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KeyTech Limited holds Special General Meeting

13 September 2002

Hamilton, Bermuda: 12 September 2002 - The Common Shareholders of KeyTech Limited convened today in a Special General Meeting to discuss and vote upon the Company's proposal to create 8% Cumulative Redeemable Convertible Preferred Shares of KeyTech Limited which will be offered in exchange for 73/4% Redeemable Notes of Bermuda Telephone Company Limited (a wholly owned subsidiary of KeyTech Limited). The offer was conditional on the approval of the KeyTech Common Shareholders

The result was approved. 75.5% of the total shareholders participated in the vote, and 51% of the total shareholders voted in favour of the proposal.

The Directors of KeyTech believe the exchange of the BTC Notes for Preferred Shares and the resulting reduction of debt will further strengthen KeyTech's capital structure.