FTSE COMPANY REPORT Share price analysis relative to sector and index performance

Caribbean Investment Holdings CIHL — GBP 0.32 at close 14 May 2021

Absolute Relative to FTSE UK All-Share Sector Relative to FTSE UK All-Share Index PERFORMANCE 14-May-2021 14-May-2021 14-May-2021

0.65 200 170 1D WTD MTD YTD 160 Absolute 0.0 0.0 -5.9 -19.5 0.6 180 150 Rel.Sector -1.4 0.1 -6.7 -33.5 Rel.Market -1.1 1.3 -6.5 -26.3

140 0.55 160 130 VALUATION 0.5 140 120

110 Trailing

0.45 120

Relative Price Relative Price Relative 100 PE 6.7

Absolute Price (local (local currency) AbsolutePrice 0.4 100 90 EV/EBITDA 10.0 80 0.35 80 PB 0.7 70 PCF 3.2 0.3 60 60 Div Yield 10.9 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 Price/Sales 1.7 Absolute Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Relative Price 4-wk mov.avg. 13-wk mov.avg. Net Debt/Equity 0.0

100 100 90 Div Payout 74.5 90 90 80 ROE 10.3

80 80 70

70 70 Index) Share

Share Sector) Share - - 60 60 60 DESCRIPTION 50 50 50 40 The Company provides banking and financial 40 40

RSI RSI (Absolute) services in Belize and to international customers. 30 30 30 20 20 20

10 10 10

RSI (Relative to FTSE UKFTSE All to RSI (Relative RSI (Relative to FTSE UKFTSE All to RSI (Relative 0 0 0 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021 May-2020 Aug-2020 Nov-2020 Feb-2021 May-2021

Past performance is no guarantee of future results. Please see the final page for important legal disclosures. 1 of 4 FTSE COMPANY REPORT: Caribbean Investment Holdings 14 May 2021

Valuation Metrics

Price to Earnings (PE) EV to EBITDA Price to Book (PB)

30-Apr-2021 30-Apr-2021 30-Apr-2021 40 12 1.1 35 1 10 0.9 30 0.8 8 25 +1SD 0.7 20 +1SD 6 0.6 +1SD 15 Avg 0.5 4 0.4 Avg 10 Avg 0.3 2 -1SD 5 0.2 -1SD 0 ‖ ‖ ‖ ‖ 0 ‖ ‖ 0.1 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020

Standard Chartered 64.4 28.6 1.7 37.0 Lloyds Banking Group 23.1 of Georgia Group 0.9 Banks 31.9 HSBC Hldgs 22.6 TBC Bank Group 0.8 HSBC Hldgs 30.6 Natwest Group 19.9 0.7 HSBC Hldgs Close Brothers Group 21.9 Banks 18.3 0.7 Caribbean Investment Holdings 0.7 19.9 Close Brothers Group 16.0 Banks 0.6 Caribbean Investment Holdings Caribbean Investment Holdings 6.7 10.0 Virgin Money UK 0.6 Investec 2.7 Bank of Georgia Group 8.2 Natwest Group 0.5 Metro Bank -0.7 Barclays 6.1 Barclays 0.5 Virgin Money UK -13.1 Metro Bank 0.0 Standard Chartered 0.4 Natwest Group -31.6 Virgin Money UK 0.0 Metro Bank 0.2 -40 -20 0 20 40 60 80 0 5 10 15 20 25 30 35 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8

Price to Cash Flow (PCF) Dividend Yield % Price to Sales (PS)

30-Apr-2021 30-Apr-2021 30-Apr-2021 7 12 3

6 10 2.5 5 8 2 4 +1SD 6 1.5 +1SD 3 4 1 2 Avg Avg +1SD 2 0.5 1 -1SD Avg -1SD 0 0 0 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020

Banks 70.9 Caribbean Investment Holdings 10.9 Close Brothers Group 2.2 Lloyds Banking Group 18.2 Investec 3.4 Caribbean Investment Holdings 1.7 Natwest Group 10.9 Close Brothers Group 2.5 Natwest Group 1.7 Close Brothers Group 10.9 HSBC Hldgs 2.4 HSBC Hldgs 1.5 Barclays 6.6 Banks 1.7 Virgin Money UK 1.3 Bank of Georgia Group 3.3 Natwest Group 1.5 Banks 1.2 Caribbean Investment Holdings 3.2 Standard Chartered TBC Bank Group TBC Bank Group 1.1 1.2 1.0 Metro Bank -0.1 Barclays 0.6 Standard Chartered 1.0 Standard Chartered -7.8 Virgin Money UK 0.0 Lloyds Banking Group 0.9 HSBC Hldgs -42.5 Metro Bank 0.0 Investec 0.8 Virgin Money UK -100.0 Bank of Georgia Group 0.0 Metro Bank 0.3 -120 -100 -80 -60 -40 -20 0 20 40 60 80 0 2 4 6 8 10 12 0 0.5 1 1.5 2 2.5 Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

2 of 4 FTSE COMPANY REPORT: Caribbean Investment Holdings 14 May 2021

Valuation Metrics

Net Debt to Equity Dividend Payout (DP) Return on Equity (RoE)

30-Apr-2021 30-Apr-2021 30-Apr-2021 1 80 35 0.9 70 30 0.8 60 0.7 25 +1SD 50 0.6 20 0.5 40 15 0.4 30 Avg 0.3 10 20 +1SD 0.2 5 0.1 10 Avg -1SD 0 0 0 ‖ ‖ ‖ ‖ May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020 May-2016 May-2017 May-2018 May-2019 May-2020

Metro Bank 3.8 Standard Chartered 86.3 Investec 26.1 Barclays 3.2 HSBC Hldgs 78.4 Bank of Georgia Group 12.9 Standard Chartered 3.0 Caribbean Investment Holdings 74.5 TBC Bank Group 11.7 Virgin Money UK 2.9 Banks 57.2 Caribbean Investment Holdings 10.3 Banks 2.9 Close Brothers Group 54.6 Close Brothers Group 7.7 HSBC Hldgs 2.9 Lloyds Banking Group 46.7 Banks 2.1 TBC Bank Group 2.3 Virgin Money UK 0.0 Lloyds Banking Group 1.8 Investec 2.2 TBC Bank Group 0.0 Standard Chartered 0.7 Close Brothers Group 1.9 Metro Bank 0.0 Natwest Group -1.7 Bank of Georgia Group 1.9 Bank of Georgia Group 0.0 Virgin Money UK -4.4 Caribbean Investment Holdings 0.0 Natwest Group 0.0 Metro Bank -21.0 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 0 10 20 30 40 50 60 70 80 90 100 -30 -20 -10 0 10 20 30

ROE vs. PB — sector Du Pont Analysis

1.6 CBG 12 35 1.5 1.4 10 30 1.3 1.2 8 25 1.1 Regression 1.0 6 20

PB 0.9 BGEO TBCG 4 15 0.8 HSBA INVP 0.7 CIHL LLOY Banks 2 10 0.6 VMUK NWG 0.5 STAN BARC 0.4 0 5 0.3 -2 0 0.2 ‖ MTRO 2017 2018 2019 2020 2021 0.1 0 2 4 6 8 10 12 14 16 18 20 22 24 26 Net Margin Asset Turnover Gearing ROE (rhs) ‖ ROE Note: bar chart reflects the top and bottom five current values for the valuation ratio in question for FTSE All Shares stocks in the same sector as the stock concerned. All valuation metrics are trailing.

3 of 4 FTSE COMPANY REPORT: Caribbean Investment Holdings 14 May 2021

Brief description Brief description

Price to Earnings Price to Earnings (PE) is price over earnings per share. Earnings are based on the latest Gearing Gearing is Total Assets divided by Common Equity. Total Assets and Common Equity are (PE) available fiscal year earnings. each averaged over two years, that is, t and (t-1). Price to Sales (PS) Price to Sales (PS) is price divided by sales per share. It is based on sales from continuing Asset Turnover Asset turnover is Sales divided by Total Assets. Total Assets is averaged over two years, operations for the fiscal year. that is, t and (t-1). Price to Book (PB) Price to Book (PB) is price at the indicated date divided by common equity per share. Dupont Breakdown Return on Equity (RoE) = Net Margin * Gearing * Asset Turnover Common/ordinary equity is generally as reported at the most recent fiscal year-end but is Analysis adjusted to exclude minority interest, preferred stock and selected items as appropriate. RoE vs PB Plot of RoE versus PB at last month end for all FTSE UK All Share stocks in the sector Price to Cash Flow Price to Cash Flow (PCF) is price at the indicated date divided by cash flow per share. relative to the stock in question. Data may be limited to the stock in question if there are (PCF) currently no stocks in the corresponding FTSE UK All Share sector. Net Debt Equity Net Debt Equity is Net Debt as a percentage of common equity. Not calculated if Absolute Absolute graphs reflect performance for the stock in question for up to 366 days adjusted denominator (common equity) is negative for intervening corporate actions. EV to EBITDA EV to EBITDA is Enterprise Value divided by EBITDA (Earnings before Interest and Taxes, Relative Relative charts reflect the performance for the stock in question relative to the depreciation and amortisation). EV is full company Market Capitalisation at the data date corresponding sector of the FTSE All Share Index for up to 366 days, rebased to the start plus last annual net debt and Preferred Stock. Net Debt is total financial debt less cash date. Note that the stock itself may not be a FTSE All share constituent. Relative Chart and short-term investments. EBITDA is operating income plus depreciation and may be null if there are no stocks in the corresponding FTSE UK All Share sector. amortisation. RSI Relative Strength Index. Calculated as 100 minus (100 divided by (1+ratio of positive Dividend Yield % Dividend Yield reflects the dividend declared per share and/or paid for the security in versus negative time weighted returns)). Reflects 14 day average gains/losses question for the most recent fiscal year, divided by the share price. Valuation History Outlier valuation data is not shown to scale as these would distort the chart. Instead, ∥ Return on Equity Return on Equity is over average common equity. Not calculated if Charts denotes valuation data which falls outside display truncation limits. (RoE) denominator (average common equity) is negative Top/Bottom Reflect data for up to five top and five bottom performers for the valuation metric in Dividend Payout Total dividends divided by Net Income expressed as a percentage. Valuation Bar question. Note data may be limited to the stock in question if there are currently no Charts stocks in the corresponding FTSE UK All Share sector. Net Margin Net Margin is Net Income divided by sales.

Caribbean Investment Holdi ngs 14 May 2021 For further information visit www.ftse.com, email [email protected] or call your local FTSE office:

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