Announcement : Opening on 15/12/04 of the Worms-Gebril Shipping Agency Joint-Venture in Libya

ANNOUNCEMENT : OPENING ON 15/12/04 OF THE « WORMS-GEBRIL SHIPPING AGENCY » JOINT-VENTURE IN LIBYA

Dear Sir or Madam,

The WORMS Group, with its owned networks throughout the Mediterranean (France, Morocco, Algeria, Egypt, Syria), and GEBRIL, one of the leading private shipping agents in Libya, with offices covering all main and secondary ports, are pleased to announce that they are joining forces in that country.

Purposes were manifold :

- Extend existing Mediterranean networks,

- Combine Gebril’s local expertise primarily in tramp vessels (fertilizers, iron, oil and gas tankers) and its excellent reputation, with the worldwide contacts of Worms, its extensive knowledge of liner business in addition to tramp and cruises,

- Bridge current service gaps for both Worms and Gebril clients, and therefore improve service to Principals, accompanying them through privatisation process of the Libyan economy that is presently going on,

- Bring to the JV the benefit of customs-tailored information systems and procedures developed especially for Arab countries by the Egyptian organisation of Worms and which can easily be implanted in Libya due to the proximity of countries, languages, and easiness for personnel from both countries to travel for training or other purposes.

With effect as from December 15th, 2004, a new Joint-Venture by the name “WORMS-GEBRIL SHIPPING AGENCY” will start operations. It will involve on a 50/50 basis GEBRIL SHIPPING, whose Registered Headoffice is in Benghazi, Libya, with WORMS Alexandria Cargo Services, Egypt, an affiliate company of Worms Services Maritimes, Paris, in association with Egyptian partners.

WORMS-GEBRIL will be directly present in the following locations : Tripoli, Khoms, Misurata, Marsa-El-Brega, Tobrouk, Benghazi, covering smaller ports from these offices such as El Zaweya, El Sedra, Ras Lanuf, Al Zoweytina, El Horeyga, Derna …

We are at your disposal would you request any clarification or quotation, and look forward to future cooperation between your esteemed Company, and the WORMS-GEBRIL SHIPPING AGENCY.

Best regards

WORMS-GEBRIL SHIPPING AGENCY

Focal points :

LIBYA : EGYPT : FRANCE : Tel : +218 61 909 04 56 Tel +203 486 55 72 Tel +33 1 153 401 217 Fax : +218 61 909 80 91 Fax +203 487 63 61 Contact : Abdullatif Gebril : Contact : Marwan Elsammak / Contact : Yann Rafflin [email protected] Patrick Isoux [email protected] m [email protected]