TO THE MEMBERS

Dear Sirs,

POLICY YEAR REVIEW
CLOSURE OF THE 1993 POLICY YEAR

At their meeting in Beijing the Directors reviewed the development of the policy years and reserves, and decided to close the 1993 policy year without any further call. The year was therefore closed at a lower total cost than originally estimated: a 30 per cent supplementary call had been ordered in November 1994, as compared with the original estimate of 40 per cent.

All policy years up to 1993 are now closed. Supplementary call estimates for the open policy years are as follows:

1994 policy year - no further call expected.

1995 policy year - no change to the current estimate of 40 per cent. The Directors are due to decide the supplementary call at their meeting in October, 1996.

1996 policy year - no change to the current estimate of 40 per cent. The Directors are due to decide the supplementary call at their meeting in October, 1997.

Yours faithfully,

THOS R. MILLER & SON (BERMUDA)