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Butterfield Comments on Moody's Ratings Update

04 May 2009

Hamilton, Bermuda €” 4 May 2009 - The Bank of N.T. Butterfield & Son Limited ("Butterfield" or the "Bank") reports that credit rating agency Moody's Investors Service has concluded the review it initiated on 17 March 2009 and has affirmed the Bank's short-term customer deposit rating at Prime-1, the highest short-term rating available, indicating a superior ability for repayment of senior short-term debt obligations. Moody's also noted that the outlook for Butterfield is stable.

The Bank's long-term deposit and issuer ratings from Moody's were decreased by one notch, from Aa3 to A1, which indicates that Butterfield's long-term obligations continue to be subject to low credit risk. Additionally, Moody's adjusted Butterfield's bank financial strength rating to C- from C and its subordinated regular bond/debenture rating to A2 from A1.

Alan Thompson, Butterfield's President & Chief Executive Officer, said, "It is significant that Moody's has affirmed our short-term customer deposit rating at the highest possible level and established the outlook for Butterfield as stable. We enjoy a very high level of systemic support in Bermuda and we remain well positioned to serve our customers and navigate the ongoing dislocation in global financial markets. Given the current environment, Moody's decision to reduce the Bank's long-term ratings by one notch was not necessarily unanticipated."

Ratings of Butterfield by other credit rating agencies remain unchanged.

About Butterfield

The Bank of N.T. Butterfield & Son Limited ("Butterfield") is Bermuda's first and largest independent bank, and a specialist provider of international financial services. The Butterfield group offers a full range of community banking services in Bermuda, Barbados and the Cayman Islands, encompassing retail and corporate banking and treasury activities. In the wealth management area, the group provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in The Bahamas, the Cayman Islands, Guernsey, Hong Kong, Malta, Switzerland and the United Kingdom. Butterfield also provides services to corporate and institutional clients from offices in Bermuda, The Bahamas, the Cayman Islands and Guernsey, which include asset management and corporate trust services. Butterfield is a publicly traded corporation with shares listed on the Bermuda and Cayman Islands stock exchanges. Further details on the Butterfield group can be obtained from our website at: www.butterfieldgroup.com.

Media Relations Contacts:

Mark Johnson

Assistant Vice President

The Bank of N.T. Butterfield & Son Limited

Phone: (441) 299 1624

Cellular: (441) 524 1025

Fax: (441) 295 3878

E-mail: markjohnson@bm.butterfieldgroup.com