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Bank of Butterfield Shareholders Approve €˜Poison Pill' Rights Plan in Annual General Meeting

07 7 1999

Hamilton, Bermuda, 7th October, 1999. At the Annual General Meeting of the Bank today, shareholders approved the implementation of a poison pill rights plan designed to force a potential acquirer of 15% or more of the Bank's shares to negotiate with the Board of Directors, thereby enabling the Directors to seek a fair price.

Dr. James King, Chairman of the Board of Directors, said "We are pleased with the shareholders' overwhelming support for this prudent step". The Bank is being advised by Lehman Brothers.

Shareholders also approved the annual financial statements for the year to 30th June 1999 and the re-election of five directors who were due to retire by rotation, namely Ms. Sheila Manderson and Dr. Stanley Ratteray, and Messrs. Michael Butt, Roderick Ferguson and Robert Mulderig.