TO THE MEMBERS

Dear Sirs,

ANNUAL GENERAL MEETING

1. Notice of Annual General Meeting on 23rd October, 1995

The notice of the Annual General Meeting is given in the Directors' Report and Financial Statements for the year ended 20th February, 1995.

2. Agenda for Annual General Meeting

The Agenda is enclosed.

3. Proxy Form

A Proxy form is enclosed in respect of the resolutions in items 4, 5, 6, 7 and 8 of the Agenda. Please note the completed form must reach the Secretary at the latest 12 hours before the Annual General Meeting.

Yours faithfully,

THOS R. MILLER & SON (BERMUDA)