BSX Approves Listing of up to 12,5000,000 Class B Shares of Butterfield US$ Bond Fund

Hamilton, Bermuda, 10 May 2005 - The Listing Committee of the Bermuda Stock Exchange (BSX) today announced the approval of the listing of up to 12,500,000 Class B Shares of Butterfield US$ Bond Fund Ltd. (the "Fund").

The Fund was incorporated in Bermuda on 26 May 1992 as an exempted company with limited liability and unlimited duration.

The objective of the Fund is to offer a convenient and efficient vehicle for investing in a diversified portfolio of U.S. dollar denominated bonds, debentures and other debt instruments. 

The investment objective of the Fund is to maximize total return through income or capital gains by investing in medium to high grade U.S. dollar denominated debt securities which may consist of bonds, debentures (including convertibles), notes, bills, mortgages, certificates and whatsoever suitable quality investments which, in the opinion of the Investment Adviser will help to achieve the Fund's objectives.

The Class A Shares of the Fund are also listed on the BSX.

Butterfield Securities Limited sponsored the listing of the Class B Shares of Butterfield US$ Bond Fund Ltd. The securities are being listed under the Listing Regulations for Collective Investment Schemes and the provisions for Regular Marketing.

Mr. Ian Coulman, Director of the Fund commented, "We are very pleased with the approval of the new class of shares for the Butterfield US$ Bond Fund. This is another step in our goal to improve and enhance the range of products and services we offer to our customers".

"The BSX is pleased to welcome the Class B Shares of the Fund to listing", said Mr. James S. McKirdy, Chief Compliance Officer of the BSX.