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Bermuda Commercial Bank Appoints New President & Chief Operating Officer

Hamilton, Bermuda: 20 August 2001 - The Board of Directors of Bermuda Commercial Bank Limited is pleased to announce the appointment of Timothy W. Ulrich to the position of President and Chief Operating Officer. Mr. Ulrich has been a Director of BCB since December, 1999 and has been involved in the activities of the Bank since May, 1993 when he assisted First Curacao International Bank in its acquisition of the shares of BCB previously owned by Barclays Bank.

Mr. Ulrich has served as Vice President and General Counsel for the Transworld Oil group of companies since 1987, and is also Vice President and General Counsel of First Curacao International Bank, BCB's largest shareholder. He is responsible for all legal matters for the Transworld group of companies and their affiliates globally.

Mr. Ulrich began his law practice on Wall Street in 1974, and has over 27 years of experience in international law and business, including banking and finance matters.