SECURITIES COMMISSION OF THE BAHAMAS

PRESS RELEASE - FOR IMMEDIATE RELEASE

Re: Securities Commission Announces the Resignation of its Deputy Chairman

March 03, 2003

Mr. Calvin Knowles, Chairman of the Securities Commission, hereby advises the public that Mrs. Patricia Hermanns has resigned as a member and Deputy Chairperson of the Commission effective February 8, 2003.

Mrs. Hermanns was appointed a member and Deputy Chairperson of the Commission on August 29, 2002. She tendered her resignation as a result of her acceptance of the appointment of President and CEO of Family Guardian Insurance Company Limited and President of FamGuard Corporation Limited, which she assumed on February 10, 2003. FamGuard Corporation Limited is a publicly traded company and is regulated by the Commission.

Chairman Knowles said that, "Mrs. Hermanns, in her short time with the Commission has made invaluable contribution to the future direction of the Commission and her wise counsel will be missed by myself and the other members of the Commission."  He congratulated Mrs. Hermanns on her appointment and wished her all the best for the future.

The Securities Commission is a statutory body responsible for regulating participants and products in the securities market and collective investment schemes as mandated in the Securities Industry Act, 1999 and the Mutual Funds Act, 1995.
 

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