American Club Circular No. 24/12 1 SEPTEMBER 24, 2012 CIRCULAR NO. 23/12 TO MEMBERS OF THE ASSOCIATION Dear Member: CLOSING OF THE 2009 POLICY YEAR At its meeting in Houston at the end of last week, your Board resolved formally to close the 2009 policy year without contribution in excess of the originally estimated total premium for the year. Your Board’s decision was based upon figures as of June 30, 2012 which, as anticipated, disclosed a moderate deficit, of approximately $8 million, for the 2009 year. This deficit will be absorbed by the Club’s contingency fund which continues to exhibit a robust balance as part of an overall statutory surplus of some $70 million as of June 30, some 9% higher than it was at year-end 2011. Members are asked to note their records accordingly. If there are any questions in regard to the foregoing, or generally, your Managers will be pleased to respond to them in the usual way. Yours faithfully, Joseph E.M. Hughes, Chairman & CEO Shipowners Claims Bureau, Inc., Managers for THE AMERICAN CLUB