OUTLINE

• This circular provides details of the AGM of the Association which will take place in Bermuda at 9 am on 28th October 2013 and the arrangements for voting by proxy.

TO THE MEMBERS

Dear Sirs

ANNUAL GENERAL MEETING

1. Notice of Annual General Meeting on 28th October 2013 The Notice of the Annual General Meeting was given in the Directors' Report and Financial Statements for the year ended 20th February 2013.

2. Agenda for Annual General Meeting The Agenda is attached. This contains items in connection with the Report and Accounts (paragraph 4), Election of Directors (paragraph 5), and Auditors (paragraph 6).

3. Proxy Form A Proxy Form and Schedule of Votes are enclosed in respect of the resolutions in items 4, 5 and 6 of the Agenda. Please note the completed form must reach the Secretary at the latest 12 hours before the Annual General Meeting.

Yours faithfully

THOMAS MILLER (BERMUDA) LTD.

CONTACT

• Members requiring further information should contact their usual Club contact.