TO THE MEMBERS

Dear Sirs,

ANNUAL GENERAL MEETING - 25TH OCTOBER, 1999

At the Annual General Meeting held in Hong Kong on 25th October, 1999, the Report and Accounts as audited and certified for the period ended 20th February, 1999 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 J. Kamkoff M PDV Marina SA

Mr H. von Rantzau Deutsche Afrika-Linien GmbH & Co.

Mr K. Saito Petrobras Transporte SA

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 G.M.T. on 20th February, 2000.

Messrs Moore, Stephens and 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, Mr K.G. Kleberg, and Mr T.R. Moore were unanimously re-elected as Deputy-Chairmen and Vice-Presidents.

Yours faithfully

THOMAS MILLER (BERMUDA) LTD