At its meeting on April 12th 2002 the Board of Directors made the following decisions in respect of the open policy years:



1999/2000


For the eighth consecutive year, the year was closed without further supplementary call.



2000/2001


The forecast for the year is a technical loss. No supplementary call is predicted at present. It is anticipated to close this year in the spring of 2003. The release call is increased to 25 %.



2001/2002


The release call for this year is increased to 25 %. The year shows a loss. The Board will follow the development of this year prior to deciding whether to levy a supplementary call.



The target at the renewal for 2002/2003 was set to achieve a 0 % supplementary call. The release call for this policy year is set at 25 %.



The third instalment, which represents 25 % of the advance call for the 2001/2002 year, will now be debited being due for payment May 20th 2002.



There are no supplementary calls on Charterers’ P&I Insurance.