TO THE MEMBERS

Dear Sirs

ANNUAL GENERAL MEETING - 21st OCTOBER, 2002

At the Annual General Meeting held on 21st October, 2002, the Report and Accounts as audited and certified for the period ended 20th February, 2002 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 M.L. Carthew - ChevronTexaco Shipping Company LLC

Mr M. Sato - NYK Line (Europe) Limited

Mr P.A. Vasilchenko - Far Eastern Shipping Company

The proposed amendments to the Rules and to the Bye-Laws were approved and the two resolutions as set out in the agenda were passed by the Meeting.

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

At the Directors' meeting following the Annual General Meeting, Mr A.G. Kairis was unanimously elected as Chairman and President of the Association. Mr T. Biggi, Mr C.I. Caroussis and Mr K.G. Kleberg were unanimously elected as Deputy Chairmen and Vice-Presidents.

Yours faithfully

THOMAS MILLER (BERMUDA) LTD.