6 January 2003 TO ALL MEMBERS Dear Sirs ARTICLES OF ASSOCIATION A recent review by external lawyers of the Association’s governing constitution, known in the UK as a company’s “Articles of Association”, identified a number of areas for potential improvement and modernisation. The changes proposed by the lawyers were reviewed and approved by the Committee at its meeting on 16 October 2002 which at the same time also authorised the calling of an Extraordinary General Meeting on Wednesday 29 January 2003, for the purpose of obtaining support from the membership for the proposed changes. Attached to this circular therefore is a formal Notice of the Extraordinary General Meeting called by the Committee, which also lists the proposed changes. Most of the proposed changes are relatively minor and include provisions to allow communication between the Association and membership by electronic means, in addition to more traditional methods; clarification that membership of the Association is restricted to those with an insurable interest in an entered vessel; provisions to enhance the fairness of the distribution of Class assets, in the event of an individual Class of the Association being wound up; clarification of the voting rights of Members at Class and General Meetings of the Association; and clearer provisions concerning the distribution of reserves of the Association. Yours faithfully A BILBROUGH & CO LTD (MANAGERS) 5:317 NOTICE OF MEETING NOTICE IS HEREBY GIVEN that an EXTRAORDINARY GENERAL MEETING of the MEMBERS OF THE ASSOCIATION will be held at the REGISTERED OFFICE of the Association, 50 LEMAN STREET, LONDON, E1 8HQ at 12:30 p.m. on WEDNESDAY, 29th JANUARY 2003, or as soon thereafter as the separate meeting of the members of Class 8 called for that day is finished, to consider and if thought fit to pass the following Special Resolution. 1. THAT the Association’s Articles of Association be and they are hereby amended as follows: 1.1 By the addition/amendment of the following Meanings in Article 1: “WORDS MEANINGS Communication .............................Has the meaning given in the Electronic Communications Act 2000. Electronic Communication ............Has the meaning given in the Electronic Communications Act 2000. The Statutes ..................................The Companies Acts 1985 and 1989 and every statutory modification, consolidation or reenactment thereof for the time being in force. Words importing persons shall include individuals, corporations, partnerships and firms (whether or not having a separate legal personality).” 1.2 By deletion of Article 3 and substitution of the following: “3. (A) A person (if not already a member of the Association) shall become a member of the Association following the acceptance by the Association of an application made by or on behalf of such person for insurance of that person’s insurable interest in any ship and as from (and not before) the date of commencement of such insurance. (B) A member shall cease to be a member ipso facto:(i) in the case of an individual, upon his death; (ii) if the member shall cease to have any ship entered in the Association for insurance; or (iii) if the Committee shall pursuant to Article 19 resolve that the member shall cease to be a member. Provided always that such member, his estate and legal personal representatives shall be and remain liable to pay to the Association all such contributions and moneys as under these Articles or the Rules such member is e