Supplemental Cover for certain risks within the scope of Bio-Chem. Exclusion Clause 25 March 2004 No.03-024 Regarding the captioned issue, the Clubs participating in the International Group of P&I Clubs (hereinafter referred to as "the Clubs") have been circulating a notice to their members advising of the partial reinstatement of insurance cover as summarized below for your reference. This reinstatement aims at providing a limited cover for the Clubs' members against some of the risks which are excluded from most War Risks Hull and P&I policies by "Bio- Chem. Exclusion Clause." The matter had been discussed since last year in the Group but no conclusion was made before the commencement of 2004 policy year about the scope of the cover to be provided. Now that the details and the scope of the cover is agreed, the Clubs are generally ready to provide the cover, even though our 2004 policy year contracts had already started about one month ago. In case of Japan P&I Club, the reinstatement of the cover for Bio-Chem. claims is only possible after an amendment to the Club's Rule based on the resolution by the Board of Directors and lawful register of the amended Rules with Japanese Financial Services Agency. Consequently, as mentioned in the following summary of some other Clubs' circulars, we will be able to provide the same cover immediately after necessary procedures are completed, which is expected by June 2004. We will circulate an official notice of the date when we will begin to provide the cover together with a notice of amendment to our Rules for the relevant cover upon ready. cf) As for the scope of Bio-Chem. Exclusion Clause, members are kindly requested to refer to our circular No.02-023 dated 28th March 2003 titled "War Risk P&I Cover". In that circular Bio-Chem. Exclusion Clause was explained in its full style as "Chemical, Bio-Chemical, Electromagnetic Weapons and Computer Virus Exclusion Clause". = For the members' reference - the abstract