FIL-SMS CORPORATION

FIL-SMS was incorporated under Philippine Laws with the Securities and Exchange Commission as a Filipino-Korean Joint Venture on November 7, 1997 and obtained full accreditation with the Philippine Overseas Employment Administration (POEA) on December 15, 1997.--As a duly licensed Manning Agency, initial operations commenced on December 24, 1997, and as of the year-end 2003 has deployed close to 1000 ocean-going seafarers of various ranks serving a diverse fleet of vessels such as LPG Carriers and Specialized Chemical Tankers, doing cross border trading between Japan, Korea, Singapore, Malaysia, Mainland China and the Philippines in the Far East and have grown steadily since then with the addition of Bulk Carriers and Panamax vessels various sizes plying in worldwide trading areas.--FIL-SMS has clear and consistent strategies with main emphasis on quality services and cost-effective management.--Our quality service and performance were proven with our recent accreditation of ISO-9002 by BVQI on December 10, 1999.