*** FOR IMMEDIATE RELEASE ***
BUTTERFIELD STRENGTHENS CAPITAL POSITION
The Carlyle Group, Canadian Imperial Bank of Commerce and Other Institutions Complete $550 Million Equity
Shareholders to Receive Rights to Buy $130 Million of New Common Shares
Bradford Kopp Succeeds Alan Thompson as President and Chief Executive Officer
Bank Reports $213 Million Loss for 2009
Hamilton, Bermuda – 2 March 2010: The Bank of N.T. Butterfield & Son Limited (“Butterfield” or the “Bank”)
announced today that funds affiliated with The Carlyle Group (“Carlyle”), Canadian Imperial Bank of Commerce
(“CIBC”) and other institutional investors have invested $550 million in new Butterfield equity. Other investors
include the Wellcome Trust, The Bermuda Government Pension Funds, Julian Robertson, and Goshen
Investments, LLC. As part of the transaction, existing Butterfield shareholders will have the right to participate
in a rights offering, proceeds of which will be used to buy back some of the newly issued shares.
The new equity capital is part of a comprehensive plan to increase capital and remove risk from the Bank’s
balance sheet. In addition, the new capital provides flexibility to restructure Butterfield’s investment portfolio,
decrease volatility in the Balance Sheet, and maintain capital ratios well in excess of regulatory requirements.
The transaction closed 2 March 2010.
Butterfield also announced that Bradford Kopp, most recently Executive Vice President and Chief Financial
Officer, has been appointed President, Chief Executive Officer and Director, succeeding Alan Thompson, who
has retired from the Bank.
Butterfield today reported an audited net loss for the full year ended 31 December 2009 of $213.4 million, or
$2.34 per fully diluted share, compared to audited net income of $4.8 million, or $0.05 per fully diluted share, in
2008. These losses resulted fro