20 October 1998 TO ALL MEMBERS Dear Sirs CLASS 8 FREIGHT, DEMURRAGE & DEFENCE SUPPLEMENTARY AND RELEASE CALLS At its meeting in Athens on 14 October 1998, the Committee reached the following decisions, based on the continuing satisfactory financial position of the Class: 1995/96: As the final Supplementary Call for the 1995/96 Policy Year was levied in August 1998, the Committee has resolved that the year should now be closed without further Call. In accordance with the Association’s usual accounting practice, at 20 February 1999 the liabilities, and equivalent assets of the Policy Year will pass to the Closed Year Fund, and any surplus or deficit will be transferred to or from the Calls Equalisation Account. 1996/97, 1997/98 and 1998/99: Each Policy Year is developing satisfactorily, and the Committee has therefore reconfirmed the decisions reached at their meeting on 29 April 1998 which were notified in the Association’s Circular of 6 May 1998 (8:056). 1996/97: The Supplementary Call was levied in August 1998 at 30%, as originally estimated. The Release Call rate will remain at 20% until the year is closed in 1999. 1997/98 and 1998/99: The estimated Supplementary Calls for each year remain at 30%, to be levied for both years in August 1999. The Release Call rate in each case remains at 50%. Policy Year 1999/2000 In view of the continuing satisfactory state of affairs of the Class, the Committee has again agreed, as for 1998/99, that no increase is required in the Standard Advance Call rate, which will therefore remain at US$10,000 per ship. The Committee has set the Release Call rate for the 1999/2000 Policy Year at 50%, based on an initial estimated Supplementary Call of 30%. The Committee has also agreed that cover can continue to be offered without a mandatory deductible, with an appropriate increase in the Advance Call rate. Yours faithfully, A.BILBROUGH & CO. LTD. (MANAGERS) 8:057