TO THE MEMBERS

Dear Sirs,

ANNUAL GENERAL MEETING - 20 OCTOBER 1997

At the Annual General Meeting held in Bermuda on 20 October 1997, the Report and Accounts as audited and certified for the period ended 20 February 1997, were adopted by the Meeting.

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

Mr. A. Gagarin Northern Shipping Company

Mr. P. Louis-Dreyfus Louis Dreyfus Armateurs (S.N.C.)

Sen. E.T. Richards Bermud resident

Mr. M.S. Warwick Shell International Trading & Shipping Co. Ltd.

The proposed amendments to the Rules were approved and the resolution as set out in the agenda was passed by the Meeting. The amendments will take effect from noon GMT on 20 February 1998.

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

At the Directors' meeting following the Annual General Meeting, Mr. N-G. Palmgren was unanimously re-elected as Chairman and President of the Association. Mr. A.G. Kairis and Mr. T.R. Moore were unanimously re-elected as Deputy Chairmen and Vice-Presidents.

Yours faithfully,

THOS. R. MILLER & SON (BERMUDA)