4 December 2001 TO ALL MEMBERS Dear Sirs CALLS – CLASS 8 – FREIGHT, DEMURRAGE & DEFENCE Your Committee has reached the following decisions in respect of the following policy years: 1998/99: The policy year should be closed without further Call and the surplus transferred to the Closed Year fund. 1999/2000: The Release Call rate should remain at 20%. 2000/01: The Release Call rate should remain at 20%. 2001/02: The estimated Supplementary Call should remain at 30%, with the Release Call rate remaining at 50%. 2002/03: The standard Advance Call rate will remain at US$10,000 per ship, subject to the normal 25% deductible, for the fifth consecutive year. Cover can continue to be offered without this deductible, subject to an appropriate increase in the Advance Call rate. The estimated Supplementary Call rate has been set at 30%, with the Release Call rate at 50%. Yours faithfully A BILBROUGH & CO LTD (MANAGERS) 8:066