Accounts:

Report of the Auditors

To the Members of The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg).

We have audited the Annual Accounts of The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) for the year ended 20 February 2000 and have read the related Report of the Directors. These Annual Accounts and the Report of the Directors are the responsibility of the Board of Directors. Our responsibility is to express an opinion on these accounts based on our audit and to check the consistency of the Report of the Directors with them.

We conducted our audit in accordance with the International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the Annual Accounts are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the Annual Accounts. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall Annual Accounts presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the Annual Accounts give, in conformity with the legal requirements, a true and fair view of the financial position of The Shipowners’ Mutual Protection and Indemnity Association (Luxembourg) and of the results of its operations for the year then ended. We draw attention to the departure from legal requirements detailed in note 1. Our opinion is not qualified in this respect.

The Report of the Directors is in accordance with the Annual Accounts.

Moore Stephens S.A.R.L.
Réviseur d’entreprises
16 Allée Marconi
L-2012 Luxembourg
21 June 2000