This report encompasses FBN Merchant Bank Limited. Unless otherwise stated, the profit or loss statement analysis compares the 12 months to December 2016 to the corresponding 12 months of 2015, and the financial position comparison relates to the corresponding position at 31 December 2015. Unless otherwise stated, all disclosed figures relate to continuing operations. Relevant terms that are used in this document but are not defined under applicable regulatory guidance or International Financial Reporting Standards (IFRS) are explained in the glossary or abbreviation section of this report.