TO THE MEMBERS

Dear Sirs,

Annual General Meeting

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The notice of the Annual General Meeting is given in the Directors' Report and Financial Statements for the year ended 20 February 1997.

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2. Agenda for Annual General Meeting

The Agenda is enclosed. *

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3. Proxy Form

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A Proxy Form is enclosed * in respect of the resolutions in items 4, 5, 6 and 7 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)

* Enclosures will be sent on request

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1. Notice of Annual General Meeting on 20 October 1997