AMCL HOLDINGS LIMITED

CIRCULAR TO SHAREHOLDERS

ISSUED IN CONNECTION WITH

THE OFFER TO PURCHASE

any and all of the outstanding Ordinary Shares of

THE BARBADOS SHIPPING & TRADING COMPANY LIMITED

Reference is made to the offer (the “Offer”) dated July 16, 2007 by AMCL Holdings Limited (the “Offeror”), a wholly-owned subsidiary of ANSA McAL Limited (“ANSA McAL”), to purchase any and all of the outstanding Ordinary Shares (the “Shares”) of
The Barbados Shipping & Trading Company Limited (“BS&T”), which has been amended and supplemented by the Notice of Change and Variation issued by the Offeror on August 21, 2007.

Further reference is made to the certain statements published in respect of the rights of withdrawal on respect of Shares deposited pursuant to the Offer.

For the benefit of Shareholders and to clarify certain misconceptions as to the rights of Shareholders, (including misconceptions arising from the published statements by BS&T), the Offeror hereby restates certain confirmations applicable in respect of the Offer.

1. Shareholders are entitled to withdraw any Shares deposited pursuant to the Offer at any time prior to the take up of such
    Shares by the Offeror.
2. In the event that the consideration being offered for the Shares under the Offer is increased, that increased
    consideration will be paid to all depositing Shareholders whose Shares are taken up under the Offer, and whether or not
    such Shares were taken up before the increase. Shareholders therefore do not need to withdraw and redeposit their
    shares to be entitled to any increase in the consideration being offered for the Shares.

Dated: August 31, 2007

AMCL HOLDINGS LIMITED

David G. Inglefield
President
AMCL Circular 31st August, 2007, 20.85KB