Annual General Meeting - 20th October 2003

Outline

• Report of the AGM proceedings and resolutions adopted.

TO THE MEMBERS

Dear Sirs

At the Annual General Meeting held on 20th October, 2003, the Report and Accounts as audited and certified for the period ended 20th February, 2003 were adopted by the Meeting.

The retiring Director who offered themselves for re-election were all re-elected. In addition, the following persons were also elected to the Board:

Mr G Bottiglieri - Bottiglieri di Navigazione SpA

Mr P Decavèle - Broström Tankers SAS

Dr. O. Gast - Hamburg Suedamerikanische

Mr I.J. Gaunt - Carnival Corporation

Mr. Ma Zehua - COSCO Group

Mr R.L. Malone - BP Shipping Ltd

Mr S.H. Seyedan - National Iranian Tanker Co

Mr. K. Suzuki - Mitsui OSK Line

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.