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Bank of Bermuda Notifies BSX of 5% Shareholder

Hamilton, Bermuda: 22 February 2002 - Pursuant to the BSX Listing Regulations, the Bank of Bermuda today notified the Exchange that Harcourt & Co., of 65 Front Street, Hamilton, Bermuda has become the registered holder of 5.06% of the Bank's issued common shares. Harcourt & Co. is the professional nominee name of the Bank of N.T. Butterfield & Son Ltd.

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For further information please contact Judy Doidge at the Bank of Bermuda at phone 441-299-5058 or fax 441-299-6543 or email at doidgejp@bankofbermuda.com.

For more information on the Bermuda Stock Exchange (BSX), contact Christopher Dill at 1-441-292-7212 or info@bsx.com. Information is also available at bsx.com on Bloomberg at BSX , and on Reuters at THE BSX.