interest bearing demand deposit with an entity
in the CS Group, in the amount of US$ 185,219 (2005 - US$ 203,913). Interest on demand
deposits is recorded as “Interest income” in the income statement.

Placements with banks

2006
Time deposit ‘ 54,604
Certificate of deposit 10,441
Total 65,045
Period from balance sheet date to contractual maturity date:
3-12 months 10,441
1-5 years 54,604
Total 65,045

Lrg deposits are maintained with related parties and are all subject to variable interest rate
risk.

Loans and advances

2008

Loans to customers ; 161,627
Loans to banks 50,172
Gross Loans and advances 211,799,
Allowance for impairment (930)
Total , 210,869
Period from balance sheet date to contractual maturity date:

3 - 12 months 40,852
1-5 years 170,947
Allowance for impairment ____(930)
Total ___210,869

A substantial portion of the Company's loans consists of short-term collateralized financing
transactions. Loans are denominated in US dollars with maturity periods ranging up to 4
years and bearing variable interest rates.

The allowance impairment on the Company's lending portfolio was considered appropriate by
management to fairly state the loans on the balance sheet.

Deposits from customers

2006
Demand accounts 3,481
Time deposit 52,779
Certificates of deposit 50,813
Total 107,073
Period from balance sheet date to contractual maturity date:
On demand 3,481
Up to 3 months 60,475
3-12 months 43,117
Total 107,073

Demand deposits and certificates of deposit are subject to variable interest rate risk. Time
deposits bear fixed interest rates.

Borrowed funds

2006
Borrowed funds with related parties 155,662
Credit linked notes 106,184
Total 261,846
Period from balance sheet date to contractual maturity date:
Up to 3 months oo 138,444
3 - 12 months 53,517
1-5 years 69,885
Total 261,846

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A substantial portion of the Company's borrowed funds with related parties, in the amount of
US$ 142,032, consists of short-term collateralized financing transactions, carried at amortized
cost with fixed interest rates ranging from 5.35% to 5.37% per annum.

Credit linked notes are short and long-term obligations of the Company. The redemption of
the notes Is linked to one or more debt instruments or loans ("Reference Instruments”) Issued
by corporate issuers or borrowers (“Reference tssuer(s)’). The Company's obligation to
redeem the notes is conditional upon the non-occurrence of a number of events, such as a
payment default by a Reference Issuer in respect of a Reference Instrument or certain other
drbt obligations, or a prohibition or restriction on the convertibility of the Reference Instrument.
The redemption value of the notes may aiso be subject to adjustment for, among other things,
changes in a Reference Issuer's country, including tax changes. ’

The effective interest on these notes Is based on the Reference Instruments and period to

Shareholder’s equity
The authorized, issued and fully paid share capital of the Company amounts to US$ 70,000,
Givided Into 70 million common shares of US$ 1.00 each.

On December 31, 2005, the Board of Directors approved the distribution of dividends in the
amount of US$ 130,191.

Derivative financial instruments

In the normal course of its business, the Company purchases and sells various financial
instruments with off-balance sheet risks.

A summary of the Company’s derivative contracts outstanding as of December 31, 2006 and
2005 Is presented In the table below, showing the total of their absolute notional values broken
down by type, period of expected maturity from the balance sheet date and fair values.

A summary of the Companys derivative contracts outstanding as of December 31, 2006 and
2005 Is presented in the table below, showing the total of their absolute notional values broken

down by type, period of expected maturity from the balance sheet date and fair values.

















2006
Notional amount with Wie of Falr value
Between
Lees then Smonths More then
3 months and 1 yeer 1 yeer Total Assots Liabiiittes
teterest contracts
Interest rete evans 30,000 86,837 115,937 1,957
Foreign exchange contracts
OTC forwerd contracts 1,831,274 837,140 496,267 3,166,681 29,007 28,811
Currency seeps ° 10,300 45,000 55,300 7,385 59
OTC options 4870 43,828 181 230,051 3,537 12,741
1,836,144 891,268 724,820 3,452,032 40,029 41,611
Equity contracts
OTC options . 30,000 30,000 : 7
Other contracts
Credit defaull swap 301 : 3,654 4,045 : 854
Commodities swap : 20,000 > ___ 30,000 249 197
391 20,000 3,654 24,045 _ 249 1,051
1,836,535 941,268 844.211 3,622,014 42,235 42,662
2005
Notional amount with remaining Ife of Fair value
_ Between
Less than 3 months More then
3. months and 1 yeer iyear Total Assots Liabilities
Foreign exchange contracts j
OTC forward contracts 207,713, - 10,000 217,713 233 3,685



The majority of the foreign exchange contracts above are represented by transactions in
Brazilian reais, United States dollars and Euros.

The positive fair value of the derivatives represents the maximum possible credit exposure if a
counterparty defaults on Its contractual obligation.

The notional or contract amounts are not reflected in the Company's balance sheet and are
indicative only of the Company's degree of use of derivatives.

Fair value disclosure of financial Instruments

Fair value estimates are made at a specific point in time, based on market conditions and
information ‘of financial instruments. These estimates are subjective in nature and involve
uncertainties and matters of significant judgment and therefore, cannot be determined with
precision. Changes in assumptions could significantly affect the estimates.

Management estimates that the total fair value of financial assets and liabilities carried at
amortized cost do not differ materially from their carrying values given that average effective
interest rates approximate the current interest rates available to the Company for loans and
placements and offered by the Company for deposit liabilities with similar maturities.
t does not consider there to be a significant difference between the fair value of
financial assets and liabilities carried at amortised cost and their carrying value. The method of
determining fair value of financial assets and liabilities is described in notes 2.3 and 2.5.

Related parties

Assets, liabilities, Income and expenses arising from transactions with related parties are as
follows: aes.

2006 2005
Assets
Cash.and cash equivalents 185,219 203,913
Placements with banks 65,045 -
Derivative financial instruments 34,547 233
Loans and advances'” i 49,921 —_
Receivables from brokers, dealers, clearing
organizations and customers 12,750 -
Other assets 649 :
Total : 347,565 204,212
Liabilities
Borrowed funds 210,509 -
Derivative financial instruments _ 39,066 3,520
Dividends payable - 130,191
Payables to brokers, dealers, clearing
organizations and customers 16,919 :
Total . 211,647 133,711
Income Statement
Interest income . 10,008 9,504
Interest expense (5,065) (5,055)
Fee and commission expense (269) -
Net trading income , 16,546 78,526

PRICEVATERHOUSE(GOPERS



PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, Bahamas
Website: www.pwe.com

THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 9





Cis eT Me) MCC NCTC am Clie L

THE Governor General Arthur Hanna christens the Lady Rosalind II, by smashing a bottle of —

champagne against its bow during commissioning ceremonies last Thursday at Potter’s Cay Dock.--
Shown with the Governor General are his wife Beryl Hanna and Captain Eddins Taylor, owner of-

the Lady Rosalind I.

(Photo: BIS/Tim Aylen)

Sea Hauler victims

renew calls for |

compensation as"
election nears

@ By TAMARA FERGUSON

TWO days before Bahami-
ans are set to cast their votes in

‘the general elections, victims of

the Sea Hauler and United Star
collision are once again appeal-
ing to the government for com-
pensation — which they say
should have been awarded to
them nearly four years ago.

Four people lost their lives
and a number of others were
injured when the two vessels
collided on the way to a regatta
in Cat Island in 2003. An inde-
pendent commission found the
government partially responsi-
ble for the accident.

During a demonstration held
in Rawson Square yesterday,
the victims said it is time that
justice is served.

Cedric Hanna, one of the vic-
tims, said that he is frustrated
and tired of broken promises.

“This demonstration today is
not an election issue, it is a
human rights issue,” he said.

Mr Hanna, who received
spinal injuries in the boat crash,
waved a placard which read:
“Time to close this chapter and
let us get on with our lives.”

Tenneson Leslie, who lost his
leg during the collision, said he
has not been able to hold a
steady job because of the acci-



@ SEA Hauler victims protest in Rawson Square on Monday
morning, saying they are tired of government’s empty promises. :

(Photo: Tim Clarke/Tribune staff)

dent.

According to Mr Leslie, he
and his family have to be taken
care of by his mother.

Mr Leslie’s wife, Breunell,
died in the crash, which he said
was an even greater loss for him.

“Life has been hard since the
accident. J want justice, not bro-
ken promises,” he said.

Another victim of the crash,

who received injuries to both
her arm and leg said: “Life has-
n’t been the same since the acci-
dent. I have to undergo surgery
as a result of injuries sustained
from the crash and need
finances for the surgery,” she
said.

“Its almost four years since
the crash, and our lives haven’t
been the same.”

E-mail: pwcbs@bs.pwe.com

Te (242) 302-5300
INDEPENDENT AUDITORS’ REPORT ecu
To the Shareholders and Board of Directors of Credit Suisse Brazil

(Bahamas) Limited



We have audited the accompanying balance sheet of Credit Suisse Brazil (Bahamas) Limited
(the Company) as of December 31, 2006 and a summary of significant accounting policies and
other explanatory notes. :

Management's Responsibility for the Financial Statements _

Management is responsible for the preparation and fair presentation of this balance sheet in

SC BOOTLE
teacher Enzil Cooper,
performs a dramatic

accordance with Intemational Financial Reporting Standards. This responsibility includes: iece during the E
designing, implementing and maintaining intemal control relevant to the preparation and fair Pp g
presentation of financial statements that are free from material misstatement, whether due to Clement Bethel

National Arts Festival
adjudication in
Cooper’s Town,

fraud of error, selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Abaco, on April 23.

Our responsibility is to express an opinion on this balance sheet based on our audit. We Adjudicators and
conducted our audit in accordance with Intemational Standards on Auditing. Those standards a

require that we comply with ethical requirements and plan and perform the audit to obtain representatives of the

reesonable assurance whether the balance sheet is free from material misstatement. Cultural Affairs

Division were in

An eudit involves performing procedures to obtain audit evidence about the amounts and Abaco for three days

disclosures in the financial statements. The procedures selected depend on the auditors’
Judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors

consider intemal control relevant to the entity's preparation and fair presentation of the

financial statements in order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion on the effectiveness of the *
entity's intemal control. An audit also includes evaluating the appropriateness of accounting

policies used and the reasonableness of accounting estimates made by management, as well

as evaluating the overall presentation of the financial statements. :

adjudicating singers,
dancers, actors and
musicians, in the
schools and
communities there.





We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
besis for our audit opinion.

Opinion

In our opinion, the accompanying balance sheet presents fairty, in all material respects, the
financial position of the Company as of December 31, 2006, in accordance with International
Financial Reporting Standards.

@ MUSIC
adjudicator for the
E Clement Bethel
National Arts F
estival Cleophas

Emphasis of Mater Adderley (second
Without qualifying our opinion, we emphasise that the accompanying balance sheet does not right) speaks
comprise a complete set of financial statements in accordance with International Financial during the
Reporting Standards. Information on resutts of operations, cash flows and changes in equity is festival’s
necessary to obtain a complete understanding of the financial ion, performance and sae ge
changes in financial position of the Company. cone adjudication at SC
. Bootle High
( Ci School.

Mere rout OORL (Photos:

Chartered Accountants BIS/Eric Rose)

Nassau, Bahamas
April 26, 2007







PAGE 10, TUESDAY, MAY 10, 2007 THE TRIBUNE

Ra

Loans and advances are created by the Bank providing money to its customers other than those
created with the intention of short term profit taking. Loans and advances comprise loans and

Telephone 242 393 2007 advances to customers other than purchased loans.

PO Box N 123 Fax 242 393 1772 . :
Montague Sterling Centre Internet | www.kpmg.com.bs Held-to-maturity financial instruments are financial assets and liabilities with fixed or
East Bay Street determinable payments and fixed maturities that the Bank has the intent and ability to hold to

Nassau, Bahamas

INDEPENDENT AUDITORS' REPORT

To the Shareholders of Credit Suisse (Bahamas) Limited

Report on the Consolidated Balance Sheet

We have audited the accompanying consolidated balance sheet of Credit Suisse (Bahamas) Limited (the
as at December 31, 2006, and the summary of significant accounting policies and other explanatory notes.

“Bank”),

Management's Responsibility for the Consolidated Fi inancial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance sheet in
accordance with International Financial Reporting Standards (“IFRS”). This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of the consolidated
financial statements that is free from material misstatement, whether due to fraud or error, selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this consolidated balance sheet based on our audit. We conducted
our audit in accordance with International Standards on Auditing. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated
balance sheet is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on our judgment, including the assessment of

the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In —

to the Bank’s preparation and fair presentation

making those risk assessments, we consider internal control relevant p n
priate in the

of the consolidated financial statements in order to design audit procedures that are appro)
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the consolidated

financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion. : :
Opinion

In our opinion, the consolidated balance sheet presents fairly, in all material respects, the financial position of
Credit Suisse (Bahamas) Limited as of December 31, 2006 in accordance with IFRS.

Emphasis of Matter
Without qualifying our opinion we emphasize that the balance sheet does not comprise a complete set of financial
statements prepared in accordance with IFRS. Information on results of operations, cash flows and changes in
equity is necessary to obtain a complete understanding of the financial position, performance and cash flows of the

Bank.

KP MGe

Chartered Accountants
Nassau, Bahamas :

April 27, 2007

CREDIT SUISSE (BAHAMAS) LIMITED



Consolidated Balance Sheet
December 31, 2006, with corresponding figures for 2005
(Expressed in United States dollars)
Note 2006 2005
Assets
Due from banks
- demand deposits 9 $ 52,491,394 34,841,959
- time deposi 3&9 1,411,143,344 —_1,432,594,464
1,463,634,738 1,467,436,423
Loans and advances : 4 169,128,844 146,731,272
Securities purchased under agreements to rese! 6&9 14,832,079 158,341,409
Accrued interest and other assets 9 11,965,038 8,745,120
hg a a eR ee
Total Assets $ 1,659,560,699 —_1,781,254,224
Fiat LENNIE IEEE SEER
4
Liabilities
Due to banks
+ demand deposits 9 $ 16,093,548 4,837,637
- time deposits 3&9 55,300,000 39,524,088
71,393,548 44,361,725 -

Customers’ deposits 5
-demand deposits ~ . 9 756,409,515 781,951,660
9 682,717,912 708,603,398



- time deposits
1,439,127,427 —-1,490,555,058

Securities sold under agreement to repurchase 6&9 12,041,931 138,849,188
Accrued interest and other liabilities 9 20,731,847 10,919,524
Total Liabilities 1,543,294,753 — 1,684,685,495
Shareholder's Equity
Share capital: : ;

Authorized, issued and fully paid: deri : ae :

12,000,000 shares of $1.00 each 12,000,000 12,000,000
General reserve 15 ~ 20,000,000 20,000,000
Retained earings 84,265,946 64,568,729
Total Shareholder’s Equity 116,265,946 96,568,729

Total Liabilities and Shareholder’s Equity $ 1,659,560,699 —1,781,254,224

Commitments 7&8

See accompanying notes to consolidated balance sheet.
This consolidated balance sheet was approved on behalf of the Board of Directors on April 27, 2007 by
the following:

MYC. Director Treasurer

. Notes to Consolidated Balance Sheet

December 31, 2006
(Expressed in United States dollars)



1. General Information
Credit Suisse (Bahamas) Limited ("the Bank"), which is a wholly-owned subsidiary of Credit Suisse,
Zurich, Switzerland (the “Parent"), is incorporated under the laws of The Commonwealth of The
Bahamas and is licensed under the Banks and Trust Companies Regulation Act, 1965 to conduct
international banking and trust services. The Parent and its branches and subsidiaries are referred to
in these consolidated balance sheet as “‘Affiliates”’.

The registered office of the Bank is located in the Bahamas Financial Centre, Shirley and Charlotte
Streets, Nassau, Bahamas.
2. Basis.of preparation and summary of significant accounting policies
(a) Statements of compliance :
This consolidated balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS) and interpretations adopted by the International Accounting
Standards Board.

Financial assets and liabilities and non-financial assets and liabilities are stated at amortised
cost or historical cost.

(b) Basis of consolidation

The consolidated balance sheet includes the accounts of the Bank and its wholly-owned
subsidiaries, CB Administration Limited and Credit Suisse Wealth Management Limited
(“CSWM”), all of which were incorporated under the laws of The Commonwealth of The
Bahamas. CB Administration Limited and CR Administration Limited were incorporated on
August 31, 1995 to serve as corporate officers and directors of companies managed by the
Bank. CR Administration was liquidated during 2006. CSWM was incorporated on September
5, 2003 to provide banking services to clients of the Bank and its affiliates.

Subsidiaries are entities controlled by the Bank. Control exists when the Bank has the power
to govern the financial and operating policies of an entity so as to obtain benefits from its
activities. In assessing control, potential voting rights that presently are exercisable are taken
into account. The balance sheet of subsidiaries are included in the consolidated balance sheet
from the date that control commences until the date that control ceases.

Intra-company balances arising from intra-group transactions, are eliminated in preparing the
consolidated balance sheet.

(c) Foreign currency translation

The functional and reporting currency of the Bank is United States dollars, as the’ Bank’s share
capital is denominated in United States dollars, a significant amount of the Bank's transactions
are carried out in United States dollars and the majority of the Bank’s assets are held in this
currency.

Assets and liabilities maintained in foreign currencies are translated into United States dollars
at the rates of exchange prevailing at the consolidated balance sheet date.

(d) Assets under management

The Bank is engaged in the provision of corporate management services involving a large
number of clients with substantial funds under administration.

Property in the amount of $3,173 million (2005 - $2,810 million) held by the Bank in a
fiduciary or agency capacity for its customers has not been included in this consolidated
balance sheet since such items are not assets of the Bank.

(e) Firencial instruments
Classification

Cash and cash equivalents are short term “highly liquid investments” which are readily
convertible into known amounts of cash without notice or within three (3) months of maturity
when acquired. Bank overdrafts, which are repayable on demand and form an integral part of
the Bank’s cash management are included as a component of cash and cash equivalents.

maturity. These include cash and cash equivalents (except deposits on demand), deposits with
banks, deposits from banks, deposits from customers, securities purchased under agreements
to resell and securities sold under agreements to repurchase.

Financial liabilities that are not at fair value through profit and loss are accrued interest
payable and other liabilities. -
Recognition

The Bank recognizes financial instruments on the day that funds are disbursed or received as
applicable.

Measurement

Financial instruments are measured initially at fair value, which normally will be equal to the
transaction price, plus, in case of a financial instrument not at fair value through profit or loss,
transaction costs that are directly attributable to the acquisition or issue of the financial

instruments.

Subsequent to initial recognition all non-trading financial liabilities, loans and advances and
held-to-maturity assets and liabilities are measured at amortized cost less impairment losses,
where applicable. Amortized cost is calculated using the effective interest rate method.

Derecognition
A financial asset is derecognised when the Bank loses control over the contractual rights that

comprise that asset. This occurs when the rights are realized, expire or are surrendered. A
financial liability is derecognised when it is extinguished.

() Securities financing arrangements

The Bank enters into purchases (sales) of investments under agreements to resell (repurchase)
substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognized. The Bank,
under the terms of these agreements, has the right to pledge or sell the assets received. The
amounts paid are recognized in securities purchased under agreements to resell. The
receivables are collateralized by the underlying security.

The difference between the sale and repurchase considerations is recognized on an accrual
basis over the period of the transaction.

The Bank may pledge securities received as collateral to secure borrowings under repurchase
agreements. As these securities received and subsequently repledged are not owned or sold
short by the Bank, these securities are not recognized.

(g) Impairment

Financial assets that are stated at cost or amortized cost are reviewed at each balance sheet
date to determine whether there is objective evidence of impairment. Financial assets are
impaired when objective evidence demonstrates that a loss event has occurred after the initial
recognition of the asset, and that the loss event has an impact on the future cash flows of the
asset that can be estimated reliably.

Objective evidence that financial assets are impaired can include default or delinquency by a
borrower, restructuring of a loan or advance by the Bank on terms that the Bank would not
otherwise consider, indications that a borrower or issuer will enter bankruptcy, the
disappearance of an active market for a security, or other observable data relating to a group of
assets or economic conditions that correlate with defaults in the Bank. If any such indication
exists, the asset’s recoverable amount is estimated.

If any such indication exists, the asset’s recoverable amount is estimated and the impairment
loss is recognized. If in a subsequent period the amount of an impairment loss recognized on a
financial asset carried at cost decreases and the decrease can be linked objectively to an event
occurring after the write-down, the write-down is reversed.

(h) Offsetting
Financial assets and liabilities are set off and the net amount presented in the balance sheet
when, and only when, the Bank has the legal right to set off the amounts and intends either to
settle on a net basis or to realize the asset and settle the liability simultaneously.

(i) Provisions

A provision is recognized if, as a result of a past event, the Bank has a present legal or "
constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected future cash flows at a rate that reflects current market assessments of
the time value of money and, where appropriate, the risks specific to the liability.

@) ‘Financial guarantees

Financial guarantees are contracts that require the Bank to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when

due in accordance with the terms of a debt instrument.
é

Financial guarantee liabilities are initially recognized at their fair value, and the initial fair
value is amortized over the life of the financial guarantee. The guarantee liability is
subsequently ‘carried at the higher of this amortized amount and the present value of any
expected payment (when a payment under the guarantee has become probable). :

At December 31, 2006, there ‘were no financial guarantee liabilities recognized in’ the
consolidated balance sheet (2005 - $nil). - : % :

(k) Use of estimates

The preparation of balance sheet in conformity with IFRS requires management to make
judgments, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at
the date of the consolidated balance sheet. The estimates and associated assumptions are
based on historical experience and various other factors that are believed to be reasonable
under the circumstances, and the results of which form the basis of making the judgments
about carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the éstimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods. The accounting policies have been applied
consistently by the Bank and are consistent with those used in the previous year.

Key source of estimation uncertainty are described in accounting policy 2(g)
3. Due from/to Banks — Time Deposits 4

Due from banks time deposits earned interest at annual rates ranging from 1.81% to 7.00% at
December 31, 2006 (2005 - 0.66% to 6.84%).

Interest was paid on balances due to banks — time deposits at annual rates ranging from 0% to 5.41%
at December 31, 2006 (2005 - 0.09% - 4.81%).

4. Loans and Advances

Loans and advances are comprised of secured loans and overdrafts. Secured loans are those which
are either guaranteed by first class financial institutions. and companies or are adequately
collateralized. Annual interest rates ranged from 1.09% to 7.12% at December 31, 2006 (2005 -
0.89% to 6.37%). The loan loss provision for 2006 and 2005 is nil.

Customers’ Deposits

Interest was paid on customers’ deposit balances at annual rates ranging from 0.9% to 7.0% at
- December 31, 2006 (2005 - 0.40% to 5.94%).

Security financing arrangements

The Bank purchases financial instruments under agreements to resell them at future dates. The seller
commits to repurchase the same or similar instruments at an agreed future date. The securities
purchased under agreements to resell are entered into as a facility to provide funds to customers. At
December 31, 2006 securities purchased under agreements to resell were as follows:

2006









Fair value of Carrying

assets held as : amounts of

collateral receivable

Government bills and bonds $17,232,542 14,832,079
2005

Fair value of Carrying

assets held as amounts of

collateral receivable

Government bills and bonds $171,494,305 158,341,409

The Bank has pledged securities received as collateral for securities purchased under agreements to
resell with a fair value of $10,276,008 (2005- $128,300,475) to secure liabilities due under securities
sold under agreements to repurchase as noted below.

Securities purchased under agreements to resell earned interest at annual rates ranging from 4.65% -
5.85% (2005 - 1.9 % to 4.8%). ‘

The Bank also raises funds by selling or pledging financial instruments under agreements to repay
the funds by repurchasing the instruments at future dates at the same price plus interest at a
predetermined rate. The securities sold under agreements to repurchase are commonly used as a tool
for short-term financing of interest-bearing assets, depending on the prevailing interest rates. At
December 31, 2006 assets sold/pledged under agreements to repurchase were as follows:



2006
; Fair value of Carrying amount of
underlying corresponding
assets liabilities
assets EE
Government bills and bonds $ 10,276,008 12,041,931
2005
Fair value of Carrying amount of
underlying corresponding
assets liabilities
Government bills and bonds $ 128,300,475 138,849,188

Securities sold under agreements to repurchase bore interest at annual rates ranging from 4.60% -
5.10% at December 31, 2006 (2005 - 1.4% to 4%). :



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THE TRIBUNE




7. Financial Instruments

The Bank is party to financial instruments with off-balance sheet risk and other derivative financial
instruments in the normal course of business to meet the financing needs of its customers. Financial
instruments include commitments to extend credit at fixed and floating rates, standby letters of credit
and currency swap agreements. These instruments involve, to varying degrees, elements of credit
and interest rate risk in excess of the amount recognized in the consolidated balance sheet.
However, the Bank's credit risk is minimal, since most of the instruments have been entered into on
behalf of clients.

The contract or notional amounts of financial instruments reflect the extent of the Bank's
involvement in particular classes of financial instruments and do not measure the Bank's exposure to
credit or market risks and do not necessarily represent the amounts exchanged by the parties to the
instruments. The amounts exchanged are based on the contractual notional amounts and the other
terms of the instruments. Notional amounts are not included in the consolidated balance sheet and
generally exceed the future cash requirements relating to the instruments.









Interest rate, liquidity and currency risks

The Bank manages its exposure to interest rate changes, liquidity and currency risk related to its
portfolio of loans and customer deposits by maintaining a matched book of assets and liabilities by
currency and maturity. Its objective is to manage the impact of interest rate changes on earnings.
The notional amount of derivative financial instruments used by the Bank to manage interest rate
and currency risks for clients accounts, forward contracts, at the balance sheet date was
approximately $1,023 million (2005 - $3,091 million), comprised of $596 million (2005 - $2,667
million) of purchase commitments, and $427 million (2005 - $424 million) of sale commitments.








Credit commitments

The Bank has outstanding in the normal course of business, payment obligations and guarantees of
$56,969,567 (2005 - $48,858,090). The Bank's maximum potential exposure to credit loss in the
event of non-performance by the other parties to the commitments to extend credit is represented by
the contractual notional amount of those instruments. The Bank uses the same credit policies in
making commitments and conditional obligations as it does for on-balance-sheet instruments.
Management does not anticipate any material loss as a result of these transactions







Credit risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation
or commitment that it has entered into with the Bank. The Bank has a credit policy in place and the
exposure to credit risk is monitored on an ongoing basis. The carrying amounts of financial assets
and the outstanding amounts of credit commitments best represent the maximum credit risk exposure
at the consolidated balance sheet date.






Fair value

Management estimates that the total fair value of loans and deposit assets and liabilities do not differ
materially from their carrying values given that average effective interest rates approximate the
current interest rates available to the Bank for loans and placements and offered by the Bank for
deposit liabilities with similar maturities.





Management does not consider the exposure to certain of these risks to be significant for the
following reasons: (1) the Company’s financial assets, for the most part, are comprised of short-term
«deposits with reputable financial institutions (primarily Affiliates), and (2) financial liabilities are
comprised primarily of amounts due to Affiliates and customer demand deposits.




8. Commitments

In 1998 the Bank entered into an initial five year agreement with Bahamas Financial Centre Limited
to lease office space for its operations. The lease was renewed on July 1, 2003 for a further term of
five years. The annual lease rental cost is $710,620 plus service charges.

On June 26, 2006 its subsidiary CSWM Limited entered into an Assignment and Assumption of
Lease whereby the Bank assumed all lease obligations under the terms of that certain Indenture of
Lease dates as of July 1, 2003 between Fincen Limited, as landlord, and Credit Suisse First Boston
(Nassau) Branch (now known as Credit Suisse, Nassau Branch) and at the same time was released
from the lease with its parent previously scheduled to terminate on October 31, 2006. The Bank has
the option to renew its present lease until June 30, 2013.







The Bank has entered into sub-lease agreements with one non-related party and four Affiliates to
sublease portions of the leased premises. The sub-lease agreements are for initial periods of 12
months to 60 months, with options for renewal.




The Bank has entered into service level agreements with Affiliates to provide services including
information technology, operations, accounting and human resources management services. An
Affiliate provides services to the Bank under a service level agreement.




Assuming that options under lease and sub-lease agreements are exercised, future minimum lease
payments, net of sub-lease payments to be received, for premises are as follows:

eS
Not more than one year $ 785,472

Between one and five years 393,649
: $ 1,179,121

i ee EEE UIE aE EEE






9, Related Party Transactions



The Bank entered into various transactions with the Parent Company and related parties. The
consolidated balance sheet include the following related party balances and transactions:

nny 7 yyy TE
2006 - 2005










Assets













Due from banks — demand deposits $ 47,349,981 25,778,001
“Due from banks — time deposits ' 1,411,143,344 1,432,594,464
Securities purchased under agreements to resell ; 12,605,748 129,157,681
Accrued interest and other assets 4,744,274 5,741,818
Liabilities
Due to banks - demand deposits - 7,262,610 2,405,963
Due to banks - time deposits 55,300,000 39,524,088
Customers’ deposits - demand deposits » 99,587 217,156
Customers’ deposits - time deposits 3,746,265 501,000
Securities sold under agreement to repurchase - 11,675,001
Accmed interest and other liabilities 2,904,009 5,570,441







i





Pension

The Bank participates in a group contributory pension plan for local eligible employees and
reimburses the Parent for expenses associated with the international contracted employees’
participation in their pension plan. The Bank's liability is restricted to the amount of the
contributions.

11. Asset management activities






The Bark provides asset management services for a large number of clients to include individuals,

corporations, trusts and other institutions involving substantial funds, whereby it holds and manages

assets or invests funds received in various financial instruments at the discretion of the customer.

Assets under management are not assets of the Bank and are not recognized in the consolidated

balance sheet. The Bank is not exposed to any credit risk relating to such placements, as it does not
‘ guarantee these investments.










12. Taxation

Under the laws of The Commonwealth of The Bahamas, there are presently no income, withholding
or capital gains taxes payable by the Bank.

13. Concentration of Assets and Liabilities

The following is an analysis of selected assets and liabilities by geographical location:
2006:



ve United
Cayman States of
Bahamas Islands Canada Islands Europe Panama Anerica Other Totals





ASSETS
Due from banks $ 791,889,008 - 259,788 = 23,169,000 315,272,134 = 333,043,465 1,343 1,463,634,738

advances 65,126,666 1,592,131 981,072 90,000,135 1,769,549 5,769,568 2,132,895 1,756,828 169,128,844

resell 2,226,331 - - - 5,430,000 - 7,175,748

14,832,079

assets 6,843,389 - 8,340 232,608 2,678,547 11,646 1,132,314 1,058,194 11,965,038
$ 866,085,394 1,592,131 1,249,200 113,401,743 325,150,230 5,781,214 343,484,422 2,816,365 1,659,560,699



LIABILITIES
Due to banks S 21,888,088 = > = 10,468,820 - 39,036,640 - 71,393,548
Customers’
deposits 795,973,869 94,106,255 19,982,278 32,303,392 78,348,411 100,386,30 8,
eeidec wold 386,301 18,356,194 299,670,727 1,439,127,427
under agree-
ment to re- °
purchase 2,313,298 - - 9,728,633 - - - -
: 12,041,931
interest and
other
liabilities 13,766,221 225,748 40,255 91,736 493,601 61,763 ¢ 1,344,217 4,102,306 20,731,847
$ 833,941,476 94,332,003 20,022,533 42,129,761 89,310,832 100,448,064 58,737,051 304,373,033 1,543,294,753



2005:



British United
Virgin Cayman States of
Bahamas Islands Canada Islands Europe Panama America Other Totals

ASSETS
Due frombanks $ 3,074,440 = - 5,600,000 461,314,915 -
sa 992,184,243 5,262,825 1,467,436,423
advances 42,475,781 6,158,525 3,476,889 88,744,010 498,313 799,873, 3,616,656 961,225 146,731,272
Securities pur . ¥ 731,
chased under
agreements to
resell 12,383,058 157,788 - 14,841,178 726,507 1,801,70: -
703 128,431,175 158,341,409
interest and
other 4
assets 2,846,837 102,154 9,605 148,193 4,622,541 17,773 559,020 438,997 8,745,120
S$ 60,780,116 6,418,467 3,486,494 109,333,381 467,162,276 2,619,349 1,124,791,094 6,663,047 1,781,254,224

LIABILITIES
Ductobanks $ 6,169,394 - i - 124,752 - 4,
hada zy 34,069,365 1,998,214 44,361,725
deposits 889,914,946 157,807,969 21,948,552 32,397,404 97,226,693 70,277,281 84:
gece ald o 277, 27,848,939 193,133,274 1,490,555,058
under.
agreement to re-
_ purchase 124,200,060 - - - 11,675,002 i
Accrued
interest
sad ober
liabilities 9,012,477 456,305 33,334 42,259 370,958 12,239 466,075 525,877 10,919,524
$ 1,029,296,877 158,264,274 21,981,886 32,439,663 111,397,405 70,289,520 62,384,379 198,631,491 1,684,685,495

2,974,126 138,849,188,



14, Maturities of Assets and Liabilities

The following is an analysis of assets and liabilities in order of maturity:





2006
2
On demand Up to 1 Year 1 to 5 years Total
ASSETS
Due from banks $s 52,491,394 1,410,143,344 1,000,000 1,463,634,738
Loans and advances 24,249,402 144,604,442 275,000 169,128,844
Securities purchased under agreements - 5,694,360 9,137,719 14,832,079
to resell
Accrued interest .
and other assets 6,784,420 4,741,446 439,172 11,965,038
$s 83,525,216 1,565,183,592 10,851,891 1,659,560,699
LIABILITIES
Due to banks s 16,093,548 23,300,000 32,000,000 71,393,548
Customers’ deposits 756,409,514 682,717,913 - 1,439,127,427
Securities sold under agreement to - 9,728,633 2,313,298 12,041,931
repurchase
Accrued interest 3,787,319 16,944,528 - 20,731,847
and other liabilities
$ 776,290,381 732,691,074 34,313,298 * 1,543,294,753
2005 ;
a
On demand Up to 1 Year 1 to 5 years Total

ASSETS
Due from banks $ 1,038,230,202 422,487,221 6,719,000 1,467,436,423
Loans and advances 14,823,623 131,626,481 281,168 146,731,272
Securities purchased under agreements

to resell 4,015,028 154,326,381 158,341,409
Accmed interest . ;

and other assets 5,800,130 2,804,256 140,734 8,745,120

$ 1,062,868,983 711,244,339 7,140,902 1,781,254,224

LIABILITIES
Due to banks $ 4,837,637 39,524,088 - 44,361,725
Customers’ deposits 781,951,660 701,749,094 6,854,304 1,490,555,058
Securities sold under agreement to

repurchase 4,640,263 134,208,925 - 138,849,188
Accrued interest

and other liabilities 8,090,435 2,693,785 22) 0.5 135,304 10,919,524

$ 799,519,995 878,175,892 * 6,989,608 1,684,685,495

15. General reserve

The general reserve of $20 million has been established for capital adequacy purposes and generally
is not available for the payment of dividends.

16. Regulatory Capital

Guidelines issued by the Central Bank of the Bahamas require a capital level where total
shareholder’s equity must be maintained at a minimum of 8% of risk-weighted assets. At December
31, 2006 and 2005, management believes the Bank was in compliance with these capital
requirements.

17 Corresponding figures

The corresponding figures of due from banks — demand deposits has been reclassified to accrued
interest and other assets in the amount of $2,605,473 to conform with the presentation adopted in the
current year.

Your Balance Sheets & Legal Notices

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PAGE 12, TUESDAY, MAY 1, 2007 _

_ PRICEWATERHOUsE(GOPERS

Teorey

. INDEPENDENT AUDITORS’ REPORT

ra



P.O, Bex N-3910

"To the Shareholders of Fidelity Bank (Bahamas) Limited

7° We have audited the accompanying consolidated balance sheet of Fidelity Bank (Bahamas) Limited (the Bank) and its subsidiaries (cogether,

yy el |

I. Management's Responsibility for the Financial Statements

Management is responsible for the pseparation and fair presentation
nancial Reporting Standards. This responsibility includes: designing,
tion and fair presentation of financial staements that are free from material misstatement,
ing appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

qe2 cu

2870: Auditors’ Responsibility

vi aw Our responsibility is to express an opinion on this consolidated balance sheet

the Group) as of 31 December 2006 and a summary of significant accounting policies and other explanatory notes.

of this consolidated balance sheet in accordance with, Interr.ational Fi-
implementing and maintaining internal control relevant to the prepara-

whether due to fraud or error; selecting and apply-

based on our audit, We conducted our audit in accordance

“0! With International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance whether the balance sheet is free from material misstatement. ; .

5D nies

°°" ‘An audit involves performing procedures to obsain audit evidence about the amounts and disclosures in the financial statements. The proce-

dures selected depend on the auditors’ judgmens, including the assessment of the risks of material misstatement of the financial stacements,
whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation

and fair presentation of the financial statements in order to design
purpose of expressing an opinion on the effectiveness of the entity's in

audit procedures that are appropriate in the circumstances, but not for the
ternal control. An audit also includes evaluating the appropsiateness of

accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
wn 10" of the financial statements. ; :

Rol 16

ink Hr

Opinion

} : cL. We believe that the audit evidence we have obtained is sufficient and appropriate ta provide a basis for our audit opinion.

pez: In our opinion, the accompanying consolidated balance sheet presents fairly, in all material respecis, the financial position of the Group as of
j.td-. 31 December 2006, in accordance with International Financial Reporting Scandards.

W009 434

Emphasis of Matter ‘

Without further qualifying our opinion, we emphasise that the accompany’

ing consolidated balance sheet docs not comprise a complete set

Pi of financial statements in accordance with International Financial Reporting Standards. Information on results of operations, cash flows and

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Nassau, Bahamas

13 March 2007

2 ~ changes in equity is necessary to obtain a complete understanding of the financial position, performance and changes in financial position of
the Group. :

Fidelity Bank (Bahamas) Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)



Consolidated Balance Sheet ;
5 As of 31 December 2006
~~ (Amounts expressed if Bahamian dollars)

ASSETS
Cash on hand and at banks (Note 3)
Investment securities:

-financial assets at fair value through profit or loss (Note 4)

Mortgages, consumer and other loans (Note 5)

Property, plant and equipment (Note 6) —
Prepayments and other assets (Note 7)

. TOTAL ASSETS

LIABILITIES

Customer deposits (Note 8)

Loans from banks (Note 9)

Accrued expenses and other liabilities (Note 10)
TOTAL LIABILITIES

EQUITY

Capital and reserves attributable to the Bank's
equity holders i :

Share capital - ordinary shares (Note 11)

Share capital - preference shares (Note 12)

Revaluation surplus

Retained earnings

Minority interest
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY

Approved on behalf of the Board of Directors:

‘ - 4
Mie. e.

Director

13 March 2607



Date



Notes to the Consolidated Financial Statements
31 December 2006

Notes to the Consolidated Financial Statements
31 December 2006

1 lacorporation end ectivicy

Fidelity Ba. (isahaim--) | : mined (the Banh) is lncospocseed under the Com-
panies Act, 192 of the Cummenwmahh of The Behama aad is licenced under
the Banks and Trast Companie: Regulation Ac, 2000 to conty on banking
business In The Bahamas. The Bank offers a full range of setail banking ser-
vices, including internet and sclephone banking, the acceptance of deposics,
granting of loans and the provision of Sercign eachange services through each
of its four branches in Nassau, New Providence, its branch in Feeepon, Grand
Bahama and ics branch on Paradise Idand. 3

2006 2005

$ $

7,177,963 10,098,542
19,600,151 22,487,601
113,197,712 101,907,694
* 9,297,438 7,051,337

113,711,450 109,774,426
348,251 ~ 500,000
: 760,824 130,991

000,001

20,000,001
oe 10,000,000
2,621,619 1,695,320
10,424,128 10,289,639
33,045,748 26,984,960
2 888,354



33,045,748 27,873,314
149,866,273 ___142,278,731,

i eat

Director

Fidelicy Bank & Tren Imernational Limited (the Parent), » compeny incor-
porated in The Bahamas, owns 75% (2005: 68%) of the leswed shaves of the
Bonk, with the balance of 25% (2005: 32%) being held by the Behamien
public. ;

‘The registered office of che Bank is sicuared at #51 Frederick Street, Nassau,
Bahamas. As of 31 December 2006, 106 (2005: 94) persons were employed
by che Bonk. 5

‘The Bank is listed on The Bahamas International Sock Exchauge (BISX).



2 Summary of significant accounting policies

‘The principal accounting policics adopted in the preparation of this consoli-
dated balance sheet is set out below. These policies have been consistently ap-
plicd to all years presented, unless otherwise stated.

¢)) Basis of preparation

The consolidated balance sheet has been prepared in accordance with Intemna-
onal Financial Reporting Standards (IFRS). The consolidated balance sheet
has been prepared under the histotical cost convention, as modified by the
revaluation of land and buildings, and financial assets and financial liabilisies
held at fair value through profit or loss. .

‘The preparation of the consolidated balance sheet in conformity with IFRS re-
quires che use of certain critical accounting estimates. It also requires manage-
ment to exercise its judgment in the process of applying the Group's accaunt-
ing policies. The areas involving a higher degree of judgment or complexity,
of areas where assumptions and estimates are significant to the consolidated
balance sheet, are disclosed in Note 13.

(b) Consolidation

Subsidiaries arc all entities over which the Bank has the power to govern the fi-
nancial and operating policies generally accompanying a sharcholding of more
than one half of the voting rights. The existence and effect of potential vot-
ing rights chat are currently exercisable or convertible are considered whet:
assessing whether the Bank controls another entity. Subsidiaries are fully con-
solidated from the date on which control is transferred to the Bank. They arc
de-consolidated from the date that control ccases.

Intct-company transactions, balances and unrealised gains on transactions be-
tween group companies arc eliminated. Unrealised losses are also eliminated
unless the transaction provides evidence of impairment of the asset transferred.
Accounting polices of subsidiaries have been changed where necessary to en-
sure consistency with the policies adopted by the Bank.

‘The consolidated financial statements include the accounts of the Bank and its
subsidiary, West Bay Development Company Limited (West Bay) (together,
the Group), after the elimination of all significant inter-company transactions,
‘West Bay is a property holding company incorporated in The Bahamas in
which the Bank has a 100% (2005: 66 2/3%) equity interest.

© Foreign currency translation
i) Functional and presentation currency

Items induded in the financial statements of each of the Group’s enti-
des are measured using the currency of the primary economic envi-
ronment in which the entity operates (the functional currency). The
consolidated financial statements are presented in Bahamian dollars,
which is the Bank's functional and presentation currency.

ii) Transactions and balances

Foreign currency transactions arc translaced into the functional curren-
cy using the exchange rates prevailing at the date of the transactions,
Foreign exchange gains and losses resulting from the setdlement of such
transactions and from the translation of monetary assets and Itabilicies
denominated in foreign currencies are recognised in che consolidated
income statement. Translation differences on monetary financial assets

measured at fair value through profit or loss are included as part of the

fair valuc gains and losses.
@) Financial assets

‘The Group dassifies its financial assess in the following categories: financial as-

sets at fair value through profit ot loss and loans and reccivables. Management

decermines the dassification of its investment at initial recognition.
i) Financial assets at fair value through profit or loss.

‘This category has two sub-categorics: financial assets held for crading,
and chose designated at fair value through profit or loss at inception. A
financial asset is classified In this category if acquired principally for the

purpose of selling in che short term or if so designated by management. -

Government securities have been designated as financial assets at fair
value through profit and loss.

i) Loans and receivables
Loans and receivables are-non-derivative financial assets with fixed or

determinable payments that are not quoted In an active market. They

arise when the Group provides money, goods or services directly to a
debtor with no intention of trading the receivable.

Regular purchases and sales of financial assets ate recognised on trade-
date — the date on which the Group commits to purchase or sell the
asset. Financial assets are initially recognised at fair value plus transac-
tion costs, except financial assets carried at fair value through profit
or loss where such costs are expensed as incurred. Financial assets are
derecognised when the rights to receive cash flows from the financial
assets have expired or where the Group has transferred substantially all
risks and rewards of ownership. . .

Financial assets at fair value through profit or loss are subsequently
carried at fair value. Loans and receivables are carried at amortised
cost less provisions for impairment. The mortgage loans are supported
principally by first mortgages on single-family residences, provide for
monthly repayments and earn interest at variable interest rates over
periods of up co twenty-five years. Other loans are secured principally













‘The assers’ residual values and useful lives are reviewed, and adjusted if sppro-
priate, at cach balance sheet daic. Pe

Assets that are subject co amortisation are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not
be recoverable, An asset's carrying amount is written down immediately to its

recoverable amount if the asset's carrying amount is greater than its estimated
recoverable amount. The recoverable amount is the higher of the asset's fair
* value less costs to sell and value in use. .

* Increases in the carrying amount arising on revaluation of land and buildings

are credited to “revaluation surplus” in equity. ‘Decreases that offset previous

i) ‘The Group is the lessee

‘The leases entered into by the Group are primarily operating
leases. The total payments made under operating leases are

charged to the consolidated income statement on a straight-
line basis over the period of the lease. :

‘When an operating lease is terminated before the lease period

has expired, any payment required to be made to the lessor by .

way of penalty is recognised as an expense in the period in
which termination takes place.

ii) ‘The Group is the lessor

Leases comprise operating leases. Lease income is recognised
over the term of the lease on a straight-line basis.

(k) Fee and commission

Fee and commission income are recognised on the completion of the underlying
transaction, which is gencrally at che time the customer's account is charged.

® Loans trom banks

Loans from banks are recognised initially at fair value, being their istue pro-
cceds (fair value of consideration received) net of transaction costs incurred.
Loans from banks are subsequently stated at amortised cost; any difference be-
tween proceeds net of transaction costs and the redemption valuc is recognised
in the consolidated income statement over the period of the borrowings using
the effective interest method

(m) — Ordinary share capital
i) Share issue costs
Incremental costs directly attributable co the issue of new shares of op-
tons of to the acquisition of a business arc shown in equity as a deduc-
tion from the proceeds.

i) Dividends on ordinary shares

Dividends on ordinary shares are recognised in equity in the period in
which they are approved by the Bank’s Directors.

Dividends for the year that are declared after.the balance sheet date arc

dealt with in the subsequent events note.

(a) —— Preference share capital

Preference shares on which dividends arc payable at the discretion of the
Directors, have no specific date for redemption and on which the share-
holder has no option for redemption, arc classified as share capital and are
included in equity. 4

) Share issue costs

Incremental costs direcily attributable to the issue of new shares or op-
tons of to the acquisition of a business are shown in equity as a deduc-
tion from the proceeds.

ii) Dividends on ordinary shares

Dividends on ordinary shares are recognised in equity in the period in
which they are approved by the Bank's Directors.

Dividends for the year chat are declared after the balance sheet date are
dealt with in the subsequent events note.

<.

life
‘ Building: 30 - 50 yeas
Leaschold improvements : : 3 - 10 years
, Fumiture and fixtures 3-10 years

Computer software and office equipment 3- 10 years

Motor vehicles 3-5 years

THE TRIBUNE

by chattel mongages and provide for monthly repayments over periods
of up to ten ycars. ;

Gains or losses arising from sale or changes in fair value of financial as-
sets at fair value chrough profit or loss are presented in the consolidated
income statement within “non-intcrest income” in the period in which
they arise.

(e) Non-performing assets

Non-performing assets indude all loans on which the status of overdue pay-
ments of principal and interest are such that management considers it prudent
to dassify them to non-performing status. All mortgage loans and consumer
loans on which principal and interest payments are overdue by in excess of
ninety days are considered by management to be non-performing.

(fF) Income and expense recognition

Interest income and expense are recognised in the consolidated income state-
ment for all instruments measured at amortised cost using the effective interest
method.

‘The effeaiive interest method is a method of calculating the amortised cost of
a financial asset or a financial liability and of allocating the interest income or
interest expense over the relevant period. The effective interest rate is the rate
that exactly discounts estimated future cash payments or receipts through the
expeaied life of the financial instrument or, when appropriate, a shorter period
to the net carrying amount of the financial asset or financial liability. When
calculating the effective interest rate, the Group estimates cash flows consider-
ing all contractual terms of the financial instrument (for example, prepay-
sents options) but docs not consider future credit losses. The calculation
includes all fees and points paid or received between parties to the contract that
are an integral part of the effective interest rate, transaction costs and all other
premiums or discounts.

Dividend income is recognised in the consolidated income statement when the
Group's right to receive payment has been established.

Other income and expenses are recognised on an accrual basis.
(@) Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the
consolidated balance sheet when there is a legally enforceable right to offset the
recognised amounts and there is an intention to settle on a net basis, or realise
the asset and settle che liability simultancously.
(b) Impairment of financial assets

Assets carried at amortised cost

The Group assesses ar cach balance shect date whether there is objective evi-

* dence char a financial asset or group of financial assets is impaired. A financial

asset of a group of financial assets is impaired and impairment losses are in-

. , curred if, and only if, there is objective evidence of impairment as a result of

‘one or more events that occurred after the initial recognition of the asset (a loss
event) and that loss event (or events) has an impact on the estimated furure
cash flows of the financial asset or group of financial assets that can be reliably
estimared.

If there is objective evidence that an impairment Joss on loans and receivables
has been incurred, che amount of che loss is measured as the difference berween
the aster’s carrying amount and the present value of estimated future cash flows
(exduding future credit losses that have not been incurred) discounted at the
financial asset's original effective interest rate, The carrying amount of the as-
set is reduced through che use of an allowance account and the amount of the

"Joss is recognised in the consolidated income statement. Ifa loan has a variable

interest rate, the discount rate for measuring any impairment loss is the current
effective interest rate determined under the contract. As a practical expedient,
the Group may measure impairment on the basis of an instrument's fair value
using an observable market price.

@) Property, plant and equipment

Property, plant and equipment, other than land and buildings, are carried at
historical cost less accurnulated depreciation and amortisation. Historical cost
includes expenditure chat is directly. artributable co the acquisition of the items,
Land and buildings are carried at fair value based upon periodic independent

appraisals, which are commissioned at intervals not exceeding three years.

Land and buildings comprise mainly branches and offices.

Subsequent costs arc included in the asset's carrying amount or are recognised

-a$ a separate asset, as appropriate, only when it is probable that furure eco:
nomic benefits associated with the item. will flow to the Group and the cost
of che item can be measured reliably. Repairs and maintenance are charged to
the consolidated income statement during the financial period in which they
are incurred. ;

Land is not depreciated. Depreciation on other assets is calculated using the

straight-line method to allocate their cost to their residual values over their
estimated useful lives as follows (next page):



_no~-o-+Kstimated useful




increases of the same asset are changed against revaluation surplus direcly in
equity; all other decreases are charged to the consolidated income statement.
Each year the difference between depreciation based on the revalued carrying
amount of the asset charged co the consolidated income statement and depre-
lation based on the asset's original cost is transferred from revaluation surplus
to retained earnings.

+ -Gains and losses on disposals are determined by comparing proceeds with the

carrying amount and are tecognised in the consolidated income statement.
When revalued assets are sold, amounts induded in revaluation surplus are
transferred to retained earnings.

(0) Provisions

Provisions for restructuring costs and legal daims are recognised when the
Group has a present legal or constructive obligation as a resulc of past events,
and it is more likely than not that an outflow of resources will be required to
settle the obligation and the amount has been reliably estimated.

(p) Employee benefits i

The Group participates in a defined contribution pension plan of an affiliate,
administered by trustees who include exceutives of the Bank.

The Group previously had a defined benefit plan. Effective 15 October 2005,
the Group terminated the defined benefit plan and adopted a defined contri-
bution plan. A defined benefic plan is a pension plan that defines an amount of
pension benefit that an employee will receive on retirement, usually dependent
on one ot more factors such as age, years of service and compensation.

A defined contribution plan is a pension plan under which che Group pays
fixed contributions into a separate entity. The Group has no legal or construc-
tive obligations to pay further contributions if the fund does not hold suffi-
dent assets to pay all employces the benefits relating co employee service in the
qurrent and prior periods. The contributions are recognised as staff benchits
expense when they ate due.

(q@) Segment reporting

A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns that are different from
those of other business segments. A geographical segment is engaged in pro-
viding products or services within 4 particular economic environment that are
subject to risks and returns that are different from those of segments operating
in other economic environments.

The vast majority of the Group's activities are retail banking and all of its activi-
thes are based in The Bahamas. Therefore the Group has only one business seg-
ment and onc geographical segment that require segment reporting. As such,
no segment disclosures are made in,these consolidated financial statements.
(@) —_ Corresponding figures

Where necessary, corresponding figures have been adjusted to conform with
changes in presentation in the current year.

3. Cash on hand and at banks

(Cash on hand and deposits of banks



Mandatory reserve deposits are not available for use in the Group's day to day
operations. Cash on hand, and mandatory reserve deposics and other deposits
with The Central Bank are non-interest-bearing. Deposits with banks earn
incerest rates ranging from 0.0% (2005: 0.0%) to 4.0% (2005: 4.0%).



"See oe a a 23D we tre

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THE TRIBUNE

4 Investment securities

Financial assets at fair value through profit er loss



Government securities comprise Bahamas Government Registered Sccuritics
with maturities ranging from 2007 to 2025 and with interest rates from the
Bahamian doll: Prime rate plus 0.125% to the Bahamian dollar Prime rate
plus 1.250%. As of 31 December 2006, the Bahamian dollar Prime rate was

5.5% (2005: 5.5%).

5. Mortgages, consumer and other loans

Under Ome Prete (Over ten

esyer | fwyers tea years yen 2006 2065

3 s 3 3 3 3

MMertaegss 1,779,122 964 DATS = 9,BON 95,819,255 96,992,539
Coase

sod oteer loess __ 7.00725) __ 9292351 __ 140253 __105220) 12,041,070 1h

Tet ADSIGIN0 12974575 241N798) S8261AS7 114,260,325 100,576,009

Accreed interest 565,589 0.24

Provision fer ban boeses B22 _ 291s)

‘Balance 0s of end of year AILIYT112 . LOL 207624

‘The movements in provision for loan losses during the year are as follows:



2006 2905
8 3?
Balance 0 of } January 2008,649 1,778,412
Prevne | for the your 39,78 M7156
Wibe-oft ducing year (260210) -
‘Recoveriaa - ——1aHl
Balance us of 31 December —22h2t2 20th si?

Included in provision for loan losses is a specific loan loss reserve of $1,065,973
(2005: $1,434,242). The provision for loan losses represents 1.94% (2005:
2.02%) of the total loan portfolio and 75.18% (2005: 56.77%) of total non-

performing loans.
As of 31 December 2006, non-performing loans to cutomen’ prindpal bal-

ances totalled $2,963,896 (2005: $3,679,425). e

6. Property, plant and equipment

Computer

Softee

Leo Pernitere Mucor = Office = Lemmebohd
A Delidmgs @Pisteres § Vebicles Bysigmrst tepreweroe Tout
3 8 s s s 8
{Cx or vetestiom

‘Suef Jessa 208 6c. 1,810,550 Res A 2AMRIID 14,912.02
Revebsstion 34175 * > : : : 358,17
Atdnions i es) LI __L mt



Aa of31 December 2006 _ 6778456 _1,977,799 _ sas 463294) __ 249187) 11059522

Accvamdened Grprecioton

2 emertoation:

{Avel | Jenumry 2008 ONS 1, 97,85 ARQ 497,747 207,376 7,961,005
{Cherpe for the year 193,198 169, GI WISH 76,70 905,312
“Mevelvetion —_nz 7 : - 7 9.239)









‘Aeot31 Deeemter 2006 __= NAMIE __4ua81 4.148357 __2,147,162 _1.D0884

‘Peat tats volee:

“tostSt tocender 2006 S77RASE _ geht __Tants __asagee _atieee _oariane
(As ct31 Ovcomber 2005 S0R0443 _ RULES ARIA Abbe) 2S.) 12082

Land and buildings include revaluation increments totalling $3,520,543 (2005:

$2,549,134).
If land and buildings were stated on the historical cost basis, the amounts
would be as follows: .
2006 2008
8 8
Cunt «ns 4s
‘Asveaminted deprecation — Ona O85
Met book vate —Seitasl Aunt
7. Prepayments and other assets
2006 200s
8 8
Pemsioe plea esset . 33s
Prepoymaats cod otha recsbrabha 210768 218132
Ober —mal —__13810
tea * — fe

8. Customer deposits

The maturities of customer deposits are as follows:

2006 200s

Under coe year One fe yoy Tout Toad

5 8 s s

Demned deposits 9,449,730 9,400,750 95n,080
Savings certificates 2m : 2,771,509 28,100,305
Term deposits 32,989,399 en 75,00, 730 719,10
Accreed tnterest a ee
Tota 1450089 42g89991 _112,711450 _109,774426

All customer deposits carry fixed interest rates ranging from 2.50% (2005:
2.50%) to 6.00% (2005: 4.75%).

9. Loans from banks

2006 200s

s 3

(Current 200,000 ‘200,000

Nos-curest 348,251 ___300,000

Total ——— 2 520,000
»

The loan advanced to West Bay is supported by a first mortgage over the prop-
erty owned by West Bay, bears interest at 3-month US$ LIBOR plus 1.50% per
annum and is repayable in 40 equal quarterly payments of $50,000, plus any
interest accrued as of cach payment date, that commenced in August 1998.

10. Accrued expenses and other liabilities

2006 2005
s s
Accrusd expenses 406,504 MIS
Insureace premiuns held is escrow 496,814 A926
Acersed pention funds 1,636,843
Preference dividends payable : 187,500
Due to related parties 1,226,376 140,904
Ober 560,750 1,378,650
Total —2160E24 __ 4.130991
11. Share capital - ordinary shares
2006 200s,
3 8
Anthocand
35,000,000 ordinary shares of 90.30 each _leseenee __1ese0nen
Jasnad A fay paid
‘2,666,670 (BOOS: 16,666,670 shares) ordinary shares 8,600,001 $,000,001
Shere premier 14m ___
a —ibeseee 520080)

On 14 August 2006, the Bank offered 12,000,000 ordinary shares to its share-
holders in a rights issuc. The rights issuc entitled shareholders to 0.72 rights
for cach share held, Each right entitled the holder to purchase one (1) share at
a subscription price of $1.25 per share. The offering closed on 1 September
2006 and was fully subscribed. The difference berween the subscription price
and par valuc has been credited to share premium.

12. Share capital - preference shares

Autborand
10,000,000 preference shares of $1.00 each .

Taman A Ga pad
INW_(2005: 1,000,000) preference shares

Preference shares were cumulative, non-voting and redeemable at the option
of the Bank, subject to the approval of The Central Bank of The Bahamas.
Dividends were payable quarterly in arrcars at the annual rate of the Bahamian
dollar Prime rate plus 0.75%, subject to a minimum rate of 7.50%. The re-
deemable preference shares ranked ahcad of the ordinary shares in the event of

liquidation.
All preference shares, along with accumulated dividends, were redeemed dur-

Ing 2006 using the proceeds fros the rights issue (Note 11). No gain or loss”

was recorded on redemption.

13. Critical accounting estimates and judgments in applying
accounting policies

‘The Group makes estimates and assumptions that affect the reported amounts
of assets and liabilities within the next financial year. Estimates and judgments
are continually evaluated and are based on historical experience and other fac-
tors, including expectations of furure events that are believed to be seasonable

under the circumstances.

TUK Yeniia Legal Cera Coron

and Balance Sheets

UNG

The Trib

Call: 502-2352 ©



Impairment losses on loans and advances

The Group reviews its loan portfolios to assess impairment at Icast on a quar-
terly basis. In determining whether an impairment loss should be recorded in
the consolidated income statement, the Group makes judgments as to whether
there is any observable data indicating that there is a measurable decrease in the
estimated future cash flows from a portfolio of loans before the decrease can be
identified with an individual loan in that portfolio. This evidence may include
observable data indicating that there has been an adverse change in the pay-
ment status of borrowers in a group, or national or local economic conditions
that correlate with defaults on assets in the group. Management uses estimates
based on historical loss experience for assets with credit risk characteristics and
objective evidence of impairment similar to those in the portfolio when sched-
uling its future cash Nows, The methodology and assumptions used for esti-
mating both the amount and timing of future cash flows are reviewed regularly

to reduce any differences between loss estimates and actual loss experience.

14. Pension plan

Effective 15 October 2005, the Bank terminated the British American Bank
Employees’ Pension Plan, a defined benefit pension plan in which the Bank
and its employces previously participated, and adopted the Fidelity Merchant
Bank & Trust Limited Employces Pension Plan (the Plan), a defined contribu-
tion pension plan. This change provides a common plan for all employces of
the Parent's Bahamas based operations. Under the Plan, all employces contrib-
ure 5% of gross salary and the Bank matches employce contributions.

15. Related party balances

Related parties include those entities and directors that have the ability to con-
trol or exercise significant influence over the Group in making financial or
operational decisions, and entitics that are controlled, jointly controlled or sig-
nificantly influenced by them.

Related party balances, not disclosed elsewhere in these financial statements,
are as follows:

2006 2005
3 s
ASSETS
Cash 100,065 TANS
Other assets’ 262,872 309,303
LAB ILITIES
Other binbilties 1,226,376 140,904
Deposits (exchoding director and officers) 1,149,248 1,087,046

Loans and deposit accounts with directors and officers amounted to $2,609,575
(2005: $133,385), and $299,770 (2005: $201,050), respectively.

In Scptember 2006, the Bank purchased the 33 1/3 minority interest in West
Bay from a related party at the net book valuc of $919,701.
16. Commitments

Loan commitments
In the normal course of business various credit-rclated arrangements are en-
tered into to mect the needs of customers and carn income. These financial in-

struments ate subject to the Group's standard credit policies and procedures.

As of the consolidated balance sheet date, these credit-related arrangements
were as follows:

2006 2005
s 3
Loan conmnitments 7,972,383 4,979,259

Lines of credit

The Bank has pledged $3,000,000 (2005: $3,000,000) of Bahamas Govern-
ment registered stock to secure an overdraft facility with another Bahamian
commercial bank. The facility bears interest at 0.5% above the Bahamian dol-
Jar Prime rate up to $1 million and 1.25% above the Bahamian dollar Prime
rate for amounts in excess of $1 million with a stand by fee of 0.25% on any
unused portion of the facility.

As of 31 December 2006, unused lines of credit with commercial banks
amounted to $3,000,000 (2005: $3,000,000).

Operating lease commitments

The furure minimum rental payments required under non-cancellable op ing leases as of 31 December are as follows:

2006

gEes
3
8

2010 397.10)
‘Total nflaimam payments



Credit-related commitments

‘The primary purpose of these instruments is to ensure that funds are available
to a customer as required. Guarantees ~ which represent irrevocable assurances
that che Group will make payments in the cvent that a customer cannot meet
its obligations to third parties ~ carry the,same credit sisk.as loans.

Nig 7 P i RR * dic rifyas le rey Heh ee

Commitments to extend credit represent unused portions of guthorisations to »
extend credit in the form of loans, guarantees of letters oF Medill With fespect
to credit risk on commirents to gytend SFB ths Grouncia pgtoptiglly oo
posed to loss in an amount equal to the total unused commitments. However,
the likely amount of loss is less than the total unused commitments, as most
commitments to extend credit are contingent upon customers maintaining
specific credit standards, The Group monitors the term to maturity of credit
commitments because longer-term commitments gencrally have a greater de-
gree of credit risk than shorter-term commitments.

Geographical concentrations of assets and liabilities

‘The Group has a concentration of risk in respect of geographical area, as both
qustomer and sccuritised assets are primarily based in The Bahamas.

Cash flow and fair value interest rate risk

Cash flow interest rate risk is the risk that the future cash flows of a financial
instrument will fluctuate because of changes in market interest rates. Fair value
interest ratc risk is the risk that the valuc of a financial instrument will Auctuate
because of changes in market interest rates. The Group takes on exposure to the
“cfleaas of fluctuations in the prevailing levels of market interest rates on both
its fair value and cash flow risks. Interest margins may increase as a result of
such changes but may reduce gains or ercate losses in the cvent that unexpected
movements arise.

‘The Group employs effective techniques and procedures to monitor and con-
trol its exposure to interest rate risk. Mortgage, consumer, and other loan. gen-
erally have variable rates, linked to che relevant prime rate. Exposure to interest
rate risk, which is mainly duc to fixed rates both in its term deposits with banks
and savings certificates sold to customers, is minimised by the short-term: ma-
turities of the majority of these deposits. :

PUBLISH

All of your
In Memoriam, In Loving Memory, Death Notices and Obituaries

In

TUESDAY, MAY 1, 2007, PAGE 13 -

17. Contingent liabilities be

Love Estates: In 1988, the Bank lent the developer of Love Estates certain
sums of moncy and also joined in as surcty for various performance bands
aggregating $3,328,043 in favor of the Ministry of Public Works. The Igant
and the bonds were supported by a first legal mortgage over the unsold dots
in the subdivision. The works under the bonds were to have been ea
within 36 months. The developer defaulted under the mortgage with the Bank.
Through the years, the Bank has been in discussion with the Ministry of Public
Works and various prospective purchasers. In 2001, the Ministry obtainéd a
judgment against the developer and the Bank for the amount of the bonds.

The Bank is being sued for specific performance and damages in connection
with a sale agreement dated 24 September 1997 in respect of the Love Estffes
property. As all conditions of the sale agreement have still noe been met, and
in order to resolve this long outstanding matter, The Bank entered into a Ded
of Settlement (the Deed) with Rolling Hills Development Corporation Lith-
ited (Rolling Hills) in April 2005. Under the Deed, Rolling Hills will assufie
liability for the installation of the infrastructure in Phase One and Phase
of the Love Estates Subdivision and enter into performance bonds, in a fotiin
agreed by the Ministry of Works, to guarantee Rolling Hills installation of the
infrastructure and enable the Bank to have the performance bonds entered ito
between the Bank and the Ministry of Works dated 30 May 1988, cancellegh
y
In exchange for Rolling Hills entering into the above noted performnalffe
bonds, the Bank agreed to pay settlement costs totalling $350,000 to Roll
Hills which were expensed in 2004. Should Rolling Hills not enter into 7
performance bonds, in a form agreed by the Ministry of Works, the Deed will
become void as if it never existed. The Bank and Rolling Hills are still in fle
process of obtaining all documents required under the Deed of Setdlemept.
It is anticipated that all outstanding documentation issues will be resolvedgin
2007 and that the associated sale of the Love Estates property will be coffi-
pleted without any further loss to the Bank. i
Other: The Bank is also involved in various other legal proceedings covetingja
range of matters that arise in the ordinary course of business activitics. Mat
agement is of the view that no significant losses will arise as a result of tht
proceedings.

ESSe#se

18. Regulatory Capital

‘The Bank is subject to regulatory capital requirements defined by The Cent
Bank of The Bahamas. Two measures of capital strength are employed: capipgl
(total equity) to asset (total assets) ratio; and risk-adjusted capital ratios as dé-
fined in the BASLE ACCORD. o

zr

The Bank's capital co asset ratio is 22% (2005: 12%) at the end of the
ycar, substantially above the 5% standard established by The Central Bank
The Bahamas. :

rs

The BASLE ACCORD and best standards require the Bank to maintain capi
tal to weighted risk assets ratio of at least 8%. As of 31 December 2006, rife

Bank's capital to weighted risk assets ratios is 45.21%. z
e
Py
19. Financial risk management '
be
Strategy in using financial instruments a

By their nature, the Group's activities are principally related to die use of fina
cial instruments. The Group accepts deposits from customers at both fixed a
floating rates, and for various periods, and secks to carn above-average int!
nuargins by investing these funds in high-quality assets. The Group secks to ip;
crease these margins by consolidating short-term funds and lending for longer
periods at higher rates, while maintaining sufficient liquidity to mect all clair
that might fall duc. tu
The Group also secks to raise its interest margins by obtaining eee
margins, net of allowances, through lending to commercial and retail borroW#
ers with a range of credit standing. Such exposures involve not just on-balan;
shect loans and advances; the Group also enters into guarantees and other corpiy
mitments such as letters of credit, and performance and other bonds.

Credit risk

SERRE

‘The Group takes on exposure to credit risk, which is the risk that a counterpal®
ty will be unable to pay amounts in full when duc. Impairment provisions al
provided for losses that have been incurred at the balance sheet date. Sign
cant changes in the economy, or in the health of a particular industry segmest:
that represents a concentration in the Group's portfolio, could result in lossés
that are different from those provided for at the balance sheer date. Managh
ment therefore carefully manages its exposure to credit risk. ke

‘
‘The Group structures the levels of credit risk it undertakes by placing limits off‘
the amount of risk accepted in relation to one borrower, or groups of borruw-
ers, and to geographical and industry segments, Such risks are monitored on g,
revolving basis and subject to an annual or more frequent review. Bs |
ie |
Exposure to credit risk is managed through regular analysis of the ability off
borrowers and potential borrowers to meet interest and capital repayment obs;
ligations and by changing these lending limits where appropriate. Exposure ui
credit risk is also managed in part by obtaining collateral and corporate anit’

personal guarantees. fe

be.
‘The Group's deposits and investments are placed with high credit quality firs
nancial institutions and corporations. Mortgage, consumer and other loant
are presented net of provisions for loan Josses. Whilst the majority of loans!
are secured by first mortgages upon family residences or by chattel mortgages,,
overdrafts advanced in the normal course of business are generally unsecured.
by
Liquidity risk :
: .
The Group is exposed to daily calls on its available cash resources from vet:
night deposits, current accounts, maturing deposits, loan draw-downs ani

guarantees. The Group docs not maintain cash resources to meet all of these,
needs, as experience shows that a minimum level of reinvestment of maturing

“ARR edtSR be'predicted with a high level of certainty. The Board scts limits off"
. 4, the mipimum proportion of maturing funds available to meet such calls a

* {Gh ficriinimum level of inter-bank and other borrowing facilities that should.
be in place to cover withdrawals at unexpected levels of demand. ws

TREO AT Eun EN ere OD me

The matching and controlled mismatching of the maturities and interest rags
of assets and liabilities is fundamental to the management of the Group. It is
unusual for banks to be completely matched, as transacted business is oftcit
of uncertain term and of different types. An unmaiched position potentially’
enhances profitability, but also increases the risk of losses. ’

The maturities of assets and liabilities and the ability to replace, at an accept-
able cost, interest-bearing liabilities as they mature are important factors ip
assessing the liquidity of the Group and its exposure to changes in interest rates
and exchange rates. é

Liquidity requirements to support calls under guarantees and standby letters of
credit are considerably fess than the amount of the commiiment because the
Group does not generally expect the third party to draw funds under the agrec-
ment. The total outstanding contractual amount of commitments to exiend
credit docs not necessarily represent future cash requirements, as many of these
commitments will expire or terminate without being funded.

The loan portfolio principally comprises long-term mortgage loans, which are
financed by shorter-term customer deposits. As such, the Group is exposed to
liquidity risk, which is continuously monitored by management.

20. Fair values of financial instruments

Financial instruments utilised by the Group indude recorded assets and li-
abilities, as well as items that principally involve off-balance shect risk. These
financial instruments are carried at fair value or are relatively short term ip
nature and accordingly, the estimated fair values are not significantly different
from the carrying value as reported in the consolidated balance sheer. t

The Tribune’s Obituary Section

every Thursday
Call us at

02-2354



‘
'



“PAGE 14, TUESDAY, MAY 1, 2007



FROM page one

to make it clear that they’re going
to be punished severely for break-
ing the law, especially in cases of
violence. There can be no com-
promise here. Our streets, our



FROM page one

: Mr Ingraham added that free-
: dom is a “gift from God” and the
? “foundation of our democracy.”
: “This Free National Move-
? ment is determined to preserve

THE TRIBUNE

{aa a a ae
| PM promises |
to broaden

war on crime

Ingraham
urges vigilance
at the polls




























We apologize for any
convenience this may cau

neighbourhoods and our com-
munities, have to be made safe
and secure once again.

“You are sick and tired, I
know, of all the violence and
lawlessness in our society. It has
to stop. And it will, through
more severe sentencing laws,
stricter conditions for granting
bail, harsher penalties for parole

. violations, and a policy of zero-
tolerance on acts of criminal vio-
lence, whether in our schools or
on our streets or in our homes.

“That’s the message we have
to send and the measures we
have to take under step one of
my anti-crime action plan,” he
said.

Under step two, Mr Christie
promised that the PLP will place
more police on the streets with
vehicles and all the necessary
tools to bring about a drastic
reduction in crime.

“These technologies will
include electronic ankle bracelets
to track violent offenders while
they’re out on bail. We’re also
going to increase the size of the
Police Force, including the Police
Reserves. And, we’re going to
see to it that wherever you live,
you will have highly visible police
patrols 24 hours a day; and that
when you call the police for assis-
tance, they not only come but
they come right away.














Mackey Street
393-8165













increase the involvement of the
entire community in the war

tant part of my anti-crime plan.
This is because we’re only fool-

need tougher police action as an

the same time, not forget that
when you get right down to it,

down of values in our society.

“We have to commit our- ! the Family Islands, the govern-
s LO en- ; en is using local administrators
ing our families and our faith. :

We also have to re-strengthen :

selves, therefore, to strengthen-

our communities so that they can
become the social classrooms for

taming the root-causes of crime,”
he said.

and will make the Bahamas
“more safe and secure”.

? our democracy and to protect it
? from a PLP culture that increas-
: ingly thrives on victimization,
: secrecy and the corruption of
against crime. This is an impor- :
? “We thought in 1992 that we had
? banished victimization and secre-
ing ourselves if we think we can }
win the war against crime by
tougher policing alone. Yes, we :

national institutions,” he said.

cy in the conduct of the public’s
business from our land. And we
thought we had tamed corrup-

? tion. But much of that old cul-
immediate, short-term solution :
— as indeed step two of my plan
calls for — but we must also, at :

ture survived.
“Once again the FNM and
your Delivery Boy must rescue

: the country from the threat an
nen | : unrepentant PLP poses to our
crime is a symptom of the break- :

democracy.”
He went on to claim that in

s “partisan campaign generals.”
Mr Ingraham claimed that one

: of the worst abusers was Verge-
i neas Alfred Gray, the Minister
responsible behaviour they once :
were. We must also re-commit
ourselves to National Youth Ser- :
vice, Urban Renewal, big-broth- :
er programmes, and other civil- }
ian-led and church-sponsored :
social outreach action initiatives :
that are aimed at tackling and :
: zens of MICAL have him on the
? run. One bad term does not

As such, Mr Christie said that :
he is confident that his “three :
step” anti-crime plan will work

responsible for protecting the

integrity of Local Government.

According to Mr Ingraham, Mr

Gray is high up on their “list of

PLP victimisers.”

“But don’t worry,” he added,
“just as Carmichael threw him
out after one term, the good citi-_

deserve another.”
The FNM leader also com-
mentated on allegations of vote

: buying.

won’t stoop. Now some of them
are being charged with the
offence of openly, undemocrati-
cally and illegally buying votes,”
he said.

“When asked about scores of
people lined up to receive cash
from his campaign office days
before the election, one PLP out
going Member of Parliament did
not deny that money was being
given out. But he assured us that
he was simply helping his con-
stituents.

“What a generous MP! What a
lively imagination! Does he take
us all for fools?”

Yesterday, said Mr Ingraham,

“Franklyn Wilson was overheard /

relaying instructions he claimed
came from the Prime Minister for
ZNS to carry a one hour pro-
gramme on the PLP Leader’s ral-
lies in Moores Island and in Aba-
co.

“If the FNM hadn’t freed the
broadcast media, they may have
succeeded in blocking us from
telling you the truth,” Mr Ingra-
ham said.

Information reaching The Tri-
bune late yesterday was that ZNS
has been instructed to broadcast
Mr Christie’s tour of Moore’s
Island and Abaco in a one-hour
programme just before eee S
evening news.

“Step three. We’re going to






FROM page one

-ment (EPA) the States comprising the
Caribbean Forum of African, Caribbean and
Pacific Group of States (ACP), which the
Bahamas with 14 other Caribbean states is
joining.

The agreement was established as a
response to continuing criticism that the trade
agreements offered by the EU are incompat-
ible with WTO rules.

The EPAs are a key element of the Coto-
nou Agreement, the latest agreement in the
history of ACP-EU Development Co-opera-
tion, which is to take effect as of 2008.

The objective of the agreement, according
to the document, is to contribute to the reduc-
tion and eventual eradication of poverty
through the establishment of trade partner-
ships between the various countries.

Along with promoting regional integration,
economic co-operation and good governance
in the CARIFORUM region, it is expected to
promote the integration of the CARIFORUM
States into the “world economy”.

It is also expected to improve the CARI-

.. FORUM States' capacity in trade pe and

. trade r ee issues.



ees had been provided , to FOCOL’s media
orc but not to The Tribune. The corrected
‘Prion will be published in The Tribune'on

Tuesday, May Ist, 2007..






's of a full set of fhe unaudited financialstatements
in be obtained from Stephen’ Adderley, Finance
ager, at the Freeport Oil Company, located on
Qa@ens Highway, Freeport, Grand Bahama, Monday





ab i













through Friday from 8:30 am to 5 pm






AIRMAN'S REPORT







FOR THE QUARTER ENDED JANUARY 31, 2007 (B $000)
The Directors of FOCOL Holdings Limited | Assets
are pleased to present results for the quarter Liabilities




ended January 31, 2007. Our earnings
continue to be strong as we ended our first
year of operation since the acquisition of
Shell Bahamas in 2006.










& Net income for the six months ended January (B $000)
â„¢ 31, 2007 was $6,007,193 compared to
. $3,681,636 last year. Earnings per share were
up from 43 cents to 70 cents for the same

period last year. During the expansion




Sale & revenues





Cost of sales







cents per during the period.




Other income (e










grow while protecting the investment of its
shareholders.

‘OS RETF A IEP TH






Mh

Sir Albert J. Miller
Chairman & President
FOCOL Holdings Co. Ltd.

§ 85 88 88 SF ER ET HE

FOCOL HOLDINGS CO.LTD
CONSOLIDATED BALANCE SHEET

Total shareholders’ equity

Proposed treaty

The agreement will implement an “effec-
tive, predictable and transparent regional reg-
ulatory framework for trade and investment in
the CARIFORUM region, thus supporting
the conditions for increasing investment and
private sector initiative and enhancing sup-
ply capacity, competitiveness and economic
growth”.

However for some observers, this ostensibly
means that the Bahamas would be participat-
ing in a Caribbean free market and economy
such as the CSME offered.

This fear is further advanced by the fact

that the treaty is expected to “support a new ©

trading dynamic between the parties by means
of the progressive, asymmetrical liberalisa-
tion of trade between them and reinforce,
broaden and deepen co-operation in all areas
relevant to trade”. _

The Economic Partnership Agreement is
expected to build on the achievements of the
Cotonou agreement and the previous ACP-
EC Partnership Agreements in regional co-
operation and integration as le as econom-
ic and trade co-operation: &

“There is no low to which they

This agreement also has a relationship to
the WTO agreements as it requires the
Bahamas along with other signatories to “reaf-
firm their commitment under Article 39 of
the Cotonou Agreement to co-operate within
the World Trade Organisation”.

International experts have said that the new
regional grouping established due to the EPA
scheme creates the problems of how small
countries like the Bahamas, which have special
treatment policies for under developed indus-
tries, can shelter these from the larger coun-
tries with better industries.

Currently, 39 of the 77 ACP countries are
defined as less developed countries by the
United Nations. These LDCs constitute a spe-
cial group among the developing countries
and have usually been treated separately.

The EPAs is expected to provide special
arrangements for this particular group. As
opposed to the other ACP countries, the
group of LDCs will be invited to reject the
EPAs and continue trade relations.

While this provision facilitates the situa-
tion of the LDCs under the new tfade scheme,

it has also been said: that the EBA. initiative.

prevents LDCs from opening up their markets
for EU products within the context of an
EPA.

S CO. LTD.



January 31, 2007 July 31, 2006
$ 103,642 88 111,091
49,744 61,470

$103, 642

CONSOLIDATED STATEMENT OF INCOME

Six months ended
January 31, 2007

53,898

49, 624

' $ 111,091

Six months ended
January 31, 2006

8 132,569 $ 55,996
(113,262) (47,943)

xpense)



: process we have been able to continue our Income from operations 19,307 &, 953
commitment to paying dividends to our Marketing, administrative and (11,354) ( 3,812)

i ivi general
shareholders by paying a dividend of 30 Heorediacion ( 1,078) ($21)
Finance cost ( 796) ( 94)

( 75) 56

ank owled, Net Income 6,007. 3,682
a : = teicarctul planning es Be of Preference share dividends ( 752) =
the industry we were able to sustain success-
: ‘ Net income available to common

ful results in our Grand Bahama operations cnavehoidecs 5 5,255 3,682
as well as successfully operating in Nassau
and the Family Islands. The Board of Direc- Basic earnings per share 8 0.70 § 0.43
tors is confident that we the capaci

ee have P Diluted earnings per share $ 0.61 § 0.43
and ability to ensure that the company can

Dividends per share $ 0.30 $ 0.28

Copies of a full set of the unaudited financial statements can be obtained from
Stephen Adderley, at Freeport Oil Company on Queen's Highway, Freeport,
Grand Bahama, Monday through Friday from 8:30 AM to 5:00 PM.

s Co. Ltd

sa ewe one



THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 15



FROM page one

the Coalition of Pastors, Angli-
can Archbishop for the West
Indies Drexel Gomez yesterday
told The Tribune that he does
not agree with the concept of the
questionnaire and feels candi-
dates should not be made to dis-
close their private views on cer-
tain issues.

The results, released yester-
day by the Coalition of Pastors,
showed that the majority of par-
ticipating politicians shared sim-
ilar views on many of the issues.

All but one candidate stated
clearly that they are in favour of
a constitutional amendment
defining marriage as union
between one man and one
woman.

FNM deputy leader and can-
didate for St Anne’s Brent
Symonette was the only partici-
pant who chose to answer the
question indirectly by stating that
the privacy of a person’s home is
sacred and is protected by the
laws of the Bahamas.

The majority of the candidates
also agreed on being opposed to
“homosexual tourism” and were
against “compromising the
Christian values of our nation by
allowing exclusively organised
groups. (homosexuals, swingers,
etc) who come under the umbrel-
la of promoting their cause.”

Archbishop Gomez said that
‘while he is also opposed to
“homosexual tourism”, he does
not necessarily see it as an elec-

12 questions

tion issue.

issue,” he said.

that he is against homosexuals

of human rights.

mandatory for murder

co.

Island MP Larry Cartwright.

All members of the BDM and { damages relative to this statement

independent candidate for Gold-' : along with any resulting costs.

en Gates Clever Duncombe also :

answered the 12 questions.

awaiting
response,’
tors said.

On the FNM side, participants
included former Cabinet Minis- : pyne on February 6, 2007 under
ters Earl Deveaux, Tommy } :

_ Turnquest, Brent Symonette and i Wilchcombe over passport rule

Carl Bethel, as well as Long”: ytatements”.

FROM page one

: receiving the calls, I walked to the

police station, and from the steps

“It’s something that is impor- : of the station, I heard my oppo-

tant to me, but I’m not sure I'd : pent saying, 'tell Phenton there's

want it to be a national agenda ! going to be a fight in South Beach.

: tob ht.'"
The Archbishop has declared ; Theres goine tobe ane

On another occasion, the

? FNM candidate said Mr Rolle was

being harassed and persecuted : overheard giving out the license

and is for the decriminalisation } plate number of his personal vehi-

of homosexuality on the grounds : Gletoag group of supporters gath-

ao _..,.. } ered for the opening of Mr Rolle's
The majority of participating : headquarters.
candidates also said that they :

want the constitution amended i idation, however, Mr Neymour

to make the death sentence : saiq, are not typical of Bahamian

oe : politics, but are isolated incidents

Among the participants who :
- the vi P to fill out the : pot politically mature enough to
Coalition of Pastors’ question- : accept the process and what is
naire were Cabinet Ministers :
Leslie Miller and Neville Wis- :
dom as well as the PLP’s candi- :

date for St Anne’s, Ricardo Tre- :

The latest examples of intim-

incited by "an individual who is

Wilchcombe

FROM page one

the heading “Ingraham criticizes
Mr Wilchcombe is seeking

According to Mr Munroe, his

: client is very serious to see the

“We have also received the : matter through.

FNM party’s response to the :

questions, as well as the BDM }. be served the writ, Mr Munroe

party’s response. We are still :
the PLP party's pull Bs ser eel Deterester ilies

’ the Coalition of Pas- general elections.

While Mr Ingraham has yet to
said he doubts that Mr Ingraham

FROM page four

respect I enjoyed from my fellow
Fox Hillians. I literally took over
the consistent and persistent “door
to door” campaign. I personally
influenced many friends and fami-
ly to vote for Mr. Mitchell. This,
along with the en masse vote
against the FNM last election,
made it significantly easy for Mr.
Mitchell to win. Many times, I per-
sonally campaigned on my own;
Mr. Mitchell was absent most of
the times, flying around the world
with his friends, having a fine old
time. My influence helped him to
make serious inroads. I remained
loyal and committed even after the
election.

After waiting for four and half
years and watching Mr. Mitchell
closely, I realised that Fred Mitchell
was a selfish man, and he did not
appreciate me or anyone in Fox



‘SANPI sete. 3 i iN



NOTICE —

-& FRIENDLY FORD
THOMPSON BLVD
WILL BE CLOSED
WEDNESDAY MAY 2nd AT 1 PM
ELECTION DAY
WE THANK OUR VALUED CUSTOMERS
MAY GOD BLESS THE BAHAMAS

Hill. He totally abandoned the Fox
Hill people, jetting around the
world, partying and forgot about
us. “He used ali of us”. He ignored
phone calls, avoided constituents
and simply could care less about
returning calls. He stuck his head in
the air and went on his merry way.
We were fooled. In my opinion
Fred Mitchell turned out to be a
fake, because we thought he was
genuine. But anyone only needs to
be in his company for a fleeting

moment and they would see that

he is a selfish man.

Thank God for good friends like
Dwight Higgs and through my own
hard work, I was able to feed my
family.

I was “treated like a dog” by
Mr. Mitchell,,if I was like others, I
would be starving right now. After
‘four years he now appears to be
helping two of his foot soldiers. But
everyone knows it is only a sham.

On a more pleasant note, there

tah AYA

| Better In gredients,
Better Pizza.

Papa John’s

Village Road

Will be closed

on Tuesday May ‘st, 2007 to
Wednesday May 2nd, 2007

due to minor renovations.

We will re-open

on Thursday May 3rd at our

normal working hours.
Call our other 3 locations

_Seagrapes
South Beach
Collins Ave.

Sorry for the inconvenience caused
Signed Management.











a othe PEPuli ean
They promised the‘méon,-but ™~

‘has been much speculation who

the new Free National Movemen-
t’s choice for Fox Hill is, let me
give my two cents, Dr. Jacinta Hig-
gs was urged by myself and others
to run in the upcoming elections.
This was particularly easy because

I had seen her operate close up.

while she was making Fred
Mitchell look good. So I know for

sure that she was an excellent orga- ~

nizer and a great leader in the com-

- munity: -knew-that her family was
financially responsible for many .
community events. In fact every-.

one in Fox Hill knows that. Now I
am proud to work with my own
Fox Hillian.

Now that-I have set the record
straight, I expect all of the guns to
be trained on me next. I expect for
the most disparaging things to be
said about me on the filthy site,
bahamasuncensored.com.

To further compound every-
thing, just recently, Mr. Mitchell
referred to Fox Hillians that attend-
ed one of his functions as “‘totters”.
There is no limit to what this man
would do or to what lengths he will
go.

Lam a prime, example
ythe'e

delivered a group of “all for me
baby” who only looked out for

... themselves: Now the lies and dis-: °
gusting things that are surfacing «

about highly respected people will

come back to haunt them later, :

mark my word:

Thank you, editor, a weight-has
been lifted off my shoulders. I
believe I will now be able to rest
well. Tomorrow is a brighter day
and it ain't long now.

LARRY WILMOTT
FNM Fox Hill,
April, 2007.



RULES



















Candidate

acceptable in politics."

"My opponent does not
understand the responsibility thaf
he has as a leader and that it is
important that he guards what he
says and what he does," noted Mr

Neymour. "I think Mr Rolle's

comments are inappropriate and
irresponsible of anyone seeking
political office."

As a result of fecent incidents,

including having his headquarters

defaced with a "vote PLP or die"
slogan, Mr Neymour has been
forced to hire a personal body-
guard and have his family
removed from the Bahamas until
after the elections..

"It is not hindering my cam-
paign," an optimistic Mr Neymour
said, "but my family is not able
to be here with me during a very
important time in my life; and _
concerns me. _2.--=--"

“We cannot become a Jamaica
or Haiti, wheré violence become

associated with politics."

In the final days of the cam-
paign, Mr Neymour hopes that
verbal and other acts of intimida-
tion will stop, saying: "Although
almost all of my billboards tid
posters have been destroyed over
the past two days, the reception
from the constituents is what is
most important.

"What my opponent has to
understand is that posters and bill-
boards do not vote, and having
your supporters threatening the
well being of your opponent does
not help you gain votes."

Colina.

Holdings Bahamas

Dividend Notice
Ordinary Common Shares

«

The Board of Dikectard of Colina Holdings Bahamas Limited

(CHBL) is pleased to announce that a dividend of $0.04 per =

Ordinary Common Share will be paid to the Ordinary = =
Common Shareholders of record of CHBL

Sestanrigtts for CHBL for the

Holdings Bahamas

NOTICE

The ae nt and Board of Directors of

year ended

“December 31, 2006 have been released on April 30, 2007. =

Hard copies of the Audited Financial Statements can be

a celebration of nature

14 winning entries will appear in Family Guardian’s 2008 calendar.
Winning entries receive a gift certificate valued at $400 each.
Entry deadline is May 31, 2007

s
feel
i 2

HEME a
=.
we.




1 Family Guardian’s Annual Calendar Photo Contest is open to all photographers. The title for the company's 2008 calendar will bese
“A CELEBRATION OF NATURE.” Photographs may be of any subject (animate or inanimate) or a scene which is a striking example of nature as found in » The Bahama Islands. All photographs must be taken in The Bahamas.

2 DEADLINE FOR ENTRIES IS MAY 31, 2007.

3 All entries are to be delivered to Family Guardian's Corporate Centre, Village and Eastern Road Roundabout, Nassau, between 9:00am and 5:00pm
weekdays only. Envelopes should be marked “Calendar Contest.”

4 Allentries must be accompanied by an official entry form, available at any Family Guardian office or when published in the newspapers.

5 Only colour images in horizontal format will be considered. Images must be provided as 35mm film OF ¢ digital i images on CD. 35mm film can be positive
(slides) or colour negatives. Digital images must be of high quality (2700 x 2100 pixels or larger). Digital images Showing any signs cf photo manipulation,
resolution enhancement or compression will be rejected. To ensure the best colour reproduction, digital images should be supplied in RAW, TIFF or high quality JPEG
and in the original colour format the camera uses (LAB or RGB). All entries must be supplied with prints which will be used in the judging process.
__(Note: prints submitted without 35mm slides or negatives or CD’s will not be eligible). The photographer’s name and photo subject should
be written on the reverse of the print.

6 Judging of entries will be based on beauty, interest, composition, colour, originality and quality of photograph. Preference will be given to fauna photographed in its
natural state, rather than in captivity. The photographs selected will appear in Family Guardian's 2008 calendar. The decision of the judges will be final.

7 Allentries are submitted at the owner's risk. It is the company’s intention to return all entries in their original condition. pan Family Guardian
will assume no liability for any loss, damage or deterioration.

8 Agift certificate valued at $400 will be presented for each of the photographs selected. More than one entry from a single siietaoraahiee may be selected.
Photographic credits will be given in the calendar. The number of entries per photographer is limited to a maximum of 5 photos.

9 The winning photographs, along with all publication.and reproduction rights attached thereto, become the property of Family Guardian and the company
reserves the right to use such in the future.

10 Employees of Family Guardian, its affiliated companies or family members are not eligible.

11 Previously published photos are not eligible.

Pwr ee eee eee eee eee

ee
SOR

2008 CALENDAR PHOTO CONTEST ENTRY FORM f

Photo by Tim Higgs NAME
Family Guardian’s i cadocsedocteccscncansencccnanadecossssetenecsnscocceuccerneressscanesssesonsusseccouecsoversecsccocsaenssssssouonaeserenes i
2007 Calendar i TEL BUSINESS...ccsscsscsssseseeeee SP etesat: OE inne ie cox taruemeatiominted j
fl P.O; BOX saiaieincces “STREET ADDRESS Hin tenEN aM i
i S UGA UI PE cscs sasesscscdsnseccwe sacs anauva daa Tusnevn coe aagivnsnseodeceaccuadsostestonntaa penton ence terspoteek i
q DAT Bi-sscésaiteetassinnna} NUMBER OF PHOTOS ENTERED................-.+ (maximum of 5) i

| agree that in the event that one or more of my entered photographs is selected as a winner in the 2008 Famity
Guardian Calendar Photo Contest it wll become the property of Family Guardian Insurance Co. Ltd., and i
| assign to Family Guardian all rights pertaining to its use in any way whatsoever. | also confirm that the
photos entered in this contest were taken in The Bahamas by the undersigned and have not been
previously published.

Return with photos to: la
Calendar Contest, Family Guardian 7
Corporate Centre, Village & Eastern Road

Roundabout, Nassau, Bahamas

i ENTRY DEADLINE: MAY 31, 2007
a tas oan

ILY |
aban! i

IN aos
comp NY

. BOX SS 62325







PAGE 16, TUESDAY, MAY 1, 2007 THE TRIBUNE

BY imerican

ESTABLISHED 1920
N AN C I

- Dear Valued Clients & Fellow Bahamuians,

I take pride in introducing British American Financial,
the new face of the oldest, most trusted Insurance
Company in the Bahamas. I am honored to advise that
“The Best Just Got Better”!



Established in 1920 as British American Insurance Company, we have a rich legacy as a

leader in the community, providing protection for generations past — your forefathers and

mine — and offering security for future generations. Back then, we dedicated ourselves to

meeting the insurance needs of our clients. Walking door to door and working closely with
our policyholders. Our career agents maintained a personal touch with you and ensured our
‘sustained success. Today, despite our growth, I am happy to say that we have continued and

will continue to offer the personal touch. You should expect to receive a level of quality service

that is “second-to-none”

As we enter this new phase of our development, the re-energized British American is a 100%
Bahamian-owned, full-service financial company. We are pleased to advise that all rights and
benefits under your policies and contracts will continue and remain unchanged. Building on
our legacy, we continue to offer the best and most flexible Life, Financial Services and Health
Insurance products, designed to suit Bahamians from every walk of life. Our line of products
include Mortgages, Retirement Planning, Personal and Corporate Pension Plans; Savings and —
Investments such as Annuities and Mutual Funds. We offer a wide range of Financial Services
to assist with planning for your future, no matter how little or how much you may have. We
believe that discipline and a consistent prudent approach to money management will always



- win the day.

We have three offices in Nassau including our head office at Independence Drive and two’
branch offices on Rosetta Street and Carmichael Road. Building on the legacy of going where
the people are, we have expanded to George Town, Exuma, Freeport, Grand Bahama and
Marsh Harbour, Abaco. Our career agents on the Family Islands are all fully equipped with the
latest technology including hand-held PDA devices to offer you speedy and efficient service.
As we continue to innovate and grow, we promise to never lose sight of what’s most important
— you, our valued clients. We will keep our fingers on the pulse of the Bahamas and strive to
provide dynamic and innovative programs that meet your unique needs.

You will continue to feel our presence in your neighborhood through our sponsorships of
Youth Programs, Breast Cancer Awareness and other Community Events that change lives.
With 87 years behind us, and so many more years ahead, you can count on us to always be
there for you and your loved ones.

As we celebrate this important stage in the evolution of our Company, we invite you to feel
free to call us or drop into any of our branches for a free financial consultation.




British American Financial will continue to be the best, offering you innovation excee in
service coupled with the latest technology to meet your individual needs and to contifffously
provide you with ‘Financial Solutions for Life’.

Sincerely,

I. Chester Cooper
President & CEO





TUESDAY, MAY 1, 2007

SECTION

business@tribunemedia.net

The Tribune



BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street







Jinn

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE

Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010



ahamas removed from
US copyright watchlist

* Attorney General says move ‘sends a very strong message’ to the Bahamian
and international business community that nation will protect trademarks
* Removal said to reflect anti-counterfeit enforcement efforts, WIPO standard commitments

* But US still warns on implementation of certain copyright amendments

@ By NEIL HARTNELL
Tribune Business Editor

he US govern-
ment yesterday
removed the
Bahamas from its
Special 301 copy-
right -watchlist “due to
improvements in enforcement
efforts”, something the attor-
ney-general said “sends a very
strong message” to the inter-
national business community
about this nation’s commit-
ment to implementing a world-

i

%
class regime for protecting
intellectual property rights and
enforcing it.

Allyson Maynard-Gibson
said the US move indicated to
international companies and
artists, as well as their Bahami-
an counterparts, that “there is

a serious commitment by the’

Bahamian government and all
the agencies of government to
protect intellectual property
rights”.

The removal of the Bahamas
from the Special 301 watch list,
apart from providing the PLP



@ ALLYSON
MAYNARD-GIBSON

government with a timely
boost heading into tomorrow’s
general election, is also likely
to enhance confidence among
both Bahamian and interna-
tional businesses and investors.

They are likely to feel more
confident that the Bahamas
will be able to adequately pro-
tect and safeguard their
patents, copyrights and trade-
marks, a vital component of
the business environment for
many companies ~ especially
those involved in reserach and
development (R&D) - as well

Bahamians plan inter-island
ferry to boost tourism

@ By CARA BRENNEN -BETHEL
Tribune Business Reporter



A FERRY system designed to link dif-
ferent Bahamian islands and transport

tourists to new entertainment destinations
and attractions is expected to come on
stream by mid-summer, The Tribune was
told yesterday, in a bid to increase
Bahamian ownership and employment in

the tourism industry.

Bahamas Island Hoppers Ltd and
Bahamas Festivals Ltd are planning a joint
venture to provide fast and efficient ferry

rates.

service between various islands on a con-
sistent daily schedule, with affordable

In an interview with The Tribune, Eld-
win Ferguson, president of Hidden Trea-
sure Bahamas Ltd and Bahamas Island
Hoppers Ltd, explained that the new com-
pany will be using a hydrocruiser - a spe-
cialised boat - which can accommodate

Business hopes to start by mid-summer, employing 40
and enhancing Bahamian tourism industry ownership

150 passengers and reach speeds of 35-40
knots.

This speed and service availability, he

Neath etes tirough March 31, 2007*

18.27%

Last 12 months

said, is what will separate Bahamas Island
Hoppers from Bahamas Ferries’ Bo
Hengy fast ferry.

SEE page 7

9.51%

Average Annual Return
Since Inception February 1999

*Stock prices can go down as Well as up. Past performance is no guarantee of future results. Read the Offering Memorandum carefully before you invest. |

Choose Wisely
Choose Fidelity

www.fidelitybahamas.com

= )PIDERITY |

More than a Bank

Nassau: t
STOCK CORPORATE USS TRUST & CREDIT & MUTUAL aS RETAIL &
BROKERAGE -| FINANCE MANAGEMENT ESTATE LENDING ae] oy) PLANNING ast

PWN l
SERVICES

BANKING



as many international trade
agreements.

The US Trade Representa-
tive’s Office said in its 2007
Special 301 report, which was
released yesterday: “The
Bahamas has been removed
from the Watch list due to
improvements in intellectual
property rights (IPR) enforce-
ment efforts.

“The United States contin-
ues to urge the Government
of the Bahamas to implement
the amendments to its copy-
right law.”

dd Sis par py mien

@ By NEIL HARTNELL .
Tribune Business Editor

THE economies of scale and

‘synergies generated from the

Imperial Life acquisition are
finally beginning to show
through for ColinaIlmperial
Insurance Company, its BISX-
listed parent yesterday reveal-
ing that net income more than
quadrupled to $7.843 million
in fiscal 2006, driven by
increasing premium revenues
and reduced benefits and
expenses.

Colina Holdings (Bahamas)

Mrs Maynard-Gibson said
the US government’s decision
reflected two-to-three years of
hard work by various govern-
ment agencies, including the
Attorney General’s Office, the
Registrar General’s Depart-
ment, and police and law
enforcement authorities work-
ing with the private sector.
Other parties involved in the
effort included the Copyright
Tribunal.

SEE page 8

Synergies from acquisitions
coming through as profits
exceed $7m, as insurance
company takes 25% stake
in RND Holdings

net income for the 12 months
to December 31, 2006, repre-
sented a major improvement
on the $1.749 million produced
durinmg fiscal.2005, the first

SEE page 5

Butterfield’s Bahamian
net income grows 17%

@ By NEIL HARTNELL
Tribune Business Editor

BUTTERFIELD Bank’s
Bahamian operations generat-
ed a 17 per cent increase in
2007 first quarter net income
compared to last year, due to
revenue growth that was dri-
ven by net interest income and
rising trust and custody fees.

Releasing its results for the
three months to March 31,
2007, the Bermuda-headquar-
tered bank said its Bahamian
operations had increased total
revenues by 29.7 per cent to
$2.7 million during the period,
compared to year-on-year
comparatives.

Butterfield Bank said the
improvements produced by its
Bahamian operations, which
include Butterfield Bank
(Bahamas) and Butterfield
Fund Services (Bahamas),
“reflect strong growth in net
interest income and fees from
trust and custody”.

Fees in these two business
categories had increased by
70.5 per cent and 15.7 per cent
respectively during the 2007
first quarter year-on-year.

Meanwhile, client assets
under administration in the
Bahamas had increased by 20.2
per cent year-on-year to $4.7
billion.

The first quarter results fol-
low swiftly behind Butterfield
Bank’s 2006 full-year results,
with the Bahamian operations
generating a33.4 per cent rise

‘in net income to $2.2 million.

Revenues rose 33.7 per cent to
$9.1 million.

The Bahamas operations
generated a 164.1 per cent
increase in their loan portfo-
lio in fiscal 2006, "reflecting
growth in international mort-
gage products".

The Bahamian operation's
loan book increased to $14 mil-
lion during the year to Decem-
ber 31, 2006, although assets
under administration declined
by 1.8 per cent to $3.89 billion,
something the Bermuda par-
ent attributed to “a number of
redemptions from existing
administered funds".

Customer deposits grew to
66.4 per cent or $140 million,
with total assets up 60.4 per
cent to stand at $155.4 million.

Butterfield Bank added of
the 2006 financial results:

"During the year, the
Bahamas office generated
strong growth, as well as local
and international recognition,
through focused business
development and targeted
marketing of bespoke finan-
cial and fund administration
services."



PAGE 2B, TUESDAY, MAY 1, 2007 : THE TRIBUNE BUSINESS

We've made up our mind.

And we're not turning back.

The choice is clear.

We’re Voting FNM

INV, Me, \ we A ,
Ae See a

ee id Sica Me

Matter of

Bt

FREE NATIONAL MOVE MENT

aie asi = ae oe eee am

To watch the next Rally live go to www.freenationalmovement.org





THE TRIBUNE BUSINESS | | TUESDAY, MAY 1, 2007, PAGE 3B

THE COLLEGE OF TE

Visit our website at www.cob.edu.bs



ADVISEMENT AND REGISTRATION _—_ Section Ur GODS, 2002: 3b Min; Director: ANNE LESCOT/ LAURENCE

Summer Session II and Fall Semester 2007 i Ges





: | Friday, May 11
Summer Session Il 2007 Section 13 showtime: 12noon

El Campeon: 23 minutes; Director: RAFAEL MADERA RODRIGUEZ
Country: Dominican Republic

May 14 Advisement begins.

June 13 — 14 Registration | LIFE AND DEBT, 2001: 90 Min.; Director: STEPHANIE BLACK; Country:
June 27 Classes begin : Jamaica
August 10 Last day Session II Section 14 Showtime: 3pm

i LACARTA (The Letter), 2005 : 2.38 min.; Director: FRANCISCO RODRIGUEZ
Fall Registration 2007 Country: Dominican Republic

A cien mil, 2006: 10 min.; Director: AMAURIS PERES

Country: Dominican Republic

April30 Schedule for Fall registration posted to web. | PORT AU PRINCE SE PAM, 2000: 57 Min.; Director: RIGOBERTO LOPEZ
May 14 Registration begins. : Country: Haiti
June 4 Registration for students given early acceptance for - Saturd ay, May 12
Fall . ! Section 16 Showtime: 12 noon
June 29 Last day for fee payment early registration. : Children and Youth Focused Films
? ZULAIKA, 1990: 78 min.; Director: DIEDERIK VAAN ROJJEN; Country: Curacao
i Online Registration — Transition Phase : THE BAOBAB TREE, 2005: 27 min.; Director: CLEARE INCE ;

! Country: Barbados
The College of The Bahamas is transitioning to on-line registration | HERMAN TALES: THE BANANA ROBBER, 2006: 16 Min.;
in phases. For the current registration period (for Fall Semester) | ae aria Se
ONLY the following schools will be involved: mie ;

: Section 17 Showtime: 12 noon
The School of Business (BAST) : Caribbean Gems

a
= Culinary Hospitality Management Institute (CHMI) ea aero ak Coineaae Bees
= School of Nursing and Allied Health Professions (SNAHP) | RUE CASES NEGRES (Sugarcane Alley), 1982: 100 Min.
= School of Communication and Creative Arts (SCCA) i Director: EUZHAN PALCY, Country: Martinique.
= School of English Studies (SES) Section 18 Showtime 3pm
‘ : : Caribbean Gems —
For further information, please contact: ' LSHOMME SUR LES QUAY (Man by the Shore), 1993:100 Min.
Records Department : Director: RAOUL PECK; Country: Haiti
Telephone: 302-4312/4523/4522 _ AVA & GABRIEL, 1990: 110 Min.; Director: FELIX DE ROOY; Country: Curacao
E-mail: recordsdept@cob.edu.bs : The Public is invited to attend.

The College of The Bahamas —
Presents

The UNESCO ‘Travelling Film Showcase
An extraordinary collection of regional films

The College of The Bahamas
NOTICE

















Per rreerers “SCHEDULE. Bers ~ BG OU O) ira eC Te me cot tame Ue |

| Monday, May 7 through Saturday, May 12, 2007 i UU LLU EU enea Campuses

Lecture Theatre, Michael Eldon Complex, Thompson Boulevard




As an important national service, The College of The Bahamas
has agreed to assist the Parliamentary Registrar in providing venues
for polling stations for the General Elections on May 2, 2007.
Members of the general public are asked to note the following:

Monday, May 7
Section 1 Showtime 12noon :
| RIBBONS OF BLUE, 2003; 112 Minutes; Director: MATHURINE EMMANUEL :
§ Country: St. Lucia ;
Section 2 Showtime: 3pm General Election Day — May 2, 2007 - Half Day
DIA DE LOS MUERTOS (Day of The Dead), 2002; 11 mins;
Director: SUZETTE ZAYDEN Country: Belize

SHOW ME YOUR MOTION: The Ring Play Games of the Bahamas, 2006:
88 Min.
Director: IAN GREGORY STRACHAN; Country: The Bahamas

1. On May 2, ALL campuses and centres of The College will
conduct business as usual up to 12 noon, after which operations
will cease for the rest of the day to permit employees to participate
| with ease in the electoral process.

Section 3 Showtime: 7:00pm
ROBLE DE OLOR- (SCENT OF OAK), 2003: 125 min.
Director: RIGOBERTO LOPEZ Country: Cuba:

Tuesday, May 8

Section 4 Showtime: 12noon
STEPS TO FORGIVENESS, 2005: 7 min. Director: PAMELA WHITEHAL
Country: Barbados

WHAT MY MOTHER TOLD ME, 1995: 55 Min.

Director: FRANCES-ANNE SOLOMON;

Country: Trinidad and Tobago

2. Block B (Business Buiiding off Tucker Road), Oakes Field
Campus will be the site of a number of polling stations as announced
by the Parliamentary Registrar.














3. COB employees and students and members of the public who
are not voting at this location are asked to avoid the areas set aside
for the polling stations.






4. All users of COB parking facilities are asked to comply with
the directions of uniformed COB security officers. Your cooperation
is necessary and much appreciated for this important national
event. ;

Section 5 Showtime: 3pm

salt in my eyes, 2002: 39.48 Min.

Director: SHAMIRA RAPHAELA; Country : Aruba
VIVA CUBA, 2005: 80 min.

Director: JUAN C. CREMATA; Country: Cuba

Wednesday, May 9

Section 7 Showtime: 12noon
NOSOTROS Y EL JAZZ, 2004: 45 minutes;
Director: GLORIA ROLANDO

Country: Cuba

JUNKANOO: Director: MARIA GCVAN

Section 8 Showtime: 3pm

JAB! The Blue Devils of Paramin, 2006:

47 Minutes;

Director: ALEX D’ VERTUIL

Country: Trinidad and Tobago

CALYPSO DREAMS, 2004: 90 min.;

Directors: GEOFFREY DUNN/MICHAEL HORNE
f Country: Trinidad and Tobago

Culinary & Hospitality Management Institute
INDUSTRY TRAINING DEPARTMENT

CULINARY COURSES
SUMMER SEMESTER 022007

4
COURSE CODE BEGINS DUR. TUITION & RESOURCE
FEE MATERIALS
(ADDITIONAL
$40 APP FEE
FOR NEW
STUDENTS

Kitchen
2. Gourmet Cooking | COOK 823 May 14 6 weeks | Mon. 6:00-9:00pm_ | $200.00 $20 per week CHMI Main
Kitchen
3. Gourmet Cooking II COOK 824 May 14 6 weeks Mon, 6:00-9:00pm_ | $225.00 $20 per week CHMI Main | 15
Kitchen
4. Cake & Pastry Making] | COOK 813 6:00-9:00pm_ | $225.00 $10 - $15 per week | CHMI Larder
Kitchen
Kitchen
6. Bread Making COOK 810 May 14 6 weeks Mon. 6:00-9:00pm § $200.00 $5 - $10 per week CHMI Larder | 15
Kitchen
:00-9:00pm i - i »







Section 9 Showtime: 8pm
RISE UP: 16 Min. Director Luciano Blotta;
Country: Jamaica
Caribbean Gem
| THE HARDER THEY COME, 1972: 100 Min.;
Director: PERRY HENZEL

Country: Jamaica

1 Thursday, May 10

Section 10 Showtime: 12noon
tETE GRENE, 2002: 66 Min.; Director:
CHRISTIAN GRANDMAN

Country: Guadaloupe






For further information please contact the Industry Training Department of the
Culinary & Hospitality Management Institute at 323-5804, 323-6804 or fax 325-8175.









PAGE 4B, TUESDAY, MAY 1, 2007 -



CENTRE FOR CONTINUING EDUCATION AND EXTENSION SERVICES
"PERSONAL DEVELOPMENT - SUMMER SEMESTER

ee —
[NO. __—__—*«| WO. | DESCRIPTION DAY START | DUR___| FEE |
eee ee ee ce ee ee

















SaaS es
| ACCOUNTING _| Pn ee ee os eae ee he et a
TACCAFOR BEGINNERS! __| 6:00pm-8:00pm | MonWed__7-May | 10 wks _| $250 |
[ACCASO1. Mon/Wed ___7-Ma
ACCA FOR BEGINNERS III [ 6:00pm-8:00pm | Tues/Thurs _8-May | 10 wks _| $300 |
eames —-—-————$—_$____} |} }— +
||
cas
CUSTS00 SUPERIOR CUSTOMER SER. W/S 9:30am-4:30pm | Thurs 31Ma 1 da’ $170

CREDIT AND COLLECTIONS | 6:00-9:00PM _| Thurs 10 Ma $225

CREDIT AND COLLECTIONS II 6:00-9:00PM





a —
COMPUTER APPLICATIONS | 6:00pm-9:30pm | Mon 7-Ma





COMPUTER APPLICATIONS |
COMPUTER APPLICATIONS II










6:00pm-9:30pm
6:00pm-9:00pm
6:00pm-8:00pm
9:30am-4:30pm
















Mon/Wed
Thurs
Thurs

PC UPGRADE & REPAIR
EFFECTIVE POWERPOINT
WEB PAGE DESIGN WORKSHOP

SEER ERI ER
a a




Q
2
3
8

aA PIAA IA
nN Dis /nl]w
nN QAInjolw
a oO/O/O|o

os ine ete go me et Ra ed cee Reel gaan
De ent tae eg ent en Ne tee te
FLORAL DESIGN | 6:00pm-9:00pm 10 wks



FLORAL DESIGN I!













FLORAL DESIGN II! 7-May | 10 wks | $300 |

INTERIOR DECORATING | | $225 |

ae

|

EFFECTIVE WRITING SKILLS - Bwks | $225 |

ate i
MASSAGE THERAPY ESSENTIALS | | 6:00pm-9:00pm 10 wks








/ MASSAGE THERAPY ESSENTIALS
MASG901 . : u

Bb 25 5 oblolo
i Pie

6:00pm-9:00pm | Mon










| HLTH800 __—=«{ 01 | GROUP FITNESS INSTRUCTOR! __| 6: 9-May | 10 wks _| $400 |
a eee le |
[MANAGEMENT |__| ;
[MGMT900_._ 101 | HUMANRESOURCE MGMT | 6:00pm-9:30pm | Thurs ___10May |

| 01. _| HUMAN RESOURCE MGMT I! 6:00pm-9:30pm | Mon 7-May





















| 10. wks | $225 |
| Thurs 10May | 10 wks_| $250 |
-




| SEwe0s|-01,_ | DRAPERY MAKING |



ENQUIRIES:: Contact the Co-ordinator at Tel: (242) 325-5714 (242) 328-0093/328-1936/302-4300 ext
5202 or email: persdev@cob.edu.bs

All fees are included with the exception of the application fee of $40.00 (one time).
CEES reserves the right to change Tuition, Fees, Course Content, Course Schedule and Course materials.



| EXTENSION SERVICES ,
Computer Offerings — Summer 2007

COMPUTER APPLICATIONS I
Course Description:. ‘This course is for the beginner who knows very little about computers
8 and does not understand how it works. This course covers the major
. computer concepts with extensive hands on practice of various software using:
(1) Microsoft Office — Word Processing (ii) Microsoft Excel — Spreadsheet (iii)
Microsoft Access — Database Management.

Pre-requisite: ©. . . None
Begins: oar . ‘Monday, 7" May 2007 6:00pm - 9:30pm Section 01 (CEES)
ee Saturday, 5" May 2007 10:00am _ - 1:30pmSection 02 (CEES)
Duration: 9 weeks
Venue: CEES Computer Lab
Tuition: $450.00
COMPUTER APPLICATIONS II
Course Description: © This course covers the major advanced concepts with extensive hands on practice
of various software using: (I) Microsoft Office — Word Processing (ii) Microsoft
Excel — Spreadsheet (iii) Microsoft Access — Database Management.
Pre-requisite: Computer Applications I
Begins: Thursday, 10 May 2007
Time: 6:00pm - 9:30pm ‘
Duration: 9 weeks
Venue: CEES Computer Lab
Fees $550.00

EFFECTIVE POWERPOINT PRESENTATIONS

This wi is designed to provide participants with an overview of the fundamentals of Microsoft
PowerPoint. It focuses on developing effective and dynamic PowerPoint presentations.
Pre-requisite: None
Begins: Thursday, 31° May 2007
Time: 9:30am - 4:30pm
Duration: . 1 day
Venue: — CEES Computer Lab
Fees: ; ; $160.00
PC UPGRADE AND REPAIR
Course Description: This course is a hands-on introduction to technology systems for use in information
a: 7 environments. The course will cover the following topics: Basic Hardware,
Operating Systems, Troubleshooting and Repairs.
Pre-requisite: None
Begins: Monday 7th May 2007
Time: 6:00pm — 8:00pm Monday & Wednesday
Duration: . 9 weeks
Venue: BHTC Computer Lab '
Fees: , $500.00
QUICKBOOKS
Course Description: . This course is designed to train new and existing small business entrepreneurs
: (fewer than 20 employees) how to organize and manage their accounting
activities using QuickBooks Pro software. Students will learn how to set-up
poe their company files, chart of accounts, budget, customers, vendors and employees.
Pre-requisite: ‘None
Begins: Tuesday, 8 May 2007
Time: : 6:00pm — 9:00pm
Duration: © 6 weeks
Venue: CEES Computer Lab
Fees: $330.00
WEBPAGE DESIGN WORKSHOP
Course Deseription: This course, which targets persons who would like to create their personal web
pages will cover Web page creation, Web site management, and HTML. Specific
topics will include Formatting, Graphics, Multimedia, Forms and Tables and
hosting of web pages. :
Pre-requisite: Participants must be computer literate and have a basic knowledge of word-
processing.
Begins: - Thursday, 14" & 15" June 2007
Time: 9:30am — 4:30pm
Duration: 2 days
Venue: CEES Computer Lab
: $550.00

Fees a
RES un the Co-coordinator at Tel: (242) 302-4300 ext 5201 5202 5205 or email

are with the exception of the application fee of $40.00 (one time). When submitting
a

poo kiadiy copies of the first four pages of your passport. CEES reserves the right to
change Tuition, Fees, Course Content, Course Schedule and Course

THE COLLEGE OF

Visit our website at www.cob.edu.bs

THE TRIBUNE BUSINESS



THE BAHA

EDUCATING & TRAINING BAHAMIANS



International Conference

Abolition of the Trans-Atlantic Slave Trade: Telling the Story
The College of The Bahamas
February 21-23, 2008
Nassau, The Bahamas

Call for Papers

The College of The Bahamas will host the Conference: “Abolition of The Trans-Atlantic
Slave Trade: Telling the Story, February 21-23, 2008 at the Oakes Field Campus, Nassau.

Abstracts of approximately 200 words are invited on the following topics:

Language and Oppression

Religion in Slavery: Agent Provocateur or Opiate?
Slavery and Human Sensibility

Power and Enslavement

Kinship across the Diaspora

Identity: Culture, Race and Gender

Enslavement and Liberation: Pedagogy
Liberation: Ideologies, Contexts and Dynamics
Liberation: Simple Past or Present Continuous?

Please send abstracts as an attached Word file to Jessica Minnis, Chair of the Conference
Committee at abolitionconference@cob.edu.bs no later than Friday, August 31, 2007.

Conference Structure

The conference will feature 20-minute papers from all disciplines, followed by 10-minute
discussions, presented in concurrent and plenary sessions. Panel and poster proposals
will also be considered. Such proposals should be as complete as possible.

Submissions (an electronic copy) should be directed to:
Jessica Minnis :
Associate Professor

School of Social Sciences

The College of The Bahamas

Oakes Field Campus

P O Box N4912

Nassau, Bahamas

E-mail: abolitionconf@cob.edu.bs

Deadline for Submission: Monday, December 31, 2007.
Accommodation for Non-Resident Delegates

Information will be forthcoming.

Registration

Three Days: $450:00
Day Rate: $150:00
Late Registration Fee: $125.00
Student Rate: $150.00
Student Day Rate: $ 75.00

For information on the availability of student subsidies, please contact:
Vice. President Research, Graduate Programmes and International Relations
Tel: (242) 302 4455

Registration is open and online at http://www.cob.edu.bs/abolitionconf.php.

THE COLLEGE OF THE BAHAMAS
Office of Research, Graduate Programmes & International Relations
In conjunction with the Offices of Academic Affairs and Outreach
Summer Research Workshop Series 2007
30th April- 11th May 2007

Gerace Research Centre, San Salvador

An Exceptional Opportunity for Building Research and Writing Skills
Participants Completing Earn Continuing Education Units (CEUs)

Summer Research Workshop Series 2007 is designed to build research capacity through the
honing of critical research and writing skills as well as grant writing. In addition, the inclusion
of the module on marine pollutants provides a forum in which College/University faculty can
work in concert with governmental and non-governmental agencies on national issues.

Participants will select two of the following three modules:

Module I--Essentials of Technical Writing—(36 hours = 3.5 CEUs)

Facilitator: Dr. Padma T. Venkatraman, Coordinator of Graduate Diversity, University of
Rhode Island

This modules in scientific writing has three main goals: (1) to show participants how to write a
technical manuscript (including, but not limited to a scientific research paper, a proposal to a
funding agency, or a thesis or dissertation) and to make informed choices about its content,
structure, and style; (2) to show how to use the English language to communicate the desired
message clearly, unambiguously, and efficiently; and (3) to show how to use the language to
communicate the message to the widest possible audience.

Module I—Principles of Grant Writing (36 hours = 3.5 CEUs)

Facilitator: Nancy B. Bell, Ph.D., Research Image (a worldwide research infrastructure service),
Marble Falls, TX

The goal of Principles of Grant Writing is to enhance the faculty-initiated grant application. The
objectives are to: 1). Determine the grant application requirements, review criteria and organization
required by the RFP; 2). Write integrated goals, hypotheses, objects, and outcome measures for

a scholarly project; 3). Match budget requirements and limitations to the project scope; 4). Prepare
a project summary and project plan draft; 5). Evaluate project design for innovation, importance,
feasibility, and significance; 6). Use tools to streamline and organize the application preparation
process; and 7). Evaluate studies involving human and animal subjects for appropriateness.
Participants will work in groups on interactive assignments to explore academic and scholarly
multidisciplinary strengths for possible future collaborations.

Module UI—Introduction to Marine Pollution (3.5 hours = 3.5 CEUs)

Facilitator: Dr. Rainer Lohmann, Assistant Professor, Graduate School of Oceanography,
University of Rhode Island

This module is an introduction to marine pollution emphasizing geochemical aspects of the
sources, transport, fate and effects of pollutants in the coastal marine environment. The pollutants
include oxygen—demanding waste, petroleum, metals, synthetic organics and radioactive/solid
wastes. Risk assessment and specific case histories will also be used to evaluate the environmental
impact of the pollutants.

EXPLANATION OF CEUs (Continuing Education Units)
ontact Hours per Module =
Group Contact/Session Collaboration =5 per Module
Preparation/Individual Work = 10 hours per Module

TOTAL per Module = 36 (3.5 CEUs per Module)

Targeted Audience: The College of The Bahamas faculty, staff and representatives of government and non-
government organizations

Estimated number of participants: \0-15 persons per module

Cost:

: $820.00 per internal participant (Includes workshop fees--$300--plus room and board at GRC)

. $1,015.00 per external participant (Includes workshop fees--$300--plus and room and board at GRC)
Participants will be accommodated at GRC on a first come first served basis (all rooms are double occupancy.
Overflow will be referred to Riding Rock at $145 per night, double occupancy.

For further information and registration, please contact:

Dr Linda Davis, Vice President, Research, Graduate Programmes & International Relations
Tel: (242) 302 4315

E-mail: ladavis@cob.edu.bs

Mr Shan Higgs, Senior Clerk

Tel: Tel: (242) 302 4455

E-mail: shiggs@cob.edu.bs





THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 5B





FOCOL’s first half
income hits S6m

B@ By NEIL HARTNELL
Tribune Business Editor

yesterday revealed that net income

for the first half of its fiscal year to
January 31, 2007, had increased by 63.2 per
cent to just over $6 million compared to
the previous year’s $3.682 million, a figure
inflated by the Shell (Bahamas) acquisi-
tion.

The compartive with the six months to
January 31, 2006, is relatively meaningless,
given that FOCOL only completed the
Shell Bahamas acquisition in December

Fete: Oil Holdings (FOCOL)

. 2005-January 2006, meaning that it did not

figure in the company’s results until the

third quarter and second half of last year. -

Going forward, the results for the three
months to April 30, 2007, the period which
closed yesterday, and the second half and
full-year figures, will give a much more
accurate picture and comparison of whether
FOCOL is realising benefits from its Shell

So far so good seems to be the answer,
given the 2007 first half results, which are
vastly different from the incorrect ones that
were published in the daily newspapers
yesterday.

For the six months to January 31,
FOCOL’s revenues stood at $132.569 mil-
lion compared to $55.996 million during
the same period last year, an increase attrib-
utable to the inclusion of Shell Bahamas
for the full period this time around.

With the cost of sales standing at
$113.263 million, FOCOL’s gross profits
for the 2007 first half stood at $19.307 mil-
lion, compared to $8.053 million the year
before.

Earnings per share (EPS) rose from $0.43
per share to $0.7 0 per share.

Since the 2006 year-end, FOCOL’s total
assets had declined by more than $7 million,
although this was due largely to a beneficial
thing - an almost $7 million decline in
accounts receivables to $20.166 million as at
January 31, 2007. Inventories fell by almost
$12 million to $9.777 million.

FOCOL had decreased its total liabilities
by 19.1 per cent during the six months to
January 31, 2007, reducing these to $49.744
million compared to $61.47 million at 2006
year-end.

The decline was largely due to a major
reduction in accounts payables, which fell
by more than a third - 39.3 per cent - to
$27.025 million from $44.542 million.

In his message to FOCOL shareholders,
Sir Albert Miller, the company’s chairman
and president, said: “During the expansion
process we have been able to continue our
commitment to paying dividends to our
shareholders by paying a dividend of $0.30
per share during the period.

“Thanks to careful planning and knowl-
edge of the industry, we were able to sustain

successful results in our Grand Bahama

operations as well as successfully operating
in Nassau and the Family Islands.

“The Board of Directors is confident that
we have the capacity and ability to ensure
that the company can grow while protecting
the investment of its shareholders. “

Bahamas purchase.

Clarification|

IN yesterday’s Tribune
Business page one story,
headlined Realtors submit
two reports to FIU in six
years, Kenrah Newry, the
Financial Intelligence Unit’s
legal counsel, indicated that

this was cause of concern giv-
en that there had been sev-
eral high profile cases involv-
ing real estate assets in recent
times.

The article went on to say
that “two such cases involved
Derek Turner and Victor
Kozeny, who both faced a
number of fraud charges and
had real estate in the coun-
try”.
The sub headline said:
Concern, given Turner and



Kozeny purchases of real
estate in that time.

The Tribune wishes to
emphasis that at no time in
her presentation did Mrs
Newry make any reference
to either Mr Turner, Mr
Kozeny or any other individ-
ual. The reference to the men
came during a question and
answer segment, when a real-
tor asked what the implica-
tions of selling property asso-
ciated with the men might be.

It was in response to this
question that Rowena
Bethel, the executive com-
missioner of the Compliance
Commission, advised realtors

_ in.this situation to seek legal

advice.





COLINA, from 1

year after Colina acquired
Imperial Life and merged it
into its existing life and health

, insurance subsidiary.

Gross premium revenues

* rose by 6.3 per cent to $145.076
‘ million in 2006, compared to
‘ $136.453 million the previous
, year, with net premium rev-

enues - aftér reinsurance pre-
miums - up 4.4 per cent at

' $132.642 million.

Colina Holdings (Bahamas)
total revenues stood at
$162.378 million for fiscal 2006,

' arise of 1.8 per cent, as net

- administrative
» (G&A).

investment income and other
income declined against 2005
comparatives.

On the benefits and expens-
es side, these overall fell by 2
per cent to $154.534 million,
the main drivers being a
decline in net policyholder
benefits and general and
expenses

[@ Bank

The former declined from
$94.453 million in fiscal 2005
to $90.609 million, largely due
to the fact reinsurance recov-
eries came close to doubling
from $5.607 million in fiscal
2005 to $10.583 million last
year.

Meanwhile, G&A expenses
declined by 15.6 per cent to
$29.42 million from $34.867
million, helped by a reduction
in staff salaries and employee
benefits from $13.278 million
to $11.54 million in 2006. The
G&A fall indicates Colinalm-
perial has begun to rationalise
its business following the Impe-
rial Life purchase and subse-
quent integration of four lega-
cy companies - Global Life,
Imperial Life, Canada Life and
Colina Insurance Company.

Colina Holdings (Bahamas)
share price, which over the
past year has stood between
52-week highs and lows of
$2.20 and $1.67, closing last
Friday at $2.10 per share, is
also likely to receive a boost

of The

M I

from the Board’s decision to
resume dividend payments to
ordinary shareholders.

The company’s Board has
approved the payment of a
$0.04 dividend to ordinary
shareholders as of May 7, 2007,
a move likely to boost and
revive interest in Colina Hold-
ings (Bahamas) shares.

Investors in the Bahamian
capital markets are primarily
attracted to dividends, as
opposed to capital apprecia-
tion stocks, and Colina Hold-
ings (Bahamas) share price has
moved little over the past few
years as investors waited for
dividends to resume and to
gauge whether the Imperial
Life purchase and other acqui-
sitions would work.

Other areas of interest in
Colina Holdings financial
statements for 2006 were that,
as at December 31, 2006, the
company had accumulated a
24.6 per cent stake in RND

Holdings, the publicly+quioted,

real estate investment: trust

ape

Bahamas
T E D

“A growing and dynamic Bahamian institution”

Vacancy For The Position Of:
SENIOR INTERNAL AUDITOR

Core responsibilities:

Perform operational and compliance audits in finance, operations
and credit areas of all branches and departments |
Preparation of audit reports for review by Management and
Audit Committee

Review financial data and reports
Assist external auditors during year-end audits and any special

reviews

Perform audit reviews and audit testing for any new system

implemented

Performs a variety of other related duties, such as assisting
with special audit review projects and investigations.

Knowledge, Skills and Abilities:

e

A minimum of three years experience with an international
public accounting firm.
A Certified Public Accountant, Certified Internal Auditor or
Equivalent designation.
Detailed understanding of commercial banking, The Central
Bank of The Bahamas Acts and Regulations, and The
Professional Standards of the Institute of Internal Auditors
Strong accounting and auditing skills to analyze financial

statements

Computer literate - Ability to use Electronic Working papers,
MS Word and Excel

Benefits include: Competitive salary commensurate with experience
and qualifications; Group Medical (includes dental and vision) and
life insurance; pension scheme.

Interested persons should apply no later than 27th May 2007 to:

The Senior Manager, Human Resources & T raining
Bank Of The Bahamas International

P.O. Box N-7118
Nassau, Bahamas



(REIT) and online ticketing
business that is traded on the
over-the-counter market. .

Colinalmperial, via various
investment portfolios and
funds, had acquired 2,177,779
million shares in RND Hold-
ings. The strategy behind the
purchases is unclear, given that
RND Holdings has been one
of the worst-performing public
companies in the Bahamas
over the past six years.

On related party transac-
tions, Colina Holdings
(Bahamas) received $3.571
million in revenues from group
health and lifé insurance poli-
cies purchased by its affiliates,
plus rental income. Funds paid
to affiliates by the BISX-list-
ed company’s subsidiary
totalled over $3.6 million.

Some $299,000 was paid to

Colina Holdings (Bahamas)
parent company, A. F. Hold-
ings, the former Colina Finan-
cial Group and holder of 63.1
per cent of the BISX-listed
entity’s shares, during 2006 for
internal audit services, com-
pared to $941,500 paid out in
2005.

Colina Holdings (Bahamas)
also paid out $415,014 in legal
fees during fiscal 2006 (likely to
have been to Alexiou. &
Knowles, the law firm in which
A. F. Holdings principal,
Emanuel Alexiou, is a part-
ner), and $530,088 in property

rental fees to an affiliate.

A further $826,947 was paid
to an affiliate, likly to have
been CFAL, for investment
management services, com-
pared to $780,207 the year
before. Another $183,917 went

to CFAL for registrar and
transfer agency services, and
$521,503 in property and casu-
alty insurance is likely to have
been placed:through Colina
General Insurance Company.

After the 2006 year-end,
Colinalmperial entered into an
agreement to sell its Village
Road property for $3 million.
A $1.9 million deposit has been
received, some $300,000 of that
being paid prior to year-end,
with the deal set to close this
year.

Colinalmperial also made
principal and interest repay-
ments totalling $2.6 million on
a bank loan that was advanced
to its subsidiary, Goodman’s
Bay Development Company,
the holding company for the
Goodman’s Bay Corporate
Centre.

THE HONORARY CONSUL OF INDONESIA TO THE BAHAMAS
WELCOMED THE SUPPORT OF THE MANY DONORS WHO
RESPONDED TO THE APPEAL FOR HELP TO THE VICTIMS OF THE

2004. TSUNAMI
THE COUNTRY.

WHICH DEVASTATED MANY PARTS OF

THE GOVERNMENT OF INDONESIA, IN EXPRESSING ITS
APPRECIATION TO THE PEOPLE OF THE BAHAMAS FOR THEIR
NOBLE EFFORT, ADVISED THAT THE FUNDS WOULD BE USED
IN THE RE-CONSTRUCTION OF CLASSROOMS IN THE ACEH
REGION, MOST SERIOUSLY AFFECTED BY THE DISASTER.

THE HONORARY CONSUL TAKES THIS. OCCASION TO
EXTEND SINCERE APOLOGIES FOR THE UNDUE DELAY
IN ACKNOWLEDGING THE CONTRIBUTIONS RECEIVED.

DAVIDSON HEPBURN

A premier financiai firm like UBS runs on exceptional talent like yours. We seek out unique g fed individual
bring something different to cur organization and offer them superb career opportunities to ma

JBS Wealth Management is looking to hire a recent graduate into the UBS (Baharnas} Ltd. office. UBS seeks
preferably with relevant previous work experience (summer internship), who have demonstrated

and extracurticular achievement, are ‘lexibie and creative, possess strong analytical and inter

enthusiastic and committed. Strong work ethic and personal integrity are critical. Furthermore, excel'ent lang
are an advantage (e.g. English, French, German, Spanish or Portuguese). Candidates must have their BA, ove

an emphasis in Finance or Economics.



To apply for this fulltime position, pease deliver your resume and cover letter by hand to UBS (Bahamas) Ltd, Human Resources
East Bay Street, or by e-mail to hrbahamas@ubs.com. The application deadline for this Trainee position 1s Friday May18, 2007

Wealth
Management

Global Asset

© LOS IO. The tay sumiol nd UGS ae cegatercd are mreguienn
Ser uetes WAS a tesntered Oroertenias thet i i teby Owed vubixter



' Investment
Management © Bank

3 UBS





PAGE 6B, TUESDAY, MAY 1, 2007



THE TRIBUNE





US consumer spending
pace hits five-month low

@ By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) — Consumer
spending rose at the weakest pace in
five months in March as a surge in gaso-
line prices left shoppers with little left
over for other items.

The Commerce Department reported
Monday that consumer spending on all
items was up 0.3 percent last month, the
slowest increase since a similar rise in
October. That lackluster gain came even
though personal incomes rose by a
healthy 0.7 percent last' month.

The spending performance in March
was even weaker when the effects of
higher gasoline prices were removed.
After adjusting for price increases, con-
sumer spending actually fell by 0.2 per-
cent in March, the poorest showing since
+ September 2005 when the economy was

suffering the aftershocks of Hurricane
Katrina. i

.“People spent more in March but may
be enjoying it less as the rising price of
energy is cutting into what they actual-
ly take home,” said Joel Naroff, chief
economist at Naroff Economic Advi-
sors, a private consulting firm.

On Wall Street, the Dow Jones indus-
trial average fell 58.03 points to close
at 13,062.91. But even with the loss on
the final trading day of the month, the
Dow still posted a 5.7 percent gain for all
of April, its best peformance since April
2003, as investors put aside worries
about weak economic growth to focus
instead on strong corporate earnings
reports.

The weaker-than-expected consumer
spending report on Monday added to
worries that the economy could be in
danger of stalling out if consumer con-
fidence falters further in the face of ris-
ing gasoline prices and a slumping hous-
ing market.

“Unless spending posts unusually

large gains ia May, the second-quarter
consumption number is practically guar-
anteed to be awful,” said Stephen Stan-
ley, chief economist at RBS Greenwich
Capital. He predicted that consumer
spending will rise at an annual rate of
around 1 percent, far below the 3.8 per-
cent rate of spending growth in the Jan-
uary-March quarter.

Stanley said such a sluggish growth
rate for consumer spending, which
accounts for two-thirds of total eco-
nomic activity, will translate into overall
economic growth as measured by the
gross domestic product of slightly above
2 percent in the current April-June quar-
ter.

The government reported last week
that the GDP expanded at an anemic 1.3
percent annual rate in the January-
March quarter, the weakest showing in
four years, raising new worries about
the durability of the current five-year-
old economic expansion.

A second report Monday showed that
construction spending edged up a slight
0.2 percent in March. Spending on hous-
ing fell for an 11th month out of the
past 12, but this was offset somewhat
by increases in spending on hotels and
other nonresidential projects and on
government construction. In addition,
construction activity in February was
revised up significantly to growth of 1.5
percent, five times the initial estimate of
0.3 percent growth.

Analysts said this big increase will
contribute to an upward revision in the
GDP for the first quarter to around 1.5
percent or 1.6 percent.

In another sign of the slowdown in
housing, the National Association of

Realtors reported Monday that pur- °

chases of second homes for investment
purposes fell by a sharp 28.9 percent
last year to an annual rate of 1.65 million
units while sales of vacation homes man-
aged a 4.7 percent increase to a record

1.07 million units.

Sales of vacation properties and
investment homes accounted for 36 per-
cent of all existing and new home sales
last year, down from 40 percent in 2005,
which was the peak of the five-year
housing boom, the Realtors reported.

A price gauge tied to consumer
spending was unchanged in March, after
excluding the effects of gasoline and
food. This meant that core inflation as
measured by personal consumption
spending is up by just 2.1 percent for
the past 12 months, much better than _
the worrisome 2.4 percent jump record-
ed for the 12 months ending in February.

The slowdown in inflation outside of
energy should provide some assurance
to the Federal Reserve, which is hoping
that it has already done enough to slow
the economy and restrain inflation. The
Fed is widely expected to keep interest
rates unchanged when the central bank
meets next week.



Wall Street falls as investors cash in

m By MADLEN READ
AP Business Writer.

NEW YORK (AP) — Wall _

SPECIAL DELIVERY TO THE PLP

- Street retreated Monday as
_ investors, casting a wary eye

toward upcoming economic
data, cashed in some profits on










GOD, GO!!” :

(Oliver Cromwell is dismissing The Long Parliament- 1653)

ORTLAND H. BODIE JR.
_EXECUTIVE DIRECTOR

“ “COMMON CAUSE
Bald political advertisement









WILL BE



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ON ELECTION DAY —
WEDNESDAY, MAY 2nd, 2007

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the last trading day of April —

» the Dow Jones industrial aver-
age’s best month in more than
three years.

Investors did manage to
send the Dow to a new trading
high before pulling money out
of the market ahead of Tues-
day’s manufacturing data from
the Institute for Supply Man-
agement. On Monday the
report’s precursor, the Chicago
Purchasing Managers’ index of
manufacturing activity in the
Midwest, came in weaker than
expected. ‘

The Dow surged 5.7 percent
in April, the biggest percentage
gain since December 2003,
thanks in large part to first-
quarter earnings that were
stronger than analysts predict-
ed. Quarterly profits released
Monday by companies such as
Verizon Communications,
Wm. Wrigley Jr. Co., Kellogg
Co. and RadioShack Corp.
extended that trend.

Economic data on Monday
was mixed. Investors were
pleased by the Commerce
Department’s report that core
inflation, as measured by per-
sonal consumption spending,
was up 2.1 percent for the past
12 months ending in March —
lower than the 2.4 percent rise
in.the 12 months ending in
February. If inflation eases, the
Federal Reserve is more likely
to cut interest rates.

But the data also showed
personal spending increased
only 0.3 percent. That, along
with a slim gain in construc-
tion spending and the weak
reading on Midwest manufac-

turing, caused some restraint
among investors who are con-
cerned about the economy
slowing too quickly — which
could eventually hurt corpo-
rate profits.

“What the market is always

going to ask is, what have you
done for me lately?” said Alan
Gayle, senior investment
strategist at Trusco Capital
Management. “The good earn-
ings news has at least to some
degree been reflected in stock
market prices — companies
are going to have to continue
generating these good num-
bers to see the market go high-
er.”
The Dow fell 58.03, or 0.44
percent, to 13,062.91 after
reaching a new trading high of
13,162.06. The Dow on Friday
hit its 37th record close for the
index since October. It is now
up 4.8 percent on the year.

Broader stock indicators fell
further Monday, as investors
avoided smaller, less estab-
lished companies due to signs
of a cooling economy.

The Standard & Poor’s 500
index fell 11.70, or 0.78 per-
cent, to 1,482.37, while the
Nasdaq composite index
dropped 32.12, or 1.26 percent,
to 2,525.09.

Bonds jumped on the data
showing tame inflation and
slow growth, which lower the
chance of a rate hike. The yield
on the benchmark 10-year
Treasury note fell to 4.62 per-
cent from 4.70 percent late Fri-
day.

Gold prices rose. The dollar
recovered slightly from Fri-

NOTICE

NOTICE is hereby given that VELOUSE OSAIS OF COLONY
CLUB #4, P.O.BOX F-42915, FREEPORT, GRAND BAHAMA,
BAHAMAS, is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of

The Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 24TH day of April, 2007 to the Minister responsible for
Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.



To Our Valued Customers:

Please be advised that Prime Bahamas
Ltd. will close at 1pm on Wednesday
May 2nd, 2007 in order to allow our
employees the opportunity to vote.

We _ sincerely

apologize
inconvenience this may cause and thank
you for your patronage and understanding.

for any



day’s decline, but still hovered
around an all-time low against

- the euro.

Fueling the end-of-month
selloff, the National Associa-
tion of Purchasing Manage-
ment-Chicago said its index of
manufacturing activity was 52.9
in April, below the average
estimate and down from a
reading of 61.7 in March — its
highest level in two years. A
reading above 50 in the index

indicates growth in Midwest

manufacturing, while a read-
ing below 50 suggests contrac-
tion. .

Caution ahead of this week’s
economic data ended up over-
shadowing strong earnings
data Monday. ;

Verizon, one of the 30 Dow
stocks, reported that its first-
quarter profit fell 8.4 percent,
but revenue rose 17 percent

and the results beat predic-'

tions. Verizon rose 29 cents to
$38.18.

RadioShack Corp. and Wm.
Wrigley Jr. Co. also posted
strong first-quarter profits.
RadioShack rose $1.35, or 4.9
percent, to $29.07, while
Wrigley jumped $3.83, or 7
percent, to $58.88.

Corporate growth has been
better than expected but is in
the single digits, slower than
in recent quarters. That has
allowed price-to-earnings
ratios to rise, noted Jeffrey
Kleintop, chief market strate-

gist at LPL Financial Services,
indicating stocks have potential
to rise further.

In other corporate news,
German stock exchange oper-
ator Deutsche Boerse AG con-
firmed it has agreed to buy the
USS. options exchange Inter-
national Securities Exchange
Holdings for $2.8 billion in
cash. ISE surged $20.97, or 45.9
percent, to $66.69.

Light, sweet crude fell 75
cents to settle at $65.71 per
barrel on the New York Mer-
cantile Exchange.

The Russell 2000 index of
smaller companies fell 15.13,
or 1.82 percent, to 814.57.

Declining issues outnum-
bered advancers by nearly 3 to
1 on the New York Stock
Exchange, where consolidated
volume came, to 2.99 billion
shares, up from 2.7 billion
shares Friday. ' -

‘Overseas, Japanese markets
were closed for a holiday,
while Chinese markets hit
record highs, driven by strong
corporate earnings. But most
other Asian markets fell as
investors worried China may
ramp up efforts to slow its
booming economy after
announcing new credit tight-
ening measures.

Britain’s FTSE 100 rose 0.48
percent, Germany’s DAX
index rose 0.42 percent ard °
France’s CAC-40 rose 0.4%
percent.

NOTICE

NOTICE is hereby given that RONALD OSAIS OF COLONY
CLUB #4, P.O.BOX F-42915, FREEPORT, GRAND BAHAMA,
BAHAMAS, is applying to the Minister responsible for Nationality
and Citizenship, for registrationmaturalization as a citizen of

The Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 24TH day of April, 2007 to the Minister responsible for
Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.



ao financial
services

FUND ADMINISTRATOR

Swiss Financial Services (Bahamas) Ltd. is a leading investment funds
administrator in The Bahamas seeking a professional, reliable,
hardworking, and motivated individual to join our staff.

Duties/Responsibilities:

Manage a diverse portfolio of funds with varying complexities to include:

1. Understanding assigned portfolio of funds (PPM, Agreements,
Due Diligence, Resolutions)
Trade processing (subscriptions, redemptions, etc.)
Execution of trade confirmations
Liaising with fund partners (investment managers, third party
administrators, private bankers, etc.)
Proper Reporting to the Securities Commission of The Bahamas
Preparation of annual fund audits
Preparation of reports and special projects
Other miscellaneous duties

Skills & Qualifications:

Bachelors degree in a business related subject

Minimum 3-5 years experience in similar position

Team player with the ability to function with minimum supervision
Computer proficiency in MS Office - Word, Excel, Outlook
Professional written and oral communication skills

Excellent time management and organizational skills

Detailed analytical and problem solving skills

Benefits include competitive salary commensurate with experience,
pension and group medical insurance.

If you meet the requirements specified above, pleased send cover letter
and resume with reference: FASWISS, by May 11th, 2007 to:

Swiss Financial Services (Bahamas) Ltd, Human Resources,
P.O. Box EE-17758,
Nassau, Bahamas
Fax: (242) 394-9250 ¢ Email: vking @swiss-financial.bs



KZKKKKKAKRKKAKKRKAKRAKRKRKARKAZKERKALAKRAKR KALE KAEKAKKMRKLKMKEKA KKM MKMR

SN NNN NNN NNN



THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 7B





Bahamians plan
inter-island ferry
to boost tourism

FROM page 1

Mr Ferguson explained that
the companies were in the final
stages of organising the busi-
ness, which initially should
employ about 40 persons.

“We have a boat coming in,
and we will be conducting our

time and speed trials. Hope-.

fully, we should be up and run-
ning before the end of the sum-
mer,” he said.

Operations

Mr Ferguson said that once
they begin operations, they will
initially use one boat and cov-
er islands such as North and
Central Andros, North &
South Eleuthera, Exuma,
Bimini and the Berry Islands,
South Abaco and Long Island.
While there may not be direct
service between all the islands,
passengers would still be able
to connect their itineraries
through stopovers at another
island.

After six months, Mr Fergu-
son said they would like to see
the business expand to three

boats. He added that he saw a
tremendous need for such a
service, particularly given the
expanding economy, and
pointed out that not all the
focus on the economy should
be on New Providence.

Development

With more development on
the Family Islands, inter-island
transportation will prove very
effective. Mr Ferguson said his
venture received assistance
from the Domestic Investment
Board, adding: “They were
very helpful. Working with
them was a very positive expe-
rience, and as a young Bahami-
an the experience was very
interesting.”

Fred Munnings Jr, president
of Bahamas Festivals Ltd, wha
is partnering with Mr Fergu-
son, told The Tribune that his
role will be to provide quality
entertainment at the various
island destinations Bahamas
Island Hoppers provides ser-
vice too.

He pointed out that there
was a clear market for tourists
who wished to make quick day
trips to the family Islands.

This market included
tourists who may not have time
for a full day or overnight trip,

as well as Bahamians who may
also need to make a quick vis-
it to a Family Island for per-
sonal or business reasons.

Mr Munnings said having
reliable service would elimi-
nate the reliance on Bahama-
sair, which only offered limited
service.

He said that as every island
has a different flavor, different
tours can be offered linking
transportation with a unique
experience.

Significant

Mr Munnings said the
Andros- New Providence was
especially significant. He said
that with a land mass larger
than Trinidad, Andros had the
capacity to accommodate more
than two million persons per
year. Given the traffic situa-
tion on New Providence, he
said it would be very feasible
to have persons live on Andros
and commute to Nassau.

“It takes 20 minutes to get to
Andros, less time than it takes
to get anywhere in Nassau ona
heavy traffic day,” Mr
Munnings said.

The Bah

Baw Wd 4
Tritune - the #1 newspaper

in circulation, just call
da ELUATE



GRAHAM, THOMPSON & Co.

COUNSEL & ATTORNEYS-AT-LAW * NOTARIES PUBLIC

Will be closed
at 12:00 p.m.
on Election Day
Wednesday, May 2, 2007

assau r ; F
Sassoon House The First Commercial
Shirley Street & Victoria Avenue 3rd Floor, Suite 9
P.O.Box N-272 P.O.Box-42533
Nassau, New Providence, Freeport, Grand Bahama,
Bahamas wee Bahamas
Tel: (242) 322-4130 Tel: (242) 351-7474
Fax: (242) 328-1069 Fax: (242) 351-7752



amas Institute of Financial Services

NOTICE

KILBANE ENTERPRISES LTD.

In Voluntary Liquidation

Notice is hereby given thatin accordance with Section 138
(4) of the International Business, \Gompanies Act,, 2000,
' KEEBANE EN ee LTD. isin dissolution as of
| | April 20, 2007..



Opening

: : Introduction to Seminar and Wi Remarks
* 9:30 am ~ 10:00 am =e

Mr, Nathaniel Beneby Jr.
Scottish Psalms Corporation of 35A Regent Steet, : eee’ ss
Belize City, Belize is the Liquidator. “Stimulating 7 The Workforce ce Through Knowiedge,
' Learning and Opportunities”

“Stimulating ar and Sustaining Growth In Financial
i Services"
"The Need for Professionals to become diversified _ Mr. Michael Allen

"in the Financial Services Industry” . Ms. Tanya Wright
' PANEL _ Mr. Michael Fheids

‘Morning
» 10:30 am - 12:00 pm

‘Luncheon
> 12:30 pm ~ 2:00 pm

Min. James Smith

LIQUIDATOR :
. Afternoon

, 2:30 pm ~ 4:30 pm



Legal Notice
NOTICE

TUESDAY, May 18, 2007
Morning an
“30:00 am~ 12:00 pm NGS Enwronment

: “Strategies For Marketing Private Trust
Companies”

MALENA LIMITED

| NOTICE IS HEREBY GIVEN as follows:

. Justice John Lyons

Afternoon | AL

i . AIBT

2:30 pm = 4:30 pm :

(a) MALENA LIMITED is in voluntary dissolution under the
provisions of Section 137 (4) of International Business
Companies Act 2000.



WEDNESDAY, May 16, 2007



HE A. Leonard Archer
: Mr. Bruce Zagaris

“International Agreements & Their Impact
- on The Bahamas”
i, PANEL,

: “Transparency in in Company Formation -
_ Activities; Is there a level playing field”

“The impact of Hague Trust Agreement on. STEP
Bahamian Trusts”

Morning
, 10:00 am ~ 12:00 pm

(b) The dissolution of the said company commence on the 30th
April, 2007 when the Articles of Dissolution were submitted
to and registered by the Registrar General.

-Luncheon

: 12:30 pm — 2:00 pm ' Ms. Rowena Bethel

(c) The Liquidator of the said company is Credit Suisse Trust
“Limited, Rue de Lausanne 17 bis, Geneva. :
: Afternoon
Dated this 1st day of May, A.D. 2007 2330 pm — 4:30 pm
ee THURSDAY, May 17, 2007
Credit Suisse Trust Limited
Liquidator aa a
‘| Mr. Antoine Bastian
' Mr. Hillary Deveaux
| Ms. Pamela Klonaris

“4s the Funds Business Dying or Dead?”

‘Morning
; PANEL

‘ 10:00 am ~ 12:00 pm
Legal Notice pi oleh ae don ee Mi cctte eta
NOTICE i th ” ‘ Mr. Juljan Francis
oe eal “Mr. Arthur Chase
i ...,, Mrs, Pauline Allen Dean
“The Link Between Pension & Long Term
- Social Financial Stability” _ Mr. Larry Gibson

“Lunch
as ee

LEA INTERNATIONAL LIMITED

NOTICE IS HEREBY GIVEN as follows:

Attecnoon
, 2:30 pm ~ 4:30 pm_

(a) LEA INTERNATIONAL LIMITED is in voluntary
dissolution under the provisions of Section 137 (4)
of International Business Companies Act 2000.

FRIDAY, May 18, 2007

Morning _ “Harmonizing of the pasuistors and The
- 10:00 am ~ 12:00 pm —_—-- Power to Work Together”

“The Compliance Officers Role In Risk
Management: Insurance, Credit Unions,
: Gaming Board, Accountants, Lawyers etc.”

Ms. Rochelle Deleveaux

(b) The dissolution of the said company commepce on the 30th
April, 2007 when the Articles of Dissolution were submitted
to and registered by the Registrar General.

{
$

‘Lunch

12:30 pm - 2:00 pm ‘ BACO

(c) The Liquidator of the said company is Credit Suisse Trust

Limited, Rue de Lausanne 17 bis, Geneva.
Piease Make Cheques payadie to: The Bahamas Institute of Financial Services | Schedule subject to change

Please fax completed form to: 242-325-5674
‘Building Professionals in the Financial Services Sector’
www. bifs-bahamas.com

Dated this 1st day of May, A.D. 2007

Credit Suisse Trust Limited
Liquidator





nage poor

PAGE 8B, TUESDAY, MAY 1, 2007





‘FHE TRIBUNE it
"aa
4
4

Bahamas removed from
copyright watchlist

FROM page 1

The Attorney General, who
had not seen the Special 301
report, said on being informed
of the news by The Tribune:
“Y’m delighted to hear that.
For quite some time we’ve
been working assiduously,
explaining to the relevant US
agencies the commitment of
the Bahamas to the protection
of copyright. We’re delighted
to see they have accepted that
commitment.

“They are also aware of our
commitment to the intellectu-
al property rights regime, as
evidenced by the Registrar
General’s Department bring-

% UBS

ing in WIPO [World Intellec-
tual Property Organisation]
software, so the entire intel-
lectual property records regime
is in line with WIPO stan-
dards.”

Mrs Maynard-Gibson said

‘the process of installing WIPO

software in the Registrar Gen-
eral’s Department had already
begun, with staff being trained
on it. The software system was
set to be “rolled out over the
next coupl of years”, bringing
all previously recorded copy-
rights, patents, trademarks and
intellectual property rights - as
well as new ones - into line
with WIPO standards.
“We’re happy they’ve
acknowledged the Bahamas is
committed to protecting copy-

UBS Trustees (Bahamas) Limited is seeking a suitably
qualified individual to join their growing and dynamic team

as a

Client Accountant

The successful candidate will be expected to work
independently, to ensure the timely and efficient preparation
of Client financial statements. Through Strong written and
verbal skills, the candidate will be able to respond accurately
and promptly to internal and external client requests,

In order to satisfy our requirements, the successful candidate

will possess:

* A bachelor's degree in Accounting from a recognised and
accredited educational institution. Preference will be given
to applicants having obtained or in the process of earning
a CPA, or other related proficiency eae.

sax

® Sound working knowledge of International Fanci

Reporting Standards (IFRS);

® A minimum of 2 years experience in Trust Accounting
with a preference given to career experience in an

offshore environment:

® Extensive knowledge of MS Office and related Application

Software products;

Interested? If so, we look forward to receiving your
application documents on or before Thursday May 4, 2007,

attention:
Client Accountant
hrbahamas@ubs.com

or

UBS TRUSTEES (BAHAMAS) tT, HUMAN RESOURCES,
P.O. BOX N-7757, NASSAU, BAHAMAS .

Bist

Pricing Information As Of:
, 30 Ap

rights, and committed to pro-
tecting intellectual property
rights generally, as evidenced
by the WIPO regime in place
at the Registrar General’s
Department,” Mrs Maynard-
Gibson said.

She added that police crack-
downs on roadside sellers of
pirated DVds and CDs, plus
the highly-publicised raids on
warehouses alleged to be sell-
ing counterfeit or ‘knock-off’
designer, sportswear and luxu-
ry goods, “undoubtedly”
played “an important part” in
convincing the US that the
Bahamas and its government
agencies were serious about
enforcing copyright laws.

“This sends a strong inter-
national message,” Mrs May-

a UBS

nard-Gibson said. “It also
sends a strong local message, in
the sense that there are many
Bahamian artists that are con-
cerned about the protection of
the copyright in their artistic
productions.

“It’s an important message
about law and order in the
Bahamas, and the respect for
creativity and intellectual prop-
erty rights of international and
Bahamian artists alike.”

Apart from the US copyright
watchlist, Mrs Maynard-Gib-
son said the Bahamas had fea-
tured on a number of lists, such
as the Financial Action Task
Force’s (FATF) continued
monitoring list, when the cur-
rent administration took pow-
er in 2002. A “meticulous and

UBS (Bahamas) Ltd a leading international private bank is
looking for highly motivated professionals as

Desk Head - European Desk

In this challenging positions you will be responsible for:

* Leading a team of Client Advisors
* Advising and servicing existing clients including travelling

* Acquisition of new clients

* Proposing of investment solutions

We are searching for a personality with extensive experience in

wealth management, specialized in the fields ofyustomer
felations, investment advice and portfolio management.
“Excellent sales and advisory skills as well as solidiknowledge of

investment products are key requirements. A proven track
record in a comparable position with a leading global financial
institution as well as fluency in English and German, fluency in
another language (Spanish, Italian or French) is a plus,

Written applications by Bahamian nationals only should be

addressed to:

hrbahamas@ubs.com
or

UBS (BAHAMAS) LTD, HUMAN RESOURCES MANAGEMENT

P.O, BOX N-7757, NASSAU, BAHAMAS



ailipeune

ehaian Property Fund

Bank of Bahamas

Benchmark
Bahamas Waste

12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)

Colina Money Market Fund
Fidelity Bahamas G & | Fund

Colina MS! Preferred Fund

Colina Bond Fund

i S2vek-Hi - Highest closing price in last 52 weeks

S2wk-Lovw - Lowest closing price in last 52 weeks

fi Lo d eS
in di! vwidiocs by closing srg
Bid $ - Buying price of Cotina and Fidelity
Ask $ - Selling price ot Colina and fidelity



planned strategy” had taken
the Bahamas off those lists.

She was unable, though, to
comment on what the US
meant by continuing to “urge
the Government of the
Bahamas to implement the
amendments to its copyright
law”, although this is likely to
be a reference to the compul-
sory cable television licensing
regime.

An amendment to the Copy-
right Act enacted by the
Bahamian government in 2004
narrowed the scope of the
compulsory licensing regime
for the reception and trans-
mission of copyright works
broadcast free over the air, but
this has yet to be implemented.

The US said that as a result,
the remuneration system for
copyrighted works under the
compulsory licensing pro-
gramme included "less than
fair market value rates for
hotels and other commercial
enterprises".

Anthony Butler, Cable
Bahamas president, said yes-
terday that the Bahamas had
dropped two levels on the US
Trade Representative’s watch-
list, coming off it completely.
He explained that below the
‘Watch List’ level; which the
Bahamas had been on previ-
ously, was a ‘concern’ level,
but this nation was not on that
either.

“This is a culmination of the -
efforts that we have been
working on with the US
Embassy here, the Registrar
General’s Department, and the

Bahamian Embassy up in
Washington,” Mr Butler said.

“We had a series of meet-
ings in preparation for the US
Trade Representative’s review.
We're really pleased that, final-
ly, what the Bahamas has been
involved with has beer recog-
nised by the US Trade Repre-

_, sentative in this review,, We’re

pleased about the recognition

tt by the USTR.”

~The probléms with the com-

pulsory licensing regime have

INSIGHT

For the stories

behind the news,
Bete role] 413
on Mondays

been exacerbated by the fact
that both the Bahamas and the
rest of the English-speaking
Caribbean are seen as too
small a market by many US
TV programmers and rights
holders, something that has
made them disinclined to nego-
tiate commercial agreements
with Cable Bahamas.

In 2000, an agreement was
made between the Bahamas
and the US. Under the terms
of that agreement, the Motion
Picture Association of Ameri-
ca (MPAA), its members and
other copyright holders were
supposed to enter good faith
negotiations with Cable
Bahamas for a commercial
agreement that would allow
the company to provide Eng-
lish-speaking programmes, but
pay royalty and license fees to
copyright holders.

hile many of these pro- .
grammes can be picked up in
the Caribbean, the problem
occurs with the premium chan-
nels such as HBO, because the
programme distribution and
royalty rights contracts held by
these networks often do not
allow them to broadcast out-
side the US.

The copyright owners are
reluctant to negotiate with
Cable Bahamas because the
legal fees they would need to
change the royalty contracts
would exceed the revenues
gained from such a small mar-
ket like a Bahamas.

Yet Cable Bahamas, work-
ing with the Government and
the US Embassy, has quietly
made good progress in negoti-
ating commercial agreements
with many copyright holders,
including the likes of MTV and
NBA League Pass.

Mr Butler said yesterday
that “there’ll be a few others
next year” signing commercial
deals with Cable Bahamas,
adding that there were “very
few léft” to sign commercial
broadcasting deals with: ‘the
BISX-listed: company:

“The only reason Copynieht
is in place is because of the
restrictions they have on pro-
gramming outside the US.
With the English-speaking
region next to them, they did-
n’t take programming rights
into consideration,” Mr But-
ler said. “The region is regard-

ed as small.”

Working through the
Caribbean Cable and Televi-

_ sion Association has brought

the region together as one, and
the group's size - some 500,000
English-speaking homes
spread across numerous coun-
tries - has begun to interest US
programmers, who like the
idea of dealing with one body.



IBM Bahamas Limited

Career Opportunity

FINANCIAL ANALYST

Duties and Responsibilities Include:
© Prepares the Services business actual monthly financial reports

© Forecasts and plans

¢ Highlights out of line situation and provides recommendations for corrective actions
to increase effectiveness and efficiencies including utilization rates
e Ensures the effective use of the financial systems to monitor and track contract

performance

© Works with the extended team to help identify process weaknesses and take

corrective action

Minimum Qualifications:

© University Accounting dearee or equivalent experience
© Strong leadership and communication skills, both oral and written, coupled with a

controllership mindset

¢ An-analytical approach to challenges; flexible, sound judgment
e The ability to work independently under pressure to meet deadlines and handle

multiple tasks
© Possesses a positive attitude
© Teamwork focused
¢ Passion for the business

An equal opportunity employer, IBM provides competitive salaries and benefits. Thus,
compensation will be commensurate with experience and qualifications.

Please submit detailed applications or electronic resume to the attention of:

Human Resources Administrator
IBM Bahamas Limited

Fourth Floor

Attantic House

Second Terrace & Collins Avenue
Nassau, Bahamas

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* - 20 Apsit 2007
Previous Close - Previous day's weighted price tor daily volume

Today's Close - Current day's weighted price for dally volume
Change - Change In closing price from day to day

Daity Volt. - 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 eamings

e-Mail: jmoss @bs.ibm.com

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS $- A company's reported samings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningfut

FINDEX - The Fidelity Bahamas Stock index. January 1, 1994 = 100

** 31 March 2007

Deadline: May 5th, 2007

** - 34 March 2007

“* . 31 March 2007 . :
All applications will be held in the strictest confidence. Only applicants who are

sea short-listed will be contacted.





aE DATA‘E INFOAMATIO



“er ae,



THE TRIBUNE BUSINESS

2c

eephone 242 393 2007

PO Box N 123 Fax 242 393 1772
Montague Sterling Centre imernet = www.kpmg.com.bs
East Bay Sirest :

Nasseu, Behames

INDEPENDENT AUDITORS’ REPORT

To the Shareholders ot
Hang Seng Bank (Bahamas) Limited

We have audited the accompanying consolidated balance sheet of Hang Seng Bank (Bahamas)
Limited (“the Bank”) as at December 31, 2006, and a summary of significant accounting policies
and other explanatory notes (together “the consolidated balance sheet"). ~

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance
sheet in accordance with Internationa! Financial Reporting Standards (“IFRS”). This
responsibility includes: designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of consolidated balance sheet that is free from material
misstatement, whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this consolidated balance sheet based on our audit.
We conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with relevant ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the consolidated balance sheet is free of material
misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the consolidated balance sheet. The procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the consolidated balance sheet,
whether due to fraud or error. In making those risk assessments, we consider intemal control
relevant to the Bank's preparation and fair presentation of the consolidated balance sheet in order
to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Bank’s internal control. An audit also includes
evaluating the appropriateness of accounting principles used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the
consolidated balance sheet.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Opinion

In our opinion, the consolidated balance sheet presents fairly, in all material respects, the
financial position of the Bank as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the consolidated balance sheet does not '
comprise a complete set of consolidated financial statements prepared in accordance with IFRS.
Information on*results of operations, cash flows and changes in shareholder's equity is necessary
to obtain a complete understanding of the financial position, performance and cash flows of the
Bank.

oo

Nassau, Bahamas
26 April 2007

HANG SENG BANK (BAHAMAS) LIMIT _
Consolidated Balance Sheet

31 December 2006
(with corresponding figures at 31 December 2005)





(Expressed in United States dollars)
_ Note 2006: 2005
Assets
Cash in hand and balances with banks 2 $ 1,534,771 1,559,116
_ Money at call and time deposits with
banks ; 2 and 7(a) 1,877,727,413 1,601,684,905
Certificates of deposit 7b) 582,007,945 370,925,375
Loan to investee company 3 and 7(c) 576,924 576,924
Interest and other accounts receivable 2 and 7(d) 86,892,719 74,079,061
Amount due from fellow subsidiaries 2 and 7(e) 718,884,706 1,187,211,646
Investment securities 4and7(f)and9 5,231,412,144 4,616,503,608
Fumiture, fixtures and equipment 54,041 51,700 ©
Total assets $ — 8,499,090,663 7,852,592,335
Liabilities
Amount due to immediate holding
company 2 and 7(g) 7,459,708,351 6,157,291,970
Amount due to fellow subsidiaries 2 and 7(h) 341,468,825 317,796,448
Deposits and current accounts” - 5 and 7(i) 522,188,286 1,194,726,667
Dividends payable 2 and 7(j) 77,850,000 103,160,000
Interest and other accounts payable 2 and 7(k) 18,206,310 19,558,008
Totai liabilities 8,419,421,772 7,792,533,093
Equity
Share capital 6 $ 1,000,000 1,000,000
Reserves 12 (4,131,473) (5,797,322)
Accumulated surplus 82,800,364 64,856,564
Total equity : 79,668,891 60,059,242
Total liabilities and equity S$ _8,499,090,663 7,852,592,335

See accompanying notes to consolidated financial statements.

These consolidated financial statements have been approved by the Board of Direct
April 2007 by the following: ” , conte

—______Joe Cheng. Cs«éOSirectrr

Sunny Leung : Director

Notes to Consolidated Balance Sheet

31 December 2006
(Expressed in United States dollars)



1. General information aad significant accounting policies
(a) General information :

The Group comprises Hang Seng Bank (Bahamas) Limited and its subsidiaries as
detailed in note 1(k) below. Hang Seng Bank (Bahamas) Limited, a wholly-owned
subsidiary of Hang Seng Bank Limited, which is incorporated in Hong Kong, is
incorporated under the laws of the Commonwealth of The Bahamas and is licensed
by the Ministry of Finance of the Bahamas Government to conduct offshore banking
business.

(b) Ultimate holding company

The Group's ultimate holding company is HSBC Holdings plc, which is incorporated
: in England.
(c) Statement of compliance

This consolidated balance sheet has been prepared in accordance with Intemational
Financial Reporting Standards (IFRS) promulgated by the International Accounting
Standards Board and the requirements of the laws of the Commonwealth of The
Bahamas.

(d) Basis of preparation
"This consolidated balance sheet is presented in United States dollars, and is prepared
on the historical cost basis, except for financial instruments classified as trading and

available-for-sale securities and derivative financial instruments that are carried at
fair value.

(e) Use of estimates and judgments
The preparation of financial statements in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the
application of accounting pclicies and the amounts reported in the financial
statements and the accompanying notes. These estimates and associated assumptions
are based on relevant information available at the balance sheet date and, as such,
actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimates
arc revised and in any future periods affected.

(A Tereign currency translation
Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated to United States dollars at the foreign exchange rates ruling at that
date. Non-monetary assets and liabilities denominated in foreign currencies, which
are stated at historical cost, are translated to United States dollars at the foreign
exchange rates ruling at the dates of the transactions.



(8)

(A)

TUESDAY, MAY 1, 2007, PAGE 9B

Financial instruments
(i) — Classification

The Group classifies its financial mstruments into different categories at
inception, depending on the purpose for which the assets were acquired. The
categories are: financial instruments at fair value through profit and loss,
securities and available-for-sale securities.

Financial instruments at fair value through profit and loss are financial assets
which are acquired or incurred principally for the purpose on trading, or are
part of a portfolio of identified financial instruments that are managed together
and for which there is evidence of a recent actual pattern of short-term profit-
taking. Derivatives that do not qualify for hedge accounting (note (1(h)) are
accounted for as financial instruments at fair value through profit and boss.
Available-for-sale securities are non-derivative financial assets that are
designated as available-for-sale or are not classified as trading or securities.
They include financial assets intended to be held for an indefinite period of the
time, but which may be sold in response to needs for liquidity or changes in the
market environment.

(ii) Recognition
The Group recognises financial assets on the date it becomes a party to the
contractual provisions of the instrument. A regular way purchase or sale of
financial assets is recognised using trade date accounting. From this date, any
gains and losses arising from changes in fair value of the financial assets are
recorded, '

(iii) Measurement

_ Financial instruments are measured initially at fair value, which normally will
be equal to the transaction price, plus, in case of a financial asset not financial
instruments at fair value through profit and loss, transaction costs that are
directly attributable to the acquisition or issue of the financial asset.
Transaction costs on financial instruments at fair value through profit and loss
are expensed immediately. :
Subsequent to initial recognition, financial instruments are measured as
follows:
Financial instruments at fair value through profit and loss are carried at fair
value. ;

- Available-for-sale securities are carried at fair value. Unrealised gains and

. losses arising from changes in the fair value are recognised directly in the
investment revaluation reserve, except for foreign exchange gains and losses
on monetary ‘items such as debt securities.
When the available-for-sale securities are sold, the difference between the net
sales proceeds and the carrying value, including the accumulated fair value
adjustments in the investment revaluation reserve, are treated as gains or losses
on disposal.

(iii) Fair value measurement principles

(i)

The fair value of financial instruments is based on their quoted market prices at
the balance sheet date without any deduction for estimated future selling costs.
Financial assets are priced at current bid prices for securities traded on a
recognized stock exchange, or at prices obtained from a broker/dealer for non-
exchange-traded financial instruments. Where these are not available, or if the
market for the security is not active, the fair value of the instrument is
estimated using valuation techniques that provide a reliable estimate of prices
which could be obtained in actual market transactions.

Where discounted cash flow techniques are used, estimated future cash flows
are based on management's best estimates and the discount rate used is a
market rate at the balance sheet date applicable for an instrument with similar
terms and conditions. Where other pricing models are used, inputs are based
on market data at the balance sheet date.

(iv) Derecognition
A financial asset is derecognised when the contractual rights to receive the cash

flows from the financial asset expire, or where the financial asset together with
substantially all the risks and rewards of ownership, have been transferred.

A financial liability is derecognised when the obligation specified in the
contract is discharged, cancelled or expires. .
Hedging
Hedge accounting recognises the offsetting effects on profit or loss of changes in the
fair values of the hedging instrument and the hedged item. The Group assesses and
documents whether the financial instruments that are used in hedging transactions are
highly effective in offsetting changes in fair values or cash flows of hedged items
attributable to the hedged risks both at hedge inception and on an ongoing basis. The
Group discontinues prospectively hedge accounting when (a) the hedging instrument
expires or is sold, terminated or exercised; (b) the hedge no longer meets the criteria
for hedge accounting; or (c) the Group revokes the designation.

(i) Fair value hedges
A fair value hedge seeks to offset risks of changes in the fair value of recognised.
asset that will give rise to a gain or loss being. recognised in the statement of
income.
The hedging instrument is measured at fair value, with fair, value changes
recognised in the statement of income. The carrying amount of the hedged item .
is adjusted by the amount of the changes in fair value of the hedging instrument’ ”
attributable to the risk being hedged. This adjustment is recognised in the
statement of income to offset the effect of the gain or loss on the hedging
instrument.

(ii) Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the variability
in cash flows of a recognised asset, the effective part of any gain or loss on the
derivative financial instrument in relation to the hedged risk is recognised
directly in equity. The ineffective part of any gain or loss is recognised
immediately in the statement of income.
For cash flow hedges of a recognised asset, the associated cumulative gain or loss
is removed from equity and recognised in the statement of income in the same
period or periods during which the hedged cash flows affect the profit. .

When a hedging instrument expires or is sold, terminated or exercised, or the
Group revokes designation of the hedge relationship but the hedged forecast
transaction is still expected to occur, the cumulative gain or loss at that point
remains in equity and is recognised in accordance with the above policy when the
transaction occurs. If the hedged transaction is no longer expected to take place,
the cumulative unrealised gain or loss recognised in equity is recognised
immediately in the statement of incoie.
(iti) Hedge effectiveness testing
In order to qualify for hedge accounting, the Group carries out prospective
effectiveness testing to demonstrate that it expects the hedge to be highly
effective at the inception of the hedge and throughout its life. Actual
effectiveness (retrospective effectiveness) is also demonstrated on an ongoing
basis. :

The documentation of each hedging relationship sets out how the effectiveness of
the hedge is assessed. The method the Group adopts for assessing hedge
effectiveness will depend on its risk management strategy.

For fair value hedge relationships, the Group utilises the cumulative dollar offset
method as effectiveness testing methodology. For cash flow hedge relationships,
the Group utilises the change in variable cash flow method or capacity test or the
cumulative dollar offset method using the hypothetical derivative approach.

For prospective effectiveness, the hedging instrument must be expected to be
highly effective in achieving offsetting changes in fair value or cash flows
attributable to the hedged risk during the period for which the hedge is
designated. For actual effectiveness, the changes in fair value or cash flows must
offset each other in the range of 80 per cent to 125 per cent for the hedge to be

deemed effective.

Impairment of assets

@)

(k)

The carrying amounts of the Group's assets are reviewed at each balance sheet date

to determine whether there is objective evidence of impairment. If any such evidence

exists, the carrying amount is reduced to the estimated recoverable amount by means

of a charge to the statement of income.

(i) Available-for-sale securities
When there is objective evidence that an available-for-sale security is impaired,
the cumulative loss that had been recognised directly in equity is removed from
equity and is recognised in the statement of income. The amount of the
cumulative loss that is recognised in the statement of income is the difference
between the acquisition cost and current fair value, less any impairment loss on
that asset previously recognised in the statement of income.

Impairment losses recognised in the statement of income in respect of
available-for-sale equity securities are not reversed through statement of
income. Any subsequent increase in the fair value of such assets is recognised
directly in equity. Such impairment losses are not reversed.

Impairment losses in respect of available-for-sale debt securities are reversed if
the subsequent increase in fair value can be objectively related to an event
occurring after the impairment loss was recognised. Reversals of impairment
losses in such circumstances are recognised in the statement of income.

(ii) Interest in subsidiaries
The recoverable value of the Group’s interest in subsidiaries is calculated based
on net assets valuation and the revenue multiple valuation method.

Furniture, fixtures and equipment

Furniture, fixtures and equipment are stated at cost less depreciation, which is
provided at rates calculated to write off the cost over the estimated useful life of each
asset on a straight-line basis. As the costs involved are not material to the Group, no
separate disclosure is made in the notes to the consolidated financial statements.

Interest in subsidiaries

Subsidiaries are those enterprises controlled by the Group. Control exists when the
Group has the power, directly or indirectly, to govern the financial and operating
policies of an enterprise so as to obtain benefits from its activities. :
The financial statements of the subsidiaries are included in the consolidated financial
statements from the date that control effectively commences until the date that
control effectively ceases.



PAGE 10B, TUESDAY, MAY 1, 2007



a

r
eo

Under the Group there are three wholly-owned subsidiaries, Hang Seng Bank Trustee
(Bahamas) Limited, Hang Seng Insurance (Bahamas) Limited and Silver Jubilee
Limited. All of them are incorporated under the laws of The Commonwealth of The
Bahamas.

() Retirement scheme

The Group operates a defined contribution scheme for the benefit of the local staff in
The Bahamas.

The Group also provides retirement benefits to the expatriate staff through a defined
benefit scheme operated by its immediate holding company. The costs of the scheme
are assessed in accordance with the advice of qualified actuaries so as to recognise
the cost of retirement benefits on a systematic basis over employees’ service lives.
As the costs involved are not material to the Group, no separate disclosure is made in
the notes to the consolidated balance sheet.

(m) Cash and cash equivalents

For the purpose of the consolidated statement of cash flows, cash and cash
equivalents include highly liquid investments that are readily convertible into known
amounts of cash and which are subject to an insignificant risk of change in value.
Such investments are normally those with less than three months’ maturity from the
date of acquisition, and include cash and balances at central banks, treasury bills and
other eligible bills, !oans and advances to banks, and certificates of deposit.

2. Transactions with related parties

In the normal course of business, the Group enters into transactions with its intermediate and
immediate holding companies and fellow subsidiaries. The transactions were priced at
relevant market rates at the time of each transaction, and were under the same terms as those
available to othet counterparties. Balances with these related parties as at 31 December 2006
and 2005:

a ED



2006 2005

Cash in hand and balances with banks $ 187,181 161,931
Money at call and time deposits with banks 105,798,820 124,145,348
Interest and other accounts receivable 3,005,450 4,898,845
Amount due from fellow subsidiaries 718,884,706 1,187,211,646
‘Amount due to immediate holding company 7,459,708,351 6,157,291,970
Amount due to fellow subsidiaries 341,468,825 317,796,448
Dividend payable . 77,850,000 103,160,000
Interest and other accounts payable 7,342,725 1,757,531
Dividend 128,070,000 190,400,000
Interest rate swap contracts 218,490,549 446,180,594

The Group leases the office premises under an operating lease with group companies (note
18) and has an option to renew the contract prior to the expiration of the lease. The lease
does not include contingent rental nor impose special restrictions on the operation of the
Group.

3. Loan to investee company

The loan to investee company is unsecured, interest free and has no fixed repayment terms.
Management does not expect the loan to be repayable within 5 years.

4. Investment securities



2006 2005



Available-for-sale securities (notes 12(f\(i) & 14(i))
Financial instruments at fair value through
profit or loss (notes 12(f\(ii) & 14(ii))

$ 5,014,168,502 4,182,853,048
217,243,642 433,650,560

$ 5,231,412,144 4,616,503,608

Available-for-sale investment includes a 4.75% (2005 - 4.75%) investment in
iBusinessCorporation.com Holdings Limited, an investment holding company. The carrying
value, representing investment cost, amounted to $1,696 (2005 - $1,696). There is no market
value for this investment and there have not been any recent transactions that provide
evidence of the current fair value. In addition, discounted cash flow techniques yield a wide
range of fair values due to uncertainty regarding future cash flows based on the high risk
nature of the industry. As such, discounted cash flow techniques do not provide a reliable
measure of fair values. *

OWRD age



5. Deposits and current'accounts*~:! po it





Deposits from customers $ 522,188,286

2006 2005

1,194,726,667



6. Share capital
erento
. ; 2006 2005
Authorised, issued and fully paid -
1,000,000 shares of $1 each $ 1,000,000 1,000,000

7. Maturities of assets and liabilities



2006 . 2005



(a) Money at call and time deposits with
banks

Within 1 month $ 1,646,392,613 1,249,781,476
Between 1 - 3 months 221,334,800 346,403,429
Between 3 - 6 months 10,000,000 5,500,000



$ 1,877,727,413 1,601 ,684,905

(b) Certificates of deposit





Within 1 month . $ 29,896,042 -
Between 1 - 3 months 53,451,666 -
Between 3 - 6 months 44,050,300 78,817,265
Between 6 - 12 months 5,004,995 38,464,003
Between 1 - 5 years i 449,604,942 253,644,107

$ 582,007,945 370,925,375

(c) Loan to investee company

More than 5 years $ 576,924 _ 576,924

(a) Interest and other accounts receivable



Within 1 year $ 54,218,167 69,521,890
-. Between 1 to 5 years 32,219,134 4,557,171
More than 5 years 455,418 -
$ 86,892,719 74,079,061







2006 2005
(e) Amount due from fellow subsidiaries
Within 1 month $ 718,884,706 1,187,211,646
“ Investment securities
€
(i) Available-for-sale securities (notes 4 & 14(i))
Within 1 month $ 125,744,912 16,541,914
Between 1 - 3 months 285,551,121 255,120,420
Between 3 - 6 months 393,298,987 323,094.502
Between 6 - 12 months 463,144,206 362,251,741
Between 1 - 5 years 3,692,609,961 3,194,313,054'
More than 5 years 53,819,315 31,531,417
5,014, 168,502 4, 182,853,048
(il) Financial instruments at fair value through
profit and loss (notes 4 & 14{(ii))
Repayable on demand $ 217,243,642 433,650,560

$ 5,231,412,144

(8) Amount due to immediate hoiding company

4,616,503,608

Within 1 month . $ 7,449,428,351 6,147,011,970
Over 5 years 10,280,000 10,280,000

$ 7,459,708,351

(h) | Amount due to fellow subsidiaries

Within 1 month $ 341,468,825

ee ee

NTT SL A TT



6,157,291 ,970

317,796,448

THE TRIBUNE BUSINESS



(h) Amount due to fellow subsidiaries
Within | month $ 341,468,825 317,796,448
(i) Deposits and current accounts
Within 1 month $ 495,847,655 1,132,132,729
Between | - 3 months 23,796,688 60,151,128
Between 3 - 6 months 1,749,878 1,663,428
Between 6 - 12 months 794,065 779,382



$ 522,188,286 1,194,726,667











2006 2005
Gj) Dividend payable
Within | year $ 77,850,000 103,160,000
(k) Interest and other accounts payable
Within | year $ 18,034,558 17,073,211
Between 1 - 5 years 171,752 2,484,797
7 $ 18,206,310 19,558,008



8.Geographical distribution of assets and liabilities

10.

ye a ra gerry re







2006 2005
% %

(a) Money at call and time deposits with banks
Americas - : 2
Asia-Pacific 48 59
Australia - 1
Europe — 52 38
‘ 100 100

(b) Certificates of deposit





Americas 32 30
Australia 49 48
Europe 19 22
100 100

(c) Loan to investee company
Americas 100 100



(d) Amount due from a fellow subsidiary





Americas 100 100
2006 2005
% %
(e) Investment securities

(i) Available-for-sale securities

Americas . 36 37
Asia-Pacific 9 6
Australia 14 14
Europe 40 42
New Zealand 1 1

100 7 100

ee

(ii) Financial instruments at fair value through profit or loss













Americas ‘ 75 . 56
Asia-Pacific - 13
Australia - 6
Europe 25 21
New Zealand - 4
100 100
(62) Amount due to immediate holding company
Asia-Pacific : 100 100
(g) Amount due to fellow subsidiaries
Americas 1 1
Asia-Pacific 99 99
100 100
(h) Deposits and current accounts
Asia-Pacific n 100 100



Investment securities



2006 2005

(i) Available-for-sale securities (notes 4 & 7(f)(i))
Listed / $ 59,947,909 59,816,041
Unlisted 4,954,220,593 4,123,037,007



5,014,168,502 4,182,853,048

(ii) Financial instruments at fair value through profit and loss (notes 4 & 7(f)(ii))
‘Unlisted $ 217,243,642 433,650,560

The current accounting policy for financial instruments is set out in note 1(g) above.

Financial risk management

Financial assets of the Group include cash in hand and balances with banks; amount due from
immediate holding company; money at call and time deposits with banks; certificates of
deposit; loan to investee company; amount due from fellow subsidiaries; available-for-sale
securities and financial instruments at fair value through profit and loss. Financial liabilities
of the Group include amount due to immediate holding company; amount due to fellow
subsidiaries; and deposits and current accounts. Accounting policies for financial assets and
liabilities are set out in note 1. The following sets out the risk management policies and
procedures to identify, monitor and control the various types of risks to which the Group’s
business is exposed to.

(a) Credit risk

Credit risk is the risk that financial loss arises from the failure of a customer or
counterparty to meet its obligations under a contract. It arises principally from
lending, treasury and other activities.

The Group follows the Hang Seng Bank Group's established policies and systems for
monitoring and control of credit risk. Credit approval and review are governed by
established guidelines and procedures and the application of a standard facility
grading system. The Group does not require collateral in respect of financial assets.

Interest rate swap transactions are with counterparties with whom the Group has a
signed netting agreement as well as sound credit ratings.

At the balance sheet date there were no significant concentrations of credit risk. The
maximum exposure to. credit risk is represented by the carrying amount of each
financial asset, including derivative financial instruments, in the balance sheet.

(b) Liquidity risk

Liquidity management is essential to ensure the Group has the ability to meet its
obligations as they fall due. It is the Group's policy to maintain a strong liquidity
position by properly managing the liquidity structure of its assets, liabilities and
commitments so that cash flows are appropriately balanced and all funding
obligations are comfortably met.

The Group has established policies and procedures to monitor and control its
liquidity position on a daily basis by adopting a cash flow management approach.

Analysis of assets and liabilities by remaining maturity is disclosed in note 12.

(c) Market risk

Market risk is the risk that foreign exchange rates or interest rates will move and
result in profits or losses to the Group. The Group’s market risk arises from
customer-related business and from position taking.

Market risk is managed within risk limits approved by the immediate holding
company. Risk limits are set by product and risk type with market liquidity being a
principal factor in determining the level of limits set. Limits are set using a
combination of risk measurement techniques, including position limits, sensitivity
limits, as well as value-at-risk (VaR) limits at a portfolio level. VaR is a technique
which estimates the potential losses that could occur on risk positions taken due to
movements in market rates and prices over a specified time horizon and to a given
level of confidence.

(d) Interest rate exposure
Interest rate risk comprises those originating from treasury activities, both trading
and non-trading portfolios, which include structural interest rate exposures. Interest
rate risk is manaped by the Group under limits approved by the immediate holding
company.

Interest rate swaps haye been entered into to achieve an appropriate mix of fixed and
floating rate exposures within the Group's policy. The swaps mature over the next
ive years following the maturity of the related investment securities.

=>

i

i

«oe eee ae ee

ees

Sig ae ee

Deere

Fito Me

4

Ss ae








The Group's financial assets and liabilities which were exposed to interest rate risk at
31 December 2006 and 2005 were as follows:












Effective Inserest
Interest rate type Terms Total

$
2006
Financial assets:

Money at call and time deposits
with banks






5.75% Fixed (i) 1,877,727,413



Certificates of deposit 534% Fixed (i) 582,007,945







Amount due from fellow subsidiaries 718,884,706





Available-for-sale securities 5,014,166,806




Financial instruments at fair value
through profit and boss







4.80% 217,243,642

Financial Liabilities:



Amount due to immediate’

holding company 7,449,428 ,351









Amount due to fellow subsidiaries 341,468,825

Deposits and current accounts 4.51% Fixed (i) 522,188,286
2005

Financial assets:

Money at call and time deposits
with banks




5.02% Fixed (i) 1,601,684,905






Certificates of deposit 4.15% Fixed (i) 370,925,375




Amount due from a fellow subsidiary 2.88% Fixed (i) 1,187,211,646









Available-for-sale securities Fixed/ 4,182,853,048

Floating (ii)
Financial instruments at fair value .
through profit and loss 4.97% Fixed/ (i)/ 433,650,560
Floating







Effective Interest

Interest rate type Terms Total







2005
Financial Liabilities:

Amount due to immediate

holding company 6,147,011,970





Amount due to fellow subsidiaries 2.06%




317,796,448



Deposits and current accounts 4.09% Fixed




=>

i) 1,194,726,667







(i)
(ii) Floating rate is reset regularly.

Maturity profile is set out in note 7.

In addition to the above, the Group also enters into off-balance sheet financial
instruments to ‘manage its interest rate exposure. The following tables give the
contractual or notional amounts of these transactions.

Contrattual amounts

Off-balance sheet financial instruments:




Interest rate contracts:

Interest rate swaps (note 2) $ 995,847,639 1,173,742,517















The contractual or notional amounts of these instruments indicate the volume of
transactions outstanding at the balance sheet date; they do not represent amounts at
tisk.
The maturity profile of the above interest rate contracts categorised by the remaining
period from the balance sheet date to the contractual maturity date is as follows:

2006 200



* Within 1 year $ 550,926,263 217,000,077
Between 1 to 5 years 444,921,376 956,742,440
Total $ 995,847,639 1,173,742,517

(e) Foreign exchange risk
The Group’s foreign exchange exposure, which arose from currency exposures
originated by its banking business, is managed within foreign exchange position
limits approved by the immediate holding company.

. Fair values of financial instruments

All financial instruments are stated at fair value or carried at amount not materially different
from their fair values as at 31 December 2006 & 2005, except as follows:













2006 2006
Carrying Fair
Amount value

2005
Carrying Fair
amount











Available-for-sale securities:
- Unlisted equity investment $ 1,696 - 1,696 -
At 31 December $ 1,696 - 1,696 -







The estimation of fair value was based on quoted market prices at the balance sheet date
without any deduction for transaction costs. :

No fair value for available-for-sale investment was disclosed above as there was no market
price quoted for this investment and it is not practical to estimate a fair value for it.

Reserves

2006 2005








Investment revaluation reserve
Hedging reserve
At 31 December $

489,583
3,641,890
4,131,473
2006

1,016,188
4,781,134
5,797,322
200:
















- Investment revaluation reserve: :
As at 1 January § 1,016,188
(526,605)

489,583

1,016,188
1,016,188

e
E

















Cash flow hedging reserve:
As at 1 January § 4,781,134 -
Effective portion of changes in fair value (1,139,244) 4,781,134

At 31 December 3,641,890 4,781,134



4,131,473 5,797,322





(i) Investment revaluation reserve |

The investment revaluation comprises the cumulative net change in the fair value of
available-for-sale securities held at the balance sheet date and is dealt with in accordance
with the accounting policies in note 1(g) and 1(i).

(ii) Hedging reserve

The hedging reserve comprises the effective portion of the cumulative net change in the
fair value of hedging instruments used in cash flow hedges pending subsequent
recognition of the hedged cash flow in accordance with the accounting policy adopted for
cash flow hedges in note 1 (h)(ii).

13. Operating leases
Leases as lessee:

Non-cancellable operating lease rentals are payable as follows:

Within less than one year
Between 1 to 5 years

Publish your Legal Notices
and Balance Sheets

oe

The Tribune

Call: 502-2352

THE TRIBUNE BUSINESS



@ By JEANNINE AVERSA
AP Economics Writer

WASHINGTON (AP) —
World Bank President Paul
Wolfowitz on Monday decried
what he called a “smear cam-
paign” against him and told a
special bank panel that he act-
ed in good faith in securing a
promotion and pay raise for
his girlfriend. He reiterated
that he had no plans to resign,
and President Bush gave him a
fresh endorsement.

In a prepared statement to
the panel, Wolfowitz said the
institution’s ethics committee
had access to all the details sur-
rounding the arrangement
involving bank employee Sha-
ha Riza, “if they wanted it.”

Wolfowitz told the panel, “I
acted transparently, sought and
received guidance from the
bank’s ethics committee and
conducted myself in good faith
in accordance with that guid-
ance.”

The special bank panel is
investigating Wolfowitz’ han-
dling of the 2005 promotion of
bank employee Riza, who was
scheduled to appear later in
the day.

The controversy has prompt-
ed calls for the resignation of












The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.
If so, call us en 322-1986
and share your story.



BUSINESS

| World Bank chief
defends girlfriend’
promotion

Wolfowitz, an architect of the
Iraq war in his preceding Pen-
tagon job. The bank’s 24-mem-
ber board is expected to make
a decision in the case this
week.

Bush, meanwhile, said Wol-
fowitz “ought to stay. He ought
to be given a fair hearing.”

Wolfowitz lamented that the
controversy over the pay pack-
age was part of an effort to
oust him from the office, which
he has held for nearly two
years. The institution’s mission
is to fight global poverty.

Smear

“The goal of this smear cam-
paign, I believe, is to create a
self-fulfilling prophecy that I
am an ineffective leader and
must step down for that rea-
son alone, even if the ethics
charges are unwarranted,”
Wolfowitz said.

He vowed to fight for his
job. “I will not resign in the
face of a plainly bogus charge
of conflict of interest,” he said.

Bush said Wolfowitz’ fate
did not come up during a U.S.-
European Union summit at the
White House. The Europeans,
including a German govern-
ment official, have been critical

of Wolfowitz and the Euro- -

pean Parliament has called on
him to resign. There had been
talk that German Chancellor
Angela Merkel, whose coun-
try holds the rotating EU pres-
idency, would bring up Wol-
fowitz.

As part of his defense, Wol-
fowitz, among other things, cit-
ed a Feb. 28, 2006, letter which
he characterized as showing

that bank’s ethics committee

had looked at the arrange-
ment.

The panel’s chairman;..Ad...,

Melkert, said in the letter that
an allegation relating to “a
matter which had been previ-
ously considered by the com-
mittee did not contain new
information warranting any
further review.”

The letter didn’t specifically
mention Wolfowitz or Riza by
name.

However, Wolfowitz pointed
to it as proof that ethics offi-
cials were aware of Riza’s com-
pensation package.

The bank’s executive direc-

TUESDAY, MAY

yo ma! ,

2007, PAGE'11B

1,

FRBRETERTERREGEE

ewe

tm
tors, however, have saidj.the
terms and conditions ofthe
package had not been “¢om-

‘mented on, reviewed® or
. approved” by the ethics ¢om-

mittee, Melkert or the bank’s
board. we
Melkert’s February 2006 let-
ter informed Wolfowitz that
the ethics committee had
reviewed two e-mails from an
anonymous whistleblower
alleging ethical lapses by: the
World Bank’s president. One
e-mail complained about; the
size of Riza’s pay raise. =
Riza was working atthe
bank when Wolfowitz arrived
in 2005 and had earned cloge to
$133,000 as a communicatjons
adviser in the bank’s Middle
East department. She was reas-
signed at the State Department
to avoid a conflict of interest
but remained on the bank’s
payroll. Her pay then rose to
$180,000 and eventually to
$193,590. w
Wolfowitz said the initial
$180,000 she received “w€s in
line with salaries paid to Bank
employees” holding similar H
level positions. He said;the
salary “seemed reasonable to
me” and noted that “many
World Bank employees ‘are,
comparatively speaking, gen-
erously paid, and hundreds of
them earn more than the US.
Secretary of State.” f
_ He also denied accusations
that he sought to hide details of
Riza’s pay package. 3
“I always expected that the
ethics committee could know
the details of how the matter
was resolved if they: so
desired,” Wolfowitz said. “I
also understood that experts
in the human resources depart-
ment would review the con-
tract. It never occurred to me
that they would not, and I
believe that they did.” *
Wolfowitz said the details of
the pay package “were-not
‘dictated’ by me but flowed
from the back-and-forth nego-
tiating process” betweem: the
bank’s vice president of human
resources, Xavier Coll,*and
Riza, who had her own counsel
in the matter, Wolfowitz said.
For World Bank officials to
declare his actions to be
improper, Wolfowitz argued
would be “unjust and frankly
hypocritical.” t

SWRA APSR ER AE

aug

OFFICE OF THE DEPUTY PRIME MINISTER &
MINISTRY OF NATIONAL SECURITY
OFFICE OF THE PARLIAMENTARY COMMISSION

ENGLERSTON CONSTITUENCY

RETURNING OFFICER - MELONIE ROACH

|

E.P. Roberts Primary School, Balfour Ave.

RM Bly Sr Tigh School Robson RO
TEP Robes Primary Schoo Rafoweave.

R.M. Bailey Sr. High School, Robinson Rd. !
E.P. Roberts Primary School, Balfour Ave
R.M. Bailey Sr. High School, Robinson Rd.

R.M. Bailey Sr. High School, Robinson Rd.

R.M. Bailey Sr. High School, Robinson Rd ;
R.M. Bailey Sr. High School, Robinson Rd ;







ee ee ee ee es

on Sr

~VveERe Wer:

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A~+ eee &

wow ie a



PAGE 12B, TUESDAY, MAY 1, 2007

THE TRIBUNE



ow 3
89 CRAIG HARRIS
“=c..2007 Seattle Post-
Intelligencer



SEATTLE -- After a few years of
working as a special education
teacher, Tomika Quigg knew she was
ready for a change.

Teaching children with behavioral
issues had become too stressful, Quigg
said, and she had grown interested in
fashion and the arts. So the Seattle
woman, who also has a master’s
degree in social work from the Uni-
versity of Washington, traded the
classroom for the living room.

WPoday Quigg sells jewelry for Lia
Sophia at in-home events, and the 29-

‘iow

7
sdy LU

INSIGHT

For the stories behind
MWS ers R LTE



year-old is among a growing number
of entrepreneurs, most of whom are
women, who are involved in direct
selling. “I plan on doing this as a
career, especially when I have my
own kids,“ Quigg said.

Whether it’s jewelry, beauty prod-
ucts or Tupperware, direct selling has
been a part of America’s retail scene
for years. One of the country’s oldest
direct sellers is Avon, which began in
1886 as the California Perfume Co.
and now has more than 675,000 U.S.
sellers.

Direct selling typically is a part-
time job and nearly 65 percent of all
sales are done in a home, according to
the Washington, D.C.-based Direct
Selling Association, a trade organi-
zation. Another 15 percent of sales
are done by phone, and 12 percent
are done online. Direct selling also
provides flexibility, and it can pro-
duce a steady income.

However, turnover is high and
there are challenges in finding new
customers outside a base of family
and friends, say those in the indus-

Total revenues from direct selling in

14.1 million people sold products out-
side of a fixed retail location.

Direct selling revenues have
increased 14 percent since 2001, as
the number of sellers has increased by
nearly 2 million, or 16 percent, since
that time.

The Direct Selling Association said
82 percent of sellers are women and
most sales are done in-the South,
where one-third of all direct sales
occur. A quarter of all direct sales
take place in the West.

Lia Sophia, named after the daugh-
ters of company president Tory Kiam
and based just outside Chicago, has
grown from 1,000 representatives in
2001 to about 21,000, Kiam said. He
credits the growth to a product that
buyers want and a healthy sales com-
mission of at least 30 percent.

“We have a goal of 40,000 repre-
sentatives by June 2008, and I think
we will do it,” Kiam said. “There are
14 million people in this industry and
obviously, Avon and Amway have
lots and lots of people. In this society,
with how busy people are and with
child rearing, you have to have flexi-
bility. That’s why this industry will
do well. It provides a great service to
the American economy.“

Quigg said that although she only
has been selling jewelry since Sep-
tember 2006, she already had one
month when she brought in $5,000.

She typically shows her jewelry at
events hosted by friends, and she said
incentives for jewelry purchases
offered by Lia Sophia make it enticing
for others to sponsor parties.

Erin Hagens, who recently attend-
ed one of Quigg’s events in the Madi-
son Park neighborhood, said the par-
ties are fun and those who come usu-
ally are eager to buy. “Women like to
help other women who are starting a
business,” Hagens said. “To the
extent we can help, we want to.“

Sharon Hamilton, a former nurse
and loan officer from Everett, said
she began working full time for Avon
a year ago and makes enough so “I
don’t have to put my son in day care
and I’m able to work at home.”

Sheryl Hildebrand, managing part-
ner of Deloitte’s Seattle office, said
she’s not surprised with the growth
of direct selling and that the majority
of those involved are women.

“A part of it is very simple. It’s an
entrepreneurial issue,“ said Hilde-
brand, whose professional services
company ‘also tracks employment

Women take direct route

trends.

Hildebrand said some women are
not finding satisfaction in the corpo-
rate world and they want to set their
own hours.

Angela Horiuchi-Yvkoff of New-
castle is one entrepreneur who was
fed up with a traditional career.

After working for an advertising
agency in Salt Lake City, Horiuchi-
Yvkoff and a close friend, Karen Var-
deny, decided to start their own
events company, Fusion Factory,
about five years ago. Following the
growth of that business, the women
recently started Tummy Talk, which

_makes high-end scrapbooks for preg-

nant women.

Horiuchi-Yvkoff and Vardeny, who
lives in Salt Lake City, use a. company
Web site to sell scrapbooks directly to
consumers, but the product has
become so popular that about 15
retailers have picked it up. ,,,

“T love not working for anyone
else,” Horiuchi-Yvkoff said of the

‘ businesses, which she runs from her

home. “When we were in advertis-
ing, we were working 60 to 70 hours a
week and we saw all the money roll

‘ up to the top and not to the bottom.

We knew we could do it on our own.”

ARES ASSRRAAKERHESSREKLEKRACRO USA REVERSAL TANKER ASARERER SARE KeTeBeuss ews hSaeeeas cme a:

BOURKE GSEDBEEAEARE RARER AARKEKLRSRRRRAES HALE KAZHDEH

on Mondays the U.S. reached nearly $30.5 billion
in 2005, the most recent data, when
Guu
‘ad +
eR a ! é KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772
" Montague Sterling Centre Internet www. kpmg.com.bs
; East Bay Street
5 Nassau, Bahamas
4
*
‘ INDEPENDENT AUDITORS’ REPORT +
A ;
‘ To the Shareholder of
Hang Seng Bank Trustee (Bahamas) Limited
We have audited the accompanying balance sheet of Hang Seng Bank Trustee (Bahamas) Limited
7 (“the Company”) as at December 31, 2006, and a summary of significant accounting policies and
; other explanatory notes (together “the balance sheet”). :
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of this balance sheet in
accordance with International Financial Reporting Standards (“IFRS”). This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due
to fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on this balance sheet based on our audit. _We
conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with relevant ethical requirements and plan and. perform the audit to
F obtain reasonable assurance whether the balance sheet is free of material misstatement.
& Bae SOWETO HE Oe Gwy HOVE bss uu v ,
i An audit’involves:pefforming ‘ptdcédures to” obtain’ ‘audit evidence about the amounts and

disclosures in the financial statements. The. procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, we consider internal control relevant to
the Company's preparation and fair presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control... An audit also includes
evaluating the appropriateness of accounting principles used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the
financial statements.

We believe that-the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Opinion

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of
the Company as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter 7

Without qualifying our opinion we emphasize that the balance sheet does not comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations, cash flows and changes in shareholder's equity is necessary to obtain a complete
understanding of the financial position, performance and cash flows of the Company.

Chartered Accountants

Nassau, Bahamas
26 April 2007

HANG SENG BANK TRUSTEE (BAHAMAS) LIMITED
Balance Sheet

31 December 2006
(with corresponding figures at 31 December 2005)
(Expressed in United States dollars);









Note 2006 2005
Assets
Cash and cash equivalents 2&4 $ 1,813,889 1,898,192
Accounts receivable and other assets 2 and 5(a) 14,796 50,465
Total assets $ 1,828,685 1,948,657
Liabilities
Accounts payable and other liabilities 2 and 5(b) $ 17,470 71,232
Current liabilities 17,470 Tazad
Equity
Share capital 3 $ 1,000,000 1,000,000
Accumulated surplus 811,215 877,425
Total equity . 1,811,215 1,877,425

See accompanying notes to balance sheet.

This balance sheet has been approved by the Board of Directors on 26 April 2007 by the
following:

Joe Cheng Director
Sunny Leung Director
Notes to Balance Sheet

31 December 2006
(Expressed in United States dollars)

1. General information and significant accounting policies ©

~
S
~

General information:

Hang Seng Bank Trustee (Bahamas) Limited (‘the Company”),.a wholly-owned
subsidiary of Hang Seng Bank (Bahamas) Limited, which is incorporated under the
laws of the Commonwealth of The Bahamas, is incorporated under the laws of the
Commonwealth of The Bahamas and is licensed by the Ministry of Finance of the
Bahamas Government to carry on trust business.

S
LY

Ultimate holding company:

The ultimate holding company of the Company is HSBC Holdings ple, which is
incorporated in England. ’

(c) Statement of compliance:
This balance sheet has been prepared in accordance with International Financial
Reporting Standards (“IFRS”) and interpretations promulgated by the International

Accounting Standards Board and the requirements of the laws of the Commonwealth
of The Bahamas.

(a) Basic of preparation:

This balance sheet is presented in United States dollars, and is prepared on the
historical cost basis. :

~
»
LL

Use of estimates and judgments

The preparation of financial statements in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the
application of accounting policies and the amounts reported in the financial
statements and the accompanying notes. These estimates and associated
assumptions are based on relevant information available at the balance sheet date
and, as such, actual results may differ from these estimates.

The estimates and underlying assumptions ‘aré ‘reviewed on an Ongoing basis.
Revisions to accounting estimates are recognized inthe period in which the estimates

are revised and in any future periods affected.) 4

Ss

Cash and cash equivalents

Cash and cash equivalents comprise cash balances on hand and short-term highly
liquid investments with maturities of three months or less when purchased.

—~
oo
LY

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated to United States dollars at the foreign exchange rates ruling at that
date. Non-monetary assets and liabilities denominated in foreign currencies, which
are stated at historical cost, are translated to United States dollars at the foreign
exchange rates ruling at the dates of the transactions.

2. Transactions with related parties

In the normal course of business, the Company entered into transactions with its intermediate
and immediate holding companies and fellow subsidiaries. The transactions were priced
based on relevant market rates at the time of each transaction, and were under the same terms
as those available to other counterparties. Balances with these related parties as at 31
December 2006 and 2005 are summarised below:

1 ED









2 RO ad fe at,

ee LL ee 8 Pe See ee ee

_ 2006 2005

Cash and cash equivalents $ 1,813,889 1,898,192
Accounts receivable and other assets : ; 5,730 5,735 ,
Accounts payable and other liabilities . 10,255 . 45,605 5

3. Share capital

4
SS 4
. . 2006 2005 #
*
Authorised, issued and fully paid: .
1,000,000 shares of $1 each $ 1,000,000 1,000,000 #
d
4
4
4. Cash and cash equivalents 4
4
(SD ,
2006 2005 a
: ”
Current account $ = 1,781,269 1,831,373 °
Call deposit 32,620 66,819 +
, Sere ge 5 1,813,889 1,898,192 3
a ——————_—_—_—=_ 4
The effective interest rate on the call deposit was 0.36 percent per annum (2005: NIL). The .
deposits had an average maturity of 2 days (2005: 2 days). 4
4

5. Maturities of assets and liabilities







2 2006 2005 5
,
«
(a) Accounts receivable and other assets 4
4
fA
an
(b) Accounts payable and other liabilities .
Within | year $ 17,470 71,232 3
4
6. Geographical distribution of asset 4
4
aa
2006 2005 *
% % :
(a) Cash at bank - immediate holding company 4
Americas 100 100 "
(SLT LT LL ‘
2
(b) Call deposit due from intermediate holding company $
a
Asia-Pacific 100 100 .
*
*
a
«a
7. Financial instruments 4
Financial assets of the Company include cash and cash equivalents and accounts receivable : 4
and other assets. Financial liabilities of the Company include accounts payable and other
liabilities. The fair values of the financial instruments was not materially different from the
carrying amounts at 31 December 2006 and 2005. :
There were no off-balance sheet financial contracts outstanding at the balance sheet date as .
hedges of anticipated future transactions. °
o
.
‘

i



THE TRIBUNE



TUESDAY, MAY 1, 2007, PAGE 13B





ow

enture capital targets

alternative energys |

@ By MATTHEW L. WALD
c.2007 New York Times
News Service

MONEY is flowing into
alternative energy companies
so fast that “the warning signs
of a bubble are appearing,”
according to a report on invest-
ment in’clean technology by a
New York research firm, Lux
Research.

The report also suggests that
companies that make equip-
ment to cleanse air or water, or
that process waste, have been
overlooked by investors.

Matthew M. Nordan, presi-
dent of Lux, said that the
amount of venture capital put
into clean energy investments
last year was $1.5 billion, up

141 percent from the $623 mil-
lion of 2005, and that in the
same period, initial public
offerings by companies in this
sector rose to $4.1 billion, from
$1.6 billion in 2005.

The initial public offerings
were primarily in companies
involved in solar power or bio-
fuels, according to the report,
to be released Monday.

The investment is driven by
fear that the peak of oil pro-
duction is approaching, he said,
and by the possibility of new
taxes or other restraints in an
effort to curb global warming
gases, principally the carbon
dioxide that is given off by
burning fossil fuels.

Money is “sitting on the
shelf” waiting to be invested,

and investors are now chasing
entrepreneurs, he said, rather
than the other way around.

“When you see venture cap-
ital more than double from one
year to the next, and IPO val-
ues double from one year to
the next, that’s the sign of a
bubble in the making,” said
Nordan.

Example

As an example of a new par-
ticipant in the booming mar-
ket, he cited DFJ Element, a
venture capital fund formed
last year to invest in clean tech-
nology companies. It had a
goal of $150 million, but was
closed to new investors by the
sponsoring companies, Ele-

ment Venture Partners and
Draper Fisher Jurvetson, last
June when it reached $284 mil-
lion.

Nordan said that his compa-
ny counted about 1,500 clean
technology startups globally,
930 of them in the energy field.
“One hundred ninety-eight
have received some venture
capital funding,” he said.
“That’s a pretty high share;
generally, we see one out of
10 with some venture capital.”

The investors, and the com-
panies they finance, are chas-
ing an enormous market. Nor-
dan pointed out that China
planned to derive 10 percent
of its electricity from renew-
able sources, not counting
large hydro projects, by 2010.

IR

Meeting that goal would
require 6 gigawatts of electric-
ity, which if produced by solar
cells would represent more
than two years’ output of all

of the solar-cell factories in the”

world today.

While many — and proba-
bly most — of the startups are
pursuing technologies that will
not be commercially success-
ful, even some alternative
energy companies using estab-
lished technologies may be on
shaky financial ground, accord-
ing to the report.

For example, the profit mar-
gin for ethanol made from corn
was once a dollar a gallon, but
now it is about 3 cents, accord-
ing to the report. And envi-
ronmentalists have objected to

1. General information and significant accounting policies

mr
LAK



the approaches of some:com-
panies, like those making: new
bioengineered products:>>~'
Still, the promise seems
enormous. “The secular trends
are in place, and that’s what’s
driving the investor,” Nordan
said. mana
But areas of clean techiidlo-
gy other than energy have
been overlooked, the réport
said. oven
“Air, water and waste“seg-
ments present hidden oppor-
tunities that are relatrvely
starved for investment,” ia
Waste accounted for 32
cent of merger and scquinten



value in this sector in 2006; ut

just 1 percent of initial public
offering volume and just 4 per-
cent of venture capital, it-said.

FAM ae

Telephone 242393 2007 ©

PO Box N 123 Fax 242 393 1772
Montague Sterling Centre Internet Wwww.kpmg.com.bs
East Bay Street

Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of
Hang Seng Trustee International Limited

We have audited the accompanying balance sheet of Hang Seng Trustee International Limited
(‘the Company”).as at December 31, 2006, and a summary of significant accounting policies and
other explanatory notes (together “‘the balance sheet’’).

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this balance sheet in
accordance with International Financial Reporting Standards (“IFRS”). This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due
to fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this balance sheet based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with relevant ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the balance sheet is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, we consider internal control relevant to
the Company’s preparation and fair presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of. the Company’s internal control. An audit also includes
evaluating the appropriateness of accounting principles used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the
financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion

Opinion #

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of
the Company as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the balance sheet does noi comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations, cash flows and changes in shareholder’s equity is necessary to obtain a complete
understanding of the financial position, performance and cash flows of the Company.

v PM &-

Nassau, Bahamas
26 April 2007

HANG SENG BANK TRUSTEE INTERNATIONAL LIMITED

Balance Sheet

31 December 2006
(with corresponding figures at 31 December 2005)





(Expressed in United States dollars)

Note 2006 2005
Assets
Cash and cash equivalents 2&4 ° $ 1,211,596 905,865
Accounts receivable and other assets 2 & 5(a) 164,197 - 91,910
Toalasets st—<“ Liabilities
Accounts payable and other liabilities 2 & 5(b) $ 193,311 57,877
Current liabilities —_- $ 193,311 57,877
Equity
Share capital 3 $ — 1,000,000 1,000,000
Contributed surplus 300,000 -
Accumulated deficit (117,518) (60,102)
Total equity 1,182,482 939,898
Total liabilities andequty. ~~ ~——SSst*~
See accompanying notes to balance sheet.

This balance sheet has been approved by the Board of Directors on 26 April 2007 by the following:

Joe Cheng Director

—____ Sunny Leung CSCO

Notes to Balance Sheet

31 December 2006
‘(Expressed in United States dollars)



(a) General information:

Hang Seng Bank Trustee International Limited (“the Company"), a wholly-owned
subsidiary of Hang Seng Bank Limited, which is incorporated in Hong Kong, is
incorporated under the laws of the Commonwealth of The Bahamas and is licensed
by the Ministry of Finance of the Bahamas Government to carry on trust business.

(b) Ultimate holding company:

The ultimate holding company of the Company is HSBC Holdings plc, which is
incorporated in England.

(c) Statement of compliance:

This balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS) and interpretations promulgated by the International
Accounting Standards Board and the requirements of the laws of the Commonwealth
of The Bahamas.

(a) Basic of preparation:

This balance sheet is presented in United States dollars, and is prepared on the
historical cost basis.

(e) Use of estimates and judgments

The preparation of financial statements in conformity with IFRS requires
Management to make judgments, estimates and assumptions that affect the
application of accounting policies and the amounts reported in the financial
statements and the accompanying notes. These estimates and associated
assumptions are based on relevant information available at the balance sheet date
and, as such, actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimates
are revised and in any future periods affected.

(f) Cash and cash equivalents
Cash and cash equivalents comprise cash balances on hand and short-term highly
liquid investments with maturities of three months or less when purchased.

(g) Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated to United States dollars at the foreign exchange rates ruling at that
date, Non-monetary assets and liabilities denominated in foreign currencies, which
are stated at historical cost, are translated to United States dollars at the foreign
exchange rates ruling at the dates of the transactions. °

Transactions with related parties

In the normal course of business, the Company entered into transactions with its immediate
holding companies and fellow subsidiaries. The transactions were priced based on relevant
market rates at the time of each transaction, and were under ihe same terms as those available
to other counterparties. Balances with these related parties as at 31 December 2006 and 2005
are summarized below: ,







2006 2005
Cash and cash equivalents $ 1,211,596 905,865
Accounts receivable and other assets 46,227 14,525
Accounts payable and other liabilities 138,034 34,484
Share capital
a A SEY
2006 | 2005
7 ‘
Authorised, issued and fully paid:
1,000,000 shares of $1 each $ 1,000,000 1,000,000

Cash and cash equivalents







a * 2006 2005
Current account $ 1,132,703 842,289
Savings account 42,722 3,045
Call deposit 36,171 60,531
5 $1,211,596 905,865

The effective interest rate on the savings account and call deposit were 1.18 percent per
annum (2005: NIL).

Maturities of assets and liabilities





2006 2005
(a) Accounts receivable and other assets
Within | year $ 164,197 90,035
Between 1-5 years - 1,875
$ 164,197 91,910
(b) Accounts payable and other liabilities
Within | year $ 193,311 57,877

Geographical distribution of asset

1 TT





% %
Cash and cash equivalents
Asia-Pacific 100 100

Financial instruments

Financial assets of the Company include cash and cash equivalents and accounts receivable
and other assets. Financial liabilities of the Company include accounts payable and other
liabilities. The fair values of the financial instruments was not materially different from the
carrying amounts at 31 December 2006 and 2005.

There were no off-balance sheet financial contracts outstanding at the balance sheet date as
hedges of anticipated future transactions.



(

THE TRIBUNE BUSINESS ;

PAGE 14B, TUESDAY, MAY 1, 2007



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THE TRIBUNE BUSINESS . TUESDAY, MAY 1, 2007, PAGE 15B



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PAGE 16B,









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THE TRIBUNE BUSINESS

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Full Text
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HIGH
LOW

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72F

The Tribune







SOME CLOUDS

Volume: 103 No.132

The Miami Herald

BAHAMAS EDITION

see inside todz





- Candidate ‘fears for safety

Phenton Neymour claims both
himself and campaign workers
have been threatened

i By MARK HUMES

THE Free National Movemen-
t's candidate in the South Beach
constituency, Phenton Neymour,
has expressed concern for his per-
sonal safety after months of
"political intimidation" culminat-
ed with threats of physical vio-
lence against him and his cam-
paign staff.

In talking with The Tribune
yesterday, Mr Neymour said he
was reluctant about coming forth
and making-an issue out of the
various acts of intimidation that
he has experienced since begin-
ning his official campaign earlier
this year.

However, he had a change of
heart after the threatening calls
were placed to him and his cam-
paign workers.

"I didn't want to appear as
though I was trying to take polit-

ical advantage of a personal situ-
ation," said Mr Neymour, "but
enough is enough."

"The fact that I am now to the
point where I am being threat-
ened physically is the greatest con-
cern of mine right now, because
this is not the Bahamian way of
life," Mr Neymour said.

Mr Neymour, whose home and
vehicle have been broken into in
the months following the launch
of his campaign, attributes the
recent calls of intimidation to sup-
porters of his political rival, PLP
candidate Wallace Rolle, telling
The Tribune that they are being
influenced by "mafia style" cam-
paign tactics.

“On Thursday night past, my
opponent was at a rally where he
was inciting violence," Mr Ney-
mour told The Tribune. “After

SEE page 15

Proposed EU treaty
sparks CSME concerns

@ By RUPERT MISSICK Jr
Chief Reporter



A PROPOSED trade treaty with the European Union has caused
serious concern among local experts who think the document requires
the Bahamas to enter into a CSME-type agreement with other coun-

tries of the Caribbean.

Sources say they also feel the agreement — which will create a free
trade area between the European Union and Africa, Caribbean, and
Pacific, of which the Bahamas is a part — draws the country deeper into

the perimeters of the WTO.

Negotiations are expected to be completed in September and are
expected to have a serious impact on the Bahamas.

Concern remains that the country is not adequately prepared and not
enough analysis has been conducted on the treaty and its conse-

quences.

The Tribune has obtained a copy of Economic Partnership Agree-

SEE page 14



















Smell the garlic

Look at all.that te
Provolone, Garlic Oregano






mM 14128 4-2 Claes

Ye








@ WITH elect

Bey a

ion day fast approaching, the FNM (above at Clifford Park) and the PLP

ae

(below at Golden Gates) held their penultimate rallies of the season.

(Photo: Felipé Majo

Ingraham urges
vigilance at polls

FNM leader Hubert Ingraham :

t/Tribune staff) \,

-S OAS SER SN WOO AC




last night urged party voters to :
be vigilant at the polls on

Wednesday.

Speaking before a huge crowd :
at the party’s rally at Clifford :
Park, Mr Ingraham said, “We :
need to be vigilant. We have :
trained our poll workers. But we }
will need your eyes and ears to }
ensure that this election is fair, :

fraud-free and democratic.

“Reports are coming in that :
floating ballots may be in play in :

New Providence but also in :'

Grand Bahama and in the Fami- :
ly Islands. If you witness any }
irregular activities, report them ;
to the appropriate authorities. Do ;
not take matters into your own :

hands.”

SEE page 14

Ww f

PM promises to

broaden war on crime

m@ By PAUL G TURNQUEST

promised them that if his PLP :
government was given a second : K } et
term in office, they would broad- i cal questions about their political
en the war on crime to ensure }
that “every neighbourhood” in : opposed to

: the Bahamas was made safe and :

secure.

takes to get the job done. Unlike : } o [ i
others, we have acomprehensive : candidate had participated in the :
plan for fighting crime. There are : exercise of filling out a question- :

three major steps to my anti- i naire to ascertain their political i
: views in these “morally challeng-
“Step one. We’re going to send : ing times.”

: criminals a message. We’re going :

crime plan.

SEE page 14



pprageosree Z yee:
VERSACE ACE
G NEWS PAR

nett

ALISON LOWE
Tribune Staff Reporters

NMC Rocce airtoites

_ 12 questions: majority
_ of candidates ‘opposed |

: to homosexual tourism’

Tribune Staff Reporter
—_ _? i By KARIN HERIG and

PRIME Minister Perry Christie
rallied his party’s supporters last :
night at Golden Gates and :

THE majority of candidates
who answered 12 moral and ethi- :

positions declared they are :

“homosexual
tourism.”
Up until yesterday, some 34

“I know that we have what it candidates — five PLPs, 12 FNMs, :

16 BDMs and one independent :

Commenting on the effort by

SEE page 15

Call today!

Nassau: T 356.7764 © Freeport: T 352.6676/7

oc aa







lawsuit against
Hubert Ingraham

: ji By PAUL G TURNQUEST
: Tribune Staff Reporter

TOURISM Minister Obediah
Wilchcombe filed a lawsuit in the
Supreme Court yesterday against
former prime minister and FNM
leader Hubert Ingraham.

According to Mr'Wilchcombe’s
attorney Wayne Munroe, the suit
could yield payment in damages
and other costs of up to $1 mil-
lion, or at least figures in the high
hundreds of thousands.

According to the document,
Mr Wilchcombe’s claim is for
damages for slander relative to
the words attributed to Mr Ingra-
ham in a story written by The Tri-

SEE page 15

thahibcblsle al

= J)RIDELITY








PAGE 2, TUESDAY, MAY 1, 2007

THE TRIBUNE

Minister’s stunning response
to vote-buying allegation

HERE have been persis-
tent reports of vote-buy-
ing in Grand Bahama by PLP can-
didates or their agents and of voters
being asked to swear on the Bible
that they will vote for the PLP.
According to one report, mon-
ey was being given out at a PLP
_ campaign office and there were so
many people lined up that the
police had to be called to keep
order... ‘

‘The PLP catididate for the West
End and Bimini constituency,
Tourism Minister Obie Wilch-
combe, was questioned about this
by a reporter from Cool 96 Radio
and made some extraordinarily
revealingly comments in response.

Said Mr Wilchcorhbe: “It’s stu-
pid. First of all, you don’t buy votes
that way. To purchase votes, let me
just explain, because I’m so embar-
rassed at the reporters of our coun-
try. actually running such a stupid
story.

“To buy a vote, you have to buy
a voter’s card and you cannot

_ ensure what the individual is going
“to do in the voter’s box and that
does not make sense.

“When you buy a vote you take
the person’s card so you try to
avoid them from voting. That does-
n’t happen and it did not happen. I
made it very clear and I don’t apol-

-ogise for it, I help people in my
constituency and I will always help
people in-my constituency.

“If the individual running against
me does want to or cannot do it or
has never done it, that’s his busi-
ness. I take care of my people in my
constituency and I do so every day of
my life, whether they are in hospital or
whether they are having some individ-
ual difficulties, whatever it might be.

“I am there to serve and I assist my
people. So if you want to accuse me of
helping people, go ahead. But that
ridiculous: notion is just propaganda
and.it is unfortunate that the media is
again allowing itself to be wrongfully
used by an individual who for the'most
can only do talk, That’s why West End
has an MP and not an MC.



“I work for people every day, what
you expect me to be, I be with the peo-
ple every day, it is stupid okay, that’s
the word, it’s stupid.”

‘ke reporter intervened to ask:
“So you’re saying no money
was given out at that time?” ¢

Mr Wilchcombe’s refusal to confirm
this amounted to a stunning admission:
“No, I don’t say that. What I say is
this: we don’t buy votes. That’s what
you are asking me. I said I assist peo-
ple, no matter what the circumstances

are and I do it every day of my life.

“So if you see me today, I may be

assisting somebody else, or if you
go to Holmes Rock, we’re helping
somebody with their home, and we
do that all the time. That’s noth-
ing new. But buying votes, that is
stupid.”
_ There is so much wrong with
what Mr Wilchcombe had to say
that it is difficult to know where to
start.

First of all, he began and ended
by making it clear that he thought
the question was stupid, repeating
that word three or four times in his
response, and claiming that he was
embarrassed that reporters would
pursue and run such a story.

I: was not stupid at all, of
‘JA course, and Mr Wilchcombe,

who lays claim to a background in
journalism, knows better. Any
reporter worth his salt would be
derelict in his duty if on his beat
there was such a story and he
neglected to follow it up.

If Mr Wilchcombe were a jour-
nalist covering the election and he
discovered such goings-on at an
FNM office does he expect anyone
to believe that he would have
ignored it?

That he would have considered it
so run-of-the-mill that he would
have been embarrassed to report
“it?.

More likely he would have been
right there to’ cover the story after
calling the police and when the
police swooped down, not to keep
ofder, but to make arrests.

It is astonishing that something like
this can také place in The Bahamas at
this stage in the development of our
democracy and that a Minister of Gov-
ernment sees nothing wrong with it
and attempts to pass it off as “helping
people” and that any suggestion of
wrong-doing is a “ridiculous notion”
and “just propaganda”.

his is very much like the
response given by frmer

ait

Immigration Minister Shane Gibson
and Prime Minister Perry Christie
when the minister was accused of fast-
tracking the permanent residency
application of the late Anna Nicole
Smith for personal reasons.



If Mr Wilchcombe
were a journalist
covering the election.
and he discovered
such goings-on at an
FNM office does he
expect anyone to
believe that he would
have ignored it?



Mr Christie and his minister tried to
sell the ludicrous idea to the Bahamian
people that this faux pas was just an
example of a new efficiency the PLP
government had brought to Immigra-
tion; and Mr Gibson tried to sell the
equally dubious story that his rela-
tionship with Ms Smith was all about
compassion for someone in need.

Mr Wilchcombe must think that not
only the reporters who covered the
story are stupid but also the Bahamian
people if he expects them to believe
that there is nothing wrong with giving
out money at the office of a political
party, or anywhere else for that matter,
in the middle of an election campaign.

Any intelligent person knows that
there are many ways to buy a vote
besides buying a voter’s card, but for
the corrupt politician or his agent the
worry is how to make sure that a par-
ticular voter stays bought.

B ack in the day, corrupt politi-
cians-would require a bought
voter to vote openly on one pretext or
another but the best insurance was the

torn five pound note. The voter was giv-
enone half of the note and if the candi-

date won he would get the other half. As
late as 1987 the chain ballot - a more
elaborate system - was very much in use.

Without such guarantees of success,
today’s corrupt politician may give out
money and take a chance that the
receivers — or enough of them — will
honour their corrupt arrangement. Or
they may ask the receiver to swear on
the Bible.

The idea of swearing to do a cor-
rupt thing might seem sacrilegious to
some but apparently does not faze

~-some-PLPs who make a habit of trying

to recruit God to cloak their dirty
deeds and Validate their claim to enti-
tlement.

* At best, Mr Wilchcombe’s protesta-
tions go to the heart of one of the big
problems that still distorts the Bahami-
an political process and demeans the
people who participate in it.

* It is the old paternalistic concept of
the member of parliament not as rep-
resentative in a democratic system but
as the source of easy money. It is iron-
ic that a minister of this “new” PLP
that talks about not going back sees
nothing wrong with that.

More worrying is that the whole lot

of them seem hell-bent on rushing back
into the past with a leader who appar-
ently sees nothing wrong, and hears
nothing but the sound of his own voice.

@) f course, there are politicians
who, like other compassion-
ate human beings, do respond to others
in real need and some do so without
fanfare and without any expectation
that the persons in need are to be polit-
ically beholden to them.

But democratic politics:must be
about empowering citizens, about pro-
viding them with opportunities and the
means to take advantage of opportu-
nities, and about creating safety nets
that citizens can rely on without sur-
rendering their dignity:to any .politi-
cian. ;

It should not be about victimisation,
intimidation, vote-buying and other
corrupt and unfair practices; and cer-
tainly not about implicating God.

sirarthurfoulkes@hotmail.com

. » www.bahamapundit.typepad.com



Te ee
THE TRIBUNE



TUESDAY, MAY 1,° 07, PAGE 3



EU ne fare oe Ee a ae eee
Workers Party predicts landslide

for FNM after second street poll

@ In brief

BUT claim

government
letting down
AF Adderley

THE inefficiency of the

Ministry of Education may

compromise the ability of stu-

_ dents of AF Adderley Junior
‘High School to take their :

BJC exams, it was claimed
yesterday.

President of the Bahamas
Union of Teachers, Ida Poiti-
er, told The Tribune that she
is frustrated that the ministry
has broken numerous promis-
es to clear the school’s gym-

nasium of a large number of :

old desks and chairs.

The gym, she said, has been
transformed in to a'storage
facility — denying students and

~ . teachers access.

“The students have not

been able to have PE, they

have not been able to have
assemblies, or any of the

functions that they Pe ee

have within the gym,” she
said.

This ordeal has seieae
for seven months, ae
to Ms Poitier, and teachers at

the school are at their “wits

end”, as every Friday, for

months, they have been
promised that the materials
will be moved.

Ms Poitier told The Tri-
bune that she was assured
that the gym would be
cleared last Friday. Howev-
er, this was not done.

Yesterday, she was again
assured by an officer of the

ministry, that they gym would

be cleared, but, judging by
the trail of broken promises,
Ms Poitier said that she
doubts that any action will be
taken.

Both the Minister of Edu-
cation, Alfred Sears, and his
Permanent Secretary,
Creswell Sturrup, made

promises that this issue will }
be addressed, Ms Poitier :

alleges.

This list of broken promis-

es has raised the question as

to whether or not the minister :
and permanent secretary
have an interest in resolving i
the matter, or the ability to

control their bureaucracy.

“These promises are fast
and furious and nothing is

taking place. There’s no res-—
olution to atiythirig as of yet,”
Ms Poitier said.

Calls to the Permanent Sec-

retary of Education, Creswell
Sturrup, and Minister Alfred

Sears were not returned up
until press time.
19-year-old
charged with
marijuana
possession

A 19-YEAR-OLD woman

_was fined $1,000 yesterday

after pleading guilty to < mar-
ijuana possession charge.

Dericka Rolle was

arraigned before Magistrate
Carolita Bethel, charged with
possession of marijuana with
the intent to supply the drugs
to another.

According to court dock-
ets, Rolle was found in pos- ;

session of the drugs on Fri-
day, April 27.

According to the prose-
cution, Rolle was found in

possession of two clear plastic

wraps containing two ounces
of marijuana which had been
concealed in her underwear.

Number of
intercepted
Haitians
increased

@ MIAMI

NEARLY as many Hait-

ian migrants were intercepted

in April on their way to US
shores as in all of 2006, the
Coast Guard said yesterday.

A total of 704 Haitians
were rescued from vessels in
April, according to the Coast
Guard count. That compares
with just 43 in April 2006 and
769 in all of last year.

The increase was not being
attributed to one single cause,
but the Coast Guard said it
continually watches for Hait-
ian migrants:

While the number of

migrants was higher, it is a
far cry:from the early 1990s,

when. tens of thousands of

Haitians fled to the US
About 31,430 came in 1992
alone, the Coast Guard said.

Since 2004, when 3,078 |

Haitians were intercepted,
the number has been falling.

A LANDSLIDE victory for
the FNM was predicted yester-
day on the basis of a street poll
taken right in the heart of Prime
Minister Perry Christie’s own
constituency.

Voters were declaring their
support for the FNM at a rate of
more than two-to-one over the
PLP, more or less in line with a
similar poll taken in Freeport
last week.

Workers Party leader Rod-
ney Moncur, who conducted the
poll with secretary-general Bri-
an Smith and national polling
commission chairman Peter
Sturrup, said the result was
“phenomenal” considering the
survey’s location.

The party set up a Stall at
McCullough Corner and Saxon
Way in the Farm Road-Centre-
ville eonee nes) held by Mr
Christie.



HA VOTER takes part in the poll as Rodney Moncur looks on

“This is historically a black
belt area, a bastion of PLP-ism,
but it seems the FNM has deci-
sively burst through that sup-
port in a poll taken just two

days before the election,” said
Mr Moncur.

“This is a phenomenal result
and is a clear indication that the

FNM will defeat the PLP in

Wednesday’s general election.”

Of registered female voters,
60.1 per cent (125) said they
would vote FNM, while only
37.5 per cent (78) opted for the
PLP.

pedestrians passing through,”
he said.

“However, one woman said
she wished she had 10,000 votes
to cast against the PLP. They
were saying they can’t wait for
Wednesday to vote the PLP
out.”

If correct, the poll reflects
FNM leader Hubert Ingraham’s
own claim, which is that the
PLP will be left with parlia-
mentary seats “in single digits”
after the election.

He said reports from all over
the islands indicated a decisive
trend in his party’s favour, with
voters expressing open hostility
to the PLP government’s poor:
performance since 2002.

Mr Ingraham said at Satur-
day night’s rally in Freeport that
Grand Bahama was expected
to deliver all six of its seats to
the FNM.

Among men, 70 per cent
(156) favoured the FNM, while
only 26 per cent (58) were PLP
supporters. Four per cent of
those polled supported neither
side.

Of the total of 431 voters
polled, the FNM claimed 65.2
per cent (281) while the PLP
gained only 30.6 per cent (136).

Mr Moncur said that, judged
alongside the Freeport poll,
which recorded similar results,
the figures indicated a national
trend.’

“In fairness, the persons vot-
ing were principally residents
of the constituency, but there
were a number of motorists and

Wendell Jones launches television station

@ By PAUL TURNQUEST
Tribune Staff Reporter

WENDELL Jones, the CEO
of Jones Communication, Love
97, and the Bahama Journal
yesterday expanded his media
empire — commissioning the
official launch of Jones Com-
munications Network (JCN).

At 5pm, the television sta-
tion, which will appear on Cable
Channel 14, was launched,
beginning with a message from
Mr Jones himself.

Mr Jones reminisced on his
35 years in journalism and how
at the start of all his other enter-
prises, there were “doomsay-
ers” who believed the ventures
would not make it.

“On those two occasions
(Love 97, Bahama Journal) we
were emboldened by those
comments and sought the inter-
vention of a good and gracious
God, who empowers and sus-

tains through good times and
bad. Today we are on this red
letter day in the history of
broadcasting, launching the first
private television facility in the
Bahamas.

Mr Jones said television is “a
powerful medium” which must
be used to help inform the
country’s “attitudes, its politi-
cal opinions, and social con-
science”.

Ambition

Mr Jones said that JCN wants
to play a bigger role in socialis-
ing young Bahamians who are
adrift and engrossed in cultures
that “threaten what is good and
decent” about the Bahamas.

“Right now the nation’s cul-
tural centre of gravity is shifting
in the wrong direction. A newly
emergent restless population,
many of them intellectually and

socially insecure, are driven by
money and materialism. JCN
will play its role in focusing this
segment of the society to appre-
ciate the role they ought to play
in our national development,”
Mr Jones said.

“JCN will be a mix of news
and features that will play off
of the news instead of simply

. Te-capping it. JCN sets out to

create a medium that will sift
through journalistic clutter and
synthesise what is important for
you to know. We want to put
events into context, anticipate
trends, add new insights and
facts, tell the behind the scene
tales, and explore the questions
others forgot to ask.”

Mr Jones pledged that JCN
will stick with a formula that
is clear yet demanding —
good reporting, good writing,
and authoritative yet fair
analysis.

“We wouldn’t be in this busi-

Police officers are warned to remain
pieutral in oe to general election

_fll.By.ALISON LOWE...
Tribune Staff Reporter _

FIVE hundred police officers
received their promotions yes-
terday from police commis-
sioner Paul Farquharson, along
with an admonishment not to
“mix friendship or political par-
tisanship with the execution of
your duties.”

Following weeks of delibera-
tions and interviews by the police
promotion board — constituted
of a significant number of senior
police officers — the officers were
presented their stripes in a cere-
mony at police headquarters.

Assistant commissioner John

Rolle said that the, board had.

gone to “great length to select
the most qualified” candidates.

Commissioner Farquharson
said that the make up of the
board ensured that there was a
great deal of transparency in
the decision about which offi-
cers would be elevated.

“You’ve been selected
because you’ve performed at
optimal levels and provided
excellent service to the Bahami-
an people,” Mr Farquharson
told gathered police.

However, a police source had
told The Tribune that the recent
wave of promotions, taking in
hundreds of officers, had left

the force with “too many chiefs

and not enough indians.”

Countering this claim yester-
day, Mr Farquharson told The
Tribune that there are recruits
coming in at the lower levels.

Mr Farquharson added that
he is always pleased to be able
to promote his officers.

“They have worked hard and
deserve promotion,” he said.

During the ceremony, the
commissioner asked that all
newly promoted officers “pro-
vide non-partisan service” to
their communities.

“I implore you to continue
on the path that has propelled
you to this point,” he said.

TWO people are in hospital
with gunshot wounds — one shot
by a police officer — after vio-
lence erupted at Arawak Cay
on Sunday night.

The wounds, which have left
the victims listed in a serious
condition, were sustained dur-
ing two separate incidents, said
police.

The first followed a minor
theft, reported by a vendor at
the popular dining area.

According to police press liai-
son officer Walter Evans, a
female vendor reported having
been robbed of some cash and
"candies."

When police arrived, they
found the suspect, who began
behaving “in a violent manner",
reportedly hitting a police officer.

"The police officer became
fearful and drew his service
weapon. Shots were discharged
and, as a result of that, the male
was hit to the back area," said
Mr Evans.

The victim did not have a
weapon, Mr Evans confirmed.
He was taken to hospital, where
he is being treated for his
injuries.

Later, at around midnight,
two individuals approached
another man in the Arawak Cay
area.

One produced a handgun and
shot a male victim in the
abdomen. He is also recuperat-
ing in hospital, said Mr Evans.
Investigations are continuing.

TROPICAL
EXTERMINATORS

a ed Rah
PHONE: 322-2157 |



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opinions, would eventually lead
to more truth,” he said.

ness if we didn’t believe that
more information, and more .









Dress her up
| 7 for
_ DAY
In
Fabulous
Designer
Fashions
by. Designer:
‘EMILIO PUCCI
"Of daly:
OPER

FOAYS AWEEK FOR YOUR BR
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PAGE 4, TUESDAY, MAY 1, 2007

The Tribune Limited

EDITORIAL/LETTERS TO THE EDITOR

Naming of bridge should have



NULLIUS ADDICTUS JURARE IN VERBA MAGISTRI

Being Bound to Swear to The Dogmas of No Master
LEON E. H. DUPUCH, Publisher/Editor 1903-1914

SIR ETIENNE DUPUCH, Kt, O.B.E.,
(Hon.) LL.D., D.Litt.

Publisher/Editor 1919-1972
Contributing Editor 1972-1991

EILEEN DUPUCH CARRON, C.M.G., M.S., B.A., LL.B.

Published Daily Monday to Saturday

Shirley Street, PO. Box N-3207, Nassau, Bahamas
Insurance Management Building., P.O. F-485, Freeport, Grand Bahama

TELEPHONES







K.M., K.C.S.G.,

Publisher/Editor 1972-

Switchboard (News, Circulation and Advertising) 322-1986
Advertising Manager - (242) 502-2352
Circulation Department - (242) 502-2387
Nassau Fax: - (242) 328-2398
Freeport, Grand Bahama: 1-(242)-352-6608

“HELP and hope are on the way!” was the
rallying cry of then Opposition Leader Perry
Christie five years ago when he led his party
to victory at the polls and himself into the
position of prime minister of the country.

Top of his list at that time was a more ful-
filling way of life for Bahamians and a nation-
al health insurance plan.

“J want to create a system of National
Health Insurance so that poor people will
stop dying simply because they are too poor to
pay for major medical attention,” he told the
Bahamian people in April 2002.

Fast forward five years to a second elec-
tion, and still top of his list is a promise to
deliver national health insurance. Having
missed the first term he now promises it in his
second term — if the voters give him a second
chance on Wednesday.

“A vote for the PLP is a vote for National
Insurance,” his government again proclaims.
In five years all his government has produced
is a plan that doctors, employers — yes, and
even union leaders — say won’t work. And
their opinion is supported by the experience
of countries that have tested the same health
insurance plan and failed.

The Christie government appointed a Blue
Ribbon Commission to investigate the feasi-
bility of implementing such a plan. The Com-
mission spent a long time investigating and
eventually. produced a lengthy report, only:
to. be told by the. medical profession that its
plan was doomed to failure. The-Medical
Association of the Bahamas gave it a thumbs
.down. They made it clear that they did not
support the “NHI plan as currently present-
ed.”

“The goals of the Blue Ribbon Commis-
sion and the National Health Insurance plan
are admirable and universally held,” said the
doctors. “They will not be achieved with this
plan as currently outlined and will likely cause
far more damage than ever anticipated.”

And so, here we are, Mr Christie’s second
election and he is still hanging his hat on
bringing help and hope and national health
insurance to the Bahamian people.

The Christie vision was “to steer our nation
towards a fairer, more dignified, more peace-
ful and fulfilling way of life so that we can all
live in harmony in a universe of social jus-
tice, equal opportunity and prosperity for
all.”

And then he declared: “We must never
allow petty prejudices and hatreds to lead us
into the temptation to divide or to victimise.”

This was Mr Christie’s promise. But since
the beginning of this election campaign petty

Freeport fax: (242) 352-9348

Christie falls short of his promises







prejudices, racism and hatreds have not only
led to threats of victimisation, but still more
serious — bodily harm.

In this campaign the PLP’s slogan is: “No
Turning Back.” However, we have seen this
government take a complete “U” turn right
back to the cradle of the Pindling era — scan-
dal, chasing scandal, open talk of vote buying,
victimisation, unfair use of government’s air-
waves. And a Prime Minister seemingly inca-
pable of holding back the tide that threatens
to wash away any glimmer of that “help and
hope” that so far he has been unable to deliv-
er.

In 2002 when he was asking Bahamians to
trust him with their future, he promised that
PLP candidates, if chosen for government,
would have to conduct themselves according
to an uncompromising code of complete
integrity and transparency.

What has transpired in five years has made
a mockery of a code that has been so com-
promised that it is no longer included in the
PLP’s proposed plan of action if voted in for
another five years.

“If we set the right example at the top,”
said Mr Christie in 2002, “it will filter all the
way down to the bottom, both in the public
sector and in the wider society.”

Is this the root cause of our social problems
today? The righi cxample was not set at the
top — and so what trickled down was a mes-
sage that if our leaders can get away with it at
the top without facing any consequences, why
should we at the bottom have to toe the line?

When excuses can be made for the folly of
ministers, why shouldn’t unruly John Q Pub-
lic expect the same for himself?

Crime is the major challenge of today’s
society. After so many hollow promises can
anyone rely on the Prime Minister’s word
that his government has a “comprehensive
plan for fighting crime”? Mr Christie claims
that there are three major steps to his anti-
crime plan. If this is so why — in view of
today’s escalating crime — hasn’t he imple-
mented them sooner?

Mr Christie, based on the five year per-
formance of his government, is asking too
many Bahamians to take a giant leap of faith
that he will deliver in the second five years
what he promised, but failed to do in the first.

As Mr Christie himself has said. It is all a
matter of trust. The big question is: Do the
Bahamian people still believe him when he
says that his party has “what it takes to get the
job done”?

This question will have to be-answered at
the polls tomorrow.























THE TRIBUNE



been the council’s responsibility

EDITOR, The Tribune.

ON WEDNESDAY, April 25,
2007 the Rt. Hon. Prime Minister
came to Spanish Wells for his first
visit in over five years.

He came here to name the
bridge between Spanish Wells
and Russell Island, which, if my
memory serves me right, was ded-
icated to the memory of Mr. Rod-
erick Newton Higgs when it was
officially opened when it was
replaced after Hurricane Andrew.

He stood in front of the
microphone and told the people
of Spanish Wells that he did not
know anything about coming to
Spanish Wells until 11 o’clock
that morning when he got a
phone call and he asked what he
was supposed to be coming for.

My-My! I got a call from the
Administrator on April 23 telling
me that the Prime Minister and
Bradley Roberts were coming to
Spanish Wells on Tuesday the
24th to carry out this exercise,
however, it had to be put off for
some reason to Wednesday, 25th.

I faxed the P.M. a letter telling
him that under the Local Gov-

LETTERS

letters@tribunemedia.net




ernment Act no one in Nassau
was supposed to do this because it
is supposed to be done by Dis-
trict Councils in their respective
districts.

The naming and renaming of
roads is one of the Council’s
responsibilities.

I tell you this to show the total
disregard of this government for
any laws, it doesn't matter what
they are.

The people of Spanish Wells
know that the Prime Minister
looked them in the face and told
them a bold faced untruth when
he said he had only learned that
morning that he was to come to
Spanish Wells and what he was
coming for.

They are intelligent people so
they know that if he could deceive
them to their faces he could
deceive them about anything else
just as well.

We had a rally here in Spanish

Turnquest, Foulkes impress

EDITOR, The Tribune.

KINDLY allow me some space
in your paper to express my
thoughts on something that has
been overlooked this election sea-
son.

I have been extremely
impressed with the political matu-
rity of Tommy Turnquest and
Dion Foulkes who lost their
respective bids to retain and win
the leadership of the Free Nation-
al Movement.

Messrs Turnquest and Foulkes

— who collectively won forty per-

cent of the votes in the leadership
race — could have broken up the
party and dragged it down to cer-
tain electoral defeat.

Instead, they placed the good
of the party and the needs of the
country above their personal
ambitions. They are young, yet
seasoned men with bright futures.
If the FNM wins they will be
senior Cabinet ministers.

Their maturity stands in
tremendous contrast to the arro-
gance, political immaturity and
selfishness of older heads in the
FNM, particularly Tennyson Wells
and Algernon Allen.

After losing their bids for the
leadership, these FNM “veterans”
threw temper tantrums and basi-
cally walked out of the party.

Blinded by self and business
interests, it appears to me that
they lent their aid and comfort to
a PLP culture of corruption, sleaze
and victimization they once took
principled stands against.

Their blind hatred of Hubert
Ingraham and inability to convince
a majority of the FNM to support
them as leader, led them into
political blind alleys which will
turn into dead ends on May 2nd.

Whereas Tommy and Dion are
the political future Tennyson and
Algernon are yesterday's news.

The biggest loser is Mr. Allen
who is now universally recognized
as a shameless opportunist and
chameleon. He is good at rapidly
changing political colours depend-

ing on the circumstances.

FNMs know who he is and the
PLP, which is temporarily using
him as a mercenary, will dump
him with record speed if they lose
at the polls.

The final histories of Dion and
Tommy are yet to be written. And
that is the point: they have promis-
ing chapters yet to be written.

But at least one chapter will
tell how they helped the FNM to
mature, grow and remain united.

As sons of FNM veterans,
these still relatively young turks
understood how internal divisions
and disunity seriously damaged
the FNM in the 70's and 80's.

Alternatively Tennyson and
Algernon are about to end their
political journeys with a shame-
less ironic twist.

Not only did they try to destroy
an FNM they helped to build, they
also lent their dogged support to a
PLP culture they once fought so
hard against.

This time around it was the
young men (Tommy and Dion)
who had to show those who
should have known better (Ten-
nyson and Algernon) what gen-
uine leadership and maturity is:
service above self; long term vision
over short term gain; and the peo-
ple's business above personal for-
tune.

The FNM and the country will
be glad to see the backs of Allen
and Wells. Thankfully neither man
will ever become Prime Minister.

We look forward to good
things from Turnquest and
Foulkes who have demonstrated
stability, courage and judgment.
Hopefully, one of these men will
eventually become the nation's
Chief Executive.

They have earned the right to
run again.

If the FNM wins on May 2nd,
they must now earn our trust that
they can one day lead the country.

LIVINGSTON GRAY
Nassau,
April, 2007

Wells on Friday night, April 27th,
and the turn out was very heart
warming.

It won't be long before the lies
which they have been telling at
their rallies are proven to be just
that — lies. wg

To all of you who have any. -
political savvy you know that for
Perry to come to Governor’s Har-
bour on Wednesday, 25th, after
just having a rally in Rock Sound
four nights before with the busy
schedule that he has it is an
admission that they do not
believe that they are going to win
South Eleuthera, much less
North. I was told that Mr. John-
son said from the platform that
we have the south and “I am try-
ing hard to win the North” — that
is an admission of defeat in itself.

Spanish Wells has always been:
FNM and it will not change now
no matter how many lies they tell
from their platform.

Thank The Lord It Ain't
Long Now.

ABNER PINDER
Spanish Wells,
April 29, 2007.

Fred Mitchell
‘abandoned —
Fox Hill people’

EDITOR, The Tribune.

I thought long and hard before
I wrote this letter. I did not want to
allow my deep-rooted feelings to
cloud my good sense and good
manners. But my conscience would
not allow me to sleep until I set
the record straight. What has been
happening and allowed to go
‘unchecked was a mission of mean-
spirited, wicked comments about
decent people whose lives are com-
mitted to helping Fox Hill in every -
way, and it must stop NOW.

I cannot stand by and watch
anyone, while through the disguise
of bahamasuncensored.com, say
anything about a lady that I defi-
nitely know extended herself at
great sacrifice to her family in help-
ing Fred Mitchell in every way pos-
sible. I personally know about the
enormous planning and contribu-
tions of most events that was exe-
cuted on behalf of Mr. Mitchell
that was done with the greatest
enthusiasm. When someone does
something out of the goodness of
their hearts and they receive noth-
ing but negative returns, ingrati-
tude must be a sin.

My name is Larry Wilmott; I
have been deeply involved with the
present and soon to be former PLP
Member of Parliament for Fox
Hill's campaign from its inception.
I will not blow my own horn, but I
will play an entire orchestra, I was
the campaign. Without my influ-
ence Fred Mitchell could not win
Fox Hill, especially because of his
own sad _ personality and
demeanour. :

George Mackey introduced me
to Mr. Mitchell, if my memory
serves me right, around 1996. Ever
since then I worked tirelessly day |
and night, always remaining loyal
to Mr Mitchell. Mr Mitchell relied
heavily on my popularity and the

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THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 5



i eS Si

Independent may split PLP
vote in St Thomas More seat

Oln brief

Three accused
of marijuana
possession
and cultivation

THREE people were
arraigned in Magistrate’s
Court yesterday on several

. charges related to marijuana

possession and cultivation.

Michael Sylvira Whitting-
ham, 37; of Jamaica, Levon
Gahart Largie, 24, alias Junial
Surat, also of Jamaica; and
Nora Annyer Marie Hanna,
32, alias Annyer Marie Han-
na of Flamingo Gardens,
appeared before Magistrate
Carolita Bethel at court eight
in Bank Lane.

It was alleged that on Fri-
day April 27, the accused con-
spired to posses a quantity of
marijuana.

It is also alleged that on the
same day, they were found in
possession of a quantity of
marijuana which authorities
believed they intended to
supply to another.

Prosecutor Inspector Ercell
Dorsette alleged that on that
date, the accused were found
in possession of 77.5 pounds
of marijuana. They all plead-
ed not guilty to these charges.

It is also alleged that on
Tuesday April 3 while at
Stafford Creek, being con-
cerned together and with
another, the accused were
found cultivating marijuana.

It is also alleged that on the
same date, the accylsed con-

spired to posses a quantity of

marijuana which authorities
believed they intended to
supply to another.

According to the prosecu-
tion, the accused were found
with $191,150 worth of sus-
pected marijuana plants as
well as seven bales amounting
to 134 pounds of the drug.

The accused also pleaded
not guilty to the April 3
charges.

They were remanded to
Her Majesty’s Prison and a

bail hearing has been sched- i

uled for May 7.

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2007 FORD SPORT TRAC

A PHARMACIST who
claims he was struck off the PLP
candidates’ list in 2002 only 48
hours before nomination day is
expected to split the party’s vote
in St Thomas More, the seat
held by the PLP’s Frank Smith.

George Hepburn has been
prompted to run by his lifelong
involvement in the Kemp Road
area — and his eleventh-hour
rejection by the PLP five years
ago when he had been ratified
as candidate for the St Margaret
constituency.

“After campaigning for
months, I was removed by coun-
cil two days pret to nomination
day. I would like to amalgamate
both factors to give those sup-
porters an opportunity to elect
one of their own to parliament,
to serve and to lead.”

Mr Hepburn, who attended
Uriah McPhee School, runs a
pharmacy in the constituency,
and also worships locally, said
he wants to provide “a beacon
of hope” for young residents.

“IT would like to provide lead-
ership that would commence by





& GEORGE Hepburn

extending the Kemp Road library
hours and developing communi-
ty tutoring centres through
church assistance, providing after-
school activities and guidance.

“The ultimate goal is to pro-
mote academia as an avenue
towards progress, the hope to
extend the education boundary
beyond high school, encourag-
ing government to reinstate the
scholarship programme for indi-
gent families.”

Candidate claims he was struck off party’s
list hours before election nominations



Mr Hepburn also said he
would extend constituency
office hours until 7pm to pro-
vide extended advisory services
for those requiring assistance
who work during the day.

He also has a social develop-
ment plan to help the elderly
and disabled through establish-
ment of a wellness programme.
And he wants provision of flu
vaccine for the elderly and
infants in the community during
peak months.

Mr Hepburn said he plans to
initiate dialogue to educate con-
stituents on access to democra-
cy, constitutional rights, and res-
olutions debated in parliament.

In addition, he wants com-
munity committees and boards
to explore ways of raising rev-
enue for beautification projects,
parks maintenance and play-

ground safety.

In promoting “community
togetherness”, he wants to see
pageants, tournaments, family
days, health walks, prayer ser-
vices and wellness education.

“The lack of local govern-
ment in New Providence cre-
ates a void evolving to partial
anarchy which now demands
that members of parliament
should provide leadership and
guidance. As each individual
aspires to help others through
voluntary service, we help our-
selves to appreciate the virtue of
giving to build lives.”

A political observer said last
night that Mr Hepburn’s
involvement in the St Thomas
More race would affect the PLP
more than the FNM. .

“Mr Hepburn was properly
ratified as a PLP candidate last

Broadcast

WHEN voters head to the
polls to casts their ballots for a
new administration tomorrow,
the country’s broadcast media
outlets will provide extensive
coverage of election-day activi-
ties, keeping voters informed as
returns come in throughout the
evening.

Joy FM, Cool FM AND 100
Jamz will be providing up-to-
date results as each becomes
known, with coverage begin-
ning as soon as the polls close.

Over at Island FM 102.9,
election day coverage will begin
at 7am, with live updates every:
hour from the various con-
stituencies in New Providence,
Grand Bahama, Exuma, and
Eleuthera.

Later in the evening, Cable
12,television will set the tone
for the. election returns, as vet-

eran news personality and for-
mer MP Charles Carter hosts a
political round table with guests
Henry Bostwick and George
Smith.

Beginning at 5pm, Mr Carter,
Mr Bostwick, a former leader
of the Free National Move-
ment, and Mr Smith, himself a
former Progressive Liberal Par-
ty MP, will combine years of
political expertise in providing
commentary on the political cli-
mate leading up to tomorrow’s
final returns.

Broadcasting from the top of
the hill in Centerville, featured
guests, political analysts, and
local radio and television talent
from ZNS will keep the public
informed through a live radio
and television simulcast pegin-
ning at 6pm.

In addition, througbput the

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day, ZNS radio will provide
updates as a part of its regular-
ly scheduled news programmes.

Love 97 and Jones Commu-
nications’ newest addition to
the media market, Jones Com-
munication Network (JCN),
like ZNS will have guest ana-
lysts and several of their local
radio and television presenters
in simulcast coverage of the
day’s activities.

Jones Communications’ cov-
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time, so he has quite a lot of
support in the area. He was
nominated by several con-
stituencts, but was then rejected
at the last minute without expla-
nation,” said the source.

“As a well-known business-
man in the area, and someone
who grew up there, he clearly
has a following, including a lot
of people who have known him
for many years.”

Mr Hepburn, in seeking to
unseat Mr Smith as MP, is also
up against the FNM’s Reece
Chipman.

TV 18 SCHEDULE

TUESDAY,
MAY 1ST
6:00 Community page 1540am
1 11:00 Immediate Response
noon ZNS News Update
12:05 Immediate Response
1:30 Legends: Chris Malaikus
2:00 Fast Forward
2:30 Turning Point
3:00 Practical Principles
3:30 Ernest Leonard
4:00 Lisa Knight
4:30 Cybernet
5:00 ZNS News Update
5:05 Andiamo
5:30 The Envy Life
6:00 Literacy Living
6:30 News Night 13
7:00 The Bahamas Tonight
8:00 Political Broadcast: Free
National Movement
8:15 Political Broadcast: Progressive}
Liberal Party
8:30 Progressive Liberal Party
} Mass Rally
11:00 News Night 13
11:30 The Bahamas Tonight
12m/n Immediate Response
12:30 Community Page 1540AM

NOTE: ZNS-TV 13 reserves the
right to make last minute
programme changes!



























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PAGE 6, TUESDAY, MAY 1, 2007

THE TRIBUNE



Geographic data being !

collected on Abaco

MARSH Harbour, Abaco —
Officials from the Bahamas
National Geographic Informa-
tion Systems Centre and key



government departments and
agencies are nearing comple-
tion of the first week of the first
national spatial data collection

.

exercise in Abaco with great
expectations for the future of
data collection and dissemina-
tion in the country.

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The team, led by Carolann
Albury, director of the BNGIS
Centre, and Valrie Grant-Har-
ry, GISP, geographic profiles
co-ordinator for the LUPAP 2
Project and IDB consultant,
began the data collection
process on Monday, April 23,
in Marsh Harbour and sur-
rounding areas.

Ms Albury and Mrs Grant-
Harry also met with several key
players on the island of Abaco
Monday, with a view to getting
their assistance with the project
and to provide them with details
of the project.

Ms Albury said she was
“quite satisfied” with the
amount of information gleaned
during the initial collection peri-
od.

“The process has gone fairly
well,” Ms Albury said. “In addi-
tion to going out into the field
and collecting lots of data, we
had a very good meeting with
some of the agencies and net-
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Abaco who were in possession

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“The meeting with the agen-
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it also gave us the opportunity
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aware of what the government’s
intention is with regards to






H@ DIRECTOR of the Bahamas National Geographic Informa-
tion Systems (BNGIS) Centre Carolann Albury (left); Vanessa
Francis, Ministry of Financial Services and Investments; and Val-
rie Grant-Harry, GISP, geographic profiles co-ordinator for the
LUPAP 2 Project, review some of the data collected during a
visit to the Great Guana Cay area of Abaco on Tuesday, April

24

Geographic Profiles of the

‘ island. While Abaco was cho-

sen as the starting point for the
project, data collection exercis-
es also will be conducted in
Andros and Great Inagua.
“Abaco, Andros and Great
Inagua were chosen as the three
islands to begin the process of
building the country’s informa-
tion resources in order to
address the lack of digital data
required for mapping, managing
and monitoring economic devel-
opment and to expand the use
of GIS to the Family Islands.
“This will in turn allow Local
Government officials on these
islands access to modern tools
which will assist them in better
managing the country’s natural
resources,” Ms Albury said.
Mrs Grant-Harry said the
team has met most of its objec-
tives for the first week. She said
the teams had completed their
work in Marsh Harbour and

(Photo: BIS/Patrick Hanna).

had also conducted collection
operations in Great Guana Cay,
Spring City, the Mud, Pigeon
Pea, Cooper’s Town, Blackwell
and Hope Town.

“We have collected data
regarding the location of docks,
road networks, blue holes, quar-
ries, buildings, homes, utility
poles, cemeteries and other spe-
cial features during this initial
collection process,” Mrs Grant-
Harry said.

“Additionally, we have cap-
tured and will continue to cap-
ture data on everything rang-
ing from infrastructure, to
beaches, hotels, tourism attrac-
tions, heritage sites, sewage
treatment plants, airports, mari-
nas and on and on.

“Tam excited about the fact
that we have collected a sub-
stantial amount of information
in our first week here on the
island of Abaco,” Mrs Grant-
Harry added.

Weve eer

VV emt ots closing at 1 :00pm for the
General Election. |

We will re-open on May Srd at our
regular hours - 10am to 5pm.
We apologize for any inconvenience



Bahamas Bus & Truck Co., Ltd
Montrose Avenue
Phone:322-1722 ¢ Fax: 326-7452

Before buying
Bahamas Bus & Truck

__ Call:
ee eZ



advancing the use of Geo-
graphic Information ‘Systems
(GIS) in the Family Islands.

“It also provided our team
with the opportunity to meet
with those who would have
existing data that we can use in
this initiative, (and) on those
two levels it was very benefi-
cial.

“From the responses we
would have gotten from them,
they were also better able to
appreciate what we are doing
because it is to their benefit as
well.”

~ Resources

The data collection exercise
in Abaco is part of the Centre’s
mandate to build the country’s
digital information resources
under the Land Use Policy and
Administration Project
(LUPAP), Component 2.

It is expected to lead to better
collection, management and
sharing of information on the

‘country’s resources and to facil-
itate an improved land use plan-
ning and administration policy
within The Bahamas.

It will also lead to the devel-
opment of GIS databases or

i

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you are raising funds for a
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award.

If so, call us on 322-1986
and share your story.













KEMP’S FUNERAL HOME LIMITED

22 Palmdale Avenue, Palmdale
Nassau, N.P., The Bahamas

A FUNERAL SERVICE FOR

Ms. Rosemary
Coltilda Ageeb,75

of Nassau, The |
Bahamas, who died
peacefully at her
residence on Tuesday,
24th April, will be held
at Sacred Heart
Church, Shirley Street,
Nassau, on Thursday,
3rd May, 2007 at
11:00 a.m.

Father Mel Taylor will F )
officiate. :
Cremation will follow.



Ms. Ageeb is survived by one daughter-in-law,
Jennifer Ageeb; two grandsons, Joshua and
Zachary Ageeb; two brothers, George and Charles
Ageeb; one sister, Kathleen Winchell; three sisters-
in-law, Gloria, LaVerne and Karen Ageeb; four
nieces, E.J. Maria Ageeb, Lupita Ageeb-Rolle,
Angelique Priore and Michaelene Ageeb; ten
nephews, Jose, Thomas, Antonio, John, Gregory,
Ashley, Mark, Edward, Brian and Christopher
Ageeb; nine great-nieces, Jazmin and Isabella
Ageeb-Rolle; Lizbeth Ageeb, Heather Priore,
Sephanie, Rebecca, Dana, Erin and Jenna Ageeb;
eight great nephews, Shelton and Jonathon Ageeb
Rolle, Thomas, Joseph, Daniel, Andrew and Jordan
Ageeb and Michael Priore.

She was predeceased by her parents, John and
Mary Ageeb; two sisters, Gloria and Theresa
Ageeb and two brothers Anthony and Arnold
Ageeb.

A funeral service will be held at Sacred Heart
Roman Catholic Church, East Shirley, Nassau on
Thursday, 3rd May, 2007 at 11:00am.

Arrangements by Kemp’s Funeral Home Limited,
22 Palmdale Avenue, Nassau, The Bahamas.
“797 Rt

ee ee ee ee er ee

eee 8 ee

THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 7



Pear) ee ea ee ae eee
Ingraham pledges to introduce NHI
during FNM visit to Grand Bahama

m By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - National
Health Insurance will be put in
place by the FNM if it wins the
general election tomorrow,
according to party leader
Hubert Ingraham.

Speaking to thousands of sup-
porters in Grand Bahama on
Saturday, Mr Ingraham said:
“When I first talked about
national health insurance and
did something about it, those
words had never been uttered
by Perry Christie - that’s 20 odd
years ago.

So you can trust us. We are
going to deliver NHI for all in
our Bahamaland,” he said.

Mr Ingraham claims that the
PLP government has failed the
country and is now “resorting
to undemocratic means to steal”
the election on May 2.

“Do not be intimidated by
threats, and don’t be provoked
by their dealings —- we are on
the side of right and truth, and
right and truth will prevail next
Wednesday,” said Mr Ingra-
ham, who is confident of an
FNM victory in Nassau and
many of the Family Islands.

“Grand Bahama, last time
you gave us half of the seats.
This time, we are asking for all
six. I assure you that the rest of
the Bahamas is voting FNM,”
he said.

The FNM rally — followed by
a lively motorcade procession
to Independence Park — was

Former PM focuses on Royal Oasis, PLP land deals and vote-buying allegations



one of the largest turnouts on
the island in the run-up to the
general elections.

Mr Ingraham told supporters
that the PLP government must
go because of its many failures,
He said Grand Bahama has suf-
fered under the PLP.

“They stood by and allowed
Freeport and Grand Bahama
to suffer. They disappointed
you time and again. Now, it is
your time and your turn to dis-
appoint them - vote them out,”
he said.

Since the closure of the Roy-
al Oasis, the government has
made several announcements
regarding the sale of the prop-
erty, initially to WHI Group of
Florida, and now to the Irish-
based Harcourt Group.

Mr Ingraham said he intend-
ed to meet with the intended
buyers of Royal Oasis before
leaving the island on Sunday.

“You know, Grand Bahama,
I have lost count of the num-
ber of times that Perry Christie
has announced the sale of the
Royal Oasis. The last time he
announced the sale he said that
was the only thing that the
FNM had to talk about, or
could use against them in this
campaign, and that as the sale
had now been settled, the FNM
would have nothing to cam-
paign on. But, the question still
is: has the hotel been sold?”



Saturday night

Mr Ingraham also pointed
to the weak security at Lyn-
den Pindling Airport, where
an airplane recently disap-
peared; the alleged misman-
agement of crown land, and
the questionable land deals
that have been approved by
the government.

Mr Ingraham also claimed
that the PLP has betrayed the
trust of the Bahamian people —
as can be seen in the many scan-
dals involving cabinet ministers,
permitting the abuse of the
environment and damage to the
country’s international reputa-
tion.

Hf FNM officials in front of the crowd in Grand Bahama on

He said that the PLP are
afraid and desperate to hold
onto power.

Votes

“The governing party is being
accused of buying votes on
Grand Bahama. But take their
money, and vote FNM,” Mr
Ingraham said.

“They are desperate; they are
up to their dirty tricks, and des-
perate to hold onto power and
privilege. And so they are
resorting to undemocratic
means in a last ditch effort to

approaches the stage |

steal a victory in the poll next
week, but that won’t happen.
We have got the votes, and
come Wednesday, we winning
the election,” he said.

Mr Ingraham said it is impor-
tant that young Bahamians in
particular make their vote
count.

He urged voters to: check
their voter’s card to ensure they
know where their polling sta-
tion is; ensure that the ballot
they receive from election offi-
cials has no markings on it, oth-
er than the signature of the pre-
siding officer; only use the
indelible pencil provided in the

@ HUBERT Ingraham is swamped by supporters as he



voting booth.

“Do not make any other
mark on the paper other than
your X. If you do that, it will
be declared to be a spoiled bal-
lot, and your vote won’t be
counted, and it will be wasted.”

“We are going to eliminate
exchange control when we
become the government during
our term. And we are going to
cause the expansion of Bahami-
an ownership in our economy,
and we will attract investment -
true investment with real mon-
ey, not monopoly money - and
we will pick up where we left
off in education and health.

Symonette says Christie and ministers unfit for government

S By DENISE MAYCOCK
Tribune Freeport Reporter

FREEPORT - DEPUTY
FNM leader Brent Symonette
has said that Prime Minister
Perry Christie and his scandal-
ridden government ministers
are not the right choice for the
Bahamas.

Mr Symonette says that Mr
Christie owes the Bahamian
people an apology for failing to
deliver “help and hope” during
his five years in office.

“Mr Christie, it is you who
should apologise to the Bahami-
an people for the five years you
have shuffled.

That you have failed to deliv-
er help and hope; that you have
failed the people of the Com-
monwealth of the Bahamas,”
he said.

According to the Nassau MP,
Bahamians are unable to access
basic services, medicines, and
other essential services, such as

garbage collection.

“But, yet at the very last hour —

the government starts painting
buildings, paving roads, and
signing contracts as an election
game,” said Mr Symonette.

Mr Symonette, who was
speaking at an FNM rally in
Grand Bahama on Saturday,
said former prime minister and
FNM leader Hubert Ingraham
is the right choice for the coun-
try. . vw

He criticised Mr Christie for
his government’s failure to build
a new school, and straw mar-
ket in New Providence, in the
past five years.

“What happened to the City
Meat Building? What happened
to the $9 odd million dollars in
Blake Road building? What
happened to Obie Wilch-
combe’s own office at the Min-

istry of Tourism? Nothing is fin- .

ished,” he said.
“What about the people’s
land in Cable Beach that the

government has sold? The
UBP, the FNM, and the previ-
ous PLP did not sell the peo-
ple’s land, but this PLP sold the
Cable Beach, and only deposit-
ed $10 million to the Hotel Cor-
poration’s account,” said Mr

HB BRENT Symonette addresses the FNM rally on Saturday



Symonette.

“The other day the Hotel
Corporation went back to the
government to borrow another
$6 million. Where did all the
money go?”

Mr Symonette said that many

PLP ministers are involved in
alleged scandals, which appears
to be of no concern to the gov-
ernment.

“A minister’s law firm accept-
ed some $400,000 for an LNG
project, but that’s okay; a min-
ister had a bag full of US cash in
his closet for school fees, but
that’s okay; a minister enters a
house and repossesses furniture
and a toilet, but that’s okay."

“A minister/ministers had to

be involved in the Korean boat

scandal, but that’s okay; a min-
ister intimidates the registrar
general, but that’s okay. What
about the $2 million contract
that ended up at over $5 mil-
lion?”

Mr Symonette also ques-
tioned the “hundreds of thou-
sands of dollars” in back rent
owed by the PLP and their fol-
lowers to various government
organisations.

He says that the attack on
him by the PLP is a desperate

a

attempt by Mr Christie to hold
onto power.
“They are attacking me, and

. saying that Hubert Ingraham

will step down and I will
become leader.

They sent Obie to attack me,
a man himself who aspires to
be Prime Minister. Why not ask
Mother Pratt if she would stay
the full term if they were elect-
ed? Ask her how ‘long ‘she
intends to stay, or does Mr
Christie intend, if by chance
they win, to send her to Gov-
ernment House?

Mr Symonette said that there
are a lot of people waiting in
the PLP to take Mr Christie's
job. :
“Ask Allison, Fred
(Mitchell), Obie, Vincent Peet,
and Bernard Nottage, but yet
they focusing on Hubert Ingra-
ham and me. The only man that
will be Prime Minister on May 2
is Mr Hubert Ingraham,” he
said.

THE GATEWAY TO THE CARIBBEAN.

SUR MER”

more Ginn communities...

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BarrLe

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BELLA GOLE

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Caribbean, Ginn sur Mer will feature all of the luxurious amenities one would expect from a Ginn resort. But it will

also feature members of our new Bahamian family. When Ginn sur Mer is completed and fully operational, it will

employ more than 7,000 people, most of whom will be Bahamians. In addition to Ginn sur Mer, Ginn Resorts is

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Ginn Resorts and Ginn sur Mer, proud partners with our new family in The Bahamas.



RESORTS”





SS a = =

Â¥
PAGE 8, TUESDAY, MAY 1, 2007

2.1

2.2

2.3

2.4

2.5

Credit Sulsse Brazi! (Bahamas) Limited

Balance Sheet
As of December 31, 2006

Gintousends of US eomers)

Note 2006 2005
Cash and cash equivalents 4 186,033 203,043
Placements with banks 5 65,045 -
Loans and advances 6 210,869 -
Derivative financial instruments 10 42,235 233
Receivables from brokers, dealers, clearing
organizations and customers 2.6 40,028 :
Other assets _ 1,662 :
Total assets 545,872 204,176
7 107,073
Deposits from customers . d
Borrowed funds 8 261,846 -
Derivative financial instruments 10 42,662 3,685
Dividends payable . - 136,181
Payables to brokers, dealers, clearing - -
organizations and customers 2.6 22,142 - -
Other llabilities 1241 300
Tota! liabilities 434,064 134,176
Equity :
Capital 9 70,000 70,000
Retained eamings ——__—40,008 _______=
Total equity 110,908 70,000
Total Habiltties and equ 545 872 204,716




were approved on behalf of the Board on April 26, 2007 by:



Notes to the Balance Sheet
Organization and operations

Credit Suisse Brazil (Bahamas) Limited (“the Company”) was originally incorporated on
December 15, 1999 in the British Virgin Islands and licensed under the International Business

Companies Act (Chapter 291).

On October 12, 2004, the Registrar General of The Commonwealth of The Bahamas approved
the Company's domicile transfer and the change of its name from Credit Suisse First Boston
(BVI) Limited to Credit Suisse First Boston Brazil (Bahamas) Limited.

On December 20, 2004, pursuant to Section 4 of the Banks and Trust Companies Regulation
Act, 2000, the Govemor of thé Central Bank of The Bahamas granted the Company a license
to carry on banking and trust business. ‘

The Company is a wholly owned subsidiary of Banco de Investimentos Credit Suisse (Brazil)
S.A. In Brazil (“the parent company”), which in turn is a wholly owned subsidiary of Credit
Suisse in Zurich, Switzerland ("the CS Group”). The Company has extensive transactions
with affiliated companies and operates in conjunction with its parent company. As for Brazilian
banking regulations, its operating limits are consolidated with the parent company’s limits.

The Company's registered office is situated at Bahamas Financial Centre, 4" floor, Shirley &
Charlotte Streets in the city of Nassau on the Island of New Providence, one of the islands of
The Commonwealth of The Bahamas.

Summary of significant accounting policies

The principal accounting policies applied in the preparation of this balance sheet is set out
below. These policies have been consistently applied to all the years presented, unless
otherwise stated.

Basis of preparation

This balance sheet have been prepared in accordance with International Financial Reporting
Standards (IFRS). This balance sheet have been prepared under the historical cost
convention, as modified by the revaluation of financial assets and financial liabilities held at fair
value through profit or loss and all derivative contracts.

The preparation of financial statements in conformity with IFRS requires the use of certain
critical accounting estimates. , It also requires management to exercise its judgment in the
process of applying the Company's accounting policies. Actual results could differ from those
estimates. :

Estimates and underlying assumptions are reviewed on an ongoing basis. .In particular,
information about areas involving a higher degree of judgment and where assumptions and
estimates are significant to the financial statements are disclosed in notes 2.3, 2.5 and 11.

A number of amendments to standards and interpretations have been issued and are effective
from 1 January 2006. The application of the amendments and interpretations did not result in
substantial changes to the Company's accounting policies.

In addition, a number of new standards, amendments and interpretations have been issued
which are not effective for accounting periods beginning on 1 January 2006. The Company
has chosen not to early adopt any of the standards, amendments and interpretations.

Management estimates that the adoption of these new standards, amendments and
interpretations will not have a significant impact on the Company's financial statements in the
period of initial application, except for the adoption of IFRS 7, Financial instruments:
Disclosures, which will increase the level of disclosures relating to financial Instruments.

Forelgn currency translation
(a) Functional and presentation currency

The Bahamian dollar is the currency of the country where the Company is domiciled. Items
included in the financial statements are measured in United States dollars (‘USD’) which is the
currency of the primary economic environment in which the Company operates.

The financial statements are presented in United States dollars (‘USD’), which is the
Company's functional and presentation currency.

(b) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting
from the settlement of such transactions and from the translation at year-end exchange rates
of monetary assets and liabilities denominated in foreign currencies are recognized in the
income statement.

Financial assets

The Company classifies its financial assets in.the following categories: financial assets at fair
value through profit or loss and loans and receivables. Management determines the
classification of its investments at initial recognition.

(a) Financial assets at falr value through profit or loss

Financial assets held for trading are measured at fair value through profit or loss. A financial
asset is classified as held for trading if itis acquired or incurred principally for the purpose of
selling or repurchasing in the near term or if it is part of a portfolio of identified financial
Instruments that are managed together and for which there is evidence of a recent actual
pattem of short-term profit-taking. Derivatives are also categorised as held for trading unless _
they are designated as hedging instruments.

(b) Loans and recelvables

Loans and receivables are non-derivative financial assets with fixed or determinable payments
that are not quoted in an active market. They arise when the Company provides money
directly to a debtor with no intention of trading the receivable.

Securities purchased under agreements to resell (‘reverse repos’) are recorded as loans to
other banks or customers, as appropriate. The difference between resale and purchase price
is treated as interest and accrued over the life of the agreements using the effective interest
method.

Purchases and sales of financial assets at fair value through profit or loss are recognised on
the trade-date — the date on which the Company commits to purchase or sell the asset. Loans
are recognised when cash is advanced to the borrowers.

Financial assets are initially recognised at fair value plus transaction costs for all financial
assets not carried at fair value through profit or loss. Financial assets are derecognised when
the rights to receive cash flows from the financlal assets have expired or where the Company
has transferred substantially all risks and rewards of ownership. Financial liabilities are
derecognized when they are extinguished - that is, when the obligation is discharged,
cancelled or expires.
Financial assets at fair value through profit or loss are subsequently carried at fair value,
Loans and receivables are carried at amortised cost using the effective interest method. Gains,
and losses arising from changes in the fair value of the ‘financial assets at fair value through
profit or loss’ category are included in the income statement in the period in which they arise.

|
The fair values of quoted investments in active markets are based on current bid prices. If the
market for a financial asset is not active (and for unlisted securities), the Company establishes, ;
fair value by using valuation techniques. These include the use of recent arm's length
transactions, discounted cash flow analysis, option pricing models and other valuation
techniques commonly used by market participants. ‘

Impairment of financial assets

The Company assesses at each balance sheet date whether there is objective evidence that a
financial asset or group of financial assets is impaired. A financial asset or a group of
financial assets is impaired and impairment losses are incurred only if there is objective
evidence of impairment as a result of one or more events that occurred after the initial
recognition. of the asset (a ‘loss event’) and that loss event (or events) has an impact on the
estimated future cash flows of the financial asset or group of financial assets that can be
reliably estimated.

For the purposes of a collective evaluation of impairment, financial assets are grouped on the
basis of similar credit risk characteristics (ie, on the basis of the Group's grading process that
considers asset type, industry, geographical location, collateral type, past-due status and other
relevant factors). Those characteristics are relevant to the estimation of future cash flows for
groups of such assets by being indicative of the debtors’ ability to pay all amounts due
according to the contractual terms of the assets being evaluated. |

Derivative financial Instruments

Derivatives are initially recognized at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at their fair value. All derivatives are carried
as assets when fair value is positive and as liabilities when fair value is negative. Gains and
losses arising from changes in the fair value of these instruments are included in ‘net tradin~
income’.

2.6

2.7

2.8

2.9

2.10

THE TRIBUNE

Fair value is determined using quoted market prices where a price efficient and liquid market
exists. If listed market prices are not available, fair value is determined based on valuation
techniques. These include net present value techniques, the discounted cash flow method
Price quotations ascertained from brokers, price activity of similar instruments traded in
different markets and pricing models which, where appropriate, take Into account current
market and contractual prices for the underlying securities, as well as time value and volatility
factors underlying the positions.

The value produced by a model or other valuation technique is adjusted to allow for a number
of factors as appropriate, because valuation techniques cannot appropriately reflect all factors
market participants take Into account when entering into a transaction. Valuation adjpstments
are recorded to allow for model risks, bid-ask spreads, liquidity risks, as well as other factors.

Management believes that these valuation adjustments are necessary and appropriate to fairly
state financial instruments carried at fair value on the balance sheet.

Receivables and payables to brokers, dealers,
clearing organizations and customers

Purchases and sales of financial instruments are recorded by the Company on a trade date
basis. Amounts due from and to brokers, dealers, clearing organizations and customers
represents receivables for instruments sold and payables for instruments purchased that have
been contracted for but not yet settled or delivered on the balance sheet date, respectively.
These trades are usually settled within the regular period through clearing organizations.

Borrowings

Borrowings are recognized initially at fair value net of transaction costs incurred. Borrowings
are subsequently stated at amortized cost; any difference between proceeds net of transaction
costs and the redemption value is recognized in the income statement over the period of the
borrowings using the effective interest method.

Income tax

The Company is not subject to corporate income or capital gain tax in The Commonwealth of
The Bahamas.

Fiduciary activities

The Company acts as trustee and In-other fiduciary capacities that result in the holding or
placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions.
These assets and income arising thereon are excluded from these financial statements, as
they are not assets of the Company.

Comparatives

Where necessary, comparative figures have been adjusted to conform with changes in
presentation in the current year.

Financial risk management

The Company engages in transactions that exposes it to financial risks in the normal course of
business. These risks include liquidity, market and credit risks.

(a) Liquidity risk

Liquidity risk is the risk that the Company is unable to meet its payment obligations associated
with its financial liabilities when they fall due and to replace funds when they are withdrawn.
The consequence may be the failure to meet obligations to repay depositors and fulfill
commitments to lend.

Liquidity risk is minimized through the concentration of high quality and liquid assets at
competitive rates, controlled by monitoring leverage levels. ! :

(b) Market risk

Market risk is the potential unfavorable change in value of a financial instrument caused by
changes in interest rates, currency exchange rates, Indices, volatilities, correlations, liquidity or
the fair values of the securities underlying the instrument. ,

Interest rate risk ,

Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk
that the value of a financial instrument will fluctuate because of changes in market interest
tates. Interest rate risks are managed through exposure monitoring techniques, utilizing
numerous interest rate derivatives available in the market on a consolidated basis by the
Company's parent company.

Foreign currency risk

Foreign currency risk is managed at the parent company level on a consolidated basis. As of
December 31, 2006, after considering the foreign currency balance sheet positions and the
derivative financial instruments, the group did not have any significant net foreign currency
exposures.

Overall, the Company minimizes its exposure to market risk through various control policies,
including establishment of limits, consolidated currency/indices risk strategies and procedures
of monitoring. the currency and indices risk including Value-at-Risk and Stress-testing
procedures.

Credit risk and concentration of credit risk

The Company takes on exposure to credit risk, which is the risk that « counterparty will cause -

a financial loss for the Company by failing to discharge an obligation. Credit exposures arise
principally in lending activities that lead to loans and advances.

Credit risk is minimized through transactions with related parties or “first class” clients, .
monitoring and determining credit limits based on the clients financial position..and. ;

counterparty diversification.

The credit exposure associated with derivatives Is generally a fraction of the notional value of
the instrument. The Company measures all derivative positions at fair value on a daily basis.
The Company minimizes its exposure to credit risk by dealing with creditworthy counter-parties
and through the use of collateral policies, offsetting arrangements and credit exposure limits,
based on the financial condition of the applicable counter-parties. The Company's main
concentration in “over-the-counter” (‘OTC’) contracts is represented by transaction with
counterparties within the financial services sector, including banks, brokers and dealers.

Cash and cash equivalents

The balance is substantially represented by an interest bearing demand deposit with an entity
in the CS Group, in the amount of US$ 185,219 (2005 - US$ 203,913). Interest on demand
deposits is recorded as “Interest income” in the income statement.

Placements with banks

2006
Time deposit ‘ 54,604
Certificate of deposit 10,441
Total 65,045
Period from balance sheet date to contractual maturity date:
3-12 months 10,441
1-5 years 54,604
Total 65,045

Lrg deposits are maintained with related parties and are all subject to variable interest rate
risk.

Loans and advances

2008

Loans to customers ; 161,627
Loans to banks 50,172
Gross Loans and advances 211,799,
Allowance for impairment (930)
Total , 210,869
Period from balance sheet date to contractual maturity date:

3 - 12 months 40,852
1-5 years 170,947
Allowance for impairment ____(930)
Total ___210,869

A substantial portion of the Company's loans consists of short-term collateralized financing
transactions. Loans are denominated in US dollars with maturity periods ranging up to 4
years and bearing variable interest rates.

The allowance impairment on the Company's lending portfolio was considered appropriate by
management to fairly state the loans on the balance sheet.

Deposits from customers

2006
Demand accounts 3,481
Time deposit 52,779
Certificates of deposit 50,813
Total 107,073
Period from balance sheet date to contractual maturity date:
On demand 3,481
Up to 3 months 60,475
3-12 months 43,117
Total 107,073

Demand deposits and certificates of deposit are subject to variable interest rate risk. Time
deposits bear fixed interest rates.

Borrowed funds

2006
Borrowed funds with related parties 155,662
Credit linked notes 106,184
Total 261,846
Period from balance sheet date to contractual maturity date:
Up to 3 months oo 138,444
3 - 12 months 53,517
1-5 years 69,885
Total 261,846

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A substantial portion of the Company's borrowed funds with related parties, in the amount of
US$ 142,032, consists of short-term collateralized financing transactions, carried at amortized
cost with fixed interest rates ranging from 5.35% to 5.37% per annum.

Credit linked notes are short and long-term obligations of the Company. The redemption of
the notes Is linked to one or more debt instruments or loans ("Reference Instruments”) Issued
by corporate issuers or borrowers (“Reference tssuer(s)’). The Company's obligation to
redeem the notes is conditional upon the non-occurrence of a number of events, such as a
payment default by a Reference Issuer in respect of a Reference Instrument or certain other
drbt obligations, or a prohibition or restriction on the convertibility of the Reference Instrument.
The redemption value of the notes may aiso be subject to adjustment for, among other things,
changes in a Reference Issuer's country, including tax changes. ’

The effective interest on these notes Is based on the Reference Instruments and period to

Shareholder’s equity
The authorized, issued and fully paid share capital of the Company amounts to US$ 70,000,
Givided Into 70 million common shares of US$ 1.00 each.

On December 31, 2005, the Board of Directors approved the distribution of dividends in the
amount of US$ 130,191.

Derivative financial instruments

In the normal course of its business, the Company purchases and sells various financial
instruments with off-balance sheet risks.

A summary of the Company’s derivative contracts outstanding as of December 31, 2006 and
2005 Is presented In the table below, showing the total of their absolute notional values broken
down by type, period of expected maturity from the balance sheet date and fair values.

A summary of the Companys derivative contracts outstanding as of December 31, 2006 and
2005 Is presented in the table below, showing the total of their absolute notional values broken

down by type, period of expected maturity from the balance sheet date and fair values.

















2006
Notional amount with Wie of Falr value
Between
Lees then Smonths More then
3 months and 1 yeer 1 yeer Total Assots Liabiiittes
teterest contracts
Interest rete evans 30,000 86,837 115,937 1,957
Foreign exchange contracts
OTC forwerd contracts 1,831,274 837,140 496,267 3,166,681 29,007 28,811
Currency seeps ° 10,300 45,000 55,300 7,385 59
OTC options 4870 43,828 181 230,051 3,537 12,741
1,836,144 891,268 724,820 3,452,032 40,029 41,611
Equity contracts
OTC options . 30,000 30,000 : 7
Other contracts
Credit defaull swap 301 : 3,654 4,045 : 854
Commodities swap : 20,000 > ___ 30,000 249 197
391 20,000 3,654 24,045 _ 249 1,051
1,836,535 941,268 844.211 3,622,014 42,235 42,662
2005
Notional amount with remaining Ife of Fair value
_ Between
Less than 3 months More then
3. months and 1 yeer iyear Total Assots Liabilities
Foreign exchange contracts j
OTC forward contracts 207,713, - 10,000 217,713 233 3,685



The majority of the foreign exchange contracts above are represented by transactions in
Brazilian reais, United States dollars and Euros.

The positive fair value of the derivatives represents the maximum possible credit exposure if a
counterparty defaults on Its contractual obligation.

The notional or contract amounts are not reflected in the Company's balance sheet and are
indicative only of the Company's degree of use of derivatives.

Fair value disclosure of financial Instruments

Fair value estimates are made at a specific point in time, based on market conditions and
information ‘of financial instruments. These estimates are subjective in nature and involve
uncertainties and matters of significant judgment and therefore, cannot be determined with
precision. Changes in assumptions could significantly affect the estimates.

Management estimates that the total fair value of financial assets and liabilities carried at
amortized cost do not differ materially from their carrying values given that average effective
interest rates approximate the current interest rates available to the Company for loans and
placements and offered by the Company for deposit liabilities with similar maturities.
t does not consider there to be a significant difference between the fair value of
financial assets and liabilities carried at amortised cost and their carrying value. The method of
determining fair value of financial assets and liabilities is described in notes 2.3 and 2.5.

Related parties

Assets, liabilities, Income and expenses arising from transactions with related parties are as
follows: aes.

2006 2005
Assets
Cash.and cash equivalents 185,219 203,913
Placements with banks 65,045 -
Derivative financial instruments 34,547 233
Loans and advances'” i 49,921 —_
Receivables from brokers, dealers, clearing
organizations and customers 12,750 -
Other assets 649 :
Total : 347,565 204,212
Liabilities
Borrowed funds 210,509 -
Derivative financial instruments _ 39,066 3,520
Dividends payable - 130,191
Payables to brokers, dealers, clearing
organizations and customers 16,919 :
Total . 211,647 133,711
Income Statement
Interest income . 10,008 9,504
Interest expense (5,065) (5,055)
Fee and commission expense (269) -
Net trading income , 16,546 78,526

PRICEVATERHOUSE(GOPERS



PricewaterhouseCoopers
Providence House

East Hill Street

P.O. Box N-3910

Nassau, Bahamas
Website: www.pwe.com

THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 9





Cis eT Me) MCC NCTC am Clie L

THE Governor General Arthur Hanna christens the Lady Rosalind II, by smashing a bottle of —

champagne against its bow during commissioning ceremonies last Thursday at Potter’s Cay Dock.--
Shown with the Governor General are his wife Beryl Hanna and Captain Eddins Taylor, owner of-

the Lady Rosalind I.

(Photo: BIS/Tim Aylen)

Sea Hauler victims

renew calls for |

compensation as"
election nears

@ By TAMARA FERGUSON

TWO days before Bahami-
ans are set to cast their votes in

‘the general elections, victims of

the Sea Hauler and United Star
collision are once again appeal-
ing to the government for com-
pensation — which they say
should have been awarded to
them nearly four years ago.

Four people lost their lives
and a number of others were
injured when the two vessels
collided on the way to a regatta
in Cat Island in 2003. An inde-
pendent commission found the
government partially responsi-
ble for the accident.

During a demonstration held
in Rawson Square yesterday,
the victims said it is time that
justice is served.

Cedric Hanna, one of the vic-
tims, said that he is frustrated
and tired of broken promises.

“This demonstration today is
not an election issue, it is a
human rights issue,” he said.

Mr Hanna, who received
spinal injuries in the boat crash,
waved a placard which read:
“Time to close this chapter and
let us get on with our lives.”

Tenneson Leslie, who lost his
leg during the collision, said he
has not been able to hold a
steady job because of the acci-



@ SEA Hauler victims protest in Rawson Square on Monday
morning, saying they are tired of government’s empty promises. :

(Photo: Tim Clarke/Tribune staff)

dent.

According to Mr Leslie, he
and his family have to be taken
care of by his mother.

Mr Leslie’s wife, Breunell,
died in the crash, which he said
was an even greater loss for him.

“Life has been hard since the
accident. J want justice, not bro-
ken promises,” he said.

Another victim of the crash,

who received injuries to both
her arm and leg said: “Life has-
n’t been the same since the acci-
dent. I have to undergo surgery
as a result of injuries sustained
from the crash and need
finances for the surgery,” she
said.

“Its almost four years since
the crash, and our lives haven’t
been the same.”

E-mail: pwcbs@bs.pwe.com

Te (242) 302-5300
INDEPENDENT AUDITORS’ REPORT ecu
To the Shareholders and Board of Directors of Credit Suisse Brazil

(Bahamas) Limited



We have audited the accompanying balance sheet of Credit Suisse Brazil (Bahamas) Limited
(the Company) as of December 31, 2006 and a summary of significant accounting policies and
other explanatory notes. :

Management's Responsibility for the Financial Statements _

Management is responsible for the preparation and fair presentation of this balance sheet in

SC BOOTLE
teacher Enzil Cooper,
performs a dramatic

accordance with Intemational Financial Reporting Standards. This responsibility includes: iece during the E
designing, implementing and maintaining intemal control relevant to the preparation and fair Pp g
presentation of financial statements that are free from material misstatement, whether due to Clement Bethel

National Arts Festival
adjudication in
Cooper’s Town,

fraud of error, selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Abaco, on April 23.

Our responsibility is to express an opinion on this balance sheet based on our audit. We Adjudicators and
conducted our audit in accordance with Intemational Standards on Auditing. Those standards a

require that we comply with ethical requirements and plan and perform the audit to obtain representatives of the

reesonable assurance whether the balance sheet is free from material misstatement. Cultural Affairs

Division were in

An eudit involves performing procedures to obtain audit evidence about the amounts and Abaco for three days

disclosures in the financial statements. The procedures selected depend on the auditors’
Judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors

consider intemal control relevant to the entity's preparation and fair presentation of the

financial statements in order to design audit procedures that are appropriate in the

circumstances, but not for the purpose of expressing an opinion on the effectiveness of the *
entity's intemal control. An audit also includes evaluating the appropriateness of accounting

policies used and the reasonableness of accounting estimates made by management, as well

as evaluating the overall presentation of the financial statements. :

adjudicating singers,
dancers, actors and
musicians, in the
schools and
communities there.





We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
besis for our audit opinion.

Opinion

In our opinion, the accompanying balance sheet presents fairty, in all material respects, the
financial position of the Company as of December 31, 2006, in accordance with International
Financial Reporting Standards.

@ MUSIC
adjudicator for the
E Clement Bethel
National Arts F
estival Cleophas

Emphasis of Mater Adderley (second
Without qualifying our opinion, we emphasise that the accompanying balance sheet does not right) speaks
comprise a complete set of financial statements in accordance with International Financial during the
Reporting Standards. Information on resutts of operations, cash flows and changes in equity is festival’s
necessary to obtain a complete understanding of the financial ion, performance and sae ge
changes in financial position of the Company. cone adjudication at SC
. Bootle High
( Ci School.

Mere rout OORL (Photos:

Chartered Accountants BIS/Eric Rose)

Nassau, Bahamas
April 26, 2007




PAGE 10, TUESDAY, MAY 10, 2007 THE TRIBUNE

Ra

Loans and advances are created by the Bank providing money to its customers other than those
created with the intention of short term profit taking. Loans and advances comprise loans and

Telephone 242 393 2007 advances to customers other than purchased loans.

PO Box N 123 Fax 242 393 1772 . :
Montague Sterling Centre Internet | www.kpmg.com.bs Held-to-maturity financial instruments are financial assets and liabilities with fixed or
East Bay Street determinable payments and fixed maturities that the Bank has the intent and ability to hold to

Nassau, Bahamas

INDEPENDENT AUDITORS' REPORT

To the Shareholders of Credit Suisse (Bahamas) Limited

Report on the Consolidated Balance Sheet

We have audited the accompanying consolidated balance sheet of Credit Suisse (Bahamas) Limited (the
as at December 31, 2006, and the summary of significant accounting policies and other explanatory notes.

“Bank”),

Management's Responsibility for the Consolidated Fi inancial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance sheet in
accordance with International Financial Reporting Standards (“IFRS”). This responsibility includes: designing,
implementing and maintaining internal control relevant to the preparation and fair presentation of the consolidated
financial statements that is free from material misstatement, whether due to fraud or error, selecting and applying
appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this consolidated balance sheet based on our audit. We conducted
our audit in accordance with International Standards on Auditing. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated
balance sheet is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on our judgment, including the assessment of

the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In —

to the Bank’s preparation and fair presentation

making those risk assessments, we consider internal control relevant p n
priate in the

of the consolidated financial statements in order to design audit procedures that are appro)
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Bank’s internal control.
An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the consolidated

financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion. : :
Opinion

In our opinion, the consolidated balance sheet presents fairly, in all material respects, the financial position of
Credit Suisse (Bahamas) Limited as of December 31, 2006 in accordance with IFRS.

Emphasis of Matter
Without qualifying our opinion we emphasize that the balance sheet does not comprise a complete set of financial
statements prepared in accordance with IFRS. Information on results of operations, cash flows and changes in
equity is necessary to obtain a complete understanding of the financial position, performance and cash flows of the

Bank.

KP MGe

Chartered Accountants
Nassau, Bahamas :

April 27, 2007

CREDIT SUISSE (BAHAMAS) LIMITED



Consolidated Balance Sheet
December 31, 2006, with corresponding figures for 2005
(Expressed in United States dollars)
Note 2006 2005
Assets
Due from banks
- demand deposits 9 $ 52,491,394 34,841,959
- time deposi 3&9 1,411,143,344 —_1,432,594,464
1,463,634,738 1,467,436,423
Loans and advances : 4 169,128,844 146,731,272
Securities purchased under agreements to rese! 6&9 14,832,079 158,341,409
Accrued interest and other assets 9 11,965,038 8,745,120
hg a a eR ee
Total Assets $ 1,659,560,699 —_1,781,254,224
Fiat LENNIE IEEE SEER
4
Liabilities
Due to banks
+ demand deposits 9 $ 16,093,548 4,837,637
- time deposits 3&9 55,300,000 39,524,088
71,393,548 44,361,725 -

Customers’ deposits 5
-demand deposits ~ . 9 756,409,515 781,951,660
9 682,717,912 708,603,398



- time deposits
1,439,127,427 —-1,490,555,058

Securities sold under agreement to repurchase 6&9 12,041,931 138,849,188
Accrued interest and other liabilities 9 20,731,847 10,919,524
Total Liabilities 1,543,294,753 — 1,684,685,495
Shareholder's Equity
Share capital: : ;

Authorized, issued and fully paid: deri : ae :

12,000,000 shares of $1.00 each 12,000,000 12,000,000
General reserve 15 ~ 20,000,000 20,000,000
Retained earings 84,265,946 64,568,729
Total Shareholder’s Equity 116,265,946 96,568,729

Total Liabilities and Shareholder’s Equity $ 1,659,560,699 —1,781,254,224

Commitments 7&8

See accompanying notes to consolidated balance sheet.
This consolidated balance sheet was approved on behalf of the Board of Directors on April 27, 2007 by
the following:

MYC. Director Treasurer

. Notes to Consolidated Balance Sheet

December 31, 2006
(Expressed in United States dollars)



1. General Information
Credit Suisse (Bahamas) Limited ("the Bank"), which is a wholly-owned subsidiary of Credit Suisse,
Zurich, Switzerland (the “Parent"), is incorporated under the laws of The Commonwealth of The
Bahamas and is licensed under the Banks and Trust Companies Regulation Act, 1965 to conduct
international banking and trust services. The Parent and its branches and subsidiaries are referred to
in these consolidated balance sheet as “‘Affiliates”’.

The registered office of the Bank is located in the Bahamas Financial Centre, Shirley and Charlotte
Streets, Nassau, Bahamas.
2. Basis.of preparation and summary of significant accounting policies
(a) Statements of compliance :
This consolidated balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS) and interpretations adopted by the International Accounting
Standards Board.

Financial assets and liabilities and non-financial assets and liabilities are stated at amortised
cost or historical cost.

(b) Basis of consolidation

The consolidated balance sheet includes the accounts of the Bank and its wholly-owned
subsidiaries, CB Administration Limited and Credit Suisse Wealth Management Limited
(“CSWM”), all of which were incorporated under the laws of The Commonwealth of The
Bahamas. CB Administration Limited and CR Administration Limited were incorporated on
August 31, 1995 to serve as corporate officers and directors of companies managed by the
Bank. CR Administration was liquidated during 2006. CSWM was incorporated on September
5, 2003 to provide banking services to clients of the Bank and its affiliates.

Subsidiaries are entities controlled by the Bank. Control exists when the Bank has the power
to govern the financial and operating policies of an entity so as to obtain benefits from its
activities. In assessing control, potential voting rights that presently are exercisable are taken
into account. The balance sheet of subsidiaries are included in the consolidated balance sheet
from the date that control commences until the date that control ceases.

Intra-company balances arising from intra-group transactions, are eliminated in preparing the
consolidated balance sheet.

(c) Foreign currency translation

The functional and reporting currency of the Bank is United States dollars, as the’ Bank’s share
capital is denominated in United States dollars, a significant amount of the Bank's transactions
are carried out in United States dollars and the majority of the Bank’s assets are held in this
currency.

Assets and liabilities maintained in foreign currencies are translated into United States dollars
at the rates of exchange prevailing at the consolidated balance sheet date.

(d) Assets under management

The Bank is engaged in the provision of corporate management services involving a large
number of clients with substantial funds under administration.

Property in the amount of $3,173 million (2005 - $2,810 million) held by the Bank in a
fiduciary or agency capacity for its customers has not been included in this consolidated
balance sheet since such items are not assets of the Bank.

(e) Firencial instruments
Classification

Cash and cash equivalents are short term “highly liquid investments” which are readily
convertible into known amounts of cash without notice or within three (3) months of maturity
when acquired. Bank overdrafts, which are repayable on demand and form an integral part of
the Bank’s cash management are included as a component of cash and cash equivalents.

maturity. These include cash and cash equivalents (except deposits on demand), deposits with
banks, deposits from banks, deposits from customers, securities purchased under agreements
to resell and securities sold under agreements to repurchase.

Financial liabilities that are not at fair value through profit and loss are accrued interest
payable and other liabilities. -
Recognition

The Bank recognizes financial instruments on the day that funds are disbursed or received as
applicable.

Measurement

Financial instruments are measured initially at fair value, which normally will be equal to the
transaction price, plus, in case of a financial instrument not at fair value through profit or loss,
transaction costs that are directly attributable to the acquisition or issue of the financial

instruments.

Subsequent to initial recognition all non-trading financial liabilities, loans and advances and
held-to-maturity assets and liabilities are measured at amortized cost less impairment losses,
where applicable. Amortized cost is calculated using the effective interest rate method.

Derecognition
A financial asset is derecognised when the Bank loses control over the contractual rights that

comprise that asset. This occurs when the rights are realized, expire or are surrendered. A
financial liability is derecognised when it is extinguished.

() Securities financing arrangements

The Bank enters into purchases (sales) of investments under agreements to resell (repurchase)
substantially identical investments at a certain date in the future at a fixed price. Investments
purchased subject to commitments to resell them at future dates are not recognized. The Bank,
under the terms of these agreements, has the right to pledge or sell the assets received. The
amounts paid are recognized in securities purchased under agreements to resell. The
receivables are collateralized by the underlying security.

The difference between the sale and repurchase considerations is recognized on an accrual
basis over the period of the transaction.

The Bank may pledge securities received as collateral to secure borrowings under repurchase
agreements. As these securities received and subsequently repledged are not owned or sold
short by the Bank, these securities are not recognized.

(g) Impairment

Financial assets that are stated at cost or amortized cost are reviewed at each balance sheet
date to determine whether there is objective evidence of impairment. Financial assets are
impaired when objective evidence demonstrates that a loss event has occurred after the initial
recognition of the asset, and that the loss event has an impact on the future cash flows of the
asset that can be estimated reliably.

Objective evidence that financial assets are impaired can include default or delinquency by a
borrower, restructuring of a loan or advance by the Bank on terms that the Bank would not
otherwise consider, indications that a borrower or issuer will enter bankruptcy, the
disappearance of an active market for a security, or other observable data relating to a group of
assets or economic conditions that correlate with defaults in the Bank. If any such indication
exists, the asset’s recoverable amount is estimated.

If any such indication exists, the asset’s recoverable amount is estimated and the impairment
loss is recognized. If in a subsequent period the amount of an impairment loss recognized on a
financial asset carried at cost decreases and the decrease can be linked objectively to an event
occurring after the write-down, the write-down is reversed.

(h) Offsetting
Financial assets and liabilities are set off and the net amount presented in the balance sheet
when, and only when, the Bank has the legal right to set off the amounts and intends either to
settle on a net basis or to realize the asset and settle the liability simultaneously.

(i) Provisions

A provision is recognized if, as a result of a past event, the Bank has a present legal or "
constructive obligation that can be estimated reliably, and it is probable that an outflow of
economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected future cash flows at a rate that reflects current market assessments of
the time value of money and, where appropriate, the risks specific to the liability.

@) ‘Financial guarantees

Financial guarantees are contracts that require the Bank to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when

due in accordance with the terms of a debt instrument.
é

Financial guarantee liabilities are initially recognized at their fair value, and the initial fair
value is amortized over the life of the financial guarantee. The guarantee liability is
subsequently ‘carried at the higher of this amortized amount and the present value of any
expected payment (when a payment under the guarantee has become probable). :

At December 31, 2006, there ‘were no financial guarantee liabilities recognized in’ the
consolidated balance sheet (2005 - $nil). - : % :

(k) Use of estimates

The preparation of balance sheet in conformity with IFRS requires management to make
judgments, estimates and assumptions that affect the application of accounting policies and the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at
the date of the consolidated balance sheet. The estimates and associated assumptions are
based on historical experience and various other factors that are believed to be reasonable
under the circumstances, and the results of which form the basis of making the judgments
about carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results could differ from those estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the éstimate is revised if the
revision affects only that period, or in the period of the revision and future periods if the
revision affects both current and future periods. The accounting policies have been applied
consistently by the Bank and are consistent with those used in the previous year.

Key source of estimation uncertainty are described in accounting policy 2(g)
3. Due from/to Banks — Time Deposits 4

Due from banks time deposits earned interest at annual rates ranging from 1.81% to 7.00% at
December 31, 2006 (2005 - 0.66% to 6.84%).

Interest was paid on balances due to banks — time deposits at annual rates ranging from 0% to 5.41%
at December 31, 2006 (2005 - 0.09% - 4.81%).

4. Loans and Advances

Loans and advances are comprised of secured loans and overdrafts. Secured loans are those which
are either guaranteed by first class financial institutions. and companies or are adequately
collateralized. Annual interest rates ranged from 1.09% to 7.12% at December 31, 2006 (2005 -
0.89% to 6.37%). The loan loss provision for 2006 and 2005 is nil.

Customers’ Deposits

Interest was paid on customers’ deposit balances at annual rates ranging from 0.9% to 7.0% at
- December 31, 2006 (2005 - 0.40% to 5.94%).

Security financing arrangements

The Bank purchases financial instruments under agreements to resell them at future dates. The seller
commits to repurchase the same or similar instruments at an agreed future date. The securities
purchased under agreements to resell are entered into as a facility to provide funds to customers. At
December 31, 2006 securities purchased under agreements to resell were as follows:

2006









Fair value of Carrying

assets held as : amounts of

collateral receivable

Government bills and bonds $17,232,542 14,832,079
2005

Fair value of Carrying

assets held as amounts of

collateral receivable

Government bills and bonds $171,494,305 158,341,409

The Bank has pledged securities received as collateral for securities purchased under agreements to
resell with a fair value of $10,276,008 (2005- $128,300,475) to secure liabilities due under securities
sold under agreements to repurchase as noted below.

Securities purchased under agreements to resell earned interest at annual rates ranging from 4.65% -
5.85% (2005 - 1.9 % to 4.8%). ‘

The Bank also raises funds by selling or pledging financial instruments under agreements to repay
the funds by repurchasing the instruments at future dates at the same price plus interest at a
predetermined rate. The securities sold under agreements to repurchase are commonly used as a tool
for short-term financing of interest-bearing assets, depending on the prevailing interest rates. At
December 31, 2006 assets sold/pledged under agreements to repurchase were as follows:



2006
; Fair value of Carrying amount of
underlying corresponding
assets liabilities
assets EE
Government bills and bonds $ 10,276,008 12,041,931
2005
Fair value of Carrying amount of
underlying corresponding
assets liabilities
Government bills and bonds $ 128,300,475 138,849,188

Securities sold under agreements to repurchase bore interest at annual rates ranging from 4.60% -
5.10% at December 31, 2006 (2005 - 1.4% to 4%). :
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THE TRIBUNE




7. Financial Instruments

The Bank is party to financial instruments with off-balance sheet risk and other derivative financial
instruments in the normal course of business to meet the financing needs of its customers. Financial
instruments include commitments to extend credit at fixed and floating rates, standby letters of credit
and currency swap agreements. These instruments involve, to varying degrees, elements of credit
and interest rate risk in excess of the amount recognized in the consolidated balance sheet.
However, the Bank's credit risk is minimal, since most of the instruments have been entered into on
behalf of clients.

The contract or notional amounts of financial instruments reflect the extent of the Bank's
involvement in particular classes of financial instruments and do not measure the Bank's exposure to
credit or market risks and do not necessarily represent the amounts exchanged by the parties to the
instruments. The amounts exchanged are based on the contractual notional amounts and the other
terms of the instruments. Notional amounts are not included in the consolidated balance sheet and
generally exceed the future cash requirements relating to the instruments.









Interest rate, liquidity and currency risks

The Bank manages its exposure to interest rate changes, liquidity and currency risk related to its
portfolio of loans and customer deposits by maintaining a matched book of assets and liabilities by
currency and maturity. Its objective is to manage the impact of interest rate changes on earnings.
The notional amount of derivative financial instruments used by the Bank to manage interest rate
and currency risks for clients accounts, forward contracts, at the balance sheet date was
approximately $1,023 million (2005 - $3,091 million), comprised of $596 million (2005 - $2,667
million) of purchase commitments, and $427 million (2005 - $424 million) of sale commitments.








Credit commitments

The Bank has outstanding in the normal course of business, payment obligations and guarantees of
$56,969,567 (2005 - $48,858,090). The Bank's maximum potential exposure to credit loss in the
event of non-performance by the other parties to the commitments to extend credit is represented by
the contractual notional amount of those instruments. The Bank uses the same credit policies in
making commitments and conditional obligations as it does for on-balance-sheet instruments.
Management does not anticipate any material loss as a result of these transactions







Credit risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation
or commitment that it has entered into with the Bank. The Bank has a credit policy in place and the
exposure to credit risk is monitored on an ongoing basis. The carrying amounts of financial assets
and the outstanding amounts of credit commitments best represent the maximum credit risk exposure
at the consolidated balance sheet date.






Fair value

Management estimates that the total fair value of loans and deposit assets and liabilities do not differ
materially from their carrying values given that average effective interest rates approximate the
current interest rates available to the Bank for loans and placements and offered by the Bank for
deposit liabilities with similar maturities.





Management does not consider the exposure to certain of these risks to be significant for the
following reasons: (1) the Company’s financial assets, for the most part, are comprised of short-term
«deposits with reputable financial institutions (primarily Affiliates), and (2) financial liabilities are
comprised primarily of amounts due to Affiliates and customer demand deposits.




8. Commitments

In 1998 the Bank entered into an initial five year agreement with Bahamas Financial Centre Limited
to lease office space for its operations. The lease was renewed on July 1, 2003 for a further term of
five years. The annual lease rental cost is $710,620 plus service charges.

On June 26, 2006 its subsidiary CSWM Limited entered into an Assignment and Assumption of
Lease whereby the Bank assumed all lease obligations under the terms of that certain Indenture of
Lease dates as of July 1, 2003 between Fincen Limited, as landlord, and Credit Suisse First Boston
(Nassau) Branch (now known as Credit Suisse, Nassau Branch) and at the same time was released
from the lease with its parent previously scheduled to terminate on October 31, 2006. The Bank has
the option to renew its present lease until June 30, 2013.







The Bank has entered into sub-lease agreements with one non-related party and four Affiliates to
sublease portions of the leased premises. The sub-lease agreements are for initial periods of 12
months to 60 months, with options for renewal.




The Bank has entered into service level agreements with Affiliates to provide services including
information technology, operations, accounting and human resources management services. An
Affiliate provides services to the Bank under a service level agreement.




Assuming that options under lease and sub-lease agreements are exercised, future minimum lease
payments, net of sub-lease payments to be received, for premises are as follows:

eS
Not more than one year $ 785,472

Between one and five years 393,649
: $ 1,179,121

i ee EEE UIE aE EEE






9, Related Party Transactions



The Bank entered into various transactions with the Parent Company and related parties. The
consolidated balance sheet include the following related party balances and transactions:

nny 7 yyy TE
2006 - 2005










Assets













Due from banks — demand deposits $ 47,349,981 25,778,001
“Due from banks — time deposits ' 1,411,143,344 1,432,594,464
Securities purchased under agreements to resell ; 12,605,748 129,157,681
Accrued interest and other assets 4,744,274 5,741,818
Liabilities
Due to banks - demand deposits - 7,262,610 2,405,963
Due to banks - time deposits 55,300,000 39,524,088
Customers’ deposits - demand deposits » 99,587 217,156
Customers’ deposits - time deposits 3,746,265 501,000
Securities sold under agreement to repurchase - 11,675,001
Accmed interest and other liabilities 2,904,009 5,570,441







i





Pension

The Bank participates in a group contributory pension plan for local eligible employees and
reimburses the Parent for expenses associated with the international contracted employees’
participation in their pension plan. The Bank's liability is restricted to the amount of the
contributions.

11. Asset management activities






The Bark provides asset management services for a large number of clients to include individuals,

corporations, trusts and other institutions involving substantial funds, whereby it holds and manages

assets or invests funds received in various financial instruments at the discretion of the customer.

Assets under management are not assets of the Bank and are not recognized in the consolidated

balance sheet. The Bank is not exposed to any credit risk relating to such placements, as it does not
‘ guarantee these investments.










12. Taxation

Under the laws of The Commonwealth of The Bahamas, there are presently no income, withholding
or capital gains taxes payable by the Bank.

13. Concentration of Assets and Liabilities

The following is an analysis of selected assets and liabilities by geographical location:
2006:



ve United
Cayman States of
Bahamas Islands Canada Islands Europe Panama Anerica Other Totals





ASSETS
Due from banks $ 791,889,008 - 259,788 = 23,169,000 315,272,134 = 333,043,465 1,343 1,463,634,738

advances 65,126,666 1,592,131 981,072 90,000,135 1,769,549 5,769,568 2,132,895 1,756,828 169,128,844

resell 2,226,331 - - - 5,430,000 - 7,175,748

14,832,079

assets 6,843,389 - 8,340 232,608 2,678,547 11,646 1,132,314 1,058,194 11,965,038
$ 866,085,394 1,592,131 1,249,200 113,401,743 325,150,230 5,781,214 343,484,422 2,816,365 1,659,560,699



LIABILITIES
Due to banks S 21,888,088 = > = 10,468,820 - 39,036,640 - 71,393,548
Customers’
deposits 795,973,869 94,106,255 19,982,278 32,303,392 78,348,411 100,386,30 8,
eeidec wold 386,301 18,356,194 299,670,727 1,439,127,427
under agree-
ment to re- °
purchase 2,313,298 - - 9,728,633 - - - -
: 12,041,931
interest and
other
liabilities 13,766,221 225,748 40,255 91,736 493,601 61,763 ¢ 1,344,217 4,102,306 20,731,847
$ 833,941,476 94,332,003 20,022,533 42,129,761 89,310,832 100,448,064 58,737,051 304,373,033 1,543,294,753



2005:



British United
Virgin Cayman States of
Bahamas Islands Canada Islands Europe Panama America Other Totals

ASSETS
Due frombanks $ 3,074,440 = - 5,600,000 461,314,915 -
sa 992,184,243 5,262,825 1,467,436,423
advances 42,475,781 6,158,525 3,476,889 88,744,010 498,313 799,873, 3,616,656 961,225 146,731,272
Securities pur . ¥ 731,
chased under
agreements to
resell 12,383,058 157,788 - 14,841,178 726,507 1,801,70: -
703 128,431,175 158,341,409
interest and
other 4
assets 2,846,837 102,154 9,605 148,193 4,622,541 17,773 559,020 438,997 8,745,120
S$ 60,780,116 6,418,467 3,486,494 109,333,381 467,162,276 2,619,349 1,124,791,094 6,663,047 1,781,254,224

LIABILITIES
Ductobanks $ 6,169,394 - i - 124,752 - 4,
hada zy 34,069,365 1,998,214 44,361,725
deposits 889,914,946 157,807,969 21,948,552 32,397,404 97,226,693 70,277,281 84:
gece ald o 277, 27,848,939 193,133,274 1,490,555,058
under.
agreement to re-
_ purchase 124,200,060 - - - 11,675,002 i
Accrued
interest
sad ober
liabilities 9,012,477 456,305 33,334 42,259 370,958 12,239 466,075 525,877 10,919,524
$ 1,029,296,877 158,264,274 21,981,886 32,439,663 111,397,405 70,289,520 62,384,379 198,631,491 1,684,685,495

2,974,126 138,849,188,



14, Maturities of Assets and Liabilities

The following is an analysis of assets and liabilities in order of maturity:





2006
2
On demand Up to 1 Year 1 to 5 years Total
ASSETS
Due from banks $s 52,491,394 1,410,143,344 1,000,000 1,463,634,738
Loans and advances 24,249,402 144,604,442 275,000 169,128,844
Securities purchased under agreements - 5,694,360 9,137,719 14,832,079
to resell
Accrued interest .
and other assets 6,784,420 4,741,446 439,172 11,965,038
$s 83,525,216 1,565,183,592 10,851,891 1,659,560,699
LIABILITIES
Due to banks s 16,093,548 23,300,000 32,000,000 71,393,548
Customers’ deposits 756,409,514 682,717,913 - 1,439,127,427
Securities sold under agreement to - 9,728,633 2,313,298 12,041,931
repurchase
Accrued interest 3,787,319 16,944,528 - 20,731,847
and other liabilities
$ 776,290,381 732,691,074 34,313,298 * 1,543,294,753
2005 ;
a
On demand Up to 1 Year 1 to 5 years Total

ASSETS
Due from banks $ 1,038,230,202 422,487,221 6,719,000 1,467,436,423
Loans and advances 14,823,623 131,626,481 281,168 146,731,272
Securities purchased under agreements

to resell 4,015,028 154,326,381 158,341,409
Accmed interest . ;

and other assets 5,800,130 2,804,256 140,734 8,745,120

$ 1,062,868,983 711,244,339 7,140,902 1,781,254,224

LIABILITIES
Due to banks $ 4,837,637 39,524,088 - 44,361,725
Customers’ deposits 781,951,660 701,749,094 6,854,304 1,490,555,058
Securities sold under agreement to

repurchase 4,640,263 134,208,925 - 138,849,188
Accrued interest

and other liabilities 8,090,435 2,693,785 22) 0.5 135,304 10,919,524

$ 799,519,995 878,175,892 * 6,989,608 1,684,685,495

15. General reserve

The general reserve of $20 million has been established for capital adequacy purposes and generally
is not available for the payment of dividends.

16. Regulatory Capital

Guidelines issued by the Central Bank of the Bahamas require a capital level where total
shareholder’s equity must be maintained at a minimum of 8% of risk-weighted assets. At December
31, 2006 and 2005, management believes the Bank was in compliance with these capital
requirements.

17 Corresponding figures

The corresponding figures of due from banks — demand deposits has been reclassified to accrued
interest and other assets in the amount of $2,605,473 to conform with the presentation adopted in the
current year.

Your Balance Sheets & Legal Notices

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PAGE 12, TUESDAY, MAY 1, 2007 _

_ PRICEWATERHOUsE(GOPERS

Teorey

. INDEPENDENT AUDITORS’ REPORT

ra



P.O, Bex N-3910

"To the Shareholders of Fidelity Bank (Bahamas) Limited

7° We have audited the accompanying consolidated balance sheet of Fidelity Bank (Bahamas) Limited (the Bank) and its subsidiaries (cogether,

yy el |

I. Management's Responsibility for the Financial Statements

Management is responsible for the pseparation and fair presentation
nancial Reporting Standards. This responsibility includes: designing,
tion and fair presentation of financial staements that are free from material misstatement,
ing appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

qe2 cu

2870: Auditors’ Responsibility

vi aw Our responsibility is to express an opinion on this consolidated balance sheet

the Group) as of 31 December 2006 and a summary of significant accounting policies and other explanatory notes.

of this consolidated balance sheet in accordance with, Interr.ational Fi-
implementing and maintaining internal control relevant to the prepara-

whether due to fraud or error; selecting and apply-

based on our audit, We conducted our audit in accordance

“0! With International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance whether the balance sheet is free from material misstatement. ; .

5D nies

°°" ‘An audit involves performing procedures to obsain audit evidence about the amounts and disclosures in the financial statements. The proce-

dures selected depend on the auditors’ judgmens, including the assessment of the risks of material misstatement of the financial stacements,
whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity's preparation

and fair presentation of the financial statements in order to design
purpose of expressing an opinion on the effectiveness of the entity's in

audit procedures that are appropriate in the circumstances, but not for the
ternal control. An audit also includes evaluating the appropsiateness of

accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
wn 10" of the financial statements. ; :

Rol 16

ink Hr

Opinion

} : cL. We believe that the audit evidence we have obtained is sufficient and appropriate ta provide a basis for our audit opinion.

pez: In our opinion, the accompanying consolidated balance sheet presents fairly, in all material respecis, the financial position of the Group as of
j.td-. 31 December 2006, in accordance with International Financial Reporting Scandards.

W009 434

Emphasis of Matter ‘

Without further qualifying our opinion, we emphasise that the accompany’

ing consolidated balance sheet docs not comprise a complete set

Pi of financial statements in accordance with International Financial Reporting Standards. Information on results of operations, cash flows and

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Nassau, Bahamas

13 March 2007

2 ~ changes in equity is necessary to obtain a complete understanding of the financial position, performance and changes in financial position of
the Group. :

Fidelity Bank (Bahamas) Limited
(Incorporated under the laws of the Commonwealth of The Bahamas)



Consolidated Balance Sheet ;
5 As of 31 December 2006
~~ (Amounts expressed if Bahamian dollars)

ASSETS
Cash on hand and at banks (Note 3)
Investment securities:

-financial assets at fair value through profit or loss (Note 4)

Mortgages, consumer and other loans (Note 5)

Property, plant and equipment (Note 6) —
Prepayments and other assets (Note 7)

. TOTAL ASSETS

LIABILITIES

Customer deposits (Note 8)

Loans from banks (Note 9)

Accrued expenses and other liabilities (Note 10)
TOTAL LIABILITIES

EQUITY

Capital and reserves attributable to the Bank's
equity holders i :

Share capital - ordinary shares (Note 11)

Share capital - preference shares (Note 12)

Revaluation surplus

Retained earnings

Minority interest
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY

Approved on behalf of the Board of Directors:

‘ - 4
Mie. e.

Director

13 March 2607



Date



Notes to the Consolidated Financial Statements
31 December 2006

Notes to the Consolidated Financial Statements
31 December 2006

1 lacorporation end ectivicy

Fidelity Ba. (isahaim--) | : mined (the Banh) is lncospocseed under the Com-
panies Act, 192 of the Cummenwmahh of The Behama aad is licenced under
the Banks and Trast Companie: Regulation Ac, 2000 to conty on banking
business In The Bahamas. The Bank offers a full range of setail banking ser-
vices, including internet and sclephone banking, the acceptance of deposics,
granting of loans and the provision of Sercign eachange services through each
of its four branches in Nassau, New Providence, its branch in Feeepon, Grand
Bahama and ics branch on Paradise Idand. 3

2006 2005

$ $

7,177,963 10,098,542
19,600,151 22,487,601
113,197,712 101,907,694
* 9,297,438 7,051,337

113,711,450 109,774,426
348,251 ~ 500,000
: 760,824 130,991

000,001

20,000,001
oe 10,000,000
2,621,619 1,695,320
10,424,128 10,289,639
33,045,748 26,984,960
2 888,354



33,045,748 27,873,314
149,866,273 ___142,278,731,

i eat

Director

Fidelicy Bank & Tren Imernational Limited (the Parent), » compeny incor-
porated in The Bahamas, owns 75% (2005: 68%) of the leswed shaves of the
Bonk, with the balance of 25% (2005: 32%) being held by the Behamien
public. ;

‘The registered office of che Bank is sicuared at #51 Frederick Street, Nassau,
Bahamas. As of 31 December 2006, 106 (2005: 94) persons were employed
by che Bonk. 5

‘The Bank is listed on The Bahamas International Sock Exchauge (BISX).



2 Summary of significant accounting policies

‘The principal accounting policics adopted in the preparation of this consoli-
dated balance sheet is set out below. These policies have been consistently ap-
plicd to all years presented, unless otherwise stated.

¢)) Basis of preparation

The consolidated balance sheet has been prepared in accordance with Intemna-
onal Financial Reporting Standards (IFRS). The consolidated balance sheet
has been prepared under the histotical cost convention, as modified by the
revaluation of land and buildings, and financial assets and financial liabilisies
held at fair value through profit or loss. .

‘The preparation of the consolidated balance sheet in conformity with IFRS re-
quires che use of certain critical accounting estimates. It also requires manage-
ment to exercise its judgment in the process of applying the Group's accaunt-
ing policies. The areas involving a higher degree of judgment or complexity,
of areas where assumptions and estimates are significant to the consolidated
balance sheet, are disclosed in Note 13.

(b) Consolidation

Subsidiaries arc all entities over which the Bank has the power to govern the fi-
nancial and operating policies generally accompanying a sharcholding of more
than one half of the voting rights. The existence and effect of potential vot-
ing rights chat are currently exercisable or convertible are considered whet:
assessing whether the Bank controls another entity. Subsidiaries are fully con-
solidated from the date on which control is transferred to the Bank. They arc
de-consolidated from the date that control ccases.

Intct-company transactions, balances and unrealised gains on transactions be-
tween group companies arc eliminated. Unrealised losses are also eliminated
unless the transaction provides evidence of impairment of the asset transferred.
Accounting polices of subsidiaries have been changed where necessary to en-
sure consistency with the policies adopted by the Bank.

‘The consolidated financial statements include the accounts of the Bank and its
subsidiary, West Bay Development Company Limited (West Bay) (together,
the Group), after the elimination of all significant inter-company transactions,
‘West Bay is a property holding company incorporated in The Bahamas in
which the Bank has a 100% (2005: 66 2/3%) equity interest.

© Foreign currency translation
i) Functional and presentation currency

Items induded in the financial statements of each of the Group’s enti-
des are measured using the currency of the primary economic envi-
ronment in which the entity operates (the functional currency). The
consolidated financial statements are presented in Bahamian dollars,
which is the Bank's functional and presentation currency.

ii) Transactions and balances

Foreign currency transactions arc translaced into the functional curren-
cy using the exchange rates prevailing at the date of the transactions,
Foreign exchange gains and losses resulting from the setdlement of such
transactions and from the translation of monetary assets and Itabilicies
denominated in foreign currencies are recognised in che consolidated
income statement. Translation differences on monetary financial assets

measured at fair value through profit or loss are included as part of the

fair valuc gains and losses.
@) Financial assets

‘The Group dassifies its financial assess in the following categories: financial as-

sets at fair value through profit ot loss and loans and reccivables. Management

decermines the dassification of its investment at initial recognition.
i) Financial assets at fair value through profit or loss.

‘This category has two sub-categorics: financial assets held for crading,
and chose designated at fair value through profit or loss at inception. A
financial asset is classified In this category if acquired principally for the

purpose of selling in che short term or if so designated by management. -

Government securities have been designated as financial assets at fair
value through profit and loss.

i) Loans and receivables
Loans and receivables are-non-derivative financial assets with fixed or

determinable payments that are not quoted In an active market. They

arise when the Group provides money, goods or services directly to a
debtor with no intention of trading the receivable.

Regular purchases and sales of financial assets ate recognised on trade-
date — the date on which the Group commits to purchase or sell the
asset. Financial assets are initially recognised at fair value plus transac-
tion costs, except financial assets carried at fair value through profit
or loss where such costs are expensed as incurred. Financial assets are
derecognised when the rights to receive cash flows from the financial
assets have expired or where the Group has transferred substantially all
risks and rewards of ownership. . .

Financial assets at fair value through profit or loss are subsequently
carried at fair value. Loans and receivables are carried at amortised
cost less provisions for impairment. The mortgage loans are supported
principally by first mortgages on single-family residences, provide for
monthly repayments and earn interest at variable interest rates over
periods of up co twenty-five years. Other loans are secured principally













‘The assers’ residual values and useful lives are reviewed, and adjusted if sppro-
priate, at cach balance sheet daic. Pe

Assets that are subject co amortisation are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying amount may not
be recoverable, An asset's carrying amount is written down immediately to its

recoverable amount if the asset's carrying amount is greater than its estimated
recoverable amount. The recoverable amount is the higher of the asset's fair
* value less costs to sell and value in use. .

* Increases in the carrying amount arising on revaluation of land and buildings

are credited to “revaluation surplus” in equity. ‘Decreases that offset previous

i) ‘The Group is the lessee

‘The leases entered into by the Group are primarily operating
leases. The total payments made under operating leases are

charged to the consolidated income statement on a straight-
line basis over the period of the lease. :

‘When an operating lease is terminated before the lease period

has expired, any payment required to be made to the lessor by .

way of penalty is recognised as an expense in the period in
which termination takes place.

ii) ‘The Group is the lessor

Leases comprise operating leases. Lease income is recognised
over the term of the lease on a straight-line basis.

(k) Fee and commission

Fee and commission income are recognised on the completion of the underlying
transaction, which is gencrally at che time the customer's account is charged.

® Loans trom banks

Loans from banks are recognised initially at fair value, being their istue pro-
cceds (fair value of consideration received) net of transaction costs incurred.
Loans from banks are subsequently stated at amortised cost; any difference be-
tween proceeds net of transaction costs and the redemption valuc is recognised
in the consolidated income statement over the period of the borrowings using
the effective interest method

(m) — Ordinary share capital
i) Share issue costs
Incremental costs directly attributable co the issue of new shares of op-
tons of to the acquisition of a business arc shown in equity as a deduc-
tion from the proceeds.

i) Dividends on ordinary shares

Dividends on ordinary shares are recognised in equity in the period in
which they are approved by the Bank’s Directors.

Dividends for the year that are declared after.the balance sheet date arc

dealt with in the subsequent events note.

(a) —— Preference share capital

Preference shares on which dividends arc payable at the discretion of the
Directors, have no specific date for redemption and on which the share-
holder has no option for redemption, arc classified as share capital and are
included in equity. 4

) Share issue costs

Incremental costs direcily attributable to the issue of new shares or op-
tons of to the acquisition of a business are shown in equity as a deduc-
tion from the proceeds.

ii) Dividends on ordinary shares

Dividends on ordinary shares are recognised in equity in the period in
which they are approved by the Bank's Directors.

Dividends for the year chat are declared after the balance sheet date are
dealt with in the subsequent events note.

<.

life
‘ Building: 30 - 50 yeas
Leaschold improvements : : 3 - 10 years
, Fumiture and fixtures 3-10 years

Computer software and office equipment 3- 10 years

Motor vehicles 3-5 years

THE TRIBUNE

by chattel mongages and provide for monthly repayments over periods
of up to ten ycars. ;

Gains or losses arising from sale or changes in fair value of financial as-
sets at fair value chrough profit or loss are presented in the consolidated
income statement within “non-intcrest income” in the period in which
they arise.

(e) Non-performing assets

Non-performing assets indude all loans on which the status of overdue pay-
ments of principal and interest are such that management considers it prudent
to dassify them to non-performing status. All mortgage loans and consumer
loans on which principal and interest payments are overdue by in excess of
ninety days are considered by management to be non-performing.

(fF) Income and expense recognition

Interest income and expense are recognised in the consolidated income state-
ment for all instruments measured at amortised cost using the effective interest
method.

‘The effeaiive interest method is a method of calculating the amortised cost of
a financial asset or a financial liability and of allocating the interest income or
interest expense over the relevant period. The effective interest rate is the rate
that exactly discounts estimated future cash payments or receipts through the
expeaied life of the financial instrument or, when appropriate, a shorter period
to the net carrying amount of the financial asset or financial liability. When
calculating the effective interest rate, the Group estimates cash flows consider-
ing all contractual terms of the financial instrument (for example, prepay-
sents options) but docs not consider future credit losses. The calculation
includes all fees and points paid or received between parties to the contract that
are an integral part of the effective interest rate, transaction costs and all other
premiums or discounts.

Dividend income is recognised in the consolidated income statement when the
Group's right to receive payment has been established.

Other income and expenses are recognised on an accrual basis.
(@) Offsetting financial instruments
Financial assets and liabilities are offset and the net amount reported in the
consolidated balance sheet when there is a legally enforceable right to offset the
recognised amounts and there is an intention to settle on a net basis, or realise
the asset and settle che liability simultancously.
(b) Impairment of financial assets

Assets carried at amortised cost

The Group assesses ar cach balance shect date whether there is objective evi-

* dence char a financial asset or group of financial assets is impaired. A financial

asset of a group of financial assets is impaired and impairment losses are in-

. , curred if, and only if, there is objective evidence of impairment as a result of

‘one or more events that occurred after the initial recognition of the asset (a loss
event) and that loss event (or events) has an impact on the estimated furure
cash flows of the financial asset or group of financial assets that can be reliably
estimared.

If there is objective evidence that an impairment Joss on loans and receivables
has been incurred, che amount of che loss is measured as the difference berween
the aster’s carrying amount and the present value of estimated future cash flows
(exduding future credit losses that have not been incurred) discounted at the
financial asset's original effective interest rate, The carrying amount of the as-
set is reduced through che use of an allowance account and the amount of the

"Joss is recognised in the consolidated income statement. Ifa loan has a variable

interest rate, the discount rate for measuring any impairment loss is the current
effective interest rate determined under the contract. As a practical expedient,
the Group may measure impairment on the basis of an instrument's fair value
using an observable market price.

@) Property, plant and equipment

Property, plant and equipment, other than land and buildings, are carried at
historical cost less accurnulated depreciation and amortisation. Historical cost
includes expenditure chat is directly. artributable co the acquisition of the items,
Land and buildings are carried at fair value based upon periodic independent

appraisals, which are commissioned at intervals not exceeding three years.

Land and buildings comprise mainly branches and offices.

Subsequent costs arc included in the asset's carrying amount or are recognised

-a$ a separate asset, as appropriate, only when it is probable that furure eco:
nomic benefits associated with the item. will flow to the Group and the cost
of che item can be measured reliably. Repairs and maintenance are charged to
the consolidated income statement during the financial period in which they
are incurred. ;

Land is not depreciated. Depreciation on other assets is calculated using the

straight-line method to allocate their cost to their residual values over their
estimated useful lives as follows (next page):



_no~-o-+Kstimated useful




increases of the same asset are changed against revaluation surplus direcly in
equity; all other decreases are charged to the consolidated income statement.
Each year the difference between depreciation based on the revalued carrying
amount of the asset charged co the consolidated income statement and depre-
lation based on the asset's original cost is transferred from revaluation surplus
to retained earnings.

+ -Gains and losses on disposals are determined by comparing proceeds with the

carrying amount and are tecognised in the consolidated income statement.
When revalued assets are sold, amounts induded in revaluation surplus are
transferred to retained earnings.

(0) Provisions

Provisions for restructuring costs and legal daims are recognised when the
Group has a present legal or constructive obligation as a resulc of past events,
and it is more likely than not that an outflow of resources will be required to
settle the obligation and the amount has been reliably estimated.

(p) Employee benefits i

The Group participates in a defined contribution pension plan of an affiliate,
administered by trustees who include exceutives of the Bank.

The Group previously had a defined benefit plan. Effective 15 October 2005,
the Group terminated the defined benefit plan and adopted a defined contri-
bution plan. A defined benefic plan is a pension plan that defines an amount of
pension benefit that an employee will receive on retirement, usually dependent
on one ot more factors such as age, years of service and compensation.

A defined contribution plan is a pension plan under which che Group pays
fixed contributions into a separate entity. The Group has no legal or construc-
tive obligations to pay further contributions if the fund does not hold suffi-
dent assets to pay all employces the benefits relating co employee service in the
qurrent and prior periods. The contributions are recognised as staff benchits
expense when they ate due.

(q@) Segment reporting

A business segment is a group of assets and operations engaged in providing
products or services that are subject to risks and returns that are different from
those of other business segments. A geographical segment is engaged in pro-
viding products or services within 4 particular economic environment that are
subject to risks and returns that are different from those of segments operating
in other economic environments.

The vast majority of the Group's activities are retail banking and all of its activi-
thes are based in The Bahamas. Therefore the Group has only one business seg-
ment and onc geographical segment that require segment reporting. As such,
no segment disclosures are made in,these consolidated financial statements.
(@) —_ Corresponding figures

Where necessary, corresponding figures have been adjusted to conform with
changes in presentation in the current year.

3. Cash on hand and at banks

(Cash on hand and deposits of banks



Mandatory reserve deposits are not available for use in the Group's day to day
operations. Cash on hand, and mandatory reserve deposics and other deposits
with The Central Bank are non-interest-bearing. Deposits with banks earn
incerest rates ranging from 0.0% (2005: 0.0%) to 4.0% (2005: 4.0%).
"See oe a a 23D we tre

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THE TRIBUNE

4 Investment securities

Financial assets at fair value through profit er loss



Government securities comprise Bahamas Government Registered Sccuritics
with maturities ranging from 2007 to 2025 and with interest rates from the
Bahamian doll: Prime rate plus 0.125% to the Bahamian dollar Prime rate
plus 1.250%. As of 31 December 2006, the Bahamian dollar Prime rate was

5.5% (2005: 5.5%).

5. Mortgages, consumer and other loans

Under Ome Prete (Over ten

esyer | fwyers tea years yen 2006 2065

3 s 3 3 3 3

MMertaegss 1,779,122 964 DATS = 9,BON 95,819,255 96,992,539
Coase

sod oteer loess __ 7.00725) __ 9292351 __ 140253 __105220) 12,041,070 1h

Tet ADSIGIN0 12974575 241N798) S8261AS7 114,260,325 100,576,009

Accreed interest 565,589 0.24

Provision fer ban boeses B22 _ 291s)

‘Balance 0s of end of year AILIYT112 . LOL 207624

‘The movements in provision for loan losses during the year are as follows:



2006 2905
8 3?
Balance 0 of } January 2008,649 1,778,412
Prevne | for the your 39,78 M7156
Wibe-oft ducing year (260210) -
‘Recoveriaa - ——1aHl
Balance us of 31 December —22h2t2 20th si?

Included in provision for loan losses is a specific loan loss reserve of $1,065,973
(2005: $1,434,242). The provision for loan losses represents 1.94% (2005:
2.02%) of the total loan portfolio and 75.18% (2005: 56.77%) of total non-

performing loans.
As of 31 December 2006, non-performing loans to cutomen’ prindpal bal-

ances totalled $2,963,896 (2005: $3,679,425). e

6. Property, plant and equipment

Computer

Softee

Leo Pernitere Mucor = Office = Lemmebohd
A Delidmgs @Pisteres § Vebicles Bysigmrst tepreweroe Tout
3 8 s s s 8
{Cx or vetestiom

‘Suef Jessa 208 6c. 1,810,550 Res A 2AMRIID 14,912.02
Revebsstion 34175 * > : : : 358,17
Atdnions i es) LI __L mt



Aa of31 December 2006 _ 6778456 _1,977,799 _ sas 463294) __ 249187) 11059522

Accvamdened Grprecioton

2 emertoation:

{Avel | Jenumry 2008 ONS 1, 97,85 ARQ 497,747 207,376 7,961,005
{Cherpe for the year 193,198 169, GI WISH 76,70 905,312
“Mevelvetion —_nz 7 : - 7 9.239)









‘Aeot31 Deeemter 2006 __= NAMIE __4ua81 4.148357 __2,147,162 _1.D0884

‘Peat tats volee:

“tostSt tocender 2006 S77RASE _ geht __Tants __asagee _atieee _oariane
(As ct31 Ovcomber 2005 S0R0443 _ RULES ARIA Abbe) 2S.) 12082

Land and buildings include revaluation increments totalling $3,520,543 (2005:

$2,549,134).
If land and buildings were stated on the historical cost basis, the amounts
would be as follows: .
2006 2008
8 8
Cunt «ns 4s
‘Asveaminted deprecation — Ona O85
Met book vate —Seitasl Aunt
7. Prepayments and other assets
2006 200s
8 8
Pemsioe plea esset . 33s
Prepoymaats cod otha recsbrabha 210768 218132
Ober —mal —__13810
tea * — fe

8. Customer deposits

The maturities of customer deposits are as follows:

2006 200s

Under coe year One fe yoy Tout Toad

5 8 s s

Demned deposits 9,449,730 9,400,750 95n,080
Savings certificates 2m : 2,771,509 28,100,305
Term deposits 32,989,399 en 75,00, 730 719,10
Accreed tnterest a ee
Tota 1450089 42g89991 _112,711450 _109,774426

All customer deposits carry fixed interest rates ranging from 2.50% (2005:
2.50%) to 6.00% (2005: 4.75%).

9. Loans from banks

2006 200s

s 3

(Current 200,000 ‘200,000

Nos-curest 348,251 ___300,000

Total ——— 2 520,000
»

The loan advanced to West Bay is supported by a first mortgage over the prop-
erty owned by West Bay, bears interest at 3-month US$ LIBOR plus 1.50% per
annum and is repayable in 40 equal quarterly payments of $50,000, plus any
interest accrued as of cach payment date, that commenced in August 1998.

10. Accrued expenses and other liabilities

2006 2005
s s
Accrusd expenses 406,504 MIS
Insureace premiuns held is escrow 496,814 A926
Acersed pention funds 1,636,843
Preference dividends payable : 187,500
Due to related parties 1,226,376 140,904
Ober 560,750 1,378,650
Total —2160E24 __ 4.130991
11. Share capital - ordinary shares
2006 200s,
3 8
Anthocand
35,000,000 ordinary shares of 90.30 each _leseenee __1ese0nen
Jasnad A fay paid
‘2,666,670 (BOOS: 16,666,670 shares) ordinary shares 8,600,001 $,000,001
Shere premier 14m ___
a —ibeseee 520080)

On 14 August 2006, the Bank offered 12,000,000 ordinary shares to its share-
holders in a rights issuc. The rights issuc entitled shareholders to 0.72 rights
for cach share held, Each right entitled the holder to purchase one (1) share at
a subscription price of $1.25 per share. The offering closed on 1 September
2006 and was fully subscribed. The difference berween the subscription price
and par valuc has been credited to share premium.

12. Share capital - preference shares

Autborand
10,000,000 preference shares of $1.00 each .

Taman A Ga pad
INW_(2005: 1,000,000) preference shares

Preference shares were cumulative, non-voting and redeemable at the option
of the Bank, subject to the approval of The Central Bank of The Bahamas.
Dividends were payable quarterly in arrcars at the annual rate of the Bahamian
dollar Prime rate plus 0.75%, subject to a minimum rate of 7.50%. The re-
deemable preference shares ranked ahcad of the ordinary shares in the event of

liquidation.
All preference shares, along with accumulated dividends, were redeemed dur-

Ing 2006 using the proceeds fros the rights issue (Note 11). No gain or loss”

was recorded on redemption.

13. Critical accounting estimates and judgments in applying
accounting policies

‘The Group makes estimates and assumptions that affect the reported amounts
of assets and liabilities within the next financial year. Estimates and judgments
are continually evaluated and are based on historical experience and other fac-
tors, including expectations of furure events that are believed to be seasonable

under the circumstances.

TUK Yeniia Legal Cera Coron

and Balance Sheets

UNG

The Trib

Call: 502-2352 ©



Impairment losses on loans and advances

The Group reviews its loan portfolios to assess impairment at Icast on a quar-
terly basis. In determining whether an impairment loss should be recorded in
the consolidated income statement, the Group makes judgments as to whether
there is any observable data indicating that there is a measurable decrease in the
estimated future cash flows from a portfolio of loans before the decrease can be
identified with an individual loan in that portfolio. This evidence may include
observable data indicating that there has been an adverse change in the pay-
ment status of borrowers in a group, or national or local economic conditions
that correlate with defaults on assets in the group. Management uses estimates
based on historical loss experience for assets with credit risk characteristics and
objective evidence of impairment similar to those in the portfolio when sched-
uling its future cash Nows, The methodology and assumptions used for esti-
mating both the amount and timing of future cash flows are reviewed regularly

to reduce any differences between loss estimates and actual loss experience.

14. Pension plan

Effective 15 October 2005, the Bank terminated the British American Bank
Employees’ Pension Plan, a defined benefit pension plan in which the Bank
and its employces previously participated, and adopted the Fidelity Merchant
Bank & Trust Limited Employces Pension Plan (the Plan), a defined contribu-
tion pension plan. This change provides a common plan for all employces of
the Parent's Bahamas based operations. Under the Plan, all employces contrib-
ure 5% of gross salary and the Bank matches employce contributions.

15. Related party balances

Related parties include those entities and directors that have the ability to con-
trol or exercise significant influence over the Group in making financial or
operational decisions, and entitics that are controlled, jointly controlled or sig-
nificantly influenced by them.

Related party balances, not disclosed elsewhere in these financial statements,
are as follows:

2006 2005
3 s
ASSETS
Cash 100,065 TANS
Other assets’ 262,872 309,303
LAB ILITIES
Other binbilties 1,226,376 140,904
Deposits (exchoding director and officers) 1,149,248 1,087,046

Loans and deposit accounts with directors and officers amounted to $2,609,575
(2005: $133,385), and $299,770 (2005: $201,050), respectively.

In Scptember 2006, the Bank purchased the 33 1/3 minority interest in West
Bay from a related party at the net book valuc of $919,701.
16. Commitments

Loan commitments
In the normal course of business various credit-rclated arrangements are en-
tered into to mect the needs of customers and carn income. These financial in-

struments ate subject to the Group's standard credit policies and procedures.

As of the consolidated balance sheet date, these credit-related arrangements
were as follows:

2006 2005
s 3
Loan conmnitments 7,972,383 4,979,259

Lines of credit

The Bank has pledged $3,000,000 (2005: $3,000,000) of Bahamas Govern-
ment registered stock to secure an overdraft facility with another Bahamian
commercial bank. The facility bears interest at 0.5% above the Bahamian dol-
Jar Prime rate up to $1 million and 1.25% above the Bahamian dollar Prime
rate for amounts in excess of $1 million with a stand by fee of 0.25% on any
unused portion of the facility.

As of 31 December 2006, unused lines of credit with commercial banks
amounted to $3,000,000 (2005: $3,000,000).

Operating lease commitments

The furure minimum rental payments required under non-cancellable op ing leases as of 31 December are as follows:

2006

gEes
3
8

2010 397.10)
‘Total nflaimam payments



Credit-related commitments

‘The primary purpose of these instruments is to ensure that funds are available
to a customer as required. Guarantees ~ which represent irrevocable assurances
that che Group will make payments in the cvent that a customer cannot meet
its obligations to third parties ~ carry the,same credit sisk.as loans.

Nig 7 P i RR * dic rifyas le rey Heh ee

Commitments to extend credit represent unused portions of guthorisations to »
extend credit in the form of loans, guarantees of letters oF Medill With fespect
to credit risk on commirents to gytend SFB ths Grouncia pgtoptiglly oo
posed to loss in an amount equal to the total unused commitments. However,
the likely amount of loss is less than the total unused commitments, as most
commitments to extend credit are contingent upon customers maintaining
specific credit standards, The Group monitors the term to maturity of credit
commitments because longer-term commitments gencrally have a greater de-
gree of credit risk than shorter-term commitments.

Geographical concentrations of assets and liabilities

‘The Group has a concentration of risk in respect of geographical area, as both
qustomer and sccuritised assets are primarily based in The Bahamas.

Cash flow and fair value interest rate risk

Cash flow interest rate risk is the risk that the future cash flows of a financial
instrument will fluctuate because of changes in market interest rates. Fair value
interest ratc risk is the risk that the valuc of a financial instrument will Auctuate
because of changes in market interest rates. The Group takes on exposure to the
“cfleaas of fluctuations in the prevailing levels of market interest rates on both
its fair value and cash flow risks. Interest margins may increase as a result of
such changes but may reduce gains or ercate losses in the cvent that unexpected
movements arise.

‘The Group employs effective techniques and procedures to monitor and con-
trol its exposure to interest rate risk. Mortgage, consumer, and other loan. gen-
erally have variable rates, linked to che relevant prime rate. Exposure to interest
rate risk, which is mainly duc to fixed rates both in its term deposits with banks
and savings certificates sold to customers, is minimised by the short-term: ma-
turities of the majority of these deposits. :

PUBLISH

All of your
In Memoriam, In Loving Memory, Death Notices and Obituaries

In

TUESDAY, MAY 1, 2007, PAGE 13 -

17. Contingent liabilities be

Love Estates: In 1988, the Bank lent the developer of Love Estates certain
sums of moncy and also joined in as surcty for various performance bands
aggregating $3,328,043 in favor of the Ministry of Public Works. The Igant
and the bonds were supported by a first legal mortgage over the unsold dots
in the subdivision. The works under the bonds were to have been ea
within 36 months. The developer defaulted under the mortgage with the Bank.
Through the years, the Bank has been in discussion with the Ministry of Public
Works and various prospective purchasers. In 2001, the Ministry obtainéd a
judgment against the developer and the Bank for the amount of the bonds.

The Bank is being sued for specific performance and damages in connection
with a sale agreement dated 24 September 1997 in respect of the Love Estffes
property. As all conditions of the sale agreement have still noe been met, and
in order to resolve this long outstanding matter, The Bank entered into a Ded
of Settlement (the Deed) with Rolling Hills Development Corporation Lith-
ited (Rolling Hills) in April 2005. Under the Deed, Rolling Hills will assufie
liability for the installation of the infrastructure in Phase One and Phase
of the Love Estates Subdivision and enter into performance bonds, in a fotiin
agreed by the Ministry of Works, to guarantee Rolling Hills installation of the
infrastructure and enable the Bank to have the performance bonds entered ito
between the Bank and the Ministry of Works dated 30 May 1988, cancellegh
y
In exchange for Rolling Hills entering into the above noted performnalffe
bonds, the Bank agreed to pay settlement costs totalling $350,000 to Roll
Hills which were expensed in 2004. Should Rolling Hills not enter into 7
performance bonds, in a form agreed by the Ministry of Works, the Deed will
become void as if it never existed. The Bank and Rolling Hills are still in fle
process of obtaining all documents required under the Deed of Setdlemept.
It is anticipated that all outstanding documentation issues will be resolvedgin
2007 and that the associated sale of the Love Estates property will be coffi-
pleted without any further loss to the Bank. i
Other: The Bank is also involved in various other legal proceedings covetingja
range of matters that arise in the ordinary course of business activitics. Mat
agement is of the view that no significant losses will arise as a result of tht
proceedings.

ESSe#se

18. Regulatory Capital

‘The Bank is subject to regulatory capital requirements defined by The Cent
Bank of The Bahamas. Two measures of capital strength are employed: capipgl
(total equity) to asset (total assets) ratio; and risk-adjusted capital ratios as dé-
fined in the BASLE ACCORD. o

zr

The Bank's capital co asset ratio is 22% (2005: 12%) at the end of the
ycar, substantially above the 5% standard established by The Central Bank
The Bahamas. :

rs

The BASLE ACCORD and best standards require the Bank to maintain capi
tal to weighted risk assets ratio of at least 8%. As of 31 December 2006, rife

Bank's capital to weighted risk assets ratios is 45.21%. z
e
Py
19. Financial risk management '
be
Strategy in using financial instruments a

By their nature, the Group's activities are principally related to die use of fina
cial instruments. The Group accepts deposits from customers at both fixed a
floating rates, and for various periods, and secks to carn above-average int!
nuargins by investing these funds in high-quality assets. The Group secks to ip;
crease these margins by consolidating short-term funds and lending for longer
periods at higher rates, while maintaining sufficient liquidity to mect all clair
that might fall duc. tu
The Group also secks to raise its interest margins by obtaining eee
margins, net of allowances, through lending to commercial and retail borroW#
ers with a range of credit standing. Such exposures involve not just on-balan;
shect loans and advances; the Group also enters into guarantees and other corpiy
mitments such as letters of credit, and performance and other bonds.

Credit risk

SERRE

‘The Group takes on exposure to credit risk, which is the risk that a counterpal®
ty will be unable to pay amounts in full when duc. Impairment provisions al
provided for losses that have been incurred at the balance sheet date. Sign
cant changes in the economy, or in the health of a particular industry segmest:
that represents a concentration in the Group's portfolio, could result in lossés
that are different from those provided for at the balance sheer date. Managh
ment therefore carefully manages its exposure to credit risk. ke

‘
‘The Group structures the levels of credit risk it undertakes by placing limits off‘
the amount of risk accepted in relation to one borrower, or groups of borruw-
ers, and to geographical and industry segments, Such risks are monitored on g,
revolving basis and subject to an annual or more frequent review. Bs |
ie |
Exposure to credit risk is managed through regular analysis of the ability off
borrowers and potential borrowers to meet interest and capital repayment obs;
ligations and by changing these lending limits where appropriate. Exposure ui
credit risk is also managed in part by obtaining collateral and corporate anit’

personal guarantees. fe

be.
‘The Group's deposits and investments are placed with high credit quality firs
nancial institutions and corporations. Mortgage, consumer and other loant
are presented net of provisions for loan Josses. Whilst the majority of loans!
are secured by first mortgages upon family residences or by chattel mortgages,,
overdrafts advanced in the normal course of business are generally unsecured.
by
Liquidity risk :
: .
The Group is exposed to daily calls on its available cash resources from vet:
night deposits, current accounts, maturing deposits, loan draw-downs ani

guarantees. The Group docs not maintain cash resources to meet all of these,
needs, as experience shows that a minimum level of reinvestment of maturing

“ARR edtSR be'predicted with a high level of certainty. The Board scts limits off"
. 4, the mipimum proportion of maturing funds available to meet such calls a

* {Gh ficriinimum level of inter-bank and other borrowing facilities that should.
be in place to cover withdrawals at unexpected levels of demand. ws

TREO AT Eun EN ere OD me

The matching and controlled mismatching of the maturities and interest rags
of assets and liabilities is fundamental to the management of the Group. It is
unusual for banks to be completely matched, as transacted business is oftcit
of uncertain term and of different types. An unmaiched position potentially’
enhances profitability, but also increases the risk of losses. ’

The maturities of assets and liabilities and the ability to replace, at an accept-
able cost, interest-bearing liabilities as they mature are important factors ip
assessing the liquidity of the Group and its exposure to changes in interest rates
and exchange rates. é

Liquidity requirements to support calls under guarantees and standby letters of
credit are considerably fess than the amount of the commiiment because the
Group does not generally expect the third party to draw funds under the agrec-
ment. The total outstanding contractual amount of commitments to exiend
credit docs not necessarily represent future cash requirements, as many of these
commitments will expire or terminate without being funded.

The loan portfolio principally comprises long-term mortgage loans, which are
financed by shorter-term customer deposits. As such, the Group is exposed to
liquidity risk, which is continuously monitored by management.

20. Fair values of financial instruments

Financial instruments utilised by the Group indude recorded assets and li-
abilities, as well as items that principally involve off-balance shect risk. These
financial instruments are carried at fair value or are relatively short term ip
nature and accordingly, the estimated fair values are not significantly different
from the carrying value as reported in the consolidated balance sheer. t

The Tribune’s Obituary Section

every Thursday
Call us at

02-2354



‘
'
“PAGE 14, TUESDAY, MAY 1, 2007



FROM page one

to make it clear that they’re going
to be punished severely for break-
ing the law, especially in cases of
violence. There can be no com-
promise here. Our streets, our



FROM page one

: Mr Ingraham added that free-
: dom is a “gift from God” and the
? “foundation of our democracy.”
: “This Free National Move-
? ment is determined to preserve

THE TRIBUNE

{aa a a ae
| PM promises |
to broaden

war on crime

Ingraham
urges vigilance
at the polls




























We apologize for any
convenience this may cau

neighbourhoods and our com-
munities, have to be made safe
and secure once again.

“You are sick and tired, I
know, of all the violence and
lawlessness in our society. It has
to stop. And it will, through
more severe sentencing laws,
stricter conditions for granting
bail, harsher penalties for parole

. violations, and a policy of zero-
tolerance on acts of criminal vio-
lence, whether in our schools or
on our streets or in our homes.

“That’s the message we have
to send and the measures we
have to take under step one of
my anti-crime action plan,” he
said.

Under step two, Mr Christie
promised that the PLP will place
more police on the streets with
vehicles and all the necessary
tools to bring about a drastic
reduction in crime.

“These technologies will
include electronic ankle bracelets
to track violent offenders while
they’re out on bail. We’re also
going to increase the size of the
Police Force, including the Police
Reserves. And, we’re going to
see to it that wherever you live,
you will have highly visible police
patrols 24 hours a day; and that
when you call the police for assis-
tance, they not only come but
they come right away.














Mackey Street
393-8165













increase the involvement of the
entire community in the war

tant part of my anti-crime plan.
This is because we’re only fool-

need tougher police action as an

the same time, not forget that
when you get right down to it,

down of values in our society.

“We have to commit our- ! the Family Islands, the govern-
s LO en- ; en is using local administrators
ing our families and our faith. :

We also have to re-strengthen :

selves, therefore, to strengthen-

our communities so that they can
become the social classrooms for

taming the root-causes of crime,”
he said.

and will make the Bahamas
“more safe and secure”.

? our democracy and to protect it
? from a PLP culture that increas-
: ingly thrives on victimization,
: secrecy and the corruption of
against crime. This is an impor- :
? “We thought in 1992 that we had
? banished victimization and secre-
ing ourselves if we think we can }
win the war against crime by
tougher policing alone. Yes, we :

national institutions,” he said.

cy in the conduct of the public’s
business from our land. And we
thought we had tamed corrup-

? tion. But much of that old cul-
immediate, short-term solution :
— as indeed step two of my plan
calls for — but we must also, at :

ture survived.
“Once again the FNM and
your Delivery Boy must rescue

: the country from the threat an
nen | : unrepentant PLP poses to our
crime is a symptom of the break- :

democracy.”
He went on to claim that in

s “partisan campaign generals.”
Mr Ingraham claimed that one

: of the worst abusers was Verge-
i neas Alfred Gray, the Minister
responsible behaviour they once :
were. We must also re-commit
ourselves to National Youth Ser- :
vice, Urban Renewal, big-broth- :
er programmes, and other civil- }
ian-led and church-sponsored :
social outreach action initiatives :
that are aimed at tackling and :
: zens of MICAL have him on the
? run. One bad term does not

As such, Mr Christie said that :
he is confident that his “three :
step” anti-crime plan will work

responsible for protecting the

integrity of Local Government.

According to Mr Ingraham, Mr

Gray is high up on their “list of

PLP victimisers.”

“But don’t worry,” he added,
“just as Carmichael threw him
out after one term, the good citi-_

deserve another.”
The FNM leader also com-
mentated on allegations of vote

: buying.

won’t stoop. Now some of them
are being charged with the
offence of openly, undemocrati-
cally and illegally buying votes,”
he said.

“When asked about scores of
people lined up to receive cash
from his campaign office days
before the election, one PLP out
going Member of Parliament did
not deny that money was being
given out. But he assured us that
he was simply helping his con-
stituents.

“What a generous MP! What a
lively imagination! Does he take
us all for fools?”

Yesterday, said Mr Ingraham,

“Franklyn Wilson was overheard /

relaying instructions he claimed
came from the Prime Minister for
ZNS to carry a one hour pro-
gramme on the PLP Leader’s ral-
lies in Moores Island and in Aba-
co.

“If the FNM hadn’t freed the
broadcast media, they may have
succeeded in blocking us from
telling you the truth,” Mr Ingra-
ham said.

Information reaching The Tri-
bune late yesterday was that ZNS
has been instructed to broadcast
Mr Christie’s tour of Moore’s
Island and Abaco in a one-hour
programme just before eee S
evening news.

“Step three. We’re going to






FROM page one

-ment (EPA) the States comprising the
Caribbean Forum of African, Caribbean and
Pacific Group of States (ACP), which the
Bahamas with 14 other Caribbean states is
joining.

The agreement was established as a
response to continuing criticism that the trade
agreements offered by the EU are incompat-
ible with WTO rules.

The EPAs are a key element of the Coto-
nou Agreement, the latest agreement in the
history of ACP-EU Development Co-opera-
tion, which is to take effect as of 2008.

The objective of the agreement, according
to the document, is to contribute to the reduc-
tion and eventual eradication of poverty
through the establishment of trade partner-
ships between the various countries.

Along with promoting regional integration,
economic co-operation and good governance
in the CARIFORUM region, it is expected to
promote the integration of the CARIFORUM
States into the “world economy”.

It is also expected to improve the CARI-

.. FORUM States' capacity in trade pe and

. trade r ee issues.



ees had been provided , to FOCOL’s media
orc but not to The Tribune. The corrected
‘Prion will be published in The Tribune'on

Tuesday, May Ist, 2007..






's of a full set of fhe unaudited financialstatements
in be obtained from Stephen’ Adderley, Finance
ager, at the Freeport Oil Company, located on
Qa@ens Highway, Freeport, Grand Bahama, Monday





ab i













through Friday from 8:30 am to 5 pm






AIRMAN'S REPORT







FOR THE QUARTER ENDED JANUARY 31, 2007 (B $000)
The Directors of FOCOL Holdings Limited | Assets
are pleased to present results for the quarter Liabilities




ended January 31, 2007. Our earnings
continue to be strong as we ended our first
year of operation since the acquisition of
Shell Bahamas in 2006.










& Net income for the six months ended January (B $000)
â„¢ 31, 2007 was $6,007,193 compared to
. $3,681,636 last year. Earnings per share were
up from 43 cents to 70 cents for the same

period last year. During the expansion




Sale & revenues





Cost of sales







cents per during the period.




Other income (e










grow while protecting the investment of its
shareholders.

‘OS RETF A IEP TH






Mh

Sir Albert J. Miller
Chairman & President
FOCOL Holdings Co. Ltd.

§ 85 88 88 SF ER ET HE

FOCOL HOLDINGS CO.LTD
CONSOLIDATED BALANCE SHEET

Total shareholders’ equity

Proposed treaty

The agreement will implement an “effec-
tive, predictable and transparent regional reg-
ulatory framework for trade and investment in
the CARIFORUM region, thus supporting
the conditions for increasing investment and
private sector initiative and enhancing sup-
ply capacity, competitiveness and economic
growth”.

However for some observers, this ostensibly
means that the Bahamas would be participat-
ing in a Caribbean free market and economy
such as the CSME offered.

This fear is further advanced by the fact

that the treaty is expected to “support a new ©

trading dynamic between the parties by means
of the progressive, asymmetrical liberalisa-
tion of trade between them and reinforce,
broaden and deepen co-operation in all areas
relevant to trade”. _

The Economic Partnership Agreement is
expected to build on the achievements of the
Cotonou agreement and the previous ACP-
EC Partnership Agreements in regional co-
operation and integration as le as econom-
ic and trade co-operation: &

“There is no low to which they

This agreement also has a relationship to
the WTO agreements as it requires the
Bahamas along with other signatories to “reaf-
firm their commitment under Article 39 of
the Cotonou Agreement to co-operate within
the World Trade Organisation”.

International experts have said that the new
regional grouping established due to the EPA
scheme creates the problems of how small
countries like the Bahamas, which have special
treatment policies for under developed indus-
tries, can shelter these from the larger coun-
tries with better industries.

Currently, 39 of the 77 ACP countries are
defined as less developed countries by the
United Nations. These LDCs constitute a spe-
cial group among the developing countries
and have usually been treated separately.

The EPAs is expected to provide special
arrangements for this particular group. As
opposed to the other ACP countries, the
group of LDCs will be invited to reject the
EPAs and continue trade relations.

While this provision facilitates the situa-
tion of the LDCs under the new tfade scheme,

it has also been said: that the EBA. initiative.

prevents LDCs from opening up their markets
for EU products within the context of an
EPA.

S CO. LTD.



January 31, 2007 July 31, 2006
$ 103,642 88 111,091
49,744 61,470

$103, 642

CONSOLIDATED STATEMENT OF INCOME

Six months ended
January 31, 2007

53,898

49, 624

' $ 111,091

Six months ended
January 31, 2006

8 132,569 $ 55,996
(113,262) (47,943)

xpense)



: process we have been able to continue our Income from operations 19,307 &, 953
commitment to paying dividends to our Marketing, administrative and (11,354) ( 3,812)

i ivi general
shareholders by paying a dividend of 30 Heorediacion ( 1,078) ($21)
Finance cost ( 796) ( 94)

( 75) 56

ank owled, Net Income 6,007. 3,682
a : = teicarctul planning es Be of Preference share dividends ( 752) =
the industry we were able to sustain success-
: ‘ Net income available to common

ful results in our Grand Bahama operations cnavehoidecs 5 5,255 3,682
as well as successfully operating in Nassau
and the Family Islands. The Board of Direc- Basic earnings per share 8 0.70 § 0.43
tors is confident that we the capaci

ee have P Diluted earnings per share $ 0.61 § 0.43
and ability to ensure that the company can

Dividends per share $ 0.30 $ 0.28

Copies of a full set of the unaudited financial statements can be obtained from
Stephen Adderley, at Freeport Oil Company on Queen's Highway, Freeport,
Grand Bahama, Monday through Friday from 8:30 AM to 5:00 PM.

s Co. Ltd

sa ewe one
THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 15



FROM page one

the Coalition of Pastors, Angli-
can Archbishop for the West
Indies Drexel Gomez yesterday
told The Tribune that he does
not agree with the concept of the
questionnaire and feels candi-
dates should not be made to dis-
close their private views on cer-
tain issues.

The results, released yester-
day by the Coalition of Pastors,
showed that the majority of par-
ticipating politicians shared sim-
ilar views on many of the issues.

All but one candidate stated
clearly that they are in favour of
a constitutional amendment
defining marriage as union
between one man and one
woman.

FNM deputy leader and can-
didate for St Anne’s Brent
Symonette was the only partici-
pant who chose to answer the
question indirectly by stating that
the privacy of a person’s home is
sacred and is protected by the
laws of the Bahamas.

The majority of the candidates
also agreed on being opposed to
“homosexual tourism” and were
against “compromising the
Christian values of our nation by
allowing exclusively organised
groups. (homosexuals, swingers,
etc) who come under the umbrel-
la of promoting their cause.”

Archbishop Gomez said that
‘while he is also opposed to
“homosexual tourism”, he does
not necessarily see it as an elec-

12 questions

tion issue.

issue,” he said.

that he is against homosexuals

of human rights.

mandatory for murder

co.

Island MP Larry Cartwright.

All members of the BDM and { damages relative to this statement

independent candidate for Gold-' : along with any resulting costs.

en Gates Clever Duncombe also :

answered the 12 questions.

awaiting
response,’
tors said.

On the FNM side, participants
included former Cabinet Minis- : pyne on February 6, 2007 under
ters Earl Deveaux, Tommy } :

_ Turnquest, Brent Symonette and i Wilchcombe over passport rule

Carl Bethel, as well as Long”: ytatements”.

FROM page one

: receiving the calls, I walked to the

police station, and from the steps

“It’s something that is impor- : of the station, I heard my oppo-

tant to me, but I’m not sure I'd : pent saying, 'tell Phenton there's

want it to be a national agenda ! going to be a fight in South Beach.

: tob ht.'"
The Archbishop has declared ; Theres goine tobe ane

On another occasion, the

? FNM candidate said Mr Rolle was

being harassed and persecuted : overheard giving out the license

and is for the decriminalisation } plate number of his personal vehi-

of homosexuality on the grounds : Gletoag group of supporters gath-

ao _..,.. } ered for the opening of Mr Rolle's
The majority of participating : headquarters.
candidates also said that they :

want the constitution amended i idation, however, Mr Neymour

to make the death sentence : saiq, are not typical of Bahamian

oe : politics, but are isolated incidents

Among the participants who :
- the vi P to fill out the : pot politically mature enough to
Coalition of Pastors’ question- : accept the process and what is
naire were Cabinet Ministers :
Leslie Miller and Neville Wis- :
dom as well as the PLP’s candi- :

date for St Anne’s, Ricardo Tre- :

The latest examples of intim-

incited by "an individual who is

Wilchcombe

FROM page one

the heading “Ingraham criticizes
Mr Wilchcombe is seeking

According to Mr Munroe, his

: client is very serious to see the

“We have also received the : matter through.

FNM party’s response to the :

questions, as well as the BDM }. be served the writ, Mr Munroe

party’s response. We are still :
the PLP party's pull Bs ser eel Deterester ilies

’ the Coalition of Pas- general elections.

While Mr Ingraham has yet to
said he doubts that Mr Ingraham

FROM page four

respect I enjoyed from my fellow
Fox Hillians. I literally took over
the consistent and persistent “door
to door” campaign. I personally
influenced many friends and fami-
ly to vote for Mr. Mitchell. This,
along with the en masse vote
against the FNM last election,
made it significantly easy for Mr.
Mitchell to win. Many times, I per-
sonally campaigned on my own;
Mr. Mitchell was absent most of
the times, flying around the world
with his friends, having a fine old
time. My influence helped him to
make serious inroads. I remained
loyal and committed even after the
election.

After waiting for four and half
years and watching Mr. Mitchell
closely, I realised that Fred Mitchell
was a selfish man, and he did not
appreciate me or anyone in Fox



‘SANPI sete. 3 i iN



NOTICE —

-& FRIENDLY FORD
THOMPSON BLVD
WILL BE CLOSED
WEDNESDAY MAY 2nd AT 1 PM
ELECTION DAY
WE THANK OUR VALUED CUSTOMERS
MAY GOD BLESS THE BAHAMAS

Hill. He totally abandoned the Fox
Hill people, jetting around the
world, partying and forgot about
us. “He used ali of us”. He ignored
phone calls, avoided constituents
and simply could care less about
returning calls. He stuck his head in
the air and went on his merry way.
We were fooled. In my opinion
Fred Mitchell turned out to be a
fake, because we thought he was
genuine. But anyone only needs to
be in his company for a fleeting

moment and they would see that

he is a selfish man.

Thank God for good friends like
Dwight Higgs and through my own
hard work, I was able to feed my
family.

I was “treated like a dog” by
Mr. Mitchell,,if I was like others, I
would be starving right now. After
‘four years he now appears to be
helping two of his foot soldiers. But
everyone knows it is only a sham.

On a more pleasant note, there

tah AYA

| Better In gredients,
Better Pizza.

Papa John’s

Village Road

Will be closed

on Tuesday May ‘st, 2007 to
Wednesday May 2nd, 2007

due to minor renovations.

We will re-open

on Thursday May 3rd at our

normal working hours.
Call our other 3 locations

_Seagrapes
South Beach
Collins Ave.

Sorry for the inconvenience caused
Signed Management.











a othe PEPuli ean
They promised the‘méon,-but ™~

‘has been much speculation who

the new Free National Movemen-
t’s choice for Fox Hill is, let me
give my two cents, Dr. Jacinta Hig-
gs was urged by myself and others
to run in the upcoming elections.
This was particularly easy because

I had seen her operate close up.

while she was making Fred
Mitchell look good. So I know for

sure that she was an excellent orga- ~

nizer and a great leader in the com-

- munity: -knew-that her family was
financially responsible for many .
community events. In fact every-.

one in Fox Hill knows that. Now I
am proud to work with my own
Fox Hillian.

Now that-I have set the record
straight, I expect all of the guns to
be trained on me next. I expect for
the most disparaging things to be
said about me on the filthy site,
bahamasuncensored.com.

To further compound every-
thing, just recently, Mr. Mitchell
referred to Fox Hillians that attend-
ed one of his functions as “‘totters”.
There is no limit to what this man
would do or to what lengths he will
go.

Lam a prime, example
ythe'e

delivered a group of “all for me
baby” who only looked out for

... themselves: Now the lies and dis-: °
gusting things that are surfacing «

about highly respected people will

come back to haunt them later, :

mark my word:

Thank you, editor, a weight-has
been lifted off my shoulders. I
believe I will now be able to rest
well. Tomorrow is a brighter day
and it ain't long now.

LARRY WILMOTT
FNM Fox Hill,
April, 2007.



RULES



















Candidate

acceptable in politics."

"My opponent does not
understand the responsibility thaf
he has as a leader and that it is
important that he guards what he
says and what he does," noted Mr

Neymour. "I think Mr Rolle's

comments are inappropriate and
irresponsible of anyone seeking
political office."

As a result of fecent incidents,

including having his headquarters

defaced with a "vote PLP or die"
slogan, Mr Neymour has been
forced to hire a personal body-
guard and have his family
removed from the Bahamas until
after the elections..

"It is not hindering my cam-
paign," an optimistic Mr Neymour
said, "but my family is not able
to be here with me during a very
important time in my life; and _
concerns me. _2.--=--"

“We cannot become a Jamaica
or Haiti, wheré violence become

associated with politics."

In the final days of the cam-
paign, Mr Neymour hopes that
verbal and other acts of intimida-
tion will stop, saying: "Although
almost all of my billboards tid
posters have been destroyed over
the past two days, the reception
from the constituents is what is
most important.

"What my opponent has to
understand is that posters and bill-
boards do not vote, and having
your supporters threatening the
well being of your opponent does
not help you gain votes."

Colina.

Holdings Bahamas

Dividend Notice
Ordinary Common Shares

«

The Board of Dikectard of Colina Holdings Bahamas Limited

(CHBL) is pleased to announce that a dividend of $0.04 per =

Ordinary Common Share will be paid to the Ordinary = =
Common Shareholders of record of CHBL

Sestanrigtts for CHBL for the

Holdings Bahamas

NOTICE

The ae nt and Board of Directors of

year ended

“December 31, 2006 have been released on April 30, 2007. =

Hard copies of the Audited Financial Statements can be

a celebration of nature

14 winning entries will appear in Family Guardian’s 2008 calendar.
Winning entries receive a gift certificate valued at $400 each.
Entry deadline is May 31, 2007

s
feel
i 2

HEME a
=.
we.




1 Family Guardian’s Annual Calendar Photo Contest is open to all photographers. The title for the company's 2008 calendar will bese
“A CELEBRATION OF NATURE.” Photographs may be of any subject (animate or inanimate) or a scene which is a striking example of nature as found in » The Bahama Islands. All photographs must be taken in The Bahamas.

2 DEADLINE FOR ENTRIES IS MAY 31, 2007.

3 All entries are to be delivered to Family Guardian's Corporate Centre, Village and Eastern Road Roundabout, Nassau, between 9:00am and 5:00pm
weekdays only. Envelopes should be marked “Calendar Contest.”

4 Allentries must be accompanied by an official entry form, available at any Family Guardian office or when published in the newspapers.

5 Only colour images in horizontal format will be considered. Images must be provided as 35mm film OF ¢ digital i images on CD. 35mm film can be positive
(slides) or colour negatives. Digital images must be of high quality (2700 x 2100 pixels or larger). Digital images Showing any signs cf photo manipulation,
resolution enhancement or compression will be rejected. To ensure the best colour reproduction, digital images should be supplied in RAW, TIFF or high quality JPEG
and in the original colour format the camera uses (LAB or RGB). All entries must be supplied with prints which will be used in the judging process.
__(Note: prints submitted without 35mm slides or negatives or CD’s will not be eligible). The photographer’s name and photo subject should
be written on the reverse of the print.

6 Judging of entries will be based on beauty, interest, composition, colour, originality and quality of photograph. Preference will be given to fauna photographed in its
natural state, rather than in captivity. The photographs selected will appear in Family Guardian's 2008 calendar. The decision of the judges will be final.

7 Allentries are submitted at the owner's risk. It is the company’s intention to return all entries in their original condition. pan Family Guardian
will assume no liability for any loss, damage or deterioration.

8 Agift certificate valued at $400 will be presented for each of the photographs selected. More than one entry from a single siietaoraahiee may be selected.
Photographic credits will be given in the calendar. The number of entries per photographer is limited to a maximum of 5 photos.

9 The winning photographs, along with all publication.and reproduction rights attached thereto, become the property of Family Guardian and the company
reserves the right to use such in the future.

10 Employees of Family Guardian, its affiliated companies or family members are not eligible.

11 Previously published photos are not eligible.

Pwr ee eee eee eee eee

ee
SOR

2008 CALENDAR PHOTO CONTEST ENTRY FORM f

Photo by Tim Higgs NAME
Family Guardian’s i cadocsedocteccscncansencccnanadecossssetenecsnscocceuccerneressscanesssesonsusseccouecsoversecsccocsaenssssssouonaeserenes i
2007 Calendar i TEL BUSINESS...ccsscsscsssseseeeee SP etesat: OE inne ie cox taruemeatiominted j
fl P.O; BOX saiaieincces “STREET ADDRESS Hin tenEN aM i
i S UGA UI PE cscs sasesscscdsnseccwe sacs anauva daa Tusnevn coe aagivnsnseodeceaccuadsostestonntaa penton ence terspoteek i
q DAT Bi-sscésaiteetassinnna} NUMBER OF PHOTOS ENTERED................-.+ (maximum of 5) i

| agree that in the event that one or more of my entered photographs is selected as a winner in the 2008 Famity
Guardian Calendar Photo Contest it wll become the property of Family Guardian Insurance Co. Ltd., and i
| assign to Family Guardian all rights pertaining to its use in any way whatsoever. | also confirm that the
photos entered in this contest were taken in The Bahamas by the undersigned and have not been
previously published.

Return with photos to: la
Calendar Contest, Family Guardian 7
Corporate Centre, Village & Eastern Road

Roundabout, Nassau, Bahamas

i ENTRY DEADLINE: MAY 31, 2007
a tas oan

ILY |
aban! i

IN aos
comp NY

. BOX SS 62325




PAGE 16, TUESDAY, MAY 1, 2007 THE TRIBUNE

BY imerican

ESTABLISHED 1920
N AN C I

- Dear Valued Clients & Fellow Bahamuians,

I take pride in introducing British American Financial,
the new face of the oldest, most trusted Insurance
Company in the Bahamas. I am honored to advise that
“The Best Just Got Better”!



Established in 1920 as British American Insurance Company, we have a rich legacy as a

leader in the community, providing protection for generations past — your forefathers and

mine — and offering security for future generations. Back then, we dedicated ourselves to

meeting the insurance needs of our clients. Walking door to door and working closely with
our policyholders. Our career agents maintained a personal touch with you and ensured our
‘sustained success. Today, despite our growth, I am happy to say that we have continued and

will continue to offer the personal touch. You should expect to receive a level of quality service

that is “second-to-none”

As we enter this new phase of our development, the re-energized British American is a 100%
Bahamian-owned, full-service financial company. We are pleased to advise that all rights and
benefits under your policies and contracts will continue and remain unchanged. Building on
our legacy, we continue to offer the best and most flexible Life, Financial Services and Health
Insurance products, designed to suit Bahamians from every walk of life. Our line of products
include Mortgages, Retirement Planning, Personal and Corporate Pension Plans; Savings and —
Investments such as Annuities and Mutual Funds. We offer a wide range of Financial Services
to assist with planning for your future, no matter how little or how much you may have. We
believe that discipline and a consistent prudent approach to money management will always



- win the day.

We have three offices in Nassau including our head office at Independence Drive and two’
branch offices on Rosetta Street and Carmichael Road. Building on the legacy of going where
the people are, we have expanded to George Town, Exuma, Freeport, Grand Bahama and
Marsh Harbour, Abaco. Our career agents on the Family Islands are all fully equipped with the
latest technology including hand-held PDA devices to offer you speedy and efficient service.
As we continue to innovate and grow, we promise to never lose sight of what’s most important
— you, our valued clients. We will keep our fingers on the pulse of the Bahamas and strive to
provide dynamic and innovative programs that meet your unique needs.

You will continue to feel our presence in your neighborhood through our sponsorships of
Youth Programs, Breast Cancer Awareness and other Community Events that change lives.
With 87 years behind us, and so many more years ahead, you can count on us to always be
there for you and your loved ones.

As we celebrate this important stage in the evolution of our Company, we invite you to feel
free to call us or drop into any of our branches for a free financial consultation.




British American Financial will continue to be the best, offering you innovation excee in
service coupled with the latest technology to meet your individual needs and to contifffously
provide you with ‘Financial Solutions for Life’.

Sincerely,

I. Chester Cooper
President & CEO


TUESDAY, MAY 1, 2007

SECTION

business@tribunemedia.net

The Tribune



BUSINESS

Miami Herald Business, Stocks, Analysis, Wall Street







Jinn

HELPING YOU CREATE AND MANAGE WEALTH

NASSAU OFFICE

Tel: (242) 356-7764

FREEPORT OFFICE
Tel: (242) 351-3010



ahamas removed from
US copyright watchlist

* Attorney General says move ‘sends a very strong message’ to the Bahamian
and international business community that nation will protect trademarks
* Removal said to reflect anti-counterfeit enforcement efforts, WIPO standard commitments

* But US still warns on implementation of certain copyright amendments

@ By NEIL HARTNELL
Tribune Business Editor

he US govern-
ment yesterday
removed the
Bahamas from its
Special 301 copy-
right -watchlist “due to
improvements in enforcement
efforts”, something the attor-
ney-general said “sends a very
strong message” to the inter-
national business community
about this nation’s commit-
ment to implementing a world-

i

%
class regime for protecting
intellectual property rights and
enforcing it.

Allyson Maynard-Gibson
said the US move indicated to
international companies and
artists, as well as their Bahami-
an counterparts, that “there is

a serious commitment by the’

Bahamian government and all
the agencies of government to
protect intellectual property
rights”.

The removal of the Bahamas
from the Special 301 watch list,
apart from providing the PLP



@ ALLYSON
MAYNARD-GIBSON

government with a timely
boost heading into tomorrow’s
general election, is also likely
to enhance confidence among
both Bahamian and interna-
tional businesses and investors.

They are likely to feel more
confident that the Bahamas
will be able to adequately pro-
tect and safeguard their
patents, copyrights and trade-
marks, a vital component of
the business environment for
many companies ~ especially
those involved in reserach and
development (R&D) - as well

Bahamians plan inter-island
ferry to boost tourism

@ By CARA BRENNEN -BETHEL
Tribune Business Reporter



A FERRY system designed to link dif-
ferent Bahamian islands and transport

tourists to new entertainment destinations
and attractions is expected to come on
stream by mid-summer, The Tribune was
told yesterday, in a bid to increase
Bahamian ownership and employment in

the tourism industry.

Bahamas Island Hoppers Ltd and
Bahamas Festivals Ltd are planning a joint
venture to provide fast and efficient ferry

rates.

service between various islands on a con-
sistent daily schedule, with affordable

In an interview with The Tribune, Eld-
win Ferguson, president of Hidden Trea-
sure Bahamas Ltd and Bahamas Island
Hoppers Ltd, explained that the new com-
pany will be using a hydrocruiser - a spe-
cialised boat - which can accommodate

Business hopes to start by mid-summer, employing 40
and enhancing Bahamian tourism industry ownership

150 passengers and reach speeds of 35-40
knots.

This speed and service availability, he

Neath etes tirough March 31, 2007*

18.27%

Last 12 months

said, is what will separate Bahamas Island
Hoppers from Bahamas Ferries’ Bo
Hengy fast ferry.

SEE page 7

9.51%

Average Annual Return
Since Inception February 1999

*Stock prices can go down as Well as up. Past performance is no guarantee of future results. Read the Offering Memorandum carefully before you invest. |

Choose Wisely
Choose Fidelity

www.fidelitybahamas.com

= )PIDERITY |

More than a Bank

Nassau: t
STOCK CORPORATE USS TRUST & CREDIT & MUTUAL aS RETAIL &
BROKERAGE -| FINANCE MANAGEMENT ESTATE LENDING ae] oy) PLANNING ast

PWN l
SERVICES

BANKING



as many international trade
agreements.

The US Trade Representa-
tive’s Office said in its 2007
Special 301 report, which was
released yesterday: “The
Bahamas has been removed
from the Watch list due to
improvements in intellectual
property rights (IPR) enforce-
ment efforts.

“The United States contin-
ues to urge the Government
of the Bahamas to implement
the amendments to its copy-
right law.”

dd Sis par py mien

@ By NEIL HARTNELL .
Tribune Business Editor

THE economies of scale and

‘synergies generated from the

Imperial Life acquisition are
finally beginning to show
through for ColinaIlmperial
Insurance Company, its BISX-
listed parent yesterday reveal-
ing that net income more than
quadrupled to $7.843 million
in fiscal 2006, driven by
increasing premium revenues
and reduced benefits and
expenses.

Colina Holdings (Bahamas)

Mrs Maynard-Gibson said
the US government’s decision
reflected two-to-three years of
hard work by various govern-
ment agencies, including the
Attorney General’s Office, the
Registrar General’s Depart-
ment, and police and law
enforcement authorities work-
ing with the private sector.
Other parties involved in the
effort included the Copyright
Tribunal.

SEE page 8

Synergies from acquisitions
coming through as profits
exceed $7m, as insurance
company takes 25% stake
in RND Holdings

net income for the 12 months
to December 31, 2006, repre-
sented a major improvement
on the $1.749 million produced
durinmg fiscal.2005, the first

SEE page 5

Butterfield’s Bahamian
net income grows 17%

@ By NEIL HARTNELL
Tribune Business Editor

BUTTERFIELD Bank’s
Bahamian operations generat-
ed a 17 per cent increase in
2007 first quarter net income
compared to last year, due to
revenue growth that was dri-
ven by net interest income and
rising trust and custody fees.

Releasing its results for the
three months to March 31,
2007, the Bermuda-headquar-
tered bank said its Bahamian
operations had increased total
revenues by 29.7 per cent to
$2.7 million during the period,
compared to year-on-year
comparatives.

Butterfield Bank said the
improvements produced by its
Bahamian operations, which
include Butterfield Bank
(Bahamas) and Butterfield
Fund Services (Bahamas),
“reflect strong growth in net
interest income and fees from
trust and custody”.

Fees in these two business
categories had increased by
70.5 per cent and 15.7 per cent
respectively during the 2007
first quarter year-on-year.

Meanwhile, client assets
under administration in the
Bahamas had increased by 20.2
per cent year-on-year to $4.7
billion.

The first quarter results fol-
low swiftly behind Butterfield
Bank’s 2006 full-year results,
with the Bahamian operations
generating a33.4 per cent rise

‘in net income to $2.2 million.

Revenues rose 33.7 per cent to
$9.1 million.

The Bahamas operations
generated a 164.1 per cent
increase in their loan portfo-
lio in fiscal 2006, "reflecting
growth in international mort-
gage products".

The Bahamian operation's
loan book increased to $14 mil-
lion during the year to Decem-
ber 31, 2006, although assets
under administration declined
by 1.8 per cent to $3.89 billion,
something the Bermuda par-
ent attributed to “a number of
redemptions from existing
administered funds".

Customer deposits grew to
66.4 per cent or $140 million,
with total assets up 60.4 per
cent to stand at $155.4 million.

Butterfield Bank added of
the 2006 financial results:

"During the year, the
Bahamas office generated
strong growth, as well as local
and international recognition,
through focused business
development and targeted
marketing of bespoke finan-
cial and fund administration
services."
PAGE 2B, TUESDAY, MAY 1, 2007 : THE TRIBUNE BUSINESS

We've made up our mind.

And we're not turning back.

The choice is clear.

We’re Voting FNM

INV, Me, \ we A ,
Ae See a

ee id Sica Me

Matter of

Bt

FREE NATIONAL MOVE MENT

aie asi = ae oe eee am

To watch the next Rally live go to www.freenationalmovement.org


THE TRIBUNE BUSINESS | | TUESDAY, MAY 1, 2007, PAGE 3B

THE COLLEGE OF TE

Visit our website at www.cob.edu.bs



ADVISEMENT AND REGISTRATION _—_ Section Ur GODS, 2002: 3b Min; Director: ANNE LESCOT/ LAURENCE

Summer Session II and Fall Semester 2007 i Ges





: | Friday, May 11
Summer Session Il 2007 Section 13 showtime: 12noon

El Campeon: 23 minutes; Director: RAFAEL MADERA RODRIGUEZ
Country: Dominican Republic

May 14 Advisement begins.

June 13 — 14 Registration | LIFE AND DEBT, 2001: 90 Min.; Director: STEPHANIE BLACK; Country:
June 27 Classes begin : Jamaica
August 10 Last day Session II Section 14 Showtime: 3pm

i LACARTA (The Letter), 2005 : 2.38 min.; Director: FRANCISCO RODRIGUEZ
Fall Registration 2007 Country: Dominican Republic

A cien mil, 2006: 10 min.; Director: AMAURIS PERES

Country: Dominican Republic

April30 Schedule for Fall registration posted to web. | PORT AU PRINCE SE PAM, 2000: 57 Min.; Director: RIGOBERTO LOPEZ
May 14 Registration begins. : Country: Haiti
June 4 Registration for students given early acceptance for - Saturd ay, May 12
Fall . ! Section 16 Showtime: 12 noon
June 29 Last day for fee payment early registration. : Children and Youth Focused Films
? ZULAIKA, 1990: 78 min.; Director: DIEDERIK VAAN ROJJEN; Country: Curacao
i Online Registration — Transition Phase : THE BAOBAB TREE, 2005: 27 min.; Director: CLEARE INCE ;

! Country: Barbados
The College of The Bahamas is transitioning to on-line registration | HERMAN TALES: THE BANANA ROBBER, 2006: 16 Min.;
in phases. For the current registration period (for Fall Semester) | ae aria Se
ONLY the following schools will be involved: mie ;

: Section 17 Showtime: 12 noon
The School of Business (BAST) : Caribbean Gems

a
= Culinary Hospitality Management Institute (CHMI) ea aero ak Coineaae Bees
= School of Nursing and Allied Health Professions (SNAHP) | RUE CASES NEGRES (Sugarcane Alley), 1982: 100 Min.
= School of Communication and Creative Arts (SCCA) i Director: EUZHAN PALCY, Country: Martinique.
= School of English Studies (SES) Section 18 Showtime 3pm
‘ : : Caribbean Gems —
For further information, please contact: ' LSHOMME SUR LES QUAY (Man by the Shore), 1993:100 Min.
Records Department : Director: RAOUL PECK; Country: Haiti
Telephone: 302-4312/4523/4522 _ AVA & GABRIEL, 1990: 110 Min.; Director: FELIX DE ROOY; Country: Curacao
E-mail: recordsdept@cob.edu.bs : The Public is invited to attend.

The College of The Bahamas —
Presents

The UNESCO ‘Travelling Film Showcase
An extraordinary collection of regional films

The College of The Bahamas
NOTICE

















Per rreerers “SCHEDULE. Bers ~ BG OU O) ira eC Te me cot tame Ue |

| Monday, May 7 through Saturday, May 12, 2007 i UU LLU EU enea Campuses

Lecture Theatre, Michael Eldon Complex, Thompson Boulevard




As an important national service, The College of The Bahamas
has agreed to assist the Parliamentary Registrar in providing venues
for polling stations for the General Elections on May 2, 2007.
Members of the general public are asked to note the following:

Monday, May 7
Section 1 Showtime 12noon :
| RIBBONS OF BLUE, 2003; 112 Minutes; Director: MATHURINE EMMANUEL :
§ Country: St. Lucia ;
Section 2 Showtime: 3pm General Election Day — May 2, 2007 - Half Day
DIA DE LOS MUERTOS (Day of The Dead), 2002; 11 mins;
Director: SUZETTE ZAYDEN Country: Belize

SHOW ME YOUR MOTION: The Ring Play Games of the Bahamas, 2006:
88 Min.
Director: IAN GREGORY STRACHAN; Country: The Bahamas

1. On May 2, ALL campuses and centres of The College will
conduct business as usual up to 12 noon, after which operations
will cease for the rest of the day to permit employees to participate
| with ease in the electoral process.

Section 3 Showtime: 7:00pm
ROBLE DE OLOR- (SCENT OF OAK), 2003: 125 min.
Director: RIGOBERTO LOPEZ Country: Cuba:

Tuesday, May 8

Section 4 Showtime: 12noon
STEPS TO FORGIVENESS, 2005: 7 min. Director: PAMELA WHITEHAL
Country: Barbados

WHAT MY MOTHER TOLD ME, 1995: 55 Min.

Director: FRANCES-ANNE SOLOMON;

Country: Trinidad and Tobago

2. Block B (Business Buiiding off Tucker Road), Oakes Field
Campus will be the site of a number of polling stations as announced
by the Parliamentary Registrar.














3. COB employees and students and members of the public who
are not voting at this location are asked to avoid the areas set aside
for the polling stations.






4. All users of COB parking facilities are asked to comply with
the directions of uniformed COB security officers. Your cooperation
is necessary and much appreciated for this important national
event. ;

Section 5 Showtime: 3pm

salt in my eyes, 2002: 39.48 Min.

Director: SHAMIRA RAPHAELA; Country : Aruba
VIVA CUBA, 2005: 80 min.

Director: JUAN C. CREMATA; Country: Cuba

Wednesday, May 9

Section 7 Showtime: 12noon
NOSOTROS Y EL JAZZ, 2004: 45 minutes;
Director: GLORIA ROLANDO

Country: Cuba

JUNKANOO: Director: MARIA GCVAN

Section 8 Showtime: 3pm

JAB! The Blue Devils of Paramin, 2006:

47 Minutes;

Director: ALEX D’ VERTUIL

Country: Trinidad and Tobago

CALYPSO DREAMS, 2004: 90 min.;

Directors: GEOFFREY DUNN/MICHAEL HORNE
f Country: Trinidad and Tobago

Culinary & Hospitality Management Institute
INDUSTRY TRAINING DEPARTMENT

CULINARY COURSES
SUMMER SEMESTER 022007

4
COURSE CODE BEGINS DUR. TUITION & RESOURCE
FEE MATERIALS
(ADDITIONAL
$40 APP FEE
FOR NEW
STUDENTS

Kitchen
2. Gourmet Cooking | COOK 823 May 14 6 weeks | Mon. 6:00-9:00pm_ | $200.00 $20 per week CHMI Main
Kitchen
3. Gourmet Cooking II COOK 824 May 14 6 weeks Mon, 6:00-9:00pm_ | $225.00 $20 per week CHMI Main | 15
Kitchen
4. Cake & Pastry Making] | COOK 813 6:00-9:00pm_ | $225.00 $10 - $15 per week | CHMI Larder
Kitchen
Kitchen
6. Bread Making COOK 810 May 14 6 weeks Mon. 6:00-9:00pm § $200.00 $5 - $10 per week CHMI Larder | 15
Kitchen
:00-9:00pm i - i »







Section 9 Showtime: 8pm
RISE UP: 16 Min. Director Luciano Blotta;
Country: Jamaica
Caribbean Gem
| THE HARDER THEY COME, 1972: 100 Min.;
Director: PERRY HENZEL

Country: Jamaica

1 Thursday, May 10

Section 10 Showtime: 12noon
tETE GRENE, 2002: 66 Min.; Director:
CHRISTIAN GRANDMAN

Country: Guadaloupe






For further information please contact the Industry Training Department of the
Culinary & Hospitality Management Institute at 323-5804, 323-6804 or fax 325-8175.






PAGE 4B, TUESDAY, MAY 1, 2007 -



CENTRE FOR CONTINUING EDUCATION AND EXTENSION SERVICES
"PERSONAL DEVELOPMENT - SUMMER SEMESTER

ee —
[NO. __—__—*«| WO. | DESCRIPTION DAY START | DUR___| FEE |
eee ee ee ce ee ee

















SaaS es
| ACCOUNTING _| Pn ee ee os eae ee he et a
TACCAFOR BEGINNERS! __| 6:00pm-8:00pm | MonWed__7-May | 10 wks _| $250 |
[ACCASO1. Mon/Wed ___7-Ma
ACCA FOR BEGINNERS III [ 6:00pm-8:00pm | Tues/Thurs _8-May | 10 wks _| $300 |
eames —-—-————$—_$____} |} }— +
||
cas
CUSTS00 SUPERIOR CUSTOMER SER. W/S 9:30am-4:30pm | Thurs 31Ma 1 da’ $170

CREDIT AND COLLECTIONS | 6:00-9:00PM _| Thurs 10 Ma $225

CREDIT AND COLLECTIONS II 6:00-9:00PM





a —
COMPUTER APPLICATIONS | 6:00pm-9:30pm | Mon 7-Ma





COMPUTER APPLICATIONS |
COMPUTER APPLICATIONS II










6:00pm-9:30pm
6:00pm-9:00pm
6:00pm-8:00pm
9:30am-4:30pm
















Mon/Wed
Thurs
Thurs

PC UPGRADE & REPAIR
EFFECTIVE POWERPOINT
WEB PAGE DESIGN WORKSHOP

SEER ERI ER
a a




Q
2
3
8

aA PIAA IA
nN Dis /nl]w
nN QAInjolw
a oO/O/O|o

os ine ete go me et Ra ed cee Reel gaan
De ent tae eg ent en Ne tee te
FLORAL DESIGN | 6:00pm-9:00pm 10 wks



FLORAL DESIGN I!













FLORAL DESIGN II! 7-May | 10 wks | $300 |

INTERIOR DECORATING | | $225 |

ae

|

EFFECTIVE WRITING SKILLS - Bwks | $225 |

ate i
MASSAGE THERAPY ESSENTIALS | | 6:00pm-9:00pm 10 wks








/ MASSAGE THERAPY ESSENTIALS
MASG901 . : u

Bb 25 5 oblolo
i Pie

6:00pm-9:00pm | Mon










| HLTH800 __—=«{ 01 | GROUP FITNESS INSTRUCTOR! __| 6: 9-May | 10 wks _| $400 |
a eee le |
[MANAGEMENT |__| ;
[MGMT900_._ 101 | HUMANRESOURCE MGMT | 6:00pm-9:30pm | Thurs ___10May |

| 01. _| HUMAN RESOURCE MGMT I! 6:00pm-9:30pm | Mon 7-May





















| 10. wks | $225 |
| Thurs 10May | 10 wks_| $250 |
-




| SEwe0s|-01,_ | DRAPERY MAKING |



ENQUIRIES:: Contact the Co-ordinator at Tel: (242) 325-5714 (242) 328-0093/328-1936/302-4300 ext
5202 or email: persdev@cob.edu.bs

All fees are included with the exception of the application fee of $40.00 (one time).
CEES reserves the right to change Tuition, Fees, Course Content, Course Schedule and Course materials.



| EXTENSION SERVICES ,
Computer Offerings — Summer 2007

COMPUTER APPLICATIONS I
Course Description:. ‘This course is for the beginner who knows very little about computers
8 and does not understand how it works. This course covers the major
. computer concepts with extensive hands on practice of various software using:
(1) Microsoft Office — Word Processing (ii) Microsoft Excel — Spreadsheet (iii)
Microsoft Access — Database Management.

Pre-requisite: ©. . . None
Begins: oar . ‘Monday, 7" May 2007 6:00pm - 9:30pm Section 01 (CEES)
ee Saturday, 5" May 2007 10:00am _ - 1:30pmSection 02 (CEES)
Duration: 9 weeks
Venue: CEES Computer Lab
Tuition: $450.00
COMPUTER APPLICATIONS II
Course Description: © This course covers the major advanced concepts with extensive hands on practice
of various software using: (I) Microsoft Office — Word Processing (ii) Microsoft
Excel — Spreadsheet (iii) Microsoft Access — Database Management.
Pre-requisite: Computer Applications I
Begins: Thursday, 10 May 2007
Time: 6:00pm - 9:30pm ‘
Duration: 9 weeks
Venue: CEES Computer Lab
Fees $550.00

EFFECTIVE POWERPOINT PRESENTATIONS

This wi is designed to provide participants with an overview of the fundamentals of Microsoft
PowerPoint. It focuses on developing effective and dynamic PowerPoint presentations.
Pre-requisite: None
Begins: Thursday, 31° May 2007
Time: 9:30am - 4:30pm
Duration: . 1 day
Venue: — CEES Computer Lab
Fees: ; ; $160.00
PC UPGRADE AND REPAIR
Course Description: This course is a hands-on introduction to technology systems for use in information
a: 7 environments. The course will cover the following topics: Basic Hardware,
Operating Systems, Troubleshooting and Repairs.
Pre-requisite: None
Begins: Monday 7th May 2007
Time: 6:00pm — 8:00pm Monday & Wednesday
Duration: . 9 weeks
Venue: BHTC Computer Lab '
Fees: , $500.00
QUICKBOOKS
Course Description: . This course is designed to train new and existing small business entrepreneurs
: (fewer than 20 employees) how to organize and manage their accounting
activities using QuickBooks Pro software. Students will learn how to set-up
poe their company files, chart of accounts, budget, customers, vendors and employees.
Pre-requisite: ‘None
Begins: Tuesday, 8 May 2007
Time: : 6:00pm — 9:00pm
Duration: © 6 weeks
Venue: CEES Computer Lab
Fees: $330.00
WEBPAGE DESIGN WORKSHOP
Course Deseription: This course, which targets persons who would like to create their personal web
pages will cover Web page creation, Web site management, and HTML. Specific
topics will include Formatting, Graphics, Multimedia, Forms and Tables and
hosting of web pages. :
Pre-requisite: Participants must be computer literate and have a basic knowledge of word-
processing.
Begins: - Thursday, 14" & 15" June 2007
Time: 9:30am — 4:30pm
Duration: 2 days
Venue: CEES Computer Lab
: $550.00

Fees a
RES un the Co-coordinator at Tel: (242) 302-4300 ext 5201 5202 5205 or email

are with the exception of the application fee of $40.00 (one time). When submitting
a

poo kiadiy copies of the first four pages of your passport. CEES reserves the right to
change Tuition, Fees, Course Content, Course Schedule and Course

THE COLLEGE OF

Visit our website at www.cob.edu.bs

THE TRIBUNE BUSINESS



THE BAHA

EDUCATING & TRAINING BAHAMIANS



International Conference

Abolition of the Trans-Atlantic Slave Trade: Telling the Story
The College of The Bahamas
February 21-23, 2008
Nassau, The Bahamas

Call for Papers

The College of The Bahamas will host the Conference: “Abolition of The Trans-Atlantic
Slave Trade: Telling the Story, February 21-23, 2008 at the Oakes Field Campus, Nassau.

Abstracts of approximately 200 words are invited on the following topics:

Language and Oppression

Religion in Slavery: Agent Provocateur or Opiate?
Slavery and Human Sensibility

Power and Enslavement

Kinship across the Diaspora

Identity: Culture, Race and Gender

Enslavement and Liberation: Pedagogy
Liberation: Ideologies, Contexts and Dynamics
Liberation: Simple Past or Present Continuous?

Please send abstracts as an attached Word file to Jessica Minnis, Chair of the Conference
Committee at abolitionconference@cob.edu.bs no later than Friday, August 31, 2007.

Conference Structure

The conference will feature 20-minute papers from all disciplines, followed by 10-minute
discussions, presented in concurrent and plenary sessions. Panel and poster proposals
will also be considered. Such proposals should be as complete as possible.

Submissions (an electronic copy) should be directed to:
Jessica Minnis :
Associate Professor

School of Social Sciences

The College of The Bahamas

Oakes Field Campus

P O Box N4912

Nassau, Bahamas

E-mail: abolitionconf@cob.edu.bs

Deadline for Submission: Monday, December 31, 2007.
Accommodation for Non-Resident Delegates

Information will be forthcoming.

Registration

Three Days: $450:00
Day Rate: $150:00
Late Registration Fee: $125.00
Student Rate: $150.00
Student Day Rate: $ 75.00

For information on the availability of student subsidies, please contact:
Vice. President Research, Graduate Programmes and International Relations
Tel: (242) 302 4455

Registration is open and online at http://www.cob.edu.bs/abolitionconf.php.

THE COLLEGE OF THE BAHAMAS
Office of Research, Graduate Programmes & International Relations
In conjunction with the Offices of Academic Affairs and Outreach
Summer Research Workshop Series 2007
30th April- 11th May 2007

Gerace Research Centre, San Salvador

An Exceptional Opportunity for Building Research and Writing Skills
Participants Completing Earn Continuing Education Units (CEUs)

Summer Research Workshop Series 2007 is designed to build research capacity through the
honing of critical research and writing skills as well as grant writing. In addition, the inclusion
of the module on marine pollutants provides a forum in which College/University faculty can
work in concert with governmental and non-governmental agencies on national issues.

Participants will select two of the following three modules:

Module I--Essentials of Technical Writing—(36 hours = 3.5 CEUs)

Facilitator: Dr. Padma T. Venkatraman, Coordinator of Graduate Diversity, University of
Rhode Island

This modules in scientific writing has three main goals: (1) to show participants how to write a
technical manuscript (including, but not limited to a scientific research paper, a proposal to a
funding agency, or a thesis or dissertation) and to make informed choices about its content,
structure, and style; (2) to show how to use the English language to communicate the desired
message clearly, unambiguously, and efficiently; and (3) to show how to use the language to
communicate the message to the widest possible audience.

Module I—Principles of Grant Writing (36 hours = 3.5 CEUs)

Facilitator: Nancy B. Bell, Ph.D., Research Image (a worldwide research infrastructure service),
Marble Falls, TX

The goal of Principles of Grant Writing is to enhance the faculty-initiated grant application. The
objectives are to: 1). Determine the grant application requirements, review criteria and organization
required by the RFP; 2). Write integrated goals, hypotheses, objects, and outcome measures for

a scholarly project; 3). Match budget requirements and limitations to the project scope; 4). Prepare
a project summary and project plan draft; 5). Evaluate project design for innovation, importance,
feasibility, and significance; 6). Use tools to streamline and organize the application preparation
process; and 7). Evaluate studies involving human and animal subjects for appropriateness.
Participants will work in groups on interactive assignments to explore academic and scholarly
multidisciplinary strengths for possible future collaborations.

Module UI—Introduction to Marine Pollution (3.5 hours = 3.5 CEUs)

Facilitator: Dr. Rainer Lohmann, Assistant Professor, Graduate School of Oceanography,
University of Rhode Island

This module is an introduction to marine pollution emphasizing geochemical aspects of the
sources, transport, fate and effects of pollutants in the coastal marine environment. The pollutants
include oxygen—demanding waste, petroleum, metals, synthetic organics and radioactive/solid
wastes. Risk assessment and specific case histories will also be used to evaluate the environmental
impact of the pollutants.

EXPLANATION OF CEUs (Continuing Education Units)
ontact Hours per Module =
Group Contact/Session Collaboration =5 per Module
Preparation/Individual Work = 10 hours per Module

TOTAL per Module = 36 (3.5 CEUs per Module)

Targeted Audience: The College of The Bahamas faculty, staff and representatives of government and non-
government organizations

Estimated number of participants: \0-15 persons per module

Cost:

: $820.00 per internal participant (Includes workshop fees--$300--plus room and board at GRC)

. $1,015.00 per external participant (Includes workshop fees--$300--plus and room and board at GRC)
Participants will be accommodated at GRC on a first come first served basis (all rooms are double occupancy.
Overflow will be referred to Riding Rock at $145 per night, double occupancy.

For further information and registration, please contact:

Dr Linda Davis, Vice President, Research, Graduate Programmes & International Relations
Tel: (242) 302 4315

E-mail: ladavis@cob.edu.bs

Mr Shan Higgs, Senior Clerk

Tel: Tel: (242) 302 4455

E-mail: shiggs@cob.edu.bs


THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 5B





FOCOL’s first half
income hits S6m

B@ By NEIL HARTNELL
Tribune Business Editor

yesterday revealed that net income

for the first half of its fiscal year to
January 31, 2007, had increased by 63.2 per
cent to just over $6 million compared to
the previous year’s $3.682 million, a figure
inflated by the Shell (Bahamas) acquisi-
tion.

The compartive with the six months to
January 31, 2006, is relatively meaningless,
given that FOCOL only completed the
Shell Bahamas acquisition in December

Fete: Oil Holdings (FOCOL)

. 2005-January 2006, meaning that it did not

figure in the company’s results until the

third quarter and second half of last year. -

Going forward, the results for the three
months to April 30, 2007, the period which
closed yesterday, and the second half and
full-year figures, will give a much more
accurate picture and comparison of whether
FOCOL is realising benefits from its Shell

So far so good seems to be the answer,
given the 2007 first half results, which are
vastly different from the incorrect ones that
were published in the daily newspapers
yesterday.

For the six months to January 31,
FOCOL’s revenues stood at $132.569 mil-
lion compared to $55.996 million during
the same period last year, an increase attrib-
utable to the inclusion of Shell Bahamas
for the full period this time around.

With the cost of sales standing at
$113.263 million, FOCOL’s gross profits
for the 2007 first half stood at $19.307 mil-
lion, compared to $8.053 million the year
before.

Earnings per share (EPS) rose from $0.43
per share to $0.7 0 per share.

Since the 2006 year-end, FOCOL’s total
assets had declined by more than $7 million,
although this was due largely to a beneficial
thing - an almost $7 million decline in
accounts receivables to $20.166 million as at
January 31, 2007. Inventories fell by almost
$12 million to $9.777 million.

FOCOL had decreased its total liabilities
by 19.1 per cent during the six months to
January 31, 2007, reducing these to $49.744
million compared to $61.47 million at 2006
year-end.

The decline was largely due to a major
reduction in accounts payables, which fell
by more than a third - 39.3 per cent - to
$27.025 million from $44.542 million.

In his message to FOCOL shareholders,
Sir Albert Miller, the company’s chairman
and president, said: “During the expansion
process we have been able to continue our
commitment to paying dividends to our
shareholders by paying a dividend of $0.30
per share during the period.

“Thanks to careful planning and knowl-
edge of the industry, we were able to sustain

successful results in our Grand Bahama

operations as well as successfully operating
in Nassau and the Family Islands.

“The Board of Directors is confident that
we have the capacity and ability to ensure
that the company can grow while protecting
the investment of its shareholders. “

Bahamas purchase.

Clarification|

IN yesterday’s Tribune
Business page one story,
headlined Realtors submit
two reports to FIU in six
years, Kenrah Newry, the
Financial Intelligence Unit’s
legal counsel, indicated that

this was cause of concern giv-
en that there had been sev-
eral high profile cases involv-
ing real estate assets in recent
times.

The article went on to say
that “two such cases involved
Derek Turner and Victor
Kozeny, who both faced a
number of fraud charges and
had real estate in the coun-
try”.
The sub headline said:
Concern, given Turner and



Kozeny purchases of real
estate in that time.

The Tribune wishes to
emphasis that at no time in
her presentation did Mrs
Newry make any reference
to either Mr Turner, Mr
Kozeny or any other individ-
ual. The reference to the men
came during a question and
answer segment, when a real-
tor asked what the implica-
tions of selling property asso-
ciated with the men might be.

It was in response to this
question that Rowena
Bethel, the executive com-
missioner of the Compliance
Commission, advised realtors

_ in.this situation to seek legal

advice.





COLINA, from 1

year after Colina acquired
Imperial Life and merged it
into its existing life and health

, insurance subsidiary.

Gross premium revenues

* rose by 6.3 per cent to $145.076
‘ million in 2006, compared to
‘ $136.453 million the previous
, year, with net premium rev-

enues - aftér reinsurance pre-
miums - up 4.4 per cent at

' $132.642 million.

Colina Holdings (Bahamas)
total revenues stood at
$162.378 million for fiscal 2006,

' arise of 1.8 per cent, as net

- administrative
» (G&A).

investment income and other
income declined against 2005
comparatives.

On the benefits and expens-
es side, these overall fell by 2
per cent to $154.534 million,
the main drivers being a
decline in net policyholder
benefits and general and
expenses

[@ Bank

The former declined from
$94.453 million in fiscal 2005
to $90.609 million, largely due
to the fact reinsurance recov-
eries came close to doubling
from $5.607 million in fiscal
2005 to $10.583 million last
year.

Meanwhile, G&A expenses
declined by 15.6 per cent to
$29.42 million from $34.867
million, helped by a reduction
in staff salaries and employee
benefits from $13.278 million
to $11.54 million in 2006. The
G&A fall indicates Colinalm-
perial has begun to rationalise
its business following the Impe-
rial Life purchase and subse-
quent integration of four lega-
cy companies - Global Life,
Imperial Life, Canada Life and
Colina Insurance Company.

Colina Holdings (Bahamas)
share price, which over the
past year has stood between
52-week highs and lows of
$2.20 and $1.67, closing last
Friday at $2.10 per share, is
also likely to receive a boost

of The

M I

from the Board’s decision to
resume dividend payments to
ordinary shareholders.

The company’s Board has
approved the payment of a
$0.04 dividend to ordinary
shareholders as of May 7, 2007,
a move likely to boost and
revive interest in Colina Hold-
ings (Bahamas) shares.

Investors in the Bahamian
capital markets are primarily
attracted to dividends, as
opposed to capital apprecia-
tion stocks, and Colina Hold-
ings (Bahamas) share price has
moved little over the past few
years as investors waited for
dividends to resume and to
gauge whether the Imperial
Life purchase and other acqui-
sitions would work.

Other areas of interest in
Colina Holdings financial
statements for 2006 were that,
as at December 31, 2006, the
company had accumulated a
24.6 per cent stake in RND

Holdings, the publicly+quioted,

real estate investment: trust

ape

Bahamas
T E D

“A growing and dynamic Bahamian institution”

Vacancy For The Position Of:
SENIOR INTERNAL AUDITOR

Core responsibilities:

Perform operational and compliance audits in finance, operations
and credit areas of all branches and departments |
Preparation of audit reports for review by Management and
Audit Committee

Review financial data and reports
Assist external auditors during year-end audits and any special

reviews

Perform audit reviews and audit testing for any new system

implemented

Performs a variety of other related duties, such as assisting
with special audit review projects and investigations.

Knowledge, Skills and Abilities:

e

A minimum of three years experience with an international
public accounting firm.
A Certified Public Accountant, Certified Internal Auditor or
Equivalent designation.
Detailed understanding of commercial banking, The Central
Bank of The Bahamas Acts and Regulations, and The
Professional Standards of the Institute of Internal Auditors
Strong accounting and auditing skills to analyze financial

statements

Computer literate - Ability to use Electronic Working papers,
MS Word and Excel

Benefits include: Competitive salary commensurate with experience
and qualifications; Group Medical (includes dental and vision) and
life insurance; pension scheme.

Interested persons should apply no later than 27th May 2007 to:

The Senior Manager, Human Resources & T raining
Bank Of The Bahamas International

P.O. Box N-7118
Nassau, Bahamas



(REIT) and online ticketing
business that is traded on the
over-the-counter market. .

Colinalmperial, via various
investment portfolios and
funds, had acquired 2,177,779
million shares in RND Hold-
ings. The strategy behind the
purchases is unclear, given that
RND Holdings has been one
of the worst-performing public
companies in the Bahamas
over the past six years.

On related party transac-
tions, Colina Holdings
(Bahamas) received $3.571
million in revenues from group
health and lifé insurance poli-
cies purchased by its affiliates,
plus rental income. Funds paid
to affiliates by the BISX-list-
ed company’s subsidiary
totalled over $3.6 million.

Some $299,000 was paid to

Colina Holdings (Bahamas)
parent company, A. F. Hold-
ings, the former Colina Finan-
cial Group and holder of 63.1
per cent of the BISX-listed
entity’s shares, during 2006 for
internal audit services, com-
pared to $941,500 paid out in
2005.

Colina Holdings (Bahamas)
also paid out $415,014 in legal
fees during fiscal 2006 (likely to
have been to Alexiou. &
Knowles, the law firm in which
A. F. Holdings principal,
Emanuel Alexiou, is a part-
ner), and $530,088 in property

rental fees to an affiliate.

A further $826,947 was paid
to an affiliate, likly to have
been CFAL, for investment
management services, com-
pared to $780,207 the year
before. Another $183,917 went

to CFAL for registrar and
transfer agency services, and
$521,503 in property and casu-
alty insurance is likely to have
been placed:through Colina
General Insurance Company.

After the 2006 year-end,
Colinalmperial entered into an
agreement to sell its Village
Road property for $3 million.
A $1.9 million deposit has been
received, some $300,000 of that
being paid prior to year-end,
with the deal set to close this
year.

Colinalmperial also made
principal and interest repay-
ments totalling $2.6 million on
a bank loan that was advanced
to its subsidiary, Goodman’s
Bay Development Company,
the holding company for the
Goodman’s Bay Corporate
Centre.

THE HONORARY CONSUL OF INDONESIA TO THE BAHAMAS
WELCOMED THE SUPPORT OF THE MANY DONORS WHO
RESPONDED TO THE APPEAL FOR HELP TO THE VICTIMS OF THE

2004. TSUNAMI
THE COUNTRY.

WHICH DEVASTATED MANY PARTS OF

THE GOVERNMENT OF INDONESIA, IN EXPRESSING ITS
APPRECIATION TO THE PEOPLE OF THE BAHAMAS FOR THEIR
NOBLE EFFORT, ADVISED THAT THE FUNDS WOULD BE USED
IN THE RE-CONSTRUCTION OF CLASSROOMS IN THE ACEH
REGION, MOST SERIOUSLY AFFECTED BY THE DISASTER.

THE HONORARY CONSUL TAKES THIS. OCCASION TO
EXTEND SINCERE APOLOGIES FOR THE UNDUE DELAY
IN ACKNOWLEDGING THE CONTRIBUTIONS RECEIVED.

DAVIDSON HEPBURN

A premier financiai firm like UBS runs on exceptional talent like yours. We seek out unique g fed individual
bring something different to cur organization and offer them superb career opportunities to ma

JBS Wealth Management is looking to hire a recent graduate into the UBS (Baharnas} Ltd. office. UBS seeks
preferably with relevant previous work experience (summer internship), who have demonstrated

and extracurticular achievement, are ‘lexibie and creative, possess strong analytical and inter

enthusiastic and committed. Strong work ethic and personal integrity are critical. Furthermore, excel'ent lang
are an advantage (e.g. English, French, German, Spanish or Portuguese). Candidates must have their BA, ove

an emphasis in Finance or Economics.



To apply for this fulltime position, pease deliver your resume and cover letter by hand to UBS (Bahamas) Ltd, Human Resources
East Bay Street, or by e-mail to hrbahamas@ubs.com. The application deadline for this Trainee position 1s Friday May18, 2007

Wealth
Management

Global Asset

© LOS IO. The tay sumiol nd UGS ae cegatercd are mreguienn
Ser uetes WAS a tesntered Oroertenias thet i i teby Owed vubixter



' Investment
Management © Bank

3 UBS


PAGE 6B, TUESDAY, MAY 1, 2007



THE TRIBUNE





US consumer spending
pace hits five-month low

@ By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) — Consumer
spending rose at the weakest pace in
five months in March as a surge in gaso-
line prices left shoppers with little left
over for other items.

The Commerce Department reported
Monday that consumer spending on all
items was up 0.3 percent last month, the
slowest increase since a similar rise in
October. That lackluster gain came even
though personal incomes rose by a
healthy 0.7 percent last' month.

The spending performance in March
was even weaker when the effects of
higher gasoline prices were removed.
After adjusting for price increases, con-
sumer spending actually fell by 0.2 per-
cent in March, the poorest showing since
+ September 2005 when the economy was

suffering the aftershocks of Hurricane
Katrina. i

.“People spent more in March but may
be enjoying it less as the rising price of
energy is cutting into what they actual-
ly take home,” said Joel Naroff, chief
economist at Naroff Economic Advi-
sors, a private consulting firm.

On Wall Street, the Dow Jones indus-
trial average fell 58.03 points to close
at 13,062.91. But even with the loss on
the final trading day of the month, the
Dow still posted a 5.7 percent gain for all
of April, its best peformance since April
2003, as investors put aside worries
about weak economic growth to focus
instead on strong corporate earnings
reports.

The weaker-than-expected consumer
spending report on Monday added to
worries that the economy could be in
danger of stalling out if consumer con-
fidence falters further in the face of ris-
ing gasoline prices and a slumping hous-
ing market.

“Unless spending posts unusually

large gains ia May, the second-quarter
consumption number is practically guar-
anteed to be awful,” said Stephen Stan-
ley, chief economist at RBS Greenwich
Capital. He predicted that consumer
spending will rise at an annual rate of
around 1 percent, far below the 3.8 per-
cent rate of spending growth in the Jan-
uary-March quarter.

Stanley said such a sluggish growth
rate for consumer spending, which
accounts for two-thirds of total eco-
nomic activity, will translate into overall
economic growth as measured by the
gross domestic product of slightly above
2 percent in the current April-June quar-
ter.

The government reported last week
that the GDP expanded at an anemic 1.3
percent annual rate in the January-
March quarter, the weakest showing in
four years, raising new worries about
the durability of the current five-year-
old economic expansion.

A second report Monday showed that
construction spending edged up a slight
0.2 percent in March. Spending on hous-
ing fell for an 11th month out of the
past 12, but this was offset somewhat
by increases in spending on hotels and
other nonresidential projects and on
government construction. In addition,
construction activity in February was
revised up significantly to growth of 1.5
percent, five times the initial estimate of
0.3 percent growth.

Analysts said this big increase will
contribute to an upward revision in the
GDP for the first quarter to around 1.5
percent or 1.6 percent.

In another sign of the slowdown in
housing, the National Association of

Realtors reported Monday that pur- °

chases of second homes for investment
purposes fell by a sharp 28.9 percent
last year to an annual rate of 1.65 million
units while sales of vacation homes man-
aged a 4.7 percent increase to a record

1.07 million units.

Sales of vacation properties and
investment homes accounted for 36 per-
cent of all existing and new home sales
last year, down from 40 percent in 2005,
which was the peak of the five-year
housing boom, the Realtors reported.

A price gauge tied to consumer
spending was unchanged in March, after
excluding the effects of gasoline and
food. This meant that core inflation as
measured by personal consumption
spending is up by just 2.1 percent for
the past 12 months, much better than _
the worrisome 2.4 percent jump record-
ed for the 12 months ending in February.

The slowdown in inflation outside of
energy should provide some assurance
to the Federal Reserve, which is hoping
that it has already done enough to slow
the economy and restrain inflation. The
Fed is widely expected to keep interest
rates unchanged when the central bank
meets next week.



Wall Street falls as investors cash in

m By MADLEN READ
AP Business Writer.

NEW YORK (AP) — Wall _

SPECIAL DELIVERY TO THE PLP

- Street retreated Monday as
_ investors, casting a wary eye

toward upcoming economic
data, cashed in some profits on










GOD, GO!!” :

(Oliver Cromwell is dismissing The Long Parliament- 1653)

ORTLAND H. BODIE JR.
_EXECUTIVE DIRECTOR

“ “COMMON CAUSE
Bald political advertisement









WILL BE



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THAT YOU MAY HAVE DONE. DEPART, I SAY, AND
LET US HAVE DONE WITH YOU. IN THE NAME OF

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at 1:00 P.M.

ON ELECTION DAY —
WEDNESDAY, MAY 2nd, 2007

We regret any inconvenience
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the last trading day of April —

» the Dow Jones industrial aver-
age’s best month in more than
three years.

Investors did manage to
send the Dow to a new trading
high before pulling money out
of the market ahead of Tues-
day’s manufacturing data from
the Institute for Supply Man-
agement. On Monday the
report’s precursor, the Chicago
Purchasing Managers’ index of
manufacturing activity in the
Midwest, came in weaker than
expected. ‘

The Dow surged 5.7 percent
in April, the biggest percentage
gain since December 2003,
thanks in large part to first-
quarter earnings that were
stronger than analysts predict-
ed. Quarterly profits released
Monday by companies such as
Verizon Communications,
Wm. Wrigley Jr. Co., Kellogg
Co. and RadioShack Corp.
extended that trend.

Economic data on Monday
was mixed. Investors were
pleased by the Commerce
Department’s report that core
inflation, as measured by per-
sonal consumption spending,
was up 2.1 percent for the past
12 months ending in March —
lower than the 2.4 percent rise
in.the 12 months ending in
February. If inflation eases, the
Federal Reserve is more likely
to cut interest rates.

But the data also showed
personal spending increased
only 0.3 percent. That, along
with a slim gain in construc-
tion spending and the weak
reading on Midwest manufac-

turing, caused some restraint
among investors who are con-
cerned about the economy
slowing too quickly — which
could eventually hurt corpo-
rate profits.

“What the market is always

going to ask is, what have you
done for me lately?” said Alan
Gayle, senior investment
strategist at Trusco Capital
Management. “The good earn-
ings news has at least to some
degree been reflected in stock
market prices — companies
are going to have to continue
generating these good num-
bers to see the market go high-
er.”
The Dow fell 58.03, or 0.44
percent, to 13,062.91 after
reaching a new trading high of
13,162.06. The Dow on Friday
hit its 37th record close for the
index since October. It is now
up 4.8 percent on the year.

Broader stock indicators fell
further Monday, as investors
avoided smaller, less estab-
lished companies due to signs
of a cooling economy.

The Standard & Poor’s 500
index fell 11.70, or 0.78 per-
cent, to 1,482.37, while the
Nasdaq composite index
dropped 32.12, or 1.26 percent,
to 2,525.09.

Bonds jumped on the data
showing tame inflation and
slow growth, which lower the
chance of a rate hike. The yield
on the benchmark 10-year
Treasury note fell to 4.62 per-
cent from 4.70 percent late Fri-
day.

Gold prices rose. The dollar
recovered slightly from Fri-

NOTICE

NOTICE is hereby given that VELOUSE OSAIS OF COLONY
CLUB #4, P.O.BOX F-42915, FREEPORT, GRAND BAHAMA,
BAHAMAS, is applying to the Minister responsible for Nationality
and Citizenship, for registration/naturalization as a citizen of

The Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 24TH day of April, 2007 to the Minister responsible for
Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.



To Our Valued Customers:

Please be advised that Prime Bahamas
Ltd. will close at 1pm on Wednesday
May 2nd, 2007 in order to allow our
employees the opportunity to vote.

We _ sincerely

apologize
inconvenience this may cause and thank
you for your patronage and understanding.

for any



day’s decline, but still hovered
around an all-time low against

- the euro.

Fueling the end-of-month
selloff, the National Associa-
tion of Purchasing Manage-
ment-Chicago said its index of
manufacturing activity was 52.9
in April, below the average
estimate and down from a
reading of 61.7 in March — its
highest level in two years. A
reading above 50 in the index

indicates growth in Midwest

manufacturing, while a read-
ing below 50 suggests contrac-
tion. .

Caution ahead of this week’s
economic data ended up over-
shadowing strong earnings
data Monday. ;

Verizon, one of the 30 Dow
stocks, reported that its first-
quarter profit fell 8.4 percent,
but revenue rose 17 percent

and the results beat predic-'

tions. Verizon rose 29 cents to
$38.18.

RadioShack Corp. and Wm.
Wrigley Jr. Co. also posted
strong first-quarter profits.
RadioShack rose $1.35, or 4.9
percent, to $29.07, while
Wrigley jumped $3.83, or 7
percent, to $58.88.

Corporate growth has been
better than expected but is in
the single digits, slower than
in recent quarters. That has
allowed price-to-earnings
ratios to rise, noted Jeffrey
Kleintop, chief market strate-

gist at LPL Financial Services,
indicating stocks have potential
to rise further.

In other corporate news,
German stock exchange oper-
ator Deutsche Boerse AG con-
firmed it has agreed to buy the
USS. options exchange Inter-
national Securities Exchange
Holdings for $2.8 billion in
cash. ISE surged $20.97, or 45.9
percent, to $66.69.

Light, sweet crude fell 75
cents to settle at $65.71 per
barrel on the New York Mer-
cantile Exchange.

The Russell 2000 index of
smaller companies fell 15.13,
or 1.82 percent, to 814.57.

Declining issues outnum-
bered advancers by nearly 3 to
1 on the New York Stock
Exchange, where consolidated
volume came, to 2.99 billion
shares, up from 2.7 billion
shares Friday. ' -

‘Overseas, Japanese markets
were closed for a holiday,
while Chinese markets hit
record highs, driven by strong
corporate earnings. But most
other Asian markets fell as
investors worried China may
ramp up efforts to slow its
booming economy after
announcing new credit tight-
ening measures.

Britain’s FTSE 100 rose 0.48
percent, Germany’s DAX
index rose 0.42 percent ard °
France’s CAC-40 rose 0.4%
percent.

NOTICE

NOTICE is hereby given that RONALD OSAIS OF COLONY
CLUB #4, P.O.BOX F-42915, FREEPORT, GRAND BAHAMA,
BAHAMAS, is applying to the Minister responsible for Nationality
and Citizenship, for registrationmaturalization as a citizen of

The Bahamas, and that any person who knows any reason why
registration/ naturalization should not be granted, should send a
written and signed statement of the facts within twenty-eight days
from the 24TH day of April, 2007 to the Minister responsible for
Nationality and Citizenship, P.O.Box N-7147, Freeport, Bahamas.



ao financial
services

FUND ADMINISTRATOR

Swiss Financial Services (Bahamas) Ltd. is a leading investment funds
administrator in The Bahamas seeking a professional, reliable,
hardworking, and motivated individual to join our staff.

Duties/Responsibilities:

Manage a diverse portfolio of funds with varying complexities to include:

1. Understanding assigned portfolio of funds (PPM, Agreements,
Due Diligence, Resolutions)
Trade processing (subscriptions, redemptions, etc.)
Execution of trade confirmations
Liaising with fund partners (investment managers, third party
administrators, private bankers, etc.)
Proper Reporting to the Securities Commission of The Bahamas
Preparation of annual fund audits
Preparation of reports and special projects
Other miscellaneous duties

Skills & Qualifications:

Bachelors degree in a business related subject

Minimum 3-5 years experience in similar position

Team player with the ability to function with minimum supervision
Computer proficiency in MS Office - Word, Excel, Outlook
Professional written and oral communication skills

Excellent time management and organizational skills

Detailed analytical and problem solving skills

Benefits include competitive salary commensurate with experience,
pension and group medical insurance.

If you meet the requirements specified above, pleased send cover letter
and resume with reference: FASWISS, by May 11th, 2007 to:

Swiss Financial Services (Bahamas) Ltd, Human Resources,
P.O. Box EE-17758,
Nassau, Bahamas
Fax: (242) 394-9250 ¢ Email: vking @swiss-financial.bs



KZKKKKKAKRKKAKKRKAKRAKRKRKARKAZKERKALAKRAKR KALE KAEKAKKMRKLKMKEKA KKM MKMR

SN NNN NNN NNN
THE TRIBUNE

TUESDAY, MAY 1, 2007, PAGE 7B





Bahamians plan
inter-island ferry
to boost tourism

FROM page 1

Mr Ferguson explained that
the companies were in the final
stages of organising the busi-
ness, which initially should
employ about 40 persons.

“We have a boat coming in,
and we will be conducting our

time and speed trials. Hope-.

fully, we should be up and run-
ning before the end of the sum-
mer,” he said.

Operations

Mr Ferguson said that once
they begin operations, they will
initially use one boat and cov-
er islands such as North and
Central Andros, North &
South Eleuthera, Exuma,
Bimini and the Berry Islands,
South Abaco and Long Island.
While there may not be direct
service between all the islands,
passengers would still be able
to connect their itineraries
through stopovers at another
island.

After six months, Mr Fergu-
son said they would like to see
the business expand to three

boats. He added that he saw a
tremendous need for such a
service, particularly given the
expanding economy, and
pointed out that not all the
focus on the economy should
be on New Providence.

Development

With more development on
the Family Islands, inter-island
transportation will prove very
effective. Mr Ferguson said his
venture received assistance
from the Domestic Investment
Board, adding: “They were
very helpful. Working with
them was a very positive expe-
rience, and as a young Bahami-
an the experience was very
interesting.”

Fred Munnings Jr, president
of Bahamas Festivals Ltd, wha
is partnering with Mr Fergu-
son, told The Tribune that his
role will be to provide quality
entertainment at the various
island destinations Bahamas
Island Hoppers provides ser-
vice too.

He pointed out that there
was a clear market for tourists
who wished to make quick day
trips to the family Islands.

This market included
tourists who may not have time
for a full day or overnight trip,

as well as Bahamians who may
also need to make a quick vis-
it to a Family Island for per-
sonal or business reasons.

Mr Munnings said having
reliable service would elimi-
nate the reliance on Bahama-
sair, which only offered limited
service.

He said that as every island
has a different flavor, different
tours can be offered linking
transportation with a unique
experience.

Significant

Mr Munnings said the
Andros- New Providence was
especially significant. He said
that with a land mass larger
than Trinidad, Andros had the
capacity to accommodate more
than two million persons per
year. Given the traffic situa-
tion on New Providence, he
said it would be very feasible
to have persons live on Andros
and commute to Nassau.

“It takes 20 minutes to get to
Andros, less time than it takes
to get anywhere in Nassau ona
heavy traffic day,” Mr
Munnings said.

The Bah

Baw Wd 4
Tritune - the #1 newspaper

in circulation, just call
da ELUATE



GRAHAM, THOMPSON & Co.

COUNSEL & ATTORNEYS-AT-LAW * NOTARIES PUBLIC

Will be closed
at 12:00 p.m.
on Election Day
Wednesday, May 2, 2007

assau r ; F
Sassoon House The First Commercial
Shirley Street & Victoria Avenue 3rd Floor, Suite 9
P.O.Box N-272 P.O.Box-42533
Nassau, New Providence, Freeport, Grand Bahama,
Bahamas wee Bahamas
Tel: (242) 322-4130 Tel: (242) 351-7474
Fax: (242) 328-1069 Fax: (242) 351-7752



amas Institute of Financial Services

NOTICE

KILBANE ENTERPRISES LTD.

In Voluntary Liquidation

Notice is hereby given thatin accordance with Section 138
(4) of the International Business, \Gompanies Act,, 2000,
' KEEBANE EN ee LTD. isin dissolution as of
| | April 20, 2007..



Opening

: : Introduction to Seminar and Wi Remarks
* 9:30 am ~ 10:00 am =e

Mr, Nathaniel Beneby Jr.
Scottish Psalms Corporation of 35A Regent Steet, : eee’ ss
Belize City, Belize is the Liquidator. “Stimulating 7 The Workforce ce Through Knowiedge,
' Learning and Opportunities”

“Stimulating ar and Sustaining Growth In Financial
i Services"
"The Need for Professionals to become diversified _ Mr. Michael Allen

"in the Financial Services Industry” . Ms. Tanya Wright
' PANEL _ Mr. Michael Fheids

‘Morning
» 10:30 am - 12:00 pm

‘Luncheon
> 12:30 pm ~ 2:00 pm

Min. James Smith

LIQUIDATOR :
. Afternoon

, 2:30 pm ~ 4:30 pm



Legal Notice
NOTICE

TUESDAY, May 18, 2007
Morning an
“30:00 am~ 12:00 pm NGS Enwronment

: “Strategies For Marketing Private Trust
Companies”

MALENA LIMITED

| NOTICE IS HEREBY GIVEN as follows:

. Justice John Lyons

Afternoon | AL

i . AIBT

2:30 pm = 4:30 pm :

(a) MALENA LIMITED is in voluntary dissolution under the
provisions of Section 137 (4) of International Business
Companies Act 2000.



WEDNESDAY, May 16, 2007



HE A. Leonard Archer
: Mr. Bruce Zagaris

“International Agreements & Their Impact
- on The Bahamas”
i, PANEL,

: “Transparency in in Company Formation -
_ Activities; Is there a level playing field”

“The impact of Hague Trust Agreement on. STEP
Bahamian Trusts”

Morning
, 10:00 am ~ 12:00 pm

(b) The dissolution of the said company commence on the 30th
April, 2007 when the Articles of Dissolution were submitted
to and registered by the Registrar General.

-Luncheon

: 12:30 pm — 2:00 pm ' Ms. Rowena Bethel

(c) The Liquidator of the said company is Credit Suisse Trust
“Limited, Rue de Lausanne 17 bis, Geneva. :
: Afternoon
Dated this 1st day of May, A.D. 2007 2330 pm — 4:30 pm
ee THURSDAY, May 17, 2007
Credit Suisse Trust Limited
Liquidator aa a
‘| Mr. Antoine Bastian
' Mr. Hillary Deveaux
| Ms. Pamela Klonaris

“4s the Funds Business Dying or Dead?”

‘Morning
; PANEL

‘ 10:00 am ~ 12:00 pm
Legal Notice pi oleh ae don ee Mi cctte eta
NOTICE i th ” ‘ Mr. Juljan Francis
oe eal “Mr. Arthur Chase
i ...,, Mrs, Pauline Allen Dean
“The Link Between Pension & Long Term
- Social Financial Stability” _ Mr. Larry Gibson

“Lunch
as ee

LEA INTERNATIONAL LIMITED

NOTICE IS HEREBY GIVEN as follows:

Attecnoon
, 2:30 pm ~ 4:30 pm_

(a) LEA INTERNATIONAL LIMITED is in voluntary
dissolution under the provisions of Section 137 (4)
of International Business Companies Act 2000.

FRIDAY, May 18, 2007

Morning _ “Harmonizing of the pasuistors and The
- 10:00 am ~ 12:00 pm —_—-- Power to Work Together”

“The Compliance Officers Role In Risk
Management: Insurance, Credit Unions,
: Gaming Board, Accountants, Lawyers etc.”

Ms. Rochelle Deleveaux

(b) The dissolution of the said company commepce on the 30th
April, 2007 when the Articles of Dissolution were submitted
to and registered by the Registrar General.

{
$

‘Lunch

12:30 pm - 2:00 pm ‘ BACO

(c) The Liquidator of the said company is Credit Suisse Trust

Limited, Rue de Lausanne 17 bis, Geneva.
Piease Make Cheques payadie to: The Bahamas Institute of Financial Services | Schedule subject to change

Please fax completed form to: 242-325-5674
‘Building Professionals in the Financial Services Sector’
www. bifs-bahamas.com

Dated this 1st day of May, A.D. 2007

Credit Suisse Trust Limited
Liquidator


nage poor

PAGE 8B, TUESDAY, MAY 1, 2007





‘FHE TRIBUNE it
"aa
4
4

Bahamas removed from
copyright watchlist

FROM page 1

The Attorney General, who
had not seen the Special 301
report, said on being informed
of the news by The Tribune:
“Y’m delighted to hear that.
For quite some time we’ve
been working assiduously,
explaining to the relevant US
agencies the commitment of
the Bahamas to the protection
of copyright. We’re delighted
to see they have accepted that
commitment.

“They are also aware of our
commitment to the intellectu-
al property rights regime, as
evidenced by the Registrar
General’s Department bring-

% UBS

ing in WIPO [World Intellec-
tual Property Organisation]
software, so the entire intel-
lectual property records regime
is in line with WIPO stan-
dards.”

Mrs Maynard-Gibson said

‘the process of installing WIPO

software in the Registrar Gen-
eral’s Department had already
begun, with staff being trained
on it. The software system was
set to be “rolled out over the
next coupl of years”, bringing
all previously recorded copy-
rights, patents, trademarks and
intellectual property rights - as
well as new ones - into line
with WIPO standards.
“We’re happy they’ve
acknowledged the Bahamas is
committed to protecting copy-

UBS Trustees (Bahamas) Limited is seeking a suitably
qualified individual to join their growing and dynamic team

as a

Client Accountant

The successful candidate will be expected to work
independently, to ensure the timely and efficient preparation
of Client financial statements. Through Strong written and
verbal skills, the candidate will be able to respond accurately
and promptly to internal and external client requests,

In order to satisfy our requirements, the successful candidate

will possess:

* A bachelor's degree in Accounting from a recognised and
accredited educational institution. Preference will be given
to applicants having obtained or in the process of earning
a CPA, or other related proficiency eae.

sax

® Sound working knowledge of International Fanci

Reporting Standards (IFRS);

® A minimum of 2 years experience in Trust Accounting
with a preference given to career experience in an

offshore environment:

® Extensive knowledge of MS Office and related Application

Software products;

Interested? If so, we look forward to receiving your
application documents on or before Thursday May 4, 2007,

attention:
Client Accountant
hrbahamas@ubs.com

or

UBS TRUSTEES (BAHAMAS) tT, HUMAN RESOURCES,
P.O. BOX N-7757, NASSAU, BAHAMAS .

Bist

Pricing Information As Of:
, 30 Ap

rights, and committed to pro-
tecting intellectual property
rights generally, as evidenced
by the WIPO regime in place
at the Registrar General’s
Department,” Mrs Maynard-
Gibson said.

She added that police crack-
downs on roadside sellers of
pirated DVds and CDs, plus
the highly-publicised raids on
warehouses alleged to be sell-
ing counterfeit or ‘knock-off’
designer, sportswear and luxu-
ry goods, “undoubtedly”
played “an important part” in
convincing the US that the
Bahamas and its government
agencies were serious about
enforcing copyright laws.

“This sends a strong inter-
national message,” Mrs May-

a UBS

nard-Gibson said. “It also
sends a strong local message, in
the sense that there are many
Bahamian artists that are con-
cerned about the protection of
the copyright in their artistic
productions.

“It’s an important message
about law and order in the
Bahamas, and the respect for
creativity and intellectual prop-
erty rights of international and
Bahamian artists alike.”

Apart from the US copyright
watchlist, Mrs Maynard-Gib-
son said the Bahamas had fea-
tured on a number of lists, such
as the Financial Action Task
Force’s (FATF) continued
monitoring list, when the cur-
rent administration took pow-
er in 2002. A “meticulous and

UBS (Bahamas) Ltd a leading international private bank is
looking for highly motivated professionals as

Desk Head - European Desk

In this challenging positions you will be responsible for:

* Leading a team of Client Advisors
* Advising and servicing existing clients including travelling

* Acquisition of new clients

* Proposing of investment solutions

We are searching for a personality with extensive experience in

wealth management, specialized in the fields ofyustomer
felations, investment advice and portfolio management.
“Excellent sales and advisory skills as well as solidiknowledge of

investment products are key requirements. A proven track
record in a comparable position with a leading global financial
institution as well as fluency in English and German, fluency in
another language (Spanish, Italian or French) is a plus,

Written applications by Bahamian nationals only should be

addressed to:

hrbahamas@ubs.com
or

UBS (BAHAMAS) LTD, HUMAN RESOURCES MANAGEMENT

P.O, BOX N-7757, NASSAU, BAHAMAS



ailipeune

ehaian Property Fund

Bank of Bahamas

Benchmark
Bahamas Waste

12.25 Bahamas Supermarkets
10.00 Caribbean Crossings (Pref)

Colina Money Market Fund
Fidelity Bahamas G & | Fund

Colina MS! Preferred Fund

Colina Bond Fund

i S2vek-Hi - Highest closing price in last 52 weeks

S2wk-Lovw - Lowest closing price in last 52 weeks

fi Lo d eS
in di! vwidiocs by closing srg
Bid $ - Buying price of Cotina and Fidelity
Ask $ - Selling price ot Colina and fidelity



planned strategy” had taken
the Bahamas off those lists.

She was unable, though, to
comment on what the US
meant by continuing to “urge
the Government of the
Bahamas to implement the
amendments to its copyright
law”, although this is likely to
be a reference to the compul-
sory cable television licensing
regime.

An amendment to the Copy-
right Act enacted by the
Bahamian government in 2004
narrowed the scope of the
compulsory licensing regime
for the reception and trans-
mission of copyright works
broadcast free over the air, but
this has yet to be implemented.

The US said that as a result,
the remuneration system for
copyrighted works under the
compulsory licensing pro-
gramme included "less than
fair market value rates for
hotels and other commercial
enterprises".

Anthony Butler, Cable
Bahamas president, said yes-
terday that the Bahamas had
dropped two levels on the US
Trade Representative’s watch-
list, coming off it completely.
He explained that below the
‘Watch List’ level; which the
Bahamas had been on previ-
ously, was a ‘concern’ level,
but this nation was not on that
either.

“This is a culmination of the -
efforts that we have been
working on with the US
Embassy here, the Registrar
General’s Department, and the

Bahamian Embassy up in
Washington,” Mr Butler said.

“We had a series of meet-
ings in preparation for the US
Trade Representative’s review.
We're really pleased that, final-
ly, what the Bahamas has been
involved with has beer recog-
nised by the US Trade Repre-

_, sentative in this review,, We’re

pleased about the recognition

tt by the USTR.”

~The probléms with the com-

pulsory licensing regime have

INSIGHT

For the stories

behind the news,
Bete role] 413
on Mondays

been exacerbated by the fact
that both the Bahamas and the
rest of the English-speaking
Caribbean are seen as too
small a market by many US
TV programmers and rights
holders, something that has
made them disinclined to nego-
tiate commercial agreements
with Cable Bahamas.

In 2000, an agreement was
made between the Bahamas
and the US. Under the terms
of that agreement, the Motion
Picture Association of Ameri-
ca (MPAA), its members and
other copyright holders were
supposed to enter good faith
negotiations with Cable
Bahamas for a commercial
agreement that would allow
the company to provide Eng-
lish-speaking programmes, but
pay royalty and license fees to
copyright holders.

hile many of these pro- .
grammes can be picked up in
the Caribbean, the problem
occurs with the premium chan-
nels such as HBO, because the
programme distribution and
royalty rights contracts held by
these networks often do not
allow them to broadcast out-
side the US.

The copyright owners are
reluctant to negotiate with
Cable Bahamas because the
legal fees they would need to
change the royalty contracts
would exceed the revenues
gained from such a small mar-
ket like a Bahamas.

Yet Cable Bahamas, work-
ing with the Government and
the US Embassy, has quietly
made good progress in negoti-
ating commercial agreements
with many copyright holders,
including the likes of MTV and
NBA League Pass.

Mr Butler said yesterday
that “there’ll be a few others
next year” signing commercial
deals with Cable Bahamas,
adding that there were “very
few léft” to sign commercial
broadcasting deals with: ‘the
BISX-listed: company:

“The only reason Copynieht
is in place is because of the
restrictions they have on pro-
gramming outside the US.
With the English-speaking
region next to them, they did-
n’t take programming rights
into consideration,” Mr But-
ler said. “The region is regard-

ed as small.”

Working through the
Caribbean Cable and Televi-

_ sion Association has brought

the region together as one, and
the group's size - some 500,000
English-speaking homes
spread across numerous coun-
tries - has begun to interest US
programmers, who like the
idea of dealing with one body.



IBM Bahamas Limited

Career Opportunity

FINANCIAL ANALYST

Duties and Responsibilities Include:
© Prepares the Services business actual monthly financial reports

© Forecasts and plans

¢ Highlights out of line situation and provides recommendations for corrective actions
to increase effectiveness and efficiencies including utilization rates
e Ensures the effective use of the financial systems to monitor and track contract

performance

© Works with the extended team to help identify process weaknesses and take

corrective action

Minimum Qualifications:

© University Accounting dearee or equivalent experience
© Strong leadership and communication skills, both oral and written, coupled with a

controllership mindset

¢ An-analytical approach to challenges; flexible, sound judgment
e The ability to work independently under pressure to meet deadlines and handle

multiple tasks
© Possesses a positive attitude
© Teamwork focused
¢ Passion for the business

An equal opportunity employer, IBM provides competitive salaries and benefits. Thus,
compensation will be commensurate with experience and qualifications.

Please submit detailed applications or electronic resume to the attention of:

Human Resources Administrator
IBM Bahamas Limited

Fourth Floor

Attantic House

Second Terrace & Collins Avenue
Nassau, Bahamas

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* - 20 Apsit 2007
Previous Close - Previous day's weighted price tor daily volume

Today's Close - Current day's weighted price for dally volume
Change - Change In closing price from day to day

Daity Volt. - 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 eamings

e-Mail: jmoss @bs.ibm.com

Last Price - Last traded over-the-counter price

Weekly Vol. - Trading volume of the prior week

EPS $- A company's reported samings per share for the last 12 mths
NAV - Net Asset Value

N/M - Not Meaningfut

FINDEX - The Fidelity Bahamas Stock index. January 1, 1994 = 100

** 31 March 2007

Deadline: May 5th, 2007

** - 34 March 2007

“* . 31 March 2007 . :
All applications will be held in the strictest confidence. Only applicants who are

sea short-listed will be contacted.





aE DATA‘E INFOAMATIO



“er ae,
THE TRIBUNE BUSINESS

2c

eephone 242 393 2007

PO Box N 123 Fax 242 393 1772
Montague Sterling Centre imernet = www.kpmg.com.bs
East Bay Sirest :

Nasseu, Behames

INDEPENDENT AUDITORS’ REPORT

To the Shareholders ot
Hang Seng Bank (Bahamas) Limited

We have audited the accompanying consolidated balance sheet of Hang Seng Bank (Bahamas)
Limited (“the Bank”) as at December 31, 2006, and a summary of significant accounting policies
and other explanatory notes (together “the consolidated balance sheet"). ~

Management's Responsibility for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of this consolidated balance
sheet in accordance with Internationa! Financial Reporting Standards (“IFRS”). This
responsibility includes: designing, implementing and maintaining internal control relevant to the
preparation and fair presentation of consolidated balance sheet that is free from material
misstatement, whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this consolidated balance sheet based on our audit.
We conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with relevant ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the consolidated balance sheet is free of material
misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the consolidated balance sheet. The procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the consolidated balance sheet,
whether due to fraud or error. In making those risk assessments, we consider intemal control
relevant to the Bank's preparation and fair presentation of the consolidated balance sheet in order
to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Bank’s internal control. An audit also includes
evaluating the appropriateness of accounting principles used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the
consolidated balance sheet.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Opinion

In our opinion, the consolidated balance sheet presents fairly, in all material respects, the
financial position of the Bank as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the consolidated balance sheet does not '
comprise a complete set of consolidated financial statements prepared in accordance with IFRS.
Information on*results of operations, cash flows and changes in shareholder's equity is necessary
to obtain a complete understanding of the financial position, performance and cash flows of the
Bank.

oo

Nassau, Bahamas
26 April 2007

HANG SENG BANK (BAHAMAS) LIMIT _
Consolidated Balance Sheet

31 December 2006
(with corresponding figures at 31 December 2005)





(Expressed in United States dollars)
_ Note 2006: 2005
Assets
Cash in hand and balances with banks 2 $ 1,534,771 1,559,116
_ Money at call and time deposits with
banks ; 2 and 7(a) 1,877,727,413 1,601,684,905
Certificates of deposit 7b) 582,007,945 370,925,375
Loan to investee company 3 and 7(c) 576,924 576,924
Interest and other accounts receivable 2 and 7(d) 86,892,719 74,079,061
Amount due from fellow subsidiaries 2 and 7(e) 718,884,706 1,187,211,646
Investment securities 4and7(f)and9 5,231,412,144 4,616,503,608
Fumiture, fixtures and equipment 54,041 51,700 ©
Total assets $ — 8,499,090,663 7,852,592,335
Liabilities
Amount due to immediate holding
company 2 and 7(g) 7,459,708,351 6,157,291,970
Amount due to fellow subsidiaries 2 and 7(h) 341,468,825 317,796,448
Deposits and current accounts” - 5 and 7(i) 522,188,286 1,194,726,667
Dividends payable 2 and 7(j) 77,850,000 103,160,000
Interest and other accounts payable 2 and 7(k) 18,206,310 19,558,008
Totai liabilities 8,419,421,772 7,792,533,093
Equity
Share capital 6 $ 1,000,000 1,000,000
Reserves 12 (4,131,473) (5,797,322)
Accumulated surplus 82,800,364 64,856,564
Total equity : 79,668,891 60,059,242
Total liabilities and equity S$ _8,499,090,663 7,852,592,335

See accompanying notes to consolidated financial statements.

These consolidated financial statements have been approved by the Board of Direct
April 2007 by the following: ” , conte

—______Joe Cheng. Cs«éOSirectrr

Sunny Leung : Director

Notes to Consolidated Balance Sheet

31 December 2006
(Expressed in United States dollars)



1. General information aad significant accounting policies
(a) General information :

The Group comprises Hang Seng Bank (Bahamas) Limited and its subsidiaries as
detailed in note 1(k) below. Hang Seng Bank (Bahamas) Limited, a wholly-owned
subsidiary of Hang Seng Bank Limited, which is incorporated in Hong Kong, is
incorporated under the laws of the Commonwealth of The Bahamas and is licensed
by the Ministry of Finance of the Bahamas Government to conduct offshore banking
business.

(b) Ultimate holding company

The Group's ultimate holding company is HSBC Holdings plc, which is incorporated
: in England.
(c) Statement of compliance

This consolidated balance sheet has been prepared in accordance with Intemational
Financial Reporting Standards (IFRS) promulgated by the International Accounting
Standards Board and the requirements of the laws of the Commonwealth of The
Bahamas.

(d) Basis of preparation
"This consolidated balance sheet is presented in United States dollars, and is prepared
on the historical cost basis, except for financial instruments classified as trading and

available-for-sale securities and derivative financial instruments that are carried at
fair value.

(e) Use of estimates and judgments
The preparation of financial statements in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the
application of accounting pclicies and the amounts reported in the financial
statements and the accompanying notes. These estimates and associated assumptions
are based on relevant information available at the balance sheet date and, as such,
actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimates
arc revised and in any future periods affected.

(A Tereign currency translation
Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated to United States dollars at the foreign exchange rates ruling at that
date. Non-monetary assets and liabilities denominated in foreign currencies, which
are stated at historical cost, are translated to United States dollars at the foreign
exchange rates ruling at the dates of the transactions.



(8)

(A)

TUESDAY, MAY 1, 2007, PAGE 9B

Financial instruments
(i) — Classification

The Group classifies its financial mstruments into different categories at
inception, depending on the purpose for which the assets were acquired. The
categories are: financial instruments at fair value through profit and loss,
securities and available-for-sale securities.

Financial instruments at fair value through profit and loss are financial assets
which are acquired or incurred principally for the purpose on trading, or are
part of a portfolio of identified financial instruments that are managed together
and for which there is evidence of a recent actual pattern of short-term profit-
taking. Derivatives that do not qualify for hedge accounting (note (1(h)) are
accounted for as financial instruments at fair value through profit and boss.
Available-for-sale securities are non-derivative financial assets that are
designated as available-for-sale or are not classified as trading or securities.
They include financial assets intended to be held for an indefinite period of the
time, but which may be sold in response to needs for liquidity or changes in the
market environment.

(ii) Recognition
The Group recognises financial assets on the date it becomes a party to the
contractual provisions of the instrument. A regular way purchase or sale of
financial assets is recognised using trade date accounting. From this date, any
gains and losses arising from changes in fair value of the financial assets are
recorded, '

(iii) Measurement

_ Financial instruments are measured initially at fair value, which normally will
be equal to the transaction price, plus, in case of a financial asset not financial
instruments at fair value through profit and loss, transaction costs that are
directly attributable to the acquisition or issue of the financial asset.
Transaction costs on financial instruments at fair value through profit and loss
are expensed immediately. :
Subsequent to initial recognition, financial instruments are measured as
follows:
Financial instruments at fair value through profit and loss are carried at fair
value. ;

- Available-for-sale securities are carried at fair value. Unrealised gains and

. losses arising from changes in the fair value are recognised directly in the
investment revaluation reserve, except for foreign exchange gains and losses
on monetary ‘items such as debt securities.
When the available-for-sale securities are sold, the difference between the net
sales proceeds and the carrying value, including the accumulated fair value
adjustments in the investment revaluation reserve, are treated as gains or losses
on disposal.

(iii) Fair value measurement principles

(i)

The fair value of financial instruments is based on their quoted market prices at
the balance sheet date without any deduction for estimated future selling costs.
Financial assets are priced at current bid prices for securities traded on a
recognized stock exchange, or at prices obtained from a broker/dealer for non-
exchange-traded financial instruments. Where these are not available, or if the
market for the security is not active, the fair value of the instrument is
estimated using valuation techniques that provide a reliable estimate of prices
which could be obtained in actual market transactions.

Where discounted cash flow techniques are used, estimated future cash flows
are based on management's best estimates and the discount rate used is a
market rate at the balance sheet date applicable for an instrument with similar
terms and conditions. Where other pricing models are used, inputs are based
on market data at the balance sheet date.

(iv) Derecognition
A financial asset is derecognised when the contractual rights to receive the cash

flows from the financial asset expire, or where the financial asset together with
substantially all the risks and rewards of ownership, have been transferred.

A financial liability is derecognised when the obligation specified in the
contract is discharged, cancelled or expires. .
Hedging
Hedge accounting recognises the offsetting effects on profit or loss of changes in the
fair values of the hedging instrument and the hedged item. The Group assesses and
documents whether the financial instruments that are used in hedging transactions are
highly effective in offsetting changes in fair values or cash flows of hedged items
attributable to the hedged risks both at hedge inception and on an ongoing basis. The
Group discontinues prospectively hedge accounting when (a) the hedging instrument
expires or is sold, terminated or exercised; (b) the hedge no longer meets the criteria
for hedge accounting; or (c) the Group revokes the designation.

(i) Fair value hedges
A fair value hedge seeks to offset risks of changes in the fair value of recognised.
asset that will give rise to a gain or loss being. recognised in the statement of
income.
The hedging instrument is measured at fair value, with fair, value changes
recognised in the statement of income. The carrying amount of the hedged item .
is adjusted by the amount of the changes in fair value of the hedging instrument’ ”
attributable to the risk being hedged. This adjustment is recognised in the
statement of income to offset the effect of the gain or loss on the hedging
instrument.

(ii) Cash flow hedges
Where a derivative financial instrument is designated as a hedge of the variability
in cash flows of a recognised asset, the effective part of any gain or loss on the
derivative financial instrument in relation to the hedged risk is recognised
directly in equity. The ineffective part of any gain or loss is recognised
immediately in the statement of income.
For cash flow hedges of a recognised asset, the associated cumulative gain or loss
is removed from equity and recognised in the statement of income in the same
period or periods during which the hedged cash flows affect the profit. .

When a hedging instrument expires or is sold, terminated or exercised, or the
Group revokes designation of the hedge relationship but the hedged forecast
transaction is still expected to occur, the cumulative gain or loss at that point
remains in equity and is recognised in accordance with the above policy when the
transaction occurs. If the hedged transaction is no longer expected to take place,
the cumulative unrealised gain or loss recognised in equity is recognised
immediately in the statement of incoie.
(iti) Hedge effectiveness testing
In order to qualify for hedge accounting, the Group carries out prospective
effectiveness testing to demonstrate that it expects the hedge to be highly
effective at the inception of the hedge and throughout its life. Actual
effectiveness (retrospective effectiveness) is also demonstrated on an ongoing
basis. :

The documentation of each hedging relationship sets out how the effectiveness of
the hedge is assessed. The method the Group adopts for assessing hedge
effectiveness will depend on its risk management strategy.

For fair value hedge relationships, the Group utilises the cumulative dollar offset
method as effectiveness testing methodology. For cash flow hedge relationships,
the Group utilises the change in variable cash flow method or capacity test or the
cumulative dollar offset method using the hypothetical derivative approach.

For prospective effectiveness, the hedging instrument must be expected to be
highly effective in achieving offsetting changes in fair value or cash flows
attributable to the hedged risk during the period for which the hedge is
designated. For actual effectiveness, the changes in fair value or cash flows must
offset each other in the range of 80 per cent to 125 per cent for the hedge to be

deemed effective.

Impairment of assets

@)

(k)

The carrying amounts of the Group's assets are reviewed at each balance sheet date

to determine whether there is objective evidence of impairment. If any such evidence

exists, the carrying amount is reduced to the estimated recoverable amount by means

of a charge to the statement of income.

(i) Available-for-sale securities
When there is objective evidence that an available-for-sale security is impaired,
the cumulative loss that had been recognised directly in equity is removed from
equity and is recognised in the statement of income. The amount of the
cumulative loss that is recognised in the statement of income is the difference
between the acquisition cost and current fair value, less any impairment loss on
that asset previously recognised in the statement of income.

Impairment losses recognised in the statement of income in respect of
available-for-sale equity securities are not reversed through statement of
income. Any subsequent increase in the fair value of such assets is recognised
directly in equity. Such impairment losses are not reversed.

Impairment losses in respect of available-for-sale debt securities are reversed if
the subsequent increase in fair value can be objectively related to an event
occurring after the impairment loss was recognised. Reversals of impairment
losses in such circumstances are recognised in the statement of income.

(ii) Interest in subsidiaries
The recoverable value of the Group’s interest in subsidiaries is calculated based
on net assets valuation and the revenue multiple valuation method.

Furniture, fixtures and equipment

Furniture, fixtures and equipment are stated at cost less depreciation, which is
provided at rates calculated to write off the cost over the estimated useful life of each
asset on a straight-line basis. As the costs involved are not material to the Group, no
separate disclosure is made in the notes to the consolidated financial statements.

Interest in subsidiaries

Subsidiaries are those enterprises controlled by the Group. Control exists when the
Group has the power, directly or indirectly, to govern the financial and operating
policies of an enterprise so as to obtain benefits from its activities. :
The financial statements of the subsidiaries are included in the consolidated financial
statements from the date that control effectively commences until the date that
control effectively ceases.
PAGE 10B, TUESDAY, MAY 1, 2007



a

r
eo

Under the Group there are three wholly-owned subsidiaries, Hang Seng Bank Trustee
(Bahamas) Limited, Hang Seng Insurance (Bahamas) Limited and Silver Jubilee
Limited. All of them are incorporated under the laws of The Commonwealth of The
Bahamas.

() Retirement scheme

The Group operates a defined contribution scheme for the benefit of the local staff in
The Bahamas.

The Group also provides retirement benefits to the expatriate staff through a defined
benefit scheme operated by its immediate holding company. The costs of the scheme
are assessed in accordance with the advice of qualified actuaries so as to recognise
the cost of retirement benefits on a systematic basis over employees’ service lives.
As the costs involved are not material to the Group, no separate disclosure is made in
the notes to the consolidated balance sheet.

(m) Cash and cash equivalents

For the purpose of the consolidated statement of cash flows, cash and cash
equivalents include highly liquid investments that are readily convertible into known
amounts of cash and which are subject to an insignificant risk of change in value.
Such investments are normally those with less than three months’ maturity from the
date of acquisition, and include cash and balances at central banks, treasury bills and
other eligible bills, !oans and advances to banks, and certificates of deposit.

2. Transactions with related parties

In the normal course of business, the Group enters into transactions with its intermediate and
immediate holding companies and fellow subsidiaries. The transactions were priced at
relevant market rates at the time of each transaction, and were under the same terms as those
available to othet counterparties. Balances with these related parties as at 31 December 2006
and 2005:

a ED



2006 2005

Cash in hand and balances with banks $ 187,181 161,931
Money at call and time deposits with banks 105,798,820 124,145,348
Interest and other accounts receivable 3,005,450 4,898,845
Amount due from fellow subsidiaries 718,884,706 1,187,211,646
‘Amount due to immediate holding company 7,459,708,351 6,157,291,970
Amount due to fellow subsidiaries 341,468,825 317,796,448
Dividend payable . 77,850,000 103,160,000
Interest and other accounts payable 7,342,725 1,757,531
Dividend 128,070,000 190,400,000
Interest rate swap contracts 218,490,549 446,180,594

The Group leases the office premises under an operating lease with group companies (note
18) and has an option to renew the contract prior to the expiration of the lease. The lease
does not include contingent rental nor impose special restrictions on the operation of the
Group.

3. Loan to investee company

The loan to investee company is unsecured, interest free and has no fixed repayment terms.
Management does not expect the loan to be repayable within 5 years.

4. Investment securities



2006 2005



Available-for-sale securities (notes 12(f\(i) & 14(i))
Financial instruments at fair value through
profit or loss (notes 12(f\(ii) & 14(ii))

$ 5,014,168,502 4,182,853,048
217,243,642 433,650,560

$ 5,231,412,144 4,616,503,608

Available-for-sale investment includes a 4.75% (2005 - 4.75%) investment in
iBusinessCorporation.com Holdings Limited, an investment holding company. The carrying
value, representing investment cost, amounted to $1,696 (2005 - $1,696). There is no market
value for this investment and there have not been any recent transactions that provide
evidence of the current fair value. In addition, discounted cash flow techniques yield a wide
range of fair values due to uncertainty regarding future cash flows based on the high risk
nature of the industry. As such, discounted cash flow techniques do not provide a reliable
measure of fair values. *

OWRD age



5. Deposits and current'accounts*~:! po it





Deposits from customers $ 522,188,286

2006 2005

1,194,726,667



6. Share capital
erento
. ; 2006 2005
Authorised, issued and fully paid -
1,000,000 shares of $1 each $ 1,000,000 1,000,000

7. Maturities of assets and liabilities



2006 . 2005



(a) Money at call and time deposits with
banks

Within 1 month $ 1,646,392,613 1,249,781,476
Between 1 - 3 months 221,334,800 346,403,429
Between 3 - 6 months 10,000,000 5,500,000



$ 1,877,727,413 1,601 ,684,905

(b) Certificates of deposit





Within 1 month . $ 29,896,042 -
Between 1 - 3 months 53,451,666 -
Between 3 - 6 months 44,050,300 78,817,265
Between 6 - 12 months 5,004,995 38,464,003
Between 1 - 5 years i 449,604,942 253,644,107

$ 582,007,945 370,925,375

(c) Loan to investee company

More than 5 years $ 576,924 _ 576,924

(a) Interest and other accounts receivable



Within 1 year $ 54,218,167 69,521,890
-. Between 1 to 5 years 32,219,134 4,557,171
More than 5 years 455,418 -
$ 86,892,719 74,079,061







2006 2005
(e) Amount due from fellow subsidiaries
Within 1 month $ 718,884,706 1,187,211,646
“ Investment securities
€
(i) Available-for-sale securities (notes 4 & 14(i))
Within 1 month $ 125,744,912 16,541,914
Between 1 - 3 months 285,551,121 255,120,420
Between 3 - 6 months 393,298,987 323,094.502
Between 6 - 12 months 463,144,206 362,251,741
Between 1 - 5 years 3,692,609,961 3,194,313,054'
More than 5 years 53,819,315 31,531,417
5,014, 168,502 4, 182,853,048
(il) Financial instruments at fair value through
profit and loss (notes 4 & 14{(ii))
Repayable on demand $ 217,243,642 433,650,560

$ 5,231,412,144

(8) Amount due to immediate hoiding company

4,616,503,608

Within 1 month . $ 7,449,428,351 6,147,011,970
Over 5 years 10,280,000 10,280,000

$ 7,459,708,351

(h) | Amount due to fellow subsidiaries

Within 1 month $ 341,468,825

ee ee

NTT SL A TT



6,157,291 ,970

317,796,448

THE TRIBUNE BUSINESS



(h) Amount due to fellow subsidiaries
Within | month $ 341,468,825 317,796,448
(i) Deposits and current accounts
Within 1 month $ 495,847,655 1,132,132,729
Between | - 3 months 23,796,688 60,151,128
Between 3 - 6 months 1,749,878 1,663,428
Between 6 - 12 months 794,065 779,382



$ 522,188,286 1,194,726,667











2006 2005
Gj) Dividend payable
Within | year $ 77,850,000 103,160,000
(k) Interest and other accounts payable
Within | year $ 18,034,558 17,073,211
Between 1 - 5 years 171,752 2,484,797
7 $ 18,206,310 19,558,008



8.Geographical distribution of assets and liabilities

10.

ye a ra gerry re







2006 2005
% %

(a) Money at call and time deposits with banks
Americas - : 2
Asia-Pacific 48 59
Australia - 1
Europe — 52 38
‘ 100 100

(b) Certificates of deposit





Americas 32 30
Australia 49 48
Europe 19 22
100 100

(c) Loan to investee company
Americas 100 100



(d) Amount due from a fellow subsidiary





Americas 100 100
2006 2005
% %
(e) Investment securities

(i) Available-for-sale securities

Americas . 36 37
Asia-Pacific 9 6
Australia 14 14
Europe 40 42
New Zealand 1 1

100 7 100

ee

(ii) Financial instruments at fair value through profit or loss













Americas ‘ 75 . 56
Asia-Pacific - 13
Australia - 6
Europe 25 21
New Zealand - 4
100 100
(62) Amount due to immediate holding company
Asia-Pacific : 100 100
(g) Amount due to fellow subsidiaries
Americas 1 1
Asia-Pacific 99 99
100 100
(h) Deposits and current accounts
Asia-Pacific n 100 100



Investment securities



2006 2005

(i) Available-for-sale securities (notes 4 & 7(f)(i))
Listed / $ 59,947,909 59,816,041
Unlisted 4,954,220,593 4,123,037,007



5,014,168,502 4,182,853,048

(ii) Financial instruments at fair value through profit and loss (notes 4 & 7(f)(ii))
‘Unlisted $ 217,243,642 433,650,560

The current accounting policy for financial instruments is set out in note 1(g) above.

Financial risk management

Financial assets of the Group include cash in hand and balances with banks; amount due from
immediate holding company; money at call and time deposits with banks; certificates of
deposit; loan to investee company; amount due from fellow subsidiaries; available-for-sale
securities and financial instruments at fair value through profit and loss. Financial liabilities
of the Group include amount due to immediate holding company; amount due to fellow
subsidiaries; and deposits and current accounts. Accounting policies for financial assets and
liabilities are set out in note 1. The following sets out the risk management policies and
procedures to identify, monitor and control the various types of risks to which the Group’s
business is exposed to.

(a) Credit risk

Credit risk is the risk that financial loss arises from the failure of a customer or
counterparty to meet its obligations under a contract. It arises principally from
lending, treasury and other activities.

The Group follows the Hang Seng Bank Group's established policies and systems for
monitoring and control of credit risk. Credit approval and review are governed by
established guidelines and procedures and the application of a standard facility
grading system. The Group does not require collateral in respect of financial assets.

Interest rate swap transactions are with counterparties with whom the Group has a
signed netting agreement as well as sound credit ratings.

At the balance sheet date there were no significant concentrations of credit risk. The
maximum exposure to. credit risk is represented by the carrying amount of each
financial asset, including derivative financial instruments, in the balance sheet.

(b) Liquidity risk

Liquidity management is essential to ensure the Group has the ability to meet its
obligations as they fall due. It is the Group's policy to maintain a strong liquidity
position by properly managing the liquidity structure of its assets, liabilities and
commitments so that cash flows are appropriately balanced and all funding
obligations are comfortably met.

The Group has established policies and procedures to monitor and control its
liquidity position on a daily basis by adopting a cash flow management approach.

Analysis of assets and liabilities by remaining maturity is disclosed in note 12.

(c) Market risk

Market risk is the risk that foreign exchange rates or interest rates will move and
result in profits or losses to the Group. The Group’s market risk arises from
customer-related business and from position taking.

Market risk is managed within risk limits approved by the immediate holding
company. Risk limits are set by product and risk type with market liquidity being a
principal factor in determining the level of limits set. Limits are set using a
combination of risk measurement techniques, including position limits, sensitivity
limits, as well as value-at-risk (VaR) limits at a portfolio level. VaR is a technique
which estimates the potential losses that could occur on risk positions taken due to
movements in market rates and prices over a specified time horizon and to a given
level of confidence.

(d) Interest rate exposure
Interest rate risk comprises those originating from treasury activities, both trading
and non-trading portfolios, which include structural interest rate exposures. Interest
rate risk is manaped by the Group under limits approved by the immediate holding
company.

Interest rate swaps haye been entered into to achieve an appropriate mix of fixed and
floating rate exposures within the Group's policy. The swaps mature over the next
ive years following the maturity of the related investment securities.

=>

i

i

«oe eee ae ee

ees

Sig ae ee

Deere

Fito Me

4

Ss ae





The Group's financial assets and liabilities which were exposed to interest rate risk at
31 December 2006 and 2005 were as follows:












Effective Inserest
Interest rate type Terms Total

$
2006
Financial assets:

Money at call and time deposits
with banks






5.75% Fixed (i) 1,877,727,413



Certificates of deposit 534% Fixed (i) 582,007,945







Amount due from fellow subsidiaries 718,884,706





Available-for-sale securities 5,014,166,806




Financial instruments at fair value
through profit and boss







4.80% 217,243,642

Financial Liabilities:



Amount due to immediate’

holding company 7,449,428 ,351









Amount due to fellow subsidiaries 341,468,825

Deposits and current accounts 4.51% Fixed (i) 522,188,286
2005

Financial assets:

Money at call and time deposits
with banks




5.02% Fixed (i) 1,601,684,905






Certificates of deposit 4.15% Fixed (i) 370,925,375




Amount due from a fellow subsidiary 2.88% Fixed (i) 1,187,211,646









Available-for-sale securities Fixed/ 4,182,853,048

Floating (ii)
Financial instruments at fair value .
through profit and loss 4.97% Fixed/ (i)/ 433,650,560
Floating







Effective Interest

Interest rate type Terms Total







2005
Financial Liabilities:

Amount due to immediate

holding company 6,147,011,970





Amount due to fellow subsidiaries 2.06%




317,796,448



Deposits and current accounts 4.09% Fixed




=>

i) 1,194,726,667







(i)
(ii) Floating rate is reset regularly.

Maturity profile is set out in note 7.

In addition to the above, the Group also enters into off-balance sheet financial
instruments to ‘manage its interest rate exposure. The following tables give the
contractual or notional amounts of these transactions.

Contrattual amounts

Off-balance sheet financial instruments:




Interest rate contracts:

Interest rate swaps (note 2) $ 995,847,639 1,173,742,517















The contractual or notional amounts of these instruments indicate the volume of
transactions outstanding at the balance sheet date; they do not represent amounts at
tisk.
The maturity profile of the above interest rate contracts categorised by the remaining
period from the balance sheet date to the contractual maturity date is as follows:

2006 200



* Within 1 year $ 550,926,263 217,000,077
Between 1 to 5 years 444,921,376 956,742,440
Total $ 995,847,639 1,173,742,517

(e) Foreign exchange risk
The Group’s foreign exchange exposure, which arose from currency exposures
originated by its banking business, is managed within foreign exchange position
limits approved by the immediate holding company.

. Fair values of financial instruments

All financial instruments are stated at fair value or carried at amount not materially different
from their fair values as at 31 December 2006 & 2005, except as follows:













2006 2006
Carrying Fair
Amount value

2005
Carrying Fair
amount











Available-for-sale securities:
- Unlisted equity investment $ 1,696 - 1,696 -
At 31 December $ 1,696 - 1,696 -







The estimation of fair value was based on quoted market prices at the balance sheet date
without any deduction for transaction costs. :

No fair value for available-for-sale investment was disclosed above as there was no market
price quoted for this investment and it is not practical to estimate a fair value for it.

Reserves

2006 2005








Investment revaluation reserve
Hedging reserve
At 31 December $

489,583
3,641,890
4,131,473
2006

1,016,188
4,781,134
5,797,322
200:
















- Investment revaluation reserve: :
As at 1 January § 1,016,188
(526,605)

489,583

1,016,188
1,016,188

e
E

















Cash flow hedging reserve:
As at 1 January § 4,781,134 -
Effective portion of changes in fair value (1,139,244) 4,781,134

At 31 December 3,641,890 4,781,134



4,131,473 5,797,322





(i) Investment revaluation reserve |

The investment revaluation comprises the cumulative net change in the fair value of
available-for-sale securities held at the balance sheet date and is dealt with in accordance
with the accounting policies in note 1(g) and 1(i).

(ii) Hedging reserve

The hedging reserve comprises the effective portion of the cumulative net change in the
fair value of hedging instruments used in cash flow hedges pending subsequent
recognition of the hedged cash flow in accordance with the accounting policy adopted for
cash flow hedges in note 1 (h)(ii).

13. Operating leases
Leases as lessee:

Non-cancellable operating lease rentals are payable as follows:

Within less than one year
Between 1 to 5 years

Publish your Legal Notices
and Balance Sheets

oe

The Tribune

Call: 502-2352

THE TRIBUNE BUSINESS



@ By JEANNINE AVERSA
AP Economics Writer

WASHINGTON (AP) —
World Bank President Paul
Wolfowitz on Monday decried
what he called a “smear cam-
paign” against him and told a
special bank panel that he act-
ed in good faith in securing a
promotion and pay raise for
his girlfriend. He reiterated
that he had no plans to resign,
and President Bush gave him a
fresh endorsement.

In a prepared statement to
the panel, Wolfowitz said the
institution’s ethics committee
had access to all the details sur-
rounding the arrangement
involving bank employee Sha-
ha Riza, “if they wanted it.”

Wolfowitz told the panel, “I
acted transparently, sought and
received guidance from the
bank’s ethics committee and
conducted myself in good faith
in accordance with that guid-
ance.”

The special bank panel is
investigating Wolfowitz’ han-
dling of the 2005 promotion of
bank employee Riza, who was
scheduled to appear later in
the day.

The controversy has prompt-
ed calls for the resignation of












The Tribune wants to hear
from people who are
making news in their
neighbourhoods. Perhaps
you are raising funds for a
good cause, campaigning
for improvements in the
area or have won an
award.
If so, call us en 322-1986
and share your story.



BUSINESS

| World Bank chief
defends girlfriend’
promotion

Wolfowitz, an architect of the
Iraq war in his preceding Pen-
tagon job. The bank’s 24-mem-
ber board is expected to make
a decision in the case this
week.

Bush, meanwhile, said Wol-
fowitz “ought to stay. He ought
to be given a fair hearing.”

Wolfowitz lamented that the
controversy over the pay pack-
age was part of an effort to
oust him from the office, which
he has held for nearly two
years. The institution’s mission
is to fight global poverty.

Smear

“The goal of this smear cam-
paign, I believe, is to create a
self-fulfilling prophecy that I
am an ineffective leader and
must step down for that rea-
son alone, even if the ethics
charges are unwarranted,”
Wolfowitz said.

He vowed to fight for his
job. “I will not resign in the
face of a plainly bogus charge
of conflict of interest,” he said.

Bush said Wolfowitz’ fate
did not come up during a U.S.-
European Union summit at the
White House. The Europeans,
including a German govern-
ment official, have been critical

of Wolfowitz and the Euro- -

pean Parliament has called on
him to resign. There had been
talk that German Chancellor
Angela Merkel, whose coun-
try holds the rotating EU pres-
idency, would bring up Wol-
fowitz.

As part of his defense, Wol-
fowitz, among other things, cit-
ed a Feb. 28, 2006, letter which
he characterized as showing

that bank’s ethics committee

had looked at the arrange-
ment.

The panel’s chairman;..Ad...,

Melkert, said in the letter that
an allegation relating to “a
matter which had been previ-
ously considered by the com-
mittee did not contain new
information warranting any
further review.”

The letter didn’t specifically
mention Wolfowitz or Riza by
name.

However, Wolfowitz pointed
to it as proof that ethics offi-
cials were aware of Riza’s com-
pensation package.

The bank’s executive direc-

TUESDAY, MAY

yo ma! ,

2007, PAGE'11B

1,

FRBRETERTERREGEE

ewe

tm
tors, however, have saidj.the
terms and conditions ofthe
package had not been “¢om-

‘mented on, reviewed® or
. approved” by the ethics ¢om-

mittee, Melkert or the bank’s
board. we
Melkert’s February 2006 let-
ter informed Wolfowitz that
the ethics committee had
reviewed two e-mails from an
anonymous whistleblower
alleging ethical lapses by: the
World Bank’s president. One
e-mail complained about; the
size of Riza’s pay raise. =
Riza was working atthe
bank when Wolfowitz arrived
in 2005 and had earned cloge to
$133,000 as a communicatjons
adviser in the bank’s Middle
East department. She was reas-
signed at the State Department
to avoid a conflict of interest
but remained on the bank’s
payroll. Her pay then rose to
$180,000 and eventually to
$193,590. w
Wolfowitz said the initial
$180,000 she received “w€s in
line with salaries paid to Bank
employees” holding similar H
level positions. He said;the
salary “seemed reasonable to
me” and noted that “many
World Bank employees ‘are,
comparatively speaking, gen-
erously paid, and hundreds of
them earn more than the US.
Secretary of State.” f
_ He also denied accusations
that he sought to hide details of
Riza’s pay package. 3
“I always expected that the
ethics committee could know
the details of how the matter
was resolved if they: so
desired,” Wolfowitz said. “I
also understood that experts
in the human resources depart-
ment would review the con-
tract. It never occurred to me
that they would not, and I
believe that they did.” *
Wolfowitz said the details of
the pay package “were-not
‘dictated’ by me but flowed
from the back-and-forth nego-
tiating process” betweem: the
bank’s vice president of human
resources, Xavier Coll,*and
Riza, who had her own counsel
in the matter, Wolfowitz said.
For World Bank officials to
declare his actions to be
improper, Wolfowitz argued
would be “unjust and frankly
hypocritical.” t

SWRA APSR ER AE

aug

OFFICE OF THE DEPUTY PRIME MINISTER &
MINISTRY OF NATIONAL SECURITY
OFFICE OF THE PARLIAMENTARY COMMISSION

ENGLERSTON CONSTITUENCY

RETURNING OFFICER - MELONIE ROACH

|

E.P. Roberts Primary School, Balfour Ave.

RM Bly Sr Tigh School Robson RO
TEP Robes Primary Schoo Rafoweave.

R.M. Bailey Sr. High School, Robinson Rd. !
E.P. Roberts Primary School, Balfour Ave
R.M. Bailey Sr. High School, Robinson Rd.

R.M. Bailey Sr. High School, Robinson Rd.

R.M. Bailey Sr. High School, Robinson Rd ;
R.M. Bailey Sr. High School, Robinson Rd ;







ee ee ee ee es

on Sr

~VveERe Wer:

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A~+ eee &

wow ie a
PAGE 12B, TUESDAY, MAY 1, 2007

THE TRIBUNE



ow 3
89 CRAIG HARRIS
“=c..2007 Seattle Post-
Intelligencer



SEATTLE -- After a few years of
working as a special education
teacher, Tomika Quigg knew she was
ready for a change.

Teaching children with behavioral
issues had become too stressful, Quigg
said, and she had grown interested in
fashion and the arts. So the Seattle
woman, who also has a master’s
degree in social work from the Uni-
versity of Washington, traded the
classroom for the living room.

WPoday Quigg sells jewelry for Lia
Sophia at in-home events, and the 29-

‘iow

7
sdy LU

INSIGHT

For the stories behind
MWS ers R LTE



year-old is among a growing number
of entrepreneurs, most of whom are
women, who are involved in direct
selling. “I plan on doing this as a
career, especially when I have my
own kids,“ Quigg said.

Whether it’s jewelry, beauty prod-
ucts or Tupperware, direct selling has
been a part of America’s retail scene
for years. One of the country’s oldest
direct sellers is Avon, which began in
1886 as the California Perfume Co.
and now has more than 675,000 U.S.
sellers.

Direct selling typically is a part-
time job and nearly 65 percent of all
sales are done in a home, according to
the Washington, D.C.-based Direct
Selling Association, a trade organi-
zation. Another 15 percent of sales
are done by phone, and 12 percent
are done online. Direct selling also
provides flexibility, and it can pro-
duce a steady income.

However, turnover is high and
there are challenges in finding new
customers outside a base of family
and friends, say those in the indus-

Total revenues from direct selling in

14.1 million people sold products out-
side of a fixed retail location.

Direct selling revenues have
increased 14 percent since 2001, as
the number of sellers has increased by
nearly 2 million, or 16 percent, since
that time.

The Direct Selling Association said
82 percent of sellers are women and
most sales are done in-the South,
where one-third of all direct sales
occur. A quarter of all direct sales
take place in the West.

Lia Sophia, named after the daugh-
ters of company president Tory Kiam
and based just outside Chicago, has
grown from 1,000 representatives in
2001 to about 21,000, Kiam said. He
credits the growth to a product that
buyers want and a healthy sales com-
mission of at least 30 percent.

“We have a goal of 40,000 repre-
sentatives by June 2008, and I think
we will do it,” Kiam said. “There are
14 million people in this industry and
obviously, Avon and Amway have
lots and lots of people. In this society,
with how busy people are and with
child rearing, you have to have flexi-
bility. That’s why this industry will
do well. It provides a great service to
the American economy.“

Quigg said that although she only
has been selling jewelry since Sep-
tember 2006, she already had one
month when she brought in $5,000.

She typically shows her jewelry at
events hosted by friends, and she said
incentives for jewelry purchases
offered by Lia Sophia make it enticing
for others to sponsor parties.

Erin Hagens, who recently attend-
ed one of Quigg’s events in the Madi-
son Park neighborhood, said the par-
ties are fun and those who come usu-
ally are eager to buy. “Women like to
help other women who are starting a
business,” Hagens said. “To the
extent we can help, we want to.“

Sharon Hamilton, a former nurse
and loan officer from Everett, said
she began working full time for Avon
a year ago and makes enough so “I
don’t have to put my son in day care
and I’m able to work at home.”

Sheryl Hildebrand, managing part-
ner of Deloitte’s Seattle office, said
she’s not surprised with the growth
of direct selling and that the majority
of those involved are women.

“A part of it is very simple. It’s an
entrepreneurial issue,“ said Hilde-
brand, whose professional services
company ‘also tracks employment

Women take direct route

trends.

Hildebrand said some women are
not finding satisfaction in the corpo-
rate world and they want to set their
own hours.

Angela Horiuchi-Yvkoff of New-
castle is one entrepreneur who was
fed up with a traditional career.

After working for an advertising
agency in Salt Lake City, Horiuchi-
Yvkoff and a close friend, Karen Var-
deny, decided to start their own
events company, Fusion Factory,
about five years ago. Following the
growth of that business, the women
recently started Tummy Talk, which

_makes high-end scrapbooks for preg-

nant women.

Horiuchi-Yvkoff and Vardeny, who
lives in Salt Lake City, use a. company
Web site to sell scrapbooks directly to
consumers, but the product has
become so popular that about 15
retailers have picked it up. ,,,

“T love not working for anyone
else,” Horiuchi-Yvkoff said of the

‘ businesses, which she runs from her

home. “When we were in advertis-
ing, we were working 60 to 70 hours a
week and we saw all the money roll

‘ up to the top and not to the bottom.

We knew we could do it on our own.”

ARES ASSRRAAKERHESSREKLEKRACRO USA REVERSAL TANKER ASARERER SARE KeTeBeuss ews hSaeeeas cme a:

BOURKE GSEDBEEAEARE RARER AARKEKLRSRRRRAES HALE KAZHDEH

on Mondays the U.S. reached nearly $30.5 billion
in 2005, the most recent data, when
Guu
‘ad +
eR a ! é KPMG Telephone 242 393 2007
PO Box N 123 Fax 242 393 1772
" Montague Sterling Centre Internet www. kpmg.com.bs
; East Bay Street
5 Nassau, Bahamas
4
*
‘ INDEPENDENT AUDITORS’ REPORT +
A ;
‘ To the Shareholder of
Hang Seng Bank Trustee (Bahamas) Limited
We have audited the accompanying balance sheet of Hang Seng Bank Trustee (Bahamas) Limited
7 (“the Company”) as at December 31, 2006, and a summary of significant accounting policies and
; other explanatory notes (together “the balance sheet”). :
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of this balance sheet in
accordance with International Financial Reporting Standards (“IFRS”). This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due
to fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on this balance sheet based on our audit. _We
conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with relevant ethical requirements and plan and. perform the audit to
F obtain reasonable assurance whether the balance sheet is free of material misstatement.
& Bae SOWETO HE Oe Gwy HOVE bss uu v ,
i An audit’involves:pefforming ‘ptdcédures to” obtain’ ‘audit evidence about the amounts and

disclosures in the financial statements. The. procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, we consider internal control relevant to
the Company's preparation and fair presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Company's internal control... An audit also includes
evaluating the appropriateness of accounting principles used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the
financial statements.

We believe that-the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Opinion

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of
the Company as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter 7

Without qualifying our opinion we emphasize that the balance sheet does not comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations, cash flows and changes in shareholder's equity is necessary to obtain a complete
understanding of the financial position, performance and cash flows of the Company.

Chartered Accountants

Nassau, Bahamas
26 April 2007

HANG SENG BANK TRUSTEE (BAHAMAS) LIMITED
Balance Sheet

31 December 2006
(with corresponding figures at 31 December 2005)
(Expressed in United States dollars);









Note 2006 2005
Assets
Cash and cash equivalents 2&4 $ 1,813,889 1,898,192
Accounts receivable and other assets 2 and 5(a) 14,796 50,465
Total assets $ 1,828,685 1,948,657
Liabilities
Accounts payable and other liabilities 2 and 5(b) $ 17,470 71,232
Current liabilities 17,470 Tazad
Equity
Share capital 3 $ 1,000,000 1,000,000
Accumulated surplus 811,215 877,425
Total equity . 1,811,215 1,877,425

See accompanying notes to balance sheet.

This balance sheet has been approved by the Board of Directors on 26 April 2007 by the
following:

Joe Cheng Director
Sunny Leung Director
Notes to Balance Sheet

31 December 2006
(Expressed in United States dollars)

1. General information and significant accounting policies ©

~
S
~

General information:

Hang Seng Bank Trustee (Bahamas) Limited (‘the Company”),.a wholly-owned
subsidiary of Hang Seng Bank (Bahamas) Limited, which is incorporated under the
laws of the Commonwealth of The Bahamas, is incorporated under the laws of the
Commonwealth of The Bahamas and is licensed by the Ministry of Finance of the
Bahamas Government to carry on trust business.

S
LY

Ultimate holding company:

The ultimate holding company of the Company is HSBC Holdings ple, which is
incorporated in England. ’

(c) Statement of compliance:
This balance sheet has been prepared in accordance with International Financial
Reporting Standards (“IFRS”) and interpretations promulgated by the International

Accounting Standards Board and the requirements of the laws of the Commonwealth
of The Bahamas.

(a) Basic of preparation:

This balance sheet is presented in United States dollars, and is prepared on the
historical cost basis. :

~
»
LL

Use of estimates and judgments

The preparation of financial statements in conformity with IFRS requires
management to make judgments, estimates and assumptions that affect the
application of accounting policies and the amounts reported in the financial
statements and the accompanying notes. These estimates and associated
assumptions are based on relevant information available at the balance sheet date
and, as such, actual results may differ from these estimates.

The estimates and underlying assumptions ‘aré ‘reviewed on an Ongoing basis.
Revisions to accounting estimates are recognized inthe period in which the estimates

are revised and in any future periods affected.) 4

Ss

Cash and cash equivalents

Cash and cash equivalents comprise cash balances on hand and short-term highly
liquid investments with maturities of three months or less when purchased.

—~
oo
LY

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated to United States dollars at the foreign exchange rates ruling at that
date. Non-monetary assets and liabilities denominated in foreign currencies, which
are stated at historical cost, are translated to United States dollars at the foreign
exchange rates ruling at the dates of the transactions.

2. Transactions with related parties

In the normal course of business, the Company entered into transactions with its intermediate
and immediate holding companies and fellow subsidiaries. The transactions were priced
based on relevant market rates at the time of each transaction, and were under the same terms
as those available to other counterparties. Balances with these related parties as at 31
December 2006 and 2005 are summarised below:

1 ED









2 RO ad fe at,

ee LL ee 8 Pe See ee ee

_ 2006 2005

Cash and cash equivalents $ 1,813,889 1,898,192
Accounts receivable and other assets : ; 5,730 5,735 ,
Accounts payable and other liabilities . 10,255 . 45,605 5

3. Share capital

4
SS 4
. . 2006 2005 #
*
Authorised, issued and fully paid: .
1,000,000 shares of $1 each $ 1,000,000 1,000,000 #
d
4
4
4. Cash and cash equivalents 4
4
(SD ,
2006 2005 a
: ”
Current account $ = 1,781,269 1,831,373 °
Call deposit 32,620 66,819 +
, Sere ge 5 1,813,889 1,898,192 3
a ——————_—_—_—=_ 4
The effective interest rate on the call deposit was 0.36 percent per annum (2005: NIL). The .
deposits had an average maturity of 2 days (2005: 2 days). 4
4

5. Maturities of assets and liabilities







2 2006 2005 5
,
«
(a) Accounts receivable and other assets 4
4
fA
an
(b) Accounts payable and other liabilities .
Within | year $ 17,470 71,232 3
4
6. Geographical distribution of asset 4
4
aa
2006 2005 *
% % :
(a) Cash at bank - immediate holding company 4
Americas 100 100 "
(SLT LT LL ‘
2
(b) Call deposit due from intermediate holding company $
a
Asia-Pacific 100 100 .
*
*
a
«a
7. Financial instruments 4
Financial assets of the Company include cash and cash equivalents and accounts receivable : 4
and other assets. Financial liabilities of the Company include accounts payable and other
liabilities. The fair values of the financial instruments was not materially different from the
carrying amounts at 31 December 2006 and 2005. :
There were no off-balance sheet financial contracts outstanding at the balance sheet date as .
hedges of anticipated future transactions. °
o
.
‘

i
THE TRIBUNE



TUESDAY, MAY 1, 2007, PAGE 13B





ow

enture capital targets

alternative energys |

@ By MATTHEW L. WALD
c.2007 New York Times
News Service

MONEY is flowing into
alternative energy companies
so fast that “the warning signs
of a bubble are appearing,”
according to a report on invest-
ment in’clean technology by a
New York research firm, Lux
Research.

The report also suggests that
companies that make equip-
ment to cleanse air or water, or
that process waste, have been
overlooked by investors.

Matthew M. Nordan, presi-
dent of Lux, said that the
amount of venture capital put
into clean energy investments
last year was $1.5 billion, up

141 percent from the $623 mil-
lion of 2005, and that in the
same period, initial public
offerings by companies in this
sector rose to $4.1 billion, from
$1.6 billion in 2005.

The initial public offerings
were primarily in companies
involved in solar power or bio-
fuels, according to the report,
to be released Monday.

The investment is driven by
fear that the peak of oil pro-
duction is approaching, he said,
and by the possibility of new
taxes or other restraints in an
effort to curb global warming
gases, principally the carbon
dioxide that is given off by
burning fossil fuels.

Money is “sitting on the
shelf” waiting to be invested,

and investors are now chasing
entrepreneurs, he said, rather
than the other way around.

“When you see venture cap-
ital more than double from one
year to the next, and IPO val-
ues double from one year to
the next, that’s the sign of a
bubble in the making,” said
Nordan.

Example

As an example of a new par-
ticipant in the booming mar-
ket, he cited DFJ Element, a
venture capital fund formed
last year to invest in clean tech-
nology companies. It had a
goal of $150 million, but was
closed to new investors by the
sponsoring companies, Ele-

ment Venture Partners and
Draper Fisher Jurvetson, last
June when it reached $284 mil-
lion.

Nordan said that his compa-
ny counted about 1,500 clean
technology startups globally,
930 of them in the energy field.
“One hundred ninety-eight
have received some venture
capital funding,” he said.
“That’s a pretty high share;
generally, we see one out of
10 with some venture capital.”

The investors, and the com-
panies they finance, are chas-
ing an enormous market. Nor-
dan pointed out that China
planned to derive 10 percent
of its electricity from renew-
able sources, not counting
large hydro projects, by 2010.

IR

Meeting that goal would
require 6 gigawatts of electric-
ity, which if produced by solar
cells would represent more
than two years’ output of all

of the solar-cell factories in the”

world today.

While many — and proba-
bly most — of the startups are
pursuing technologies that will
not be commercially success-
ful, even some alternative
energy companies using estab-
lished technologies may be on
shaky financial ground, accord-
ing to the report.

For example, the profit mar-
gin for ethanol made from corn
was once a dollar a gallon, but
now it is about 3 cents, accord-
ing to the report. And envi-
ronmentalists have objected to

1. General information and significant accounting policies

mr
LAK



the approaches of some:com-
panies, like those making: new
bioengineered products:>>~'
Still, the promise seems
enormous. “The secular trends
are in place, and that’s what’s
driving the investor,” Nordan
said. mana
But areas of clean techiidlo-
gy other than energy have
been overlooked, the réport
said. oven
“Air, water and waste“seg-
ments present hidden oppor-
tunities that are relatrvely
starved for investment,” ia
Waste accounted for 32
cent of merger and scquinten



value in this sector in 2006; ut

just 1 percent of initial public
offering volume and just 4 per-
cent of venture capital, it-said.

FAM ae

Telephone 242393 2007 ©

PO Box N 123 Fax 242 393 1772
Montague Sterling Centre Internet Wwww.kpmg.com.bs
East Bay Street

Nassau, Bahamas

INDEPENDENT AUDITORS’ REPORT

To the Shareholder of
Hang Seng Trustee International Limited

We have audited the accompanying balance sheet of Hang Seng Trustee International Limited
(‘the Company”).as at December 31, 2006, and a summary of significant accounting policies and
other explanatory notes (together “‘the balance sheet’’).

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of this balance sheet in
accordance with International Financial Reporting Standards (“IFRS”). This responsibility
includes: designing, implementing and maintaining internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due
to fraud or error; selecting and applying appropriate accounting policies; and making accounting
estimates that are reasonable in the circumstances.

Auditors’ Responsibility

Our responsibility is to express an opinion on this balance sheet based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with relevant ethical requirements and plan and perform the audit to
obtain reasonable assurance whether the balance sheet is free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on our judgment,
including the assessment of the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, we consider internal control relevant to
the Company’s preparation and fair presentation of the financial statements in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of. the Company’s internal control. An audit also includes
evaluating the appropriateness of accounting principles used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the
financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion

Opinion #

In our opinion, the balance sheet presents fairly, in all material respects, the financial position of
the Company as at December 31, 2006 in accordance with IFRS.

Emphasis of Matter

Without qualifying our opinion we emphasize that the balance sheet does noi comprise a
complete set of financial statements prepared in accordance with IFRS. Information on results of
operations, cash flows and changes in shareholder’s equity is necessary to obtain a complete
understanding of the financial position, performance and cash flows of the Company.

v PM &-

Nassau, Bahamas
26 April 2007

HANG SENG BANK TRUSTEE INTERNATIONAL LIMITED

Balance Sheet

31 December 2006
(with corresponding figures at 31 December 2005)





(Expressed in United States dollars)

Note 2006 2005
Assets
Cash and cash equivalents 2&4 ° $ 1,211,596 905,865
Accounts receivable and other assets 2 & 5(a) 164,197 - 91,910
Toalasets st—<“ Liabilities
Accounts payable and other liabilities 2 & 5(b) $ 193,311 57,877
Current liabilities —_- $ 193,311 57,877
Equity
Share capital 3 $ — 1,000,000 1,000,000
Contributed surplus 300,000 -
Accumulated deficit (117,518) (60,102)
Total equity 1,182,482 939,898
Total liabilities andequty. ~~ ~——SSst*~
See accompanying notes to balance sheet.

This balance sheet has been approved by the Board of Directors on 26 April 2007 by the following:

Joe Cheng Director

—____ Sunny Leung CSCO

Notes to Balance Sheet

31 December 2006
‘(Expressed in United States dollars)



(a) General information:

Hang Seng Bank Trustee International Limited (“the Company"), a wholly-owned
subsidiary of Hang Seng Bank Limited, which is incorporated in Hong Kong, is
incorporated under the laws of the Commonwealth of The Bahamas and is licensed
by the Ministry of Finance of the Bahamas Government to carry on trust business.

(b) Ultimate holding company:

The ultimate holding company of the Company is HSBC Holdings plc, which is
incorporated in England.

(c) Statement of compliance:

This balance sheet has been prepared in accordance with International Financial
Reporting Standards (IFRS) and interpretations promulgated by the International
Accounting Standards Board and the requirements of the laws of the Commonwealth
of The Bahamas.

(a) Basic of preparation:

This balance sheet is presented in United States dollars, and is prepared on the
historical cost basis.

(e) Use of estimates and judgments

The preparation of financial statements in conformity with IFRS requires
Management to make judgments, estimates and assumptions that affect the
application of accounting policies and the amounts reported in the financial
statements and the accompanying notes. These estimates and associated
assumptions are based on relevant information available at the balance sheet date
and, as such, actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis.
Revisions to accounting estimates are recognized in the period in which the estimates
are revised and in any future periods affected.

(f) Cash and cash equivalents
Cash and cash equivalents comprise cash balances on hand and short-term highly
liquid investments with maturities of three months or less when purchased.

(g) Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies at the balance sheet
date are translated to United States dollars at the foreign exchange rates ruling at that
date, Non-monetary assets and liabilities denominated in foreign currencies, which
are stated at historical cost, are translated to United States dollars at the foreign
exchange rates ruling at the dates of the transactions. °

Transactions with related parties

In the normal course of business, the Company entered into transactions with its immediate
holding companies and fellow subsidiaries. The transactions were priced based on relevant
market rates at the time of each transaction, and were under ihe same terms as those available
to other counterparties. Balances with these related parties as at 31 December 2006 and 2005
are summarized below: ,







2006 2005
Cash and cash equivalents $ 1,211,596 905,865
Accounts receivable and other assets 46,227 14,525
Accounts payable and other liabilities 138,034 34,484
Share capital
a A SEY
2006 | 2005
7 ‘
Authorised, issued and fully paid:
1,000,000 shares of $1 each $ 1,000,000 1,000,000

Cash and cash equivalents







a * 2006 2005
Current account $ 1,132,703 842,289
Savings account 42,722 3,045
Call deposit 36,171 60,531
5 $1,211,596 905,865

The effective interest rate on the savings account and call deposit were 1.18 percent per
annum (2005: NIL).

Maturities of assets and liabilities





2006 2005
(a) Accounts receivable and other assets
Within | year $ 164,197 90,035
Between 1-5 years - 1,875
$ 164,197 91,910
(b) Accounts payable and other liabilities
Within | year $ 193,311 57,877

Geographical distribution of asset

1 TT





% %
Cash and cash equivalents
Asia-Pacific 100 100

Financial instruments

Financial assets of the Company include cash and cash equivalents and accounts receivable
and other assets. Financial liabilities of the Company include accounts payable and other
liabilities. The fair values of the financial instruments was not materially different from the
carrying amounts at 31 December 2006 and 2005.

There were no off-balance sheet financial contracts outstanding at the balance sheet date as
hedges of anticipated future transactions.
(

THE TRIBUNE BUSINESS ;

PAGE 14B, TUESDAY, MAY 1, 2007



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THE TRIBUNE BUSINESS . TUESDAY, MAY 1, 2007, PAGE 15B



| TUESDAY EVENING MAY 1, 2007

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