BSX Lists Bank of Butterfield 8.00% Preference Shares

Hamilton, Bermuda - 3 July 2009 - The Bermuda Stock Exchange (BSX) today confirmed the listing of 200,000  8.00% Non-Cumulative Perpetual Limited Voting Preference Shares of The Bank of N.T. Butterfield & Son Limited subject of the recently completed offering. The listing of these 8.00% Preference Shares became effective at the market open on Monday, 22 June 2009.

The 8.00% Preference Shares are fully and unconditionally guaranteed as to payment of dividends and liquidation preference for up to ten years from the date of issuance by The Government of Bermuda.

UBS Investment Bank acted as the lead underwriter and sole global contributor of the Offering while Butterfield Securities (Bermuda) Limited acted as the BSX Listing Sponsor..  The selling group consisted of Butterfield Securities, LOM, First Bermuda Group, Barrington Investments, Capital G Private Banking and HSBC Bermuda. 

Alan Thompson, Butterfield's President & CEO, said, "The initial offering and listing of the Preference Shares was a complex, multi-jurisdiction transaction.  We and our advisers worked very closely with the BSX to ensure that the Shares would be available for trading by investors immediately following the close of the offering period on 22 June. The process went very smoothly and, on behalf of the Bank, our advisers and the selling group, I would like to thank and commend the team at the BSX for the assistance and expertise they provided."  Mr. Thompson added, "As Bermuda's own bank, we were very pleased that over 95% of the value of the issue was subscribed by investors in Bermuda, and that, thanks to a primary listing on the BSX, residents and international investors will continue to be able to easily trade those Shares through the world-class transaction facilities that the BSX provides."

Mr. James McKirdy, Chief Compliance Officer of the Bermuda Stock Exchange commented, "The Exchange is delighted to welcome the Bank of Butterfield's 8.00% Preference Shares to the official list of the BSX". 

He went on to say, "On behalf of the BSX team, I would like to congratulate the Bank of Butterfield on the successful completion of a complex deal in challenging market conditions.  The success of this transaction underscores the BSX's belief that when presented with an exciting investment opportunity, investors in the Bermuda domestic capital market will respond.  We are delighted to have been able to assist the Bank of Butterfield with this transaction and in addition are pleased with the strength of the Bermuda Bid" and the volume in the aftermarket."