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Bank Of Butterfield Acquires Bahamas-Based Deerfield Fund Services

Hamilton, Bermuda: 6 February 2004 - The Bank of N.T. Butterfield & Son Limited is pleased to announce that it has acquired Deerfield Fund Services Limited of Nassau, The Bahamas, a company which provides offshore fund administration services."This acquisition has strategic significance," said Graham Brooks, Executive Vice President, International & Trust, Bank of Butterfield Group. "It will enable us to enhance the services we provide in The Bahamas through the expanded delivery of fund administration, one of Bank of Butterfield's core business activities. Deerfield has built a high quality niche business with excellent potential for growth."

The business will be re-named Butterfield Fund Services (Bahamas) Limited, and will continue to be led by Managing Director Heather Bellot, who will report to Robert Lotmore, Managing Director, Bank of Butterfield (Bahamas) Limited.

Mr. Lotmore commented, "Deerfield's highly skilled employees and specialised technology will allow us to offer a superior service to a growing market. The company's activities and customer base are an excellent fit with our business, and we anticipate opportunities to expand the services we offer to fund managers."

Established in 1999, Deerfield employs a team of 12 people and at its last financial year end, 31 December 2003, its assets under administration were $1.8 billion.

"We look forward to working with our new colleagues and anticipate a smooth transition to the new ownership. We expect to be able to integrate the company with our new business quite quickly as we are located in the same premises," continued Mr. Lotmore.