An agreement has been reached between ED & F Man Holdings Limited and Shermen WSC Holding LLC to merge Westway Terminals worldwide and Westway Feed North America with Shermen WSC Holding LLC. The combined businesses will operate under the name of Westway Group Inc, which will become a publicly-traded company. Under the terms of the transaction, ED&F Man will retain 49.5% ownership of the newly combined business. Provided approvals are gained from the Securities & Exchange Commission and the Shermen stockholders, we expect this transaction to close sometime in early 2009.

This transaction enables Westway to continue its growth in bulk liquid storage services to further its leadership position in the liquid animal feed supplement industry and to explore expansion opportunities in complementary operations.