GROWTH, INNOVATION & TRANSFORMATION 2018 ANNUAL REPORT PBS' most important asset... MISSION

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BRANDS * PBS : WE MAKE THINGS HAPPEN ** * * ** | ANNUAL REPORT OUR BRANDS

2018 * OUR ALLIANCES &SERVICES PBS PROFESSIONAL SERVICES ALLIANCES : WE MAKE THINGS HAPPEN TRAINING &EDUCATION SYSTEM INTEGRATION OUTSOURCING IT SERVICES | ANNUAL REPORT CUSTOMER COMMUNICATION MANAGEMENT

2018 MANAGED PRINTSERVICES(CMPS) PREPAID PHONE&SOCIAL CARDS DIGITALIZATION MAINTENANCE 5 GROWTH, INNOVATION & TRANSFORMATION made to think.™

TABLE OF CONTENTS

Director's Report 11

Corporate Information 12

Contact Information 13

Governance Policy 14

5JCTGJQNFGTU 2TQƂNG 16

Shareholding Executives 17

Chairman's Message 20

Company's Description 22

CEO's Message 24

Management Discussion & Analysis 26

Board of Director 32

Board Committees 38 Executive Management Team 40

Regional Support Team 42

Management Team 43 HHRR Policies 44 Environmental Policy 48 Across the Region 50 Marketing Activities 52 Awards & Recognitions 56 Sales Achievements 60 Corporate Social Resonsibility 68 External Audited Consolidated Financial Statements 74

GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH,

COLLABORATION

10 PBS: WE MAKE THINGS HAPPEN | ANNUAL REPORT 2018 REPORT DIRECTOR’S PBSPB Ƃ, Ƃ Paul B.Scott Submitted onbehalfoftheBoard ofDirectors, / i ˆÀiV̜ÀÃ܈à ̜iÝ«ÀiÃÃÌ iˆÀ>««ÀiVˆ>̈œ˜̜Ì ii“«œÞi EMPLOYEES Lois Denny. Theindependentauditorshavefullandfree accesstotheAuditCommittee. i>˜ˆi-ÕLÀ>̈i] >ˆÀ«iÀܘ],ˆV>À`œÕÌV ˆ˜Ãœ˜]>˜`/ œ“>ÃƂ ˆ˜VÕ`i`ˆ˜Ì ˆÃ,i«œÀÌÌ ÀœÕ} ˆÌÃƂÕ`ˆÌ œ““ˆÌÌii°/ iƂÕ`ˆÌ / i œ>À`œv ˆÀiV̜ÀÃœv*Àœ`ÕV̈Ûi ÕȘiÃÃ-œṎœ˜Ãˆ“ˆÌi` AUDIT COMMITTEE recommend theirre-appointment. / iƂÕ`ˆÌœÀÃ]*ÀˆViÜ>ÌiÀ œÕÃi œœ«iÀÃ-,] >Ûiˆ˜`ˆV>Ìi`Ì iˆÀ AUDITORS Corporate Secretary. œ`œvwVi>Ã-iVÀiÌ>ÀÞœv*Àœ`ÕV̈Ûi ÕȘiÃÃ-œṎœ˜Ãˆ“ˆÌi *Ü  œÀ«œÀ>Ìi-iÀۈViÈ“ˆÌi`ÜˆÌ >``ÀiÃÃ>Ì Àˆ˜ œÕÀÌ] ˆÃ CORPORATE SECRETARY ivviV̈ÛiՏÞ£™]Óä£n° œ˜`i7>ŽiÀÜ>Ã>««œˆ˜Ìi`̜Ì i ˆ}iƂ° >ÀŽiÀiÈ}˜i`vÀœ“œvwViœ˜ >ÀV ÓÈ]Óä£n° `Ü>À` DIRECTORS which are includedaspart oftheReport. œv>vv>ˆÀÃœvÌ i œ“«>˜Þ]>ÀiÃiÌœṎ˜Ì i >˜>}i“i˜Ì ˆÃVÕà 1-fș]äää° iÌ>ˆÃœvÌ iÃiÀiÃՏÌÃ]>œ˜}ÜˆÌ >Vœ“«>ÀˆÃœ˜Ü / iÀœÕ«i˜`i`Ì iÞi>ÀÜˆÌ >«ÀœwÌLivœÀiÌ>Ýœv1-f£Î{]äää FINANCIAL RESULTS for theyearendedDecember31,2018. The Directors ofProductive BusinessSolutionsLimitedsubmitherewith their AnnualReportandAuditedAccounts DIRECTORS’ REPORT S : WE MAKE THINGS HAPPEN : WE MAKE : WETHIN

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CONTACT INFORMATION

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PBS ANNUAL REPORT 2018 13 CORPORATE GOVERNANCE

Ƃ 1Ƃ, *",/Óä£n PBSPB GOVERNANCE POLICY CORPORATE S : WE MAKE THINGS HAPPEN : WE MAKE : WETHIN `iÌ>ˆœ˜Ì i œ“«>˜Þ½ÃÜiLÈÌi‡ÜÜÜ°}ÀœÕ««LðVœ“ in December2010.Thechartercanbeseenmore Charter wasestablished Our CorporateGovernance ÀiiÛ>˜Ìi}>>˜`Ài}Տ>̜ÀÞvÀ>“iܜÀŽ° >Ài consistent withbestpracticesandadhere tothe «À>V̈Vià / i ÃÌ>Ži œ`iÀð LiÃÌ œÕÀ Ì i > œv ÃiÀÛi ˆ˜ÌiÀiÃÌ ̜ ˆ˜`i«i˜`i˜Vi] >˜` œÛiÀÈ} Ì «œˆVÞi˜ÃÕÀiÌ i ˆ} iÃÌÃÌ>˜`>À`ÃœvÌÀ>˜Ã«>Ài˜VÞ] objectives. Theprinciplesandthestructure ofour * -ÀœÕ«>˜`ˆÃVi˜ÌÀ>̜Ì i œ“«>˜Þ½ÃÃÌÀ>Ìi}ˆV œÀ«œÀ>ÌiœÛiÀ˜>˜ViÀi“>ˆ˜Ã>ŽiÞ>Ài>œvvœVÕÃvœÀ GS HAPPEN | ANNUAL REPORT

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2018 T 2 01 8 15 1 5 GROWTH, INNOVATION & TRANSFORMATIONSFO 16 GROWTH, INNOVATION & TRANSFORMATION PROFILE SHAREHOLDERS' osDny - - 84,181,818 - 3,636,300 - 84,181,818 - / œ“>ÃƂ}˜iÜ ,ˆV>À`œÕÌV ˆ˜Ãœ˜ Pedro M.ParísCoronado *>ÌÀˆVŽƂ°7°-VœÌÌ Melanie M.Subratie Lois Denny œÃi ˆÃÀ> ˆ `Ü>À`˜Vi œÕ}>ÃiÜܘ œ˜`i7>ŽiÀ Paul B.Scott ornySletr663,473 3,636,300 ™x£]nÈä Ó]™££]n™{ Ó£]™{n]Ç£È SHAREHOLDING OF >ܘ >À̈˜ œÀÀˆ}>˜ œÃiՈiÀ“œ,œ`Àˆ}Õiâ*iÀ`œ“œ Courtney Sylvester œÃi ˆÃÀ> ˆ *œÀ̏>˜`՘` œ‡ˆ˜ÛiÃÌ*>À̘iÀà ˆ«  >«ˆÌ> >ÀŽiÌí >ޓ>˜®Ì`° Pedro M.ParísCoronado *œÀ̏>˜` >ÀˆLLi>˜՘` >ÀL>`œÃ°*° *œÀ̏>˜` >ÀˆLLi>˜՘`°*° >ViÞÀœÕ«ˆ“ˆÌi` TEN LARGEST SHAREHOLDERS PBS DIRECTORS : WE MAKE THINGS HAPPEN PROA CONNECTED PERSONAL 727,200 - - 27,272,727 ------27,272,727 - - - | ANNUAL REPORT 84,181,818 4,372,151 363,600 363,600 727,200 SHAREHOLDINGS

2018 SHAREHOLDINGS PBS ՈV,`ˆÕâ>VÜà ™ä]™ää ™ä]™ää ™ä]™ää ÀˆÃ̜« iÀœ ˜ iÀÀi 163,600 Alvin A.Greene Õ«ˆ>V,œ`Àˆ}ÕiâÀ>˜VˆÃVœœÃi >Àˆœ ÃÌÕ>À`œ*œ˜Ã ë>˜> 254,500 ÕVˆ>6ˆi“>˜,Ոâ 363,600 -iÀ}ˆœ,œLiÀ̜ œˆ˜> >ÀÀˆœÃ Ûˆ˜œÜ>À` >à 3,636,300 Michael RaphaelLewis iœ˜>À`œiÃÕÃ6i>õÕiâœÕV>ÕÌ Christian AsdrubalSanchezMena Marco AntonioAlmendarez Cisneros >ܘ >À̈˜ œÀÀˆ}>˜ œÃiՈiÀ“œ,œ`Àˆ}Õiâ*iÀ`œ“œ Pedro M.ParísCoronado SHAREHOLDING OF : WE MAKE THINGS HAPPEN | ANNUAL REPORT

2018 EXECUTIVES 127,200 142,700 163,600 363,600 363,600 1,800 ™]äää 17 GROWTH, INNOVATION & TRANSFORMATION 6JG(WVWTGQH

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PBS ANNUAL REPORT 2018 19 CHAIRMAN’S MESSAGE

Dear Shareholders,

Óä£nÜ>Ã>}œœ`Þi>ÀvœÀ*Àœ`ÕV̈Ûi ÕȘiÃà -œṎœ˜Ã ˆ“ˆÌi` >˜` ˆÌà ÃÕLÈ`ˆ>Àˆià ­* -®° 7 ˆiÌ iÀiÃՏÌÃœ˜wÀÃÌ}>˜Vi“>Þ˜œÌÀiyiVÌ ÃÕV  > }i˜iÀœÕà `iÃVÀˆ«Ìˆœ˜° "˜ `iÌ>ˆi` >˜>ÞÈÃ] ˆÌ ˆÃ Vi>À Ì >Ì * - ˆÃ ÌÀ>˜ÃvœÀ“ˆ˜} and operationally, in 2018 it performed well. "ÕÀ / Ƃˆ˜VÀi>Ãi`“>ÌiÀˆ>Þ°

20 PBS ANNUAL REPORT 2018 7iÀi`ÕVi`œÕÀœ«iÀ>̈œ˜VœÃÌÃLÞˆ˜iÝViÃÃœv "ÕÀ Ài}ˆœ˜ ˆÃ ˆ˜ÛiÃ̈˜} ˆ˜ /] Ü iÌ iÀ ˆÌ ˆÃ vœÀ 1-fΰÓ“ˆˆœ˜>˜˜Õ>ÞÌ ÀœÕ} “>˜Þ“i>ÃÕÀià security or operational improvement we believe vÀœ“Ü ˆV Ì iLi˜iwÌÃ܈ÀiyiV̈˜Ó䣙° Ì >Ì Ì i “>ÀŽiÌ ܈ Vœ˜Ìˆ˜Õi ̜ }ÀœÜ° 9œÕÀ Vœ“«>˜Þ]* -]ˆÃ՘ˆµÕiÞ«œÃˆÌˆœ˜i`̜Li˜iwÌ ˜œÀ`iÀ̜`œÌ ˆÃÜiëi˜Ìˆ˜iÝViÃÃœv1-f£°™ vÀœ“Ì ˆÃ}ÀœÜÌ ° “ˆˆœ˜œ˜Ài`՘`>˜VÞV >À}iÃ`ÕÀˆ˜}Ì iÓä£n year under review in addition to the start-up Ü>˜Ì̜Ì>ŽiÌ ˆÃœ««œÀÌ՘ˆÌÞ̜Ì >˜Ž>œvœÕÀ œÃÃià Üi ÃÕvviÀi` ˆ˜ œœ“Lˆ>° 7i >Ãœ v>Vi` Ìi>“>Ì* -vœÀÌ iˆÀ >À`ܜÀŽœÛiÀÌ i>ÃÌÞi>À° È}˜ˆwV>˜ÌV >i˜}iȘœ˜iœvœÕÀ“>ˆ˜“>ÀŽiÌÃ] >Ü>ÞÃvii«ÀˆÛˆi}i`̜ܜÀŽÜˆÌ ÃÕV }Ài>Ì ˆV>À>}Õ>]Ü iÀiœÕÀÃ>iÃÜiÀi>vviVÌi`LÞÌ i «iœ«i°˜Ì iwÀÃ̵Õ>ÀÌiÀœÕÀ`i«ÕÌÞV >ˆÀ“>˜ œ˜}œˆ˜}VˆÛˆ՘ÀiÃ̈˜Ì >ÌVœÕ˜ÌÀÞ°"«iÀ>̈œ˜>Þ] À° ˆ}i >ÀŽi ÀiÈ}˜i` ̜ ÃiÀÛi Ì i «iœ«i * -ˆÃÜ iÀiˆÌ˜ii`Ã̜Li>˜`Üi>ÀiVœ˜w`i˜Ì œv >“>ˆV> >à > “i“LiÀ œv «>Àˆ>“i˜Ì° i Ì >ÌÓ䣙܈à œÜvÕÀÌ iÀ / Ƃ}ÀœÜÌ ° ÃÕLÃiµÕi˜ÌÞ`ÕÀˆ˜}Ì iÞi>ÀÜ>Ã>««œˆ˜Ìi`̜Li Ì i ˆ˜ˆÃÌiÀœvˆ˜>˜Viˆ˜>“>ˆV>°ܜՏ`ˆŽi̜ iÝÌ Þi>À ­Ó䣙® Ì iÀi ܈ Li > vœVÕà œ˜ Ì i Ì >˜Ž À° >ÀŽivœÀ ˆÃÌÀi“i˜`œÕÃVœ˜ÌÀˆLṎœ˜ V >À}iÃLiœÜÌ i / Ƃˆ˜i]Ü ˆiÜiiÝ«iVÌ ̜Ì i}ÀœÕ«°7iV>˜Vœ˜ÃœiœÕÀÃiÛiÈ˜Ì >Ì Vœ˜Ìˆ˜Õi` }ÀœÜÌ ] vÀœ“ ÃÌÀœ˜} Ã>ià }ÀœÜÌ  œÕÀœÃÃ܈Li>“>ˆV>½Ã}>ˆ˜° >˜`iÝ«i˜ÃiVœ˜ÌÀœ°* - >ÃÈ}˜ˆwV>˜Ì>˜˜Õ> V >À}ià ˆ˜ iÝViÃà œv fn°Ç “ˆˆœ˜ Ì >Ì >Ài ˜œÌ ÕÀˆ˜}Ì iÞi>ÀÜiÜiVœ“i`Ìܜ˜iÜ`ˆÀiV̜ÀÃ̜ deductible due to the capital structure of the Ì iLœ>À`° `Ü>À`˜Vi]> >ÀL>`ˆ>˜i˜ÌÀi«Ài˜iÕÀ] Vœ“«>˜Þ i˜Vi œÕÀ È}˜ˆwV>˜Ì Ì>Ý V >À}iÃ Ü œ  Vœ˜Ãˆ`iÀ œ˜i œv Ì i >ÀˆLLi>˜½Ãi>`ˆ˜} relative to our PBT. LÕȘiÃÓi˜°7i>ÀiÛiÀÞ}À>ÌivՏÌ >Ì i>}Àii` ̜ܜÀŽ>œ˜}È`iÕÃ>˜`ÃiÀÛiœ˜œÕÀ œ>À`œv / ˆÃVœ“iÃvÀœ“œÛiÀ1-f£°Ó“ˆˆœ˜œv˜œ˜‡V>à  ˆÀiV̜Àð 7i >Ãœ ÜiVœ“i` œ˜`i 7>ŽiÀ >“œÀ̈â>̈œ˜>ÃÜi>ÃœÕÀ`iLÌLiˆ˜}ÃÌÀÕVÌÕÀi` to the Board of Directors. Blondell has been for >Ì œÕÀ œ`ˆ˜} Vœ“«>˜Þ iÛi >˜` ˜œÌ >Ì Ì i Ì i«>ÃÌ`iV>`i ÕÃܘÀœÕ«½Ã/`ˆÀiV̜À°Ƃ˜ œ«iÀ>̈˜} ÃÕLÈ`ˆ>Àˆið / ˆÃ ÃÌÀÕVÌÕÀ> ˆÃÃÕi ˆ˜`ˆÛˆ`Õ>Ü œÃi >À`ܜÀŽ>˜`«iÀÃiÛiÀ>˜Vi >à Vœ“Lˆ˜i`ÜˆÌ Ì i՘iÝ«iVÌi`>««ÀiVˆ>̈œ˜œv Lii˜VœÀi̜ ÕÃܘ½ÃÃÕVViÃÃœÛiÀÌ iÞi>Àð Ì i>“>ˆV>˜`œ>À >Ã>`ÛiÀÃiÞ>vviVÌi`œÕÀ *Ƃ/ˆ˜Óä£n°˜Ó䣙Üi܈ܜÀŽ̜VœÀÀiVÌÌ iÃi ܜՏ`>ÃœˆŽi̜Ì >˜Ž>Ì i“i“LiÀÃœvÌ i issues which will lead to a direct improvement Board of Directors for their invaluable input and ˆ˜*ÀœwÌƂvÌiÀ/>Ýið ÃÕ««œÀÌ°  Ó䣙 «Àœ“ˆÃià ̜ Li > ÛiÀÞ iÝVˆÌˆ˜} year for your company, PBS. PBS has a talented team of 1,600 employees who ܜÀŽ œ˜ “>˜Þ i݈Ã̈˜} «ÀœiVÌÃ] >à Üi >à Ìhe `iÛiœ«“i˜Ìœv˜iÜœ˜iðƂÏœœŽ>ÌœÕÀÃ>ià v՘˜i]Üi >Ûi˜iÛiÀ >`ÃÕV >>À}i pipeline P.B. Scott of opportunities. Chairman

PBS ANNUAL REPORT 2018 21 COMPANY DESCRIPTION

* -ÀœÕ«Ü>ÃiÃÌ>LˆÃ i`ˆ˜Óä£ä̜LiÌ i œ`ˆ˜}Vœ“«>˜Þœv Ì i>ViÞÀœÕ«½ÃLÕȘiÃÃ܏Ṏœ˜>˜`ÌiV ˜œœ}Þ`ˆÃÌÀˆLṎœ˜ LÕȘiÃÃiÃÌ ÀœÕ} œÕÌÌ i >ÀˆLLi>˜>˜` i˜ÌÀ>Ƃ“iÀˆV>°/ i Vœ“«>˜Þ >à iÝVÕÈÛi `ˆÃÌÀˆLṎœ˜ Àˆ} Ìà vœÀ 8iÀœÝ ˆ˜ i˜ÌÀ> Ƃ“iÀˆV>]ViÀÌ>ˆ˜ˆÃ>˜`È˜Ì i >ÀˆLLi>˜]>˜` œœ“Lˆ>­˜œ˜‡ iÝVÕÈÛi 8iÀœÝ Ƃ}i˜Ì® “>Žˆ˜} ˆÌ œ˜i œv Ì i >À}iÃÌ 8iÀœÝ `ˆÃÌÀˆLÕ̜ÀÈ˜Ì i7iÃÌiÀ˜i“ˆÃ« iÀi°

/ iVœ“«>˜Þ“>ˆ˜Ì>ˆ˜ÃÀi}ˆœ˜>`ˆÃÌÀˆLṎœ˜>}Àii“i˜ÌÃ ÜˆÌ  œÌ iÀ ܜÀ` i>`ˆ˜} ÌiV ˜œœ}Þ LÀ>˜`à ÃÕV  >à ˆÃVœ] "À>Vi] * >˜` Î ˆ˜ >``ˆÌˆœ˜ ̜ ëiVˆwV VœÕ˜ÌÀÞ `ˆÃÌÀˆLṎœ˜ ÜˆÌ  LÀ>˜`à ÃÕV  >à ,] -œ˜Þ] *] i] i˜œÛœ] >Ì>V>À`] 6iÀˆvœ˜i]>˜`œ`>Ž°

GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH, * - `ˆÃÌÀˆLÕÌià «Àˆ˜Ìˆ˜}] Vœ“«Ṏ˜}] ˜iÌܜÀŽˆ˜}] Ã̜À>}i] ˆ“>}ˆ˜}] ÃiVÕÀˆÌÞ] «œˆ˜Ì œv Ã>i iµÕˆ«“i˜Ì «Àœ`ÕVÌÃ] Ƃ/ Ã] ŽˆœÃŽÃ] VœÕ`] ÃÕ««ˆiÃ] «>«iÀ° ˜ >``ˆÌˆœ˜ ˆÌ >Ãœ «ÀœÛˆ`iÃ] ÜvÌÜ>Ài«Àœ`ÕVÌÃ]«ÀœviÃȜ˜>>˜`ÃÞÃÌi“ȘÌi}À>̈œ˜ÃiÀۈVià ̜ˆÌÃVˆi˜ÌÃ>VÀœÃÃÌ iÀi}ˆœ˜°

* - >Ã>>À}i>˜``ˆÛiÀÃiVÕÃ̜“iÀL>Ãiœv“œÀiÌ >˜£Ó]äää >VVœÕ˜Ìà >˜` “œÀi Ì >˜ £ä]äää `iۈVià “œ˜ˆÌœÀi` Ì ÀœÕ}  8iÀœÝ *-­ >˜˜i >˜>}i`*Àˆ˜Ì-iÀۈViî°

22 PBS: WE MAKE THINGS HAPPEN | ANNUAL REPORT 2018 23 "ÕÀÃÌÀ>Ìi}ˆV«>À̘iÀà ˆ«ÜˆÌ 8iÀœÝVœ˜Ìˆ˜ÕiÃ̜}ÀœÜ CEO’S ÜˆÌ  ÃiÛiÀ> «Àœ“ˆÃˆ˜} œ««œÀÌ՘ˆÌˆià Þˆ˜} > i>`°  ˜ ëˆÌiœvÌ iv>VÌÌ >ÌÜi >Ûi̜«ÀœÌiVÌÌ iVœÀi“>ÀŽiÌ business, we must remain watchful and, when the time MESSAGE comes, be prepared to play with them in their adjacent “>ÀŽiÌ LÕȘiÃÃ\ ˆ}ˆÌ> -iÀۈVià >˜` -œvÌÜ>Ài >˜` Dear Shareholders, Ì iˆÀˆ˜ÌiÀiÃ̈˜˜iÜ“>ÀŽiÌÃÃÕV >Ã\Î «Àˆ˜Ìˆ˜}>˜` >LiÃ>˜`*>VŽ>}ˆ˜}° >“ œ˜œÀi`̜ÜÀˆÌi“ÞÃiVœ˜`iÌÌiÀ̜ޜÕ>à " of a publicly listed company. A journey that started /œ}iÌ iÀ]Üi >Ûi>Üi‡i>À˜i`i>`iÀà ˆ«ˆ˜Ì i ˆ} ‡ Ìܜ Þi>Àà >}œ >˜` Ì >Ì >à Lii˜ LœÌ  ˆ˜ÌiÀiÃ̈˜} i˜`œvwVi«Àœ`ÕVÌÃ]ƂÎ Տ̈v՘V̈œ˜>*Àˆ˜ÌiÀí *î] >˜``i“>˜`ˆ˜}° >Ûi >`Ì i«ÀˆÛˆi}i̜Vœ˜Ìˆ˜Õi >˜>}i` *Àˆ˜Ì -iÀۈVià ­ *-®] `ˆ}ˆÌ> ܏Ṏœ˜Ã vœÀ i>`ˆ˜}* -° Ì i À>« ˆV œ““iÀVˆ> ˜`ÕÃÌÀÞ >˜` ˆ} ‡ÛœÕ“i ˆ˜ŽiÌ«ÀiÃÃiÃ]Ü ˆV Üi«ˆœ˜iiÀ>Ãi>ÀÞ>`œ«ÌiÀȘ As a company, we need to follow the path of the Ì i i˜ÌÀ>Ƃ“iÀˆV>˜Ài}ˆœ˜°8iÀœÝ՘`iÀÃÌ>˜`Ì >ÌÜi «Àˆ˜Ìˆ˜} >˜` ÌiV ˜œœ}Þ ˆ˜`ÕÃÌÀˆiÃ] >Ã Ì iÞ ՘`iÀ}œ >Ài>Ü>ÞÃÀi>`Þ>˜`«Ài«>Ài`vœÀ˜iÜV >i˜}ið ÌÀ>˜ÃvœÀ“>̈œ˜Ã >˜` iۜÛi° 7i >Ûi ˜œ V œˆVi LÕÌ ̜V >˜}i>˜`>`>«Ì>VVœÀ`ˆ˜}Þ°/œ`œÜ]Üi >Ûi "˜ > ˆ} iÀ ˜œÌi] 8iÀœÝ ˆÃÌÀˆLÕ̜À ÀœÕ« ­8 ® ˆÀi` ˆ} ÞÌÀ>ˆ˜i`ˆ˜`ˆÛˆ`Õ>Ã>˜` >ÛiÀiÌÀ>ˆ˜i`œÕÀ >à >Ü>À`i` œÕÀ œ˜`ÕÀ>à >vwˆ>Ìi vœÀ Ì i ÃiVœ˜` ÌiV ˜ˆV>ÃÌ>vv>ÌÌ i«>ViÀiµÕˆÀi`LÞÌ i“>ÀŽiÌ° Vœ˜ÃiVṎÛi Þi>À ÜˆÌ  Ìܜ ̜« ÀiVœ}˜ˆÌˆœ˜Ã\ º iÌ «Àœ“œÌiÀ ÃVœÀi»] }ˆÛi˜ ̜ Ì i `ˆÃÌÀˆLÕ̜À ÜˆÌ  Ì i 7i «>Þ ˆ˜ >˜ >Ü>Þà ˆ˜˜œÛ>̈˜} ˆ˜`ÕÃÌÀÞ Ì >Ì ̜`>Þ ˆ} iÃÌ ÕÃ̜“iÀ -iÀۈVi À>̈˜} >˜` Ì i º-œVˆ> vœœÜÃÌÀi˜`ÃÃÕV >ú`ˆ}ˆÌ>ÌÀ>˜ÃvœÀ“>̈œ˜]VÕÃ̜“iÀ ,i뜘ÈLˆˆÌÞƂÜ>À`»vœÀ}ˆÛˆ˜}L>VŽ̜Ì i œ““Õ˜ˆÌÞ iÝ«iÀˆi˜Vi] VÕÃ̜“iÀ œÕÀ˜iÞ “>««ˆ˜}] VœÕ`] VÞLiÀ ÜiÃiÀÛi]ÜˆÌ Ì iˆ“«i“i˜Ì>̈œ˜œvÌ i* >ÃiœvÌ i ÃiVÕÀˆÌÞ] Lˆ} `>Ì>] «Àœ`ÕV̈œ˜ ˆ˜ŽiÌ «Àˆ˜Ìˆ˜}] iÌV°»° Ài >L«Àœ}À>“vœÀViÀiLÀ>«>ÃÞ° / >Ì «ÀiÃi˜Ìà ˜iÜ >˜` `i“>˜`ˆ˜} œ««œÀÌ՘ˆÌˆià vœÀ œ«iÀ>̈œ˜> iÝVii˜Vi vœÀ Õà >˜` vœÀ œÕÀ VÕÃ̜“iÀð œÜ]  ܜՏ` ˆŽi ̜ Ì>Ž >LœÕÌ œÕÀ Ìi>“° 7 i˜iÛiÀ  >“ Vœ˜Ûˆ˜Vi` Ì >Ì Üi >Ài ܜÀŽˆ˜} ÜˆÌ  Ì i Àˆ} Ì possible, we have enhanced our leadership by ܏Ṏœ˜Ã]«>À̘iÀÃ>˜`ÌiV ˜œœ}Þ«ÀœÛˆ`iÀÃ̜V>«ÌÕÀi «Àœ“œÌˆ˜}vÀœ“ÜˆÌ ˆ˜œÕÀœÀ}>˜ˆâ>̈œ˜°7iÀivÀià i` and capitalize them. ܓi ŽiÞ «œÃˆÌˆœ˜Ã ˆ˜ Û>ÀˆœÕà VœÕ˜ÌÀˆià ­ˆ°i° *>˜>“>] œœ“Lˆ>] Õ>Ìi“>>] ˆV>À>}Õ>®° 7i >Ûi >Ãœ ƂœÜ“i̜à >ÀiܓiŽiÞÀiÃՏÌÃvœÀÓä£n°œÀÌ i ÃÌÀi˜}Ì i˜i` œÕÀ ÃÌ>vv LÞ ˆÀˆ˜} Ì i LiÃÌ >Û>ˆ>Li third consecutive year, PBS has recorded an increase in ÀiÛi˜ÕiÃ] Ü ˆV  ÀiyiVÌ LœÌ  >˜ >VVœ“«ˆÃ “i˜Ì >˜` Ì>i˜Ìˆ˜Ì iwi`° «ÀœœvœvœÕÀvœVÕÃ̜`iˆÛiÀµÕ>ˆÌÞ̜œÕÀVÕÃ̜“iÀð "ÕÀ Ài«ÕÌ>̈œ˜ >à ÃÞÃÌi“à ˆ˜Ìi}À>̜À >à Lii˜ ˆŽi >˜Þ >À}i œÀ}>˜ˆâ>̈œ˜] œ«iÀ>̈˜} ˆ˜ ÃiÛiÀ> enhanced and our professional and services staff have different countries, there remain opportunities for i«i`VÕÃ̜“iÀÃLˆ}>˜`Ó>]>VÀœÃÃ>܈`iÛ>ÀˆiÌÞ Ài`ÕVˆ˜}œÕÀÃÕL‡œ«Ìˆ“ˆâ>̈œ˜ˆ˜«ÀœViÃÃiÃ]>ÃÜi>à of industries. This coupled with the leadership and ˆ˜ LÕȘiÃà >Ài>ð 7i >VŽ˜œÜi`}i Ì iÞ i݈ÃÌ] Ž˜œÜ commitment of our team, have allowed us to achieve where they are, and are fully aware that we will have ÀiVœÀ` Ã>ià ˆ˜ ܓi VœÕ˜ÌÀˆið ÕÃÌ >à ˆ“«ÀiÃÈÛi] ˆÃ ̜ >``ÀiÃÃ Ì i“ ˆ˜ Ì i Vœ“ˆ˜} “œ˜Ì à ̜ “>݈“ˆâi œÕÀ `ˆÃVˆ«ˆ˜i ̜ LiÌÌiÀ Vœ˜ÌÀœ œÕÀ iÝ«i˜ÃiÃ ÜˆÌ œÕÌ shareholder value. >ۈ˜}̜Ài`ÕViœÕÀVœ““ˆÌÌi`ÃÌ>vv° >i˜}ià >Ài iÛiÀÞÜ iÀi ˆ˜ œÕÀ ÌiÀÀˆÌœÀˆið "ÕÀ ƂVÀœÃà œÕÀ `ˆvviÀi˜Ì “>ÀŽiÌÃ] œÕÀ «iÀvœÀ“>˜Vi ˆÃ ˆV>À>}Õ>˜ >vwˆ>Ìi ˆÃ iÝ«iÀˆi˜Vˆ˜} Ì i ivviVÌà œv ՘`œÕLÌi`Þ ÎiÜi` ̜Ü>À`Ã Ì i ÃiVœ˜` >v œv Ì i «œˆÌˆV>`ˆÃÌÀiÃÃ]>vviV̈˜}ˆÌÃiVœ˜œ“ˆV«iÀvœÀ“>˜Vi° wÃV>Þi>À]œÕÀ / Ƃ}ÀiÜÎȯ`Õi̜VœÃÌÀi`ÕV̈œ˜ / i VœÕ˜ÌÀ޽à  * `iVÀi>Ãi` vÀœ“ {°™¯ ˆ˜ Óä£Ç >V̈œ˜Ã>˜`Ì i˜iÌ«ÀœwÌÈ}˜ˆwV>˜ÌÞˆ“«ÀœÛi`vÀœ“ ̜‡Î°n¯ˆ˜Óä£n°* -ÃÕvviÀi`>ÀiÛi˜Õi`iVˆ˜iœv Ì i«ÀˆœÀÞi>À̜>«œÃˆÌˆÛi«œÃˆÌˆœ˜œÀfä°äÈVi˜ÌëiÀ 1-fx°Ç 9œ9œÀÓÓ¯° à >Ài° œÀi`iÌ>ˆÃ>Ài«ÀœÛˆ`i`ˆ˜Ì i >˜>}i“i˜ÌE Discussion Analysis section. Colombia business environment present its own V >À>VÌiÀˆÃ̈VÃÆ>˜`ÃÌ>À̈˜}œÕÀœ«iÀ>̈œ˜vÀœ“

24 PBS ANNUAL REPORT 2018 }ÀœÕ˜` Õ«] Liˆ˜} ˜œ˜‡iÝVÕÈÛi ̜ 8iÀœÝ]  >à Lii˜>`iw>˜ViÌiÃÌ]LÕÌ>“œÌˆÛ>̈œ˜̜Vœ˜Ìˆ˜Õi œÕÀ ˆ˜ÛiÃ̓i˜Ì ̜ }>ˆ˜ LÀ>˜` ÀiVœ}˜ˆÌˆœ˜ >˜` customer awareness.

iÛiÀÌ iiÃÃ]>“«i>Ãi`̜Ài«œÀÌÌ >ÌÜi >Ûi Lii˜܈˜˜ˆ˜}VÕÃ̜“iÀÃv>ÃÌiÀÌ >˜>˜Þœ˜iÃiˆ˜} 8iÀœÝˆ˜Ì >Ì“>ÀŽiÌ°7i>Ài}iÌ̈˜}̜>`ˆvviÀi˜Ì «>Vi>˜`“œÛˆ˜}ÜˆÌ >ÃÌi>`Þv>ÃÌ«>Vi°

Ó䣙܈Li>˜ˆ˜yiV̈œ˜«œˆ˜ÌœvœÕÀÀi>`ˆ˜iÃÃ̜ œœŽ vœÀ ÃÌÀ>Ìi}ˆV >VµÕˆÃˆÌˆœ˜Ã >˜` ÀiVÀՈ̓i˜Ì œv ˜iÜ«>À̘iÀÃÌ >Ì܈LiVœ“iÀiÛi˜Õi}i˜iÀ>̜ÀÃ] creators of economies of scale, and enhance our competitiveness, either with a particular brand or ˆ˜>ëiVˆwVVœÕ˜ÌÀÞ°

 Ü>˜Ì ̜ Ì>Ži >`Û>˜Ì>}i œv Ì ˆÃ œ««œÀÌ՘ˆÌÞ ̜ ÜiVœ“i˜iÜ“>˜Õv>VÌÕÀiÀψŽi,i`>Ì]œÀ̈˜iÌ and Dell, in our Caribbean operations, to broaden and complete our portfolio.

 VœÕ` ˜œÌ w˜ˆÃ  Ì ˆÃ iÌÌiÀ ÜˆÌ œÕÌ iÝ«ÀiÃȘ} “Þ iÛiÀ‡«ÀiÃi˜Ì }À>̈ÌÕ`i ̜ œÕÀ VÕÃ̜“iÀÃ] œÕÀ Vœ““ˆÌÌi`ÃÌ>vv>˜`̜>œvޜÕ]œÕÀÃÌ>Ži œ`iÀÃ] “Þ`ii«iÃÌ}À>̈ÌÕ`i>˜`>««ÀiVˆ>̈œ˜vœÀÌÀÕÃ̈˜} our company and its team.

* - ˆÃ “>˜>}i` ÜˆÌ  > œ˜}‡ÌiÀ“ ۈȜ˜ >˜` Üi Ãii > ÀˆÃˆ˜} œÀˆâœ˜ œv œ««œÀÌ՘ˆÌˆið 7i Ài“>ˆ˜ Ü>ÌV vՏ̜ÃiˆâiÌ i“°9œÕV>˜ÀiÃÌ>ÃÃÕÀi`Ì >Ì Ì ˆÃ Ìi>“ ܈ Li ܜÀŽˆ˜} >ÀœÕ˜` Ì i VœVŽ ̜ “>ŽiÌ ˆ˜}à >««i˜>˜`̜Vœ˜Ìˆ˜ÕiiۜÛˆ˜}>˜` }ÀœÜˆ˜}°

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"This is a region where challenges do not stop to test the faith of businessmen" Ricardo Poma, President Grupo Poma

PBS ANNUAL REPORT 2018 25 MANAGEMENT DISCUSSION & ANALYSIS

26 PBS ANNUAL REPORT 2018 MANAGEMENT DISCUSSION & ANALYSIS (KPCPEKCN4GXKGY Revenues:

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I,i}ˆœ˜>Þ`ˆÃÌÀˆLÕÌi`/iV ˜œœ}ÞLÀ>˜`ȘVÕ`i ˆÃVœ]"À>Vi]>˜`ΰ

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PBS ANNUAL REPORT 2018 27 28 GROWTH, INNOVATION & TRANSFORMATION streams inforward yearstocome i>Ãiˆ˜Vœ“iÜ>ÃÕ«Óä°{¯vÀœ“Óä£ÇÀiyiV̈˜}“>ÀŽiÌà ˆvÌ°/ ˆ˜ œÃÌ>,ˆV>f£“ˆˆœ˜ˆ˜Óä£Ç>ÃÜVˆ>Ìi`ÜˆÌ > >˜Vœ*œ«Õ> «Àˆ“>ÀˆÞLޏœÜiÀÛ>Àˆ>Li«Àˆ˜Ìˆ˜}ˆ˜ ˆV>À>}Õ>f£°{“ˆˆœ˜ >ˆ˜Ìi˜>˜Vi>˜`-iÀۈViÃÀiÛi˜ÕiȘÓä£nÜiÀi`œÜ˜ǰίÛiÀÃÕà >`iVÀi>Ãiœvf{Î{ˆ˜ ˆV>À>}Õ>° œÀÓä£n]*>«iÀ]-Õ««ˆiÃ>˜`*>ÀÌÃÀiÛi˜ÕiÃÜiÀiÕ«£°Ó¯ÛiÀÃÕ }i˜iÀ>ÌÀ>`i«À>V̈Viˆ˜Ì i“>ÀŽiÌ̜i>ÃiiµÕˆ«“i˜Ì>Ãœ««œ 8iÀœÝÃ>iÃÜiÀi`œÜ˜££°n¯ÀiyiV̈˜}«Àˆ“>ÀˆÞ>`iVÀi>Ãiˆ˜À œÕÀ>LˆˆÌÞ̜ÃiÀۈViˆ“«œÀÌ>˜ÌÀiVœ}˜ˆâi`“>ÀŽȉi>`iÀð Ài}ˆœ˜>«>ÞiÀˆ˜Ì i˜iÌܜÀŽˆ˜}Ãi}“i˜Ìˆ˜ i˜ÌÀ>Ƃ“iÀˆV>>˜ vœÀ>ÃÌ>Ìi‡œv‡Ì i‡>ÀÌÕ«}À>`i>˜`ÃiVÕÀˆÌÞ܏Ṏœ˜°/ iÃiÌܜ Vœ“«>˜Þ°Ƃ˜œÌ iÀ“>ÌiÀˆ>ÌÀ>˜Ã>V̈œ˜Ü>ÃVœÃi`ÜˆÌ  ­ œ Ü ˆV ÜiÀiÕ«x£°x¯°/ ˆÃˆ˜VÀi>ÃiˆÃ`Õi̜>`i>ÜˆÌ >Ài}ˆ / iˆ˜VÀi>Ãiˆ˜Ài}ˆœ˜>Þ`ˆÃÌÀˆLÕÌi`LÀ>˜`ÃÜ>ëÀˆ“>ÀˆÞ>ÌÌ DISCUSSION & ANALYSIS MANAGEMENT Vœ˜ÌÀ>VÌÃÜ ˆV }Õ>À>˜ÌiiÃÌ >ÌÌ iÞ܈ Óä£Ç°/ ˆÃà ˆvÌ>Ãœºi˜ÃÕÀiûÀiÛi˜ÕiÃÌÀi>“ÃvœÀÞi>ÀÃ̜V à ˆvÌ̜Ài˜Ì>ÃÜ>ÃœvvÃiÌLÞÌ iˆ˜VÀi>Ãiˆ˜i>Ãiˆ˜Vœ“i]Ü 8iÀœÝ µÕˆ«“i˜ÌÃ>iÃLÞfÓ°Ó“ˆˆœ˜°/ i`iVÀi>Ãiˆ˜ÀiÛi˜Õi ˆV>À>}Õ>ÀiÛi˜ÕiÃÜiÀiÃiÛiÀiÞˆ“«>VÌi`LÞÌ i«œˆÌˆV>՘Ài ÕÃi8iÀœÝLÀ>˜`i`ÃÕ« PBS : WE MAKE THINGS HAPPEN >˜`>«ÀœviÃȜ˜>viiȘVœ“i œ“i>ÃVÕÃ̜“iÀà >Ûi“Տ̈‡Þi>À ÀˆLÕÌi`̜ ˆÃVœiµÕˆ«“i˜ÌÃ>iÃ] ˆV ˆ˜Óä£nÜ>ÃÕ«Óä°{¯ÛiÀÃÕà ÌÀ>˜Ã>V̈œ˜Ã«œÃˆÌˆœ˜i`* ->Ã> œ˜>“Տ̈˜>̈œ˜>­œÀÌ՘ixää® Àˆ˜ÃÌ>>̈œ˜° “ˆ˜ˆV>˜,i«ÕLˆVÌ>Ý>ÕÌ œÀˆÌÞ® `Ì i >ÀˆLLi>˜ÆiÝi“«ˆvވ˜} «ˆiÃ>˜`«>ÀÌȘvÕÌÕÀiÞi>Àð ˆÃà ˆvÌ>Ãœºi˜ÃÕÀiûÀiÛi˜Õi ëÀˆœÀÞi>À°/ ˆÃˆÃˆ˜ëˆÌiœv ÃÌÜ ˆV i`̜>`iVÀi>Ãiœv Ã>ÃÜVˆ>Ìi`ÜˆÌ Ì i“>ÀŽiÌ iÛi˜Õiˆ˜ ˆV>À>}Õ>>˜`> iÛi˜Õiˆ˜ Ãi`̜«ÕÀV >Ș}œÕÌÀˆ} Ì° Óä£ÇÆÌ ˆÃÜ>Ã`ÀˆÛi˜ | ANNUAL REPORT

2018 PAGE TITLE   PAGE TITLE PBS LÀœŽi˜`œÜ˜LޏœV>̈œ˜œvœÕÀVÕÃ̜“iÀ° >˜`“>ÀŽiÌÀˆÃŽ°/ ivœœÜˆ˜}Ì>LiœÕ̏ˆ˜iÃÌ i>“œÕ˜ÌœvÀiÛ * -}iœ}À>« ˆV>`ˆÛiÀÈwV>̈œ˜«ÀœÛˆ`iÃ>˜>ÌÕÀ> i`}iÀi`ÕVˆ Revenue byTerritory DISCUSSION & ANALYSIS MANAGEMENT : WE MAKE THINGS HAPPEN | ANNUAL REPORT

2018 i˜ÕivÀœ“iÝÌiÀ˜>VÕÃ̜“iÀà ˜}VÕÀÀi˜VÞÀˆÃŽ]«œˆÌˆV>ÀˆÃŽ 29 GROWTH, INNOVATION & TRANSFORMATION 30 GROWTH, INNOVATION & TRANSFORMATION / ivœœÜˆ˜}ˆÃ>ÃՓ“>ÀÞœvŽiÞw˜>˜Vˆ>À>̈œÃÕÃi`̜>ÃÃià Cost andExpenses DISCUSSION & ANALYSIS MANAGEMENT vœÀiˆ}˜iÝV >˜}iœÃÃiÃfȣӎ°ˆ} iÀˆ˜ÌiÀiÃÌiÝ«i˜Ãi«Àˆ“>Àˆ ˆ˜>˜ViVœÃÌȘÓä£nˆ˜VÀi>Ãi`fÓxÓ«Àˆ“>ÀˆÞ`Õi̜ ˆ} iÀˆ (KPCPEG%QUVU VÀi>Ãi`ÌÀ>Ûi­f{ÇÈ®]>˜``iVÀi>Ãi`L>˜ŽV >À}iífÎxή° / iÃiœÃÃiÃÜiÀi«Àˆ“>ÀˆÞˆ˜ œÃÌ>,ˆV>f£“ˆˆœ˜]Õ>Ìi“>> >VÕÀÀi˜VÞÌÀ>˜Ã>̈œ˜œÃÃœvfÓ°x“ˆˆœ˜`Õi̜`ˆvviÀi˜Vià /œÌ>Vœ“«Ài i˜ÃˆÛiœÃȘÓä£nÜ>ÃfӰΓˆˆœ˜œÃÃÛiÀÃÕÃ> iÌ«ÀœwÌÜ>Ãf£Î{ˆ˜Óä£nÕ«vÀœ“Óä£ÇÜ ˆV  >`>œÃÃœvf{ 0GV2TQƂVCPF1VJGT%QORTGJGPUKXG.QUU «ÀœwÌ>LˆˆÌÞ>˜`Ì>Ý«iÀVœÕ˜ÌÀÞ>ÃÌ iœV>À>ÌiÛ>ÀˆiÃvÀœ“ ˜Vœ“i/>ÝiÃÜiÀifÓ°x“ˆˆœ˜ˆ˜Óä£nÛiÀÃÕÃfӰ䓈ˆœ˜ˆ˜Ó +PEQOG6CZGU œv`iviÀÀi`w˜>˜ViVœÃÌȘÓä£n]fӣΰ VÕÀi`ÀiۜÛiÀˆ˜ÌiÀiÃ̈˜Óä£Ç]fÎÓx°˜ÌiÀiÃÌiÝ«i˜ÃiÜ>à erence share dividendsin2018 versusthepartialyearimpactofpreference share dividendsandunse- i}> `iVÀi>Ãi` ­fn£ä®] VœÃÌà œVVÕ«>˜VÞ `iVÀi>Ãi` ˆ˜ ÀiÃՏ̈˜} ÃÕÃÓä£Ç`Õi̜ ˆ} iÀÀiÛi˜ÕiÃ]>˜ˆ“«ÀœÛi`œ«iÀ>̈œ˜>ivwVˆi -iˆ˜}Ƃ`“ˆ˜ˆÃÌÀ>̈Ûi>˜`i˜iÀ>­-Ƃ®iÝ«i˜ÃiÃ>Ã>«iÀVi˜Ì> ÃiÀۈViÃ>˜`ÃÕ««ˆiÃÉ«>ÀÌÃÜ ˆV Ìi˜`Ã̜}i˜iÀ>Ìi ˆ} iÀ“>À} VÀi>ÃiˆÃ«Àˆ“>ÀˆÞÌ iivviVÌœvÌ iV >˜}iˆ˜“ˆÝœv«Àœ`ÕVÌà / i}ÀœÃÓ>À}ˆ˜vœÀÓä£nœv{£°™¯Ài«ÀiÃi˜ÌÃ>`iVÀi>Ãiœvä°n

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2018 PAGE TITLE - - - -  PBS PAGE TITLE PBS : WE MAKE THINGS HAPPEN ANNUAL REPORT 2018 | ANNUAL REPORT

2018 31 31 GROWTH, INNOVATION & TRANSFORMATION 32 GROWTH, INNOVATION & TRANSFORMATION BOARD OF >“>ˆV>° iˆÃ«>ÃÌ*ÀiÈ`i˜ÌœvÌ i*ÀˆÛ>Ìi-iV̜À"À}>˜ˆâ>̈œ˜œv iˆÃ >ˆÀ“>˜œvÌ i iÛiœ«“i˜Ì >˜Žœv>“>ˆV>­ ®° Ì iƂ“iÀˆV>˜˜ÌiÀ˜>̈œ˜>-V œœœv>“>ˆV>° ÕÀÀi˜ÌÞ ˜ œÌ iÀð ÃiÛiÀ>«ÕLˆVLœ>À`Ã>˜`Vœ““ˆÃˆœ˜Ã°iˆÃ>/ÀÕÃÌiiœv >“œ˜} Ì`° addition tohisresponsibilities atMusson,heserves on œ“«>˜Þ ˜ÃÕÀ>˜Vi ƂVVˆ`i˜Ì Seprod, T. GeddesGrantDistributorsLtd.,andGeneral ÃÕLÈ`ˆ>ÀˆiÃ]ˆ˜VÕ`ˆ˜}>ViÞÀœÕ«ˆ“ˆÌi`]* -ÀœÕ«] «iÀvœÀ“>˜Vi `ˆÀiV̈œ˜] ÃÌÀ>Ìi}ˆV and overaloperationsoftheMussonGroup andallits Ì i i œ>À`° vœÀ Ì i Ài뜘ÈLi œv >ˆÀ“>˜ ˆÃ >««œˆ˜Ìi` Ü>à i Óää™ ˜ ÀœÕ«° ÕÃܘ iœˆ˜i`Ì i}ÀœÕ«ˆ˜£™™{>˜`LiV>“i "ˆ˜Óää{° Ì i œv à >Ài œ`iÀ «Àˆ˜Vˆ«> "vwViÀ >˜` ÝiVṎÛi ­ "® ˆiv >ˆÀ“>˜] Ì i ˆÃ -VœÌÌ ° *° À° Chairman PAUL B. SCOTT DIRECTORS Toronto, Canada. À° -VœÌÌ>ÌÌi˜`i`-i˜iV> œi}i>˜`,ÞiÀܘ1˜ˆÛiÀÈÌÞˆ˜ Þi>Àð £È vœÀ i` i «œÃˆÌˆœ˜ ˆ˜VÕ`ˆ˜} > ˆÀiV̜À] ÀœiÃ] >˜>}ˆ˜} Û>ÀˆœÕà ˆ˜ Þi>Àà {ä œv ̜Ì> Vœ“Lˆ˜i` > ÕÃܘÀœÕ«°i >ÃܜÀŽi`ÜˆÌ ˆ˜Ì i>ViÞÀœÕ«vœÀ Mr. Scottisadirector ofseveralcompanieswithinthe Director PATRICK A.W.SCOTT PBS ANNUAL REPORT 2018 BOARD OFDIRECTORS PBS 1˜ˆÛiÀÈ`>`ƂÕ̝˜œ“> i˜ÌÀœƂ“iÀˆV>] œÃÌ>,ˆV>° business. Mr. ParísstudiedBusinessAdministrationatthe Ü iÀi i i`ÃiÛiÀ>Ãi˜ˆœÀ“>˜>}i“i˜Ì«œÃˆÌˆœ˜Ã>VÀœÃÃÌ i >ˆ>˜Vi®]   ­>˜ *>À‰Ã  ‡  vœÀ À° Þi>Àà œ«iÀ>̈œ˜Ã° £n ܜÀŽi` `>އ̜‡`>Þ Ì i ÃÌÀ>Ìi}Þ œv ۈȜ˜] iÝiVṎœ˜ Ì i vœÀ >˜` Ài뜘ÈLi ˆÃ i Óä䙰 œv i˜` i˜ÌÀ>Ƃ“iÀˆV>ˆ˜ÓääÈ° À°*>À‰Ã>«œˆ˜Ìi` ">ÌÌ i “>˜>}i“i˜Ì«œÃˆÌˆœ˜Ã]ˆ˜ÓääÈ iÜ>Ø>“i` ""vœÀ À°*>À‰Ã >ÃLii˜ÜˆÌ * -ȘViÓääÎ]i >à i`ÃiÛiÀ> CEO PBSGroup PEDRO M. PARÍS : WE MAKE THINGS HAPPEN | ANNUAL REPORT

2018 œv Vœ˜œ“ˆVð “«ÀœÛi“i˜Ì >˜` œ““ˆÌii°- iˆÃ> œ˜œÀi`}À>`ÕÌiœvœ˜`œ˜-V œœ ,i}Տ>̈œ˜ i}ˆÃ>̈œ˜] Ì i œv >ˆÀ VÕÀÀi˜Ì Ì i ˆÃ >˜` œ““iÀVi] œv >“LiÀ >“>ˆV> Ì i œv 6ˆVi‡*ÀiÈ`i˜Ì œÕÀÌ  >Ãœ ÕÃܘ ˆÃ - i œÀ}>˜ˆâ>̈œ˜Ã° -, œÌ iÀ >˜` ՘`>̈œ˜] >˜>}i“i˜Ì ˆvi >˜` ,-  œ`ˆ˜} >“>ˆV> œv  -i«Àœ` >ˆÀ“>˜ ˆÀÃ >“>ˆV> œv œv >ˆÀ«iÀܘ ՘`>̈œ˜] Ì i >ˆÀ“>˜ œ˜ ÈÌà Lœ>À`ð >˜` Ì`° ‡*ˆ˜Ã i``iÃiÝiVṎÛiœv-i«Àœ`œv œ“«>˜ˆiÃ>˜`>ˆÌÃÃÕLÈ`ˆ>ÀÞ œv / >ˆÀ“>˜ >˜` Ì`° Ì`] À>˜Ì ««iÞ Ì`°] œ“«>˜Þ ƂVVˆ`i˜Ì i˜iÀ> ˜ÃÕÀ>˜Vi œv 6ˆVi‡ >ˆÀ“>˜ ÃÕLÈ`ˆ>ÀˆiÃ] ˆÌà > œÌÌ> -Ì>˜iÞ œv " Ì`°]6ˆVi‡ >ˆÀ“>˜œv ÕÃܘ­>®Ì`°>˜` ˆÀiV̜Àœv >˜` >ˆÀ“>˜ ˆÃ -ÕLÀ>̈i Àð Director MELANIE SUBRATIE 33 GROWTH, INNOVATION & TRANSFORMATION 34 34 GROWTH, INNOVATION & TRANSFORMATION BOARD OF ƂVVœÕ˜Ìˆ˜}vÀœ“Ì i1˜ˆÛiÀÈÌÞœv ˆ>“ˆ° ˆÃÀ> ˆˆÃ> *Ƃ>˜` œ`Ã> >V iœÀœv-Vˆi˜Vi i}Àiiˆ˜ i œ`ˆ˜}ð >Ã>Ãœ i`œÌ iÀLœ>À`«œÃˆÌˆœ˜ÃœÕÌÈ`iœv>ViÞ° À° i`ˆ> ˆ˜ Vœ˜Vi˜ÌÀ>̈œ˜ > ÜˆÌ  ÓääÓ] “Տ̈˜>̈œ˜> ̜ £™™Ó vÀœ“ Vœ“«>˜ˆià œv vœÀ }ÀœÕ« ˆ˜>˜Vi ˆÃ˜iÀœÃ *ÀiÈ`i˜Ì] Ì i 6ˆVi >à ÃiÀÛi` i ÓääÈ° ̜ vÀœ“ ÓääÎ >˜Ž ˜ÛiÃ̓i˜Ì LœṎµÕi > œv ˆÀiV̜À Ü>à >˜>}ˆ˜} i ÓääÈ] ˆ˜ >ViÞ œˆ˜ˆ˜} ̜ *ÀˆœÀ ÀœÕ«° >ViÞ Ì i Mr. Misrahiisadirector ofseveralcompanieswithin ÀœÕ« " Director JOSÉ MISRAHI DIRECTORS PBS : WE MAKE THINGS HAPPEN än ° }i Ã `}iˆ*ÌVvœÌ i vÀœ“ *œˆÌˆVà ˆ˜ `i}Àii 1˜ˆÛiÀÈÌÞœv iÜV>Ã̏i]1° > œ`à Ƃ}˜iÜ ˆ˜ À° 1°-°Ƃ° Ì i Óään° ̜ “œÛi` i 1] Ì i vÀœ“ "Àˆ}ˆ˜>Þ 1° Vœ‡vœÕ˜`i` Ì i ˆ˜ i Ì` Ƃݜ˜˜ ÀœÜ° >˜` -iÀۈVià ˆ˜ ˜vœÀ“>̈œ˜ i>ۈ>˜` Þi>Àà vœÕÀ }ÀœÜˆ˜} v>ÃÌiÃÌ Vœ“«>˜ˆià x]äää «ÀˆÛ>Ìi Ì i >“œ˜} ˆÃÌi` Lii˜ >à À>v̜˜ ˜V°  i˜ÌˆÌˆið “>ÀŽï˜} Vœ˜Ìi˜Ì i>`ˆ˜} ƂÕÃÌÀ>ˆ>½Ã of subsidiarycompaniesthatare NorthAmericaand ÃiÀۈViÃLÕȘiÃÃiðivœÕ˜`i` À>v̜˜˜V°>˜`>}ÀœÕ« LՈ`ˆ˜} ˆ˜ Vœ˜Ìi˜Ì“>ÀŽï˜}]“>ÀŽï˜}ÌiV ˜œœ}Þ>˜`ˆ˜vœÀ“>̈œ˜ ëiVˆ>ˆâˆ˜} i˜ÌÀi«Ài˜iÕÀ >˜ ˆÃ Ƃ}˜iÜ À° Non-Executive Director THOMAS AGNEW | ANNUAL REPORT PBS ANNUAL REPORT 2018

2018 BOARD OFDIRECTORS PBS PBS >«ÕLˆVÞˆÃÌi`Vœ“«>˜Þœ˜Ì i>“>ˆV>˜Ã̜VŽiÝV >˜}i° iÀµÕiœ-°Ƃ°-°]>˜`ˆÃ >ˆÀ“>˜œv*œÀ̏>˜`-8ˆ“ˆÌi`] Ì iÀi>Ìi`Lœ>À`Vœ““ˆÌÌiiðiˆÃ>Ãœœ˜Ì iLœ>À`œv Ƃ] ÀÕ«œ ÃiÀۈ˜}œ˜Ì iLœ>À`œv`ˆÀiV̜ÀÃœvi>V Vœ“«>˜Þ>˜`œ˜ >˜` *>˜>“>]   ˜V°] œ`ˆ˜}à ˜ÌiÀ ˜iÀ}Þ Ài>̈œ˜Ã°i >ÃLii˜Ì ii>`«>À̘iÀvœÀˆ˜ÛiÃ̓i˜ÌȘ in transactions,andhasprimaryresponsibility forinvestor Ü iÀi iˆÃ>“i“LiÀ À°iÜܘˆÃ> >˜>}ˆ˜}*>À̘iÀœv*œÀ̏>˜`*ÀˆÛ>Ìi µÕˆÌÞ Non-Executive Director DOUGLAS HEWSON : WE MAKE THINGS HAPPEN : WE MAKE THINGS HAPPEN œvÌ i˜ÛiÃ̓i˜Ì œ““ˆÌÌii]>V̈Ûi | ANNUAL REPORT | ANNUAL REPORT

2018 2018 1˜ˆÛiÀÈÌÞœvÌ i7iÃ̘`ˆiÃ>˜`ˆÃ> Ƃ >ÀÌiÀ œ`iÀ° i L>˜Ž° Vœ““iÀVˆ> œ`Ã> >ÃÌiÀœv-Vˆi˜Vi`i}Àiiˆ˜ Vœ˜œ“ˆVÃvÀœ“Ì i Ài}ˆœ˜> i>`ˆ˜} > ÜˆÌ  >˜Žˆ˜} ˜ÛiÃ̓i˜Ì ˆÀiV̜À‡ ** ] ƂÃÜVˆ>Ìi œv œˆ˜ˆ˜} Àœi Ì i ̜ i` ,ˆV>À`œ *ÀˆœÀ ˆ˜Ã̈ÌṎœ˜Ã° Þi>Àà w˜>˜Vˆ> £Î ̜« ÌÀ>˜Ã>V̈œ˜Ã ÃiÛiÀ> Ì >˜ “œÀi ˆ˜ÛiÃ̓i˜Ì >à iÝ«iÀˆi˜Viˆ˜Ì iÀi}ˆœ˜>w˜>˜Viˆ˜`ÕÃÌÀÞܜÀŽˆ˜}ÜˆÌ  i Ài}ˆœ˜° i>`ˆ˜} Ì i ÜˆÌ  Ì ÀœÕ} œÕÌ vœÀ ˜ÛiÃ̓i˜ÌÃ] q *ÀiÈ`i˜Ì Ài뜘ÈLˆˆÌÞ 6ˆVi *ÀˆÛ>Ìi >à *œÀ̏>˜` ­º** »® ÜˆÌ  µÕˆÌÞ ܜÀŽÃ VÕÀÀi˜ÌÞ ÕÌV ˆ˜Ãœ˜ À° Non-Executive Director RICARDO HUTCHINSON 35 35 GROWTH, INNOVATION & TRANSFORMATION 36 36 GROWTH, INNOVATION & TRANSFORMATION BOARD OF recipient forsciences and isaNationalBarbadosAubrey Collymore Scholarship -Õ}>À >ÀL>`œÃ ˜`ÕÃÌÀÞÌ`°iˆÃ>}À>`Õ>Ìiœv9œÀŽ1˜ˆÛiÀÈÌÞ] >˜>`> Ì i >˜` *ÀˆÃ“ -iÀۈVià ÀՈÃi œv ˜Vi E - i« iÀ`] œÃÌiÀ ˆÀiV̜À >Ûi Ì`] œ˜‡ ÝiVṎÛi >˜Ž ,i«ÕLˆV œ`ˆ˜}Ã] > -iÀۈVià ˆÃ i Vœ“«>˜Þ° *ÀˆÃ“ œv ˆÀiV̜À >˜>}ˆ˜} -iÀۈViÃ]>Ài}ˆœ˜>«>ޓi˜ÌÃ>˜`œ«iÀ>̈œ˜ÃœÕÌÜÕÀVˆ˜} wÀ“° >˜` Vœ˜ÃՏ̈˜} œ‡œÕ˜`iÀ Ü>à >˜` i ˆ˜ÛiÃ̓i˜Ì Àœ˜Ìˆ} Ì œv Ài}ˆœ˜> *>À̘iÀÉ œ‡œÕ˜`iÀ > -i˜ˆœÀ 6i˜ÌÕÀiÃ] > ˆÃ ˜Vi À Non-Executive Director EDWARD INCE DIRECTORS PBS - iˆÃÌ i >ˆÀ“>˜vœÀÌ i7iÃÌiÀ˜1˜ˆÌi` >ÈV-V œœ° -VœÌ>˜`° `ˆ˜LÕÀ} ] œv 1˜ˆÛiÀÈÌÞ 7>ÌÌ iÀˆœÌ Ì i >˜>}i“i˜Ì >˜` œv ˜Ã̈ÌÕÌi ˜`ˆiÃ] 7iÃÌ Ì i œv 1˜ˆÛiÀÈÌÞ 7>ŽiÀÃÌÕ`ˆi`ƂVVœÕ˜Ìˆ˜}>˜`-ÞÃÌi“ÃƂ˜>ÞÈÃ>ÌÌ i application across theMussonGroup ofCompanies.Mrs. ˆ“«i“i˜Ì>̈œ˜œvÌ i ˜ÌiÀ«ÀˆÃi,iÜÕÀVi*Àœ}À>“­ ,*® >˜` ÕÃܘ>“>ˆV>ˆ“ˆÌi`°- iÜ>ȘÃÌÀՓi˜Ì>ˆ˜Ì i œ˜Ì i œ>À`vœÀ/°i``iÃÀ>˜Ì­ ˆÃÌÀˆLÕ̜ÀˆÌi`  / Ì i VÕÀÀi˜ÌÞ ˆÃ Director, >˜` apositionshehasheldsince2000.Sheisalso Þi>Àà Óä œÛiÀ vœÀ œ“«>˜ˆià œv ÀœÕ« ÕÃܘ Ì i œv «>ÀÌ Lii˜ >à 7>ŽiÀ œ˜`i Group CIO Director BLONDELL WALKER : WE MAKE THINGS HAPPEN | ANNUAL REPORT PBS ANNUAL REPORT 2018

2018 BOARD OFDIRECTORS PBS PBS : WE MAKE THINGS HAPPEN : WE MAKE THINGS HAPPEN Accountants ofBarbados. >Õ`ˆÌœÀ ƂVVœÕ˜Ì>˜ÌÃ>˜`>“i“LiÀœvÌ i˜Ã̈ÌÕÌiœv >ÀÌiÀi` >˜ i˜˜Þ >à >ÀL>`œÃ ð *7  >˜`ˆÃ>iœÜœvÌ iƂÃÜVˆ>̈œ˜œv >ÀÌiÀi` iÀ̈wi` ÜˆÌ  ˜ÌiÀ˜>̈œ˜>° V>ÀiiÀ ,8 iÀ Ü>à ÃÌ>ÀÌi` à i vœÀ >ÀL>`œÃ] Vœ˜ÌÀœiÀ >ViÞ w˜>˜Vˆ> œˆ˜ˆ˜} ̜ w˜>˜Vˆ> *ÀˆœÀ >à Vœ˜ÌÀœiÀ° ÓääÇ ˆ˜ >ÀL>`œÃ >ViÞ œˆ˜i` i˜˜Þ ð Company Secretary LOIS DENNY | ANNUAL REPORT | ANNUAL REPORT

2018 2018 37 37 GROWTH, INNOVATION & TRANSFORMATION 38 GROWTH, INNOVATION & TRANSFORMATION BOARD Compensation Committee Audit Committee 'ZGEWVKXG%QOOKVVGG (Chairperson) Melanie Subratie (Chairperson) P.B. Scott (Chairperson) P.B. Scott Patrick Scott Jose Misrahi Ricardo Hutchinson Jose Misrahi COMMITTEES PBS : WE MAKE THINGS HAPPEN Thomas Agnew Lois Denny Douglas Hewson Pedro M.París Ricardo Hutchinson | ANNUAL REPORT BOARD COMMITTEES

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2018 ,i}ˆœ˜>*ÀœviÃȜ˜>-iÀۈVià ˆÀiV̜À LEONARDO VELASQUEZ Group CorporateTreasurer ̈œ˜Ã ˆ«>˜`Ì iˆ˜ÌiÀ˜>8iÀœÝ «>ÃȜ˜>Ìi] ˆ} Þ“œÌˆÛ>Ìi` Ã>˜ iVÌÀœ˜ˆV ˜}ˆ˜iiÀ° «ܜÀ`V>ÃÃVœ“«>˜ˆiψŽi ̈˜iÌ]*] i]/Àˆ««ˆÌi] Ƃ`“ˆ˜ˆÃÌÀ>̈œ˜° >Ã>ÃœLii˜ˆ˜Ìi}À>ˆ˜ ˜}ˆ˜8iÀœÝÕ>Ìi“>>  >ÀˆLLi>˜]“œÀiÀiVi˜ÌÞ œ“«ÕÌiÀ-Vˆi˜VivÀœ“ œÕ« >Ã`iÛiœ«i`ˆ˜ LESDER RAMIREZ `iÛiœ«“i˜Ìœv ˆ}  À]à iÜ>Ã>««œˆ˜Ìi` >ÃÌÞi>ÀȘˆ˜>˜Vi>Ã> L>˜ŽiÀ°˜£™™n]à i ̜>`ˆÛiÀÈÌÞ>Ài>Ã>˜` >Ìœ]vœÀ >̈œ˜>  >Ìœ]vœÀ >ˆ˜ À“ />Þ>Ã>  vÀœ“ À>̈œ˜ và œÀiL>˜Ž°ˆ˜>Þ] ˜}ÃiÛiÀ>«œÃˆÌˆœ˜Ã LUCIA VIELMAN ̈>ÌiÓääÇ° ̜Ì>œvÓxÞi>ÀȘ ÀÈ`>`À>˜VˆÃVœ ̈>vÌiÀ“iÀ}ˆ˜} MARIO PONS ÃiÌi Ã>iÃ Ì i ÀÃiià Óä° ƂvÌiÀ  Óä䙰 À œ>*>À̘iÀ ˆœ˜>

41 GROWTH, INNOVATION & TRANSFORMATION 42 GROWTH, INNOVATION & TRANSFORMATION REGIONAL ˆiv˜vœÀ“>̈œ˜"vwViÀ WALTER SOLANO ,i}ˆœ˜>-iÀۈVi >˜>}iÀ OCTAVIO ANDRADE ,i}ˆœ˜> >ÀŽï˜} >˜>}iÀ NADIA NIVENSJARRETT SUPPORT TEAM ÝiVṎÛiƂÃÈÃÌ>˜Ì ROSSANA ARRIOLA ,i}ˆœ˜>*œÃÌ->ià >˜>}iÀ SERGIO MOLINA PBS : WE MAKE THINGS HAPPEN ,i}ˆœ˜>-  >˜>}iÀ VYNNIE MILA >˜>}iÀ ,i}ˆœ˜>1Ãi` µÕˆ«“i˜Ì ESTEBAN CORRALES *Ƃi˜iÀ> >˜>}iÀ MARIA RAMIREZ œL>*Àœ`ÕVÌÃƂˆ>˜Vi˜V | ANNUAL REPORT

2018 MANAGEMENT MANAGEMENT TEAM PBS >ÀL>`œÃ]" ]-ÕÀˆ˜>“i i˜iÀ> >˜>}iÀ] ELVIN NASH ->Û>`œÀ -i˜ˆœÀi˜iÀ> >˜>}iÀ] GUILLERMO RODRIGUEZ Costa Rica i˜iÀ> >˜>}iÀ] CHRISTIAN SANCHEZ : WE MAKE THINGS HAPPEN

| ANNUAL REPORT >“>ˆV> i˜iÀ> >˜>}iÀ] MICHAEL LEWIS œ˜`ÕÀ>à i˜iÀ> >˜>}iÀ] FRANCISCO LUPIAC >ޓ>˜Ï>˜`à œÕ˜ÌÀÞ >˜>}iÀ] LAURA JOHNSTON

2018

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2018 HR POLICIES&PROCEDURES PBS œv>ÌÀ>˜Ã«>Ài˜Ì>˜`˜ÕÀÌÕÀˆ˜}i˜ÛˆÀœ˜“i˜Ì° `œVՓi˜Ì>̈œ˜>˜``ˆÃÌÀˆLṎœ˜œvՓ>˜,iÜÕÀViÃ*œˆVˆiÃ>˜` ̜Li>v>ˆÀ>˜`V>Àˆ˜}i“«œÞiÀÌ >Ìi“LÀ>ViÃ>˜`>««ˆià Փ> >˜`Ìi>“‡œÀˆi˜Ìi`ˆ˜`ˆÛˆ`Õ>Ã°ƂÃ>ÀiÃՏÌ]Փ>˜,iÜÕÀVi >˜> / iÃÕÃÌ>ˆ˜i``iÛiœ«“i˜Ì>˜`ÃÕVViÃÃœv* -ˆÃ ˆ} Þ`i«i˜`i˜ • • • • • • / iÃi«œˆVˆiÃi݈ÃÌ\ : WE MAKE THINGS HAPPEN to deriveasenseofpersonal achievement. œLiV̈Ûiœvi˜>Lˆ˜}Ì i“̜“>ŽiÌ i“œÃÌivviV̈ÛiVœ˜ÌÀˆLÕÌ /œi˜ÃÕÀiÌ >Ì«iÀܘÃ>Àii“«œÞi`vœÀÌ iܜÀŽÜ ˆV LiÃÌÃՈ /œiÃÌ>LˆÃ >v՘V̈œ˜>}ÀˆiÛ>˜Vi«ÀœVi`ÕÀ>ÃÞÃÌi“° /œvœÃÌiÀ>ëˆÀˆÌœvVœœ«iÀ>̈œ˜>˜` ˆ} “œÀ>i° channels of communication. /œi˜ÃÕÀiÌ >Ìi>V ÃÌ>vv“i“LiÀŽ˜œÜÃÌ iÀiµÕˆÀi“i˜ÌÃœv ˆÃÉ /œi˜ÃÕÀiÌ >Ì>“>ÌÌiÀÃ>vviV̈˜}ÃÌ>vvÀi>̈œ˜Ã ˆ«>ÀivՏ /œvœÃÌiÀ]`iÛiœ«>˜`˜ÕÀÌÕÀiÌ i ˆ} iÃ̏iÛiœv«ÀœviÃȜ˜> | ANNUAL REPORT

2018 Þ>˜`vÀ>˜ŽÞiÝ«>ˆ˜i`>˜`՘`iÀÃ̜œ`° *ÀœVi`ÕÀiÃ>Àiˆ“«œÀÌ>˜ÌÃÌi«Ãˆ˜Ì iVÀi>̈œ˜ ˆÃ“>“œ˜}>iÛiÃœvÃÌ>vv° ˜ÀiÜÕÀVi“>˜>}i“i˜ÌLiÃÌ«À>V̈Við/ i Ìœ˜Ì iVœ˜ViÀÌi`ivvœÀÌÃœv ˆ} ÞÌ>i˜Ìi` }i“i˜ÌˆÃœvÕ̓œÃ̈“«œÀÌ>˜Vi°* ->ˆ“à ˆœ˜̜Ì iœÀ}>˜ˆâ>̈œ˜>˜`>œÜˆ˜}Ì i“ ÌÃÌ i“>˜`Ì iœÀ}>˜ˆâ>̈œ˜]ÜˆÌ Ì i iÀœL>˜`ˆÃv>“ˆˆ>ÀÜˆÌ Ì i«Àœ«iÀ 45 GROWTH, INNOVATION & TRANSFORMATION

48 48 GROWTH, INNOVATION & TRANSFORMATION ܈Ìà œ œ Ó° Ì >i}œLØÃØi ˜>Ã >˜` Ãi˜Ãi LÕȘiÃà }œœ` “>Žià `iˆÛiÀÃœ˜œÕÀ`ÕÌÞ̜i>Ûi>LiÌÌiÀܜÀ`vœÀvÕÌÕÀi}i˜iÀ>Ì Ì Ã>“i° Ì i `œ ̜ >ÃÜVˆ>Ìià ̈ÜÕÀ«ÀˆœÀˆÌÞ̜i˜VœÕÀ>}iœÕÀVÕÃ̜“iÀÃ]ÃÕ««ˆiÀÃ>˜`> œÕÀ “>Žˆ˜} LÞ œ«iÀ>̈˜}“iÌ œ`𠈓«>VÌ i˜ÛˆÀœ˜“i˜Ì> Ì iÀivœÀ >Ài] œÕÀ i˜ÛˆÀœ˜“i˜Ì>«iÀvœÀ“>˜Vi>˜ˆ˜Ìi}À>«>ÀÌœvœÕÀLÕȘiÃÃÃÌÀ> 7i Ài`ÕVˆ˜} “>˜˜iÀ° ÃÕÃÌ>ˆ˜>Li ̜ > Vœ““ˆÌÌi` ˆ˜ œ«iÀ>Ìi >˜` i˜ÛˆÀœ˜“i˜Ì> }œœ` «À>V̈Vià “>ˆ˜Ì>ˆ˜ à œÕ` LÕȘiÃÃià LiˆiÛià ÀœÕ« * - POLICY ENVIRONMENTAL www.xerox.com/sustainablepaper Committed toSustainability PBS : WE MAKE THINGS HAPPEN ˆœ˜Ã° LÕȘiÃà Ìi}Þ>˜` i] œ  | ANNUAL REPORT sustainably managedforests PBS PBS onlytradespaperfrom and controlledsources. This productisfrom ANNUAL REPORT 2018 PEFC manufatures. pefc-france.org 29/31-9

2018     Six StepsofCommitment PA PBS PBS G : WE MAKE THINGS HAPPEN ANNUAL REPORT 2018 E TITLE Տˆ}] iˆÃ ˜«œiÃà ˜ œÀ`iÀ ˆ˜ «ÀœViÃÃià >˜` œÕÀ Ûi ˆVià ˆ˜ ÕÃ>}i LՈ`ˆ˜}Ã] Ü>ÌiÀ >˜` i˜iÀ}Þ “ˆ˜ˆ“ˆÃi 7i Ì i ÀœiœvÌ iˆ˜`ˆÛˆ`Õ>ˆ˜«ÀiÛi˜Ìˆ˜}«œṎœ˜° ˆ} ˆ} ̈˜} «œˆVÞ] i˜ÛˆÀœ˜“i˜Ì> Ì i œ˜ œ˜Li >vœv* -ÜˆÌ ÌÀ>ˆ˜ˆ˜}>˜`ˆ˜vœÀ“>̈œ˜ 7i܈«ÀœÛˆ`i>i“«œÞiiÃ>˜`Ì œÃiܜÀŽˆ˜} employees, thepublicandallcontractors. and voluntarypollutionprevention methodsto PBS willcommunicateitsenvironmental policy, waste andprevent pollution. Ài`ÕVi ̜ «œÃÈLi] Ü i˜iÛiÀ Ài}Տ>̈œ˜Ã] Liޜ˜` Ì i }œˆ˜} iÛi˜ Ài}Տ>̈œ˜Ã] i}> > ÜˆÌ  ˜i}>̈Ûi «ÀiÛi˜Ì ̜ impacts ontheenvironment. PBSwillcomply «Àœ}À>“ > `iÛiœ« ܈ PBS iscommittedtopollutionprevention and | ANNUAL REPORT

2018   œˆœiÌÀÕ iˆ`V œÕÃiŽii«ˆ˜} ̜ÕÀÃ]ˆ˜ÌiÀ˜>>Õ`ˆÌÃ>˜`“>˜>}i“i˜ÌÀiۈiÜà «iÀˆœ`ˆV] Ì ÀœÕ}  Li “œ˜ˆÌœÀi` ܈ Ì>À}iÌà >˜` œLiV̈Ûià i˜ÛˆÀœ˜“i˜Ì> >˜` -ÞÃÌi“ >˜>}i“i˜Ì ˜ÛˆÀœ˜“i˜Ì> / i the environment andlocalcommunities. from ouroperations,products andserviceson «Ài“ˆÃið7i܈>ÃœÀi`ÕVi>˜Þ >À“vՏˆ“«>VÌà «œṎœ˜]>˜`܏ˆ`Ü>ÃÌi“>˜>}i“i˜ÌvÀœ“œÕÀ inrespectperformance ofair, water, noise 7i܈Vœ˜Ìˆ˜ÕœÕÏÞˆ“«ÀœÛiœÕÀi˜ÛˆÀœ˜“i˜Ì>Ì> consumption ofnaturalresources. to conservesupplies,andminimiseour 49 49 GROWTH, INNOVATION & TRANSFORMATION 50 50 GROWTH, INNOVATION & TRANSFORMATION ACROSS PBS and recognition from partners.We secured as such,wehavereceived severalawards relationships withourglobalpartnersand to create andsustainwinninglongterm the region. PBSpridesitselfinbeingable the marketingandsalesactivitiesacross have beenthekeydrivershelpingtoshape Growth, transformationandinnovation : WE MAKE THINGS HAPPEN | ANNUAL REPORT PBS ANNUAL REPORT 2018

2018 THEREGION PA PBS communities inwhichweoperateiscritical Improving theconditionsofpeopleand advertisements. targeted stakeholderseminars,expos,and Colombia. We engagedcustomerswith across theCaribbean,CentralAmericaand increasing ourfootprintandmarketshare major localandregional contractsandbids, PBS G : WE MAKE THINGS HAPPEN ANNUAL REPORT 2018 E TITLE | ANNUAL REPORT

2018 instead ofplastic. a campaigntopromote theuseofpaper in socialresponsability andspearheading the yearincludesmilestoneachievements major focusfor2018.Ourhighlights responsibility activitiesalsoremained a in ourstrategicplans,therefore, social 51 51 GROWTH, INNOVATION & TRANSFORMATION MARKETING ACTIVITIES

Ƃ 1Ƃ, *",/Óä£n PBS Industry Events,Bogota Industry Events,Cali COLOMBIA : WE MAKE THINGS HAPPEN demonstration ofvariousXerox products (Versalink® C9000,ColorC70® andVersant 180®). (Offset, wideformat,digitalpresses), themarkettendencies,and Colormanagement.Theenventclosedwitha that waslaterextendedto other cities.TheeventcoverstheuseofG7methodology inhybridenvironments œ}œÌ?Ü>ÃÌ iwÀÃÌVˆÌÞˆ˜ œœ“Lˆ>̜ œÃ̺ `ÕV>Ìi̜ÀœÜ» >«Àˆ˜Ìˆ˜}ˆ˜`ÕÃÌÀÞÃi“ˆ˜>ÀvœVÕÃi`œ˜ˆ˜VÀi>Ș}LÕȘiÃÃ}ÀœÜ Association (ANDIGRAF).PBSinpartnershipwithXerox andsoftware manufacturer Aleyantexecuted PBS ColombiawaswelcomedasthedistributorforXerox attheannualmeetingofGraphicIndustry | ANNUAL REPORT

2018 ]>˜iÛi˜ÌœÀˆi˜Ìi`vœÀÌ iÀ>« ˆVčÀÌÃVœ““Õ˜ˆÌÞ Ì >˜`«ÀœwÌ>LˆˆÌÞÌ ÀœÕ} >Õ̜“>̈œ˜° 53 GROWTH, INNOVATION & TRANSFORMATION 54 GROWTH, INNOVATION & TRANSFORMATION 5QEKCN5GEWTKV[ %%55 )TCRJKE'ZRQ #51+0)4#( COSTA RICA COSTA RICA can haveonthenationalhealth system. >ÞÜ iÀiœÕÀvœVÕÃÜ>ÃÌ iLi˜iwÌÃÌ >ÌV>˜LiœLÌ>ˆ˜i`vÀœ“L * - œÃÌ>,ˆV>Ìi>“`iˆÛiÀi`Ì iœ«i˜ˆ˜}Ài“>ÀŽÃ>ÌÌ i œÃÌ> Xerox Iridesseprinter. * - œÃÌ>,ˆV> >`> Õ}i«ÀiÃi˜Vi>ÌÌ iÓä£n Ý«œÀ?wV>­À ,ˆV>˜-œVˆ>-iVÕÀˆÌ޽í --®"À>Vi ˆ}`>Ì>>˜`Ì i«œÌi˜Ìˆ>ˆ“«>VÌÌ ˆÃ >« ˆV Ý«œ®̜à œÜV>ÃiÌ i˜iÜ PBS ANNUAL REPORT 2018 PAGE TITLE PBSPB %KUEQ%[DGT5GEWTKV[5GOKPCT JAMAICA BELIZE -«iVˆ>ˆÃÌ*>LœiÀÀiÀ>6>À}>ð œÀ}>˜ˆâ>̈œ˜Ã°/ iÃi“ˆ˜>Àvi>ÌÕÀi`«ÀiÃi˜Ì>̈œ˜ÃvÀœ“ ˆÃVœ½Ã ÌiV ˜œœ}Þ̜܏ÛiLÕȘiÃÈÃÃÕið/ ˆÃiÛi˜ÌÜ>ȘÌi˜`i`v * ->“>ˆV>>˜` ˆÃVœ«>À̘iÀi`̜iÝiVÕÌi>LÀi>Žv>ÃÌÃi“ˆ˜>À S : WE MAKE THINGS HAPPEN : WE MAKE : WETHIN of specialistsfrom FortinetandPBS. ÃÌ>Ži œ`iÀÏi>À˜i`>LœÕÌÌ i˜iÜÀœiœvÃiVÕÀˆÌÞˆ˜Ì iˆÀœv PBS Belizelaunched analliancewithFortinetataseminar where ITindustry GS HAPPEN | ANNUAL REPORT

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2018 T 2 01 8 -i˜ˆœÀ-ÞÃÌi“à ˜}ˆ˜iiÀ>ÃÜi>Ã-iVÕÀˆÌÞ œÀ/“>˜>}iÀȘ}œÛiÀ˜“i˜Ì>˜`«ÀˆÛ>Ìi œ˜ ÞLiÀ-iVÕÀˆÌÞ`ˆÃVÕÃȘ} œÜ̜ÕÃi wViÃ]ÜˆÌ Ì i«ÀiÃi˜Vi 55 5 5 GROWTH, INNOVATION & TRANSFORMATIONSFO AWARDS & RECOGNITIONS

8iÀœÝ¿Ã>Ü>À`ÃvœÀÓä£n܈Li `iˆÛiÀi`>ÌÌ i8iÀœÝœL>*>À̘iÀ event to be held in Atlanta,Ga. Ƃ 1Ƃ, *",/Óä£n ˆ˜i>ÀÞ >ÞÓ䣙° PBS : WE MAKE THINGS HAPPEN ˆÌÀ` à i˜Àœ i>µi] iˆ˜ ˆiÌÀ v / ˜ >Õ >˜` Naranjo, COOofPBSreceived thisaward. / œv ˆÀiV̜À ,i}ˆœ˜> 6i>õÕiâ] iœ˜>À`œ ˆÃ *ˆVÌÕÀi` œÀÌ œv-œÕÌ Ƃ“iÀˆV>>˜`Ì i >ÀˆLLi Ƃ -Ƃ ­ i˜ÌÀ>Ƃ“iÀˆV>] a result ofaCountryTransformation project inthearea thatCiscocalls Ì Ì i9i>À¿vœÀÌ i>̈˜Ƃ“iÀˆV>,i}ˆœ˜ˆ˜ vœÀ œÛi“LiÀÓä£n°/ ˆÃ> «>À̘iÀà ̜«‡«iÀvœÀ“ˆ˜} Ì iˆÀ œÕÌÃÌ>˜`ˆ˜}>V ˆiÛi“i˜Ìð* -Ü>Ã>Ü>À`i`Ì i¿*ÕLˆV-iV̜À*> ÀiVœ}˜ˆâi ̜ œ««œÀÌ՘ˆÌÞ ÕÃià >Ãœ >˜ ˆÃVœ œ««œÀÌ՘ˆÌˆið ˜iÜ >˜` Û>Õi VÀi>Ìi ̜ ̜}iÌ iÀ  Ì i vœÀ *>À̘iÀ-Փ“ˆÌˆÃ ˆÃVœ½Ã>˜˜Õ>iÛi˜Ì̜LÀˆ˜}ÌiV ˜œœ}Þ>˜` ˜iÌܜÀŽˆ˜} ˆ˜ i>`iÀ }œL> Ì i ˆÃ ˜V° -ÞÃÌi“à ˆÃVœ PARTNEROF THEYEAR CISCO PUBLICSECTOR | ANNUAL REPORT

2018 VÕÃ̜“iÀà Ü>À`Ü>à ˜ÌiÀ˜iÌ° À̘iÀœv Ì >à ˆÌ  ÀˆVˆœ iˆÀ >˜®° 57 GROWTH, INNOVATION & TRANSFORMATION HONDURAS

PBS Honduras is the winner for second consecutive year the NET PROMOTER SCORE Award. This distinction is given for 2018 ex- cellence in Customer Satisfac- tion.

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GUATEMALA GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH,

HP awarded PBS Guatemala with the Platinum Partner plaque for its 2018 achievements.

58 PBS: WE MAKE THINGS HAPPEN | ANNUAL REPORT 2018 PBSPB BARBADOS NICARAGUA S : WE MAKE THINGS HAPPEN : WWE iÌܜÀŽ-܈ÌV iÃƂ˜Ìˆ‡ÛˆÀÕÃ]˜ÌÀÕȜ˜*ÀiÛi˜Ìˆœ˜>˜` ˜`«œˆ˜Ì œÀ̈˜ïÃ>i>`iÀˆ˜Ì i`iÛiœ«“i˜ÌœvVÞLiÀÃiVÕÀˆÌÞ܏Ṏ * - >ÀL>`œÃÀiViˆÛi`-ˆÛiÀ*>À̘iÀÃÌ>ÌÕÃvÀœ“œÀ̈˜ï˜"V E M AAK K E E

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2018 T 2 01 8 >˜` iÌܜÀŽˆ˜}° of CiscoinconjunctionwithSecurity ˜vÀ>ÃÌÀÕVÌÕÀi® i˜ÌÀˆV ­Ƃ««ˆV>̈œ˜ -  iÀÌܜÀŽˆ˜}®]Ƃ  œv ­-œvÌÜ>Ài iw˜i` ˜iÌܜÀŽ ˆ˜Ã̈ÌṎœ˜ > ˆ“«i“i˜Ì / ˆÃ Ì i ܈ œv `>Ì>Vi˜ÌiÀ° Õ«}À>`i  Ì i vœÀ ÃiÀۈVià >˜` iµÕˆ«“i˜Ì `iˆÛiÀ ̜ ,i«ÕLˆV Service Provider inDominican PBS wasselectedCiscoAdvance Õ`i]  -̜À>}i]-iÀÛiÀÃ>˜` `iÌiV̜À>˜` ˆœ“iÌÀˆV«ÀœÌiV̈œ˜ ˆ}˜]ˆ˜ÃÌ>>˜``i«œÞ    61 GROWTH, INNOVATION & TRANSFORMATIONSFO GUATEMALA

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COSTA RICA GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH,

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62 PBS: WE MAKE THINGS HAPPEN | ANNUAL REPORT 2018 PBSPB BARBADOS HONDURAS S : WE MAKE THINGS HAPPEN : WE MAKE : WETHIN Ì iÃÌ>ÌÕÃ>˜`v՘V̈œ˜ˆ˜}œvi>V `iۈVi° œvviÀvÀœ“* -ˆ˜VÕ`i`8iÀœÝ >À`Ü>Ài]*>«iÀVÕÌ-œvÌÜ>Ài]>˜` >œÜi`Ì i“̜ˆ“«ÀœÛivÀœ“{Ó̜Îä`iۈViÃÌ >̈˜VÕ`i œœ *Àˆ˜ÌiÀȘ iVi“LiÀ°/ iœ««œÀÌ՘ˆÌÞˆ˜VÕ`i`>˜>ÃÃiÃÓi˜Ìœv *] Àœ Σ Ài«>Vˆ˜} LÞ ܈˜ Vœ“«ï̈Ûi > >V ˆiÛi` >ÀL>`œÃ * - in thetwoyearsHonduras resource inthemaincitiesofcountryandprove thatweare thefastestgrowing printingcompany across thecountryinDaviviendaallowPBStoreposition itselfinthemarket,expansionofhuman Installation of178A3andA4machinesmonitored byXerox ManagedPrintServicesanddistributed in thebankingsystem,andthisyearwereturn tooneofthemainbankinHonduras,BancoDavivienda. XEROX returned tobankingsectorin2018Honduras.Formore than15yearsPBShadnopresence GS HAPPEN | ANNUAL REPORT

| ANNUAL REPOR

2018 T 2 01 8 À>˜` >VŽ>˜`7 ˆÌi“>V ˆ˜ið/ i Ì i >˜ŽyiiÌ>˜`Ì iw˜>Ài«œÀÌ >˜>}i`*Àˆ˜Ì-iÀۈViÃ̜“œ˜ˆÌœÀ À ˜ ˜œ Տ̈‡՘V̈œ˜ >˜˜œ˜ >˜` Ì iÀ

63 GROWTH, INNOVATION & TRANSFORMATIONSFO COLOMBIA

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64 PBS: WE MAKE THINGS HAPPEN | ANNUAL REPORT 2018 PBSPB GUATEMALA PANAMA S : WE MAKE THINGS HAPPEN : WE MAKE : WETHIN GS HAPPEN | ANNUAL REPORT

| ANNUAL REPOR

2018 T 2 01 8 i œœˆÃ œÃ LiÌÌiÀ ˜`ÕÃÌÀˆ>>˜`ˆÌÃVˆi˜Ìð >œÜà communication between Banco ÌiV ˜œœ}ˆià ÃÌ>Ìi‡œv‡Ì i‡>ÀÌ The combinationof these +Õ>`ˆi˜Ì ܜÀŽyœÜÜvÌÜ>Ài° }i˜iÀ>Ìi` >Ài ÕȘ} * Aà >˜` «Àˆ˜ÌiÀ] œ“«>VÌ “«ˆŽ> «Àœ`ÕV̈œ˜ ˜ŽiÌ full colordocumentsprintedinthe *Àˆ˜Ìˆ˜}œvÃÌ>Ìi“i˜ÌÈÃ`i«œÞi`ˆ˜ œvLÕȘiÃÃœvÌ iœV>}ÀœÕ«° >˜`}i˜iÀ>Ìi* AÃvœÀ>Ì iˆ˜ià months contracttoprintstatements Lˆ}}iÃÌL>˜Ž°* -Ü>Ã>Ü>À`i`>{n i˜ÌÀ> America anditisGuatemala´s ˆ˜ }ÀœÕ«Ã w˜>˜Vˆ> >À}iÃÌ >˜Vœ˜`ÕÃÌÀˆ>Liœ˜}Ã̜œ˜iÌ i >VÕÌ Ì̓˜° Õ8iÀœÝ "ÕÀ “«ˆŽ> œ“«>VÌÜ>ÃŽiÞ° ÃÌ>Ìi“i˜Ì° >VVœÕ˜Ì Ì i ÜˆÌ ˆ˜ Ƃ`ÛiÀ̈Ș} 6>Àˆ>Li «ÀœÛˆ`i ˆ“«ÀœÛi“i˜ÌȘVÕ`ˆ˜}Ì i>LˆˆÌÞ̜ ÃÌ>Ìi“i˜Ìð7i>Ãœ«ÀœÛˆ`i`˜œÌ>Li ÃiÀۈVià œvœÛiÀ£°n“ˆˆœ˜«>}iÃœv>VVœÕ˜Ì «Àˆ˜Ìˆ˜} Û>Àˆ>Li «ÀœÛˆ`i` PBS withthesupportofQuadient each production cyclewithin 24hours. of theusers'consumptionandprocess provide betterstatistical information Ì i ,i«ÕLˆVœv*>˜>“>° ƂƂ Ü>˜Ìi`̜ Ì ÀœÕ} œÕÌ ÃiÀۈVi `ˆÃÌÀˆLṎœ˜ Ü>ÌiÀ Ì i «ÀœÛˆ`ià ­ ƂƂ® -iÜiÀà >˜` ƂµÕi`ÕVÌà >̈œ˜> œv ˜Ã̈ÌÕÌi 65 GROWTH, INNOVATION & TRANSFORMATIONSFO GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH,

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2018 T 2 01 8 ۜÌiÀψÃÌ>˜`œÌ iÀ“>ÌiÀˆ>Ài>̈˜}̜Ì iiiV̈œ˜Ã° «Àˆ˜Ìˆ˜}°/ i«ÀœiVÌ>Ãœˆ˜VÕ`i`Ì i«Àˆ˜Ìˆ˜}œvÌ i œvvÃiÌ ÌÀ>`ˆÌˆœ˜> Ì i ̜ œ««œÃi` >à ÃÞÃÌi“ `ˆ}ˆÌ> +Õ>`ˆi˜Ì wÀÃÌ̈“iÌ iVœÕ˜ÌÀÞ«Àˆ˜Ìi`L>œÌÃÕȘ}>“œ`iÀ˜ >˜` iµÕˆ«“i˜Ì] software. Thiswasahistoricoccasionas it wasthe ˆ˜ŽiÌ 8iÀœÝ¿Ã ˆ} ‡ÛœÕ“i  *Ƃ] Ì i ÕȘ} `Õ«iÝ iÌÌiÀ‡Ãˆâi VœœÀ vՏ x]ÇÎ{]nää œv ۜÕ“i «Àˆ˜Ìˆ˜} > Ài«ÀiÃi˜Ìà / ˆÃ iV̈œ˜° *ÀiÈ`i˜Ìˆ> Ó䣙 Ì i vœÀ L>œÌà iiV̜À> * - ->Û>`œÀܜ˜Ì iLˆ`vœÀÌ i«Àœ`ÕV̈œ˜œvÌ i 67 GROWTH, INNOVATION & TRANSFORMATIONSFO SOCIAL RESPONSIBILITY

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| ANNUAL REPOR iœ˜â` à ÃÕ>` œ˜> “ÀVi̜>>iœÌ œ˜ >Ài> ÀiVÀi>̈œ˜> Ó> > vœÕ˜` œ˜`ÕÀ>à >˜` * - ˆÃÃÕi “>ÌiÀˆ>Ã° Ì ˆÃ œÀ ÀiVœ}˜ˆâi` ë>Vi >`iµÕ>Ìi ˜œÌ ˆÃ Ì iÀi LiV>ÕÃi “œ`ˆwV>̈œ˜Ã>˜`>`>«Ì>̈œ˜Ã° >˜Þ̈“iÃÌ iÞV>˜˜œÌi˜œÞ>V̈ * ÞÈV>>V̈ۈ̈iÃÌ >̈˜ÛœÛi«iœ«iÜˆÌ `ˆÃ>LˆˆÌˆiÃÀiµÕˆ of children withdisabilitieswhichlaunchedDecember12 ë>Vi̜>˜œ«Ìˆ“>ë>VivœÀÌ i« ÞÈV>>˜`Vœ}˜ˆÌˆÛi`iÛiœ Over fourmonths,membersofPBSconvertedthearea from anopen ÜˆÌ `ˆÃ>LˆˆÌˆiȘœ˜`ÕÀ>ú° Üi`iVˆ`i`̜ÀiÃ̜Ài̜VÀi>Ìi¸/ iwÀÃÌ*>ÀŽ>`>«Ìi`vœÀV ˆ *, *Ƃ ­ iÀiLÀ>*>ÃÞ,i >LˆˆÌ>̈œ˜*Àœ}À>““i®«Àœ«iÀÌÞÜ ˆV

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* - ->Û>`œÀ]i`LÞÌi>““i“LiÀ>˜`Ài}ˆœ˜>iÛi˜ÌVœœÀ`ˆ˜>̜À] “iÀ >“«œÃiÝiVÕÌi` ->Û>`œÀ½Ã wÀÃ̺*œ}}ˆ˜}»iÛi˜Ì°*œ}}ˆ˜}ˆÃ>˜>V̈ۈÌÞÌ >̈˜ÛœÛiÃÀ՘˜ˆ˜}]VœiV̈˜}}>ÀL>}i>˜``i«œÃˆÌˆ˜}ˆÌˆ˜ nearby bins or provided receptacles. This promoted both physical and environmental health and was supported by hundreds of individuals and companies. GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH,

CAYMAN

Alzheimers Support

PBS staff members donated to the Alzheimer Association of the Cayman Ï>˜`à >˜` à œÜi` Ì iˆÀ ÃÕ««œÀÌLÞÜi>Àˆ˜}«ÕÀ«i ˆ˜ œ˜œÕÀœv«iÀܘψۈ˜} ÜˆÌ Ì ˆÃ`ˆ>}˜œÃˆÃ°

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| ANNUAL REPOR

2018 T 2 01 8 V ˆ`Ài˜vÀœ“œÜˆ˜Vœ“iv>“ˆˆið/ i* - œvÌ iˆÀ“>ˆ˜LՈ`ˆ˜}° 71 GROWTH, INNOVATION & TRANSFORMATIONSFO EL SALVADOR Convert Campaign: Promoting the use of paper

* ->`œ«Ìi`>˜>V̈Ûi>˜`Ài뜘ÈLi«œÃˆÌˆœ˜Ài}>À`ˆ˜}Ì iV>ÀiœvÌ ii˜ÛˆÀœ˜“i˜Ì]œvviÀˆ˜}œÕÀVÕÃ̜“iÀà «Àœ`ÕVÌÃ>˜`܏Ṏœ˜ÃÜˆÌ iVœœ}ˆV>ViÀ̈wV>̈œ˜ÃÌ >ÌVœ˜ÌÀˆLÕÌi̜Ì iˆÀÃÕÃÌ>ˆ˜>LˆˆÌÞ}œ>Ã°7i>՘V i`> new initiative to promote the use of less plastic and more paper to raise awareness about a more responsible use œv“>ÌiÀˆ>Ã°/ ˆÃ܈ i«Ài`ÕViÌ iVœ˜ÃՓ«Ìˆœ˜œvȘ}i‡ÕÃi«>Ã̈VÃ>˜`Vœ˜ÌÀˆLÕÌi̜Vœ˜ÃiÀÛ>̈œ˜ivvœÀÌð

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| ANNUAL REPOR

2018 T 2 01 8 Vˆ˜ˆVˆÃ«ÀœÛˆ`ˆ˜}>wÀÃÌV>ÃÃÃiÀۈVi° “«œÞiiÓœÀ>i >ȘVÀi>Ãi`]Ü ˆiÌ i and ambulanceservice. “i`ˆVˆ˜i ˆÃÃÕ>˜Vi] «ÀiÃVÀˆ«Ìˆœ˜ ˆ˜Vˆ`i˜Ì ˆ˜VÕ`i `ˆ>}˜œÃˆÃ] ÃiÀۈVià Ìà  ˆ˜Vˆ`i˜Ìð œv ˜ÕÀÃi >˜`ˆÃÜiiµÕˆ««i`̜VœÛiÀ>܈`iÛ>ÀˆiÌÞ ViÀ̈wi` > LÞ >ÌÌi˜`i` ˆÃ Vˆ˜ˆV / i care ofitsemployees. assistance clinictocontributewithhealth PBS Guatemaladeployedprimarymedical 73 GROWTH, INNOVATION & TRANSFORMATIONSFO EXTERNAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS

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