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Bermuda Commercial Bank Announces Warrant Extension

31 May 2001

Hamilton, Bermuda: 31 May 2001 - The Board of Directors of Bermuda Commercial Bank Limited is pleased to announce that at Special General Meetings of the Warrantholders and the Shareholders held on 30 May, 2001 approvals were given to extend the expiry date of the Bank's Warrants from 31 May, 2001 to 5.00 pm on 31 May, 2002. Each Warrant entitles the holder to purchase one common share of Bank stock at a fixed price of $7.50 .

The underlying reason for the extension is to allow Warrantholders a longer period of time in which to consider exercising their Warrants, considering the fact that the Bank was recently granted a Section 114B Licence which exempts it from the 60/40 foreign ownership restrictions.

In addition, Shareholders approved amendments to the Bank's Bye-laws which were required to comply with certain provision of the Section 114B Licence, including those relating to significant share acquisitions by non Bermudian shareholders.

Shareholders also approved changes to the Bank's Incorporating Act, including the elimination of the "double indemnity" provisions which will allow the shares to trade in The Bermuda Stock Exchange's new clearing, settlement and depository service.