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Bank of Butterfield Cuts Bermuda Dollar Base Rate to Record Low of 4.25%.

Hamilton, Bermuda: 25 June 2003 -- Bank of Butterfield announced today that it is reducing its Bermuda Dollar Base Rate by 0.25% to 4.25%. "We are pleased to pass on the benefits of lower US interest rates to our customers who borrow from us at rates linked to the Bank's Bermuda Dollar Base Rate," said Richard Ferrett, Executive Vice President and Chief Financial Officer. "This is the lowest level that the Bank's Bermuda Dollar Base Rate has been since its inception in April 1994. Customers with loans directly linked to the Bank's Bermuda Dollar Base Rate will benefit from a 0.25% reduction in their borrowing costs with effect from Tuesday 1 July 2003. We are also reducing our US Dollar Prime Rate to 4.00% effective the same date."

"The Bank will also be giving notice to customers with Bermuda Dollar variable rate mortgages of a decrease in their interest rate by 0.25%. This will take effect from Tuesday 30 September 2003," said Mr. Ferrett. "Customers with personal loans and/or mortgages at fixed rates of interest are unaffected by the change."

"With regard to Bermuda Dollar Strata Savings rates we have decided that these rates too require reducing to reflect current market conditions," commented Mr. Ferrett. "As a result, the interest rate paid on Bermuda Dollar Strata Savings accounts with balances of $25,000 and over will reduce by 0.25% to 2.25% and accounts with balances of less than $25,000 will attract an interest rate of 1.75%. The Bermuda Dollar Passbook Savings rate will reduce by 0.25% to 0.75%."

"The Bank's US Dollar Strata and US Dollar Passbook Savings rates will also be reduced. The rate paid on US Dollar Strata accounts with balances of US$25,000 and over will be reduced to 0.25% and accounts with balances of less than US$25,000 will be reduced to 0.15%. The rate on US Dollar Passbook Savings accounts is being reduced to 0.10%. All Bermuda Dollar and US Dollar Savings rate changes will also take effect from Tuesday 1 July 2003."