FirstCaribbean International Bank (Bahamas) Limited

Executive ChairmanMichael K. MansoorChairman’s LetterI am pleased to report that our 2009 financial results andoverall performance were fundamentally strong despite thecontinuing lack of real growth and generally weak economicconditions that persisted in The Bahamas and the Turks &Caicos Islands.The Bahamas Operating Company achieved net income of$78.6 million ($83.9 million in 2008) and a total dividendof US$0.31 per share was declared and paid on the basis ofthese results.A review of the financial analysis contained in this annualreport will show that in the circumstances which prevailed,our business performed well in all key segments and, moreimportantly, the bank is well capitalised and in strong andstable financial condition.What this means is that we are well positioned to capitalise oneconomic improvements and expansion, which are expectedto begin in 2010 with world economic recovery.While the economies in which we operate and by extensionyour Bank are impacted by international global factors, wehave been able to achieve good financial results because ofour focus on client service and an unrelenting commitmentto product, systems and technology excellence and themaintenance of a robust risk and control culture.In addition, we have been able to motivate our people towork assiduously to service and retain our clientele and wehave maintained the level of investment in training, learningand development.Just as importantly, we have made excellent progress instrengthening the basic infrastructure of the Bank in thekey areas of control, technology and management policiesand structures to promote judicious cost control, productenhancements and efficient service delivery.Our efforts and activities continue to receive internationalrecognition with our Bahamas business receiving its fourthconsecutive Bank of the Year Award from The Financial Times.Your Board of Directors has provided strong leadership inensuring that all elements of our governance structure are inplace and functioning and also monitoring the financial andoverall performance of the business.I wish to place on record our appreciation to all our directors,executives and the almost 800 client serving and supportpeople for their tremendous contribution during this difficultbut successful year.I also thank our customers for their continuing loyalty and ourhost Governments and Regulators for their support duringthe year.Michael K. MansoorChairman3