Senator Frederick A. Mitchell, Jr. has resigned as a Director of the Company, in view of his appointment as the Minister of Foreign Affairs for The Bahamas.

Michael D. Riegels Q.C. has resigned as a Director of the Company, in view of his appointment as the Chairman of the Financial Services Commission of the British Virgin Islands.

Prior to the effective date of Michael Riegels’ resignation, the Directors elected Kieron J. O’Rourke as a Director of the Company.

Kieron J. O’Rourke is a partner with the British Virgin Islands law firm of Harney Westwood & Riegels. Prior to joining Harney Westwood & Riegels, Mr. O’Rourke worked for five years in the Corporate Finance Department of the London law firm SJ Berwin & Co. Mr. O’Rourke is qualified as a lawyer in England and Wales and is admitted as an attorney in the State of New York. He specializes in advising in connection with collective investment schemes and is head of the Mutual Funds Department of Harney Westwood & Riegels.

The Exchange has also been informed that the auditors for the year ending December 31, 2002 will be KPMG, Ireland.

Richard Crawshaw

Head of Listings