COWELL NICOLA SHIPPING LIMITED

At an Extraordinary General Meeting of the above-named Company, duly convened, and held at Leonard Curtis & Co., PO Box 553, 30 Eastbourne Terrace, (2nd Floor), London W2 6LF, on 19th December 1997, the following Extraordinary Resolution was passed:   “That it has been proved to the satisfaction of the Meeting that this Company cannot by reason of its liabilities continue its business and that it is advisable to wind up the same, and accordingly that the Company be wound up voluntarily and that K. D. Goodman, of Leonard Curtis & Co., PO Box 553, 30 Eastbourne Terrace (2nd Floor), London W2 6LF, be and is hereby appointed the Liquidator of the Company for the purposes of such winding-up.” J. D. Cowell, Director