Stephen Edghill - Chairman 2007/8

Our results for 2009 reflect the reality of the global economic melt down and its effect on Barbados and the region.

The slow down in business activity in all sectors, increased unemployment and a reduction in disposable income has negatively impacted on our ability to grow our loan portfolio while some of our clients with excellent payment history defaulted or fell into arrears. Interest income declined by 8.4% and our loan loss provision increased by 85.6%. Consequently net income for the year after tax declined by $3.015M.

Inspite of the difficulties and challenging environment our Statement of Financial Position remains strong with net assets increasing by 6.6% to $45.4M. We maintained focus on our core priorities of corporate governance and customer satisfaction and in 2009 continued to invest in upgrading our human resources and systems to ensure that we provide the highest level of service to all of our clients while the interest of our shareholders and stakeholders are purdently protected.

I am pleased to report that although the economy still presents us with significant challenges, the half year results for 2010 are favorable. As Chairman, I would like to take this opportunity to thank my fellow Directors for their support, and on their behalf express our appreciation to Managemwent and Staff for their efforts in 2009 and to our many customers and investors for their loyalty and continued support.

S.R. EDGHILL: Chairman