TO THE MEMBERS

Dear Sirs

ANNUAL GENERAL MEETING REPORT

At the Annual General Meeting held on 18th October 2010, the Report and Accounts as audited and certified for the period ended 20th February 2010 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:

Ms A. Frangou, Navios Maritime Holdings Inc

Mr E. Ambrosov, OAO Sovcomflot

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 re-elected as Chairman and President of the Association. Mr E. André, Mr P. Decavèle and Mr A. Olivier were re-elected as Deputy Chairmen and Vice-Presidents.

Yours faithfully

THOMAS MILLER (BERMUDA) LTD.