TRADING REPORT

January 24, 2017

One security advanced, one declined and four traded firm as 27,599 shares traded on the Regular Market, with a total value of $128,439.30. Banks Holdings Limited** was the volume leader trading 14,776 shares at $7.10. They were followed by Barbados Farms Limited and Cave Shepherd and Company Limited which traded 5,796 and 2,343 shares respectively.

Regular Market

Security Volume High Low Market Advance/ Price Decline BANKS HOLDINGS LIMITED** 14,776 $7.10 $7.10 $7.10 $0.00 BARBADOS FARMS LIMITED 5,796 $0.31 $0.30 $0.30 -$0.01 CAVE SHEPHERD AND COMPANY LIMITED 2,343 $3.52 $3.52 $3.52 $0.00 INSURANCE CORPORATION OF BARBADOS LIMITED 2,000 $3.80 $3.80 $3.80 $0.00 BARBADOS DAIRY INDUSTRIES LIMITED 1,524 $1.95 $1.95 $1.95 $0.05 CABLE AND WIRELESS BARBADOS LIMITED 1,160 $2.55 $2.54 $2.60 $0.00

** It should be noted that these transactions represent the trades pursuant to SLU Beverages Limited's offer for Banks Holdings Limited.

Deposit Receipts

Security Previous Current Advance/ Close Close Decline EMERA DEPOSIT RECEIPT $17.01 $16.90 -$0.11

Effective October 8th, 2012, the market price of a security listed on the board of the BSE will only change if a quantity of shares traded (in a single trade) is greater than or equal to the threshold amount (volume limit) as stated in the table below.

VOLUME VOLUME SECURITY SECURITY LIMIT LIMIT

ABV INVESTMENTS INCORPORATED 3,500 EMERA DEPOSIT RECEIPT - BANKS HOLDINGS LIMITED 4,000 SAGICOR FINANCIAL CORPORATION 6.5% Pref 7,500 BARBADOS DAIRY INDUSTRIES LIMITED 300 SAGICOR FINANCIAL CORPORATION LIMITED 10,000 BARBADOS FARMS LIMITED 1,500 THE WEST INDIES RUM DISTILLERY LIMITED 300 BICO INDUSTRIES LIMITED 100 WEST INDIA BISCUIT COMPANY LIMITED 300 CABLE & WIRELESS (BARBADOS) LIMITED 9,000 JMMB GROUP LIMITED 10,000 CAVE SHEPHERD & COMPANY LIMITED 1,500 ONE CARIBBEAN MEDIA LIMITED 4,000 FIRSTCARIBBEAN INTERNATIONAL LIMITED 10,000 TRINIDAD CEMENT LIMITED 10,000 FORTRESS CARIBBEAN PROPERTY - DEV FUND 3,500 ONE CARIBBEAN MEDIA LIMITED 4,000 FORTRESS CARIBBEAN PROPERTY - VALUE FUND 3,500 GODDARD ENTERPRISES LIMITED 3,500 INSURANCE CORPORATION OF BARBADOS LIMITED 2,500 INDICES

INDEX TODAY'S TRADING LAST TRADING CHANGES January 24, 2017 January 23, 2017

Local 2,620.84 2,620.83 0.01 Cross-list 1,357.55 1,357.55 - Composite 656.49 656.48 0.01

MARKET CAPITALISATION (in millions) TODAY'S TRADING TODAY'S TRADING CHANGES January 24, 2017 January 23, 2017

Local 5,691.28 5,691.50 (0.21) Cross-list 916.42 916.42 - Composite 6,607.71 6,607.92 (0.21)

MUTUAL FUNDS

January 24, 2017 NAV ENDED NAME OF FUND NAV OFFER BID CHANGE 20-Jan-17 REPUBLIC CAPITAL GROWTH FUND w 1.6296 -0.0001 20-Jan-17 REPUBLIC INCOME FUND -* w 1.5617 -0.0382 20-Jan-17 REPUBLIC PROPERTY FUND w 1.1684 0.0002 20-Jan-17 FORTRESS CARIBBEAN GROWTH FUND w 5.2472 5.2472 5.2472 -0.0033 20-Jan-17 FORTRESS HIGH INTEREST FUND - ACC. w 1.9213 -0.0013 20-Jan-17 FORTRESS HIGH INTEREST FUND - DIST. w 1.0034 -0.0007 31-Dec-16 ROYAL FIDELITY SELECT BALANCED FUND m 4.9587 4.9587 4.8595 0.0083 31-Dec-16 ROYAL FIDELITY STRATEGIC GROWTH FUND m 0.8556 0.8556 0.8385 0.0009 31-Dec-16 ROYAL FIDELITY PREMIUM INCOME FUND m 1.5710 1.5710 1.5396 0.0055 20-Jan-17 SAGICOR GLOBAL BALANCED FUND w 2.37 -0.01 20-Jan-17 SAGICOR SELECT GROWTH FUND w 1.30 0.00 20-Jan-17 SAGICOR PREFERRED INCOME FUND -* w 1.06 0.00 * Indicates the Fund is currently ex-div

NOTES: QUOTATIONS AND NET ASSET VALUE PER SHARE ARE SUPPLIED BY THE FUND MANAGEMENT. THE OFFERING PRICE INCLUDES NET ASSET VALUE PLUS ENTRY COSTS.

m = monthly valuation, q = quarterly valuation, w = weekly NEWS *********************************

ANNUAL GENERAL MEETING

The West India Biscuit Company Limited - Directors have fixed December 29th, 2016 as the record date for the determination of shareholders entitled to receive notice of the Annual General Meeting of the Company which will be held on January 27th, 2017.

Goddard Enterprises Limited - Notice is hereby given that the Annual General Meeting of the Shareholders of the Company will be held on January 27th, 2017 at the Walcott Warner Theatre, Errol Barrow Centre for Creative Imagination, The University of the West Indies, Cave Hill Campus.

Massy Holdings Limited - Notice is hereby given that the Annual General Meeting of the Shareholders of the Company will be held on February 10th, 2017. Registered Shareholders in Barbados are reminded that the Company will be providing a live stream of the Annual Meeting, from Trinidad and Tobago, to the MASSY TRAINING FACILITY, COLES BUILDING, BAY STREET, BRIDGETOWN, BARBADOS on Friday February 10th, 2017 at 10:00 a.m.

FirstCaribbean International Bank Limited - Directors have fixed January 24th, 2017 as the record date for the determination of shareholders entitled to receive notice of the Annual General Meeting of the Company which will be held on March 10th, 2017.

DIVIDEND NOTICE

Cave Shepherd and Company Limited - Directors have declared a final dividend of six (6) cents per share to be paid on February 24th, 2017 to Shareholders on record at close of business on February 10th, 2017.

FirstCaribbean International Bank - Directors have declared a final dividend of two point five (2.5) US cents per share to be paid on January 27th, 2017 to Shareholders on record at close of business on December 29th, 2016.

Goddard Enterprises Limited - Directors have declared a final dividend of fifteen (15) cents per share to be paid on February 28th, 2017 to Shareholders on record at close of business on January 31st, 2017.

Massy Holdings Limited - Directors have declared a final dividend of one dollar and fifty-nine ($1.59) TT cents per share to be paid on January 25th, 2017 to Shareholders on record at close of business on January 11th, 2017.

Emera Deposit Receipt - Directors have declared a cash dividend of fifty-two point two five (CDN $0.5225) cents per common share to be paid on February 15th, 2017 to Shareholders on record at close of business on February 1st, 2017. Registered holders of depositary receipts ("Depositary Receipts") issued pursuant to the Amended and Restated Deposit Agreement dated February 2nd, 2016 among Emera, the Barbados Central Securities Depository Inc. and registered and beneficial holders of depositary receipts from time to time, are entitled to receive, in proportion to the number of Depositary Receipts held by them, respectively, a distribution in the amount of any cash received by the Barbados Central Securities Depository Inc. (net of any applicable withholding taxes) in connection with the Dividend (the "Distribution"). 8th Avenue Belleville, ST. MICHAEL. BARBADOS. TEL:436-9871/72 FAX 429-8942 website: www.bse.com.bb SHARE SUMMARY INFORMATION Tuesday January 24, 2017 Curren Last Trade Last t Price Bid Ask Bid Ask Company Date Volume High Low Close Close Change Price Price Size Size ABV Investments Incorporated 18-Aug-16 $0.02 $0.02 $0.02 $0.15 87,000 12,000 BICO Limited 10-Jan-17 $2.10 $2.10 $2.10 2,900 Banks Holdings Limited 24-Jan-17 14,776 $7.10 $7.10 $7.10 $7.10 $0.00 $7.10 32,304 Barbados Dairy Industries Limited 24-Jan-17 1,524 $1.95 $1.95 $1.90 $1.95 $0.05 $1.85 $5.25 1,000 20,295 Barbados Farms Limited 24-Jan-17 5,796 $0.31 $0.30 $0.31 $0.30 -$0.01 $0.30 $0.35 6,470 15,912 Cable and Wireless Barbados Limited 24-Jan-17 1,160 $2.55 $2.54 $2.60 $2.60 $0.00 $2.52 $2.55 1,014 651 Cave Shepherd and Company Limited 24-Jan-17 2,343 $3.52 $3.52 $3.52 $3.52 $0.00 $2.52 $3.68 300 4,121 FirstCaribbean International Bank -* 17-Jan-17 $2.10 $2.10 $2.15 $2.40 152,875 6,940 Fortress Caribbean Property Fund - Dev Fund 10-Jan-17 $0.18 $0.18 $0.16 $0.19 10,625 18,000 Fortress Caribbean Property Fund - Value Fund 16-Jan-17 $0.50 $0.50 $0.50 $0.54 30,997 39,166 Goddard Enterprises Limited 13-Jan-17 $9.08 $9.08 $9.16 382 Insurance Corporation of Barbados Limited 24-Jan-17 2,000 $3.80 $3.80 $3.80 $3.80 $0.00 $3.78 $3.80 396 3,000 JMMB Group Limited 06-Oct-16 $0.15 $0.15 $0.15 50,000 One Caribbean Media Limited 16-Jan-17 $6.94 $6.94 $6.86 16,500 Sagicor Financial Corporation Pref 6.5% 23-Jun-16 $2.26 $2.26 Sagicor Financial Corporation Limited 20-Jan-17 $2.15 $2.15 $2.13 $2.23 10,000 1,801 The West Indies Rum Distilleries Limited 24-Aug-16 $8.00 $8.00 $8.00 18,115 Trinidad Cement Limited 24-Oct-16 $0.85 $0.85 $0.90 $2.50 677 677 West India Biscuit Company Limited 04-Jan-17 $16.80 $16.80 $16.50 150,000 Emera Deposit Receipt $17.01 $16.90 -$0.11 TOTAL SHARES BOUGHT & SOLD 27,599

Junior Market TOTAL SHARES BOUGHT & SOLD -

Fixed Income 8th Avenue Belleville, ST. MICHAEL. BARBADOS. TEL:436-9871/72 FAX 429-8942 website: www.bse.com.bb SHARE SUMMARY INFORMATION Tuesday January 24, 2017 Curren Last Trade Last t Price Bid Ask Bid Ask Company Date Volume High Low Close Close Change Price Price Size Size Barbados Government Debenture 6.875% 2023 03-Jan-17 $103.00 30,000 Barbados Government Debenture 7% 2023 21-Dec-16 $98.50 $101.00 10,000 63,000 Barbados Government Debenture 7% 2027 $104.00 50,000 Barbados Government Debenture 7.25% 2026 06-May-16 $103.00 30,000 Barbados Government Debenture 7.25% 2029 12-Jan-17 $97.50 15,000 Barbados Government Debenture 7.375% 2027 14-Nov-16 $104.00 45,000 Barbados Government Debenture 7.50% 2026 09-Nov-16 $105.00 78,000 Barbados Government Debenture 7.75% 2025 09-Jan-17 $107.00 10,000 Barbados Government Debenture 7.75% 2033 $100.00 3,000 Barbados Government T/Note 5.5% 2020 16-Jan-17 $100.00 50,000 Barbados Government T/Note 6% 2017 30-Jun-16 $105.00 296,000 Barbados Government T/Note 6% 2020 18-Jan-17 $102.00 100,000 Barbados Government T/Note 6.625% 2019 18-Apr-16 $105.00 28,000 TOTAL SHARES BOUGHT & SOLD - * = Security is Trading X-Div *+* = Security is Suspended ** = Rights Issued