FELLOW CITIZENS OF GUYANA:

We wish to take this opportunity to report to you, on the progress that has been achieved in our effort to contribute to the restoration and preservation of this important historical site.

PHASE I - FENCING OF THE PERIMETERS OF THE GARDENS

This was successfully completed in October 2004 at a cost of approximately $12m.

PHASE II - DESIGN, LANDSCAPE AND ENGINEERING WORKS

The second Phase covered the Design, Landscape and Engineering Works intended to restore the Gardens to its pristine glory. In this connection, the Bank retained the services of a well established Design firm to proceed with the horticulture activity. It embarked on this Phase and was set to work assiduously to bring it to the desired conclusion. However, considerable difficulty was experienced in getting the necessary co-operation from officers of the Mayor and City Council from whom conflicting signals were at times given and which amounted to an obstruction of the work of the Design firm.

Much energy was consumed in meetings in order to decide on desired goals and resolve differences, but at times decisions reached at some meetings were subsequently unilaterally varied or even reversed, thus causing unnecessary delays.

The good intentions to carry out this Phase having been frustrated, NBIC has reluctantly decided that in the circumstances its efforts will not at this time result in the achievement of the original goals and worthy standards that propelled the Bank to embark on this undertaking.

In the premises, NBIC has regrettably decided to suspend its participation in this Phase of the Project. It is hoped that in the right atmosphere and in a spirit of goodwill and cohesion the laudable objectives of this important Phase could sometime soon be brought to a successful conclusion.

CHAIRMAN'S COMMENTS

I am pleased to advise that the Financial Year ended September 30, 2004 was another successful year for our Bank.

A 44.69% improvement in profit after tax from $373.3 million dollars in 2003 to $536.4 million dollars in 2004 was recorded. The results bear testimony to the hard work of our Management and Staff in restructuring the operations of the Bank over the last five years.

Your Board of Directors has approved a final dividend of $0.583 per stock unit which when added to the interim dividend of $0.167 per stock unit brings the total dividend for the financial year to G$0.750 per stock unit. This represents a payout of 41.96% of profit and an increase of 200.1% over the last year's payment.

Continued improvements in the Bank's performance rest not only on our own efforts but also on the economic advancement of our country.

Given a stable economic environment, we have every reason to believe that we will have another successful year in 2005.

Ashton Chase
Chairman

October 18, 2004