To the Members January 2007

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To the Members Jnury 2007 Der Sirs, NOTICE IS HEREBY GIVEN tht n Extrordinry Generl Meeting of the Members of the Assocition will be held t the Registered Office of the Compny, Aquticl House, 39 Bell

1 To the Members Jnury 2007 Der Sirs, NOTICE IS HEREBY GIVEN tht n Extrordinry Generl Meeting of the Members of the Assocition will be held t the Registered Office of the Compny, Aquticl House, 39 Bell Lne, London E1 7LU t 12:00 hours on Fridy, 16 th Februry 2007, to consider nd if thought fit to pss the following resolution s n ORDINARY RESOLUTION: RESOLUTION CLASS 1 THAT with effect from Noon G.M.T. on 20 th Februry 2007, the mendments to the Rules of Clss 1 (Protection nd Indemnity) of the Assocition, nnexed hereto, nd s explined in the ttched commentry, be dopted. By Order of the Bord R.A. Lkemn Secretry 31 st Jnury 2007 L.59 STEAMSHIP INSURANCE MANAGEMENT SERVICES LIMITED Authorised nd Regulted by the United Kingdom Finncil Services Authority AQUATICAL HOUSE 39 BELL LANE LONDON E1 7LU tel: website: Registered No: Englnd

2 FORM OF PROXY The undersigned, Member of THE STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED hereby ppoints Herbert Menno Juniel or, filing him, Michel Leonids Vlms s my proxy to vote for me on my behlf t n Extrordinry Generl Meeting of The Stemship Mutul Underwriting Assocition Limited to be held t the Registered Office of the Compny Aquticl House, 39 Bell Lne, London E1 7LU, United Kingdom, t 12:00 hours on Fridy, 16 th Februry 2007 nd t ny djournment thereof. Signed Dte Nme (plese print) Compny Nme Address Upon completion this proxy form should be returned by post to the Registered Office of the Compny t the bove stted ddress or by e-mil nd, to remin vlid, must be received not less thn 24 hours before the commencement of the meeting. Plese direct responses vi e-mil to kthleen.jod@simsl.com

3 AMENDMENTS FOR 2007/8 TO THE RULES OF CLASS 1 PROTECTION AND INDEMNITY OF THE STEAMSHIP MUTUAL UNDERWRIITING ASSOCIATION LIMITED In the tble below, the proposed new wording is shown in bold nd wording to be deleted is shown s [..]. Explntory notes in itlics hve been provided for the proposed chnges. Rule 6 Entry vii The Member, or ny Owner who pplies for entry in the Club: b (iii) Consents to nd uthorises the disclosure by the Mngers to ny club which is prty to the Pooling Agreement of ny report of ny survey or inspection of n Entered Ship, or Ship proposed to be entered, or udit of the Member s mngement systems undertken on behlf of the Club, either pursunt to n ppliction for entry, or fter entry in, the Club, including the disclosure of ny report of ny survey or inspection or udit undertken in ny prior policy yer; Wives ny rights or clims ginst the Club nd/or the Mngers of whtsoever nture rising in respect of or relting to the contents of or opinions expressed in ny report of ny survey or inspection or udit so disclosed. PROVIDED ALWAYS tht, The report of ny survey or inspection or udit my only be disclosed to nother club when n ppliction for entry is mde thereto; nd The disclosure of the report of ny survey or inspection or udit shll be for the limited purpose only of tht club considering n ppliction for entry in the club. The report of ny such survey or inspection or udit my in ny event be disclosed by the Club in ccordnce with the terms of ny leglly enforceble order. Comment In the interests of verifying nd mintining the qulity of tonnge entered in clubs in the Interntionl Group, it is proposed to introduce new provision whereby existing or proposed members consent to rrngements under which the shring of survey informtion mongst Group clubs is envisged. 18 Generl Exceptions nd Limittions i If ship is entered in the Club for the ccount of time chrterer, the libility of the Club shll be limited to such mount s would pply if he were the registered owner of the ship nd entitled to limit libility, or to such other 1

4 ii b c d e mount s my be stted in the Certificte of Entry. Oil Pollution Limit Sve s otherwise provided under the relevnt Certificte of Entry, the libility of the Club in respect of clims for oil pollution shll be limited to such sum nd be subject to such terms nd conditions s the Directors my from time to time determine. provided lwys tht: for the purposes of this Rule, clims for oil pollution shll be deemed to include clims in respect of ll libilities rising out of the escpe or dischrge or thretened escpe or dischrge of oil from the entered vessel or ny other vessel or vessels or ny fixed or movble object s result of ny one ccident or occurrence nd recoverble from the Club by virtue of one or more of the provisions of Rule 25 of these Rules; in the event tht the ggregte of such clims exceeds the limit determined by the Directors hereunder, the libility of the Club in respect of ech clim shll be such proportion of the sid limit s ech clim recoverble from the Club bers to the sid ggregte; where clims for oil pollution rise in respect of n entered vessel providing slvge or other ssistnce to nother vessel following n ccident or occurrence, such clims shll be ggregted with ny clims for oil pollution mde by other vessels providing slvge or other ssistnce to the sid vessel following the sid ccident or occurrence ginst the Club or ny other ssocition which is prty to the Pooling Agreement [P. & I. Assocition which prticiptes in the reinsurnce rrngements of the Interntionl Group of P. & I. Clubs]. The libility of the Club in respect of such clims shll be limited to tht proportion of the limit determined by the Directors tht ech clim recoverble from the Club bers to the sid ggregte; Where brebot chrterer nd n owner re seprtely insured with the Club or ny other ssocition which is prty to the Pooling Agreement [ P. & I. Assocition which prticiptes in the reinsurnce rrngements of the Interntionl Group of P. & I. Clubs], the ggregte of ll clims for oil pollution following n ccident or occurrence brought ginst the Club nd/or such other [A] ssocition shll be limited to the sum determined hereunder. The libility of the Club in respect of such clims shll be limited to tht proportion of the sum determined by the Directors tht ech clim recoverble from the Club bers to the ggregte of the clims recoverble ginst the Club nd such other [A] ssocition if ny; in the event of legisltion coming into force nywhere in the world ffecting Member s libility in respect of oil pollution the Club shll, upon ech nd every such enctment, hve the right to increse such Member s rte of contribution or to chrge dditionl premium or limit its libility in respect thereto; Textul mendment to hrmonise with lnguge used in the proposed new Rule 18 iv Textul mendment to hrmonise with lnguge used in the proposed new Rule 18 iv 2

5 f iii iv (iii) b () if the totl mount of ny pollution clim ginst Member exceeds sum equl to the Club s limit of libility in respect of oil pollution clims, s determined by the Directors in ccordnce with this Rule 18, the Club will hve no libility in respect of tht mount by which ny such clim exceeds the sum equl to the limit foresid. Note: The sum pproved by the Directors to pply to Rule 18 ii s from 20th Februry 2007 is US$1,000,000,000 ech vessel ny one ccident or occurrence. When Member for whose ccount ship is entered in this Clss is entitled to limit its libility, the libility of the Club shll not exceed the mount of such limittion or, if the ship is not entered for her full tonnge, such proportion of the sid mount s the entered tonnge bers to the full tonnge. Pssengers nd Semen Limits For the purposes of this Rule 18 iv nd the provisos thereto, nd without prejudice to nything else contined in these Rules, Pssenger shll men person crried onbord ship under contrct of crrige or who, with the consent of the crrier, is ccompnying vehicle or live nimls covered by contrct for the crrige of goods; Semn shll men ny other person onbord ship, including Supernumerry, who is not Pssenger; nd n Owner s Entry shll men n entry effected by the owner, brebot chrterer, mnger or opertor of n Entered Ship nd which does not insure chrterer of the Entered Ship, other thn n ffilited or ssocited chrterer co-ssured under the sme owner s entry nd Owner shll be construed ccordingly. Unless otherwise limited to lesser sum, the Club s ggregte libility rising under ny one Owner s Entry shll not exceed in respect of libility to Pssengers US$2,000,000,000 rising out of ny one ccident or occurrence; nd in respect of libility to Pssengers nd Semen US$3,000,000,000 rising out of ny one ccident or occurrence, but in respect of libility to Pssengers, US$ 2,000,000,000. Provided lwys tht: Where there is more thn one Owner s Entry in respect of the sme ship in the Club nd/or in nother ssocition which is prty to the Pooling Agreement the ggregte of clims in respect of libility to Logicl mendment to reflect dte of forthcoming policy yer. A New Rule to reflect the introduction of limits in the Pooling Agreement. With effect from 20 th Februry 2007 the Pooling Agreement (being the bsis for the Interntionl Group Clubs shring of clims nd collective purchse of mrket reinsurnce) will introduce limits on cover for clims rising in respect of Pssengers, Semen nd others on the entered ship. This chnge hs been prompted in prt in view of the incresed limits for pssenger clims specified in the 2002 Protocol to the Athens Convention Relting to the Crrige of Pssengers nd their Luggge by Se 1974, combined with the fct tht the cpcity of pssenger vessels is incresing, giving rise to the consequent risk of mjor overspill clim. 3

6 (b) Pssengers recoverble from the Club nd/or such other ssocitions shll not exceed US$2,000,000,000 ny one ccident or occurrence nd the libility of the Club shll be limited to such proportion of tht sum s the clim by such Owners upon the Club bers to the ggregte of ll such clims otherwise recoverble from the Club nd ll such other ssocitions; the ggregte of ll clims in respect of libility to Pssengers nd Semen recoverble from the Club nd/or such other ssocitions shll not exceed US$3,000,000,000 ny one ccident or occurrence nd the libility of the Club shll be limited: where clims in respect of libility to Pssengers hve been limited to US$2,000,000,000 in ccordnce with proviso (), to such proportion of the blnce of US$1,000,000,000 s the clims upon the Club by such Owners in respect of libility to Semen ber to the ggregte of ll such clims otherwise recoverble from the Club nd ll such other ssocitions; nd in ll other cses, to such proportion of US$3,000,000,000 s the clims upon the Club by such Owners in respect of libility to Pssengers nd Semen ber to the ggregte of ll such clims otherwise recoverble from the Club nd ll such other ssocitions. 22 Equipment nd Freight The Club shll not under ny circumstnces, sve only those provided for in the specific Rules enumerted hereunder, py for loss of or dmge to n entered ship, or her tckle, pprel, furniture, stores, fittings or equipment, or for ny proportion thereof, or for the cost or chrges of or relting in ny mnner whtsoever to the repir of n entered ship, or for loss of freight or hire or ny proportion thereof, or for slvge, or for loss rising out of the cncelltion of chrter or other enggement of n entered ship, or for bd debts, or for ny loss or libility whtsoever rising out of the insolvency or frud of the Member or its gents, or for demurrge on or detention of n entered ship. The specific Rules referred to re s follows: Rule 25 iv - relting to life slvge; Rule 25 xiii d proviso (ix) - relting to loss of freight or hire, or clims for demurrge, detention nd dely where such loss or clim forms prt of clim for libilities [being prt of the mesure of dmge recoverble] in respect of [loss of or dmge to] crgo; Rule 25 xv - relting to ship s proportion of generl An mendment to bring the Club Rules into line with the Pooling Agreement to permit recovery of clims by or ginst Member for detention, demurrge or dely, where such loss forms prt of clim for libilities in respect of crgo, or to permit such heds of dmge s freight, hire, demurrge nd/or detention, to be recoverble s sue nd lbour expenses. 4

7 verge; Rule 25 xvii - relting to confisction; Rule 25 xxb relting to sue nd lbour Rule 25 xxc relting to expenses incurred by direction of the Club 25xiii Proviso (ix) Crgo Libilities In reltion to prgrphs -d of Rule 25 xiii Loss of freight or Hire, Detention or Demurrge Loss of freight or hire or ny proportion thereof, or clims for demurrge on, detention of, or dely to n entered ship shll be recoverble under this Rule 25 xiii if, but only if, such loss or clim forms prt of clim for libilities in respect of crgo or is, with the consent of the Mngers, included in the settlement of clim; [is prt of the mesure of dmge recoverble by persons interested in crgo crried in the entered ship for loss of or dmge to such crgo;] 25 xi Removl of Wreck Costs nd expenses of or incidentl to or libilities rising out of the ctul, or ttempted rising, removl, destruction, lighting or mrking of: the wreck of n entered ship, including ny prt thereof; or, crgo, equipment or other property crried on the entered ship, to the extent tht the Member is unble to recover those costs from the owner of such property or from ny other prty; provided lwys tht: () Such rising, removl, destruction, lighting or mrking is compulsory by lw, or the costs thereof re leglly recoverble from the Member; nd (b) The csulty or event giving rise to clim under prgrph of this Rule 25 xi occurred during the period of the ship s entry in the Club, nd in the cse of ctul, constructive or compromised totl loss of the entered ship the Member shll continue to be covered by the Club in respect of such libilities notwithstnding the provisions of Rule 36 v. c To the extent of the Member s interest therein, the vlue of: The wreck itself nd ll stores nd mterils sved shll be deducted from ny reimbursement mde by the Club under this Rule 25 xi; nd/or All crgo sved, shll be deducted from ny reimbursement mde by the Club under either Rule 25 xi or Rule 25 xiii. Amendment to clrify tht the Club is entitled to tke credit for the vlue of slved crgo in circumstnces where the Member is entitled to recovery under Rule 25 xi (removl of wreck) in respect of crgo. 5

8 25xiii Loss, Shortge, Dmge nd other Responsibility b Hndling of Dmged Crgo c Filure of crgo interests to collect crgo (iii) (iv) () (b) 25xiii Proviso (viii) Crgo Libilities Libilities nd costs insofr s they relte to crgo or other property intended to be or being or hving been crried in n entered ship s follows: Libility for loss, shortge, dmge or other responsibility rising out of ny brech by the Member, or by ny person for whose cts, neglect or defult he my be leglly lible, of his obligtion s crrier by se properly to lod, hndle, stow, crry, keep, cre for, dischrge or deliver the crgo or property or out of unseworthiness or unfitness of the entered ship. The extr costs (over nd bove those required by nd/or incurred in the performnce of his obligtions under the contrct of crrige) incurred by the Member in restowing, dischrging or disposing of dmged crgo, provided tht the Member hs no recourse to recover such costs from ny other prty nd the Member shll only be entitled to recover such extr costs if nd to the extent tht they exceed ny proceeds of sle of the crgo pyble to the Member. The extr costs nd libilities incurred by the Member rising directly out of the filure by crgo interests to collect or remove crgo from the port or plce of dischrge or delivery; provided tht: The Member is leglly lible for such costs or hs incurred them under the direction or with the pprovl of the Mngers; nd The Member hs no recourse to recover such costs from ny other prty; nd The Member shll only be entitled to recover such extr costs if nd to the extent tht they exceed the proceeds of the sle of the crgo; nd In ny event there shll be no recovery in respect of storge chrges for the first 30 dys following dischrge nd ny costs nd libilities (including storge chrges), under prgrph c of this Rule 25 xiii, which hve been incurred prior to notifiction of the filure to collect or remove crgo being received by the Mngers. Crgo Libilities Discretionry clims Unless nd to the extent tht the Directors shll in their bsolute discretion otherwise determine (nd in ny event only if they re stisfied tht the Member took such steps s pper to those Directors to be resonble to void the event or circumstnces giving rise to such libilities, costs nd expenses), there shll be no recovery from the Club under prgrphs d of this Rule 25 xiii in respect of the Member s libilities, costs or expenses rising out of: A textul mendment to clrify tht, in the event tht dmged crgo is sold, recovery cn only be mde in respect of extr costs incurred to the extent tht they exceed the proceeds of sle of the crgo. An mendment to reflect n greed chnge to the Pooling Agreement which now requires Member to demonstrte to the stisfction of the Club Directors tht it hd tken resonble steps to prevent the incident giving rise to the discretionry clims specified in this Rule in order to qulify 6

9 () (b) (c) (d) (e) the dischrge of the crgo or ny prt thereof from n entered ship t ny port or plce other thn port or plce permitted by the relevnt contrct of crrige; the delivery of crgo crried on n entered ship without the production of the relevnt bill of lding; the issue of n nte dted or post dted bill of lding, wybill or other document contining or evidencing the contrct of crrige; the issue of bill of lding, wybill or other document contining or evidencing the contrct of crrige known by the Member or the Mster of the entered ship to contin n incorrect description of the crgo or its condition or quntity; the filure to rrive or lte rrivl of n entered ship t ny port of loding, or out of the filure to lod or dely in loding ny prticulr crgo or crgoes in n entered ship otherwise thn under bill of lding lredy issued. for recovery. 25 xiv Crgo s Proportion of Generl Averge [Crgo s proportion of] Contribution by crgo or some other prty to the mritime dventure to generl verge, specil chrges or slvge which is not leglly recoverble solely by reson of brech of the contrct of crrige; An mendment reflecting chnge to the Pooling Agreement to clrify tht recovery my be possible in respect of GA contributions pyble not just by crgo interests but by other prties to the mritime dventure, (such s chrterers in respect of bunkers on bord the vessel). b provided lwys tht: Provisos -(xi) to Rule 25 xiii shll pply to ny clim under this Rule 25 xiv; Any crgo llownce stted in the djustment, but for which credit hs not in fct been tken by crgo, shll be deducted. Note: No proportion of ny scrifices of ship or interest, commission or djustment chrges on scrifices of ship (which re normlly recoverble from Hull Underwriters) re pyble under this Rule. 40 Deduction nd Set Off i The Club will hve the right to deduct from ny monies whtsoever tht re due from, or credited to, it for the ccount of the Member, ny premiums, deductibles, or libilities whtsoever nd howsoever rising due from such Member to the Club, including ny libility, cost or expense which the Club my incur in respect of ny premium tx or other tx levied on or in connection with the insurnce or re-insurnce provided by the Club to the Member. Further in their bsolute discretion the Mngers my deduct from ny such monies, such mounts s they estimte will become due from tht Member in respect of instlments of, or deferred, premium Further to the proposed new Rule 48, consequentil mendment to permit the recovery by the Club of sums pid by the Club in respect of premium or other txes which should properly be borne by the Member. 7

10 or nnounced clls. Sve tht where the Member hs provided gurntee cceptble to the Mngers in respect of relese clls pursunt to Rule 15 i the Club s right to deduct pursunt to this rule shll be limited to the mount by which ny sums which re due, or which it is estimted will become due, to the Club exceed the mount of tht gurntee. 48 Premium nd Other Txes The Member shll py on demnd to the Club or its order the mount of ny premium tx or other tx levied on or in connection with the insurnce or reinsurnce provided by the Club to the Member for which the Club determines it or the Member hs or my become lible, nd shll indemnify nd hold hrmless the Club in respect of ny loss, dmge, libility, cost or expense which the Club my incur in respect of such premium tx or other tx. It ppers the tx uthorities of some Sttes my hold the Club lible to py premium tx if not pid by the Member. This new provision clrifies the right of the Club to recover from the Member the mount of ny insurnce premium or other tx which the Club my be required to py in the first instnce but which should properly be borne by the Member in reltion to the insurnce or reinsurnce provided by the Club. 8

COMPLETE COVER - `ADD ON' TO TRAVEL INSURANCE POLICIES CONFERENCE & EVENT ORGANISERS SCHEDULE

SPECIMEN ONLY COMPLETE COVER - `ADD ON' TO TRAVEL INSURANCE POLICIES CONFERENCE & EVENT ORGANISERS SCHEDULE Policy Numer: Policyholder: Certificte of Insurnce: PPIP(E) Period of Insurnce: Finncil Loss: