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Bank of Bermuda Announces 10% Stock Dividend

Hamilton, Bermuda, 11 December, 2001- Bank of Bermuda today announced a one-for-ten stock dividend for shareholders of record on 31 December 2001.

Mr. Edward H. Gomez, Chief Financial Officer, commented: "This special stock dividend marks the end of a difficult financial year with an action designed to deliver additional value to our shareholders. While the current year financial environment placed considerable pressure on our revenue streams, our businesses remain fundamentally strong and we believe we are well positioned to benefit when conditions improve."