For the sixth year, the Bank of Butterfield will sponsor the Bank of Butterfield 1996 Charity Race on October 10, as part of this year's Gold Cup.

The event will feature International One Design yachts, skippered by six of the world's top sailors, racing for more than $30,000 worth of prizes.

"This is the largest amount of prize money that we have ever offered in our charity race,'' said Mr. Steven W. Kempe, Executive Vice President, International Banking, at the Bank of Butterfield.

"We are proud to sponsor this event and we are pleased to welcome on board this year XL Insurance Company Ltd. and the Argus Group as additional sponsors.'' The skippers, Mr. Peter Gilmour, Mr. Chris Law, Mr. Thierry Peponnet, Mr.

Peter Holmberg, Mr. Russell Coutts and Mr. Ed Baird, have kindly donated their free time to help support the worthy cause. Each boat, representing a local charity, will sail a three race series and two local representatives from each charity will participate in the race by crewing on their association's boat.

Mr. Gilmour will race for the Bermuda Diabetes Association, Mr. Law for the Bermuda Red Cross Society, Mr. Peponnet for the Bermuda Mental Health Association, Mr. Holmberg for the Education Officer Endowment Fund of the Bermuda Aquarium and Zoo, sponsored by XL Insurance, Mr. Coutts for the Warwick Academy Building Fund, sponsored by the Argus Group of Companies, and Mr. Baird for the Matilda Smith-Williams Seniors Residence.

All charities will be winners, for aside from the opportunity to crew with the world's best skippers, each charity will receive a financial donation to support their cause. Thanks to the generous contributions by XL Insurance and the Argus Group of Companies, this year's event will be bigger and better than last year, said Mr. Kempe.

The Bank of Butterfield Charity Race has set an international precedent for match racing tournaments around the world.

Through this event, Bermuda has set an example, offering a unique opportunity for local charity representatives.

"Bank of Butterfield and Bermuda should be proud for setting the precedent of having a charity race in the Brut Gold Cup,'' said Scott McLeod, president of Sail Sports International Ltd. "We have followed your lead and incorporated a charity race in some of our other Brut sailing Series Regattas and as a result, several causes have benefitted.'' Excellent viewing of the race will be available from either Albuoy's Point or on a spectator boat that will follow the boats, starting at 3 p.m.

A prize giving/reception will follow at the completion of the race at the Royal Bermuda Yacht Club at approximately 5 p.m.