Dear Sir,

If you give me a dollar and I give you 60 cents, is that a fair swap?

Hansa Investment Company Ltd is seeking to acquire all the public shares in Ocean Wilsons Holdings Ltd on the cheap in our view.

The maths is simple: it is unfair to force the public shareholders to trade £20 per share in mostly liquid assets — measured at net asset value — for £12 per share in relatively illiquid stock in Hansa in our view. As such, it represents a transfer of value to Hansa from Ocean Wilsons holders.

The stock market has rendered a similar verdict, with the shares of Ocean Wilsons trading down significantly since the deal announcement, while the shares of Hansa moved higher.

We urge shareholders to inform themselves of all relevant available information regarding the merits of the combination, including considering the recommendations of independent proxy advisory firms that have reviewed the combination and have formulated their recommendations with respect to whether to vote for or against the merger. (Proxy advisory firms are independent third parties that provide comprehensive proxy analysis and complete vote recommendations for proxy meetings worldwide.)

We then encourage shareholders to vote on the combination by the applicable deadline.

Arnhold LLC is a long-term, value-oriented investment manager that has approximately $3 billion in assets under management. Clients of our firm own in the aggregate approximately 900,000 shares of Ocean Wilsons.

HENRY RICHMOND

Arnhold LLC

New York