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Bank Of Butterfield To Continue Share Repurchase Programme

25 25 2003

Hamilton, Bermuda: 25 June 2003 - The Bermuda Stock Exchange (BSX) has been advised by the Bank of Butterfield (NTB.BH) that it has the present intention to repurchase over the twelve month period commencing 1st July 2003, up to 2,000,000 of its ordinary shares of par value $1 each pursuant to its share repurchase programme authorised by shareholders on 29th October, 1997. As at 31st May 2003, 2 million shares represent 9.8% of total issued shares of the Bank. This intention is subject to appropriate market conditions and repurchases will only be made in the best interest of the Bank.

The Directors consider that share repurchase is an excellent means of enhancing shareholder value while increasing earning per share.

Shares repurchased and called in the period from 1st July 2002 totalled 1,155,073 at an average price of $31.69 and aggregate cost of $36,605,252 million.