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AMO 401(k) Plan summary annual report: fiscal year 2003
      This is a summary of the annual report for the American Maritime Officers 401(k) Plan, EIN 11-2978754, Plan No. 002, for the period January 1, 2003 through December 31, 2003. The annual report has been filed with the Employee Benefits Security Administration, U.S. Department of Labor, as required under the Employee Retirement Income Security Act of 1974 (ERISA).

Basic Financial Statement
     Benefits under the plan are provided through a trust fund. Plan expenses were $7,169,929. These expenses included $387,004 in administrative expenses and $6,782,925 in benefits paid to participants and beneficiaries. A total of 5,617 persons were participants in or beneficiaries of the plan at the end of the plan year, although not all of these persons had yet earned the right to receive benefits.
     The value of plan assets, after subtracting liabilities of the plan, was $120,067,809 as of December 31, 2003, compared to $90,082,105 as of January 1, 2003. During the plan year the plan experienced an increase in its net assets of $29,985,704. This increase includes unrealized appreciation and depreciation in the value of plan assets; that is, the difference between the value of the plan's assets at the end of the year and the value of the assets at the beginning of the year or the cost of assets acquired during the year. The plan had total income of $37,155,633 including employer contributions of $1,593,769, employee contributions of $13,619,990, and earnings from investments of $21,554,855.

Your Rights To Additional Information
     You have the right to receive a copy of the full annual report, or any part thereof, on request. The items listed below are included in that report:
  1. an accountant's report;
  2. financial information and information on payments to service providers;
  3. assets held for investment;
  4. fiduciary information, including non-exempt transactions between the plan and parties-in-interest (that is, persons who have certain relationships with the plan); and
  5. transactions in excess of 5% of the plan assets.
     To obtain a copy of the full annual report, or any part thereof, write or call Board of Trustees 401(k) Plan, 2 West Dixie Highway, Dania Beach, FL 33004-4312, (954) 920-4247.
     You also have the right to receive from the plan administrator a statement of the assets and liabilities of the plan and accompanying notes, or a statement of income and expenses of the plan and accompanying notes, or both. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. If you request a copy of the full annual report from the plan administrator, these two statements and accompanying notes will be included as part of that report. The charge to cover copying costs will be $2.30 for the full annual report or 10 cents per page for any part thereof.
     You also have the legally protected right to examine the annual report at the main office of the plan (Board of Trustees American Maritime Officers 401(k) Plan, 2 W. Dixie Highway, Dania Beach, FL 33004-4312) and at the U.S. Department of Labor in Washington, D.C., or to obtain a copy from the U.S. Department of Labor upon payment of copying costs. Requests to the Department should be addressed to: Public Disclosure Room, Room N1513, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210.
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