Butterfield Funds Announce Director Resignation

Hamilton, Bermuda ─ 25 August 2009 - In a filing, dated 17 August, 2009, to the Bermuda Stock Exchange (BSX), Butterfield Trust (Bermuda) Limited announced the resignation, effective 20 July, 2009, of Mr Ian Coulman as Director from the Butterfield Group family of mutual funds.

Additionally, the BSX was notified that Mr Curtis Dickinson would step up to the role of President and Mrs Sheila Brown would step up to the role of Vice President for the affected Funds. The affected Funds are:

1.    Butterfield Bermuda Fund Limited

2.    Butterfield Capital Appreciation Fund Limited

3.    Butterfield Liquid Reserve Fund Limited

4.    Butterfield Money Market Fund Limited

5.    Butterfield Select Fund Limited

6.    Butterfield Select Invest Fund Limited

7.    Butterfield Systematic Equity Fund Limited

8.    Butterfield US$ Bond Fund Limited

Notes:

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 Butterfield 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.  Butterfield's share price is published daily in The Royal Gazette (www.theroyalgazette.com) and is also available on Bloomberg Financial Markets (symbol: NTB.BH) and the Bermuda Stock Exchange website (www.bsx.com).  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: mark.johnson@bm.butterfieldgroup.com

Stuart Roberts     

Senior Communications Specialist

The Bank of N.T. Butterfield & Son Limited

Phone: (441) 298 4610

Cellular: (441) 524 2057

Fax: (441) 295 3878