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The BF&M 9% Preference Shares De-Listed from the BSX.

23 July 2002

Hamilton, Bermuda, 23 July 2002 - The Bermuda Stock Exchange today announced the de-listing of the BF&M 9% Convertible Cumulative Redeemable Preference Shares. The de-listing of the Preference Shares was made at the request of BF&M Ltd. and following the conversion of all the outstanding Preference Shares into Common Shares of BF&M Ltd. in accordance with the terms of the Preference Shares.

For further inquiries on the BF&M Ltd's Preference Shares, contact Mr. John Wight of BF&M Ltd. at telephone: 441-295-5566 or facsimile: 441-292-8831.