##ommodative monetary policy settings, favourable labour market conditions and inflows of remittances and tourist earnings continue to boost consumer spending and investor sentiments. inflationary pressures in 2016 came largely from domestic supply side factors following the natural disasters. inflation going forward in the near term is expected to continue to be domestically driven with any major downside risks stemming from adverse weather conditions, but also any sharp increases in international oil and food prices. for now, year - end inflation is projected at around 2. 5 percent. with the modest performance of fiji ’ s external sector, foreign reserves levels remain adequate, currently at $ 1. 9 billion, which is sufficient to cover 5. 1 months of retained imports of goods and non - factor services. our financial system remains stable and continues to support the economy during this time of recovery. bank lending has been reported at sustainable levels after a period of aggressive growth in the last 5 years. non - performing loans as an indicator of the soundness of our financial system have been recorded at all - time lows. the performance of the insurance industry continues to be assessed as satisfactory even though the 2016 results of the general insurance sector will be significantly impacted by claims arising from the tc winston insured losses. notwithstanding the current stable assessment of our economy, the reserve bank will of course continue to closely monitor global and domestic developments and assess likely vulnerabilities that may negatively impact our growth and the stability of our financial system. closing in closing ladies and gentlemen, i take this opportunity to again acknowledge free bird institute limited for its strategic vision and perseverance towards achieving its listing aspirations. i congratulate mr taniguchi, the board and staff for reaching this milestone in the company ’ s journey in fiji and wish you well as a listed entity. ladies and gentlemen, i cannot leave you without making my usual regulatory statement to urge all potential investors to take the time to carefully peruse the offer document that has been prepared for this listing. please ensure to conduct your own analysis and do seek professional advice from licensed investment advisers or stockbrokers on the suitability of investing in the stock market as per your objectives. with that said, i now have much pleasure in officially declaring free bird institute limited as listed on the south pacific stock exchange. arigato gozaimasu! vinaka vakalevu! end.

reserve bank of fiji _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ address by governor of the reserve bank of fiji barry whiteside at the listing of free bird institute limited on the south pacific stock exchange venue : intercontinental hotel, natadola, 2 february 2017 mr hiroshi taniguchi, chair and chief executive officer of free bird institute limited the board and management team of free bird institute limited dr nur bano ali, chair of the board of the south pacific stock exchange ms latileta qoro, chief executive officer of the south pacific stock exchange members of the capital markets industry members of the media invited guests, ladies and gentlemen introductory comments ni sa bula vinaka, “ konnichiwa ” and a very good morning to you all! i am delighted to be here today to officiate in the listing of free bird institute limited on the south pacific stock exchange. i understand that it has been the founding shareholder, mr taniguchi ’ s dream to see his company listed on a stock exchange so i congratulate the institute for its perseverance in meeting all the necessary requirements for listing. less than a year ago, we witnessed the listing of vision investments limited ( vil ) and i noted at the time that it had been 5 years since there was any previous activity on the exchange. it is certainly pleasing to now see a second listing in less than a year. i feel this reflects the increasing acknowledgement of the benefits to be derived from participating in our small but developing stock market. background ladies and gentleman, free bird institute limited is a company with its own unique business intentions and a true visionary in mr taniguchi at the helm. i came to know about this gentleman several years ago when a reserve bank team comprising myself, some board members and our economics team came out west on one of our “ meet the industry ” trips. i was intrigued by the name of the institute and indicated to my team that we must make it a point to meet them. what did they do and where did the name “ free bird ” come from? clearly it had nothing to do with poultry distribution as i soon found out!! incidentally that west trip did include a visit with the rooster chicken people as