The directors have recommended an increased dividend of 15,00 cents per share for the year (1998: 7,00 cents per share), reflecting their confidence in the bank’s prospects. In line with the policy of continually strengthening reserves, the directors have also recommended transferring N$34,6 million to general reserves.

The annual financial statements were approved by the board of directors on 28 March 2000 and will be presented to shareholders at the annual general meeting on 15 June 2000.

For and on behalf of the board