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• Report of the AGM proceedings and resolutions adopted

TO THE MEMBERS

Dear Sirs

ANNUAL GENERAL MEETING

At the Annual General Meeting held on 17th October 2005, the Report and Accounts as audited and certified for the period ended 20th February 2005 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 Amir H. Azizan AET Inc Ltd

Mr S. Frank OAO Sovcomflot

Mr N.G. Inglessis Samos Steamship Co.

Mr A.C. Margaronis Diana Shipping Services S.A.

The proposed amendments to the Rules were approved and the resolution as set out in the agenda was 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 T. Biggi was unanimously elected as Chairman and President of the Association. Mr E. André and Mr C.I. Caroussis were unanimously re-elected as Deputy Chairmen and Vice-Presidents.

Yours faithfully

THOMAS MILLER (BERMUDA) LTD