West Hamilton Holdings Ltd Releases 2008 Annual Report.

Hamilton, Bermuda - 07 May, 2009 - West Hamilton Holdings Ltd (Ticker: WHHL.BH) has released the Financial Report for fiscal year ended 31 December 2008.

2008 Chairman's Report to Shareholders

March 26, 2009

In fiscal year 2008 revenues totalled $1.37 million, representing a marginal decrease in comparison to budget for 2008 and $613,126 less than the previous year. The decrease in actual revenue relative to budgeted revenue is as a result of discounted rent to certain tenants most affected by the disruption of their business during the excavation of the construction site. In preparation for the development of the Bakery site all non-Belvedere tenants had been given notice of the termination of their leases and demolition of the site started in January 2008. Consequently, revenues from rental leases for fiscal 2008 have decreased by approximately 31 percent.

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Operating income for fiscal year 2008 decreased by $291,606 to $403,320 relative to fiscal year 2006. The decrease is attributed mostly to the reduction in rental space available to rent which was offset somewhat by the containment of operating expenses. Net income for the year was $207,734 less than the previous year. The decrease was negatively impacted by losses incurred by the sale of certain securities and the write down of rental revenue of $79,571 deemed uncollectible.

Earnings per share were $0.23 for the year 2008 as compared to $0.37 per share in 2007. Dividends paid during fiscal 2007 were $202,151 or $0.14 per share which was suspended while the development of the Belvedere site was in progress. The suspension of dividends will continue over the next three fiscal years as a condition of a loan agreement with Butterfield Bank.

The Accounting Standards Board amended Section 1530 which recognizes unrealized gains and losses in the investment portfolio which has been marked to market as of 31^st December, 2008 but was not previously allowed. As a result of this change, total assets increased by $1.4 million with a similar increase in shareholders' equity which is shown as accumulated other comprehensive income. This change was introduced in fiscal 2007 when the gains on the portfolio stood at $1.9 million.

Shares of the company traded thinly on the Bermuda Stock Exchange (BSX) with only a modest amount of shares changing hands. During the year a median price of $11.00 per share was quoted on the BSX. The most significant trade was for 11,000 shares traded at an average of $10.50 per share

Shareholders approved the development plan for the old Bermuda Bakery site and following an invitation to contractors to respond to the company's request for proposal, BCM McAlpine Ltd. was selected as the general contractor.

The first phase of construction includes demolition of the old buildings, the underground infrastructure for the entire complex including parking bays and construction of a new building. The construction of the parking bays is moving ahead according to plan, however the construction of the new building is contingent upon the attainment of certain triggers set by our bankers and at this time those triggers have not been met. The market for office space is under constant review by management and the outlook in the short term is anticipated to be pressured with higher vacancy rates and additional space being released in the market. Under these circumstances, the triggers established by the bank will be difficult to achieve and the construction works will be managed accordingly.

During the negotiation with Butterfield bank for a loan to finance the construction of the development plan, an overdraft for $3.1 million was used as a temporary facility to fund the progress of construction works. In February 2009 a construction loan for $15 million (US Dollars) was approved by Butterfield Bank for a period of two years.

The first phase of the development is expected to be completed in October 2009 and at that time the construction loan will be converted into a fifteen years term loan with similar terms and conditions.

During fiscal 2008, the company used operating cash to fund some of the development costs and those amounts were charged directly to income. The Directors have agreed to continue to charge certain costs not associated with ongoing operations to income which will have the effect of distorting some comparative reporting of the operations of the company in future years.

I wish to thank the Directors, management and staff for their participation, dedication and support throughout this past year.

Yours Very Truly,

David A.J.G. White

Chairman of the Board