IN ORDER THAT there should be no misunderstanding as to the scope and effect of the recent decision by the International Court of Justice in respect of the Iranian oil dispute Anglo-Iranian Oil Co., Ltd. wishes to bring the following statement to the attention of all concerned.

It has already been made clear that the decision of the International Court is not a decision on the merits of the case and that it does not in any way affect the Company’s claim that the Iranian Government has acted illegally towards the Company in Iran. The decision means simply that the International Court, which only has jurisdiction to the extent that individual states have either generally or in a particular case accepted the jurisdiction of the court, has decided after considering the arguments advanced by both sides that it has no jurisdiction in this case.

The Company’s title to crude oil and oil products derived or to be derived from the area of its operations in Iran is in no way affected by the decision. In attempting to deprive the Company of this title and appropriating to itself the Company’s properties in Iran the Iranian Government has acted in complete disregard of its solemn obligations to the Company and of the basic principle of the sanctity of contracts—a principle which is essential for maintenance of the necessary confidence for the continued development of world trade.

In these circumstances the Company remains confident no oil company of repute nor any tanker owners nor business men of standing will countenance any direct or indirect participation in the unlawful actions of the Iranian Government.

Should, however, any concerns or individuals participate directly or indirectly in transactions affecting the crude oil and refined products concerned this Company will take all such action as may be necessary to protect its rights in any country.