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Notice to Shareholders

Pursuant to the Take-Over Bid Offer for all of the outstanding common shares of INSURANCE CORPORATION OF BARBADOS LIMITED (ICBL) by PAYNES BAY FINANCE INC. through its wholly-owned subsidiary HAMILTON FINANCE LIMITED:

The Offeror hereby gives notice that it will proceed to TAKE UP and PAY for all of the ICBL Shares validly tendered and not withdrawn prior to the Expiration Time within 30 days of the Expiration Date being December 3, 2020.

The Offeror is exercising its option to proceed with the Offer notwithstanding the unfulfilled condition to receive acceptance of the Offer from the holders of at least 90% of the issued and outstanding shares of ICBL.

Dated November 4, 2020

Shervon Pierre

Director

Hamilton Finance Limited