August 2002 Table of Contents

ABACO MARKETS APPOINTMENT

Abaco Markets has appointed the Grand Bahama Port Authority's executive vice-president, Barry Malcolm, to its board of directors.

Craig Symonette, Abaco Market's chairman, said Mr Malcolm would bring "a wealth of diverse financial and management expertise to the table, and we believe he will make a valuable contribution in helping us add value to our company" following his election at the 21st June shareholders' meeting.

Mr Malcolm joined the Grand Bahama Port Authority on 1st february 2001, having previously served as the Bahamas Financial Services Board's (BFSB) chief executive and executive director from July 1998 until taking up his new posting.

Before joining the BFSB, Mr Malcolm was executive director of the Inter-American Development Bank (IDB) in Washington from July 1994 until June 1998, where he was responsible for managing the bank's Caribbean office.

Prior to joining the IDB, Mr Malcolm was a Senator and parliamentary secretary to the Office of the Prime Minister, having served in the latter capacity since 1992, and also held executive management positions with Bahamas Oil Refining Company.

August 2002 Table of Contents

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