“Above and Beyond: Looking to Build A Strong Portfolio Of Business On The African Continent.”

Company Profile:

Stock Exchange: Trinidad and Tobago
Company: Republic Bank Group Limited

2014 Rank: #5

Chairman: Ronald F. deC. Harford

CEO: David Dulal-Whiteway

Address: Republic House PO Box 1153
9-17 Park Street, Port of Spain Trinidad and Tobago, West Indies
Tel: (868) 625-4411, 623-1056
Fax: (868) 624-1323
Email: email@republictt.com
Website: www.republictt.com

Republic Bank Limited (the “Parent”) is incorporated in the Republic of Trinidad and Tobago and was continued under the provision of the Companies Act, 1995 on March 23, 1998. The Republic Bank Group (the “Group”) is a financial services group comprising 14 subsidiaries and four associated companies. The Group is engaged in a wide range of banking, financial and related activities in Trinidad and Tobago, the Caribbean and, since November 2012, in Ghana. A full listing of the Group’s subsidiary companies is detailed in Note 29 while associate companies are listed in Note 6. Republic Bank Limited is listed on the Trinidad and Tobago Stock Exchange.

Until October 31, 2012, the CL Financial Group held, through its various subsidiaries, 51.4% of the shares of Republic Bank Limited, of which Colonial Life Insurance Company (Trinidad) Limited (CLICO) and CLICO Investment Bank Limited (CIB) combined, held 51.1%. CLICO Investment Bank Limited (CIB) which together with its subsidiary First Company Limited owned 18.3% of the shareholding of Republic Bank Limited, was on October 17, 2011 ordered by the High Court to be wound up by a Deposit Insurance Company appointed liquidator. Accordingly, this 18.3% shareholding is under the control of the Deposit Insurance Company.

On November 1, 2012, 24.8% of Republic Bank formerly owned by CLICO was transferred into an investment fund launched by the Government of the Republic of Trinidad and Tobago and called the CLICO Investment Fund (the Fund). The Trustee of the Fund is the CLICO Trust Corporation Limited which holds the 24.8% shareholding in Republic Bank Limited in trust solely for the benefit of subscribing Unit holders of the Fund. The Fund is as a consequence, the largest shareholder in Republic Bank Limited. Effective November 1, 2012, the CL Financial Group is no longer considered a related party of Republic Bank Limited.

The following edited extract was taken from the company’s 2013 Annual Report to shareholders.

In the midst of a global economic slowdown, I am pleased to report that the Republic Bank Group recorded profit attributable to shareholders of $1.17 billion, an increase of $11.0 million or 1.0% over the prior year, a credible performance given the downturn in the tourism-exposed economies in which we operate.

Difficult economic conditions persisted in the tourism-dependent countries, with Barbados’s profitability declining by $23.3 million or 29.6% and losses being recorded in the Eastern Caribbean.

The Group recorded a loss of $75.7 million on its investment in Eastern Caribbean Financial Holdings Limited, the parent company of Bank of Saint Lucia while impairment expenses of $53 million were booked as a result of the Government of Grenada defaulting on its indebtedness. This default contributed to our subsidiary in Grenada recording a loss of $18.2 million (RBL’s share $9.3 million). Despite this, improved performance in our commodity-exposed economies and other subsidiaries led to a marginal increase in profitability, which is reflective of the diversification and resilience of the Group.

I am also pleased to report that we have formed a partnership with HFC Bank (Ghana) Limited in Ghana, West Africa, and during the last year built up a 40% shareholding. We are excited about this opportunity to work with HFC Bank (Ghana) Limited as we seek to build a strong portfolio of business on the African continent.

Based on these results, the Board of Directors has declared a final dividend of $3.00 (2012: $3.00), which brings the total dividend for the fiscal year to $4.25, in line with 2012. This final dividend will be paid on December 2, 2013 to all shareholders of record at November 18, 2013.

Notwithstanding the poor economic conditions which are expected to persist in the medium term, especially in the tourism-dependent economies in which we operate, the Group is expected to continue to perform satisfactorily. BM
Ronald F. deC. Harford Chairman