At its meeting on March 22nd 2007 the Board of Directors made the following decisions in respect of the open policy years:

2004/2005

The year was closed without a supplementary call.

2005/2006

The forecast for this year is a balanced result without any further deterioration. No supplementary call is predicted at present. It is anticipated to close this year in the spring of 2008. Due to the balanced result the release call is reduced to 10%.

2006/2007

The year 2006/2007 was disappointing affected by volatility. Considering, however, the claims pattern developed during the recent years, the overall technical result is balanced. As a consequence, current prediction of a zero supplementary call is maintained. The release call for this year is maintained at 25%.

The target at the renewal for 2007/2008 was set to achieve a 0% supplementary call.

The release call for this policy year is set at 25%.

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

Yours sincerely,
The Swedish Club
Frans Malmros