28.th June 2000

The Bermuda Monetary Authority
Foreign Exchange Control

So?a House

Church Street

Hamilton.

Attn. Ms. Marcia Woolridge-Allwood.

Dear Madam,
Re: Portfolio Holdings Limited previously Kalair (Bermuda) Ltd.) (?the Company/:1

We have been asked to seek your approval for the transfer of shares in this Company from
Lily Company Limited (?Lily?) to a related company, Reference Investments Inc. 
a company incorporated in the British Virgin Islands.

Your records will show that Lily is a private trust company incorporated in Jersey,
Channel Islands, which acts a Trustee of the Minstrel Trust, the beneficiary of Which is His
Royal Highness Prince Khaled Bin Sultan bin Abdulaziz ibn Saud. R11 is also owned by
Lily as Trustee for the Acorn Trust the beneficiary of which is also HRH. Prince Khaled.
HRH Prince Khaled is also known to you as the ultimate bene?cial owner of Actaeon
Shipping Limited, Euroyacht Limited, Daedalus Aviation Limited et a1.

Accordingly, the transfer of shares from Lily to RH will not involve any change in legal or
ultimate beneficial ownership of the Company.

We trust this information is sufficient to enable you to approve the transfer of shares
aforesaid but should you require any additional information, please do not hesitate to
contact us.

Yo 'thfully,

Carol Su mers
Corporate Administrator