SECURITIES COMMISSION OF THE BAHAMAS

PRESS RELEASE - FOR IMMEDIATE RELEASE

RE: THE SECURITIES COMMISSION OF THE BAHAMAS APPROVES INCREASE IN THE LISTING FEE OF THE BAHAMAS INTERNATIONAL SECURITIES EXCHANGE (BISX)

February 11, 2005

The Securities Commission of The Bahamas (the Commission) at its February 9, 2005 meeting, approved an increase in the fee for Domestic Primary Equity Listings on BISX from $2,500.00 to $5,000.00.

The approval by the Commission was in response to a request by BISX, subsequent to a resolution by the Board of Directors of BISX which approved the increase, and in accordance with Regulation 7 of the Securities Industry Regulations 2000 which requires that a Securities Exchange shall apply to the Commission for permission to make any amendments to its fees.

In considering the fee increase, the Commission took into account results of consultations with companies listed on BISX, who indicated their overwhelming support for such an increase.  Specifically, of the 19 listed companies, only 2 objected to the increase.

The Commission also took into consideration listed fees applied by regional exchanges, notably Barbados, Jamaica and Trinidad and Tobago, and was satisfied that the increase requested was reasonable and would not impact adversely on the competitive position of the jurisdiction.

Prior to the present increase, BISX listing fee had remained at the level fixed at the time of its establishment in May 2000.

For more information please contact: Mr. Hillary Deveaux

Telephone: (242) 356-6291/2

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