S. A. L. Limited - Significant Changes In Shareholding and Directors

Hamilton, Bermuda, January 16, 2006 - The directors of S. A. L. Limited (the "Company") wish to announce that the holders of approximately 95.9% of the issued and outstanding shares of the Company have today sold such shares to Phillips Holdings Limited, a local company.

In connection with the sale, all of the Directors on the Company's Board of Directors have resigned and are being replaced by Wendall S.F. Brown, W. Paul King, Simon Van deVeg, Anthony Joaquin, Dr. Wilbert Warner, Herman Tucker, Lesseline Brown and JoAnn King with the Company Chief Executive Officer, Bill Morrison remaining in his role, with responsibility for managing the S.A.L. operations.

Mr. Morrison, commented:  "We believe this is a good deal for our customers and for our shareholders, the vast majority of whom considered and approved the acquisition. Our customers can be reassured that S.A.L. will be continuing business as usual for the Bermuda community. There will be a seamless transition of ownership and our existing management and staff will continue to provide Bermuda with the great products and services that they are accustomed to from S.A.L."

In a joint statement, the new Board of Directors said: "S.A.L. management is an extremely well-regarded and successful business in Bermuda, and customers will be pleased to know that they can continue to rely on S.A.L. for all their building needs. We look forward to working with S.A.L. management and employees and thank the departing Board of Directors for their sound management up to this date."