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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: Conclusion of Forum Program for Crowley Maritime Corporation

(May 10, 2007)


Forum Report


Conclusion of Forum Program for Crowley Maritime Corporation


The objectives of the Forum program for shareholders of Crowley Maritime Corporation were finally realized yesterday, when the company filed an SEC Form 15 "Certification and Notice of Termination of Registration" estimating that there are only 10 remaining record holders of its stock.


As reported Tuesday, a total of 30,757 shares had been tendered by the May 7 expiration of the $2,990 per share Crowley offer, leaving only 532 shares (0.6% of the total outstanding) held by public investors.  The tendered shares were accepted on May 8, and papers were filed the same day for the formal acts concluding the transaction.  (See Amendment No. 7 to Schedule 13E-3 filed with the SEC on May 8.)


Everyone should be pleased with this resolution of shareholder interests.  The Crowley family now owns a private company that can be effectively developed for their benefit, and the company's minority public investors are getting a cash payment equal to 258% of the trading price of the stock when the Forum was initiated in April 2004.  I know that some of you believe the $2,990 was 20% or more below "fair value," but the price can certainly be considered reasonable for an illiquid stock in the context of a contentious history with a 70% controlling shareholder.


I want to thank everyone who contributed to this Forum program's success.  Your efforts should be appreciated by all of Crowley Maritime's shareholders, as well as by all investors who may benefit from the example of value enhancement.


           GL - May 10, 2007
Gary Lutin
Lutin & Company
575 Madison Avenue, 10th Floor
New York, New York 10022
Tel: 212-605-0335




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