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Case 1:07-cv-03397-JGK Document 11-7 Filed 06/13/2007 Page 1 of 5
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UK P&I Club Circular

May 2007

OUTLINE

. Policyyear review and financial highlights at 20th February 2007

. Financial year surplus of $46 mll110n

. Investment returns above target at 9 per cent

. Free reserves up 20 per cerit to $263 million

. Additionalpublication detailing the Club's financial highlights is now available in hard copy and on the Club'

TO THE MEMBERS

Dear Sirs

POLICY YEAR REVIEW AND FII':JAf'U:IAL,HIGHLIGHTS AT 20th FEBRUARY 2007

Review of Open Policy Years

2004 policy year

Claims on the 2004 policy year are stillilt a:record level but are now stabilising after 36 months of development. T

claims year both in the Ciub retention. and at Pool level. Although the year is In deficit the Directors decided at thei

2007 to close the 2004 policy year'witt) no supplementary premium being required.

2005 policy year

Although the 2005 policy year began with a number of large claims in the first quarter the subsequent quarters Iml

albeit with a brief pick up just before the year end. The claims for this year are expected to come below those for :;

supplementary premium is estimated for this year.

2006 policy year

Notifiedclaimson the Poolbyall clubsInthe InternationalGrouphave alreadyexceededthe previousrecord level

year in terms ofthe positionat the twelvemonthstage. Therapiddevelopmentof claimson the year makesit par

forecast the final claims outcome for the year. Claimswithin the Club retention are running at similar levels to th05

year but below the levels of 2002 and 2004. No supplementary premium Is estimated for this year.

FinancialYear Highlights

At their May Board meeting the Directors approved the Report and financial Statements for the year ended 20th F.

separate Club publication - Financial Highlights 2007 - accompanies this circular giving a detailed summary of the (

resultsforthe year to February2007.

The Club's full financial statements, together with the Directors' Report and Review of the Year willbe published, a

Yours faithfully

THOMAS MILLER (BERMUDA) LTD.

CONTACT

http://www.ukpandi.comlukpandi/infopool.nsf/HTML/ClubCircular0807 13/06/2007

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UK P&I Club -Policy Year Review and Financial Highlights at 20th February 2007 Page 2 of2

. Members requiring further Information should contact their usual Club contact

http://www.ukpandi.comlukpandilinfopool.nsfJHTML/ClubCircular0807 13/06/2007

Case 1:07-cv-03397-JGK Document 11-7 Filed 06/13/2007 Page 3 of 5
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