The Bank of N.T. Butterfield & Son Limited (NTB) FWP Free writing prospectus

Free Writing ProspectusDated May 16, 2018Filed Pursuant to Rule 433Registration No. 333-224329

 The Bank of N.T. Butterfield & Son LimitedInvestor PresentationMay 2018 

 Disclaimer  This presentation has been prepared by us solely for informational purposes. This presentation has been prepared to assist interested parties in making their own evaluation of us and does not purport to contain all of the information that may be relevant. In all cases, interested parties should conduct their own investigation and analysis of us and the data set forth in this presentation and other information provided by or on behalf of us.This presentation does not constitute an offer to sell, nor a solicitation of an offer to buy, and of our securities by any person in any jurisdiction in which it is unlawful for such person to make such an offering or solicitation.Except as otherwise indicated this presentation speaks as of the date thereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in our affairs after the date hereof.Certain of the information contained herein may be derived from information provided by industry sources. We believe that such information is accurate and that the sources from which it has been obtained are reliable. We cannot guarantee the accuracy of such information, however, and have not independently verified such information.We have filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents we have filed with the SEC for more complete information about us and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it from Sandler O'Neill & Partners, L.P., 1251 Avenue of the Americas, New York, NY 10020, by telephone at (866) 805 4128; or from Wells Fargo Securities, LLC, 608 2nd Avenue South, Minneapolis, MN 55402, Attention: WFS Customer Service, by telephone at 1-800-645-3751, or by email at wfscustomerservice@wellsfargo.com.   

 Forward-Looking Statements and Non-GAAP Financial Measures  Forward-Looking Statements:Certain of the statements made in this presentation are “forward-looking statements” within the meaning and protections of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements with respect to our current beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause our actual results, performance, capital, ownership or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Our performance may vary due to a variety of factors, including worldwide economic conditions, success in business retention and obtaining new business and other factors. All statements other than statements of historical fact are statements that could be forward-looking statements. You can identify these forward-looking statements through our use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “point to,” “project,” “could,” “intend,” “target” and other similar words and expressions of the future.All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our Securities and Exchange Commission (“SEC”) reports and filings. Such reports are available upon request from the Bank, or from the SEC, including through the SEC’s Internet website at http://www.sec.gov. We have no obligation and do not undertake to update, revise or correct any of the forward-looking statements after the date hereof, or after the respective dates on which any such statements otherwise are made other than required by law. About Non-GAAP Financial Measures:This presentation contains non-GAAP financial measures including “core” net income and other financial measures presented on a “core” basis.  We believe such measures provide useful information to investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however, our non-GAAP financial measures have a number of limitations.  As such, investors should not view these disclosures as a substitute for results determined in accordance with GAAP, and they are not necessarily comparable to non-GAAP financial measures that other companies use. Reconciliations of these non-GAAP measures to corresponding GAAP financial measures are provided in the Appendix of this presentation.   

 Terms of the Proposed Offering  Bank of N.T. Butterfield & Son Ltd. (NYSE / NTB)  Issuer  Fixed-to-Floating Rate  Structure  Subordinated Notes  Security  $75.0 million  Amount  Basel III regulatory requirements for Tier 2 Capital as applied by the BMA  Covenants  Repay the outstanding 5.15% Series B subordinated notes due 2018, which will mature on May 27, 2018, and for other general corporate purposes, which may include the repayment of a portion of our other outstanding unsecured subordinated indebtedness   Use of Proceeds  10 years, non-call 5 years  Terms  Sandler O’Neill + Partners, L.P. & Wells Fargo Securities, LLC  Placement Agents  A3 (Moody’s) / BBB (S&P) / BBB- (Fitch)  Rating *  * A rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to revision or withdrawal at any time by the assigning rating organization. Each rating should be evaluated independently of any other rating. 

 Company Overview Investment Highlights  Leading Bank in Attractive Markets  Franchise retail banking presence in Bermuda and CaymanNamed Bermuda Bank of the Year for 5th consecutive year by The Banker$9.8bn deposit balance with 2018 Q1 average cost of 0.12%  Strong Capital Generation and Return  Core ROATCE of 24.3%¹Core ROATA of 1.7%¹  Efficient, Conservative Balance Sheet  40% Risk-Weighted Assets / Total Assets ratio41% Gross Customer Loans / Deposits59% Cash + Securities / Total AssetsNPAs / Assets of 0.50%  Visible Earnings  Fee income ratio of 32.7% Low-cost depositsFloating-rate loans and securities portfolio positioned to benefit from rising ratesAccretive acquisitions announced  Experienced Team with Deep Market Knowledge  Average of 27 years of relevant industry experienceCombined decades of familiarity in key specialized geographic markets  See the Appendix for a reconciliation of the non-GAAP measuresNote: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: S&P Global Market Intelligence and Company data  1  2  3  4  5 

 Leading Bank in Attractive Markets Market Operations   $11.0 bn  1.8 bn  4.5 bn  4.0 bn  9.8 bn  2018 Q1  2018 Q1  $44.2 mm  24.3%  1.7%  Key Balance Sheet Items  Key Operating Metrics   Total Assets   Cash & Cash Equivalents   Investments in Securities   Net Loans   Deposits   Net Income   Core ROATCE ²   Core ROATA ³  Financial Snapshot  Geographic Footprint Supports Expanding Trust Business¹  Locations based on where trusts are administered, rather than geography of client residenceCore ROATCE is a non-GAAP measure calculated as core earnings to common shareholders / average tangible common equity. See the Appendix for a reconciliation of the non-GAAP measuresCore ROATA is a non-GAAP measure calculated as core net income / average tangible assets. See the Appendix for a reconciliation of the non-GAAP measuresNote: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: S&P Global Market Intelligence and Company data  0.12%   Cost of Deposits  1  Awards  $10.8 bn  1.5 bn  4.7 bn  3.8 bn  9.5 bn  2017Y   2017Y  $153.3 mm  22.4%  1.5%  0.11% 

 Leading Bank in Attractive Markets Who We Are and What We Do   Cayman Islands  Bahamas  Business Line  Core Geographies  Clients  Focus Areas / Key Statistics  Banking  Wealth Management  Bermuda(54% of Group deposits¹,51% of Group loans²)  Cayman Islands(31% of Group deposits¹,25% of Group loans²)  Bermuda  Switzerland  Organic Growth Potential / Historically Attractive Returns / Limited Competition  Organic & Acquisition Growth Potential / Lower Capital Requirements  Industry Characteristics  Global deposits fund local mortgages$9.8bn deposits, $4.0bn net loans64% mortgages, 32% commercial loans³  Butterfield is Trustee: $95.4bn AUA4The trusts and beneficiaries require private banking and asset managementExpansion in Asia  Private trust clientsUltra-high net worth, multi-generational families from Europe, Asia, Latin America, and Middle East  Local residentsCaptive insurersHedge funds  Local residentsCaptive insurersMid-market reinsurers  Includes private banking deposits. Based on customer depositsBased on gross loans. Based on country in which loan was originatedCommercial loans include government loansAUA for trust only, does not include custody; US$ as of 31-Dec-2017Note: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: Company data    Singapore  Guernsey / Jersey  1 

 Leading Bank in Attractive Markets Bermuda and Cayman Islands  British Overseas Territories, English Common Law, UK Privy Council final court of appealAffluent resident population, no corporate or personal income taxFATCA / CRS tax transparency requires reporting on foreign nationals to 67 tax authorities, including US tax persons to the IRSThe Bermuda Monetary Authority (BMA) and the Cayman Islands Monetary Authority (CIMA) are primary financial services regulators  Global capital: Foreign currency deposits (primarily USD) held by local banks exceed 3x GDP in Bermuda and Cayman Islands  Global Reinsurance Market  Captive Insurance Domicile  Insurance Linked Securities Domicile  15 of the top 40 global reinsurers  800 captive insurers  70% of issuance and outstanding securities  Fund Domicile  Captive Insurance Domicile  International Financial Center  34% of hedge funds and 85% of offshore funds  360 captive insurers  40 of the world’s 50 largest banks  Bermuda  Cayman Islands  #2  #1  #1  #1  #2  Bermuda’s Insurance & Reinsurance Market¹  Cayman Islands’ Financial Services Market¹  Key Market Attributes  Real GDP Growth      Actual    Estimate  Sovereign Ratings as of 1-Nov-2016Source: SNL Financial, Association of Bermuda Insurers and Reinsurers, Bermuda Government, UN Department of Economic and Social Affairs Population Division, Butterfield Research, CIA World Fact Book, The Economist, Appleby, http://www.cayman.finance/2016/03/the-cayman-islands-a-guide-for-hedge-fund-managers/; Bermuda Risk Directory (http://www.brd.bm/about-bermuda/)  1 

 Leading Bank in Attractive Markets Award-Winning Trust Business  Very Large    Large    Boutique    Franchise      Private Client Trust focusDiversified Fee Players          Trustee feesFX feesCustody feesAsset management feesNII Deposits  Client’s Assets  Assets / Deposits  TrustRelationship  Legal Ownership  Pays Income and / or Capital  Administers &Manages  Beneficial Ownership  Trustee  Beneficiaries    Bank-owned trust company with over 70 years of experienceMulti-jurisdictional offering in English Common Law domicilesFiduciary expertise and service respected by key introducersRecognized as one of the leading trust companies in the world  Very Large    Large    Boutique    Franchise                /  Private Trust Overview  Private Trust Economics  Butterfield Value Proposition  Private Trust Landscape  1 

 Leading Bank in Attractive Markets First Quarter 2018 Highlights                vs. Q4 2017  vs. Q4 2017        vs. Q1 2017  vs. Q1 2017        (in millions of US$)    Q1 2018  Q1 2018    $  $    %    $  $    %    Net Interest Income    $  79.9    $  3.8    3.9  %  $  12.0    14.2  %  Non-Interest Income      39.8      (2.6  )  (1.2  )%    1.2    5.4  %  Prov. for Credit Losses      1.9      (3.4  )  (228.8  )%    1.6    (315.3  )%  Non-Interest Expenses²      (77.8  )    3.1    (2.2  )%    (6.6  )  (4.8  )%  Other Gains (Losses)      0.4      3.0    (11.6  )%    0.1    181.3  %  Net Income    $  44.2    $  3.9    9.8  %  $  8.3    23.3  %  Non-Core Items¹      0.8      (1.1  )  (128.6  )%    (1.8  )  (104.5  )%  Core Net Income¹    $  45.0    $  2.8    3.7  %  $  6.5    14.5  %  Net income of $44.2 million, or $0.79 per shareCore Net Income¹ of $45.0 million, or $0.81 per shareReturn on average common equity of 21.8%; core return on average tangible common equity¹ of 24.3% Net Interest Margin of 3.05%, cost of deposits of 0.12% Completed acquisition of Global Trust Solutions business from Deutsche BankAnnounced acquisition of Deutsche Bank's banking and custody business in the Cayman Islands and Channel IslandsCommon share dividend of $0.38 per share    2017  2018  2017  2018  Core Return on Average Tangible Common Equity¹  Core Net Income¹ ($ Millions)  See the Appendix for a reconciliation of the non-GAAP measureIncludes income taxesNote: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$  1 

 Leading Bank in Attractive Markets Historical Financial Profile  Historically growing, deposit-driven balance sheet, through organic and acquisition-based market share gains  Total Assets ($ Millions)  Gross Loans ($ Millions)  Total Customer Deposits ($ Millions)  Tangible Common Equity ($ Millions)  Note: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$  1 

 Leading Bank in Attractive Markets Strong Profitability  Core ROATA¹ (%)  Core ROATCE² (%)  Net Interest Margin (%)  Core Efficiency Ratio³ (%)  Core ROATA is a non-GAAP measure calculated as core net income / average tangible assets. See the Appendix for a reconciliation of the non-GAAP measuresCore ROATCE is a non-GAAP measure calculated as core net income attributable to common shareholders / average tangible common equity. See the Appendix for a reconciliation of the non-GAAP measuresCore efficiency ratio is a non-GAAP measure calculated as core non-interest expenses / (non-interest income + net interest income before provision for credit losses). See the Appendix for a reconciliation of the non-GAAP measuresNote: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: Company data  1 

 Strong Capital Generation and Return History of Excess Capital Generation   Pro forma for $75 million subordinated debt raise, assuming a 0.75% underwriting fee and 20% risk weighting on proceeds; Assumes payoff of $47 million of maturing subordinated debtNote: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: Company data  2  Profitability of business continues to strengthen capital ratios 

 Efficient, Conservative Balance Sheet Low Loans / Deposits and RWA / Assets   Peer Group includes: FRC, SIVB, EWBC, CFR, ASB, WTFC, CBSH, IBKC, UMBF, FHB, BOH, TRMK, IBOC, CBU, BPFH, FFIN, WABCNote: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: S&P Global Market Intelligence  Gross Loans / Deposits  Risk-Weighted Assets / Total Assets  Historically highly liquid, conservative and stable balance sheet compositionLower balance sheet leverage as compared to peers with significantly lower Risk-Weighted Asset density  3 

  Efficient, Conservative Balance Sheet Highly Rated, Liquid Portfolio   Investment Portfolio Composition  Investment Portfolio by Debt Rating  Securities Portfolio Duration  AFS Securities  Total Securities Portfolio  HTM Securities  Balance  Duration  $3.1bn  2.8 years  $1.5bn  6.1 years  $4.6bn    Composition of Interest Earning Assets  Note: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: Company data  3 

 Efficient, Conservative Balance Sheet Stable Portfolio, Attractive Characteristics  Loan Portfolio Stability¹  Residential Loan Market Characteristics  Commercial Loan Market  Total based on net loans, breakout based on gross loansNote: All information in US$billions as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: S&P Global Market Intelligence and Company data  3  Attractive Yields  2017 average yield of 5.19% on consumer loans, including residential mortgages          Rate Upside  93% of loans are floating          Historically Predictable Flows  High refinancing fees strongly disincentivize refinancing activity          Favorable Credit Risk Characteristics  Manual review by experienced underwritersHistorically conservative LTVsFull recourse in Bermuda and Cayman          Cultural Benefit  Real estate represents important source of savings for most families in Bermuda  Favorable Credit Risk Characteristics  Personal recourse on non-RE lendingCurrent loan origination standards below 65% LTV          Historically Stable Loan Structures  Long-term leases (>7 years WAL) mitigate risks of industry consolidation and turnover 

  Efficient, Conservative Balance Sheet Diversified Loan Portfolio  $4.0bn1  $2.5bn  $4.0bn1  Loan Composition by Type  Loan Composition by Geography  Residential Loan Composition by LTV Band²  Total based on net loans, breakout based on gross loansLTV data as of 31-Dec-2017Note: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: Company data  3 

 Efficient, Conservative Balance Sheet Strong Asset Quality  $42mm  NPAs¹ / Total Assets  Non Accrual Loans by Type  Net Charge-Off Ratio²  Reserves / Nonperforming Loans  Nonperforming assets defined as gross non-accrual loans - specific allowance for credit losses on non-accrual loans + accruing loans past due 90 days + other real estate ownedThe Net Charge-Off ratio is calculated as net charge-off expense / average total loans. Average total loans is calculated as the average of the month-end asset balances during the relevant periodNote: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: S&P Global Market Intelligence  3 

 Efficient, Conservative Balance Sheet Low Cost Deposits  Historically Growing Customer Deposit Base  Historically Low Cost of Deposits  Note: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: S&P Global Market Intelligence  Cost of Deposits  3 

 Visible Earnings Visible Fee and Balance Sheet Revenue  $159mm¹  Fee Income ($mm)  Visible & Diversified Sources of Fee Income  2018 Q1 fee income annualizedNote: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$  4  Earning Assets & Net Interest Margin  Yield on Loans  Net Interest Margin  Yield onSecurities  High yielding interest earning assets, with upward trending yields, paired with low costing interest bearing liabilities  Cost of Deposits 

 Visible Earnings NIM Increase Driven by Long-term US Treasury Yields  2016 to 2017 Highlights  Net Interest Margin  NIM increased by 28 basis points to 273 basis points compared to 245 basis points in 2016, and the cost of funding declined by 1 basis point to 11 basis points. The primary driver of the increase in NIM was an increase in investment portfolio yields by 27 basis points to 222 basis points due to an average increase in the long-term yield of US Treasury debt over the year, which was reflected in our portfolio due to the high proportion of our portfolio in adjustable-rate securities. This was augmented by an increase in the yield on our loans due to base rate increases in certain jurisdictions.   Source: Company data  4 

 Visible Earnings Interest Coverage Ratio  Assumes a $75 million subordinated debt raise and a 4.750% coupon rate3 Month LIBOR as of 15-May-2018 for the floating rate of 2.000% + 3 Month LIBOR on the $47 million of subordinated debt which will mature on May 27, 2018Note: All information in US$ as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: S&P Global Market Intelligence  4 

 Experienced Team with Deep Market Knowledge Leadership Team   Michael CollinsChairman &Chief Executive Officer  55  Michael SchrumChief Financial Officer  Daniel FrumkinChief Operating Officer  49  53  Age  Background  30+  20+  30+  Experience  Joined Butterfield in 2009Formerly COO at HSBC Bermuda  Joined Butterfield in 2015Formerly CFO at HSBC Bermuda  Joined Butterfield in 2010Formerly CRO of Retail Banking at RBS  Title  Year Joined  Age  General Counsel & Group Chief Legal Officer   58  2012  Andrew Burns  Sian Dalrymple  Group Head of Compliance  54  2017  Shaun Morris  Group Head of Internal Audit  39  2007  Elizabeth Bauman  Group Head of Human Resources  57  2015  Experience  30  25  17  25  5  Source: Company data 

 Company Overview Potential Growth Opportunities    Organic  Macro  Strategic  Acquisitions Completed to Date  Net Interest IncomeBML loan growthDeployment of depositsFee IncomeFee pricing reviewsExpense ReductionStrengthen compliance and regulatory modelExpand Halifax centerInvest in IT infrastructure and cyber securityCost discipline – contractors / vendorsCapital ActionsTactical share repurchase programIssue replacement subordinated debtIncrease dividend to maintain pay-out ratio  Strong Pipeline  Geography  Size  Financial  Bermuda  Cayman  Apr-2016  Nov-2014  Apr-2014  Organic Initiatives Underway  Net Interest Income Sensitivity  Acquisition Criteria  Mar-2018  GTS  Peer Group includes: FRC, SIVB, EWBC, CFR, ASB, WTFC, CBSH, IBKC, UMBF, FHB, BOH, TRMK, IBOC, CBU, BPFH, FFIN, WABCSource: S&P Global Market Intelligence 

 Company Overview Recap  Leading Bank in Attractive Markets  Strong Capital Generation and Return  Efficient, Conservative Balance Sheet  Visible Earnings  Experienced Team with Deep Market Knowledge  1  2  3  4  5  Thank You – Q&A 

 Appendix 

 Appendix Risk Management   Source: Company data  Board of Directors  Executive Management  Audit Committee  Reviews the overall adequacy and effectiveness of the Group's system of internal controls and the control environment.  Group Asset and Liability Committee ("GALCO")  Chaired by the Chief Financial Officer and is responsible for liquidity, interest rate and exchange rate risk management and other balance sheet issues  Oversees the Group's risk profile and its performance against approved risk appetites and tolerance thresholds.  Risk Policy and Compliance Committee (“RPC”)  Provisions and Impairments Committee   Chaired by the Chief Risk Officer and is responsible for approving significant provisions and other impairment charges.  Group Credit Committee ("GCC")   Chaired by the Chief Risk Officer and is responsible for a broad range of activities relating to the monitoring, evaluation and management of credit risks assumed across the Group at both transaction and portfolio levels  Group Risk Committee ("GRC")   Chaired by the Chief Risk Officer and provides a forum for the strategic assessment of risks assumed across the Group as a whole  Organizational structure supports comprehensive management of Financial services risks  

 Appendix Non-GAAP Reconciliation ($ Millions)  (in millions of US Dollars, unless otherwise indicated)    2018  2018      2017  2017                          Q1  Q1      Q4  Q4    Q3  Q3    Q2  Q2    Q1  Q1    Net income  A  $  44.2      $  40.3    $  41.1    $  36.1    $  35.9    Dividends and guarantee fee of preference shares      —        —      —      —      —    Premium paid on repurchase of preference shares  B    —        —      —      —      —    Net income to common shareholders  C    44.2        40.3      41.1      36.1      35.9    Non-core (gains), losses and expenses                                    Non-core (gains) losses                                    Gain on disposal of a pass-through note investment (formerly a SIV)      (0.9  )      —      (2.5  )    —      (0.1  )  Impairment of and gain on disposal of fixed assets (including software)      —        —      —      —      —    Change in unrealized (gains) losses on certain investments      —        —      —      —      —    Adjustment to holdback payable for a previous business acquisition      —        —      0.1      —      0.1    Total non-core (gains) losses  D  $  (0.9  )    $  —    $  (2.4  )  $  —    $  —    Non-core expenses                                    Early retirement program, redundancies and other non-core compensation costs      —        —      0.1      0.1      —    Tax compliance review costs      0.1        0.6      0.4      0.7      0.2    Provision in connection with ongoing tax compliance review      —        —      —      —      —    Business acquisition costs      1.6        1.0      1.1      —      —    Restructuring charges and related professional service fees      —        0.3      0.4      0.6      0.4    Investigation of an international stock exchange listing costs      —        —      —      —      —    Cost of 2010 legacy option plan vesting and related payroll taxes      —        —      —      —      —    Secondary offering costs      —        —      —      —      2.0    Total non-core expenses  E  $  1.7      $  1.9    $  2.0    $  1.4    $  2.6    Total non-core (gains), losses and expenses  F=D+E    0.8        1.9      (0.4  )    1.4      2.6    Core net income  G=A+F  $  45.0      $  42.2    $  40.7    $  37.5    $  38.5    Core net income attributable to common shareholders  H=C-B+F    45.0        42.2      40.7      37.5      38.5    Average shareholders' equity      820.7        809.6      788.9      759.2      729.3    Less: average preference shareholders' equity      —        —      —      —      —    Average common equity  I    820.7        809.6      788.9      759.2      729.3    Less: average goodwill and intangible assets      (68.4  )      (60.9  )    (61.3  )    (61.6  )    (61.7  )  Average tangible common equity  J    752.3        748.7      727.6      697.6      667.6    Return on equity  C/I    21.8  %      19.7  %    20.7  %    19.0  %    19.9  %  Core return on average tangible common equity  H/J    24.3  %      22.3  %    22.2  %    21.6  %    23.4  %  Core earnings per common share fully diluted                                    Adjusted weighted average number of diluted common shares (in thousands)  K    55.8        55.6      55.5      55.6      55.2    Earnings per common share fully diluted  C/K    0.79        0.72      0.74      0.65      0.65    Non-core items per share  (F-B)/K    0.02        0.04      (0.01  )    0.02      0.05    Core earnings per common share fully diluted      0.81        0.76      0.73      0.67      0.70    Note: All information in US$millions and as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: Company data 

 Appendix Non-GAAP Reconciliation ($ Millions) (cont’d)  (in millions of US Dollars, unless otherwise indicated)    2018  2018      2017  2017                          Q1  Q1      Q4  Q4    Q3  Q3    Q2  Q2    Q1  Q1    Core return on average tangible assets                                    Total average assets  L  $  10,970.9      $  10,851.0    $  10,744.8    $  10,981.8    $  10,982.6    Less: average goodwill and intangible assets      (68.4  )      (60.9  )    (61.3  )    (61.6  )    (61.7  )  Average tangible assets  M  $  10,902.5      $  10,790.1    $  10,683.5    $  10,920.2    $  10,920.8    Return on average assets  A/L    1.6  %      1.5  %    1.5  %    1.3  %    1.3  %  Core return on average tangible assets  G/M    1.7  %      1.6  %    1.5  %    1.4  %    1.5  %  Tangible equity to tangible assets                                    Shareholders' equity    $  824.2      $  822.9    $  802.4    $  769.9    $  741.0    Less: goodwill and intangible assets      (90.9  )      (60.6  )    (61.4  )    (61.5  )    (61.4  )  Tangible total equity  N    733.4        762.3      741.0      708.4      679.6    Less: preference shareholders' equity      —        —      —      —      —    Tangible common equity  O    733.4        762.3      741.0      708.4      679.6    Total assets      10,988.2        10,779.2      10,578.4      10,678.7      10,943.6    Less: goodwill and intangible assets      (90.9  )      (60.6  )    (61.4  )    (61.5  )    (61.4  )  Tangible assets  P  $  10,897.4      $  10,718.6    $  10,517.0    $  10,617.2    $  10,882.2    Tangible common equity to tangible assets  O/P    6.7  %      7.1  %    7.0  %    6.7  %    6.2  %  Tangible total equity to tangible assets  N/P    6.7  %      7.1  %    7.0  %    6.7  %    6.2  %  Efficiency ratio                                    Non-interest expenses    $  77.4      $  80.4    $  73.6    $  75.3    $  71.0    Less: Amortization of intangibles      (1.1  )      (1.1  )    (1.0  )    (1.1  )    (1.0  )  Non-interest expenses before amortization of intangibles  Q    76.3        79.3      72.6      74.2      70.0    Non-interest income      39.8        42.4      38.2      38.7      38.5    Net interest income before provision for credit losses      79.9        76.1      74.3      71.5      67.9    Net revenue before provision for credit losses and other gains/losses  R  $  119.7      $  118.4    $  112.5    $  110.2    $  106.4    Efficiency ratio  Q/R    63.8  %      67.0  %    64.5  %    67.4  %    65.7  %  Core efficiency ratio                                    Non-interest expenses    $  77.4      $  80.4    $  73.6    $  75.3    $  71.0    Less: non-core expenses  (E)    (1.7  )      (1.9  )    (2.0  )    (1.4  )    (2.6  )  Less: amortization of intangibles      (1.1  )      (1.1  )    (1.0  )    (1.1  )    (1.0  )  Core non-interest expenses before amortization of intangibles  S    74.6        77.4      70.6      72.8      67.4    Net revenue before provision for credit losses and other gains/losses  T    119.7        118.4      112.5      110.2      106.4    Core efficiency ratio  S/T    62.3  %      65.4  %    62.8  %    66.1  %    63.2  %  Note: All information in US$millions as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: Company data 

 Appendix Balance Sheet Trends ($ Millions)    2018  2018        2017  2017                          2016  2016                        Q1  Q1        Q4  Q4    Q3  Q3    Q2  Q2    Q1  Q1        Q4  Q4    Q3  Q3    Q2  Q2    Q1  Q1    Assets ��                                                              Cash & Equivalents  $  1,846        $  1,535    $  1,546    $  1,720    $  1,867        $  2,102    $  1,485    $  2,655    $  1,774    Reverse Repos    198          179      210      184      63          149      186      —      —    S/T Investments    100          250      208      294      542          520      995      436      425    Investments    4,512          4,706      4,613      4,558      4,549          4,400      4,114      3,870      3,679    Loans, Net    3,957          3,777      3,664      3,588      3,573          3,570      3,836      3,904      3,953    Other Assets    376          332      338      335      350          363      363      422      355    Total Assets  $  10,988        $  10,779    $  10,578    $  10,679    $  10,944        $  11,104    $  10,979    $  11,287    $  10,186                                                                    Liabilities and Equity                                                                Total Deposits  $  9,754        $  9,536    $  9,407    $  9,479    $  9,849        $  10,034    $  9,667    $  10,091    $  8,939    Long-Term Debt    117          117      117      117      117          117      117      117      117    Other Liabilities    293          303      252      313      236          242      230      263      343    Total Liabilities  $  10,164        $  9,956    $  9,776    $  9,909    $  10,203        $  10,393    $  10,014    $  10,471    $  9,399                                                                    Common Equity  $  824        $  823    $  802    $  770    $  741        $  711    $  782    $  633    $  604    Preferred Equity    —          —      —      —      —          —      183      183      183    Total Equity  $  824        $  823    $  802    $  770    $  741        $  711    $  965    $  816    $  787                                                                    Total Liabilities and Equity  $  10,988        $  10,779    $  10,578    $  10,679    $  10,944        $  11,104    $  10,979    $  11,287    $  10,186                                                                    Key Metrics                                                                TCE / TA    6.7  %        7.1  %    7.0  %    6.7  %    6.2  %        5.9  %    6.6  %    5.0  %    5.5  %  CET 1 Ratio    17.6  %        18.2  %    17.8  %    17.0  %    15.8  %        15.3  %    16.1  %    12.3  %    12.4  %  Total Tier 1 Capital Ratio    17.6  %        18.2  %    17.8  %    17.0  %    15.8  %        15.3  %    20.5  %    16.5  %    16.4  %  Total Capital Ratio    19.2  %        19.9  %    19.9  %    19.1  %    17.9  %        17.6  %    22.9  %    18.9  %    18.7  %  Note: All information in US$millions as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: Company data 

 Appendix Income Statement Trends ($ Millions)    2018  2018        2017  2017                          2016  2016                        Q1  Q1        Q4  Q4    Q3  Q3    Q2  Q2    Q1  Q1        Q4  Q4    Q3  Q3    Q2  Q2    Q1  Q1    Net Interest Income  $  79.9        $  76.1    $  74.3    $  71.5    $  67.9        $  66.8    $  65.0    $  64.3    $  62.3    Non-Interest Income    39.8          42.4      38.2      38.7      38.5          38.8      36.3      37.9      34.5    Prov. for Credit Recovery (Losses)    1.9          5.4      0.7      (0.5  )    0.3          0.9      (0.3  )    (5.3  )    0.3    Non-Interest Expenses    77.8          80.8      73.8      75.6      71.2          71.9      77.5      67.0      70.2    Other Gains (Losses)    0.4          (2.7  )    1.8      2.0      0.2          0.8      0.6      (0.2  )    (0.2  )  Net Income  $  44.2        $  40.3    $  41.1    $  36.1    $  35.9        $  35.4    $  24.0    $  29.8    $  26.8    Non-Core Items ¹  $  0.8        $  1.9    $  (0.4  )  $  1.4    $  2.6        $  1.7    $  9.4    $  2.3    $  9.2    Core Net Income  $  45.0        $  42.2    $  40.7    $  37.5    $  38.5        $  37.1    $  33.4    $  32.1    $  36.0                                                                    Key Metrics                                                                Loan Yield    5.31  %        5.23  %    5.16  %    5.11  %    4.90  %        4.92  %    4.75  %    4.72  %    4.74  %  Securities Yield    2.54          2.27      2.22      2.20      2.17          1.98      1.91      1.87      2.07    Cost of deposits    0.12          0.12      0.10      0.11      0.11          0.10      0.11      0.12      0.15    Net Interest Margin    3.05          2.87      2.81      2.66      2.58          2.45      2.39      2.44      2.54    Core Efficiency Ratio ¹    62.3          65.4      62.8      66.1      63.2          65.6      65.3      61.8      62.5    Core ROATCE ¹    24.3          22.3      22.2      21.6      23.4          19.3      19.0      20.1      23.7    Fee Income Ratio    32.7          34.2      33.8      35.3      36.1          36.4      35.9      39.1      35.5    Fully Diluted Share Count (in millions of common shares)    55.8          55.6      55.5      55.6      55.2          54.7      49.0      47.3      47.4    Includes non-service employee benefitsNote: All information in US$millions and as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: Company data 

 Appendix Non-Interest Income & Expense Trends    2018  2018        2017  2017                          2016  2016                        Q1  Q1        Q4  Q4    Q3  Q3    Q2  Q2    Q1  Q1        Q4  Q4    Q3  Q3    Q2  Q2    Q1  Q1    Non-Interest Income                                                                Trust  $  10.9        $  11.3    $  10.9    $  11.3    $  11.4        $  11.5    $  11.6    $  10.8    $  10.1    Asset Management    6.4          6.6      6.3      5.9      5.8          6.0      5.6      5.3      4.2    Banking    10.9          12.0      10.8      10.9      10.0          11.0      9.7      10.0      8.7    FX Revenue    8.2          8.8      7.6      7.5      8.3          7.4      6.5      8.4      8.3    Custody & Other Admin.    2.2          2.2      2.0      1.9      2.0          2.0      2.3      2.3      2.2    Other    1.2          1.4      0.5      1.1      0.9          0.9      0.6      1.0      1.0    Total Non-Interest Income  $  39.8        $  42.4    $  38.2    $  38.7    $  38.5        $  38.8    $  36.3    $  37.9    $  34.5                                                                    Non-Interest Expense                                                                Salaries & Benefits¹  $  37.0        $  42.4    $  37.4    $  37.4    $  36.0        $  34.2    $  42.4    $  32.2    $  31.2    Technology & Comm.    14.7          14.4      13.2      13.4      12.9          14.5      14.4      14.1      14.5    Property    5.1          4.5      5.1      5.4      4.9          5.5      5.4      5.1      5.0    Professional & O/S Services    9.7          8.0      6.9      6.1      6.2          5.4      4.1      5.4      4.1    Indirect Taxes    4.9          4.7      4.6      4.5      4.2          4.7      4.2      2.8      4.6    Intangible Amortization    1.1          1.1      1.0      1.1      1.0          1.0      1.2      1.3      1.1    Marketing    0.9          1.5      0.9      2.4      1.0          1.7      0.9      1.0      0.9    Restructuring    —          0.3      0.4      0.6      0.4          0.5      0.6      0.7      4.5    Other    3.9          3.5      4.0      4.5      4.3          4.4      4.4      4.2      4.0    Total Non-Interest Expense  $  77.4        $  80.4    $  73.6    $  75.3    $  71.0        $  71.9    $  77.3    $  66.7    $  69.9    Income Taxes    0.4          0.5      0.2      0.3      0.2          —      0.2      0.2      0.3    Total Expense incld. Taxes  $  77.8        $  80.8    $  73.8    $  75.6    $  71.2        $  71.9    $  77.5    $  67.0    $  70.2    Includes non-service employee benefitsNote: All information in US$millions as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: Company data 

 Appendix Core Non-Interest Expense Trends    2018  2018        2017  2017                          2016  2016                        Q1  Q1        Q4  Q4    Q3  Q3    Q2  Q2    Q1  Q1        Q4  Q4    Q3  Q3    Q2  Q2    Q1  Q1    Salaries & Benefits¹  $  37.0        $  42.2    $  37.2    $  37.1    $  35.9        $  34.0    $  33.6    $  31.5    $  29.6    Technology & Comm.    14.6          14.3      13.1      13.3      12.8          14.4      14.2      13.8      13.9    Property    5.1          4.5      5.1      5.3      4.9          5.5      5.3      5.0      5.0    Professional & O/S Services    8.1          6.7      5.6      5.7      4.3          5.4      3.9      4.8      3.0    Indirect Taxes    4.9          4.7      4.6      4.5      4.3          3.9      3.9      2.8      4.6    Intangible Amortization    1.1          1.1      1.0      1.1      1.0          1.0      1.2      1.3      1.1    Marketing    0.9          1.5      0.9      2.4      1.0          1.7      0.9      1.0      0.9    Other    3.9          3.5      4.0      4.5      4.2          4.3      4.3      4.2      3.4    Total Core Non-Interest Expense  $  75.6        $  78.5    $  71.6    $  73.9    $  68.4        $  70.2    $  67.3    $  64.4    $  61.5    Income Taxes    0.4          0.5      0.2      0.3      0.2          —      0.2      0.2      0.3    Total Core Expense incld. Taxes  $  76.0        $  78.9    $  71.8    $  74.2    $  68.6        $  70.2    $  67.5    $  64.6    $  61.8    Includes non-service employee benefitsNote: All information in US$millions as of 31-Mar-2018 unless noted otherwise. Conversion rate: 1 BMD$ = 1 US$Source: Company data