NAME SHARESVALUE

Cede & Co (Depository Trust Co) 12,615,144 $567,681,480

Harcourt Trust 757,186* $34,073,370

Meiklefield Ltd. & David Gutteridge 720,757* $32,434,065

Gutteridge Family Trust

Bermuda Life Insurance Co. Ltd. 510,676 $22,980,420

Carnation Ltd. 357,265 $16,076,93

Anthony Brewer 288,537* $12,984,165

Janet Outerbridge 250,567 $11,275,515

Stepley & Co. 204,750 $9,213,750

BF&M 126,802* $5,706,090

Board of Trustees Hotel Pension Plan 158,316 $7,124,220

Palmar Ltd. 150,685 $6,780,825

nominee company of the Bank of Butterfield**

Paternoster Nominees Guernsey Ltd. 108,090 $4,864,050

Winchester Fiduciary Services 100,610* $4,527,450

David Aguiar 91,850 $4,133,250

Edgar Wilkinson 82,600 $3,717,000

Fernance Bento Perry 80,393 $3,617,685

KeyTech 77,299 $3,478,455

Judith Montgomery-Moore 76,135 $3,426,075

Margaret Cooper 75,223 $3,385,035

Harrington Trust 76,804* $3,456,180

Cygnet Lake Ltd. 65,474 $2,946,330

Codan Trustees BVI Ltd. 62,856* $2,828,520

Swansea Co. Ltd. 60,548 $2,724,660

Peter and Lucetta Smith, Trustees of Simmons Family Settlement

50,227 $2,260,215

Murdoch & Co. 48,604 $2,187,180

Ann Tomczak 47,845 $2,153,025

Edith Rothwell 45,080 $2,028,600

Seakist Ltd. 45,128 $2,032,110

Mangrove Hill Ltd. 44,052 $1,982,340

Graham Gibbons Family Trust**

PM Outerbridge, PJS Greening as Trustees for Percy Outerbridge Trust

42,438 $1,909,710

Evan & Susan Outerbridge 41,298* $1,858,410

The Walker Arcade Co. Ltd. 41,117 $1,850,265

Kestim Ltd. 39,600 $1,647,000

E. Llewellyn and Joan Petty**

Bermuda Hundred Family Ltd. 38,877* $1,749,465

Arthur Haycock Jr 38,492 $1,732,140

North Cote Ltd. 37,522 $1,688,490

Bermuda Sailors Home 36,787 $1,655,415

Josef Wilke 36,630 $1,648,350

Uplands Ltd. 36,560 $1,645,200

SVEA Ltd. 35,615 $1,602,675

estate of late David Wilkinson**

Arthur, Rose & Robert DeSilva 35,574 $1,600,830

Louis & Constance Mowbray 34,859 $1,568,655

Red Barracks Ltd. 33,960 $1,528,200

Sir Dudley Spurling Family Trust**

Globe Trust Co 33,842 $1,522,890

Mary Tucker 33,572 $1510,740

Katherine Robinson 33,335 $1,500,075

Janice Bento 32,342 $1,455,390

Jasun Holdings Ltd. 29,820 $1,341,900

Flying Development Co Ltd. 29,653 $1,334,385

Marie Antoinette Moutray 29,387 $1,322,415

John Swan Ltd. 29,438 $1,324,710

The Committee of 25 28,457 $1,280,565

Richard & Scott Pearman 27,714* $1,247,130

Janice Semerjian 27,656 $1,247,130

JDC Darrell Ltd. 27,525 $1,238,625

NAMESHARESVALUE

Rubicon Holdings, attn. Ian Clarke, 27,446 $1,235,070

Construction Pension Fund Corporation 27,116 $1,220,220

Hotel Promotions Consultants Ltd. 26,679 $1,200,555

Gertraud and Hubert Gierlinger 26,292 $1,183,140

(plus 1,017 under same address as Christa Gierlinger)

Roland Lines 25,802 $161,090

The Bermuda Church Society Ltd. 25,547 $1,149,615

A.A. Ltd. 24,843 $1,117,935

Continental Trust Corporation Ltd. 24,483 $1,101,735

company affiliated with Arthur Morris, Christensen & Co.**

Lingsour Ltd. 24,423 $1,099,035

Mary Davis 24,409 $1,098,405

Codan Trust Co Ltd. (see also Codan Trustees Ltd)

23,707* $1,060,380

Watermill Ltd. 23,564 $1,060,380

R. McLeod LIghtbourne 23,508 $1,057,860

Joan Fowle 23,082 $1,038,690

Birdsaye Holdings Ltd. 22,216 $999,720

Florence Blackwood, Richard Moran 22,108 $994,860

Ledgeletes Investor Holdings Ltd. 21,951 $987,795

White Spruce Investments 21,891 $985,095

Investment company of late Dudley Butterfield**

Seacloud Holdings 21,563 $970,335

Pepper Co. Ltd. 21,399 $962,955

Roderick & Ann Firth Cartwright DeCouto

(plus 4,246 under the name of Jessie at the same address)

21,230* $955,350

Riddells Bay Golf & Country Club 21,058 $947,610

Susan Hillen 20,913 $940,085

Herring Burnet III 20,894 $940,230

Craig and Louise Gustafson 20,807 $937,315

Peter Perinchief 20,510 $922,950

Abacus Trust Ltd. (Francis Vallis Trust) 20,509* $922,905

Edgar & Helen Swainson 20,136 $906,120

Andora Trust 19,609 $882,405

Rosalind May Collis 19,391 $872,595

Tyler & Jason Moniz 19,160 $862,200

ME Outerbridge & GA Madeiros as Trustees of Belco Pension Trust

19,152 $861,840

Bayside Ltd. 19,091 $859,095

Bayside Trust, under the names of Richard Walter and Nora Louise Sharpe**

WB and Pamela Gray 18,992* $854,640

Shirley Mulder 18,963 $853,335

David Ashton 18,860 $848,700

Stephen Kendell 18,596 $836,820

Peter, Elizabeth, Ian & Kimberly Truran1 8,445 $830,025

Tracy Spalding Gibbons, acting for Revocable Trust

17,763 $799,335

William and Helena Hayward 17,746 $798,570

Peter Willcocks & Elsi Willcocks 17,577* $790,965

Jane Notman 17,106 $769,770

Freda Dias 16,890 $760,050

Daina Outerbridge 16,712 $752,040

Carol Bonyun 16,593 $746,685

Gosling Brothers Ltd. 16,500 $742,500

Lars Knudsen 16,469 $741,105

Robert V. & Richard Harold Smith 16,623* $748,035

Katherine & Vladimir Wingate 16,103 $724,635

Vorhees & Alice Place 15,919 $716,355

David Balcombe Wingate 15,814 $711,630

F. Ada Darrell 15,800 $711,000

Marjorie Seston 15,536 $699,120

Edward Gomez 15,520 $698,400

Josephine Williams 15,508 $697,860

Bruce Williams 15,506 $697,770 NAMESHARESVALUE

John Ingham 15,470 $696,150

Susan Titus 15,374 $691,830

John Campbell 15,317* $689,265

Winefred Hall 14,954 $672,930

Heather Outerbridge Brewer 14,905* $670,725

Jasuns Ltd 14,730 $662,850

Trinity Co. Ltd. 14,628 $658,260

Helen Pearman Orchard 14,591 $656,595

MHD McAlpine Ltd. 14,506 $652,770

David Hamshere 14,225 $640,125

Bermuda Press Holdings Ltd. 14,095 $634,275

Herbert Watlington 13,945 $627,525

Dorothy & Roger Snape 13,740 $618,300

Jennifer Cox, Harry Cox Rylands and Sophie Cox Rylands

13,715 $617,175

Edgar Robinson 13,701 $616,545

Patricia Thorne 13,614 $612,630

Eakin O'Donnell 13,499 $607,455

Leon Stubbs 13,375* $601,875

Eldon & Carole Mello 13,241 $595,845

J & J Investments Ltd. 13,221 $594,945

Edward Bleeker 13,059 $587,655

Belvedere Trust 12,998 $584,910

Elizabeth Mahnke 12,954 $582,930

Margaret Collis 12,637 $568,665

(plus at same address Charles Collis 4,340 worth $195,300)

Walter Duncan & Goodricke Ltd. 12,570 $565,650

Nicholas & Sally Sibley 12,500 $562,500

Vincent & Florence Frith 12,496 $562,320

Judith DeMaymo 12,461 $560,745

Strafe & Co. 12,100 $544,500

Kevin Reeves 12,088 $543,960

Mary & Jose Rodriguez 12,085* $543,825

RH Outerbridge Will Trust no. 1 & 2 11,916* $536,220

Marcia DeCouto 11,886 $534,870

Peter Smith & Hubert Watlington 11,871 $534,195

First Cont Ltd. 11,809 $535,050

Eileen Wurst 11,574 $520,830

Jessie, Gillian, Sally,Timonthy Counsell11,555 $519,975

Pearman Holdings 11,502 $517,590

Kathleen Benson Bell 11,441 $514845

Cummings Zuill 11,439 $514,755

Lisa Higgins 11,431 $514,395

Kevin, George & Verna Oatley 11,389 $512,505

John and Margaret Chiappa 11,331 $509,895

David Ashton 11,222 $504,990

Mary Phillipson 11,196 $503,820

Richardson Trust, c/o Zobec 11,094 $499,230

Montpelier Ltd. 11,000 $495,000

Madacamia Ltd. 11,000 $480,735

Estate of the late Harry Cox**

Michael Spurling 10,683 $480735

Bermuda Stevedoring & Terminal Co 10,575 $475,875

Estate of Thaddeus Trott 10,512 $473,040

Robert Kershaw 10,477 $471,465

Dulcie Frith 10,377 $466,965

Trustees of Ebenezer Methodist Church

10,352 $465,840

Murray Brewer 10,349 $465,705

(plus 2,011 registered to same address under Pricilla worth $90,495)

Windswept Ltd. 10,230 $460,350

Corinne Tungate 10,084 $453,780

* combined holdings ** according to the Registrar of Companies