Butterfield To Acquire Legis Trust Business

Hamilton, Bermuda – 13 January, 2014 – The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”; Ticker: NTB.BH) today announced that it has reached agreement in principle with Legis Group Holdings Limited (“Legis Group”) to acquire Legis Group’s Guernsey-based trust and corporate services business, subject to regulatory and other approvals. The acquisition is expected to be completed during the first quarter of 2014.

Legis Group’s trust and corporate services business provides trust and company administration services to private clients and institutions. Butterfield also provides a wide range of trust and fiduciary services in Guernsey, as well as private client, institutional custody and administered banking services.

Bob Moore, Executive Vice President & Head of Group Trust at Butterfield said, “Legis is a high quality, well-managed trust business with highly-qualified employees who are respected within the industry for their expertise and professionalism. We are very pleased to have them join the Butterfield team.

“The acquisition of Legis Group’s Guernsey trust operation adds further scale to Butterfield’s international trust business, and adds to the strength and depth of our specialist trust team internationally.”

Brendan McDonagh, Butterfield’s Chairman & Chief Executive Officer said, “The Legis Group’s fiduciary client base is an excellent complement to Butterfield’s existing book of fiduciary and administration business. This acquisition fits with our strategy to continue to enhance our core businesses in existing markets as a means to build shareholder value. It is Butterfield’s first acquisition since 2007 and a transaction that we are able to enter into as a result of the diligent management of capital that has been our focus for the last several years, which has strengthened our profitability and created a platform for growth.”

Stuart Platt-Ransom, Chairman & Chief Executive Officer of the Legis Group said that Legis had itself considered different ways to respond to the increasing complexity of private client structuring from a single jurisdiction, including growth through acquisition, and had concluded that the sale to Butterfield was the best option for achieving this.

He said, “This is good news for Legis’ trust clients and the employees who serve them. Butterfield has more than 70 years of experience in offshore trust administration and a first-class reputation in the industry. Butterfield shares our philosophy of relationship-led services and the scope and scale of the combined operations of Legis and Butterfield will provide significant benefits to clients.

“These will include a broader suite of fiduciary solutions, additional resources and multi-jurisdictional service delivery, positioning Butterfield as the premier partner in fiduciary services meeting the needs both of private clients and institutions. Our clients will continue to deal with their familiar Legis contacts.”

Butterfield Group’s trust network comprises five separately incorporated trust companies in key financial jurisdictions: The Bahamas, Bermuda, the Cayman Islands, Guernsey and Switzerland. In addition, Butterfield provides private banking and asset management services in London and a full range of community banking and wealth management services in Bermuda and the Cayman Islands.

The Legis Group has been established for more than 30 years and was acquired by the management team in 2011. It will now focus its energies on reinforcing and further growing its fund administration and tax advisory services from its headquarters in Guernsey, where it continues to employ more than 50 people.

“We have considerable experience and expertise within our professional funds and tax teams and we enjoy an enviable reputation in our chosen markets. We are excited at the prospect of taking the business from strength to strength,” said Mr. Platt-Ransom.

Notes to Editors:

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 and the Cayman Islands, encompassing retail and corporate banking and treasury activities. Butterfield also provides private banking, asset management and personal trust services from its headquarters in Bermuda and subsidiary offices in the Cayman Islands, Guernsey and the United Kingdom. In Switzerland and The Bahamas, Butterfield provides personal trust and company 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: www.butterfieldgroup.com

About Legis Group:

Headquartered in Guernsey, with clients in over 50 countries, the Legis Group provides intelligent, thoughtful solutions that come from decades of experience providing multi-jurisdictional fund, corporate and trust structuring as well as expert administrative, tax advisory and compliance support services, to institutional and private clients. Legis Group employs over 90 members of staff, many with qualifications in the fields of accountancy, investment, company secretarial, fiduciary, tax and compliance services. Originally set up in 1979 by partners of Ozannes law firm, the Legis Group has grown from strength to strength, positioning itself as a market leader and best of breed independent. In March 2011, the Legis Group management team acquired the business alongside an investment from Bailiwick Investments Limited.

Further details on Legis Group can be obtained from: www.legisgroup.com

Media Relations Contacts:

Butterfield:

Mark Johnson

Vice President, Communications, Brand & Public Affairs

The Bank of N.T. Butterfield & Son Limited

Phone: (441) 299 1624

E-mail: mark.johnson@butterfieldgroup.com

Legis Group:

Steve Falla, FCIPR

Managing Director

Orchard PR

Phone: 01481 240600

E-mail : steve@orchardpr.com