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Promisant Appoints Managing Director

Hamilton, Bermuda: 5 June 2003 - Bank of Butterfield has announced the recent appointment of Michael Preuss as Managing Director of Promisant Technology Limited (PTL), the Bermuda-based provider of multi-currency payment processing services to local and international merchants. PTL is a wholly owned subsidiary of Bank of Butterfield.

Mr. Preuss joined Promisant in July 2000 after spending over eight years with Citibank's Card Services Division in Germany, Greece and Ireland. In the latter post Mr. Preuss had the responsibility of running a consumer card oriented Pan European processing and operations centre, supporting eight different countries. Mr. Preuss is a graduate of the United States Military Academy and holds an MBA from the International Institute of Management Development in Lausanne, Switzerland.

"I believe we will become an extremely competitive processing force in the years to come, given the Bank's extraordinary commitment to the success of PTL as an independent subsidiary, both locally and internationally, " said Mr. Preuss.

The appointment of Mr. Preuss, along with that of Wendell Emery, Bank of Butterfield Executive Vice President of Operations and IT as Chairman of PTL, is an integral part of the long-term strategy in achieving the level of success and growth for PTL that was envisioned upon its acquisition.

Bank of Butterfield President and CEO, Alan Thompson, stated, "We are pleased to offer a quality product to our customers in Bermuda and globally. This product is in a high growth, dynamic market and we believe that we are well positioned to be an active participant."