1. LATIN AMERICAN PANEL MARCH 12-13, 2008 OVERVIEW OF INTERTANKO ISSUES JOSEPH ANGELO DEPUTY MANAGING DIRECTOR

2. MEMBERSHIPFINANCESECRETARIAT PANEL STRUCTURE LAW SUITS PILOTSCOUNCIL/EXCOM CORPORATE COMMUNICATIONS

3. MEMBERSHIP 272 MEMBERS 2,770+ TANKERS 230+ MILLION DWT MORE THAN 80% OF INDEPENDENT TANKER FLEET 300+ ASSOCIATE MEMBERS

4. MEMBERSHIP RECENT NEW MEMBERS AP MOLLER – MAERSK NATIONAL IRANIAN TANKER COMPANY CHINA SHIPPING COMPANY OVERSEAS SHIPPING GROUP GRUPO TMM SA – MEXICO!!

5. FINANCE 2006 2007 2008 (BUDGET) Total Operating Income7,113,105 8,068,590 8,854,551 Total Operating Expenses6,811,3177,546,8478,557,424 Operating Result 301,788 521,743 297,127 Result for the Year 438,469 121,743 297,127

6. FINANCE 2008 MEMBERSHIP FEES APPROVED BY COUNCIL IN NOVEMBER 2007 MEMBERS: Per deadweight unchangedPer deadweight unchanged Per ship from $1800 to $2000Per ship from $1800 to $2000 Minimum from $6350 to $7000Minimum from $6350 to $7000 Maximum from $80,000 to $85,000Maximum from $80,000 to $85,000 ASSOCIATE MEMBERS: All categories increased by 10% resulting in $3050, $5500 and $6350All categories increased by 10% resulting in $3050, $5500 and $6350

7. SECRETARIAT TOTAL SECRETARIAT – 24 EMPLOYEES 12 - OSLO 10 - LONDON 1 - SINGAPORE 1 - USA NEW STAFF MEMBERS - MICHELE WHITE – GENERAL COUNSEL - AJAY GOUR – CHEMICAL MANAGER - CHRIS FOX – ACCOUNTING/IT MGR DEPARTING STAFF MEMBERS - MINERVA ALFONSO – MARINE SAFETY

8. PANEL STRUCTURE CURRENT PANEL STRUCTURE LATIN AMERICAN PANELLATIN AMERICAN PANEL NORTH AMERICAN PANELNORTH AMERICAN PANEL ASIAN PANELASIAN PANEL HELLENIC PANELHELLENIC PANEL EUROPEAN REFERENCE GROUPEUROPEAN REFERENCE GROUP

9. PANEL STRUCTURE PROPOSED PANEL STRUCTURE LATIN AMERICAN PANELLATIN AMERICAN PANEL NORTH AMERICAN PANELNORTH AMERICAN PANEL ASIAN PANELASIAN PANEL NORTHERN EUROPEAN PANELNORTHERN EUROPEAN PANEL HELENIC/MEDITERRANEAN PANELHELENIC/MEDITERRANEAN PANEL

10. PANEL STRUCTURE IN ADDITION, ASIAN PANEL TO INCLUDE MEMBERS IN THE INDIAN SUB-CONTINENTASIAN PANEL TO INCLUDE MEMBERS IN THE INDIAN SUB-CONTINENT MEMBERS IN THE MIDDLE EAST TO BE INVITED TO EITHER ASIAN OR MEDITERRANEAN/HELENIC PANELSMEMBERS IN THE MIDDLE EAST TO BE INVITED TO EITHER ASIAN OR MEDITERRANEAN/HELENIC PANELS NO CHANGE TO LATIN AMERICAN OR NORTH AMERICAN PANELSNO CHANGE TO LATIN AMERICAN OR NORTH AMERICAN PANELS INVITE PANEL CHAIRMEN TO EXCOM, AS APPROPRIATEINVITE PANEL CHAIRMEN TO EXCOM, AS APPROPRIATE

11. LAWSUITS MASSACHUSETTS LAWSUITMASSACHUSETTS LAWSUIT BALLAST WATER LAWSUITBALLAST WATER LAWSUIT EUROPEAN SHIP SOURCE POLLUTION DIRECTIVEEUROPEAN SHIP SOURCE POLLUTION DIRECTIVE CARB AIR EMISSION REGSCARB AIR EMISSION REGS

12. MASS LAWSUIT INTERTANKO CONCERNS FEDERAL COURT DECISION UPHOLDS COAST GUARD AUTHORITY OVER VESSEL OPERATIONS IN US WATERSFEDERAL COURT DECISION UPHOLDS COAST GUARD AUTHORITY OVER VESSEL OPERATIONS IN US WATERS REINFORCES UNANIMOUS US SUPREME COURT DECISION IN 2000 WHEN INTERTANKO TOOK STATE OF WASHINGTON TO COURTREINFORCES UNANIMOUS US SUPREME COURT DECISION IN 2000 WHEN INTERTANKO TOOK STATE OF WASHINGTON TO COURT

13. BALLAST WATER LAWSUIT INTERTANKO CONCERNS FEDERAL COURT ORDERS EPA TO DEVELOP REGS FOR ALL SHIP DISCHARGES, INCLUDING BALLAST WATER, UNDER NPDES PERMITFEDERAL COURT ORDERS EPA TO DEVELOP REGS FOR ALL SHIP DISCHARGES, INCLUDING BALLAST WATER, UNDER NPDES PERMIT JUDGE ACKNOWLEDGES THAT USCG HAS AUTHORITY UNDER CERTAIN LAWS, BUT BELIEVES CONGRESS ALSO GAVE AUTHORITY TO EPA UNDER THE CLEAN WATER ACTJUDGE ACKNOWLEDGES THAT USCG HAS AUTHORITY UNDER CERTAIN LAWS, BUT BELIEVES CONGRESS ALSO GAVE AUTHORITY TO EPA UNDER THE CLEAN WATER ACT

14. EU DIRECTIVE INTERTANKO CONCERNS EU SHIP SOURCE POLLUTION DIRECTIVE (2005/35/EC) HAS TWO MAJOR PROBLEMS:EU SHIP SOURCE POLLUTION DIRECTIVE (2005/35/EC) HAS TWO MAJOR PROBLEMS: - CONTRADICTS MEMBER STATES TREATY OBLIGATIONS - LIABILITY TEST FOR SERIOUS NEGLIGENCE LACKS LEGAL CERTAINTY IN EFFECT, IT CRIMINALIZES ACCIDENTAL POLLUTIONIN EFFECT, IT CRIMINALIZES ACCIDENTAL POLLUTION

15. AIR EMISSIONS - CARB INTERTANKO CONCERNS LAWSUIT ADDRESSES LIMITED ISSUESLAWSUIT ADDRESSES LIMITED ISSUES - 24 MILE JURISDICTION - FAILURE TO REQUEST EPA APPROVAL CARB REGS ARE NOT IN USE REGS, THEY ARE EMISSION STANDARDS UNDER CLEAN AIR ACTCARB REGS ARE NOT IN USE REGS, THEY ARE EMISSION STANDARDS UNDER CLEAN AIR ACT

16. PILOTS JAN 2008, CHAIRMAN INTERTANKO PILOTAGE WG, F. LARSSON (LONDON) AND J. ANGELO MEET WITH MIKE WATSON, PRESIDENT IMPA, NICK CUTMORE, SECRETARY GENERAL IMPAJAN 2008, CHAIRMAN INTERTANKO PILOTAGE WG, F. LARSSON (LONDON) AND J. ANGELO MEET WITH MIKE WATSON, PRESIDENT IMPA, NICK CUTMORE, SECRETARY GENERAL IMPA FORMATION OF DISCUSSION GROUP IS FIRST STEP TOWARD NORMALIZING RELATIONS BETWEEN TWO ORGANIZATIONSFORMATION OF DISCUSSION GROUP IS FIRST STEP TOWARD NORMALIZING RELATIONS BETWEEN TWO ORGANIZATIONS

17. PILOTS DISCUSSION GROUP FOCUSED ON – BRIDGE RESOURCE MANAGEMENTBRIDGE RESOURCE MANAGEMENT PILOT AND MASTER/BRIDGE CREW INTERACTIONPILOT AND MASTER/BRIDGE CREW INTERACTION IMO RESOLUTION A.960IMO RESOLUTION A.960 SAFE BOARDING ARRANGEMENTS FOR PILOTSSAFE BOARDING ARRANGEMENTS FOR PILOTS E-NAVIGATIONE-NAVIGATION

18. PILOTS DISCUSSION GROUP – AGREED THAT INITIAL MEETING WAS SUCCESSFULAGREED THAT INITIAL MEETING WAS SUCCESSFUL IDENTIFIED AREAS WHERE THERE WERE GROUNDS FOR FURTHER DISCUSSIONSIDENTIFIED AREAS WHERE THERE WERE GROUNDS FOR FURTHER DISCUSSIONS AGREED TO MEET AGAIN LATER THIS YEAR TO CONTINUE THE DISCUSSIONSAGREED TO MEET AGAIN LATER THIS YEAR TO CONTINUE THE DISCUSSIONS

19. COUNCIL/EXCOM COUNCIL ISSUES – TERMINATION FOR NON-ATTENDANCE??TERMINATION FOR NON-ATTENDANCE?? ALLOW ALL MEMBERS TO ATTEND??ALLOW ALL MEMBERS TO ATTEND?? DISCUSSION POINTS – COUNCIL DOMINATED BY EUROPEANSCOUNCIL DOMINATED BY EUROPEANS OTHER REGIONS DO NOT ATTENDOTHER REGIONS DO NOT ATTEND COUNTRIES WITH MANY SEATS ARE NOT FULLY UTILIZEDCOUNTRIES WITH MANY SEATS ARE NOT FULLY UTILIZEDCONCLUSIONS RETAIN CURRENT STRUCTURERETAIN CURRENT STRUCTURE ENCOURAGE BETTER PARTICIPATIONENCOURAGE BETTER PARTICIPATION

20. COMMUNICATION ESTABLISHMENT OF LONG TERM STRATEGIC COMMUNICATIONS AND PUBLIC RELATIONS PLANESTABLISHMENT OF LONG TERM STRATEGIC COMMUNICATIONS AND PUBLIC RELATIONS PLAN SETTING UP OF COMMUNICATIONS AND PUBLIC RELATIONS ADVISORY GROUPSETTING UP OF COMMUNICATIONS AND PUBLIC RELATIONS ADVISORY GROUP ADVISORY GROUP WOULD DEVELOP WAYS TO COMMUNICATE DECISIONS OF EXCOM AND COUNCIL, NOT FORMULATE ITS OWN POSITIONS ON KEY ISSUESADVISORY GROUP WOULD DEVELOP WAYS TO COMMUNICATE DECISIONS OF EXCOM AND COUNCIL, NOT FORMULATE ITS OWN POSITIONS ON KEY ISSUES

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