1. Protection and Indemnity US$ 3,050m International Group of P and I Associations General Excess of Loss Reinsurance Contract Structure Owned and Chartered Entries (including Overspill Protection, Hydra Participation, Pooling and Individual Club Retentions) 12 months at Noon GMT 20th February, 2007 Collective Overspill Protection US$ 1,000m One Reinstatement US$ 2,050m Third General Excess Unlimited Reinstatements US$ 1,000m Oil Pollution US$ 1,050m Second General Excess Second General Excess US$ 500m Unlimited Reinstatements Protection and Indemnity and Oil Pollution Unlimited Reinstatements US$ 550m First General Excess First General Excess First General Excess Unlimited Reinstatements First General Excess Unlimited Reinstatements Unlimited Reinstatements Unlimited Reinstatements First General Excess Unlimited Reinstatements Coinsurance 25% Reinsured by Hydra Coinsurance 25% Reinsured by Hydra US$ 500m Coinsurance 25% Reinsured by Hydra US$ 300m US$ 50 m Primary Charterers RI US$ 35m Upper Pool – Reinsured by Hydra US$ 20m Upper Pool – Reinsured by Hydra US$ 30 m US$ 8m Lower Pool Lower Pool US$ 23m Lower Pool Lower Pool Lower Pool US$ 7m US$ 7m US$ 7m Individual Club Retention Individual Club Retention US$ 350m US$ 50m US$ 15m US$ 7m Owned Entries Chartered Entries