Money Market Fund: USD Class Quarter 4 2020

Fund Review Butterfield Asset Management Limited

Objective Average annual compound returns (Class A & B)

To seek as high an overall rate of return as is 1 year 3 years 5 years 7 years 10 years consistent with maintaining liquidity and security 0.41% 1.28% 0.97% 0.70% 0.49% of principal. Class A Class B 0.47% 1.37% 1.04% 0.75% 0.55%

Investment policy To invest in a range of US dollar-denominated 7-day yield (31 December 2020) money market instruments, the issuers of which 0.03% will have first-class credit ratings. Instruments Class A will consist of cash equivalents and a range of Class B 0.03% debt securities.

Fund review Investment process The main event of the fourth quarter was the U.S. presidential elections which resulted in Biden Seek out short-term, high quality money market defeating Trump to become the President-elect. Trump then spent the remainder of the year instruments that offer attractive spreads on a unsuccessfully trying to find every legal loophole and use any excuse to nullify votes and change the LIBOR basis. outcome. The other ongoing theme for 2020 was the coronavirus and its worldwide impact. The fourth quarter brought hope as announcements were made that effective vaccinations had been produced and could begin distribution in December. While those most vulnerable like the elderly and front-line Key facts as at 31 December 2020 workers would be given access first, the goal was to have enough vaccines for everybody who wanted to receive one available during 2021. This new development could not save the damage done in 2020 Currency USD but it does mean that a return back towards normalcy for the masses is now a reasonable outlook. With Valuation Daily the worst seemingly behind us in regards to the virus’ impact, economic activity can pick up and the Dealings Daily medium to long term outlook is promising. Front end fee None The Federal Funds Rate remains at the range of 0-0.25% and will be held there until inflation meets the Units available Accumulation 2% target and the labor market reaches full-employment. The Fed is also buying $120 billion per month Identifier BUTMMKI BH of Treasury and mortgage-backed securities as part of its quantitative easing program to support the Fiscal year end 30 June functioning of the economy. A-1+ rated securities by S&P accounted for over 78% of holdings. Duration Class A - USD 10,000 Minimum investment ended the quarter close to neutral at 36 days due to approximately half the portfolio maturing within Class B - USD 5,000,000 the month of January. This reflects both the increased supply of January maturities as companies look Class A - 0.107% Total expense ratio to secure funding over the calendar year end as well as our approach to ensuring ample liquidity to Class B - 0.107% meet shareholder requests for funding. Size of fund (millions) USD 1,494 NAV per share - Class A USD 25.6718 NAV per share - Class B USD 26.1712

Standard & Poor’s Principal Stability rating AAAm www.butterfieldgroup.com

Commercial paper 79% CD 8% Euro-commercial paper 7% U.S. Treasury Bill 4% Fixed rate notes 2%

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Past performance is not indicative of future performance. This document is for information purposes only and does not constitute an offer or solicitation of products or services where prohibited by applicable law. Further, this document is not intended to provide specific investment, financial, accounting, legal or tax advice and no reliance should be placed on the information it provides. Butterfield Asset Management Limited and Butterfield Bank (Cayman) Limited are each wholly-owned subsidiaries of The Bank of N.T. Butterfield & Son Limited. Butterfield Asset Management Limited is licensed to conduct investment business by the Bermuda Monetary Authority. Registered office address: 65 Front Street, Hamilton HM12, Bermuda. Butterfield Bank (Cayman) Limited is licensed to conduct securities investment business by the Cayman Islands Monetary Authority. Registered office address: Butterfield Place, 12 Albert Panton Street, PO Box 705, Grand Cayman KY1-1107, Cayman Islands. © 2020, The Bank of N.T. Butterfield & Son Limited / REV.19.01.21