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Weekly Weekly Year to Nominal % Date % 6-Sep-19 13-Sep-19 Change Change Change Composite Index 1,395.38 1,391.83 (3.55) -0.25% 6.82% All T&T Index 1,751.68 1,749.99 (1.69) -0.10% 2.65% Cross Listed Index 140.81 140.05 (0.76) -0.54% 15.03% SME Index 73.10 80.00 6.90 9.44% -20.00% First Tier Market Weekly Volume Weekly Value 1,460,841 $18,877,407.65 Volume Leader Shares % Market GKC 265,280 18.16% NCBFG 247,683 16.95% NGL 187,729 12.85% Opening Closing Price Change Change Week's Major Advances Price ($) ($) $ % NFM $1.64 $1.68 $0.04 2.44% NGL $24.49 $25.00 $0.51 2.08% GHL $18.01 $18.22 $0.21 1.17% Opening Closing Price Change Change Week's Major Declines Price ($) ($) $ % TCL $2.25 $2.11 -$0.14 -6.22% NEL $6.00 $5.70 -$0.30 -5.00% PHL $8.40 $8.10 -$0.30 -3.57% Mutual Fund Market Weekly Volume Weekly Value 62,807 $1,513,476.29 Security Shares Value CALYP 120 $1,860.00 CIF 62,687 $1,511,616.29 Exchange Rate US$1=TT$6.7493 US$1=JMD$137.7675

EQUITY SUMMARY

This week saw 1,460,841 shares traded on the First Tier Market a decrease of 7.77 per cent on last week’s total of 1,583,980 shares crossing the floor. The value of the shares traded was down by 18.40 per cent to $18,877,407.65 from the previous week’s value of $23,134,591.60. For the second consecutive week, GraceKennedy Limited (GKC) was the volume leader capturing 18.16 per cent of the market activity or 265,280 shares traded, followed by NCB Financial Group Limited (NCBFG) with 16.95 per cent or 247,683 shares traded. In third place for the second consecutive week was Trinidad and Tobago NGL Limited (NGL) with 12.85 per cent or 187,729 shares traded.

The Indices ended the week in mixed territory. The Composite Index decreased by 0.25 per cent or 3.55 points to close at 1,391.83. The All Trinidad and Tobago Index fell by 0.10 per cent or 1.69 points to end at 1,749.99. The Cross Listed Index closed at 140.05, down 0.54 per cent or 0.76 points. The Small and Medium Enterprise 1 | Page

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Index ended at 80.00, up 9.44 per cent or 6.90 points. This week there were 7 stocks advancing and 9 stocks declining, while 6 stocks were at their 52 week high and 5 stocks at their 52 week low.

The major advance was National Flour Mills Limited (NFM) up 2.44 per cent or $0.04 to close the week at $1.68. In second place was NGL with an increase of 2.08 per cent or $0.51 to close at $25.00, followed by Guardian Holdings Limited (GHL) up 1.17 per cent or $0.21 to close at $18.22.

Trinidad Cement Limited (TCL) was the major decline this week, down 6.22 per cent or $0.14 to close at $2.11, followed by National Enterprises Limited (NEL) with a decrease of 5.00 per cent or $0.30 to close at $5.70, its 52 week low. In third place was Prestige Holdings Limited (PHL) down by 3.57 per cent or $0.30 to close at $8.10.

There was no activity on the Second Tier Market this week.

On the TTD Mutual Fund Market 62,687 CLICO Investment Fund (CIF) units traded with a value of $1,511,616.29. CIF’s unit price closed at $24.11, a decrease of 0.12 per cent or $0.03 from last week. Also, 120 units in Calypso Macro Index Fund (CALYP) traded with a value of $1,860.00. CALYP price closed at $15.50, unchanged from the previous week.

On the Small and Medium Enterprise Market, CinemaOne Limited (CINE 1) closed the week at $8.00, up 9.44 per cent or $0.69 from last week with 196 shares traded valued at $1,568.00.

On the USD Equity Market, MPC Caribbean Clean Energy Limited (MPCCEL) closed at US$1.00 with no shares traded.

Dividend/Capital Distribution Payments Security Amount Ex-Div. Date Record Date Payment Date GHL $0.24 (I) 19.08.19 21.08.19 10.09.19 NGL $0.50 (I) 21.08.19 23.08.19 10.09.19 GKC** $0.40 (I) 04.09.19 06.09.19 26.09.19 MPCCEL* $0.089 (I) 12.09.19 16.09.19 27.09.19 OCM $0.20 (I) 05.09.19 09.09.19 30.09.19 AMBL $0.20 (I) 23.09.19 26.09.19 07.10.19 CALYP $0.20 (I) 11.09.19 13.09.19 07.10.19 SBTT $0.50 (I) 18.09.19 20.18.19 15.10.19 FCI* $0.0125 (I) 18.09.19 20.09.19 18.10.19 AMCL $0.30 (I) 23.10.19 25.10.19 06.11.19 **Dividends of cross listed companies are quoted in their national currencies. * Dividends quoted in US dollars.

FIXED INCOME SUMMARY

Trinidad and Tobago OMO’s and Treasury Bills

. OMO maturities totaled $1,294MM this week, compared to zero last week. . OMO maturities for next week total $415MM.

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Government Bonds

. One bond traded on the Trinidad and Tobago Stock Exchange, Government Bond Trading Market this week.

TRINIDAD & TOBAGO GOVERNMENT BOND LEVELS CLOSING LAST TRADE FACE VALUE SYMBOL SECURITY MATURITY COUPON TRADE VALUE PRICE YIELD TRADED I276 $2,500M GORTT 27-Sep-27 5.20% $108.58 3.94% $4,000,000.00 $4,343,000.00

Corporate Bonds

TRINIDAD & TOBAGO CORPORATE BOND LEVELS CLOSING LAST FACE PRICE TRADE OFFER BID OFFER SYMBOL MATURITY COUPON TRADE VALUE BID LEVEL as at VALUE LEVEL YIELD YIELD YIELD TRADED 13.09.2019 NIF090823 09/08/2023 4.50% $102.00 3.94% $2,000.00 $2,040.00 $102.00 - 3.94% - NIF090830 09/08/2030 5.70% $102.20 5.43% $3,000.00 $3,066.00 $102.00 - 5.43% - NIF090838 09/08/2038 6.60% $106.10 6.06% - - $106.00 - 6.06% -

Liquidity

. The Commercial Banks closed this week with an excess reserve of $6.7 B compared to $5.5 B last week, up by $1.2 B.

Regional News

. (Bloomberg) – Jamaica is returning to the global bond market in a test of investor demand for higher-risk developing- nation paper as it emerges from years of International Monetary Fund-led austerity programs that helped it cut one of the world’s highest debt loads.

The government is selling more of its outstanding 7.875% securities due in 2045, with the deal expected to price Wednesday. It will use proceeds from the sale to repurchase shorter-term notes, according to a regulatory filing. The Finance Ministry did not respond to an email request for comment.

The Caribbean country of 3 million has won over investors since restructuring its debts in 2013 and accepting a loan package from the IMF that set strict fiscal targets. The latest agreement with the IMF, a stand-by loan, is set to expire in November. The sale will gauge investor demand for speculative grade emerging-market sovereign paper just weeks after Argentina announced its intention to reprofile more than $100 billion of debt, including international bonds.

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United States Treasury Bills

. The yield on 2-year notes opened at 1.60 per cent and closed this week at 1.80 per cent, up 20 basis points (bps).

. The yield on 10-year notes opened at 1.65 per cent and closed this week at 1.89 per cent, up 24 basis points (bps).

News

. (Bloomberg) - Treasuries extended their September tumble, sending the benchmark 10-year yield to its highest level since early August, amid stronger than expected U.S. economic data. Bonds slid to session lows after the University of Michigan Sentiment Index beat estimates, while August retail sales topped forecasts, buoying confidence in the economic expansion. Yields across the curve rose, with the 10 year surging as high as 1.89%, up from a three-year low of 1.43% early this month.

Traders also pared expectations for how much the Federal Reserve will lower rates, and now see less than a half point of additional easing by year end. At one point last month, the market had priced in almost 70 basis points of further cuts in 2019 as trade friction mounted.

. (Bloomberg) – Central banks around the world are easing to combat the spreading weakness, with the U.S. Federal Reserve likely to lower rates next week for the second time this year. The International Monetary Fund reduced its global growth outlook in July.

CARIBBEAN INDICATIVE BOND LEVELS BID OFFER BID OFFER COUNTRY MATURITY COUPON RATING LEVEL LEVEL YIELD YIELD Aruba 09/14/2023 4.625% BBB+ 104.00 105.00 3.54% 3.28% Barbados 15/12/2021 7.250% D 63.00 66.00 30.06% 27.54% 04/08/2022 7.000% D 63.00 66.00 24.41% 22.48% Trinidad and Tobago 01/07/2020 9.750% BBB 105.75 106.75 2.34% 1.13% 16/01/2024 4.375% BBB 103.25 104.25 3.56% 3.31% 04/08/2026 4.500% BBB 103.50 104.50 3.91% 3.75% 17/05/2027 5.875% BBB 110.00 111.50 4.33% 4.11% Jamaica 01/15/2022 11.625% B 121.50 122.75 2.11% 1.62% 10/17/2025 9.250% B 127.50 128.50 4.10% 3.94% 02/28/2036 8.500% B 129.25 130.25 5.73% 5.65% NGCTT 15/01/2036 6.050% BBB 102.50 104.00 5.81% 5.67% Trinidad Generation Unlimited 11/04/2027 5.250% BBB- 101.50 102.50 5.02% 4.87% Petrotrin 08/05/2022 6.000% BB 100.00 101.00 6.00% 5.58% 15/06/2026 9.750% N/A 112.75 113.75 7.34% 7.16% Sagicor 11/08/2022 8.875% BB- 104.50 105.50 7.13% 6.75% Oppenheimer Indicative Levels. Please contact WISE for quotes.

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NEWSROOM

Source: The Trinidad and Tobago Stock Exchange Limited

September 13 - Angostura Holdings Limited - Resignation of a Director

Angostura Holdings Limited advised that with effect from September 9, 2019 Mr, Ulric Miller resigned as a Director of Angostura Holdings Limited.

September 12 - Scotiabank Trinidad & Tobago Limited - Change of a Senior Officer

Scotiabank Trinidad and Tobago Limited advised that Ms. Gayle Pazos, Vice President and Chief Risk Officer demitted office effective September 6, 2019 following her appointment to a new role within The Bank of Nova Scotia, Canada, as the District Vice President, Calgary South District in Canada.

September 11 - Republic Financial Holdings Limited - Update on Acquisition of Bank of Nova Scotia Operations in Six Eastern Caribbean Currency Union Territories

Republic Financial Holdings Limited (RFHL) advised that on September 10, 2019, the Eastern Caribbean Central Bank (ECCB), in consultation with the Eastern Caribbean Currency Union (ECCU) Monetary Council, pursuant to Sections 20 and 43 of the Eastern Caribbean Banking Act 2015 and Sections 19 and 42 of the Anguilla Banking Act 2015, formally approved the application for the transfer of the assets and liabilities of the Bank of Nova Scotia (BNS) to RFHL in six ECCU territories, namely Anguilla, the Commonwealth of Dominica, Grenada, St. Kitts and Nevis, St. Lucia, and St. Vincent and the Grenadines. Such approval does not include the transfer of BNS’ operations in Antigua and Barbuda.

September 10 - National Enterprises Limited - Change of a Senior Officer

Pursuant to Section 64(1)b of the Securities Act 2012, this notice is issued for shareholders’ information. Please be advised that Mr. Terrence Clarke is no longer employed as the General Manager of National Enterprises Limited effective September 4, 2019.

National Enterprises Limited thanks Mr. Terrence Clarke for his contribution and extends best wishes in his future endeavours.

September 09 - JMMB Group Limited - Change of an Audit Committee Member

The Trinidad and Tobago Stock Exchange Limited (TTSE) received notice from JMMBGL advising that on September 02nd, 2019, Mr. Dennis Harris resigned as a member from the JMMB Group Board Audit Committee. Mr. Harris remains the Chairman of JMMB Bank (Jamaica) Limited, Chair of the JMMB Group Risk Board Committee and a Director of JMMBGL. JMMBGL further advised that Mr. H. Wayne Powell has been appointed a member of JMMBGL’s Board Audit Committee, effective September 02nd, 2019.

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West Indies Stockbrokers Limited Member of the Trinidad and Tobago Stock Exchange Limited P.O. Box 259, St. Clair Place, 7-9 St Clair Avenue, Port of Spain, Trinidad W.I. TEL: (868) 628-WISE (9473) FAX: (868) 622-5002 EMAIL: [email protected] www.wisett.com West Indies Stockbrokers Limited (WISE) is a subsidiary of RBC Financial (Caribbean) Limited. From time to time WISE and/or its staff may take positions in some or all of the securities mentioned in our report. WISE welcomes your comments. Please e-mail us at [email protected]

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Weekly Weekly YTD % West Indies Stockbrokers Ltd Value Change % Change St. Clair Place, 7-9 St Clair Avenue Composite Index 1,391.83 -3.55 -0.25% 6.82% Weekly Volume Traded 1,460,841 Port of Spain, Trinidad, W.I. All T&T Index 1,749.99 -1.69 -0.10% 2.65% Weekly $ Value Traded $18,877,407.65 TEL: (868) 628-9473 Cross Listed Index 140.05 -0.76 -0.54% 15.03% Advance/Decline Ratio 7/9 FAX: (868) 622-5002 Small & Medium Enterprises Index 80.00 6.90 9.44% -20.00% 52 Week High/52 Week Low Ratio 6/5 EMAIL: [email protected] WEBSITE: www.wisett.com An RBC Company All data as at September 13, 2019

Current Market/ Weekly Quote Fiscal Historic Historic Historic Trailing Trailing 52 Week 52 Week Last Weekly % YTD % Security Symbol Book Book Price Dec 31, Year End EPS Dividend Yield EPS P/E High Low Quote Change Change Value Value Change 2018 Banks FirstCaribbean International Bank Ltd FCI 31-Oct 0.41 1.18 13.94% 0.415 20.48 5.01 1.70 8.50 8.00 8.50 0.00 0.00% 8.31 2.29% First Citizens Bank Ltd FIRST 30-Sep 2.67 1.60 3.96% 2.960 13.65 27.69 1.46 40.39 32.60 40.39 0.29 0.72% 33.97 18.90% NCB Financial Group Ltd NCBFG 30-Sep 0.57 0.14 1.35% 0.593 17.56 2.87 3.62 10.71 5.60 10.41 -0.07 -0.67% 8.53 22.04% Republic Financials Holdings Ltd RFHL 30-Sep 8.16 4.40 3.61% 9.620 12.67 61.04 2.00 125.00 101.63 121.85 0.52 0.43% 107.26 13.60% Scotiabank Trinidad & Tobago Ltd SBTT 31-Oct 3.60 3.00 5.12% 3.828 15.31 23.35 2.51 64.95 58.31 58.60 0.09 0.15% 64.25 -8.79%

Conglomerates ANSA McAL Ltd AMCL 31-Dec 3.54 1.80 3.27% 3.360 16.37 41.24 1.33 57.00 55.00 55.01 -0.02 -0.04% 55.00 0.02% GraceKennedy Ltd GKC 31-Dec 0.27 0.07 2.20% 0.253 12.86 2.64 1.24 3.63 2.70 3.26 -0.03 -0.91% 2.90 12.41% Massy Holdings Ltd MASSY 30-Sep 5.32 2.10 3.86% 5.550 9.81 57.00 0.96 57.00 44.14 54.44 -0.31 -0.57% 47.00 15.83%

Energy Trinidad and Tobago NGL Limited NGL 31-Dec 1.63 1.50 6.00% 1.270 19.69 21.29 1.17 30.50 24.49 25.00 0.51 2.08% 29.10 -14.09%

Manufacturing Angostura Holdings Ltd AHL 31-Dec 0.63 0.24 1.50% 0.660 24.32 5.37 2.99 16.06 15.60 16.05 0.00 0.00% 15.86 1.20% Berger Paints Trinidad Ltd BER 31-Dec -0.97 0.05 1.18% -0.710 N/A 3.91 1.09 4.25 4.25 4.25 0.00 0.00% 4.25 0.00% Guardian Media Ltd GML 31-Dec -0.06 0.10 1.11% -0.160 N/A 6.04 1.49 15.75 8.99 9.00 0.00 0.00% 15.00 -40.00% National Flour Mills Ltd NFM 31-Dec 0.19 0.07 4.17% 0.130 12.92 2.06 0.81 1.75 1.60 1.68 0.04 2.44% 1.65 1.82% One Caribbean Media Ltd OCM 31-Dec 0.28 0.60 6.00% 0.240 41.67 10.26 0.97 12.11 10.00 10.00 0.00 0.00% 10.29 -2.82% Trinidad Cement Ltd TCL 31-Dec -0.10 0.06 2.84% -0.155 N/A 1.78 1.18 2.86 2.10 2.11 -0.14 -6.22% 2.73 -22.71% Unilever Caribbean Ltd UCL 31-Dec 6.42 2.25 9.10% 6.190 3.99 11.99 2.06 26.53 22.60 24.72 0.00 0.00% 22.99 7.53% West Indian Tobacco Company Ltd WCO 31-Dec 4.81 4.60 4.38% 5.000 21.00 5.11 20.57 112.00 87.55 105.00 -1.00 -0.94% 95.33 10.14%

Non-Banking/Finance ANSA Merchant Bank Ltd AMBL 31-Dec 2.41 1.20 3.33% 2.640 13.64 28.08 1.28 38.50 36.00 36.00 0.00 0.00% 38.26 -5.91% Guardian Holdings Ltd GHL 31-Dec 2.30 0.71 3.90% 2.430 7.50 15.23 1.20 19.00 16.60 18.22 0.21 1.17% 18.10 0.66% JMMB Group Ltd JMMBGL 31-Mar 0.13 0.03 1.15% 0.132 17.08 1.08 2.08 2.50 1.60 2.25 0.01 0.45% 1.75 28.57% National Enterprises Limited NEL 31-Mar 0.31 0.22 3.86% -0.230 N/A -0.34 -16.84 9.01 5.70 5.70 -0.30 -5.00% 8.00 -28.75% Sagicor Financial Corporation SFC 31-Dec 0.95 0.34 3.29% 0.977 10.44 14.46 0.71 10.85 7.00 10.20 -0.25 -2.39% 9.00 13.33%

Property PLIPDECO PLD 31-Dec 4.15 0.12 3.23% 5.080 0.73 67.11 0.06 3.93 3.45 3.72 0.00 0.00% 3.70 0.54%

Trading Agostini's AGL 30-Sep 1.66 0.60 2.50% 1.820 13.19 16.18 1.48 24.00 21.10 24.00 0.00 0.00% 23.40 2.56% LJ Williams A LJWA 31-Mar 0.01 0.003 1.50% 0.009 23.53 N/A N/A 0.20 0.20 0.20 0.00 0.00% 0.20 0.00% LJ Williams B LJWB 31-Mar 0.10 0.03 3.00% 0.085 11.76 1.79 0.56 1.00 0.70 1.00 0.00 0.00% 0.75 33.33% Prestige Holdings PHL 30-Nov 0.42 0.32 3.95% 0.466 17.38 4.69 1.73 9.75 7.30 8.10 -0.30 0.00% 7.33 2.32%