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Bank of Butterfield Appoints New President & CEO

29 January 2002

Hamilton, Bermuda, 29 January 2002 The Bank of N. T. Butterfield & Son Limited is pleased to announce the appointment of Alan R. Thompson as President & Chief Executive Officer. Mr. Thompson was appointed to the Board of Directors of the Bank on Monday 28th January 2002.

"With three decades of experience in international and domestic banking, Mr. Thompson has considerable expertise and an outstanding reputation. We are fortunate to have attracted someone of his calibre to serve as President & CEO," said Dr. James King, Chairman of the Board of Directors. "The Board is confident that Mr. Thompson will build on our existing strengths and will be instrumental in the Bank's continued success."

Mr. Thompson joins Bank of Butterfield after six years as President and CEO of Riyad Bank in Saudi Arabia, one of the top five commercial banks in the Middle East with total assets of $18.5 billion. Previously, between 1972 and 1995, he held several senior executive positions at First Interstate Bancorp in the United States and also served in Singapore. Mr. Thompson was born and educated in the U.S., where he received a Master's Degree in Business Administration from Wharton School of Finance.

This appointment brings to a successful conclusion the diligent search for a replacement for Calum Johnston who will remain at the Bank for some weeks to ensure a smooth transition. On accepting his resignation the Board thanked Mr. Johnston for the outstanding contribution he has made over the last four years as a member of the Board and as Chief Executive Officer of the Bank.

Note to Editors:

Bank of Butterfield Group is a vital community bank in both Bermuda and Cayman and a specialist offshore financial services company. Established in 1858, the Bank offers a full range of banking, credit, investment, treasury, trust and custody services through its headquarters in Bermuda, as well as offices in Barbados, Cayman Islands, Guernsey, Hong Kong and the United Kingdom.

Bank of Butterfield is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands stock exchanges. The Bank's share price is published daily in The Royal Gazette and is also available on Bloomberg Financial Markets (symbol: NTB.BH) and the Bermuda Stock Exchange web site: www.bsx.com. Further details on the Bank can be obtained from its web site at: www.bankofbutterfield.com.