• 2008 policy year closed with no further supplementary premium
• Free reserves and capital of over $4.50 per gross ton
• Investment return of $69 million
• Free reserves and capital increased to US$478 million
• Total assets of $1.6 billion
• Combined ratio of 98 per cent

TO THE MEMBERS

POLICY YEAR REVIEW REVIEW OF OPEN POLICY YEARS

At their meeting in May 2011 the Directors closed the 2008 policy year.

This year continues to develop very favourably and is expected to close next year with a healthy surplus.

The estimate of supplementary premium is nil.

Although the 2010 policy year is at a very early stage of development it is showing a similar development to that of the 2009 policy year. No supplementary premium is estimated for this year.

The Directors, at their meeting, approved the Report and Financial Statements for the year ended

20th February 2011. A detailed summary of the Club's financial results is contained in the separate

publication "Review of the Year" accompanying this circular; highlights include free reserves and

capital of $478 million, an investment return of $69 million , improved policy year results and a

combined ratio of 98%.Yours faithfully

THOMAS MILLER (BERMUDA) LTD.

Members requiring further information should contact their usual Club contact.