FOR IMMEDIATE RELEASE

(RESTON July 25, 2002) The United States and the Republic of the Marshall Islands have entered into a reciprocal agreement concerning cruising permit privileges.

This agreement authorizes Marshall Islands-registered pleasure yachts visiting ports in the United States to receive a cruising license upon request.

Cruising licenses exempt yachts from United States Customs’ formal entry and clearance procedures. Moreover, possession of a cruising license means yachts only pay fees at the first port of entry. Cruising licenses are valid for one year.

Under the agreement, the Marshall Islands Government extends the same privileges to United States-registered pleasure yachts that sail in the territorial waters of the Republic of the Marshall Islands.

For more information about yacht registration in the Republic of the Marshall Islands or the procedures to obtain a cruising license, please contact any IRI office worldwide.