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Butterfield Asset Management Achieves Success With Two First Place Awards from S&P

17 17 2003

Hamilton, Bermuda: 17 March 2003 - For the sixth consecutive year, Butterfield Asset Management Limited (BAM) has won performance awards for the Butterfield Funds from Standard & Poor's (S&P). BAM, a wholly owned subsidiary of Bank of Butterfield, has received the following 2003 awards from S&P for the Butterfield Funds:

§ Overall Group of Butterfield Funds: First Place in the World for the five-year performance of the Butterfield Funds (Offshore Funds - Smaller Groups Category).

§ Butterfield Capital Appreciation Bond Fund: First Place in the World for five-year performance (Offshore Funds, Fixed Income, Global Sector).

"We are very pleased that the Butterfield Funds' long-term performance has been recognised by S&P Awards for the sixth straight year. These awards have come to be accepted globally as one of the standards by which fund managers and investment management groups are measured. The calculation of the award-winning funds is not simply for performance alone, but indicates consideration of fund volatility," said Ian Coulman, Managing Director, Butterfield Asset Management.

"These highly regarded awards pay tribute to the effort of our strong investment management team, with representations in Bermuda, the Cayman Islands and Guernsey. The extremely challenging environment we have experienced in recent years in both the equity and fixed income markets make the awards even more impressive and rewarding," said Mr. Coulman. "Equity markets have been volatile and a significant number of credit downgrades were experienced in the corporate debt market. Part of our proven fixed income strategy is to invest in high quality asset-backed and mortgage-backed securities, which have not suffered credit downgrades to the same degree as the corporate debt market," he commented.

Bank of Butterfield's new Relationship Management & Sales Group, headed up by Dianne Brewer, Vice President, is focused on offering top level sales and customer service for both institutional and private clients. "We offer an array of products appropriate for these market segments and combine it with a strong relationship management focus. Our clients' needs come first and foremost," said Mrs. Brewer.

BAM offers a range of eight mutual funds in the fixed income, balanced and equity categories including a fund of funds, Butterfield Select, with three asset classes. The Butterfield Funds are listed on the Bermuda Stock Exchange and/or the Cayman Islands Stock Exchange. BAM is licensed to conduct investment business by the Bermuda Monetary Authority. Further details are available at the BAM web site www.bam.bm.