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Butterfield Bank update following Hurricane Ivan's impact on the Cayman Islands

13 13 2004

Hamilton, Bermuda: 13 September, 2004 - Following the impact of Hurricane Ivan on the Cayman Islands yesterday, Butterfield Bank today was working through intermittent communication with its staff to assess the damage and ensure employees were safe. A leading financial institution in the Cayman Islands, Butterfield Bank provides a comprehensive range of services to the local and international markets from its Cayman location.

"We have been closely monitoring Hurricane Ivan, and from a business perspective we were prepared," noted Butterfield Bank's holding company Chief Executive Officer, Alan Thompson. "It is too early to know how all our locations have fared, with many roads impassable and communications still intermittent. Our Head Office in Cayman has lost part of its roof, but along with our other branch in the capital, has weathered the storm.

"However, our concerns remain for the residents of Cayman and especially our employees and their families. This has been a devastating storm and it will take a few days before the true extent of the damage will be known."

"For any of our Cayman clients who need us, we are able to service them from our other locations until we are able to open for business again," stated Mr. Thompson. "Our business continuity plans were activated ahead of time to ensure there will be minimal business disruption."

Cayman clients who must undertake business as a matter of urgency may contact Dianne Brewer on (441) 299-3979, or Nancy Pitman on (441) 298 4850, or e-mail infocayman@bntb.bm or philturnbull@bntb.bm. Updates on Butterfield Bank's Cayman service will be provided on our website at www.butterfieldbank.bm.

· Cayman Islands clients being serviced from other locations

· Intermittent communication and extensive flooding mean full impact not known

Note to Editors:

Butterfield Bank, Bermuda's largest independent bank, offers a full range of Community Banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. As a specialist offshore financial services group, the Bank also provides Private Banking, Wealth Management & Fiduciary Services and Investment & Pension Fund Administration Services from its headquarters in Bermuda and its subsidiary offices in the Cayman Islands, Guernsey, The Bahamas and the United Kingdom. Further details on the Bank can be obtained from its web site at: www.butterfieldbank.com.

Butterfield Bank has approximately 250 employees in the Cayman Islands and does business from five locations. It offers community and commercial banking services to private and corporate customers and provides Wealth Management & Fiduciary Services and Investment & Pension Fund Administration Services.

Media Contact:

Anna Lowry, Marketing & Communications

E-mail: annalowry@bntb.bm

Telephone: (441) 298-6463