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The BTC 7.75% Redeemable Notes De-Listed from the BSX

16 16 2002

Hamilton, Bermuda: 16 December 2002 - The Bermuda Stock Exchange announced the de-listing of the BTC 7.75% Redeemable Notes effective today, 16 December 2002. The de-listing of the Notes was made at the request of The Bermuda Telephone Company Ltd. and following the redemption of all the outstanding Notes as of 15 December 2002 and in accordance with the terms of the Notes.

On redemption the Notes are deemed cancelled and do not confer any rights whatsoever on the holders, other than the right to payment of the principal amount together with accrued interest to the redemption date. Payment will only be made against surrender of the Notes to The Bermuda Telephone Company Ltd. at its registered office.