TO THE MEMBERS

Dear Sirs,

INTERNATIONAL GROUP AGREEMENT
The Group Clubs' Response to the European Commission's Statement of Objections

Reference is made to the Association's previous

Attached to this circular is a summary of the position and of the arguments presented by the Clubs in the Response. The Managers will be pleased to provide a full copy of the Response to any Member who might like to review it in detail.

Yours faithfully,

THOS. R. MILLER & SON (BERMUDA

circular no. 8/97 of August 1997. The International Group Clubs have now replied formally to the European Commission's Statement of Objections in a Response delivered to the Commission on 16 September 1997.