Butterfield Bank Releases Result Of SGM

Hamilton, Bermuda - 20 April 2009: At a special meeting of shareholders, held on Tuesday, 14 April 2009, The Bank of N.T. Butterfield & Son Limited ("Butterfield") received approval from shareholders on a resolution that will enable Bank to proceed with the issuance and offering of USD 200 million in preference shares as a means to strengthen its capital position.  The text of the approved resolution is below.

RESOLVED

"To: (a) raise US$200,000,000 (or its equivalent in any other currency(ies)) by increasing the authorized share capital of the Bank by the creation of  by 200,001 preference shares of par value US$0.01 each to be issued in tone or more series of preference shares of the Bank with such designations, powers, preferences, rights, qualifications, limitations and restrictions (whether as regards to dividends, voting, redemption, liquidation, conversion or otherwise) as the Board of Directors of the Bank may determine in its absolute discretion; and (b) generally and unconditionally authorize the Board of Directors of the Bank, in accordance with the Bank's bye-laws, to issue, allot or grant options, warrants or similar rights over or otherwise dispose of all the authorized but unissued share capital of the Bank to such person(s) at such times and for such consideration and upon such terms and conditions as the Board of Directors of the Bank may determine."

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