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Bank of Butterfield To Continue Share Repurchase Programme

27 27 2004

Hamilton, Bermuda: 27 July 2004 - 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 period commencing 1st August 2004 and ending 31st December 2004, up to 1,000,000 of its ordinary shares of par value $1 each pursuant to its share repurchase programme authorised by shareholders on 29th October, 1997. As at 30th June 2004, 1 million shares represent 4.5% 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 earnings per share.

Shares repurchased and cancelled in the period from 1st July 2003 to 30th June 2004 totaled 406,459 at an average price of $39.92 and aggregate cost of $16.23 millio