SECURITIES COMMISSION OF THE BAHAMAS

PRESS RELEASE - FOR IMMEDIATE RELEASE

RE:  Appointment Securities Manager – Securities Commission

July 7, 2000

Sandra Knowles, Executive Director of the Securities Commission of the Bahamas announced today the appointment of L. Sydney Saunders, C.P.A. as Manager, Securities Markets and Regulations.

Mr. Saunders comes to the Commission with a strong background in auditing and finance.  After a six-year stint with the Department of the Auditor General, he worked with KPMG-Peat Marwick in the Bahamas and Philadelphia.  Returning to the Bahamas in 1990, he joined Cititrust (Bahamas) Ltd.  Subsequently, Mr. Saunders joined McDermott International Investments Co. Ltd. for eight years.  At McDermott, he managed systems and procedures supporting investment and portfolio management.

For more information please contact: Mr. Hillary H. Deveaux

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