Outline

• This circular provides details of the AGM of the Club in Bermuda on 17th October, 2005 and the arrangements for voting by proxy.

TO THE MEMBERS

Annual General Meeting

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Notice of Annual General Meeting on 17th October, 2005

Agenda for Annual General Meeting

Proxy Form

Election of Directors

The Agenda is enclosed.A Proxy Form and Schedule of Votes are 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.Nominations have been received for the election of four new Directors, namely, Mr. Amir H. Azizan, Mr. S. Frank, Mr. N.G. Inglessis, and Mr. A.C. Margaronis. Details are contained in paragraph 5 of the Agenda.</dir>

Yours faithfully

THOMAS MILLER (BERMUDA) LTD.

The notice of the Annual General Meeting is given in the Directors' Report and Financial Statements for the year ended 20th February, 2005.Dear Sirs