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In Memoriam

FOR IMMEDIATE RELEASE

MIAMI -- Michelle Danoff Merlin, is sad to announce the passing of her father, the company's founder and chairman, Stuart S. Danoff, on 18 April 2001 after a valiant battle with cancer.

Mr. Danoff established the shipbrokerage firm that bears his name in Miami in 1979 along with his wife, Zita and daughter, Michelle. Ms. Merlin assumed the presidency of SDUSA Ltd in 1992, at which time Mr. Danoff scaled back his day-to-day involvement, concentrating his efforts instead on newbuilding contracts and special projects.

Stuart Danoff was involved in the pioneering days of containerization, where his work led him to live in New York, the Netherlands and the UK. During his 48 year shipping career, Mr. Danoff held various senior positions as follows: president of Atlantis Shipping Company - cargo brokers; CEO of Three Agencies, Inc. - ship agents; Director, Helms International Inc. - international ICC/FMC truck/container operator; senior executive management positions with Seatrain Lines, Inc - a publicly traded liner operator; managing director Common Brothers USA Ltd. - Caribbean roll-on/roll-off liner company; ship managers, ship brokers, Lloyds insurance brokers and lastly, as Chairman of S. Danoff USA Ltd.

Mr. Danoff served as a maritime arbitrator with the Miami Maritime Arbitration Council. He was a former director of the United States Coast Guard Foundation, and was the founding president of the world renowned Miami City Ballet. Mr. Danoff served on the Board of Governors of the Sylvester Comprehensive Cancer Center, Miami, since 1994.

Business will continue as usual at the SDUSA office located at the gateway to Latin America. Mr. Danoff will be deeply missed by all who were fortunate enough to have known him over the years.

Burial took place in Sag Harbor, New York on 20 April 2001. A memorial service was held at Beth David Congregation, Miami on Sunday, 29 April 2001.

In lieu of flowers, donations may be made in his memory to Sylvester Cancer Center, POB 016960, RM 4019-M867, Miami, FL 33101

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