CIRCULAR REF: 2016/031CIRCULATED TO ALL MEMBERS, BROKERS AND DIRECTORSAs outlined in our Circular of 11 Novemberthe Club’s Directors are committed to assisting Members during the current difficult trading conditions. The Directors have therefore agreed to return 5% of all mutual premiums debited to Members in the 2016/17 policy year.This premium return is not conditional upon Members renewing at February 2017, however credit notes for this return will be issued to allow renewing Members to offset the return against premiums payable during the course of the 2017 policy year.AA WILSON and PA JENNINGSJOINT MANAGING DIRECTORSThe North of England P&I Association Limited