23rd May 1997 TO ALL FD&D MEMBERS Dear Sirs, CLASS 8 FREIGHT, DEMURRAGE & DEFENCE SUPPLEMENTARY AND RELEASE CALLS At its meeting on 16th April 1997, the Committee reviewed the financial position of the Class, including each open year. The Committee is pleased to advise Members that the Class appears to be financially healthy, and stable, and thus the position relating to the Supplementary and Release Call rates for each open Policy Year will remain unaltered, as follows: 1994/95 The Supplementary Call will be levied for payment in August 1997 at the originally estimated figure of 30%. The Release Call rate will remain at 50% until the Supplementary Call is charged and it will then reduce to 20%. The Committee anticipates that the year will be closed at the October 1997 Committee Meeting. 1995/96, 1996/97 and 1997/98 In respect of each Policy Year the original Supplementary Call estimate of 30% and Release Call rate of 50% will remain unchanged. Yours faithfully, A.BILBROUGH & CO. LTD. (MANAGERS) 8:053