• Report of the AGM proceedings and resolutions adopted

Dear Sirs

ANNUAL GENERAL MEETING REPORT

At the Annual General Meeting held on 27th October 2008, in Hong Kong, the Report and Accounts

as audited and certified for the period ended 20th February 2008 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. P. Evensen, Teekay Corporation

Mr. E. Jones, Carnival UK

Mr. M. Morooka, NYK Group Europe Ltd.

Messrs Moore Stephens & Butterfield were appointed as the Association's auditors.

At the Directors' meeting following the Annual General Meeting, Mr C.I. Caroussis was unanimously elected as Chairman and President of the Association. Messrs. E. André, P. Decavèle and A.K. Olivier were elected as Deputy Chairmen and Vice-Presidents.

Yours faithfully