The BSX Council 1997/8

Hamilton, BERMUDA (December 23, 1997) -- The Bermuda Stock Exchange (The BSX) is pleased to announce the composition of the Council for 1997/8. The Council continues to comprise 13 members and Mr. Arthur Sculley remains the Chairman of The BSX. Senator Terry Lister has resigned from the Council due to his many other commitments. There is one new Council member, as follows:-

Mr Brian Hall: President of Inter-Ocean Management Limited

Mr. Brian Hall is currently the Chairman of the Insurance Advisory Committee and was formerly Chairman of J&H (Bermuda) Limited and a Director of Johnson & Higgins.

The full composition and membership of the Council for 1996/7 is set out in the attached note headed "The Council 1997/8".

Commentary

Mr. Arthur Sculley, Chairman CEO of The BSX said "We are particularly pleased to welcome Brian Hall onto our Council. During 1998 we will be implementing a number of insurance initiatives, including a new Bermuda Insurance Index and CATEX Bermuda and Brian's considerable experience in the Bermuda Insurance Market will be highly valued. The BSX Council continues to have representatives from each of the main constituencies of users of the market so that we receive advise from all sectors effected by the stock exchange. We would like to thank Senator Terry Lister for his invaluable contributions and support and wish him well in his many business and political commitments. We are very grateful to the continuing Council members, both last year and this year for their enormous contribution to the rapid development of the exchange, for the benefit of all Bermudians."

For further information, please contact Robin H. McPhee at 441-292-7212 or at info@bsx.com

The BSX

The Council 1997/8

Composition

The Council currently comprises thirteen (13) members. The full Council membership for 1997/8 is follows:

Chairman

Arthur Sculley, President - Sculley Brothers Chairman

Representatives of Bermuda Commercial Bank:

Mr Peter Roberts, Managing Director

Ms. Dominique Smith, General Manager

Representatives of The Bank of Butterfield:

Mr. M. Calum Johnston, President & CEO Joint Deputy Chairman

(To be appointed)

Mr. Peter Wignall, MD of Butterfield Asset Management

Representatives of The Bank of Bermuda:

Mr. Henry Smith, President & CEO Joint Deputy Chairman

Mr. Wayne Chapman, Senior VP, Investment Services

General Members

Mr. Jeff Conyers Joint Deputy Chairman

CEO - First Bermuda Financial Services Limited

Mr. John D. Campbell, Senior Partner - Appleby, Spurling & Kempe

Mr. E. Eugene Bean, President & CEO of Bermuda Aviation Services Limited

Mr. Robert Mulderig, Chairman and CEO - Mutual Risk Management Limited

Mr. Brian Hall, President of Inter-Ocean Management Limited

Mr. W. William A. Woods, CEO of The BSX

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