TOVALOP/ITOPF/CRISTAL (November 1996)

Circular No. 11/96 November 1996

TO THE MEMBERS

Dear Sirs,

TOVALOP / ITOPF / CRISTAL

The members of The International Tanker Owners Pollution Federation Limited ("ITOPF") voted at their Annual General Meeting on 6 November 1996 in favour of a Special Resolution to terminate the TOVALOP Standing Agreement with effect from 20 February 1997. The Board of Directors of both ITOPF and CRISTAL Limited had previously agreed not to extend the TOVALOP Supplement and CRISTAL Contract when their current three year terms end on 20 February 1997.

Whilst the TOVALOP Agreement will end next February, ITOPF will remain in existence as a provider of a broad range of technical services to and on behalf of its tanker owner members and their P&I Clubs. Access to ITOPF?s technical staff, who are available to attend at the site of oil spills anywhere in the world, will continue to be one of the principal benefits of ITOPF membership. Existing ITOPF members will remain members after TOVALOP ends in 1997, without any action on their part. Membership of ITOPF is open to the registered owners or demise charterers of tankers, being vessels designed and constructed for the carriage by sea in bulk of crude petroleum and hydrocarbon fuels and oils derived therefrom, but excluding liquefied petroleum gas and liquefied natural gas.

The ending of the voluntary agreements will result in changes from 20 February next in a number of areas:

ITOPF is in direct contact with all the Clubs as regards revised membership application procedures. ITOPF will also be issuing a circular to all of its members explaining the changes and drawing their attention to new Terms and Conditions of ITOPF Membership. These Terms and Conditions will be contained in an ITOPF Members? handbook, along with other useful information. The Handbook will be issued to all ITOPF members around 20 February 1997.

Yours faithfully, ASSURANCEFORENINGEN GARD -gjensidig-

John G. Bernander Managing Director