At its meeting on November 29th 2007 the Board of Directors decided and confirmed its policy with regard to terms, premium and deductibles for the policy year of February 20th 2008 to February 20th 2009.

In short:

• A 10% general increase
  
• Limit on cover of USD 5 million
  
• A deductible of 25% applicable on claims cost in excess of USD 250,000
  
• An estimated supplementary call of 0%
  
• Release call of 25% for 2008/2009

Please find the complete circular enclosed below