March 07, 2000 MARSHALL ISLANDS NEWS BULLETIN NO. 4

This press release is to confirm the time frame of the previously announced reduction in the Marshall Islands Annual Tonnage Tax from US$0.25 per gross ton to US$0.20 per net ton.

The 50% reduction in the Annual Tonnage Tax rate payable for vessels currently registered or to be registered in the Marshall Islands is fixed for a minimum period of FIVE YEARS. This also applies to vessels that are subject to the Minimum Annual Tonnage Tax which has been reduced from US$1,000.00 based on 4000 gross tons, to US$500.00 based on 2500 net tons.

This five-year period in no way affects the previously announced COST FREE VESSEL REGISTRATION which will continue to be available to owners wishing to register their vessels (except yachts and fishing vessels) in the Republic of the Marshall Islands through 30 June 2000.