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Butterfield Announces Board Changes

Hamilton, Bermuda–23 September 2014: The Bank of N.T. Butterfield & Son Limited (“Butterfield”) today announced that Shawn Beber has joined its Board as a non-executive Director.

Mr. Beber was nominated for appointment to the Board by Canadian Imperial Bank of Commerce (“CIBC”) to replace Victor Dodig, as one of its two representatives on Butterfield’s 10-member Board.

Mr. Dodig resigned from the Board on 10 September 2014 in advance of his appointment to the post of President and Chief Executive Officer of CIBC. Mr. Beber was elected to the Butterfield Board on 15 September 2014.

Mr. Beber is Senior Vice President, Strategy and Corporate Development at CIBC. He has over 15 years’ experience as a corporate investor and lawyer. Before joining CIBC’s Strategy and Corporate Development group, Mr. Beber was a member of CIBC’s merchant banking team, and prior to that, he was a member of CIBC Legal Division, where he advised the merchant banking group on various private equity and debt transactions. Prior to joining CIBC, Mr. Beber practiced corporate law at a leading Canadian law firm.

Mr. Beber is a graduate of the combined MBA/LLB programme at the University of Toronto and holds a Bachelor of Arts from the University of Western Ontario. He is a member of the Law Society of Upper Canada.

Brendan McDonagh, Butterfield’s Chairman and Chief Executive Officer welcomed Mr. Beber to the Board, saying “With his extensive experience in merchant banking and corporate law, Shawn brings to Butterfield’s Board a depth of corporate development and investment expertise covering a wide range of industries. We are pleased to have him join us as a Director, and I am confident that the Board will benefit from his perspective and knowledge as we seek to continue to build value in the Butterfield franchise. “I would like to take this opportunity to thank Victor for his many contributions to Butterfield as a member of the Board over the last three years, and to congratulate him on his promotion to Chief Executive Officer at CIBC.”

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