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Paul King assumes duties of CEO of Long Botham Boats (Henry VIII)

03 3 1998

Hamilton, Bermuda, December 3, 1998 - The Board of Long Botham Boats Co. Ltd. wish to advise that Mr. A. K. Allan, President of the Company, has conveyed his shareholding to corporate shareholders represented by Mr. Paul King and has tendered his resignation as CEO effective 31st December, 1998. Mr. Allan has stated that he will be available on a consultancy basis as and when needed.

The Board wish to take this opportunity to thank Mr. Allan for his many years of service and commitment to the Company and wish him well in the future. The Board is confident in the knowledge that he leaves the Company in a good position to take advantage of any positive developments in tourism.

Effective 1st January, 1999, Mr. Paul King will assume the duties as CEO and over the next three months, the Board will review operations with the objective of establishing a suitable management team for the forthcoming tourism season.