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TMR 2016 Annual Repor t | 05 COST CONTROL - A CONTINUED PRIORITY With the establishment of our UK branch in the summer of 2015, the administrative expenses for the 2016 year reflected the full year costs of the new branch for the ƒTUVVKOGTGUWNVKPIKPUNKIJVN[JKIJGTGZRGPUGUQH75&OKNNKQPEQORCTGFVQ75& 106.4 million for 2015. Nonetheless, TMR's continued efforts to reduce administrative expenses resulted in a 1.8% lower administrative expense ratio of 9.6% compared to 11.4% in 2015, thereby contributing to an enhanced net income. STRONGER CONTRIBUTION FROM THIRD PARTY CAPITAL STRATEGY Our third party capital strategy continues to enhance our bottom line as we work with select third party capital partners. The deployment of our bespoke advanced technology platform to trade with select partners has given us increased scale and flexibility to drive our third party capital strategy going forward. TMR IS FINANCIALLY WELL POSITIONED TO CONTINUE TO DELIVER VALUE TO ALL OUR STAKEHOLDERS Based on prudent capital management, TMR paid out a dividend to our shareholder amounting to USD 5.9 million in 2016. TMR's group capitalisation remains very strong with shareholder's equity of USD 1.3 billion going into 2017. In summary, the 2016 results reflect our careful underwriting approach, a successful investment strategy and disciplined cost management. As a consequence, TMR continues to be very well positioned to deliver long term, sustainable value for our shareholder, customers and employees. Maurice Kane %JKGH(KPCPEKCN1HƒEGT C O N T I N U E D M E S S A G E F R O M T H E C F O TMR continues to be very well positioned to deliver long term, sustainable value for our shareholder, customers and employees.