The Bahamas Telecommunication Corporation Pension Fund

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<ul><li><p>The BahamasTelecommunication Corporation Pension Fund </p></li><li><p> Group Structure</p></li><li><p>Group HistoryColina Financial Group, Ltd. (CFG), parent company to Colina Financial Advisors, Limited (CFA) has origins extending back to 1965. The company has grown steadily through acquisition of talent and strategic business investment and today is the largest insurance company in The Bahamas. Through its affiliates, CFA provides one-stop financial services to individuals, corporations and institutions around the world.</p></li><li><p>Group OverviewFully integrated financial services companyBased in The BahamasWorld-class company leadershipEmployees are recognized top Bahamian talent Advanced financial and communication systemsTotal assets over $220 millionAssets under management over $680 millionOver 200 employees</p></li><li><p>Group Services</p><p>Mutual Fund AdministrationPrivate BankingCorporate and Institutional Advisory ServicesEscrow, RTA, and Brokerage ServicesInvestment and Pension ManagementInsurance Services Life, health, property and casualty</p></li><li><p>Corporate CultureAggressive employee acquisition, retention and betterment programs Company-wide excellence recognition Investment in ongoing trainingCustomer Relationship Management methods, technology, and resource developmentSupport for community service programs</p></li><li><p>Strategic AllianceColina Financial GroupDiversified financial services company Value added servicesLeveraged market expertise</p></li><li><p>CFA OverviewOver $100 million in assets under managementFortune and institutional customers Lead advisor on major IPO issuesLead advisor on Private Placements issuesProven management excellenceExperienced operational staffIn-depth Analytical Research Responsive methods and services</p></li><li><p>CFA MissionTo be a premier provider of comprehensive financial solutions that are innovative and responsive, and deliver exceptional and consistent returns to our customers. CFA will maintain the highest standards of ethical conduct and employ financial leadership with a proven approach to conservative and disciplined investing. </p></li><li><p>Porfolio Leadership TeamAnthony R. Ferguson, CFA, Executive DirectorExecutive Director of CFA &amp; Sentinel Bank &amp; Trust, Director of Colina Insurance, Dolphin Capital Management Limited., Member of the Financial Consultative Committee, Former member of the Council of Examiners for the Association of Investment Management &amp; Research (AIMR), member of Securities Market Task Force, past Director of the National Insurance Board, past President of the Bahamas Society of Financial Analysts.Larry Gibson, CFA, Managing DirectorManaging Director providing day-to-day management for CFA. President and Director of First Bahamas Capital. Over 20 years experience in the investment management field with extensive history and success managing U.S., U.K. and Canadian pension assets. Holds a B Sc. in Business Administration &amp; Economics from the College of Notre Dame, Belmont, California, and is a Chartered Financial Analyst. Former Chairman of the Securities Market Task Force, a past Chairman of the Bahamas Development Bank and previously served as a Director of Commonwealth Bank Limited and Coutts (Bahamas) Limited.Sean K. Longley, CPA, Chief Financial OfficerChief of Financial oversight of CFA corporate affairs. Over nine years experience as auditor. Currently serves as a Director of the Bahamas Financial Services Board (BFSB). Professional experience includes working within the offshore industry, primarily with Deloitte &amp; Touche and the Coutts Group. Holds a Bachelors of Science in Accounting from Norfolk State University. A member of the American Institute of Certified Public Accountants and the Bahamas Institute of Charted Accountants. </p></li><li><p>Team (continued)Pamela Q. Musgrove, BBA, Research AnalystResearch analyst and a portfolio manager at CFA. Over five years experience in securities administration and trading, portfolio accounting, research and portfolio management. Responsible for the day to day management of investment management accounts, as well as company analysis and research. Bachelor of Commerce degree with honours in Finance, from the Acadia University, Nova Scotia, Canada. A level III candidate in the Chartered Financial Analyst Program. Professional affiliations include memberships in the Bahamas Society of Financial Analyst and the International Society of Financial Analyst. Lakeisha Moss, Assistant Portfolio Manager &amp; Liquidity TraderAssist the portfolio manager with the optimization, rebalancing and trading of the portfolio. Treasuries trader, Commercial Paper, and Repurchase Agreement transactions for several hedge funds. A Member of the Association for Investment Management and Research. Successful in obtaining level I of the CFA examinations in September 2002, currently studying for level II. Earned a Bachelors Degree in Finance and Economics from Kings College, Pennsylvania.</p></li><li><p>Strategic RelationshipsCustodial PartnersCitibank, Credit Lynonais, Bawag, Bear Stearns, CIBC Oppenheimerand other leading financial groups.Deloitte &amp; ToucheAuditorsBank of Bahamas International LimitedLocal BankersAlexiou, Knowles &amp; Co.Bahamian legal counselInvestment product design</p></li><li><p>Distinguishable CharacteristicsProven professional historyInternational relationships with market leadersCustomer-centric attitude and service approachStringent recording and reporting methodsLeading analytical research methods and productsComplete Escrow, and Registrar &amp; Transfer Agent servicesComplete Stock Brokerage servicesAdvanced private communications and integrated technologies </p></li><li><p>Advisory ServicesProfessional corporate and institutional advisory services Business proposalsStrategic alliancesMergers and acquisitionsIPOsPrivate PlacementsStrategic investment planningTax structuring and planningRisk management </p></li><li><p>CFA TechnologyAdvanced Pension Administration systemModern Portfolio and Investment Management system (ADVENT)State of the art Registrar and Stock Transfer system (STOPS)</p></li><li><p>Investment StrategyStructured InvestmentCFG Strategic AllianceInternational Asset ManagementInsurance ProtectionsDeferred Variable AnnuityTrusts, IBCs, and Mutual FundsTax DeferralPrivacy Consideration</p></li><li><p>Pension AdministrationDesign, develop and administer Pension PlansManagement and accounting of contributionsDisbursements, records, verification and financial reportingPension services with lasting valueUnderstand client expectations and desires and align with legal protections and financial opportunitiesDesign and implement high performance financial strategiesMonitor and adjust variables according to personalized client Pension Plan criteria as changes occur</p></li><li><p>CFA Managed Mutual FundsThe Balanced PortfolioThe Money Market FundThe Colina Bond FundThe Equity Fund</p></li><li><p>CFA Performance to dateBalanced US Portfolio Historical Return</p></li><li><p>Pension Performance Pensions Under Management</p><p>Sheet1</p><p>200020012002</p><p>Pensions Under Management$13,713,821.00$23,340,433.00$26,918,040.00</p><p>TOTAL PENSIONS UNDER MANAGEMENT$13,713,821.00$23,340,433.00$26,918,040.00</p><p>Sheet2</p><p>Sheet3</p></li><li><p>Asset Allocation*Colina Projected Return</p><p>Asset Allocation</p><p>Asset Allocation</p><p>CurrentTarget</p><p>PortfolioPercentagePercentageReturn*Income</p><p>Bonds - Govt$54,000,000.0042.86%48,000,000.0038.10%6.80%3,264,000.00</p><p>Bonds - Corp$0.006,000,000.004.76%8.50%510,000.00</p><p>Cash$33,000,000.0026.19%20,000,000.0015.87%5.75%1,150,000.00</p><p>Stocks$18,000,000.0014.29%25,000,000.0019.84%7.25%1,812,500.00</p><p>Private Investments$0.006,000,000.004.76%14.00%840,000.00</p><p>Mortgages$21,000,000.0016.67%21,000,000.0016.67%9.00%1,890,000.00</p><p>Total$126,000,000.00100.00%126,000,000.00100.00%7.51%9,466,500.00</p><p>*Colina Projected Return</p><p>Sheet2</p><p>200120001999</p><p>Discount Rate77.257.75</p><p>Plan DataExpected ROPA999</p><p>Future Salary Increase4.50%4.50%4.50%</p><p>Defined BenefitFuture Penson Increase000</p><p>200120001999</p><p>Discount Rate77.257.75</p><p>Expected ROPA999</p><p>Future Salary Increase4.50%4.50%4.50%</p><p>Future Penson Increase000</p><p>200120001999</p><p>Batelco Plan5.00%6.00%-2.53%</p><p>Colina Balance Fund-1.74%19.85%6.30%</p><p>Colina Pension Fund3.00%11.97%11.75%</p><p>Batelco Plan2.66%</p><p>Colina Balance Fund7.70%</p><p>Colina Pension Fund8.73%</p><p>Sheet2</p><p>0.02660.0770.0873</p><p>Batelco Plan</p><p>Colina Balance Fund</p><p>Colina Pension Fund</p><p>3 Year Return</p><p>Percentage</p><p>Comparative Three Year Annual Return</p><p>Acturial Assumptions and Perfor</p><p>Acturial Assumptions and Performance</p><p>Acturial Assumptions and Three Year Compounded Annual Return</p><p>200120001999</p><p>Discount Rate7.00%7.25%7.75%</p><p>Expected ROPA9.00%9.00%9.00%</p><p>Future Salary Increase4.50%4.50%4.50%</p><p>Future Penson Increase000</p><p>Actual return*0.05%0.058%-0.0253</p><p>Batelco Plan2.66%</p><p>Colina Balance Fund7.70%</p><p>Colina Pension Fund8.73%</p><p>Acturial Assumptions and Perfor</p><p>0.02660.0770.0873</p><p>Batelco Plan</p><p>Colina Balance Fund</p><p>Colina Pension Fund</p><p>3 Year Return</p><p>Percentage</p><p>Comparative Three Year Annual Return</p></li><li><p>Actuarial PerformanceComparative Three Year Annual Return</p><p>Chart2</p><p>0.02660.0770.0873</p><p>Batelco Plan</p><p>Colina Balance Fund</p><p>Colina Pension Fund</p><p>3 Year Return</p><p>Percentage</p><p>Asset Allocation</p><p>Asset Allocation</p><p>CurrentTarget</p><p>PortfolioPercentagePercentageReturn*Income</p><p>Bonds - Govt$54,000,000.0042.86%48,000,000.0038.10%6.80%3,264,000.00</p><p>Bonds - Corp$0.006,000,000.004.76%8.50%510,000.00</p><p>Cash$33,000,000.0026.19%20,000,000.0015.87%5.75%1,150,000.00</p><p>Stocks$18,000,000.0014.29%25,000,000.0019.84%7.25%1,812,500.00</p><p>Private Investments$0.006,000,000.004.76%14.00%840,000.00</p><p>Mortgages$21,000,000.0016.67%21,000,000.0016.67%9.00%1,890,000.00</p><p>Total$126,000,000.00100.00%126,000,000.00100.00%7.51%9,466,500.00</p><p>*Colina Projected Return</p><p>Sheet2</p><p>200120001999</p><p>Discount Rate77.257.75</p><p>Plan DataExpected ROPA999</p><p>Future Salary Increase4.50%4.50%4.50%</p><p>Defined BenefitFuture Penson Increase000</p><p>200120001999</p><p>Discount Rate77.257.75</p><p>Expected ROPA999</p><p>Future Salary Increase4.50%4.50%4.50%</p><p>Future Penson Increase000</p><p>200120001999</p><p>Batelco Plan5.00%6.00%-2.53%</p><p>Colina Balance Fund-1.74%19.85%6.30%</p><p>Colina Pension Fund3.00%11.97%11.75%</p><p>Batelco Plan2.66%</p><p>Colina Balance Fund7.70%</p><p>Colina Pension Fund8.73%</p><p>Sheet2</p><p>0.02660.0770.0873</p><p>Batelco Plan</p><p>Colina Balance Fund</p><p>Colina Pension Fund</p><p>3 Year Return</p><p>Percentage</p><p>Comparative Three Year Annual Return</p><p>Acturial Assumptions and Perfor</p><p>Acturial Assumptions and Performance</p><p>Acturial Assumptions and Three Year Compounded Annual Return</p><p>200120001999</p><p>Discount Rate7.00%7.25%7.75%</p><p>Expected ROPA9.00%9.00%9.00%</p><p>Future Salary Increase4.50%4.50%4.50%</p><p>Future Penson Increase000</p><p>Actual return*0.05%0.058%-0.0253</p><p>Batelco Plan2.66%</p><p>Colina Balance Fund7.70%</p><p>Colina Pension Fund8.73%</p><p>Acturial Assumptions and Perfor</p><p>0.02660.0770.0873</p><p>Batelco Plan</p><p>Colina Balance Fund</p><p>Colina Pension Fund</p><p>3 Year Return</p><p>Percentage</p></li><li><p>Actuarial Assumptions</p><p>Asset Allocation</p><p>Asset Allocation</p><p>CurrentTarget</p><p>PortfolioPercentagePercentageReturn*Income</p><p>Bonds - Govt$54,000,000.0042.86%48,000,000.0038.10%6.80%3,264,000.00</p><p>Bonds - Corp$0.006,000,000.004.76%8.50%510,000.00</p><p>Cash$33,000,000.0026.19%20,000,000.0015.87%5.75%1,150,000.00</p><p>Stocks$18,000,000.0014.29%25,000,000.0019.84%7.25%1,812,500.00</p><p>Private Investments$0.006,000,000.004.76%14.00%840,000.00</p><p>Mortgages$21,000,000.0016.67%21,000,000.0016.67%9.00%1,890,000.00</p><p>Total$126,000,000.00100.00%126,000,000.00100.00%7.51%9,466,500.00</p><p>*Colina Projected Return</p><p>Sheet2</p><p>200120001999</p><p>Discount Rate77.257.75</p><p>Plan DataExpected ROPA999</p><p>Future Salary Increase4.50%4.50%4.50%</p><p>Defined BenefitFuture Penson Increase000</p><p>200120001999</p><p>Discount Rate77.257.75</p><p>Expected ROPA999</p><p>Future Salary Increase4.50%4.50%4.50%</p><p>Future Penson Increase000</p><p>200120001999</p><p>Batelco Plan5.00%6.00%-2.53%</p><p>Colina Balance Fund-1.74%19.85%6.30%</p><p>Colina Pension Fund3.00%11.97%11.75%</p><p>Batelco Plan2.66%</p><p>Colina Balance Fund7.70%</p><p>Colina Pension Fund8.73%</p><p>Sheet2</p><p>0.02660.0770.0873</p><p>Batelco Plan</p><p>Colina Balance Fund</p><p>Colina Pension Fund</p><p>3 Year Return</p><p>Percentage</p><p>Comparative Three Year Annual Return</p><p>Acturial Assumptions and Perfor</p><p>Acturial Assumptions and Performance</p><p>Acturial Assumptions and Three Year Compounded Annual Return</p><p>200120001999</p><p>Discount Rate7.00%7.25%7.75%</p><p>Expected ROPA9.00%9.00%9.00%</p><p>Future Salary Increase4.50%4.50%4.50%</p><p>Future Penson Increase000</p><p>Actual Return0.05%0.058%-0.0253</p><p>Batelco Plan2.66%</p><p>Colina Balance Fund7.70%</p><p>Colina Pension Fund8.73%</p><p>Acturial Assumptions and Perfor</p><p>0.02660.0770.0873</p><p>Batelco Plan</p><p>Colina Balance Fund</p><p>Colina Pension Fund</p><p>3 Year Return</p><p>Percentage</p></li><li><p>Client ServicesMonthly portfolio reportsQuarterly economic and investment reviewsFinancial analysis of investment opportunitiesPortfolio monitoringPeriodic plan reviewsFinancial seminars (free for staff)</p></li><li><p>The CFA AdvantageExperienced financial team and support personnelUnwavering support of business principalsInternational partnerships with strategic financial leadersState of the art analysis and administrative methods and technologyService oriented company cultureCustomer-centric (interactive) relationship managementDiversified financial companyStrategic alliance creates investment valueProven performance track record</p></li><li><p>Colina Financial Advisors Limited 3rd Floor Goodmans Bay Corporate CenterWest Bay Street, P.O.Box CB-12407Nassau, BahamasTel: 242-502-7000Colina.com</p></li></ul>