No. 1 - Management Re-organisation

Dear Sirs

MANAGEMENT RE-ORGANISATION

In order to improve the Club’s response to Members’ needs, a number of changes has been made in the management company.

With effect from March 1st this year, the claims department will be re-organised into smaller units to enable more claims handlers to establish closer links with Members.

The Club’s claims department will be split into seven new claims groups, five of which will be based in London and two in Hong Kong.

The West of England (Hellas) Limited will continue to service the requirements of the Club’s Members in Greece.

The chart below sets out the details of the new groups, the claims directors to whom they report and the general geographic areas of Membership for which each will be responsible. In most cases, Members will already be very familiar with many of the individuals who will be handling their claims but letters will be sent setting out the new arrangements in detail.

Robert Searle will move from his current claims role to take responsibility for development of information systems and a range of corporate, legal, regulatory and compliance matters, in order to strengthen these areas.

Andrew Maxwell will be transferring from the Claims department to the Underwriting department.

Yours faithfully
The West of England Ship Owners
Insurance Services Limited
(As Managers)

JM Stevenson
Director