TO THE MEMBERS

ANNUAL GENERAL MEETING - 23RD OCTOBER, 2000

At the Annual General Meeting held in San Francisco on 23rd October, 2000, the Report and Accounts as audited and certified for the period ended 20th February, 2000 were adopted by the Meeting.

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

Miss L. Adamany - B.P. Shipping Ltd

Mr M.D. Garvey - Saltchuk Resources Inc

Mr T. Ishida - NYK Line (Europe) Ltd

Mr A.K. Olivier - Unicorn Shipping

The proposed amendments to the Rules were approved and the resolution as set out in the agenda was passed by the Meeting. The amendments will take effect from noon G.M.T. on 20th February, 2001.

Messrs Moore, Stephens and 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 K.G. Kleberg, Mr T.R. Moore, and Mr N-G. Palmgren were unanimously elected as Deputy Chairmen and Vice-Presidents.

Yours faithfully,

 THOMAS MILLER (BERMUDA) LTD.

Dear Sirs