Circular to all members At the Annual General Meeting of Skuld Mutual Protection and Indemnity Association (Bermuda) Limited ("the Bermuda Association") held in St. Petersburg, Russia on 14 June 2019, members and clients received reports on matters of importance to the Bermuda Association’ business and annual elections were held. Financial Year 2018 The financial reports for the Bermuda Associations for the year ending 20 February 2018 were approved by the Annual General Meeting. Elections Elected members of the Board of Directors of Skuld Mutual Protection & Indemnity Association (Bermuda) Limited: Re-elected for a two-year period until 2021: • Klaus Kjærulff • Catherine Cheung • Martin Larsen • Trygve Seglem • John P. Tavlarios • Ann-Marie Åström The following are not up for election until 2020: • Bernt O. Bodal • Erik Hånell • Manfredi Lefebvre d’Ovidio • Terje Hj Michelsen • Alexey Ostapenko The Bermuda AGM also re-elected Mr Klaus Kjærulff as Chairman of the Board for a period of one year until 2020. After the elections, the Board of Directors of Skuld Mutual Protection and Indemnity Association (Bermuda) Limited comprises: • Klaus Kjærulff, Chairman • Bernt O. Bodal • Catherine Cheung • Erik Hånell • Martin Larsen • Manfredi Lefebvre D’Ovidio • Terje Hj Michelsen • Alexey Ostapenko • Trygve Seglem • John P. Tavlarios • Ann-Marie Åstrøm Yours faithfully, Ståle Hansen President and CEO Assuranceforeningen Skuld (Gjensidig)