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BAS First Quarter 1997 Dividend

12 12 1997

We are pleased to advise that the Board of Directors has declared a quarterly dividend of eight cents per share to shareholders of record January 31, 1997, payable on Friday February 14, 1997.

We are also pleased to inform you that your company has formed a strategic alliance with the Crow Lane Bakery Ltd. Through a newly formed subsidiary, Bermuda Aviation Foods Ltd., the company has acquired a majority share holding in the long established business at the Foot of The Lane on East Broadway.

No significant changes are expected to take place in the near term, except those pertaining to finance and administration. Those functions will be transferred to our Administration offices on Kindley Field Road. Day to day management of the Crow Lane Bakery will continue to bve the responsibility of the former owners, who retain a significant interest in the business.

The Board feels that the merger fits well with our other food production facilities and that the acquisition will strengthen the company's core business. Management of the Company is being encouraged to pursue profitable growth opportunities such as this and the Board is fully supportive of managements continuing efforts toward increasing profitability.