S.A.L. Limited Reports Half Year Earnings for the Period Ending 31st August 2004

In his report to shareholders, Mr. John R. Berg, President of the Company, noted the following:

"Your company's trading record over the first half of fiscal 2005 produced higher than forecast sales and record profits. Turnover at $ 13.97 million is a twenty-three percent increase over the comparative period. The net income realized of $ 1.87 million is an increase of fifty-two percent over the period to August 31st, 2003.

After taking into account the above trading record, and then considering the cash position of $ 2.61 million but while bearing in mind the significant level of capital requirements in the remainder of the fiscal year, your Directors have voted to declare a dividend of $2.50 per common share.

Existing major building projects on the Island together with new ones that are projected to come on stream give optimism for a flourishing second half of the year to supplement the successful first half. This encourages expectations that our future performance will be one of continued growth. A growth that is aimed at both our existing product markets and a number of new product markets that are presently under implementation.

A significant component of the capital expenditure in the next part of this fiscal year is the purchase and installation of the new Concrete Block Factory. This project is underway with a target production start-up timed for the middle of 2005.

I once again take this opportunity to thank our loyal customers for entrusting this company with their business. I also wish to express my personal thanks on behalf of all of the shareholders to all of our staff for the effort they have made to enable the company to enjoy the success to date."