Bermuda Stock Exchange

BSX Shorts April 2008 Edition

Butterfield Bank Statement

Hamilton, Bermuda: April 18, 2008 – Butterfield Bank refers to the article in the Bermuda Sun today headlined: Butterfield Bank to raise $260m with share offer. A Bank spokesperson said this report is completely incorrect. The Bank is not planning a share issue.

The Bermuda Sun did not contact the Bank on this matter before publication of their article. As stated in the Bank’s Press Release dated 16 April 2008 at the Annual General Meeting, Bank Shareholders merely approved the increase in the Bank’s authorised share capital to facilitate possible future stock splits, stock dividends or similar corporate actions. The spokesperson added this was merely a housekeeping exercise to create more headroom in the authorised capital of the Bank over future years.

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