The Bank of N.T. Butterfield & Son Limited Announces Pricing of Initial Public Offering

Hamilton, Bermuda and New York, NY—15 September 2016: In a filing with The Bermuda Stock Exchange (“BSX”), The Bank of N.T. Butterfield & Son Limited (“Butterfield”) (BSX: NTB.BH), announced today the pricing of its US initial public offering (“IPO”) of 10,638,298 of its voting ordinary shares (“Common Shares”) at a price to the public of $23.50 per share.

Butterfield is selling 5,957,447 Common Shares, with expected net proceeds of approximately $127 million to be used for general corporate purposes. In addition, certain selling shareholders (“Selling Shareholders”) in the offering are selling 4,680,851 Common Shares for approximately $110 million. Certain of the Selling Shareholders have granted the underwriters a 30-day option to purchase an additional 1,595,744 shares at the initial public offering price, less underwriting discounts and commissions. The shares are expected to begin trading on 16 September 2016 on the New York Stock Exchange under the ticker symbol “NTB.”

The offering is expected to close on or about 21 September 2016, subject to customary closing conditions.

Goldman, Sachs & Co., Citigroup and Sandler O’Neill & Partners are acting as the joint book-running managers, and Keefe, Bruyette & Woods, Raymond James and Wells Fargo Securities are acting as co-managers for the offering.

This offering is being made only by means of a prospectus. A copy of the final prospectus may be obtained from Goldman, Sachs & Co., Attention: Prospectus Department, 200 West Street, New York, NY 10282, or by telephone at (866) 471 2526, or by e-mail at prospectus-ny@ny.email.gs.com, from Citigroup, c/o: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (800) 831 9146, or by e-mail at prospectus@citi.com, or from Sandler O’Neill & Partners, L.P., 1251 Avenue of the Americas, New York, NY 10020, or by telephone at (866) 805 4128.

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