PROPOSAL IN RELATION TO A SCHEME OF ARRANGEMENT pursuant to Section 99 of the Companies Act 1981 of Bermuda between The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited and its SCHEME CREDITORS (as defined in the Scheme of Arrangement) In an endeavour to ensure that insurance brokers are in a position to advise their clients as to the action they should take, a copy of this document has been sent to all brokers identified by The United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited (the "Company" or "UKB") and known to have placed business with or on behalf of the Company or to have had dealings with the Company. Further copies of this document can be obtained at the offices of Thomas Miller, 90 Fenchurch Street, London, England EC3M 4ST.