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• Report of the AGM proceedings and resolutions adopted

TO THE MEMBERS

Dear Sirs

ANNUAL GENERAL MEETING REPORT

At the Annual General Meeting held on 17th October 2011, the Report and Accounts as audited and certified for the period ended 20th February 2011 were adopted by the meeting.

The retiring Directors who offered themselves for re-election were all re-elected. In addition, the following were also elected to the Board:

Mr I. Güngen, Güngen Maritime & Trading A/S

Dr G. Henderson, Shell International Trading and Shipping Company Limited

Datuk Nasarudin Idris, MISC Berhad

Mr Ng Yat Chung, Neptune Orient Lines Limited

Mr P. Pathy, Fednav Limited

Mr E. Rothwell, Irish Continental Group, plc

Mr N.H. Schües, Reederei F. Laeisz GmbH

Messrs Moore Stephens LLP were appointed as the Association's auditors.

The meeting approved the proposed increases in remuneration of Directors and Committee members

and passed the resolution set out in the Agenda.

At the Directors' meeting following the Annual General Meeting, Mr C.I. Caroussis was elected as Chairman and President of the Association. Messrs E. André and A. Olivier and Dr O. Gast were elected as Deputy Chairmen and Vice-Presidents.

Yours faithfully

THOMAS MILLER (BERMUDA) LTD.