Non-Consolidated Annual Report 2020

Mission Statement . . . . . . . . . . . . . . . . . . . . 2 Vision Statement . . . . . . . . . . . . . . . . . . . . . 2 Our Common Bond . . . . . . . . . . . . . . . . . . . 2 Training and Development . . . . . . . . . . . . . 3 Our Leaders Board of Directors . . . . . . . . . . . . . . . . . . . . . 4 Management Team . . . . . . . . . . . . . . . . . . . . 5 Corporate Information . . . . . . . . . . . . . . . . . 6 Financial Highlights . . . . . . . . . . . . . . . . . . . 8 Management Discussion and Analysis . . . 10 Board of Directors’ Report . . . . . . . . . . . . 13 Independent Auditors’ Report . . . . . . . . . 18 Financial Statements . . . . . . . . . . . . . . . . . 22 CONTENTS

2 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 Mission Statement Our mission is to render excellence in service to our members while providing the means for enhancing their financial, economic and social well being, in consonance with co-operative principles. Vision Statement Our vision is to be the premier indigenous co-operative financial services provider in the region, hand in hand with our membership. Respect for Individuals We treat each other and our members with respect and dignity, valuing individual differences. We communicate frequently and with candor, listening to each other regardless of level or position. Dedicated to Helping Members We truly care for each member. We build enduring relationships by understanding and anticipating our members’ needs and by serving them better each time than the time before. Highest Standards of Integrity We are honest and ethical in all our business dealings, starting with how we treat each other. We keep our promises and admit our mistakes. Our personal conduct ensures that the Barbados Public Workers’ Cooperative Credit Union Limited’s (BPWCCUL) name is always worthy of trust. Service Quality, Diversity and Innovation We believe service quality, innovation and diversity are the engines that will keep us vital and growing. Our culture embraces quality and creativity, seeks different perspectives and risks pursuing new opportunities. TeamWork We encourage and reward both individual and team achievements. We freely join with our vendors and business partners across organisational boundaries to advance the interest of our members. By living these values, BPWCCUL aspires to achieve a standard of excellence that will reward our members, and all BPWCCUL people. Our Common Bond We commit to these values to guide our decisions and behaviour. Values

3 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 Training and Development Course Title • ACAMS 24th Annual International AML & Financial Crime Conference • Advanced Excel • Analytics 101 Workshop • Anti-Financial Crime/CFT Symposium • BCCI Envisioning 2020: The Path Towards A New Decade • Boss Moves - Leadership & Innovation • Building World-Class Dashboards Workshop • Business Writing Essentials Workshop • Certified Financial Controller • Code of Ethics & Professional Conduct & Balanced Scorecard PDR Information Sessions • ComplianceAid: AML & Financial Crime Conference • CUNA Management School - Year 3 • Decriminalisation of Marijuana - The Employers’ Response • Digital Marketing • Equipping the Audit Manager - The Requirements • Fire Safety Training As part of our commitment to continuous organizational development, members of staff completed the following training programmes during the year. • First Aid Training • Future Branches Conference • HRMAB People Leadership Conference • IFRS for SMEs • 2019 Jack Henry Annual Conference & TechConnect • Labour Relations Seminar • Lessons from the Tribunal • MasterCard Innovation Forum • Minute Writing Workshop • SYMITAR Educational Conference and TechConnect 2019 • Tapas & Talks - Deconstruction of the First Citizens Case • Testing - What you should test and why? • Violence in the Workplace • 2019 World Council Credit Union Conference

4 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 BOARD OF DIRECTORS Director Bro. Mark Hope Vice President Bro. Cedric Murrell Director Sis. Kieva Cadogan Secretary Sis. Julie Corbin President Bro. Glendon Belle Treasurer Bro. Troy White OUR LEADERS Director Sis. Lydia Lewis Director Sis. Tanya Chase Director Bro. Clint Hurley

5 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 MANAGEMENT TEAM Group Financial Controller Bro. LeVere Catlyn Member Relations Manager - Loans Bro. Philip Babb GroupChief ExecutiveOfficer Bro. Glyne Harrison Manager, Management Information Systems Bro. Irwin Gibson Internal Auditor Bro. Eric Small Compliance Manager Sis. Wanda Massiah Risk Manager Sis. LaVerne Derrick-Watson General Counsel Sis. Natalie Holder Chief Operations Officer Bro. Jared Wright Chief Human Resource Officer Sis. Nicola Harris

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 6 BOARD OF DIRECTORS - BPWCCUL Mr Glendon Belle, Dip. Credit Union Management, CCUV, CCD – President Mr Cedric Murrell Cert. Public Administration Dip. ANS Management, CCUV, CCD – Vice President Mr Troy White, B.Sc. Econ. & Accounting (Hons), FCCA, – Treasurer Ms Julie Corbin, MSc. Management, BA (Hons) Psychology, CCD, CCUV – Secretary Ms Kieva Cadogan, B.Sc., CCUV, – Director Mr Mark Hope, B.Sc. Management, MBA, FCIS, LLB – Director Mr Clint Hurley, B.Sc.(Hons), MBA, CCUV – Director Ms Tanya Chase, B.Sc., MPH, RPh, CCUV, CCD – Director Miss Lydia Lewis, B.Sc. (Hons), Dip. Management, CCUV, CCD – Director AUDITORS KPMG – Chartered Accountants PRINCIPAL BANKER Barbados Public Workers’ Co-operative Credit Union Limited – Republic Bank (Barbados) Limited EXECUTIVE MANAGEMENT Mr Glyne Harrison, BSc, MSc, MSc,. CMA, CPA,– Group Chief Executive Officer Mr JaredWright B.Sc., MBA,– Chief Operations Officer Ms Nicola Harris B.Sc., M.Sc., PHR – Chief Human Resources Officer Mr LeVere Catlyn, CPA-CGA, CA, CCUE – Group Financial Controller Ms Natalie Holder, LLB, LEC – General Counsel Mr Eric Small, B.Sc., CIA, CFE – Internal Auditor Mr Irwin Gibson, BEng, M.Sc., MBA – Manager, Management Information Systems Mr Philip Babb – Member Relations Manager-Loans Ms Wanda Massiah, B.Sc., M.Sc., CAMS– Compliance Manager Mrs LaVerne Derrick-Watson, LLB, B.Sc., M.Sc. – Risk Manager Mrs Harriet Franklin, B.Sc. – Member Relations Manager – Savings Mobilisation & Member Services (Ag ) SUPERVISORY & MIDDLE MANAGEMENT Mr Allan Clarke, Dip. Credit Union Management – Senior Audit Assistant Mrs Andrea Marshall, Dip. Credit Union Management – Senior Financial Services Representative Mr Courtney Gibson, FCCA, MBA, MCIBS, Chartered Banker- Financial Accountant Ms Dawn Blades – Contact Centre Team Leader Mrs Dawn Corbin, APOM, CCST, B.Sc., EMBA – Service Quality Leader Miss Dale Edwards, B.Sc., MBA – Assistant Senior Financial Services Representative Mrs Elizabeth King, Dip. Credit Union Management, CCUE – Branch Operations Officer Mr Elridge Bend, AICB, Dip. Credit Union Management – Branch Operations Officer Mrs Gleneth Clarke, AICB – Senior Financial Services Representative Miss Janet Goring, Assoc. Deg, AAS, CCUM, MCP – Dbase Admin/Bus Sys Analyst Mr Jefferson Murray, Dip. Banking & Finance, CPAML – Compliance Officer Mrs Kim Bradshaw, Cert. IT, MCP, Assoc. Degree Bus. Studies, MSc. IT Security Management – Systems Administrator, MIS Mrs Margaret Everatt, BSc. Mgmt., CCUE – Payroll Coordinator Miss Marian Niles – Senior Financial Services Representative Mr Mark Bailey – Network Engineer Mr Valence Henry - Network Administrator Mrs Michelle Ashby, Dip. Credit Union Management, AICB, BSc. – Branch Operations Officer Mrs Nadia Richards, Cert. HR – Senior Financial Services Representative Miss Natasha Holder, B.A., Cert. Supervisory Management – Assistant Senior Financial Services Representative Mr Neil Lucas, B.Sc., M.Sc. – Network Administrator Ms Rene Rudder, Dip. Service Excellence, Assoc. Deg., B.Sc., IAP, ICC – Senior Audit Assistant Mr Rommel Aimey, B.Sc. – Senior Financial Services Representative Mrs Sadie Austin – Card & E-Services Supervisor Ms Shirley George – Senior Financial Services Representative Mrs Susan Byer, B.Sc. (Hons), LLB, CCUE, LPC/LLM – Securities Officer Ms Susan Coppin, APS, ACS, Dip. Mgmt. – Executive Secretary Miss Suzette Grimes – Assistant Accountant Ms Patricia Archer, Post Grad Diploma Learning and Development – Human Resources Development Officer Mrs Petula Wiggins, AICB – Senior Financial Services Representative Ms Tracia Pounder, B.Sc., MSc Marketing. – Marketing Officer Miss Tracia Sargeant, Dip. Banking & Finance – Senior Financial Services Representative Miss Vette Forde – Senior Financial Services Representative Miss Wilma Massiah, Dip. Credit Union Management, AICB – Senior Financial Services Representative Mr Jamar McCaskie, B.Sc., M.Sc. – Risk Officer Mr Jason Springer, CFSA, CRMA, BA. In Business & Enterprise – Risk Officer Mrs Tricia Archer, B.Sc. – Financial Analyst Ms Shantelle Linton, Cert. Supervisory Management – Senior Financial Services Representative Mr Charles Walton, CISA, CISM- Information Technology Business Analyst Mrs Mariette Simmons-Browne, B.Sc. (Hons), CISA, CRISC, IAP - Information Technology Audit Leader Mrs Keisha Payne, B.Sc.- Assistant Accountant Mrs Kerryanne Gilkes, Assoc. Deg., B.Sc., ICA – Compliance Officer Mr Glenn Belgrave - Senior Financial Services Representative CORPORATE INFORMATION Mrs Kerryanne Gilkes, Assoc. Deg., B.Sc., ICA – Compliance Officer Mr Glen Belgrave – Senior Financial Services Representative GCEO’s Office Mrs Kerry Ann Kirton, Cert. ICSA, CPS, ACS, Dip. Management – Executive Secretary to CEO (ag ) Ms Rosario Maynard, Associate Deg., ACS, APS – Secretary Mrs Juann Lovell - Secretary Mr Peter Broomes – Driver/Messenger ACCOUNTS & FINANCE DEPARTMENT Mr Andrew Gibson, Assoc. Deg. – Accounts Assistant Mrs Angela Headley – Accounts Assistant Mrs Chandra Price – Accounts Assistant Mrs Sandra Waterman, APS, ACS, Dip. Management, BSc. Labour & Employment Relations – Secretary Ms Tilia King – Accounts Assistant Ms Shanielle Nurse – Accounts Assistant Mr Andre Patrick – Accounts Assistant Mr Alexander Barrow, BSc Accounting – Accounts Assistant Ms Leisl Reid, B.Sc. Human Resources – Accounts Assistant OPERATIONS Mrs Kelly Jones – Accounts Assistant Miss Rosie Bishop, Dip. IT, ACSC – Accounts Assistant Mrs Shontelle Brooks, CAT – Accounts Assistant Ms Georgia Boxill, B.Sc. Accounts - Accounts Assistant Ms Sheneyah Forde – Accounts Assistant CARD & E-SERVICES Mrs Shelly Ann Morris-Brathwaite, CAT – Accounts Assistant Miss Lavern Durante – Accounts Assistant Ms Jalisa Small – Accounts Assistant Ms Alisa Collymore – Accounts Assistant MORTGAGES & CONSUMER LOANS Mrs Arlene Seale, Cert. Supervisory Management – Financial Services Representative Mrs Cecile O’Neale-Dorne, FICB, CCUM, CCUFC – Financial Services Representative Mr Evans Kirton – Financial Services Representative Ms Gena Lamontagne – Financial Services Representative Mrs Jalisa Jordan, BABM, Cert. Facilities Management – Financial Services Representative Miss Katrina Worrell, Assoc. Deg., B.Sc. – Senior Operations Supervisor Miss Karen Giles, APS, ACS – Branch Secretary Mrs Lana Antrobus – Financial Services Representative Mrs Lisa Goodridge, B.Sc. Labour & Employment Relations – Financial Services Representative Miss Natalie Nicholls – Financial Services Representative Mr Nicholas Alleyne, Cert. Project Management – Financial Services Representative Mrs Sheena Bowen, B.Sc. – Financial Services Representative Miss Tricia Morris, B.Sc., Cert. Mktg, Advt. & PR – Financial Services Representative Ms Cherie- Ann Forde, B.Sc. - Financial Services Representative Mr Kent Alleyne – Financial Services Representative Miss Renee Gibbons, Cert. Supervisory Management – Financial Services Representative Mrs Nicole Gibson, Cert. General & Supervisory Management, Dipl. Financial Mgmt., BDMS in Financial Management – Financial Services Representative Mr Christopher Bostic – Financial Services Representative Ms Crystal Storey, B.Sc. – Financial Services Representative Ms Leigh-Ann Norville, B.Sc., Cert. Supervisory Management- Financial Services Representative Mr Che Kippins-Niles – Financial Services Representative Ms Michelle Freeman, Assoc. Deg. - Administrative Assistant HUMAN RESOURCES/ADMINISTRATION DEPARTMENT Mrs Nikisha Francis, B.Sc., M.Sc., SHRM-SCP – Human Resources Associate Miss Kaylone Browne, Cert. HRM – Human Resources Assistant REGISTRY Mr Ryan Inniss – Registry Clerk Mr Wayne Scott – Registry Clerk ESTATE DEPARTMENT Mr Andrew Estwick – Driver/Handyman Ms Karen Browne – Administrative Assistant Mr Rodney Edwards – Driver/ Handyman Ms Jalisa Thomas – Estate Assistant INTERNAL AUDIT DEPARTMENT Mrs Stacy Gulstone, B.Sc. – Audit Assistant Mr Dario Babb B.Sc. – Audit Assistant SERVICE QUALITY DEPARTMENT Mrs Carol Toppin, B.Sc., Cert. P.M – Service Quality Coordinator Mrs Tanisha Moore - Service Quality Coordinator

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 7 LEGAL DEPARTMENT Mrs Alicia Constantine – Legal Clerk Miss Chaitali Soudatt, ASC, PALS – Legal Secretary – Securities Maintenance Mrs Cynthia Gittens, APOM, Cert. Paralegal Studies – Legal Secretary Miss Donna Scantlebury, CCUM, ACS, Cert. Paralegal & Supervisory Management – Legal Assistant ll Miss Heather Lynch, Cert. Paralegal Studies & Supervisory Management – Legal Assistant ll Mrs Joy-Ann Lewis, APOM, PSC, SSC – Legal Secretary Mrs Shedell Odle-Gill, Cert. Paralegal Studies – Legal Assistant l Ms Latoya Miller - Legal Secretary Mrs Annabelle Wilson - Legal Secretary Ms Niquita Holder, B.Sc. - Legal Assistant II Ms Debby-Ann Watts – Legal Secretary MANAGEMENT INFORMATION SYSTEMS DEPARTMENT Miss Kerrie Young, B.Sc. Computer Studies, CompTIA A+, Certificate – Supervisory Management – Systems Operator Miss Makeba King, Assoc. Degree, Applied Science & Information Technology – Systems Operator Mr Jeremy Estwick, Associate Deg., B.Sc.- Computer Science - Systems Operator DISBURSEMENTS Mrs Donalin Hazell – Financial Services Representative Mr Johnathan Brewster – Financial Services Representative Ms Kelly-Ann Scott – Financial Services Representative Miss Kharla Greaves – Financial Services Representative Miss Lisa Monchery – Financial Services Representative Mrs Nicole Jean-Paul – Financial Services Representative Miss Pat Martindale – Financial Services Representative Mrs Shonelle Harewood, B.Sc. – Financial Services Representative Miss Susan Lovell – Financial Services Representative Miss Tiyan Gomes – Financial Services Representative Miss Tricia Green – Financial Services Representative Ms Shakira McCollin, Assoc. Deg. – Financial Services Representative Mr Philip Norville – Financial Services Representative Ms Shanice Clarke, B.Sc. – Financial Services Representative COMPLIANCE Ms Lezanne Waithe B.Sc., Cert.FRM, Cert. Audit, CFCS - Compliance Assistant Ms Shakeita Browne B.Sc. - Compliance Assistant Mr Rosson Howard, B.Sc., Cert. in Supervisory Management - Compliance Assistant Ms Shari Bovell, BSc., - Compliance Assistant Ms Danielle Babb, LLB, LEC – Compliance Assistant CONTACT CENTRE Miss Andrea Prince, B.A – Contact Centre Representative Miss Denise Johnson, ACSP – Contact Centre Representative Miss Donna Fitzpatrick, Associate Degree – Contact Centre Representative Mrs Paula Morris – Contact Centre Representative Ms Denise Callender, Associate Degree - Contact Centre Representative Ms Kela Knight, Associate Degree - Contact Centre Representative Mr Kyle McCollin, Associate Degree – Contact Centre Representative MARKETING Ms Nicole Hall, B.Sc. (Hons) Marketing & Management - Marketing Assistant Ms Kimberley Grimes, B.Sc. (Hons), MA Strategic Marketing – Marketing Assistant Mrs Stacy Mottley, B.Sc. Labour & Employment Relations, Dip. HR Management, CIPR UK Prof. PR Diploma – Marketing Assistant Mrs Cheryl Straker, B.Sc. (Hons), MSc Human Resources – Administrative Assistant Ms Khadija Millar, - Contact Centre Representative LOANS RECOVERY Miss Amanda Lynch, B.Sc., Dip. Banking & Finance – Financial Services Representative Mr André Daniel, Cert. Supervisory Management, B.Sc., MBA – Financial Services Representative Mr Hugh Victor-Browne, Cert. Supervisory Management, Cert. Maintenance Management – Financial Services Representative Ms Kerisa Clarke, B.Sc. – Financial Services Representative Mr Neil Bradshaw – Financial Services Representative Miss Tanesha Straughn, PSD – Financial Services Representative Mrs Wendy Dodson – Financial Services Representative Mr Maxwell Benn, Associate Deg. – Claims & Recoveries Coordinator Miss Dasley Clarke – Claims & Recoveries Assistant Ms Erin Alleyne, B.Sc. – Administrative Receptionist RISK Miss Saadia Griffith, B.Sc., Dip. CMA – Risk Assistant Miss Latrisha Thorington, B.Sc. – Risk Assistant SAVINGS MOBILISATION Ms Barbara Haynes – Financial Services Representative Mrs Chantelle Brewster B.Sc. – Financial Services Representative Mr Damion Husbands-Johnson, Assoc. Deg. – Financial Services Representative Mr Darien Birkett – Financial Services Representative Mr Dario Bowen – Financial Services Representative Mr Dario Nicholls, B Sc Finance – Financial Services Representative Ms Denissia Thorpe – Financial Services Representative Ms Kiendra Leonce, B.Sc. – Financial Services Representative Ms Kimberley Vaughan – Financial Services Representative Mr Kumar Hinds – Financial Services Representative Mr Mario Small – Financial Services Representative Ms Nadley McFarlane, Assoc. Deg. – Financial Services Representative Ms Nicole Jones – Financial Services Representative Ms Nikki Clarke, B.A., Cert. in Supervisory Management – Financial Services Associate Mr Rafael Hinds – Financial Services Representative Ms Sade Mayers – Financial Services Representative Mr Shane Jones – Financial Services Representative Mr Shane Reece – Financial Services Representative Mr Stefan Watson, B.Sc. – Financial Services Representative Ms Tila Jones – Financial Services Representative Ms Zhane Taylor – Financial Services Representative Mr Kadeine James – Financial Services Representative Mr Kurt Cummins – Financial Services Representative Mr Fabian Callender – Financial Services Representative Ms Claire Callender – Financial Services Representative Ms Shakira Bryan – Financial Services Representative Ms Makiya Brathwaite – Financial Services Representative Ms Ancilla Brathwaite – Financial Services Representative Ms Jheri Blackman – Financial Services Representative Mr Nicholai Nowell – Financial Services Representative Ms Imani Alkins – Financial Services Representative Mr Alan Ashby – Financial Services Representative Ms Shakeem Belle, B.Sc. – Financial Services Representative Ms Cedrina Bishop – Financial Services Representative Ms Vanessa Bobb, BSc - Financial Services Representative Mr Kareem Bowen – Financial Services Representative Ms Makeida Bowen – Financial Services Representative Ms Leann Brewster – Financial Services Representative Ms Tiara Desce – Financial Services Representative Mr Rommell Downes – Financial Services Representative Ms Patricia Holder – Financial Services Representative Ms Josee Joseph – Financial Services Representative Mr Richard Lynch – Financial Services Representative Ms Rosheena Redman – Financial Services Representative Ms Esther Sealy – Financial Services Representative Ms Michaela Straughn, B.Sc. Sociology with Criminology - Financial Services Representative Ms Tricia Walcott – Financial Services Representative Ms Kendra Wilkinson – Financial Services Representative Mr Shakiel Williams – Financial Services Representative Ms Kiana Clarke – Financial Services Representative Mr Kevin Carter – Financial Services Representative Mr Courtney Gibson – Financial Services Representative Ms Kerry Rouse – Secretary Mr Ariko Small – Financial Services Representative Ms Tamika Miller – Financial Services Representative Ms Keisha Linton – Financial Services Representative Mr Naeem Johnson – Financial Services Representative Ms Kanesha Kellman – Financial Services Representative Mr Charles Harewood – Financial Services Representative Ms Tajah Ifill- Scott – Financial Services Representative Ms Camerah Ifill – Financial Services Representative Ms Dana Hinds – Financial Services Representative Mr Shane Gittens – Clerk Ms Jazmine Grosvenor – Financial Services Representative Mr Rishon Gaskin – Financial Services Representative Ms Donisha Francis – Financial Services Representative Ms Kazia Clarke – Financial Services Representative Ms Gail Daniel – Financial Services Representative Ms Gerianne Bullard – Financial Services Representative Mr Kashka Boyce, B.Sc. – Financial Services Representative Ms Iman Alkins – Financial Services Representative Ms Shakira Barrow – Financial Services Representative Ms Charlene Reid, Assoc. Deg. - Financial Services Representative Ms Janell Branch, Cert .Supervisory, Personnel Management & Accounts and Finance – Financial Services Representative Miss Larissa Latchman – Receptionist/Hostess Ms Kasha Grimes – Administrative Receptionist Ms Tamara Forde – Financial Services Representative Ms Sandra Kirton – Financial Services Representative Miss Janell Reece – Administrative Receptionist Ms Kharla King – Clerk Mr Shaquan Williams – Financial Services representative Ms Makeda Bowen – Financial Services Representative Ms Tamar Phillips – Financial Services Representative Ms Jodi Corbin – Financial Services Representative

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 8 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS - FIVE YEAR REVIEW In Bds $’000 2020 2019 2018 2017 2016 Statement of financial position: Assets Cash and equivalents 261,089 197,824 95,296 51,156 49,512 Investments 55,075 57,098 68,578 73,942 84,004 Loans to Members (net) 1,046,080 997,535 958,067 900,440 817,839 Property and Equipment 53,772 54,725 55,837 41,784 29,547 Other 56,696 45,135 45,865 44,256 39,348 Total Assets 1,472,712 1,352,317 1,223,643 1,111,578 1,020,250 Liabilities Deposits 1,279,598 1,175,004 1,055,847 956,135 862,900 External Debt - - - 5,317 22,283 Other 24,151 23,077 19,847 16,257 16,226 Total Liabilities 1,303,749 1,198,081 1,075,694 977,709 901,409 Equity Share Capital 12,008 11,401 10,706 10,084 9,407 General & Other Reserves 148,951 138,632 126,048 112,691 101,670 Retained earnings 8,004 4,203 11,195 11,094 7,764 Total Equity 168,963 154,236 147,949 133,869 118,841 Total Liabilities & Owner’s Equity 1,472,712 1,352,317 1,223,643 1,111,578 1,020,250 Statement of income: Interest Income 89,897 89,383 86,589 81,363 76,368 Interest Expense 23,547 26,140 25,151 26,172 25,917 Net Interest Income 66,350 63,243 61,438 55,191 50,451 Other income 4,512 3,772 4,317 3,965 3,549 Net income and other income 70,862 67,015 65,755 59,156 54,000 Impairment expense 6,123 5,078 6,535 4,645 3,789 Net operating income 64,739 61,937 59,220 54,511 50,211 Total operating expenses 47,647 46,340 42,623 38,494 34,720 Net income before extra-ordinary items 17,092 15,597 16,597 16,017 15,491 Derecognition of Government Securities - 3,635 - - - Tax of Assets - - - - 1,949 Net income after extra-ordinary items 17,092 11,962 16,597 16,017 13,542

9 BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 2020 2019 2018 2017 2016 Financial statistics in percent: Asset Growth 8.90 10.52 10.08 8.95 9.68 Loan Growth 4.87 4.12 6.40 10.10 9.56 Deposit Growth 8.90 11.29 10.43 10.80 11.33 Net Surplus Growth 42.89 -27.93 3.62 18.28 40.97 Return on Assets 1.21 0.93 1.42 1.50 1.39 Return on Equity 10.58 7.92 11.78 12.68 12.01 Operating Efficiency 73.60 74.82 71.97 70.62 69.15 Net Interest Margin 4.70 4.91 5.26 5.18 5.17 2020 2019 2018 2017 2016 Other statistics Delinquency ratio (%) 9.9 8.6 7.4 6.3 6.3 # of members (000’S) 100.7 95.0 89.2 84.0 78.4 # of branches 6 6 5 4 4 Net income per member $169.73 $125.92 $186.07 $190.60 $172.75 2020 2019 2018 2017 2016 Members (000’S) 100.7 95.0 89.2 84.0 78.4 FINANCIAL HIGHLIGHTS FINANCIAL HIGHLIGHTS - FIVE YEAR REVIEW In Bds $’000

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 10 the event the credit quality of loans worsens post the moratoria period is which is expected to lapse in September 2020. Macro-economic Outlook Overall, the global outlook remains highly uncertain with the IMF’s forecast for global growth declining to negative 4.9 percent as at June. This, along with the depressed demand for global travel introduces significant downside risks to rapid recovery in our tourism sector, our primary engine of growth. With the reopening of our borders and the restarting of businesses and some private sector investment projects, we remain hopeful that there will be some slowing of the economic decline and a firming up of the foundation for recovery in 2021. This should be bolstered by steady resumption of tourism and other tourism dependent sectors. OVERVIEW 2020 marks the year of our Golden Jubilee as a credit union. This is no small milestone and we feel truly fortunate to have reached this significant milestone even in these difficult times we find ourselves in. There is much to celebrate and as we reflect on the past fifty years, and how we got here, we also look forward to the growth and success that is yet to come, being ever mindful that our history informs our future, and our stability fuels our progress. When members choose the Barbados Public Workers’ Cooperative Credit Union Limited, they choose a cooperative that acknowledges, embraces and seeks to fulfill their needs. Members receive access to world-class technological solutions, personalized and high quality service and a portfolio of products and services to meet their needs throughout their various stages of life. This attention to members needs, has resulted in consistent membership growth, with an average of approximately 5,333over 5 years and a milestone membership base of 100,700 as at March 2020. The increase in membership base has positively impacted growth in the key areas of assets, loans and deposits. The Credit Union continues to mitigate its principal risk; credit risk, through a robust credit riskmanagement environment that ensures a sound credit-underwriting process, effective and appropriate credit administration and robust measurement and monitoring. Loans continue to be the largest and most obvious source of credit risk and in the current environment, our efforts notwithstanding, non-performing loans during the year ended March 31, 2020 increased by $16.9 million or 19.2 percent. Non-performing loans represented 9.9 percent of the Credit Union’ total loan portfolio.” MANAGEMENT DISCUSSION AND ANALYSIS This section of the Annual Report provides a discussion and analysis of the financial position and performance of the Barbados Public Workers’ Co-operative Credit Union Limited (BPWCCUL) for the financial year ended March 31, 2020 as compared to the financial year ended March 31, 2019 The MD&A should be read in conjunction with the audited financial statements, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). ECONOMIC REVIEW Covid-19 Impact The impact of the Covid-19 pandemic on the local economy was materially significant as it disrupted business cycles, resulted in the cessation of activity in the tourism sector, caused business closures across other sectors and ultimately led to a series of national curfews. It was against this backdrop that preliminary data, published for the first six months of 2020 by the Central Bank of Barbados in their “Review of the Barbados’ Economic Performance-JanuaryJune 2020” report, revealed economic output had declined by almost 15 percent. Public Sector Response As anticipated, reduced economic activity affected the public finances during the first quarter of the fiscal year 2020/2021. The primary balance which is the difference between Government’s revenue and non-interest expenditure, fell by just over $100 million relative to previous year, however, on the upside, it outperformed the target agreed with the International Monetary Fund (IMF). The Barbados Optional Savings Scheme (BOSS) was established by Government in July 2020 to help generate economic activity by diverting a portion of public workers’ salaries to fund capital works. In July 2020, $4.6 million was issued, of which $1.2 million was taken up by public servants and the remainder of $3.4 million was sold to the secondary market i.e. individuals and institutions. Private Sector Response – Non-Financial Services Unemployment claims between March and June surged to over 33,000 with a dollar value exceeding $70million due to the layoffs in the tourism, restaurants and related industries as well as job losses in other sectors. In an effort to minimize the impact of the reduction of customer spend and cash flows, businesses adopted various practices to reduce operating expenses including reduced working hours and temporary. These cost management strategies were widespread and played a significant role in softening the overall impact on unemployment levels. To cushion the impact and the effects of unemployment and reduced disposable income, lending institutions offered their clients moratoria on existing loans. Technology also kept segments of the economy functioning by facilitating remote working arrangements across the private and public sectors. Private Sector Response –Financial Services The financial sector remained stable, with the banking system still well capitalized during the first half of the fiscal year. Excess Liquidity or the Cash Ratio for banks rose from 18.5 percent to 20.1 percent. There was a reported modest increase in nonperforming loans. However, increased provisions were made in 0 20 40 60 80 100 120 2016 2017 2018 2019 2020 78.4 84 89 95 101 Members in 000

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 11 We acknowledge that times are difficult and some of our members are experiencing financial challenges and we remain committed to engaging with them to assess their individual situation and offer workable solutions geared at returning their accounts to a state of normalcy. While deposit interest rates in the market continue to trend downward to all-time lows, the Credit Union continues to maintain some of the most competitive rates on deposits. This commitment to allowing members a reasonable return has resulted in the Credit Union achieving unprecedented growth in deposits of $104.6 million at the end of the financial year 2020, at an average rate of return of 1.92 percent. This growth in deposits increased available cash resources to $294.9 million as compared to prior year $233.6 million and was used to fund our members’ lending needs. REVIEW OF FINANCIAL PERFORMANCE TOTAL INCOME AND NET INCOME Total income, which is made up of interest and non-interest income before provisions for credit losses, was reported at $94.4 million as compared to $93.2 million in the prior year. Net income for the year ended March 31, 2020 was reported at $17.1 million, up from $12.0 million in the prior year. NET INTEREST INCOME Net interest income is comprised of earnings on assets such as loans and securities, including interest income, less interest expense paid on liabilities, such as deposits and wholesale funding. Net interest income grew by $3.1 million or 4.9 percent in 2020 as deposits were lowered as well as repriced at lower values. Total interest income grew marginally by $513.8 thousand or 0.6 percent to reach $89.9 million, while total interest expense decreased by $2.6 million or 9.9 percent to reach $23.6 million. Interest income from loans and advances increased by $1.0 million or 1.2 percent while interest from cash resources and financial investments decreased by $239.8 thousand and $253.3 thousand or 26.6 percent and 15.7 percent respectively. OTHER INCOME Other income increased by $739.9 thousand or 19.6 percent during the financial year. This was driven mainly by increased legal income of $454.8 thousand or 46.0 percent; increased income from ATM transactions and related services of $254.8 thousand or 16.6 percent combined with a $109.4 thousand or 10.3 percent increase in revenues from the recovery of charged off loans. EFFICIENCY AND EXPENSE MANAGEMENT The success of our organization can be attributed to the careful and diligent management of internal expenses by our highly trained, dedicated, and experienced staff. Non-interest expenses were primarily associated with activities that support our strategic objectives. STAFF COST Compensation and benefits to staff remained relatively flat. We continue to invest in our people, processes and technology to ensure a member experience that creates a framework for enhancing their financial health. The ability to deliver supreme service to our members is measured by an annual satisfaction survey. During the year, the Credit Union attained a score of 96 percent, signaling our members’ satisfaction with the quality of service being offered to them by staff. TOTAL OPERATING EXPENSES Total operating expenses for the year was reported at $47.6 million, representing an increase of $1.3 million or 2.8 percent above the prior year. This was primarily attributable to an increase in premiums for the deposit and loan protection benefits our members enjoy which went from $3.1 million to $4.1 million, and the regulatory fees paid to the Financial Services Commission of $506 thousand. The other expense items remained within our acceptable range due to the prudent management of operating expenditure. NET OPERATING INCOME Net operating income increased by $2.8 million or 4.5 percent to end the year at $64.7 million. Expected credit losses (ECL) were $6.1 million, increasing by $2.4 million or 62.4 percent over prior year. While the increase in delinquent loans were relatively consistent with that of prior year, increases in ECL were required as our statistical models showed that the probabilities of loans going delinquent (probabilities of default) and the resulting losses that would arise should those probabilities of defaults be realized (loss given defaults) had both increased with a change in the mix of loans going delinquent. ASSETS Assets continued to record strong growth in the current year over the prior year to reach approximately $1.5 billion at March 31, 2020. Growth, recorded at $120.4 million or 8.9 percent, was driven mainly by increases in cash and cash equivalents of $61.3 million or 26.2 percent, loans of $48.5 million or 4.9 percent and due from related parties of $9.3 million or 48.8 percent. At March 31, 2020, net loans and advances to members were $1.0 billion, inclusive of an expected credit loss allowance of $23.8 million, compared to $997.5 million inclusive of an allowance of $24.7 million at the end of the 2019 financial year. The main drivers of this growth were mortgage and vehicle loans. - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 2016 2017 2018 2019 2020 1,020,250 1,111,578 1,223,643 1,352,317 1,472,712 In BD$'000 Total Assets 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 2016 2017 2018 2019 2020 13,542 16,017 16,597 11,962 17,092 In BD$'000 Net Income - 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 1,600,000 2016 2017 2018 2019 2020 1,020,250 1,111,578 1,223,643 1,352,317 1,472,712 In BD$'000 Total Assets 8,000 10,000 12,000 14,000 16,000 18,000 13,542 16,017 16,597 11,962 17,092 BD$'000 Net Income

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 12 ASSET QUALITY The Credit Union’s delinquency ratio moved from 8.6 percent at March 31, 2019 to 9.9 percent at March 31, 2020. Non-performing loans increased by $16.9 million compared to $15.9 million in 2019. This equated to a 19.2 percent increase for the period ending March 31, 2020 compared to a 22.1 percent increase in the prior year. LIABILITIES A falling interest rate environment presents challenges to credit unions given the potential to negatively impact deposit growth. Despite the challenges we were able to quickly adapt to multiple downward interest rate changes while still maintaining our reputation of offering attractive returns across all deposit products. The organization continues to pay higher than market deposit rates to ensure that our members benefit from a premium on deposit for their continued patronage. This benefit to members was delivered while remaining competitive and without impacting the financial strength and stability we have become known for. The Credit Union’s operations continued to be funded solely by membership deposits. Deposits at March 2020 totaled approximately $1.3 billion which was $104.5 million or 8.9 percent higher than the previous yearend. The weighted average deposit cost moved from 2.4 percent in 2019 to 1.9 percent in 2020. Other liabilities fell by $2.6 million or 24.4 percent over that of the prior year. However, the adoption of the new accounting standard, IFRS 16 relating to the treatment of leases resulted in additional $2.7 million in other liabilities, bringing the total positive variance to $133.4 thousand or 1.2 percent. MANAGEMENT DISCUSSION AND ANALYSIS (Continued) EQUITY Total equitywhich comprisesmembership’s share capital, retained earnings, statutory and other reserves provides for safety of financial stability and allows for future growth and development. As at March 31, 2020, members’ equity totaled $169 million, up from $154.2 million as at March 2019. The increase of $14.8 million was predominantly attributed to the positive impact of net income for the year of $17.1 million and the growth in share capital of $607.8 thousand and distribution to members of approximately $3.6 million. THE WAY FORWARD The Credit Union continues to be focused on innovation and improving service delivery channels to enhance the member experience. The effective leveraging of technology blended with personalized high quality service delivery from employees will be a key element in ensuring we meet and exceed the needs of all of our multi-generational members. To enhance member convenience, we will soon be providing access to members to apply for loans online, minimizing the need to come into the branch to initiate the process. This service will be as secure and convenient through robust data and cyber-security protocols. Our International Debit Card product, the replacement for our existing card, is expected to be in the hands of members during the early part of 2021. This new international debit card will provide members with the security of chip and pin, the convenience and ease of use of contactless technology, the value-added functionality of being able to use it online while still maintaining current access to merchants, Point of Sale machines and ATMs around the island. As we look out into the coming year, we acknowledge the uncertainty of the current macro-economic environment and the challenges it presents. We anticipate continued strong growth in membership base, but the persistent low interest rate environment will continue to suppress net interest margin. While these environmental factors will no doubt place pressure on our financial performance, our definition of success goes above and beyond a financial return. We believe in the cooperative system and the important role the credit union plays in helping members when they need it most. We are assured that our strong, diversified and member/customer-focused business model will continue to serve us well, and will allow us to continue to help our members and the communities we serve through these tough and trying times. People helping people…we are in this together. 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 2016 2017 2018 2019 2020 817,839 900,440 958,067 997,535 1,046,080 In BD$'000 Loans and advances 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 2016 2017 2018 2019 2020 862,900 956,135 1,055,847 1,175,004 1,279,598 In BD$'000 Deposits 0 20 ,00 40 ,0 60 ,0 80 ,0 1,00 ,0 1,200,000 2016 2017 2018 2019 2020 817,839 900,440 958,067 997,535 1,046,080 In BD$'000 Loans and advances 0 200,000 400,000 600,000 800,000 1,000,000 1,200,000 1,400,000 2016 2017 2018 2019 2020 862,900 956,135 1,055,847 1,175,004 1,279,598 In BD$'000 Deposits

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 13 BOARD OF DIRECTORS REPORT OVERVIEW The Board of Directors of the Barbados Public Workers’ Cooperative Credit Union Limited is pleased to address and report to you our valued members in this our Golden Jubilee; a celebratory year for the credit union. Our members are our lifeblood and the reason we are here, so on behalf of the Board of Directors, Management and staff we want to express our sincere gratitude for your loyalty and support, as well as to let you know how proud we are to serve you. As we report on our performance during the financial year 2019 – 2020 we are mindful of the macro-economic conditions that prevailed during the course of the year. Following a 2018-19 period that adversely impacted the movement and its members, optimism in the economy and its engines of growth was returning when management met to discuss the plans and objectives for 2019-20. The macro-economic environment was recovering, Government’s implementation of the BERT programme was showing early results and Barbados was on track to meet targets agreed with the International Monetary Fund. A year on we have witnessed a dramatic change as our country, region and the world faces a deadly coronavirus pandemic. Our members are once again faced with significant hardships as our borders were closed to international trade and travel and many of our sectors, including the invaluable tourism sector, came to a virtual halt crippling the local economy. From all reports, the fallout from the pandemic will be with us for some time to come. Your credit union remains committed to providing the assistance needed to help you through these difficult times and whether by way of moratoriums, training or access to additional financial support, we will work with you in line with our philosophy of people helping people. While the credit union continues to perform admirably and has achieved much during the past year despite the macroeconomic challenges, there are some movement challenges that must be highlighted as they continue to present obstacles to our rate of growth. These include renewed aggressive drives by the local banking community as a result of excess liquidity and mutual customers/members, new competition in the form of payday type and non-traditional lenders and enhanced weightiness of international regulations from an accounting (IFRS9) and a sector (AML/KYC) perspective. All of these activities invoke additional costs on the credit union including but not limited to revised processes, enhanced marketing, additional staff or staff training, technical system changes and software implementation/adaptation. These operational changes directly impact the benefits available to members through reduced surplus, dividends, rebates and member grants. While we look toward an uncertain future, we cannot remove our “foot” from the pedal, which was pressed into action some fifty odd years ago, through the foresight of the founders of this institution. We must forge ahead to ensure that you our members are provided for, catered to and helped in every way possible. FINANCIAL PERFORMANCE Despite the challenges mentioned the credit union experienced another successful year and remains strong. At the end of the 2019 - 2020 financial year, the Credit Union recorded total assets of $1.5 billion which was representative of an increase of $120.4 million or 8.9 percent over last year’s performance. Cash and cash equivalents totalled $294.9 million, an increase of $61.3 million or 26.2 percent, while amortised cost classified financial investments totalled $18.2 million, decreased by $1.3 million or 6.8 percent. While the loan demand tapered off at the end of the financial year due to the national shutdown and resulting business closures associated with the COVID-19 pandemic, the overall loan portfolio increased during the year under review by $48.5 million. Details of the loan growth and other performance highlights are available in the Financial and Credit Committee reports for the period ended 31 March 2020. SUBSIDIARY PERFORMANCE At the consolidated level, CAPITA Financial Services Inc. had recorded its largest profit to date of $1.6 million which can be attributed to the growth in interest income relating to loans and advances. Assets rose to $307.5 million with loans positively growing to $265.8 million. During the year under review, a shared ATM service, similar to the local CarIFS, was completed in the St. Lucia market. CAPITA St. Lucia, in conjunction with the St. Lucia Co-operative & Credit Union League, was pivotal in the roll-out of this initiative which allows our credit union brothers and sisters to have access to Automated Teller Machines (ATMs) for the first time. To date, the three Credit Unions who have completed their roll-out of the machines have been attaining good transaction levels across their networks. Discussions are also presently underway to provide similar shared access to the banking sector of St. Lucia. CAPITA continues to improve performance in its core functions with credible portfolio diversification being evidenced through growth in vehicle and loan financing. Vehicle leasing has been particularly successful and appealing to local businesses. In recognizing the benefit of having a Central Bank regulated entity as part of the sector, the Barbados Co-operative & Credit Union League Ltd has determined to work with CAPITA to be the conduit through which the local credit unions can avail themselves of digital banking services. This has been evidenced President Bro. Glendon Belle

BARBADOS PUBLIC WORKERS’ CO-OPERATIVE CREDIT UNION LIMITED | NON-CONSOLIDATED ANNUAL REPORT 2020 14 in the recent efforts to transition the sector to credit and debit card services for members. Work on this project has been ongoing and is anticipated to conclude during the current fiscal. Similarly, access to Automated Clearing House (ACH) services is also in the pipeline. These types of projects underscore the importance and relevance of CAPITA in the transformation of the movement and the long-term value of CAPITA to the sector and Group. CONSOLIDATED PERFORMANCE The consolidated position of the group as at the reporting period, shows that total assets recorded at $1.7 million, with growth in key areas, such as loans and advances and cash resources through growth in deposits and savings. REGULATORY DISCUSSIONS During the financial year under review, we met with the regulators at board and management level and have committed to frequent and open discussions as we move forward. SPECIAL PROJECTS Ever cognizant of the fact that we have outgrown our existing Upper Broad Street premises we continue to be focused on bringing our Lower Broad Street property to a state where it is fit for use. During the period under review, remedial work on the property commenced as the gutting of the building and the building out of electrical and engineering specifications to bring the property up to code were completed. We are currently at the stage where the architectural drawings and designs are being completed, in preparation for issuance of tenders for the works to be done. While we had anticipated being further along at this stage, various regulatory and planning requirements, construction sector issues and COVID-19 pandemic impacts, slowed progress. We however remain focused on completion and in a manner that is in keeping with the highest standards of project management. We wish to place on record, that the work which the Supervisory Committee undertook in reviewing our Mile & A Quarter buildout has been taken very seriously and we are ensuring that the missteps highlighted are not repeated. We acknowledge and share their concerns in ensuring our investments and members’ assets are protected. With the imminent repurposing of CarIFS in the financial services landscape, the credit union had to replace plans to launch a credit card with plans to transition its debit cards from the CarIFs network to the MasterCard network. Extensive work is currently being done on the project to ensure members continue to have fully functional debit access when CarIFS as we know it, disappears. In addition, the use of the MasterCard platform will bring about additional value-added through online and other extended capabilities. While there have been some untimely delays due to circumstances outside of our control, we remain committed to ensuring the project is finalized during this fiscal year. As we approached the end of the reporting period, key technological changes were required in the way we do business to ensure business could continue despite the COVID-19 pandemic. We were able to successfully transition to remote work for the staff who could work from home, while maintaining availability of our human and electronic channels, to ensure that you our members were able to access your funds and provide expected service levels. We are happy with the way staff, management and you the members were able to overcome initial anxieties and adhere to the enforced protocols to ensure continuity of service while maintaining a safe work and member environment. REGULATORY REQUIREMENTS As a small island developing state, Barbados continues to be bound to international agreements and statutes which come with various rules and regulations. These include mandatory Anti-Money Laundering/Countering Financing for Terrorism (AML/CFT), Know Your Customer (KYC) and regulatory reporting requirements. Additionally, a key requirement in new technological services such as credit bureau services, is the agreement to data sharing and privacy agreements and regulations and the maintenance of up to date customer information that is refreshed on a periodic basis. This is the new reality of the sector in which we operate as the implementation of these types of protectionist measures to weed out the bad players and ensure the safety of members’ deposits and the credit union movement in general will continue. A review conducted during the reporting period revealed that we have significant work to do in getting members to assist us in keeping their records up to date as required by law. We need more of you to provide us with updated and current information to ensure that we are compliant with the regulations. We are asking for your assistance in this regard. CORPORATE GOVERNANCE The Credit Union has grown and expanded over the years from a single business entity into a financial services group which includes – BPW Financial Holdings Inc., CAPITA Financial Services Inc, and CAPITA Insurance Brokers Inc. Not only are we the largest credit union in Barbados, we are also the largest indigenous financial institution. Given our size and scope and the level of importance placed on us by the regulators, it is important to ensure the existing governance framework is in line with international best standards for the financial services industry. As we continue to grow by increasing service offerings and diversifying into different areas throughout Barbados and the wider Caribbean, it is important we ensure the necessary controls to protect your investments with us are maintained. We can no longer operate and do business the same way, and to this end we have engaged PwC to conduct an assessment and provide guidance on enhancement of our governance framework. Work on this project is anticipated to be completed during the current fiscal. CORPORATE REDESIGN Work on the corporate redesignwas delayed due to the COVID-19 pandemic. We are pleased to state that we have since restarted and have met and had cordial discussions with the Barbados Workers Union, the employees’ representative, on the matter and we continue to partner on moving it forward to completion. We assure you that your previous concerns were heard and that the intent and purpose of this exercise is not to dislocate or negate any of our essential workers, but rather to ensure that our various structures are properly built out to support our continued growth, and to provide efficient and effective delivery of services to you our members, now and into the future. BOARD OF DIRECTORS REPORT (Continued)

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