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W i n t e r b o t h a m C o r p o r a t e a n d F u n d s S e r v i c e s ( C a y m a n ) L i m i t e d

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2019ANNUAL REPORT

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TABLEOF CONTENTSChairman’s Message

CEO’s Year-end Report on Operations

Gross Revenue Breakdown / Asset Comparison

Shareholders’ Equity / Ratios

Products and Services

Board of Directors

Independent Auditors’ Report

Consolidated Statement of Financial Position

Consolidated Statement of Profit or Loss and Other Comprehensive Income

Consolidated Statement of Changes in Equity

Consolidated Statement of Cash Flows

Notes to Consolidated Financial Statements

4

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20

Areturnof35%onequityisanoutstandingresultinanyindustryatanytime,andinthefinancialservicesindustrytodayitisexceptionalnotwithstandinginpastperiodswehaveachievedahigherreturn.TakingintoaccountthemanyfactorswhichimpactedthecompanythroughoutthefinancialyearendedonJune30th,2019,forexample,theinitiationofoperationsofoursubsidiarybank,WTCInternationalBankCorporationinPuertoRico,itistrulyanexcellentresult.TheBoardjoinsmeincongratulatingtheCEOandhisteam.

WhenIfoundedWinterbothamattheendof1990itwasallaboutachievingmyowneconomicindependence,escapingfromtheshacklesofbigbankbureaucracyandlethargy,asIsawitthen.Buildingasustainablefinancialservicesbusinessisnotpossibleonone’sown,andthegrowingdependenceonkeyindividualsasbuildingblockstosuccessbecomesmoreacuteasthebusinessgrowsandonegetsolder!Inthiscontext,Ihavealwaysbelievedingoodstewardshipasalongtermcriticalcommitmenttoachievingourgrowthandsustainability.ThusWinterbothamhasalwaysbeenconcerned,firstwithdeliveringvaluetoitscustomers,secondwiththewellbeinganddevelopmentofitsstaffandthirdwithcontributing,inonewayoranother,tothecommunitiesinwhichwework.

Thepurposeofacorporationhasnowtakenonamuchbroaderattribution,andthussocialresponsibilityextendswellbeyondtheboundariesof,asMiltonFriedmanwroteto“engageinactivitiesdesignedtoincreaseitsprofits”,andishighontheagendaofboardsofdirectors.Largecorporationsaresufferingthesocialimpactoftheiractions inunanticipatedways,primarilya lossof trust.Wemaywellaskourselveswhatkindofuseful impactcanwemakegivenour lackofvisibility.But theonlyplacewherechangeand improvementcanstart isathomeandtheworkplace,whereone is best knownand recognized.Going forward,Winterbothamwill be reevaluating itsstewardshipofthetrustplacedinitbycustomers,staffandsuppliers,aswellas itsshareholdersseekingtomakeimprovementstothewayinwhichthecompanyiscontributingtoahealthyandsustainableenvironmentlocally,andsobydemonstratingitscommitmenttoitsimmediatesurroundings,supportingandcontributingtothemultilateraleffortstoensureasustainableglobalenvironment.

Takinggoodstewardshipasacriticallongtermcommitment,toachieveitmeanssustainingtheabilitytogenerateprofits,inotherwordslongtermvaluecreation,andthismeanshavingaclearlong-termstrategy.AsIhavealreadyalluded,wehavealwaysheldalongtermvisionforthefutureofthebusiness,anditisfairtosaythatwehavebeensuccessfullyguidedsofarbythisvisionandtheprincipleswebelieveareimbeddedwithinit.Today,inthelightofthefastpaceofconsolidationandcommoditizationtakingplaceinthecorporateservicesandtrustindustry,globaluncertainty,andthespeedwithwhichdigitalizationisalteringourcorporateandpersonallives,wearere-examiningourvision.Andbyclearlyarticulatingourpurpose,thatiswhatwedoeverydaytocreatevalueforallourstakeholders,weareelaboratingareengineeredlongtermstrategy.“Purposeisarallyingconceptforallthoseonwhomacompanydependsforitssuccess,Astrongsenseofpurposebuildsbusinessconfidence,alignsemployeeswithmanagementstrategy,createsloyalcustomersandinformsotherstakeholders(BlackRockInvestmentStewardshipCommentary,January2019)”. Inourindustry,goodstewardshiptakesforgrantedeffectivecorporategovernance.Thisislargelyfocusedoncomplianceandourabilitytoensurecompliancethroughtheapplicationofadvancedtechnology,validatedby

CHAIRMAN’SMESSAGE

4

competentindependentaudit,andcontinuinginvestmentinmaintainingandobtainingISOorequivalentcertificationofourprocesses.Inaddition,oureffortsasreportedinmymessagelastyeartoapplynewtechnologiestoimprovingcustomerexperienceand increaseefficienciesarean integralpartofourbusinessplan.However, inaddition, thisgoodstewardshipwillbecomplimentedbyarenewedembodimentofourcompany’spurposewhichwillinfluenceourbusinessmodelandcorporatestrategygoingforward.

AttheendofthisfinancialyearAndrewLawsteppeddownfromtheBoardofDirectorsaftersomeeightyearsofservice,firstasChairmanwhileIwasabsentinAsia,andlatterlyasDeputyChairman.AsacolleagueprofessionalinTheBahamas,Andrewgaveusthebenefitofhislocalknowledgeandcontacts,aswellashissubstantialprofessionalexperienceinthetrustindustryglobally.Wethankhimforhisresolutesupportandgenuineideasthroughoutthistime,andwishhimeverysuccesswiththegrowthanddevelopmentofhisbusiness.

JoiningourBoard,IamdelightedtointroduceIanHarjette.Ianisaseniorinvestmentbankingexecutivewithmorethan30yearsofexperienceoperatinginternationallyinEurope,Asia,theAmericasandtheMiddleEast.Hespentthepast10yearswithBancoSantander inarangeofseniormanagementroles,mostrecentlyasGlobalHeadofFinancial InstitutionsBanking.Iansaton theSantanderCorporateand InvestmentBankingExecutiveCommitteeandwasresponsibleforthedevelopmentofthebank’sFinancialInstitutionsBankingstrategy,providingfinancingandadvisoryservicestoAssetManagementGroups,Banks, InsuranceCompanies

andGovernmentalBodies.PriortojoiningSantander, IanheldaseriesofseniormanagementpositionsatBankofAmericainLondonandatLehmanBrothersinTokyoandLondon.

It’sclear fromtheCEO’sreportonoperations that follows, thecompany’sstewardshipalreadyembracessharingprofitsandcontributingtoactivitiesinourlocalcommunities,aswellasdeliveringtoourclientsresponsiblyandrespectingtheirtrust inus. Inelaboratingourstrategyforfuturegrowthanddevelopment,afterfocusingoverthe lastdecadeormoreonensuringwehaveall the tools inplace todeliver corporategovernanceefficiently inaccordancewithbestpracticesinoursector,wemustturntoinvestmoreinourmarketingandsales,andcustomerinterface.Asaproviderofbespokeservices,enablingentrepreneursandtheir familiesachievetheirgoals,wewillworkharder todifferentiateourselves fromcompetitorsby leveragingour transactionalplatformtodeliverclients’objectivesseamlessly.

MysincerethankstoallourstakeholderswhomadethefinancialyearendedJune30th,2019,anotheryearofwhichwecanbeproud.

GeoffreyHooperCHAIRMAN

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Adifficultyear, followingtheuncertaintygeneratedbythepassingofnewlegislation inTheBahamas late in2018andthesubsequentdelaysinissuingguidelinestothesenewlaws,generatedthedelayinonboardingnewbusinessearly in2019.Asmarkets continuedheadinghigher, albeitglobal economicheadwindsbeing felt, slowinggrowth inmany regions,and tradeuncertaintybetween the two largesteconomies in theworldcreating further turbulenceandconsequentlydelayindecisionmaking,thesenegativescenariosdohoweverproduceopportunitiesinareaswecover.

Wecontinueourstrategyofprovidingaqualifiedvarietyofcorporate,fundadministration,trust,fiduciaryandfinancialserviceswithwellmanagedriskexposure,strongoversightcontrolsanddeliveredinconjunctionwithanefficientfinancialandbankingplatformtoclientsacrossabroadbaseofdevelopedeconomieswithastrongfocusonemergingmarkets.Thisstrategyhasserveduswellinthepastandhascontinuedtoprovideuswithgrowth,althoughthisyearnotatthelevelexpected.Wegrew7%,withgrossrevenuereachingUSD21.2million,whichunderthecircumstancesnotedintheparagraphabove,isagoodresult.Comprehensiveincomebeforeprofitshareandbonusesgrew21%fortheperiod.Onthereturnside,Netprofitoverequitywas35%,beforeconsideringprofitshareandbonusesthereturnwas48%.

Ourbusinesslinesperformedmixedthroughouttheyear.CorporateServiceswasdown4%fromthepreviousyear, andour funddivision couldnot recover the lost ground from theendof life cycleof a large client relationshipdecreasing7%yearonyear.Wesawanincreaseofnewfunds,howevernotattheleveloffeeslostwiththelossofbusinessnoted. I amconfident thisunitwill seegrowth in thecomingyear,as thepipelineofnewbusiness is strongandveryencouraging.Ourtrustdivisiongrewahealthy10%andwewillcontinuetoseegrowthinthisunitthroughoutthecomingyear.ITservicesperformedstrongly,increasing18%,aswecontinuetoinnovateandenhanceourtechnologyservicestoclients.Technologybasedsolutionsarekeyenhancementsinourservicerelationshipandwewillcontinuetoinvestanddevelopnewareastoenhanceourservicingoffer.

Banking,brokerage&FXandstructuredoperationsperformedextremelywell throughout theyear.Bankinggrew14%,brokerage&FX53%andstructuredoperations49%yearonyear.Wecontinuetoseestrongdemandforbankaccounts,particularlythoseofanoperationalnature,paymentsandreceipts.

Ourbankingsubsidiary inPuertoRico,WTC InternationalBankCorporation,beganoperations inDecember2018,expandingourofferingandprovidingasecondbasetoserviceourclientscashmanagementneeds.Wehaveagreatteaminplaceandwearelookingforwardtoasuccessfulventureintheyearstocome.

Ontheexpenseside,wemanagedwellthroughouttheyear,comingbelowbudgetandincreasingourcostsyearonyearby1%.Carefulmanagementofourcosts,inayearinwhichweimplementedCRS,openedourPuertoRicobankingsubsidiary,continuedour secondphaseManagementLeadershipprogramandfinalized thevalidationofprocedures,havingbeenawardedtwoadditionalofficialISO9001:2015certificationsinrespectofREGISTRARANDTRANSFERAGENT(FUNDADMINISTRATION) for Investment Funds (registration number ES-0199/2019) and in respect of NEWCLIENTACCEPTANCE(DUEDILIGENCE)fortheonboardingofnewclientsthroughoutourbusinessdivisions(registrationnumberES-0198/2019).

Compliance,AML/CFT,internalauditandriskmanagementcontinuetobetheoverridingcomponentsofourdaytoday.Ourinvestmentintheseareasisasignificantpartofourbudget,andwestrivetoexceedglobalbestpracticesandregulatoryrequirements.Wehaveagreatteamofdedicatedexperiencedprofessionals,constantlyenhancingandgrowingtheseresourcestobewellpositionedandmitigateanyriskexposuretoourbusiness.

CEO´SYEAR-ENDREPORT ONOPERATIONS

6

MoretimeandresourceswereinvestedinmaintainingourManagementLeadershipskillstrainingprogramaswellastrainingopportunitiesforallstaff.Thisyearwehavecontinuedtofundhighereducationcoursesandpostgraduatestudies,aswellaslanguagecourses(Mandarin,Spanish,PortugueseandEnglish),andcoursesin:securities,informationtechnology,riskmanagement,compliance,AML/CFT,bankingandhumanresources.Theresultsofourinternalemployeesurveyreflectasustainedpositivetrendinourhumanresourcescommitment,supportingtheworkperformedthroughourManagementLeadershipprogram.

Ourcommitmenttodevelopingasocialresponsibilityprogramprogressedthroughouttheyear.Thecompanyandthestaffhavedoneagreatjobinmakingthisarealsuccess.Iampleasedtoreportthefollowingnotableachievementsthroughouttheyear:

Uruguay:AnnualTeletonfundraising,participationattheTeletonSoccerCup,MiMochi–MyBackpack’forthesecondyear,preparingandraisingfundsinordertobuyschoolitems,booksandnotebooksthatallowthepreparationofbackpacksforunderprivilegedkidspriortothestartoftheschoolyearand“SantaEugenia”anewprojecttosupportkidsofallagesfromthe“SantaEugenia”neighborhoodandprovidethemwithstudyingsupport,recreationaltime,birthdayreunionsandoralhygiene.

Bahamas:DonationofgoodsandanindustrialstovetoTheGreatCommissionMinistriesInternationalKitchen;MoviedayandlunchforthekidsoftheNazarethCenter,fundraisingforTheNazarethCenter,fundraisingforTheCancerSocietyandTheDiabeticAssociationanddonationofcomputerequipmenttoatopstudentofUniversityofTheBahamas.

Theteamisthekeytooursuccesses,andwiththegoodresultobtainedthecompanyisproudtohavebeenabletoawardthemaximumbonusentitlement(profitshareandperformancebonus)forthosewhoqualified.Managementperformancewasalsorecognizedthroughourdiscretionarybonusprogram.

Thanks to our customers, staff, partners, correspondents, service providers, suppliers and regulators forcontributing to another solid financial year. With many challenges still ahead there is much work in front of us. Asopportunitiesdevelop,thekeyismaterializingtheseinnewbusiness,which,withfocusanddedication,wewillachievesosurpassingourgoalsanddeliveringonourpurpose.

Wewillcontinuetokeepupthegoodworkanddeliver!

IvanHooperCEO

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GROSS REVENUE BREAKDOWN

ASSET COMPARISON

Cash&Banks AccountsReceivable Others FixedAssets InvestmentPortfolio SecuredLoans

Companies&Trusts Funds

CorporateFinance CustodyServices

FinancialInstitutions FinancialOperations FinancialIncome&Other

WCA.netFees Brokerage&ForexOp.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

70,000

65,000

60,000

55,000

50,000

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

000'

s of

USD

's

22,000

20,000

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

000'

s of

USD

's

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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SHAREHOLDERS’ EQUITY

RATIOS

16,000

15,000

14,000

13,000

12,000

11,000

10,000

9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

000'

s of

USD

's

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

NetIncome/TotalIncome NetIncome/Shareholders´Equity TotalDebtors/TotalIncome

60%

50%

40%

30%

20%

10%

0%2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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RegulatedbytheCentralBankofTheBahamasandtheSecuritiesCommissionTheWinterbothamTrustCompanyLimitedisabankandtrustcompany,

investmentfundadministratorandbroker/dealer.

RegulatedbytheCentralBankofUruguayWinterbothamFiduciariaS.A.isafundadministratorandtrustcompany.

RegulatedinHongKongbytheCompaniesRegistryundertheTrusteeOrdinanceandtheAnti-MoneyLaundering

andCounter-TerroristFinancingOrdinanceTheWinterbothamTrustCompany(HongKong)LimitedisalicensedTrustCompanyandCompanyServiceBusiness.

RegulatedbytheCaymanIslandsMonetaryAuthorityWinterbothamCorporateandFundServices(Cayman)Limited

IsaregisteredMutualFundAdministratorandaCompaniesManagementLicensee.

RegulatedinPuertoRicobytheOfficeoftheCommissionerofFinancialInstitutions(‘OCFI’)

WTCInternationalBankCorporationisanInternationalFinancialEntitylicensedtoacceptdeposits,makeloansandcarryout

generalbankingtransactionsasdefinedintheArticle12ofAct273-2012,

oftheInternationalFinancialEntitiesAct.

Themaindivisionsare:

TheWinterbothamMerchantBank,WinterbothamTrust&FiduciaryServices,WinterbothamInternationalSecurities,

WinterbothamFundServices,WinterbothamCorporateServices,WinterbothamCorporateFinance

andWinterbothamOutsourcingServices.

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Winterbotham Funds ServicesTailor-made provision of advisory, licensing, andincorporation services to fund sponsors, promoters andmanagers.

Providingdomiciliary,administrative,registrarandtransferagent, compliance, and full accounting services (daily,weekly, monthly, quarterly NAV) to investment funds,including hedge, private equity, venture capital andalternativeinvestmentfunds.

Execution,clearing,custodyandassetservicing.

Winterbotham International Securities Provides non-discretionary – executiononly – brokerageservices.

Executing and trading fixed income and equities –specializinginemergingmarkets.

Global Custody platform viaWinterbothamCustodyServices

Winterbotham Corporate FinanceProviding corporate finance, merger & acquisition, andstructured trade finance services to middle-marketcorporations in Mercosur, Caribbean and Asia PacificregionsandforcompaniesseekingtoundertakebusinessorinvestmentsinLatinAmericaandChina.

The division is also actively engaged in providing bothequity anddebt financing solutions and in advisingonjoint-ventureoracquisitionstrategiesforitsclients.

Winterbotham Outsourcing ServicesProvides administrative, IT (support and contingency),compliance, accounting services and physical presenceinfrastructure on an outsourced basis to financialinstitutionsandcorporations.

The Winterbotham Merchant Bank,provides Cash Management services to a broadrangeofbusinessesinvolvedincross-borderfinancialtransactions, tradeandinvestment. Receiveandpaymoney internationally with ease and efficiency andoptimizeovernightplacementofsurplusliquidity.

Accountsaremulti-currencyandmaybeestablishedinanyworldcurrency.

Winterbotham Trust & Fiduciary ServicesComprehensivetrustadministrationservicesincludingPTC’stomeetboththeobjectivesofcorporationsandindividuals.

Corporatetrustservices–escrowagent,loantrustee,dissolutionstrusts.

Winterbotham Corporate ServicesPrime solutions for complex situations structuringtransactionsandoperations for corporatecustomersandtheirshareholders.

Provenability in the implementationof crossbordertradeandinvestment.

Added value in the provision of administrative andaccounting(IFRS)services.

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BOARD OF DIRECTORS

GEOFFREY HOOPERChairman – Executive Director

Established Winterbotham in 1990. Previously Geoffrey wasVice President and Senior Area Representative for Lloyds BankInternational Private Banking, a part of LLoyds Bank Plc, and adirector of Lloyds (IPB) Americas SA. With more than 30 yearsexperienceinInternationalbankingandfinancialservices,Geoffreyhasworked in theUK,Spain,andLatinAmericawithLloydsBankPlc, Natwest lnternational Trust Corporation (formerly RoywestTrustCorporation), theArab LatinAmericanBank (Arlabank) andTraditionInternationalS.A.

IVAN HOOPERExecutive Director

Ivan,Winterbotham`sCEO,has spentmore than seventeen yearsatWinterbotham, starting as an Independent Consultant for TheWinterbotham Trust Company (Uruguay) S.A., before joining theGroupfulltimeinJuly2001.IvanhasaBSc.inBusinessAdministrationfrom theUniversity of Bath, aMBAWealthManagers, FiduciariesandTrusteesfromtheUniversityofManchester,andisagraduateofHarvardBusinessSchoolontheOwnersPresidentsManagementprogram. Ivan is a member of STEP, a founding member andpastChairofSTEP-SouthAmericaBranch,currentChairofSTEPCaribbeanandLatinAmericaRegionandaSTEPCouncilmember.AFellowoftheInternationalComplianceAssociation,Licensedasa Principal by the SecuritiesCommissionofTheBahamas, isCo-ChairoftheAssociationofInternationalBankandTrustcompaniesinTheBahamasandaDirectoroftheBahamasFinancialServicesBoard. Ivan was a recipient of the STEP 2014 Founder’s Awardsfor Outstanding Achievement and the recipient of the BahamasFinancialServiceBoard14thFSIExcellenceAwardofExecutiveoftheYear.

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BOARD OF DIRECTORS

SANDRA KNOWLESIndependent Resident Non-executive Director

An historian, and teacher at heart, Sandra’s experience in the financialservices industry spanned more than twenty years, during which timeshe acquired extensive expertise in international banking and financialregulation.Having spent thirteen years at RoywestCorporation (Bahamas)Limited,In1993,SandrawasappointedthefirstfemaleGeneralManageroftheBroadcastingCorporationofTheBahamas.In1997,shebecamethefirstfemaleChiefExecutiveOfficerofTheSecuritiesCommissionofTheBahamas,apositionshehelduntil2002.From2002,SandraservesAFHoldingsGroupofCompaniesinmanycapacities,includingdirector,consultantandGeneralManagertotheNassauGuardian(1844)Ltd.Shecontinuestoadviseinthesuccessfuldevelopmentofmultiplesmallbusinesses.

ALAN DAVIDSONNon-Executive Director

Ahighlysuccessfulbanker,AlanwasChiefExecutiveOfficerofWinterbothamfrom2005to2012andChiefBankingOfficeruntil2013.PreviouslywithABNAMROBankfor15years,whereheheldnotableseniormanagementpostsasDirectorLatinAmerica,basedintheUSA,ChiefOperationsOfficerinUruguay,andSVPOperationsinBrazil.BeforethatheheldvariousseniormanagementpositionswithLloydsTSBBank,wherehespent15yearsbetweenBrazilandtheUnitedKingdom.

ANDREW LAWDeputy Chairman – Independent Non-executive director

AndrewistheFounderofIPGFamilyOfficeLimited,anindependentestateandinheritanceplanningconsultancybasedinNassau,BahamasandZurich,Switzerland.Hehasmorethan30yearsexperienceinthefiduciaryservicesindustryhavingworkedinGuernsey,Switzerland,andTheBahamasfortheCreditSuisseGroup.Mr.LawservesonanumberofGovernment/privatesector industry working groups established by the Bahamas FinancialServicesBoard.HeisalsoapastChairmanoftheAssociationofInternationalBanksandTrustCompaniesinTheBahamas.

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INDEPENDENTAUDITORS’ REPORTTo the Board of Directors of The Winterbotham Trust Company Limited:

Opinion

WehaveauditedtheconsolidatedfinancialstatementsofTheWinterbothamTrustCompanyLimitedanditssubsidiaries(theGroup),whichcomprisetheconsolidatedstatementoffinancialpositionasatJune30,2019,andtheconsolidatedstatement of profit and loss and other comprehensive income, consolidated statement of changes in equity andconsolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements,includingasummaryofsignificantaccountingpolicies.

Inouropinion,theaccompanyingconsolidatedfinancialstatementspresentfairly,inallmaterialrespects,theconsolidatedfinancialpositionoftheGroupasatJune30,2019,anditsconsolidatedfinancialperformanceanditsconsolidatedcashflowsfortheyearthenendedinaccordancewithInternationalFinancialReportingStandards(IFRSs).

Basis for Opinion

WeconductedourauditinaccordancewithInternationalStandardsonAuditing(ISAs).OurresponsibilitiesunderthosestandardsarefurtherdescribedintheAuditors’ResponsibilitiesfortheAuditoftheConsolidatedFinancialStatementssectionofourreport. Weare independentof theGroupinaccordancewiththe InternationalEthicsStandardsBoardfor Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our other ethicalresponsibilitiesinaccordancewiththeIESBACode.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.

Other Information

Management and those chargedwith governance are responsible for theOther Information. TheOther InformationcomprisesalltheinformationintheGroup’s2019AnnualReportotherthantheconsolidatedfinancialstatementsandourauditors’reportthereon(“theOtherInformation”).TheAnnualReportisexpectedtobemadeavailabletousafterthedateofthisauditors’report.OuropinionontheconsolidatedfinancialstatementsdoesnotcovertheOtherInformationandwedonotexpressanyformofassuranceconclusionthereon.Inconnectionwithourauditoftheconsolidatedfinancialstatements,ourresponsibilityistoreadtheOtherInformationand,indoingso,considerwhethertheOtherInformationismateriallyinconsistentwiththeconsolidatedfinancialstatementsorourknowledgeobtainedintheauditorotherwiseappears to bemateriallymisstated. If, based on theworkwe have performed, we conclude that there is amaterialmisstatementoftheOtherInformation,wearerequiredtoreportthatfact.Wehavenothingtoreportinthisregard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements inaccordancewithIFRSs,andforsuchinternalcontrolasmanagementdeterminesisnecessarytoenablethepreparationofconsolidatedfinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability tocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlessmanagementeitherintendstoliquidatetheGrouportoceaseoperations,orhasnorealisticalternativebuttodoso.

ThosechargedwithgovernanceareresponsibleforoverseeingtheGroup’sfinancialreportingprocess.

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October 28, 2019

Auditors’ Responsibilities for the Audit of the Consolidated financial statements

Ourobjectivesaretoobtainreasonableassuranceaboutwhethertheconsolidatedfinancialstatementsasawholearefreefrommaterialmisstatement,whetherduetofraudorerror,andtoissueanauditors’reportthatincludesouropinion.Reasonableassuranceisahighlevelofassurance,butisnotaguaranteethatanauditconductedinaccordancewithISAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisoftheseconsolidatedfinancialstatements.

Aspartofanaudit inaccordancewith ISAs,weexerciseprofessional judgmentandmaintainprofessional skepticismthroughouttheaudit.Wealso:

•Identifyandassesstherisksofmaterialmisstatementoftheconsolidatedfinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasisforouropinion.Theriskofnotdetectingamaterialmisstatementresultingfromfraudishigherthanforoneresultingfromerror,asfraudmayinvolvecollusion,forgery,intentionalomissions,misrepresentations,ortheoverrideofinternalcontrol.

•Obtainanunderstandingofinternalcontrolrelevanttotheauditinordertodesignauditproceduresthatareappropriateinthecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheGroup’sinternalcontrol.

•Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebymanagement.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheGroup’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattentioninourauditors’reporttotherelateddisclosuresintheconsolidatedfinancialstatementsor,ifsuchdisclosuresareinadequate,tomodifyouropinion.Ourconclusionsarebasedontheauditevidenceobtaineduptothedateofourauditors’report.However,futureeventsorconditionsmaycausetheGrouptoceasetocontinueasagoingconcern.

•Evaluatetheoverallpresentation,structureandcontentoftheconsolidatedfinancialstatements, includingthedisclosures,andwhethertheconsolidatedfinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

•Obtainsufficientappropriateauditevidenceregardingthefinancial informationoftheentitiesorbusinessactivitieswithintheGrouptoexpressanopinionontheconsolidatedfinancialstatements.Weareresponsibleforthedirection,supervisionandperformanceofthegroupaudit.Weremainsolelyresponsibleforourauditopinion.

Wecommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.

15

Seenotestoconsolidatedfinancialstatements.

These consolidated financial statements were approved by theBoard of Directors on October 22, 2019, are signed on its behalf by:

ASSETS Notes 2019 2018

CURRENTASSETS:

Cashandcashequivalents 5 $ 36,669,238 $ 16,614,066

Tradereceivables,net 6 1,206,378 1,239,428

Prepaidexpensesandotherassets 7,24 571,022 768,898

Repurchaseagreements 8 779,862 775,402

Investments 9 20,269,123 39,317,212

Preciousmetals 10 3,047,646 2,718,250

Total current assets 62,543,269 61,433,256

NON-CURRENTASSETS:

Securitydeposits 1,039,873 858,381

Property,plantandequipment,net 11 4,055,860 4,254,892

Intangibles 12 65,034 163,535

Deferredtaxassets 25,26 24,264 30

Total non-current assets 5,185,031 5,276,838

TOTAL $ 67,728,300 $ 66,710,094

LIABILITIES AND EQUITY

CURRENTLIABILITIES:

Callaccounts 13,24 $ 40,661,658 $ 40,899,005

Accountspayableandaccruedliabilities 14 3,737,400 3,716,750

Loansandinterestpayable 16 644,686 580,064

Dividendspayable 21 4,500,000 4,000,000

Advancesfromclients 15 612,127 828,617

Feesreceivedinadvance 15 1,932,562 2,058,582

Total current liabilities 52,088,433 52,083,018

EQUITY:

Sharecapital:

Authorized,issuedandfullypaid:

2,500,000sharesof$1each 2,500,000 2,500,000

Contributedsurplus 22 551,000 551,000

Legalreserves 23 200,152 189,213

Fairvaluereserves 10 1,210,407 881,011

Retainedearnings 11,139,318 10,466,862

Equity attributable to equity holders of the parent 15,600,877 14,588,086

Non-controllinginterest 38,990 38,990

Total equity 15,639,867 14,627,076

TOTAL $ 67,728,300 $ 66,710,094

Director

CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS AT JUNE 30, 2019 (Expressed in United States Dollars)

Director

16

Seenotestoconsolidatedfinancialstatements.

CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

YEAR ENDED JUNE 30, 2019 (Expressed in United States Dollars)

Notes 2019 2018

INCOME:

Feesforadministrationservices $ 12,277,263 $ 12,663,177

Commissionsandfeesonfiduciarytransactions 17 5,436,140 4,946,625

Feesforcompanyincorporationservices 366,359 395,902

Total net fee and commission income 18,079,762 18,005,704

EXPENSES:

Salariesandbenefits 24 (8,213,185) (7,935,061)

Administrativeandgeneralexpenses 19 (4,056,551) (4,143,350)

Employeeprofitparticipation 18,24 (1,898,000) (1,755,800)

Costsrelatedwithfeesonfiduciarytransactions 17 (462,027) (720,358)

Depreciation 11 (467,327) (419,962)

Amortization 12 (115,990) (100,685)

Costsrelatedtocompanyincorporationservices (68,510) (68,467)

Commissions (315,217) (294,366)

Total expenses (15,596,807) (15,438,049)

Profit from operations 2,482,955 2,567,655

FINANCIAL INCOME 20 2,795,342 1,879,743

OTHER RESULTS 3,167 (15,573)

PROFIT BEFORE TAXATION 5,281,464 4,431,825

Taxation 25,26 (98,069) (68,822)

PROFIT FOR THE YEAR 5,183,395 4,363,003

OTHERCOMPREHENSIVEINCOME:

Revaluationsurplusonpreciousmetals 329,396 25,775

TOTAL COMPREHENSIVE INCOME FOR THE YEAR $ 5,512,791 $ 4,388,778

17

CONSOLIDATED STATEMENT OF CHANGES IN EQUITYYEAR ENDED JUNE 30, 2019 (Expressed in United States dollars)

Balance as at June 30, 2017 $ 2,500,000 $ 551,000 $ 168,169 $ 855,236 $ 10,124,903 $ 14,199,308 $ 38,990 $ 14,238,298

Netincomefortheyear - - - - 4,363,003 4,363,003 - 4,363,003

Legalreserve 23 - - 21,044 - (21,044) - - -

Dividendsdeclared 21 - - - - (4,000,000) (4,000,000) - (4,000,000)

Othercomprehensiveincome

for the year - - - 25,775 - 25,775 - 25,775

Balance as at June 30, 2018 2,500,000 551,000 189,213 881,011 10,466,862 14,588,086 38,990 14,627,076

Netincomefortheyear - - - - 5,183,395 5,183,395 - 5,183,395

Legalreserve 23 - - 10,939 - (10,939) - - -

Dividendsdeclared 21 - - - - (4,500,000) (4,500,000) - (4,500,000)

Othercomprehensiveincome

for the year - - - 329,396 - 329,396 - 329,396

Balance as at June 30, 2019 $ 2,500,000 $ 551,000 $ 200,152 $ 1,210,407 $ 11,139,318 $ 15,600,877 $ 38,990 $ 15,639,867

FairvalueReserves

ShareCapital

ContributedSurplus

LegalReserves

RetainedEarnings

Equityattributable

to equityholders oftheparent

Non-controlling

interest Total

Seenotestoconsolidatedfinancialstatements.

Notes

18

CONSOLIDATED STATEMENT OF CASH FLOWSYEAR ENDED JUNE 30, 2019 (Expressed in United States dollars)

Notes 2019 2018

CASHFLOWSFROMOPERATINGACTIVITIES:Profitfortheyear $ 5,183,395 $ 4,363,003Adjustmentsfor:

Depreciation 11 467,327 419,962Amortization 12 115,990 100,685Deferredtax 25 (24,234) 9,872Unrealized(gain)lossoninvestments (45,835) 23,531(Gain)ondisposaloffixedassetsandintangibles (43,618) (10,246) Net cash from operations before working capital changes 5,653,025 4,906,807 Decreaseintradereceivables,net 33,050 162,457Decrease(Increase)inprepaidexpensesandotherassets 21,797 (287,493)(Increase)insecuritydeposits (181,492) (239,069)(Decrease)Increaseincallaccounts (237,347) 16,644,597Increase(Decrease)inaccountspayableandaccruedliabilities 20,650 (4,859,387)(Decrease)inadvancesfromclients (216,490) (168,032)(Decrease)infeesreceivedinadvance (126,020) (139,656) Net cash from operating activities 4,967,173 16,020,224

CASHFLOWSFROMINVESTINGACTIVITIES:Purchaseoffixedassets 11 (302,041) (563,936)PurchaseofIntangibles 12 (98,145) (169,346)Newpurchaseagreements (1,719,940) (301,533)Repurchaseagreementsproceeds 1,733,931 697,693Proceedsfromsaleoffixedassetsandintangibles 74,093 10,246Proceedsfromsaleofintangibles 83,927 -Purchaseofinvestments (23,587,782) (42,285,054)Proceedsfromsaleofinvestments 42,831,131 9,274,518 Net cash from (used in) investing activities 19,015,174 (33,337,412)

CASHFLOWSFROMFINANCINGACTIVITIES:Dividendspaid (4,000,000) (6,000,000)Loanadvances - 250,000Loanrepayments - (11,266,003)Interestreceivedfromrepurchaseagreements 176,079 427,650Interestpaid (103,254) (269,708) Net cash used in financing activities (3,927,175) (16,858,061)

NETCHANGEINCASHANDCASHEQUIVALENTS 20,055,172 (34,175,249)

CASHANDCASHEQUIVALENTS,BEGINNINGOFYEAR 16,614,066 50,789,315

CASH AND CASH EQUIVALENTS, END OF YEAR 30 $ 36,669,238 $ 16,614,066

SUPPLEMENTALDISCLOSUREOFOPERATINGACTIVITIES: Interest received $ 1,564,664 $ 1,465,875 Taxes paid $ 336,644 $ 363,343 Dividends received $ 390 $ 320

Seenotestoconsolidatedfinancialstatements.

19

1. GENERAL

TheWinterbothamTrustCompanyLimited(the“Company”)wasincorporatedandlicensedinTheCommonwealthofTheBahamasin1994undertheBank&TrustCompaniesRegulationActof1965,andisa75%subsidiaryofWinterbothamHoldingsLimited. InDecember1996, theCompanywasgranteda license tocarryonunrestrictedbankingand trustbusiness,activitieswhich,today,aresubjecttothetermsandconditionsoftheBank&TrustCompaniesRegulationAct,2000.TheCompanyisregulatedbytheCentralBankofTheBahamas.TheCompanyisalsoalicensedfundadministratorandsecuritiesbroker/dealer,activitiesthatareregulatedbySecuritiesCommissionofTheBahamas.

TheseconsolidatedfinancialstatementsincludethefinancialstatementsoftheCompanyanditssubsidiaries,whicharehereinaftercollectivelyreferredtoasthe“Group”.

AsofJune30,2019,theCompany’sholdingsinsubsidiariesareasfollows:

NAMEOFSUBSIDIARY

PLACEOFINCORPORATIONANDOPERATION

OWNERSHIPINTEREST

PRINCIPALACTIVITY

TheWinterbothamTrustCompany(Uruguay)S.A.

Uruguay 100%

Providesadministrativeservicestotheparentcompanyoninternalmatters(suchascertainaccountingfunctions)andalsowithrespecttoclientservicing(withparticularfocusonclientsinLatinAmericaduetogeographicalproximity

andlanguagesimilarity).

ShiffelCorp.S.A. Uruguay 100%

Providesadministrativeservicestotheparentcompanyoninternalmatters(suchascertainaccountingfunctions)andalsowithrespecttoclientservicing(withparticularfocusonclientsinLatinAmericaduetogeographicalproximityandlanguagesimilarity).TheCompanyalsoprovidesITcontingencyservicestoitsParentandtoitsclients.Thiscompany

operatesfromafreetradezone.

WinterbothamPropertiesLimited

Bahamas 100% Holdsreal-estateinNassau.

HaplarHoldingsLimited Bahamas 100% Holdsreal-estateinUruguay.

WNSLimited Bahamas 100%ActsasCompanySecretaryforclient

companies.

WNDLimited Bahamas 100%ActsasCompanyDirectorforclient

companies.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTSYEAR ENDED JUNE 30, 2019 (Expressed in United States dollars)

20

DelacroixLimitedandDelarocheLimitedaredulylicensedandregulatedbytheCentralBankofTheBahamasasNomineeTrustCompanies.Thesecompanies,actingindividuallyortogether,arenomineesforTheWinterbothamTrustCompanyLimitedinitscapacityastrusteeand/orcustodian.WNSLimited,WNDLimitedandWTDLimitedhavebeenapprovedbytheCentralBankofTheBahamaswitharestrictedlicense.WinterbothamFiduciariaS.A.AdministradoradeFondosdeInversiónisdulylicensedandregulatedbytheCentralBankofUruguayasaprofessionalTrustCompanyandisawholly-ownedsubsidiaryofTheWinterbothamTrustCompany(Uruguay)S.A.

On July 19th 2018WTC International Bank Corporation obtained from the Office of the Commissioner of FinancialInstitutionsof PuertoRico a license tooperate as an International Financial Entity, in accordancewithActNo. 273ofSeptember25,2012,knownastheInternationalFinancialCenterRegulatoryAct.

TheregisteredofficeoftheCompanyisWinterbothamPlace,MarlboroughandQueenStreets,Nassau,Bahamas.

Theaveragenumberofemployeesfortheyearis120(2018:123).

NAMEOFSUBSIDIARY

PLACEOFINCORPORATIONANDOPERATION

OWNERSHIPINTEREST

PRINCIPALACTIVITY

WTDLimited Bahamas 100%ActsasCompanyDirectorforclient

companies.

DelacroixLimited Bahamas 100%

ActsasanomineeofTheWinterbothamTrustCompany

Limitedinitscapacityastrusteeand/orcustodian.

DelarocheLimited Bahamas 100%

ActsasanomineeofTheWinterbothamTrustCompany

Limitedinitscapacityastrusteeand/orcustodian.

TheWinterbothamTrustCompany

(HongKong)LimitedHongKong 97%

Providesfiduciary,corporate,andtrustservicestoclientsandrepresentsthe

GroupinAsia.

WinterbothamCorporateandFundsServices(Cayman)Limited

Cayman 100%Providescorporateandfundsservicestoclientsandrepresentsthegroupin

Cayman.

WTCInternationalBankCorporation

PuertoRico 100%ProvidesbankingservicesasanInternationalFinancialEntity.

21

Thefollowingstandards,amendmentsandinterpretationsareonlyeffectiveforaccountingperiods,beginningonorafterthedatementionedagainsteachofthem.

ManagementhasnotassessedwhethertherelevantadoptionofthesestandardsandinterpretationsinfutureperiodswillhaveamaterialimpactonthefinancialstatementsoftheGroup.

New and amended Standards Effective for annual periods beginning on or after

IFRS16 Leases-Newstandard 1January2019 IFRS17 InsuranceContracts–Newstandard 1January2022

IFRS9 AmendmentstoIFRS9-Prepayment 1January2019 FeatureswithNegativeCompensation IAS28 AmendmentstoIAS28-Long-term 1January2019 InterestsinAssociatesandJointVentures IAS19 AmendmentstoIAS19Employee 1January2019 Benefits-PlanAmendment,CurtailmentorSettlement IFRS10andIAS28 IFRS10ConsolidatedFinancialStatements (*) andIAS28(amendments)-Saleor ContributionofAssetsbetweenanInvestor anditsAssociateorJointVenture IFRIC23 UncertaintyoverIncomeTaxTreatments 1January2019 AnnualImprovements AmendmentstoIFRS3Business 1January2019 toIFRSStandards Combinations,IFRS11JointArrangements,2015–2017Cycle IAS12IncomeTaxesand IAS23BorrowingCosts

(*) The IASB decided in September 2014 to defer the effective date indefinitely; nevertheless, the amendments areavailableforearlieradoption.

ThefollowingamendmentsandinterpretationsareeffectivefortheyearendedJune30,2019.

Impact of initial application of IFRS 9 Financial Instruments Inthecurrentyear,theGrouphasappliedIFRS9FinancialInstruments(asrevisedinJuly2014)andtherelatedconsequentialamendmentstootherIFRSStandardsthatareeffectiveforanannualperiodthatbeginsonorafter1January2018.ThetransitionprovisionsofIFRS9allowanentitynottorestatecomparatives.

Additionally,theGroupadoptedconsequentialamendmentstoIFRS7FinancialInstruments.IFRS9introducednewrequirementsfor: 1)Theclassificationandmeasurementoffinancialassetsandfinancialliabilities;and 2)Impairmentoffinancialassets.

DetailsofthesenewrequirementsaswellastheirimpactontheGroup’sfinancialstatementsaredescribedbelow.

2. ADOPTION OF NEW AND AMENDED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) AND INTERNATIONAL ACCOUNTING STANDARDS (IAS)

22

(A) Classification and measurement of financial assets

Thedateof initialapplication (i.e. thedateonwhich theGrouphasassessed itsexistingfinancialassetsandfinancialliabilitiesintermsoftherequirementsofIFRS9)isJuly1,2018.Accordingly,theGrouphasappliedtherequirementsofIFRS9toinstrumentsthatcontinuetoberecognisedasatJuly1,2018andhasnotappliedtherequirementstoinstrumentsthathavealreadybeenderecognisedasatJune30,2018.

AllrecognisedfinancialassetsthatarewithinthescopeofIFRS9arerequiredtobemeasuredsubsequentlyatamortisedcostorfairvalueonthebasisoftheentity’sbusinessmodelformanagingthefinancialassetsandthecontractualcashflowcharacteristicsofthefinancialassets.

ThemanagementoftheGroupreviewedandassessedtheGroup’sexistingfinancialassetsasatJuly1,2018basedonthefactsandcircumstancesthatexistedatthatdateandconcludedthattheinitialapplicationofIFRS9hashadthefollowingimpactontheGroup’sfinancialassetsasregardstheirclassificationandmeasurement:

•thereisnochangeinthemeasurementoftheGroup’sinvestmentsinfinancialinstrumentsthatareheldwithin businessmodeltocollectandsells;thoseinstrumentswereandcontinuetobemeasuredatFVTPL;

•financialassetsclassifiedasheld-to-maturityandloansandreceivablesunderIAS39thatweremeasuredat amortisedcostcontinuetobemeasuredatamortisedcostunderIFRS9astheyareheldwithinabusinessmodel tocollectcontractualcashflowsandthesecashflowsconsistsolelyofpaymentsofprincipalandinterestonthe principalamountoutstanding.

(B) Impairment of financial assets

Inrelationtotheimpairmentoffinancialassets,IFRS9requiresanexpectedcreditlossmodelasopposedtoanincurredcreditlossmodelunderIAS39.TheexpectedcreditlossmodelrequirestheGrouptoaccountforexpectedcreditlossesandchangesinthoseexpectedcreditlossesateachreportingdatetoreflectchangesincreditrisksinceinitialrecognitionofthefinancialassets.Inotherwords,itisnolongernecessaryforacrediteventtohaveoccurredbeforecreditlossesarerecognised.

TherewerenofinancialassetsorfinancialliabilitieswhichtheGrouphadpreviouslydesignatedasatFVTPLunderIAS39thatweresubjecttoreclassificationorwhichtheGrouphaselectedtoreclassifyupontheapplicationofIFRS9.

(C) Impact of adoption of IFRS 9

TheclassificationandmeasurementrequirementsofIFRS9havebeenadoptedretrospectively(modifiedretrospectiverestatementunder IFRS9)asof thedateof initialapplicationonJuly1,2018.However, theGrouphaschosentotakeadvantageoftheoptionnottorestatecomparatives.Therefore,the2018figuresarepresentedandmeasuredunderIAS39.ThefollowingtableshowstheoriginalmeasurementcategoriesinaccordancewithIAS39andthenewmeasurementcategoriesunderIFRS9fortheGroup’sfinancialassetsandfinancialliabilitiesasatJuly1,2018:

23

Financial assets

July 1, 2018 IAS 39 classification

IAS 39 measurement

IFRS 9 classification

IFRS 9 measurement

Cashandcashequivalents

Loansandreceivables

$16,614,066 Amortisedcost $16,614,066

Tradereceivables,net

Loansandreceivables

$1,239,428 Amortisedcost $1,239,428

Securitydeposits Loansandreceivables

$858,381 Amortisedcost $858,381

Repurchaseagreements

Fairvaluethroughprofitandloss

$775,402 Fairvaluethroughprofitandloss

$775,402

Investments Fairvaluethroughprofitandloss

$39,317,212 Fairvaluethroughprofitandloss

$39,317,212

Financial liabilities

July 1, 2018 IAS 39 classification

IAS 39 measurement

IFRS 9 classification

IFRS 9 measurement

Callaccounts Otherfinancialliabilities

$40,899,005 Amortisedcost $40,899,005

Accountspayableandaccruedliabilities

Otherfinancialliabilities

$3,716,750 Amortisedcost $3,716,750

Loansandinterestpayable

Otherfinancialliabilities

$580,064 Amortisedcost $580,064

DividendsPayable Otherfinancialliabilities

$4,000,000 Amortisedcost $4,000,000

InlinewiththecharacteristicsoftheGroup’sfinancialinstrumentsaswellasitsapproachtotheirmanagement,theGroupneitherrevokednormadeanynewdesignationsonthedateofinitialapplication.IFRS9hasnotresultedinchangesinthecarryingamountoftheGroup’sfinancialinstrumentsduetochangesinmeasurementcategories.AllfinancialassetsthatwereclassifiedasFVTPLunderIAS39arestillclassifiedasFVTPLunderIFRS9.AllfinancialassetsthatwereclassifiedasloansandreceivablesunderIAS39arecontinuedtobemeasuredatamortisedcost.

In addition, theapplicationof theECLmodeunder IFRS9hasnot significantly changed thecarryingamountsof theGroup’samortisedcostfinancialassets.Thecarryingamountsofamortisedcost instrumentscontinuedtoapproximatetheseinstruments’fairvaluesoftransitionaftertransitioningtoIFRS9.TheapplicationofIFRS9hashadnoimpactonthecashflowsoftheGroup.

24

Impact of initial application of IFRS 15 Revenue from contracts with customers

TheGroupadopted IFRS15Revenue fromcontractswith customerson itseffectivedateofJanuary1,2018. IFRS15replacesIAS18Revenueandestablishesafive-stepmodeltoaccountforrevenuearisingfromcontractswithcustomers.Inaddition,guidanceoninterestanddividendincomehavebeenmovedfromIAS18toIFRS9withoutsignificantchangestotherequirements.

TheGroup’saccountingpoliciesforitsrevenuestreamsaredisclosedindetailinnote3below.TheapplicationofIFRS15hasnothadasignificantimpactonthefinancialpositionand/orfinancialperformanceoftheGroup.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Statement of compliance -TheseconsolidatedfinancialstatementshavebeenpreparedinaccordancewithIFRS.

Basis of preparation -Theconsolidatedfinancialstatementshavebeenpreparedunderthehistoricalcostconvention,exceptfortherevaluationofcertainassetsandliabilities.

Thefollowingisasummaryofthesignificantaccountingpolicies:

a. Basis of consolidation

i.Subsidiaries-SubsidiariesareentitiescontrolledbytheCompany.TheconsolidatedfinancialstatementsincorporatethefinancialstatementsoftheCompany,entities(includingstructuredentities)controlledbytheCompany,anditssubsidiaries.ControlisachievedwhentheCompany:

•Haspowerovertheinvestee;

•Isexposed,orhasrights,tovariablereturnsfromitsinvolvementwiththeinvestee;and,

•Hastheabilitytouseitspowertoaffectitsreturns.

TheCompanyreassesseswhetherornotitcontrolsaninvesteeiffactsandcircumstancesindicatethattherearechangestooneormoreofthethreeelementsofcontrollistedabove.

ConsolidationofasubsidiarybeginswhentheCompanyobtainscontroloverthesubsidiaryandceaseswhentheCompanylosescontrolofthesubsidiary.Specifically,incomeandexpensesofasubsidiaryacquiredordisposedofduringtheyearareincludedintheconsolidatedstatementofcomprehensiveincomefromthedatetheCompanygainscontroluntilthedatewhentheCompanyceasestocontrolthesubsidiary.

ii. Transactions eliminated on consolidation - Intra-groupbalances and any unrealizedgains or losses or income andexpensesarisingfromintra-grouptransactionsareeliminatedinpreparingtheconsolidatedfinancialstatements.

b. Financial instruments -Financialassetsandfinancial liabilitiesarerecognised in theGroup’sstatementoffinancialpositionwhentheGroupbecomesapartytothecontractualprovisionsoftheinstrument.

Financialassetsandfinancialliabilitiesareinitiallymeasuredatfairvalue.Transactioncoststhataredirectlyattributabletotheacquisitionorissueoffinancialassetsandfinancialliabilities(otherthanfinancialassetsandfinancialliabilitiesatfairvaluethroughprofitorloss)areaddedtoordeductedfromthefairvalueofthefinancialassetsorfinancialliabilities,asappropriate,oninitialrecognition.Transactioncostsdirectlyattributabletotheacquisitionoffinancialassetsorfinancialliabilitiesatfairvaluethroughprofitorlossarerecognisedimmediatelyinprofitorloss.

25

Financial assets

Allregularwaypurchasesorsalesoffinancialassetsarerecognisedandderecognisedonatradedatebasis.Regularwaypurchasesorsalesarepurchasesorsalesoffinancialassetsthatrequiredeliveryofassetswithinthetimeframeestablishedbyregulationorconventioninthemarketplace.

Allrecognisedfinancialassetsaremeasuredsubsequentlyintheirentiretyateitheramortisedcostorfairvalue,dependingontheclassificationofthefinancialassets.

(i) Amortised cost and effective interest method

Theeffectiveinterestmethodisamethodofcalculatingtheamortisedcostofadebtinstrumentandofallocatinginterestincomeovertherelevantperiod.

Theamortisedcostofafinancialassetistheamountatwhichthefinancialassetismeasuredatinitialrecognitionminustheprincipalrepayments,plusthecumulativeamortisationusingtheeffectiveinterestmethodofanydifferencebetweenthatinitialamountandthematurityamount,adjustedforanylossallowance.Thegrosscarryingamountofafinancialassetistheamortisedcostofafinancialassetbeforeadjustingforanylossallowance.

Interestincomeisrecognisedusingtheeffectiveinterestmethodfordebtinstrumentsmeasuredsubsequentlyatamortisedcost.Forfinancialassetsthathavesubsequentlybecomecredit-impaired,interestincomeisrecognisedbyapplyingtheeffectiveinterestratetotheamortisedcostofthefinancialasset.If,insubsequentreportingperiods,thecreditriskonthecredit-impairedfinancialinstrumentimprovessothatthefinancialassetisnolongercredit-impaired,interestincomeisrecognizedbyapplyingtheeffectiveinterestratetothegrosscarryingamountofthefinancialasset.

Interestincomeisrecognisedinprofitorloss.

(ii) Financial assets at FVTPL:

FinancialassetsatFVTPLaremeasuredatfairvalueattheendofeachreportingperiod,withanyfairvaluegainsorlossesrecognisedinprofitorloss.Thenetgainorlossrecognisedinprofitorlossincludesanydividendorinterestearnedonthefinancialassetandisincludedinthe‘dividendincome’lineitem.

Impairment of financial assets

TheGrouprecognisesalossallowanceforexpectedcreditlosses.Theamountofexpectedcreditlossesisupdatedateachreportingdatetoreflectchangesincreditrisksinceinitialrecognitionoftherespectivefinancialinstrument.

TheGroupalwaysrecogniseslifetimeECLforaccountreceivables.TheexpectedcreditlossesonthesefinancialassetsareestimatedusingaprovisionmatrixbasedontheGroup’shistoricalcredit lossexperience,adjustedfor factors thatarespecifictothedebtors,generaleconomicconditionsandanassessmentofboththecurrentaswellastheforecastdirectionofconditionsatthereportingdate,includingtimevalueofmoneywhereappropriate.

Forallotherfinancialinstruments,theGrouprecogniseslifetimeECLwhentherehasbeenasignificantincreaseincreditrisksinceinitialrecognition.However,ifthecreditriskonthefinancialinstrumenthasnotincreasedsignificantlysinceinitialrecognition,theGroupmeasuresthelossallowanceforthatfinancialinstrumentatanamountequalto12-monthECL.

LifetimeECLrepresentstheexpectedcreditlossesthatwillresultfromallpossibledefaulteventsovertheexpectedlifeofafinancialinstrument.Incontrast,12-monthECLrepresentstheportionoflifetimeECLthatisexpectedtoresultfromdefaulteventsonafinancialinstrumentthatarepossiblewithin12monthsafterthereportingdate.

26

Derecognition of financial assets

TheGroupderecognisesafinancial assetonlywhen thecontractual rights to thecashflows from theassetexpire,orwhenittransfersthefinancialassetandsubstantiallyalltherisksandrewardsofownershipoftheassettoanotherentity.IftheGroupneithertransfersnorretainssubstantiallyalltherisksandrewardsofownershipandcontinuestocontrolthetransferredasset,theGrouprecognisesitsretainedinterestintheassetandanassociatedliabilityforamountsitmayhavetopay.IftheGroupretainssubstantiallyalltherisksandrewardsofownershipofatransferredfinancialasset,theGroupcontinuestorecognisethefinancialassetandalsorecognisesacollateralisedborrowingfortheproceedsreceived.Onderecognitionofafinancialassetmeasuredatamortisedcost,thedifferencebetweentheasset’scarryingamountandthesumoftheconsiderationreceivedandreceivableisrecognisedinprofitorloss.

Financial liabilities

AllfinancialliabilitiesaremeasuredsubsequentlyatamortisedcostusingtheeffectiveinterestmethodoratFVTPL.

Theeffectiveinterestmethodisamethodofcalculatingtheamortisedcostofafinancialliabilityandofallocatinginterestexpense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cashpayments(includingallfeesandpointspaidorreceivedthatformanintegralpartoftheeffectiveinterestrate,transactioncostsandotherpremiumsordiscounts)throughtheexpectedlifeofthefinancialliability,or(whereappropriate)ashorterperiod,totheamortisedcostofafinancialliability.

Derecognition of financial liabilities

TheGroupderecognisesfinancialliabilitieswhen,andonlywhen,theGroup’sobligationsaredischarged,cancelledorhaveexpired.Thedifferencebetweenthecarryingamountofthefinancialliabilityderecognisedandtheconsiderationpaidandpayableisrecognisedinprofitorloss.

c. Cash and cash equivalents -Cashandcashequivalentscomprisecashonhand,demandaccounts,shorttermdeposits,overnightplacementsandinvestmentsinmoneymarketfundswithoriginalmaturitiesofthreemonthsorless.

d. Assets held under repurchase agreements - TheGrouppurchases securitiesunderagreements to resell (reverserepurchaseagreements). Reverserepurchaseagreementsaretreatedasshort-termcollateralizedlendingtransactions.Reverserepurchaseagreementsarestatedontheconsolidatedstatementoffinancialposition.

Assetspledgedascollateralforreverserepurchaseagreementsareheldinafiduciarycapacity.Interestincomeonreverserepurchaseagreementsisincludedintheconsolidatedstatementofcomprehensiveincomeinfinancialincome.

e. Precious metals- Investmentsinpreciousmetalsareinitiallymeasuredatcostandaresubsequentlyremeasuredatfairvaluebasedonquotedmarketprices.

Gainsandlossesarisingfromachangeinthefairvalueofpreciousmetalsinvestmentsarerecognizedintheconsolidatedstatementprofitorlossandothercomprehensiveincome.

f. Property, plant and equipment, net - Property,plantandequipmentarestatedatcostlessaccumulateddepreciationandimpairmentlosses.Depreciationisbeingprovidedbythestraight-linemethodatthefollowingrates:

Land NotdepreciatedHousingproperty 2%Officebuildingimprovements 6.67%to25%Vehicles 25%Officeequipment 20%to50%Officefurnitureandfittings 10%

27

g. Intangibles – Softwarelicensesarestatedatcostlessaccumulatedamortizationandimpairmentlosses.Amortizationisbeingprovidedbythestraight-linemethodatthefollowingrates:

h. Impairment – Tangibleandintangibleassetsarereviewedateachconsolidatedstatementoffinancialpositiondatetodeterminewhetherthereisobjectiveevidenceofimpairment.Ifanysuchindicationexists,theasset’srecoverableamountisestimated.

An impairment loss is recognizedwhenever the carrying amount of the asset or its cash-generating unit exceeds itsrecoverableamount.The impairment lossesarerecognized in theconsolidatedstatementofprofitand lossandothercomprehensiveincome.

The recoverableamountofassets is thegreaterof theirnet sellingpriceandvalue inuse. Inassessingvalue inuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueusingadiscountratethatreflectscurrentmarketassessmentofthetimevalueofmoneyandtherisksspecifictotheasset.

Foranassetthatdoesnotgeneratecashflowslargelyindependentofthosefromotherassets,therecoverableamountisdeterminedforthecashgeneratingunittowhichtheassetbelongs.

Animpairmentlossisonlyreversedtotheextentthattheasset’scarryingamountdoesnotexceedthecarryingamountthatwouldhavebeendeterminedifnoimpairmentlosshadbeenrecognized.

i. Revenue recognition - Revenueisrecognizedintheconsolidatedstatementofprofitandlossandothercomprehensiveincomewhen the service has beenprovided, and right to receive the payment has been established.No revenue isrecognizediftherearesignificantuncertaintiesregardingrecoveryoftheconsiderationdueandassociatedcosts.

j. Interest income and expenses -Interestincomeandexpensesarerecordedintheconsolidatedstatementofprofitandlossandothercomprehensiveincomeonanaccrualbasis,usingeffectiveinterestrates.

k. Commissions -Commissionsarerecognizedwhenearned,whichiswhentheserviceisprovided,andrighttoreceivethepaymenthasbeenestablished.

l. Provisions -AprovisionisrecognizedintheconsolidatedstatementoffinancialpositionwhentheGrouphasapresentandlegalobligationasaresultofapasteventanditisprobablethatanoutflowofeconomicbenefitswillberequiredtosettletheobligation.

m. Classification -Assetsareclassifiedascurrentwhenintendedforsaleinthenormaloperatingcycle,orheldprimarilyforthepurposeofbeingtraded,orexpectedtoberealizedwithintwelvemonthsorwhenclassifiedascashandcashequivalents.Allotherassetsareclassifiedasnon-current.Liabilitiesareclassifiedascurrentwhenexpectedtobesettledinthenormaloperatingcycle,orheldprimarilyforthepurposeofbeingtraded,orduetobesettledwithintwelvemonths,ortherearenounconditionalrightstodefersettlementforatleasttwelvemonths.Allotherliabilitiesareclassifiedasnon-current.

n. Assets under management -Assetsundermanagementwhichareheldinafiduciarycapacityforclientsareexcludedfrom the consolidatedfinancial statements, other than those assets and liabilitieswhich related tobanking, securitiesexecutionandcustodyservicesprovidedbytheGrouptotheirclients.

o. Related parties - Related parties include officers and directors who are related through having authority andresponsibilityfordirectingandcontrollingtheactivitiesoftheGroupandcompaniesrelatedthroughcommondirectorsand/orshareholders.

Software 33%to50%

28

p. Foreign currency translation - TheGroup’sfunctionalcurrencyisUnitedStatesDollars.InpreparingtheconsolidatedfinancialstatementsoftheGroup,transactionsincurrenciesotherthanUnitedStatesDollarsarerecordedattheratesofexchangeprevailingonthedateofthetransaction.Ateachconsolidatedstatementoffinancialpositiondate,monetaryitemsdenominatedinforeigncurrenciesaretranslatedattheratesprevailingonthestatementoffinancialpositiondate.Non-monetaryitemscarriedatfairvaluethataredenominatedinforeigncurrenciesaretranslatedattheratesprevailingonthedatewhenthefairvaluewasdetermined.Non-monetaryitemsthataremeasuredintermsofhistoricalcostinaforeigncurrencyaretranslatedattheratesprevailingonthestatementoffinancialpositiondate.

Exchangedifferencesarisingonthesettlementofmonetaryitems,andonthetranslationofmonetaryitems,areincludedinfinancialincomeintheconsolidatedstatementofprofitandlossandothercomprehensiveincome.Exchangedifferencesarisingonthetranslationofnon-monetaryitemscarriedatfairvalueareincludedinfinancialincomeintheconsolidatedstatementofprofitandlossandothercomprehensiveincomefortheperiod.

29

IntheapplicationoftheGroup’saccountingpolicies,whicharedescribedinNote3,thedirectorsarerequiredtomakejudgments,estimatesandassumptionsaboutthecarryingamountsofassetsandliabilitiesthatarenotreadilyapparentfromothersources.Theestimatesandassociatedassumptionsarebasedonhistoricalexperienceandotherfactorsthatareconsideredtoberelevant.Actualresultsmaydifferfromtheseestimates.

The estimates and underlying assumptions are reviewedon an ongoingbasis. Revisions to accounting estimates arerecognisedintheperiodinwhichtheestimateisrevisediftherevisionaffectsonlythatperiod,orintheperiodoftherevisionandfutureperiodsiftherevisionaffectsbothcurrentandfutureperiods.

Critical judgments in applying the Company’s accounting policies -Therearenocriticaljudgments,apartfromthoseinvolvingestimations,thatmanagementhasmadeintheprocessofapplyingtheCompany’saccountingpoliciesandthathavethemostsignificanteffectontheamountsrecognizedintheconsolidatedfinancialstatements.

Key sources of estimation uncertainty - Thefollowingarethekeyassumptionsconcerningthe future,andotherkeysourcesofestimationuncertaintyattheendofthereportingperiodthatmayhaveasignificantriskofcausingamaterialadjustmenttothecarryingamountofassetsandliabilitieswithinthenextfinancialyear.

a. Impairment - TheGroup has significant investments in fixed assets, trade receivables and security deposit. TradereceivablesandsecuritydepositsimpairmentisassessedusingExpectedCreditLoss(ECL)methodasmentionedinnote3(b).FixedassetsareassessedforimpairmentunderIAS36.

Estimatingrecoverableamountsofassetsmustinpartbebasedonmanagementevaluations,includingestimatesoffutureperformance,revenuegeneratingcapacityoftheassets,assumptionsofthefuturemarketconditionsandthesuccessinmarketingofnewproductsandservices.Changesincircumstancesandinmanagement’sevaluationsandassumptionsmaygiverisetoimpairmentlossesintherelevantperiods. b. Depreciation -Depreciationisbasedonmanagementestimatesofthefutureusefullifeoffixedassets.Estimatesmaychangeduetotechnologicaldevelopments,competition,changesinmarketconditionsandotherfactorsandmayresultinchangesintheestimatedusefullifeandinthedepreciationcharges.TheGroupreviewsthefutureusefullifeoffixedassetsperiodically,takingintoconsiderationthefactorsmentionedaboveandallotherimportantfactors.

EstimatedusefullifeforsimilartypesofassetsmayvarybetweendifferententitiesintheGroupduetolocalfactorssuchasgrowthrate,maturityofthemarket,historyandexpectationsforreplacementsortransferofassets,climate,etc.Inthecaseofsignificantchangesintheestimatedusefullives,depreciationchargesareadjustedprospectively.

c. Legal proceedings, claims and regulatory discussions -TheGroupissubjecttovariouslegalproceedings,claimsandregulatorydiscussions, theoutcomesofwhicharesubjecttosignificantuncertainty. TheGroupevaluates,amongotherfactors,thedegreeofprobabilityofanunfavorableoutcomeandtheabilitytomakeareasonableestimateoftheamountof loss. Unanticipatedeventsorchanges in these factorsmay require theGroup to increaseordecrease theamounttheGrouphasaccruedforanymatteroraccrueforamatterthathasnotbeenpreviouslyaccruedbecauseitwasnotconsideredprobableorareasonableestimatecouldnotbemade.

4. CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

30

5. CASH AND CASH EQUIVALENTS

Cashandcashequivalentsarecomprisedofthefollowing:

2019 2018

BalanceAverage

Rate BalanceAverage

Rate

Cashonhand $ 34,728 0.00% $ 40,231 0.00%

Demandaccounts 17,304,863 0.00% 12,408,974 0.00%

Shorttermdeposits 1,282,602 1.66% 1,212,967 2.12%

Sharesinmoneymarketfunds:

WesternAssetInstitutionalLiquidReservesLtd. 8,760,356 2.36% 753,758 1.94%

HSBCUSGlobalLiquidityFunds 4,071,711 2.38% 862,473 1.95%

HSBCSterlingLiquidityFunds 3,206,018 0.67% - 0.00%

WesternAssetsInstitutionalCashReserves,Class1 1,977,695 2.36% - 1.95%

WesternAssetInstitutionalU.S.Treasury

ReservesLtd.Class1 4,130 2.20% 1,241,943 1.66%

MerrilLynchautocall 27,135 0.40% 93,720 0.30%

$ 36,669,238 $ 16,614,066

31

6. TRADE RECEIVABLES, NET

2019 2018

Trade receivables $ 1,615,471 $ 1,623,279

Provisionfordoubtfulaccounts:

Balance,beginningofyear (383,851) (700,106)

Provisionfortheyear (212,021) (58,231)

Writeoffs 186,779 374,486

Balance, end of year (409,093) (383,851)

Accounts receivable, net $ 1,206,378 $ 1,239,428

Tradereceivables,netiscomprisedofthefollowing:

7. PREPAID EXPENSES AND OTHER ASSETS

Notes 2019 2018

Accountswithrelatedentities 24 $ 11,735 $ 30,366

Deferredexpenses 364,337 379,118

Loanstostaff 24 72,339 95,096

Advancestosuppliers 16,320 20,489

OtherAssets 106,291 243,829

$ 571,022 $ 768,898

Prepaidexpensesandotherassetsarecomprisedofthefollowing:

2019 2018

Current $ 483,906 $ 411,369

31-60days 175,326 183,072

61-90days 190,458 317,017

Over90days 765,781 711,821

$ 1,615,471 $ 1,623,279

Theagingoftradereceivablesisasfollows:

32

9. INVESTMENTS

2019 2018

FVTPL

Equities $ 1,010,615 $ 1,422,105

FixedIncomeBonds 4,083,128 16,723,861

FloatingRateNotes 12,202,038 15,845,171

TreasuryBills 2,206,871 4,003,444

Other 766,471 1,322,631

Total $ 20,269,123 $ 39,317,212

Investmentsarecomprisedofthefollowing:

8. REPURCHASE AGREEMENTS

2019 2018 2019 2018

Capital Rate Maturity

Agreement#1 $ 167,596 $ 174,539 10.50% 10.50% 7/29/2019

Agreement#2 112,266 100,863 10.50% 10.50% 7/29/2019

Agreement #3 500,000 500,000 3.53% 4.32% 8/15/2019

$ 779,862 $ 775,402

Theseare specific lendingagreements fullyguaranteedby securities’ collateralheldonaccount. It is notpartof theGroup’s regular activity togrant such agreements, but itmaydo soon a caseby casebasis, requiring full securities’collateralineverycase.AsofJune30,2019,threeagreementsremainedoutstanding(2018:threeagreements):

33

11. PROPERTY, PLANT AND EQUIPMENT - NET

Property,plantandequipment,netarecomprisedofthefollowing:

COST:BalanceasatJune30,2017 $ 572,937 $ 3,043,405 $ 1,368,604 $ 566,848 $ $ 2,819,209 $ 1,150,089 $ 9,521,092 Additions - - 84,225 72,042 329,568 78,101 563,936Disposals - - - (34,874) - - (34,874)

BalanceasatJune30,2018 572,937 3,043,405 1,452,829 604,016 3,148,777 1,228,190 10,050,154 Additions - - 20,598 128,771 135,332 17,340 302,041Disposals - - (341,994) (246,332) (2,017,209) (371,903) (2,977,438)

Balance as at June 30, 2019 $ 572,937 $ 3,043,405 $ 1,131,433 $ 486,455 $ $ 1,266,900 $ 873,627 $ 7,374,757

ACCUMULATEDDEPRECIATION:BalanceasatJune30,2017 $ - $ 504,545 $ 1,155,682 $ 420,180 $ $ 2,438,191 $ 891,576 $ 5,410,174 Additions - 65,001 74,696 43,335 183,072 53,858 419,962Disposals - - - (34,874) - - (34,874)

BalanceasatJune30,2018 - 569,546 1,230,378 428,641 2,621,263 945,434 5,795,262 Additions - 65,000 95,834 45,860 205,653 54,980 467,327Disposals - - (341,994) (215,476) (2,017,209) (369,013) (2,943,692)

Balance as at June 30, 2019 $ - $ 634,546 $ 984,218 $ 259,025 $ $ 809,707 $ 631,401 $ 3,318,897

NETBOOKVALUE:

As at June 30, 2019 $ 572,937 $ 2,408,859 $ 147,215 $ 227,430 $ $ 457,193 $ 242,226 $ 4,055,860

As at June 30, 2018 $ 572,937 $ 2,473,859 $ 222,451 $ 175,375 $ $ 527,514 $ 282,756 $ 4,254,892

Land

Housing

Property

Office

Building

Improvements Vehicles

Office

Equipment

Office

Furniture

and Fittings Total

10. PRECIOUS METALS

Gold Bullion 2019 2018

Gold(cost) $ 1,837,239 $ 1,837,239

Gold(revaluationreserve) 1,210,407 881,011

$ 3,047,646 $ 2,718,250

34

12. INTANGIBLES

COST:BalanceasatJune30,2017 $ 867,014 Additions 169,346Disposals -

BalanceasatJune30,2018 1,036,360 Additions 98,145Disposals (730,365)

Balance as at June 30, 2019 $ 404,140

ACCUMULATEDDEPRECIATION:BalanceasatJune30,2017 $ 772,140 Additions 100,685Disposals -

BalanceasatJune30,2018 872,825 Additions 115,990Disposals (649,709)

Balance as at June 30, 2019 $ 339,106

NETBOOKVALUE:

As at June 30, 2019 $ 65,034

As at June 30, 2018 $ 163,535

Software

Callaccountsrepresentthetotalon-balanceamountsheldbyclientsinbankaccountswiththeCompany.Fundsinexcessof$100,000(2018:$100,000)areplacedoutonafiduciarybasisfortheaccountandriskoftheaccountholder(s).Thebalanceintheseconsolidatedfinancialstatementsrepresentsthefirst$100,000heldineachaccount.

13. CALL ACCOUNTS

35

Notes 2019 2018

Provisionforstaffbenefits(*) 24 $ 2,101,680 $ 1,970,338

Provisions-other(*) 861,529 868,722

Accountspayable 556,592 601,936

Commissionspayable 110,410 161,000

Socialsecurity 105,900 98,116

Taxespayableinadvance 1,289 16,638

$ 3,737,400 $ 3,716,750

14. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

Accountspayableandaccruedliabilitiesarecomprisedofthefollowing:

Initial Balance Additions

Reductions (Payments)

Final BalanceJune 2019

(*) Provisions:

Provisionsforstaffbenefits:

Provisionforbonusesandprofitshare $ 1,755,800 $ 1,889,922 $ (1,755,800) $ 1,889,922

Otherstaffbenefitsprovisions

(holidayleave,13thsalary) 214,538 480,185 (482,965) 211,758

$ 1,970,338 $ 2,370,107 $ (2,238,765) $ 2,101,680

Provisions-other: $

Legalfees $ 434,585 $ 114,600 $ (94,655) $ 454,530

Directorfees 88,201 186,221 (195,900) 78,522

Audit fees 124,403 125,666 (98,900) 151,169

Taxes 110,229 133,502 (107,366) 136,365

Otherprovisions 111,304 118,456 (188,817) 40,943

$ 868,722 $ 678,445 $ (685,638) $ 861,529

36

Advancesfromclientsarecreditbalancescorrespondingtoclientswhohavemadeadvancepaymentsonaccount.FeesreceivedinadvanceincludestheportionofannualclientfeeswhichhavebeencollectedintheyearendedJune30,2019,andrelatetoperiodssubsequenttotheconsolidatedstatementoffinancialpositiondate.

15. ADVANCES FROM CLIENTS AND FEES RECEIVED IN ADVANCE

17. COMMISSIONS AND FEES ON FIDUCIARY TRANSACTIONS, NET

2019 2018

Winterbothamcallaccountsnetfees $ 3,045,562 $ 2,823,488

Brokerageandcurrencyexchangeservices 838,122 645,336

Custodyservices 974,704 1,087,169

Structuredoperations 577,752 390,632

Total fees on fiduciary transactions $ 5,436,140 $ 4,946,625

Winterbothamcallaccountsnetchargesandcommissions $ (305,448) $ (419,402)

Brokeragechargesandcommissions (28,614) (115,085)

Custodychargesandcommissions (104,581) (167,732)

Commissionsonstructuredoperations (23,384) (18,139)

Total costs related with fees on fiduciary transactions $ (462,027) $ (720,358)

AtJune30,2018,theCompanyhastwoshorttermloansforatotalofUSD510,050:USD250,000atanannualinterestrateof2.57%maturinginApril27,2019andUSD260,050atanannualinterestrateof2.50%andmaturinginAugust27,2018.

AtJune30,2019,theCompanyhastwoshorttermloansforatotalofUSD510,050:USD250,000atanannualinterestrateof2.57%maturinginDecember10,2019andUSD260,050atanannualinterestrateof5%andmaturinginMay13,2020.Additionally,aloanofUruguayanGlobalBonds08/14/24foranominalamountofUSD104,000wasreceivedinFebruary2019andisvaluedatmarketpriceastoJune30,2019atUSD111,488.

16. LOANS AND INTEREST PAYABLE

37

2019 2018

Otherexpenses $ 931,971 $ 887,410

Professionaladvisors 767,801 860,819

Marketingexpenses 303,769 412,324

Travel 428,028 366,641

Baddebts 212,021 58,231

Rent(*) 366,370 340,438

Directors'feesandexpenses 208,077 226,947

Licensesandfees 222,359 234,191

Utilities 139,367 146,269

Maintenance 139,323 178,024

Insurance 123,128 128,408

Taxesonnetworthofcorporations 41,577 115,284

Tax-SalesorValueAddedTax(VAT) 172,760 188,364

$ 4,056,551 $ 4,143,350

19. ADMINISTRATIVE AND GENERAL EXPENSES

20. FINANCIAL INCOME

2019 2018

Netinterestearned $ 1,637,489 $ 1,613,344

RealizedandUnrealizedgainsoninvestments 1,135,610 291,184

Resultofthechangeinforeignexchangerates 22,243 (24,785)

$ 2,795,342 $ 1,879,743

18. SALARIES AND BENEFITS

Duringtheyear,anamountof$1,898,000(2018:$1,755,800)wasawardedtothestaffasprofitshareandbonus.

(*)RentmainlycomprisestheleasecontractoftheUruguayoffice(ShiffelCorp)forUSD16,000annual(leasecommitmentto12/31/2019),leasecontractofHongKongofficeforHKD1,300,000(eq.toUSD165,000approx.)(leasecommitmentto04/30/2020),leasecontractofCaymanofficeforapprox.USD31,000(leasecommitmentto09/30/2019),leasecontractofPuertoRicoofficeforapprox.USD72,000(leasecommitmentto09/01/2022)andotherexpensesassociatedwiththereferredcontracts.

38

21. DIVIDENDS

DividendsareaccountedforintheperiodinwhichtheyaredeclaredbytheGroup’sBoardofDirectors.

OnJune30,2019,dividendsof$1.80per share (totaldividends$4,500,000)weredeclared (2018:$1.60per sharetotaling$4,000,000).

22. CONTRIBUTED SURPLUS

ThisrepresentscapitalfundingreceivedfromtheshareholdersofTheWinterbothamTrustCompanyLimitedforpurchaseof90%ofTheWinterbothamTrustCompany(HongKong)LimitedonMay22,2009.

Article93oftheUruguayanCompanyLaw(Law16.060)establishesthatcompaniesmustcontributeat least5%oftheannualnetprofitstowardsthecreationofalegalreserveuntilthereservereachestheequivalentof20%oftherelevantCompany’spaidincapital.Thisincludessharecapitalandcontributedsurplus.

2019 2018

Openingbalances:Legalreserve $ 91,320 $ 70,276Reservefortaxexoneration 97,893 97,893

189,213 168,169 Additions(reductions):Legalreserve 10,939 21,044

10,939 21,044 Closingbalances:Legalreserve 102,259 91,320Reservefortaxexoneration 97,893 97,893

$ 200,152 $ 189,213

23. RESERVES

39

24. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

Relatedparties includeofficers, directors, shareholders andother companieswith commonownership. Where theserelated parties have the authority and responsibility for directing and controlling the authorities of other companies(establishedtoparticipateintheGroup’sbusinessactivities),theseentitiesarealsoregardedasrelatedpartiesintheseconsolidatedfinancialstatements.EntitiesadministeredbytheGrouponbehalfofclientswheretheGroupalsoprovidesdirectorsarenotconsideredrelatedparties.

Balancesandtransactionswithrelatedparties:

2019 2018

Balances:

Prepaidexpensesandotherassets:

Accountswithrelatedentities $ 11,735 $ 30,366

Loanstostaff-keymanagementpersonnel $ 1,776 $ 14,959

Provisionforstaffbenefits $ 1,108,367 $ 1,246,861

Accountspayableandaccruedliabilities:

Callaccounts $ 209,971 $ 209,971

Transactions:

Salariesandbenefits-keymanagementpersonnel $ 2,391,308 $ 2,204,688

Employeeprofitparticipation-keymanagementpersonnel $ 1,108,367 $ 1,246,861

40

25. TAXATION

The Winterbotham Trust Company (Uruguay) S.A. and its wholly owned subsidiary Winterbotham Fiduciaria S.A.AdministradoradeFondosdeInversiónaredomiciledinUruguayandsubjecttoUruguayantaxlaws.ThetaxregimeinplaceinUruguayincludespersonalandcorporateincometax.

Uruguayantaxlawisappliedonaterritorialbasisasopposedtoauniversaltaxationsystemwhichdeterminesthatwherethecompanyisdoingbusiness,receivingincomeand/orholdingitsassets(i.e.hasUruguayansourceincomeandassets)withinUruguayanterritoryissubjecttotaxatthefollowingrates:

a. IncomeTax(“IRAE”) 25%b. Taxonnetworthofcorporations 1.5%c. SalesorValueAddedTax(VAT) 10%or22%

WhereacompanyhasUruguayansourceincome,itwillhavetopayaminimummonthlytaxorIRAEatarateof25%ofitstaxablenetincomeasanadvance(pleaserefertopoint(a)above)theamountofwhichwilldependonthelevelofitsprioryear’staxablenetoperatingincome.

Withholdingtaxoninterestpaymentsforloansgrantedbyforeignlenders,whichdonotoperatelocallyinUruguay,shallbeappliedattherateof12%.

Paymentofdividends:Dividendpaymentsaresubjecttoa7%withholdingtax.

Doubletaxationtreaties:Uruguayhassigneddouble-taxationagreementswiththefollowingcountries:Germany,Spain,Hungary,Mexico,Switzerland,Portugal,Liechtenstein,Ecuador,Malta,India,Korea,Argentina,Finland,Belgium,England,Luxembourg,NorthIreland,UnitedArabEmirates,Romania,Vietnam,Singapore,ChileandParaguay.

Additionally,Uruguayhassignedtaxinformationexchangeagreementswith:France,Denmark,Greenland,Iceland,FaroeIslands,Norway,Sweden,Australia,Canada,England,NorthIreland,TheNetherlands,Chile,SouthAfricaandGuernsey.

41

2019 2018

Profitbeforetax $ 233,843 $ 268,793

Fiscaladjustmentforinflation/conversion 169,044 62,685

Non-deductibleexpense 86,341 (92,697)

Taxable profit $ 489,228 $ 238,781

Income tax using corporate tax rate (25%) $ 122,307 $ 59,695

26. INCOME TAX

CompaniessubjecttoCorporateIncomeTaxareTheWinterbothamTrustCompany(Uruguay)S.A(rate25%),itssubsidiaryWinterbothamFiduciariaS.A.AdministradoradeFondosdeInversion(rate25%),TheWinterbothamTrustCompany(HongKong)Limited(rate16.5%)andWTCInternationalBank(PuertoRico)(rate4%).

Deferred tax assets and liabilities

Thedeferred taxstatedcorresponds todifferencesbetweenbookand taxvaluesoffixedassetsoriginatedmainlybydifferencesofvaluationanddepreciationcriteria.

Thedeferredtaxisthetaxexpectedtobepaidorrecoveredbasedonthedifferencesexistingbetweenthebookvalueofanassetorliability,anditstaxvalue.

Assetsfordeferredtax,asatJune30,2019,arisefromapplyingthetaxrateinforceatthatmoment(25%forUruguayand4%forPuertoRico)onthetemporarytaxabledifferencesofUS$(24,238)(2018:US$9,127),whichcorrespondtothedifferentvaluationcriteriaandfixedassetsdepreciationcriteriaandtodifferencesforunusedtaxlosses.

Assetsfordeferredtaxarerecognizedaslongastheentityislikelytohavefiscalearningsagainstwhichtousethedeductibletemporarydifferences.Liabilitiesfordeferredtaxarenormallyrecognizedforallthetemporarytaxabledifferences.

Assetsandliabilitiesfordeferredtaxareoffsetwhenrelatedtoincometaxesleviedbythesametaxauthorityandtheentityseekstoliquidateitsassetsandliabilitiescurrenttaxonanetbasis.

AsatJune30,2019,currentincometaxareattributabletothefollowing:

Deferredtaxrecognizedfortheperiod:

Assets

2019Charge for the year

Conversion adjustment 2018

Temporarydifferencesarisingfromdifferencesin

fixedassets'valuationanddepreciationcriteria $ (1,172) $ (1,198) $ (4) $ 30

Temporarydifferencesforunusedtaxlosses 25,436 25,436 - -

$ 24,264 $ 24,238 $ (4) $ 30

42

TaxbreakdownasatJune30,2019:

27. FIDUCIARY OPERATIONS

AsatJune30,2019,TheWinterbothamMerchantBank,adivisionofTheWinterbothamTrustCompanyLimitedusedforbankingactivities,andtheWinterbothamInternationalSecuritiesadivisionoftheWinterbothamTrustCompanyLimitedusedforbrokerageactivities,hadenteredintofiduciaryagreementsforanaggregateamountof$1,698,695,505(2018:$1,326,528,326).

Theclientsbearallriskandresponsibilityforactivitiescarriedoutbytheentityontheirbehalfunderthesecontracts.Thedepositorsagreeto indemnifyandholdharmlessTheWinterbothamTrustCompanyLimited, itsdirectors,employees,agents and representatives against all liability, losses or damages arising out of or in connection with the fiduciaryagreement.

2019 2018

Currenttaxcharges:

Incometaxusingcorporatetaxrate(25%) $ 122,307 $ 59,695

Deferredtaxbenefit (24,238) 9,127

Total $ 98,069 $ 68,822

43

28. FINANCIAL INSTRUMENTS

Detailsof thesignificantaccountingpoliciesandmethodsadopted, including thecriteria for recognition, thebasisofmeasurementandthebasisonwhich incomeandexpensesarerecognized, inrespectofeachclassoffinancialasset,financialliabilityandequityinstrumentsaredisclosedinNote3totheconsolidatedfinancialstatements. ThefollowingtableanalyzesthecarryingamountsoffinancialassetsandfinancialliabilitiesasdefinedbyIAS32FinancialInstruments:Presentation:

2019

FVTPLAmortized

cost TotalFINANCIAL ASSETSCashandcashequivalents $ - $ 36,669,238 $ 36,669,238Tradereceivables,net $ - $ 1,206,378 $ 1,206,378Prepaidexpensesandotherassets $ - $ 84,074 $ 84,074Repurchaseagreements $ - $ 779,862 $ 779,862Investments $ 20,269,123 $ - $ 20,269,123Securitydeposits $ - $ 1,039,873 $ 1,039,873

Totals $ 20,269,123 $ 39,779,425 $ 60,048,548

FINANCIAL LIABILITIESCallaccounts $ - $ 40,661,658 $ 40,661,658Accountspayableandaccruedliabilities $ - $ 3,737,400 $ 3,737,400Loansandinterestpayable $ - $ 644,686 $ 644,686Dividendspayable $ - $ 4,500,000 $ 4,500,000Totals $ - $ 49,543,744 $ 49,543,744

2018

FVAmortized

cost TotalFINANCIAL ASSETSCashandcashequivalents $ - $ 16,614,066 $ 16,614,066Tradereceivables,net $ - $ 1,239,428 $ 1,239,428Prepaidexpensesandotherassets $ - $ 125,462 $ 125,462Repurchaseagreements $ - $ 775,402 $ 775,402Investments $ 39,317,212 $ - $ 39,317,212Securitydeposits $ - $ 858,381 $ 858,381

Totals $ 39,317,212 $ 19,612,739 $ 58,929,951

FINANCIAL LIABILITIESCallaccounts $ - $ 40,899,005 $ 40,899,005Accountspayableandaccruedliabilities $ - $ 3,716,750 $ 3,716,750Loansandinterestpayable $ - $ 580,064 $ 580,064Dividendspayable $ - $ 4,000,000 $ 4,000,000Totals $ - $ 49,195,819 $ 49,195,819

44

Thefollowingtableprovidesananalysisoffinancialinstrumentsthataremeasuredsubsequenttoinitialrecognitionatfairvalue,groupedintoLevels1to3basedonthedegreetowhichthefairvalueisobservable:

• Level1fairvaluemeasurementsarethosederivedfromquotedprices(unadjusted)inactivemarketsforidenticalassetsorliabilities;

• Level2fairvaluemeasurementsarethosederivedfrominputsotherthanquotedpricesincludedwithinLevel1thatareobservablefortheassetorliability,eitherdirectly(i.e.asprices)orindirectly(i.e.derivedfromprices);and

• Level3fairvaluemeasurementsarethosederivedfromvaluationtechniquesthatincludeinputsfortheassetorliabilitythatarenotbasedonobservablemarketdata(unobservableinputs).

Therewerenotransfersbetweenanyofthelevelsinthecurrentperiod.

29. FAIR VALUE MEASUREMENTS RECOGNISED IN THE STATEMENT OF FINANCIAL POSITION

2019

Level 1 Level 2 Level 3 Total

Financialassetsatfairvalue

throughprofitandloss

Quotedequitiesandbonds $ 20,269,123 $ - $ - $ 20,269,123

Total $ 20,269,123 $ - $ - $ 20,269,123

2018

Level 1 Level 2 Level 3 Total

Financialassetsatfairvalue

throughprofitandloss

Quotedequities $ 39,317,212 $ - $ - $ 39,317,212

Total $ 39,317,212 $ - $ - $ 39,317,212

45

30. RISK MANAGEMENT

June 30,2019US$

June 30,2018US$

ASSETS:

Cashandcashequivalents 2.07% 1.97%

Repurchaseagreements 10.50% 10.50%

TheGroupengagesintransactionsthatexposeittovariousrisksinthenormalcourseofbusiness.Theserisksincludecapitalrisk,marketrisk, includinginterestrateriskandforeignexchangerisk,creditrisk, liquidityriskandfiduciaryriskmanagement.TheGroup’sfinancialperformanceisdependentonitsabilitytounderstandandeffectivelymanagetheserisks.

a. Capital risk - The Groupmanages its capital to ensure that it will be able to continue as a going concern whilemaximizingthereturntostakeholdersthroughtheoptimizationofthedebtandequitybalance.ThecapitalstructureoftheGroupconsistsofnetdebt(callaccountsoffsetbycashandcashequivalents)andequityattributabletoequityholdersoftheGroup,comprisingissuedcapital,contributedsurplus,legalreserves,revaluationreservesandretainedearningsasdisclosedintheconsolidatedstatementofchangesinequity.TheGroup’soverallstrategyremainsunchangedsince2018andmeetstheregulatorycapitaladequacyrequirements.

b. Market risk -Marketriskistheriskthatthefairvalueofaninstrumentorthecashflowsfromaninstrumentwillfluctuateasaresultofchangesinmarketprices.Themainmarketrisksareinterestrateriskandforeignexchangerisk.TheGroupentersintoavarietyoffinancialinstrumentstomanageitsexposuretothisrisk.

i. Interest rate risk -TheGroupisexposedtocashflowandfairvalueinterestrateriskoncashandcashequivalents and reverse repurchaseagreements. TheGroupmanages this riskbyconsistentmonitoringof interest rate fluctuations.

Sensitivity analysisThesensitivityanalysisisdeterminedbasedontheGroup´sexposuretointerestbearingassetsandliabilitiesatthedateofthestatementofassetsandliabilities.AsatJune30th,2019theGrouphad19interestbearingassets(2018:102).

If the interest ratesatJune30,2019had increased/decreased50bpswithallothervariablesheldconstant,thiswouldhavedecreased/increasednetassetsandtheprofitfortheyearendedatJune30thby$141,783,resultingfromadecrease/increaseinthefairvalueoftheinterestbearingassets.

ii. Foreign exchange risk - Thisistheriskoflossresultingfromforeigncurrencytranslation.Currencyriskismanagedbymatchingliabilitieswithassetswithinthesamecurrencywheneverpossible.ThefollowingtableshowstheUSDequivalentofallcurrenciesheld:

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c. Credit risk - TheGroupisexposedtocreditriskinrespectoflossesthatwouldhavetoberecognizedifcounterpartiesfailtoperformascontracted.

TheGroup’sexposure tocredit risk isprimarily in respectofcashandcashequivalents, trade receivables, repurchaseagreementsandinvestments.Asattheconsolidatedstatementoffinancialpositiondate,theGroup’smaximumexposuretocredit risk isequal to thecarryingamountof theaboveassetsdisclosed in theconsolidatedstatementoffinancialposition.TherepurchaseagreementsareadequatelycollateralizedbypledgesofassetsmanagedbytheGrouponbehalfoftheborrowers.

2019 2018

CASHANDCASHEQUIVALENTS:

Neither past due or impaired $ 36,669,238 $ 16,614,066

TRADERECEIVABLES:

Neither past due or impaired $ 483,906 $ 411,369

Past due not impaired $ 365,784 $ 500,089

Impaired $ 765,781 $ 711,821

2019

GBP CAD EURO CHF USD HKD OTHER TOTALS

Assets $ 3,457,866 $ 498,442 $ 3,518,197 $ 1,443,692 $ 51,632,938 $ 381,169 $ 1,620,263 $ 62,552,567

Liabilities 3,307,533 493,609 3,403,941 526,869 42,141,150 69,775 1,090,714 51,033,591

Coverage $ 150,333 $ 4,833 $ 114,255 $ 916,823 $ 9,491,789 $ 311,394 $ 529,548 $ 11,518,976

2018

GBP CAD EURO CHF USD HKD OTHER TOTALS

Assets $ 2,518,037 $ 458,303 $ 4,247,356 $ 1,671,914 $ 50,587,241 $ 330,236 $ 1,424,383 $ 61,237,470

Liabilities 2,510,528 450,994 4,016,179 647,462 40,489,196 8,356 953,579 49,076,294

Coverage $ 7,509 $ 7,309 $ 231,177 $ 1,024,452 $ 10,098,045 $ 321,880 $ 470,804 $ 12,161,176

Sensitivity analysisTheGroupperformedasensitivityanalysistochangesinforeignexchangeratesbasedintheexposuredetailedaboveand theconclusion is thatnomaterial impact to theprofit for theyearwouldhavebeenobserved ifforeignexchangeratesincreased/decreased200bpsrespectthevalueoftheUSDwithallothervariablesheldconstant.

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CertainreceivablebalancesincludefeesinvoicedinadvancebutnotaccruedastoJune30,2019.Thisportionoftradereceivablesarenotconsideredwhencreating theprovision forbaddebts. Similarly, someof the receivablebalancesincludetherequestforthecorrespondingCompanyAnnualGovernmentFee.ThisamountdoesnotrepresentareceivableriskfortheCompanyasitwillonlybepaidtotheRegistrarofCompaniesifdulysettledbytheclient.Therefore,theseamountsarenotconsideredwhencreatingtheprovisionforbaddebts.

2019 2018

REPURCHASEAGREEMENTS:

Neither past due or impaired $ 779,862 $ 775,402

d. Liquidity risk-LiquidityriskariseswhentheGrouphastomeetitsobligationsonborrowedfundsanddeposits.TheGroupmanagesitsliquidityriskbymatchingasfaraspossibleliabilitieswithassetsofsimilarmaturityperiods. Assetsandliabilitiesareduetomaturebasedontheperiodremainingtomaturityfromtheconsolidatedstatementoffinancialpositiondate,asfollows:

June 30, 2019

Nosetmaturity/Up to 3 months

3-6months

Over6months Total

ASSETS:

Cashandcashequivalents $ 36,669,238 $ - $ - $ 36,669,238

Tradereceivables,net 849,690 - 356,688 1,206,378

Prepaidexpensesandotherassets - - 84,074 84,074

Reverserepurchaseagreements 779,862 - - 779,862

Investments 20,269,123 - - 20,269,123

Securitydeposits - - 1,039,873 1,039,873

$ 58,567,913 $ - $ 1,480,635 $ 60,048,548

LIABILITIES:

Callaccounts $ 40,661,658 $ - $ - $ 40,661,658

Accountspayableand

accruedliabilities 3,737,400 - - 3,737,400

Loansandinterestpayable 384,636 - 260,050 644,686

Dividendspayable 4,500,000 - - 4,500,000

$ 49,283,694 $ - $ 260,050 $ 49,543,744

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e. Fiduciary risk management-TheGroupisengagedinsignificantcustodialandfiduciaryactivitiesthatgiverisetotheriskthatitwillbeaccusedofmal-administrationornon-compliancewiththewishesofitsclients.Tomanagethisexposure,theGroupgenerallytakesaconservativeapproachinitsundertakings.

f. Fair value of financial assets and liabilities -Thefairvalueistheamountforwhichanassetcouldbeexchanged,oraliabilitysettled,betweenknowledgeable,willingpartiesinanarm’slengthtransaction.UnderlyingthedefinitionoffairvalueisthepresumptionthattheGroupisagoingconcernwithoutanyintentionorneedtoliquidate,reducethescaleofitsoperationsorundertakeatransactiononadverseterms. In theopinionofmanagement, the estimated fair valueof financial assets and financial liabilities at the consolidatedstatementoffinancialpositiondatewerenotmateriallydifferentfromtheircarryingvalueduetotheirshorttermnature.

June 30, 2018

Nosetmaturity/Up to 3 months

3-6months

Over6months Total

ASSETS:

Cashandcashequivalents $ 16,614,066 $ - $ - $ 16,614,066

Tradereceivables,net 911,458 - 327,970 1,239,428

Prepaidexpensesandotherassets - - 125,462 125,462

Reverserepurchaseagreements 775,402 - 775,402

Investments 39,317,212 - - 39,317,212

Securitydeposits - - 858,381 858,381

$ 57,618,138 $ - $ 1,311,813 $ 58,929,951

LIABILITIES:

Callaccounts $ 40,899,005 $ - $ - $ 40,899,005

Accountspayableand

accruedliabilities 3,716,750 - - 3,716,750

Loansandinterestpayable 320,014 - 260,050 580,064

Dividendspayable 4,000,000 - - 4,000,000

$ 48,935,769 $ - $ 260,050 $ 49,195,819

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