20 December 2017 To all Members of Class 3 – Protection and Indemnity Dear Sirs International Group Reinsurances – Policy Year 2018/19 The arrangements for the renewal of the International Group General Excess of Loss reinsurance contract and the Hydra reinsurance programmes for 2018/19 have now been finalised. Club Retention The retention of individual Clubs will remain at USD10 million each claim. Excess of Loss Renewal The International Group has agreed rates as follows: Tonnage Category 2018 Rate Per GT Change From 2017 Dirty Tankers USD0.5845 -1.85% Clean Tankers USD0.2626 -1.83% Dry Cargo Vessels USD0.4038 -1.85% Passenger Vessels USD3.2707 -1.84% US Oil Pollution Surcharge There will be no surcharge for 2018. A statement prepared by the International Group Reinsurance Subcommittee providing further information on the renewal and premium allocation can be seen at the following weblink: International Group Reinsurance Renewal 2018 Yours faithfully, Tindall Riley (Britannia) Limited Managers