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Bank Of Butterfield Shareholders Vote In Favour Of 60/40 Exemption

25 June 2001

Hamilton, Bermuda: 25 June 2001 - Last Friday afternoon the Bank's shareholders voted overwhelmingly in favour of the amendments required to the Bank's bye-laws to enable the Bank to enjoy the licence recently granted by Bermuda's Minister of Finance exempting the Bank from the rule that it must be 60% Bermudian-owned. At the same meeting authority was granted to the Directors to buy back small shareholdings under ten shares and fractions, so that going forward there will be no fractions on the Register and the minimum holding will be ten shares.

Note to Editors: Bank of Butterfield is a publicly traded corporation with its shares listed on the Bermuda and Cayman Islands stock exchanges. The Bank's share price is published daily in The Royal Gazette and is also available on Bloomberg Financial Markets (symbol: NTB.BH) and The Bermuda Stock Exchange web site: www.bsx.com. Further details on the Bank can be obtained from its web site at: www.bankofbutterfield.com.