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Long Botham Boats Releases President's Letter To Shareholders

26 June 2001

Hamilton, Bermuda: 26 June, 2001- In a letter to shareholders, issued today with an accompanying dividend payment, Long Botham Boat Company President, W. Paul King stated, "When the previous dividend was declared in January of this year, the Board considered it prudent to retain sufficient cash to survive the winter downturn in business without recourse to borrowing. Now that we are near our fiscal year end, the Board has declared this dividend.

Given the Company's fortunes are heavily dependent upon Tourism, business trends are difficult to predict. The beach operation has been hampered this season by the inclement weather which will result in reduced earnings. However, the Pantry's earnings remain steady and on a brighter note, the restaurant, under Mr. Ferris' stewardship has become profitable and we are optimistic the Company will enjoy another successful year."