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Resolution of Shareholder Interests

In March 2007, the controlling shareholder of Crowley Maritime offered $2,990 per share to buy out public investors, a price equal to 258% of the last traded price of shares when the Forum started in April 2004.

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Forum Report: Vocal Dissident Invites Views of Other Shareholders

(June 27, 2006)

The comments below were stimulated by reports concerning the company's pricing of stock transferred to an Employee Stock Option Plan controlled by management, to which reference is made:

For responding comments, see


Sent: Tuesday, June 27, 2006 9:55 AM
Subject: Views of a long-term Crowley Maritime shareholder

Jack Norberg, Chairman of Standard Investment Chartered and the son of one of the plaintiffs in the litigation against the Crowley directors, asked me to report to Forum participants that as a personal owner of the Company's stock for the last decade, account manager to several Crowley family members' brokerage accounts and as fiduciary for Standard clients that own Crowley Maritime, he's not aware of "one outside shareholder that is happy about the manner in which Mr. Crowley is managing this Company as it relates to the interests of the minority shareholder."
Mr. Norberg goes on to say, though, that "Crowley Maritime is a very well managed organization with an excellent customer centric philosophy," which is why he continues to maintain his investment.  "However, Mr. Crowley, the Board of Directors and his management team do not have the same enthusiasm for outside shareholder focused initiatives that would lead to any  reasonable market valuation and/or liquidity in Crowley Maritime shares.  Every action that has been taken to bring more equitable treatment of its minority shareholders and provide transparency to Crowley's financial reporting has been done through the legal system with great expense to every shareholder!  It is no surprise that the Board of Directors has lent Tom Crowley tens of millions of Company funds at no interest to pay for personal insurance coverage to insure the Company will remain in private Crowley family hands at Mr. Crowley's passing or issued treasury shares to an ESOP plan at a significant discount to the Company's book value."
Mr. Norberg would like to know if other Crowley Maritime shareholders agree or disagree with his views.  If you report your views to me, please let me know if I have your permission to report your comments, and, if so, whether I should do so with or without identifying you as the source.
             - GL
Gary Lutin
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022
Tel: 212/605-0335
Fax: 212/605-0325




The Forum is open to all Crowley shareholders, whether institutional or individual, and to any fiduciaries or professionals concerned with their investment decisions.  Its purpose is to provide shareholders with access to information and a free exchange of views on issues relating to their evaluations of alternatives, as described in the Forum Summary.

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