CHAIRMAN’S COMMENTS FOR THE YEAR ENDED 30^TH SEPTEMBER, 2007 FOR NEAL & MASSY HOLDINGS LIMITED AND ITS SUBSIDIARIES.

Dear Shareholders,

For the year ended 30^th September, 2007 the Neal & Massy Group produced excellent results.

Third Party Revenues crossed the $5 billion mark and increased over the previous year by 21%.

Profit Before Tax improved over last year by 25.6% to reach $545 million while Earnings Per Share reached $4.15, an increase of 23.1% over the 2006 year.

All our Business Units performed satisfactorily and are positioned to continue showing growth in the new financial year.

The current offer by Neal & Massy in its Take-Over bid for The Barbados Shipping & Trading Company expires on 17^th December, 2007.  To date over 42% of the outstanding shares have been tendered to the Neal & Massy offer which, together with our existing shareholding, totals over 71% of the outstanding share capital of BS&T.  However, there are a number of legal issues which are pending trial before the High Court in Barbados in relation to the Take-Over transaction.  We are confident that these matters will be resolved satisfactorily.

The Board of Directors has approved the payment of a final dividend of $0.90 which when added to the $0.36 interim dividend will make a total dividend of $1.26 per share for the year.  This dividend will be paid on 7^th January, 2008 to shareholders on the Register of Members at the close of business on 21^st December, 2007.  The Register of Members will be closed on 24^th December, 2007.

ARTHUR LOK JACK

CHAIRMAN