At its meeting on April 11th 2003 the Board of Directors made the following decisions in respect of the open policy years:

2000/2001
For the ninth consecutive year, the year was closed without a supplementary call.

2001/2002
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 2004. The release call is reduced to 5 %.

2002/2003
The release call for this year is maintained at 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 2003/2004 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 ClubFrans Malmros