Chittenden Bank Announces the Retirement of President and CEO Lawrence W. DeShaw BURLINGTON — Chittenden Corporation(NYSE: CHZ) has announced that Lawrence W. DeShaw, President and CEO ofChittenden Bank, will retire at the end of the first quarter of 2005,after 34 years of dedicated service. “This decision did not come easy, after 34 years of service to Chittenden.Chittenden Bank means a great deal to me and I will truly miss everyone Ihave worked with over the years. I have chosen to make this transition ata time when Chittenden is strong and stable. The senior management teamis knowledgeable and fully committed to our customers. Our Board ofDirectors is engaged and experienced in all of the facets of business inthe communities we serve,” said DeShaw. Mr. DeShaw joined Chittenden in 1971, as a Loan Officer in the PersonalCredit Department and later that year was promoted to Treasurer. Over thenext 6 years, Mr. DeShaw was promoted to Assistant Vice President in thePersonal Credit Department and then Vice President of the Commercial LoanDepartment. In 1983, he was promoted to President of Mountain TrustCompany, an affiliate of Chittenden Trust Company at the time. In 1985,Mountain Trust Company was merged into Chittenden and Mr. DeShaw returnedto Commercial Lending. Soon after, he was promoted to the President ofChittenden’s Mortgage Company, where he remained for 2 years. Mr. DeShawwas then promoted to Executive Vice President in charge of Operations andTechnology for the Corporation and in January of 2003, he took over thePresidency of Chittenden Bank. Throughout his career, Mr. DeShaw has taken Chittenden through manydifficult and exciting times. In 1971, Chittenden’s assets were $173Million. Between 1971 and today Chittenden has acquired 10 banks and hasgrown the assets of Chittenden Bank to $3 Billion and ChittendenCorporation, the parent company to $6.1 Billion. In 1971, Chittenden Bankhad 14 locations. Today, they cover nearly every corner of Vermont with51 locations. Mr. DeShaw has been a key part of the Executive Management Team ofChittenden Corporation. He has aided in launching new products andservices to our customers, merged several acquired banks and most recentlywas involved in a significant system wide conversion. “At Chittenden Corporation, we all share a sense of sadness as Larryretires. We wish to thank him for his valuable contributions toChittenden and its clients,” commented Paul Perrault, Chairman ofChittenden Corporation. ABOUT CHITTENDEN BANK Chittenden Bank is a full-service, Vermont-headquartered and managed bankproviding a wide range of financial services and products to individualsand businesses. As the largest Vermont-based bank in the state, Chittendenoffers 51 locations. To find out more about Chittenden, visit our websiteat http://www.chittenden.com(link is external) or call your local branch. ABOUT CHITTENDEN CORPORATION Chittenden Corporation is a bank holding company headquartered inBurlington, Vermont. Through its subsidiary banks(1), the Company offersa broad range of financial products and services to customers throughoutNorthern New England and Massachusetts, including deposit accounts andservices; commercial and consumer loans; insurance; and investment andtrust services to individuals, businesses and the public sector. (1) Chittenden’s subsidiaries are Chittenden Bank, The Bank of WesternMassachusetts, Flagship Bank and Trust Company, Maine Bank & Trust Companyand Ocean National Bank. Chittenden Bank also operates under the nameMortgage Service Center and it owns Chittenden Insurance Group andChittenden Securities, Inc.