TO THE MEMBERS

Dear Sirs,

ANNUAL GENERAL MEETING - 21ST OCTOBER, 1996

At the Annual General Meeting held in Bermuda on 21st October, 1996, the Report and Accounts as audited and certified for the period ended 20th February, 1996, 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.

Capt. A . Bandura Azov Shipping Company

Mr. C.I. Caroussis Chios Navigation Co. Ltd.

Mr R.G. Hughes P & O Cruises (UK) Ltd.

Mr R.J.W. Walvis Shell International Trading & Shipping Co. Ltd.

The proposed amendments to the Rules and Bye-Laws 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, 1997.

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 Dr. H. Winter were unanimously re-elected as Deputy Chairmen and Vice-Presidents.

Yours faithfully,

THOS. R. MILLER & SON (BERMUDA)