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10 INTEGRATED ANNUAL REPORT 2017 TRUSTCO GROUP

MANAGING DIRECTOR’S REPORT

“SEND ME 300 FRANCS; THAT SUM WILL ENABLE ME TO GO TO PARIS. THERE, AT LEAST, ONE CAN CUT A FIGURE AND SURMOUNT OBSTACLES.
EVERYTHING TELLS ME I SHALL SUCCEED. WILL YOU PREVENT ME FROM DOING SO FOR THE WANT OF 100 CROWNS?”

This was the letter penned by a young Napoleon Bonaparte to his uncle, Joseph Fesch in June 1791,
just before that young man from a small island off the coast of France, changed the course of not
only Europe, but also of the world.
Just like Napoleon started his rise on the minimum of stipends, so did Trustco 25 years ago off a
small investment of a mere NAD 100. I’d always thought Napoleon would have enjoyed the board
game Risk, as its combination of diplomacy, conflict and conquest mirrored the ways in which he
built his empire. Even though the world has changed since Napoleon’s days, much still remains
the same – but not the battlefields. In business, we still depend on diplomacy and conflict to
achieve the necessary conquests on an economic stage. DR QUINTON VAN ROOYEN
GROUP MANAGING DIRECTOR
As such, it remained my pleasure to apply my own brand of diplomacy and judicious conflict
management, to ensure Trustco achieved its strategic goals conquests during the past year.
“All diplomacy is a continuation of war by other means.”

Diplomacy starts at home – and in Trustco’s case, this means with our staff. Trustco once again
won the large size category of Deloitte’s annual “Best Company To Work For” survey in Namibia.
A survey, I might add, that is conducted amongst staff anonymously and without management’s
input, and thus reflects the actual morale of the team that has led Trustco to where we are today.

I do believe however, that a team can only remain the best if they continuously improve and
re-invent. To that effect, the remuneration committee on the recommendation of management,
extended our flagship Top 40 employee programme to include a benefit that compels these Diplomacy, however, only starts at home – but then it must reach outwards to be effective. Our
exemplary employees to attend international seminars and courses. To broaden horizons and to new resources segment flexed its muscles and worked towards setting up the Meya mine in Sierra
bring that knowledge back to Namibia. Leone. With positive drilling results, we expect this project to generate significant returns for
shareholders in the future.

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The larger part of value creation will be realised via the diamond cutting and polishing factory “A peace is of the nature of a conquest; for then both parties nobly are subdued, and neither
that forms part of the Huso transaction. As a result, we renegotiated the payment terms of the party loser.”
aforementioned transaction to ensure optimal wealth creation for all shareholders.
In Trustco’s conquests, there are no losers – we aim to create wealth for all our stakeholders, and
It was not only the resources segment that tested our negotiation skills – with our drive to this year was no exception. Despite the economic climate, Trustco once again managed to deliver
establish Trustco Bank as a fully operational commercial bank, we also secured international the numbers we, as a group, are known for.
funding for its operations via the European Investment Bank, while funding was secured to
expand our Elisenheim property development via Helios Credit Partners. From our properties division, which is delivering on Namibia’s land provision shortage, to our
banking and finance segment that managed exceptional growth during these trying times,
“Difficulties are meant to rouse, not discourage. The human spirit is to grow strong by conflict.” Trustco excelled once again.

Not everything can be solved via diplomacy. External forces massed against Trustco’s goal “Risk is our business - and we exercise courage in taking risks and capturing opportunities.”
of sustainable wealth creation, in the form of political and economic turmoil in our southern
neighbour and lacklustre economic performance at home. Fortunately, a leader is only as good as his or her troops, and I am lucky to have exemplary troops
in my service. From our elected board, without whose guidance and experience our achievements
At home, Namibia experienced a technical recession, and the country’s growth sunk to the lowest would have been much more difficult, to my executive team that guided and executed our
levels in this decade. Our insurance segment was hit hardest by this recession, but they fought strategic plan, down to those stalwarts of industry, my faithful employees, who toiled hard to
back valiantly to at least maintain the wealth creation Trustco expects from that segment. deliver performance during a difficult year, I thank you all. You’ve made it much easier to play the
Namibia’s recession, however, is not something that can or should be countered by government – game this year.
the Namibian government is doing its best to follow guidelines as set out by the IMF with regards
to fiscal consolidation. It is my firm belief that the private sector, in concert with government – To those, who loyally join us on our mission of wealth creation – our stakeholders, customers,
and the Namibian entrepreneurial spirit - will reignite our economy. There is an undying will to do friends and investors, I salute you. None of our successes would be possible without your
just that. unwavering support.

With that in mind, I’ve continued with my entrepreneurial sessions across the country to inspire I have often said that trying times offer the best opportunities, and this year, Trustco was ideally
and guide Namibians by what I’ve learned over the past 25 years in building Trustco. I encourage placed to capitalise on them. Our groundwork has been laid, and my troops stand ready. The best
the youth to look differently at any situation, see where opportunities lie, and if there are none, of Trustco is yet to come.
create them.