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Ian Coulman Named Managing Director of Butterfield Asset Management

13 March 2002

Hamilton, Bermuda, 13 March, 2002 - The Bank of N.T. Butterfield & Son Limited is pleased to announce that Ian Coulman has been promoted to Vice President & Managing Director, Butterfield Asset Management Limited.

Butterfield Asset Management Limited (BAM), a wholly owned subsidiary of Bank of Butterfield, provides discretionary portfolio management for institutional and private clients and manages the award-winning family of Butterfield Funds, as well as the Bank's own investment portfolio.

Mr. Coulman is now responsible for the overall operation and control of BAM, in addition to group wide investment management strategy. He reports to Graham Brooks, Executive Vice President, International & Trust, Bank of Butterfield.

Mr. Coulman joined BAM in March 1998 after 12 years of international investment experience in the UK, the United States and Japan. He received a B.A. (Hons) in Accounting from the University of Central England.

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.