Hellenic Mutual War Risks Association (Bermuda) Limited ("The Association")

TO THE MEMBERS

Our Ref: HWRB

2 May 2013

Dear Sirs

Hellenic Mutual War Risks Association (Bermuda) Limited (“The Association”)

Members may be aware of recent press articles concerning a financial restructuring of the Hellenic Mutual Hull Club. The Managers would like to remind Members that the Association has no connection with the Hellenic Mutual Hull Club. The Association is domiciled in Bermuda with the Managers’ Agents being based in the Isle of Man. The Association does not hold any of its reserves in Cyprus and is thus unaffected by recent problems with the Cyprus banking sector.

If further information is required, please contact the Managers’ Agents.