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GUARDIAN MEDIA LIMITED AND ITS SUBSIDIARIES ANNUAL REPORT 2022 7As the world continues to navigate the unprecedented changes, challenges and disruptions of the Covid pandemic, and more recently the Russia-Ukraine war and inflationary pressures, Guardian Media Limited has steadfastly brought trusted news, inspirational and entertaining radio and television programming and other platforms that connect advertisers with customers. The commercial agility of the team and the resilience of our brands are integral to our continuing success and contribution as industry leaders. These are underpinned by the talent and creativity of our people and our strong corporate culture. During the year, our branded Radio campaigns included the Caura Fest, Sangeet Premier League, bar crawls and other outside broadcasts, through which our loyal listeners were again able to connect with their favourite on-air personalities. These events were very well received by citizens who were excited for the opportunity to leave their homes and socialize. After introducing our citizens to iconic global motivational speaker Sadhguru in August, we covered the 2022 Caribbean Premier League, and broadcast the 2022 FIFA World Cup finals in Qatar, as well as the English Premier League. The steady contribution of our newspaper was re-enforced by our hugely popular special publications and increased digital presence.In similar fashion to 2021, the final quarter%u2019s performance was strong enough to reverse the losses which were posted during the first three quarters. In 2022, for the quarter ended 31 December, Guardian Media Limited reported profit before taxation of $8.9M, just behind last year%u2019s fourth quarter result of $9.1M.For the year ending 31 December 2022, Guardian Media Limited reported profit before taxation of $3.9M compared to a $6.5M profit before taxation in the prior year. Revenues reported for the year were $117.8M ($104.7M %u2013 2021) reflecting an increase of $13M or 12.5% in advertising revenues. Operating expenses increased year over year through our efforts to stimulate commercial interest and in order to fund growth strategies across all business segments.In spite of the challenging commercial environment, we remain resolute in our conviction that the business is well positioned to face the future. It has bravely weathered the pandemic, stabilized its operations, and re-defined its strategic enablers to guarantee delivery of enhanced shareholder value. Our balance sheet metrics are strong, and our capital levels remain resilient. Your Board of Directors is pleased to announce a final ordinary dividend of 4 cents per share (2021 %u2013 7 cents). Preference shareholders will receive a final dividend of 3%. Dividends will be paid on 15 June, 2023.In accordance with section 110(1)(a)(i) of the Companies Act 1995, the Directors have fixed 22 May, 2023 as the Record Date for payment of this final dividend. The Register of Members will be closed on both 25 May and 26 May, 2023. The Board would like to thank Professor Brian Copeland for his invaluable contribution to its deliberations over the past 6 years. Professor Copeland resigned in December subsequent to his retirement as Principal of UWI St. Augustine. The Board welcomes Professor Rose-Marie Antoine who joined the Board effective 1 January, 2023.The Board extends its sincerest gratitude to our loyal employees and the management team for their unwavering dedication, focus and commitment during 2022. We look forward to the continuous support of all our stakeholders as we position ourselves to take advantage of all opportunities whilst focusing on our key strategic imperatives and sound governance.Peter Clarke Chairman