BNB FINANCE & TRUST BNB FINANCE & TRUST CORPORATIONCORPORATION

Investment Manager of BNB Investment Manager of BNB Mutual FundsMutual Funds

Table of ContentsTable of Contents

I.I. BNB Finance & Trust CorporationBNB Finance & Trust Corporation

II.II. BNB Mutual FundsBNB Mutual Funds

III.III. BNB Capital Growth FundBNB Capital Growth Fund

IV.IV. BNB Income FundBNB Income Fund

V.V. BNB Property & Unlisted Securities BNB Property & Unlisted Securities Investment FundInvestment Fund

BNB Finance & Trust BNB Finance & Trust CorporationCorporation

Background Background Wholly owned subsidiary of Barbados National Bank Inc. (BNB)Wholly owned subsidiary of Barbados National Bank Inc. (BNB) BNB Finance & Trust Corp (BFTC) – 1997BNB Finance & Trust Corp (BFTC) – 1997 BFTC manages the BNB family of Funds through its subsidiary BFTC manages the BNB family of Funds through its subsidiary

BNB Funds Inc. (over BDS$47 million in assets currently managed)BNB Funds Inc. (over BDS$47 million in assets currently managed) BFTC manages Defined Benefit Pension Scheme Assets of over BFTC manages Defined Benefit Pension Scheme Assets of over

BDS$49 MillionBDS$49 Million Investment decisions are made using data from a variety of sources Investment decisions are made using data from a variety of sources

in collaboration with experienced Brokers and financial advisors in collaboration with experienced Brokers and financial advisors (Bourse Securities Ltd. and West Indies Stock Brokers Ltd.)(Bourse Securities Ltd. and West Indies Stock Brokers Ltd.)

Experienced guidance from Republic Bank Ltd.’s Trust & Asset Experienced guidance from Republic Bank Ltd.’s Trust & Asset Management DivisionManagement Division

BNB Mutual FundsBNB Mutual Funds

The BNB Family of 4 Funds was launched in The BNB Family of 4 Funds was launched in December 1998: December 1998:

BNB Capital Growth Fund BNB Capital Growth Fund BNB Income FundBNB Income Fund BNB Property & Unlisted Securities Investment BNB Property & Unlisted Securities Investment

FundFund BNB Gift Trust FundBNB Gift Trust Fund

Investment ObjectivesInvestment Objectives

BNB Capital Growth BNB Capital Growth Fund :Fund :– Long-term capital Long-term capital

appreciationappreciation– 2003: 20% return2003: 20% return– 2004: 13.0% YTD2004: 13.0% YTD– Invests in:Invests in:

Local, Regional Local, Regional International EquitiesInternational Equities

Government and Government and Corporate DebtCorporate Debt

BNB Capital Growth Fund NAV

0%

2%

4%

6%

8%

10%

12%

Jan 04 Feb04

Mar04

Apr 04 May04

June04

Jul 04 Aug04

Sept04

Oct 04

BNB Capital Growth FundBNB Capital Growth Fund

Geographical Distribution of Assets

Trinidad25%

Jamaica20%

Barbados49%

International Investments

6%

Asset Class Distribution

Equity73%

Debt22%

Cash5%

Geographical Distribution of Equity

Trinidad32%

Jamaica26%

Barbados35%

International Investments

7%

Investment ObjectivesInvestment Objectives

BNB Income Fund :BNB Income Fund :– Preservation and Preservation and

conservation of capitalconservation of capital– 2003: 16% return2003: 16% return– 2004: 5.7% YTD2004: 5.7% YTD– Dividends paid Dividends paid – Invests in:Invests in:

Government SecuritiesGovernment Securities High yielding stocks High yielding stocks Debt securities issued by Debt securities issued by

Local and Regional Local and Regional CompaniesCompanies..

BNB Income Fund - NAV

-2%

-1%

0%

1%

2%

3%

Jan 04 Feb 04 Mar 04 Apr 04 May 04 June 04 Jul 04 Aug 04 Sept 04

BNB Income FundBNB Income FundGeographical Distribution of Assets

Trinidad4%

Barbados91%

International Investments

5%

Asset Class Distribution

Equity17%

Debt81%

Cash2%

Geographical Distribution of Debt

Barbados97%

International3%

Investment ObjectivesInvestment Objectives

BNB Property & Unlisted BNB Property & Unlisted Securities Investment Fund:Securities Investment Fund: – Long-term capital appreciationLong-term capital appreciation– 2003: 19%2003: 19%– 2004: 5.33%YTD2004: 5.33%YTD– Invests in:Invests in:

Real estate in both the Commercial and Real estate in both the Commercial and Residential Markets Residential Markets

Listed and Unlisted SecuritiesListed and Unlisted Securities Government and Commercial DebtGovernment and Commercial Debt..

BNB Property FundBNB Property FundBNB Property & Unlisted Securities Investment Fund - NAV

-3%

-2%

-1%

0%

1%

2%

3%

4%

Jan 04 Feb 04 Mar 04 Apr 04 May 04 June 04 Jul 04 Aug 04 Sept 04

Asset Class Distribution

Equity23%

Debt51%

Cash26%

NB: Currently assessing properties around Barbados.

Thank You & QuestionsThank You & Questions