Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

GENERAL SWEDISH HULL INSURANCE CONDITIONS OF 1987 ADDITIONAL CLAUSES FROM

SWEDISH CLUB. WARNING : The attached clauses have been copied from various documents received from our producer and should not be considered as an official version. In case of litigation, Readers must keep in in mind that the Original wording in the Original language will prevail.

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

C 3 - ADDITIONAL PERILS CLAUSE - Hulls - 1983 - 10 - 01 1•

This insurance is extended to cover : the cost of repairing or replacing (a) any boiler which bursts or shaft which breaks (b) any defective part which has caused loss or damage to the vessel covered by clause 6.2.2 of the ”Institute Time Clauses - Hulls 1.10.83, or covered by the peril “any latent defect in the machinery or hull” as it appears in lines 79/80 of the American Institute Hull Clauses 2.6.77 (whichever is applicable). loss of or damage to the vessel caused by an accident or by negligence, incompetence or error of judgement of any person whatsoever.

2• Except as provided in (a) and (b), nothing in these Additional Perils Clauses shall allow any claim for the cost of repairing or replacing any part found to be defective as a result of a fault or error in design or construction and which has not caused loss of or damage to the vessel. 3• The cover provided in clause 1 is subject to all other terms, conditions and exclusions contained in this insurance and subject to the provision that the loss or damage has not resulted from want of due diligence by the Assured, Owners or Managers, Masters, Officers, Crew or Pilot not to be considered Owners within the meaning of this Clause should they hold shares in the vessel. ••••• H 1 - AFFILIATED COMPANIES CLAUSE - 1991 - 01 - 01 In respect of the vessel(s) insured hereunder, it is agreed that this policy also covers the Assured, and Affiliated Companies of the Assured be they owners, subsidiaries or inter-related companies and as bareboat charterers and/or sub-charterers and/or operators and/or in what ever capacity, and shall so continue to cover notwithstanding the provisions of this policy with respect to change of ownership or management. Provided however, that in the event of any claim being made by an affiliated subsidiary or inter-related company under this clause it shall not be entitled to recover in respect of any liability to which it would not be subject if it were the owner of the vessel, nor to a greater extend that an owner would be entitled in such cover event to recover. It is further agreed that these insurers waive any right of subrogation against any subsidiary, affiliated or interrelated company of the Assured, excepting to the extend that any such company is insured against the liability asserted. However, should the vessel be sold to or transferred to or chartered on a bareboat basis to others than the Assured or the Affiliated companies of the Assured, or be requisitioned on a bareboat basis the provisions of this policy with respect to change of ownership or management shall govern. ••••• AA 1 - AMENDED FLEET CLAUSE - 1991 - 01 - 01 It is understood and agreed that this vessel forms part of the fleet [see policy] entered in this Association. It is rated as a member of that fleet and the Assured and Co-Assured shall be jointly and severally liable with all the other Assureds and Co-Assureds in the fleet for premiums, calls and other sums whatsoever due in respect of all vessels in the fleet. Accordingly, any failure by an Assured and Co-Assured of any vessel to pay his premiums, calls or any sums whatsoever due from him to the Association shall be deemed to be a failure also of the Assured and CoAssured of this vessel to pay such premiums, calls or other sums whatsoever and shall entitle the Association to give him notice under the applicable insurance conditions and to offset any amount due to him under this insurance against any such unpaid premiums, calls and others sums.

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com Notwithstanding the aforesaid, should the receiver of monies for claim(s) or other payment due be the Mortgagee(s) or any other Person(s) or Company(ies), which by a Letter of Undertaking and/or Loss Payable Clause attached to the Policy are entitled to receive such monies, this Clause (“ AMENDED FLEET CLAUSE”) shall be waived by the Association in respect of the rights of such aforesaid parties. ••••• B 1 - ARBITRATION CLAUSE - GOTHENBURG - 1991 - 01 - 01 Jurisdiction Gothenburg - Swedish Law to apply. Any dispute arising in connection with this Insurance Policy shall be finally settled by arbitration in Gothenburg, Sweden, subject to Swedish Law on arbitration. The arbitration proceedings shall be conducted in the English language. Any arbitration award shall be honoured within 14 days from its issue. ••••• B 2 - ARBITRATION CLAUSE - LONDON - 1987 - 01 - 01 Jurisdiction London - English Law to apply. Any dispute arising in connection with this Insurance Policy shall be finally settled by arbitration in London, England, subject to English Law on arbitration. The arbitration proceedings shall be conducted in the English language. Any arbitration award shall be honoured within 14 days from its issue. ••••• A 9 - ASSIGNMENT CLAUSE - 1991 - 01 - 01 The Owner, the Assured or any one acting on their behalf, may not assign any right, title, interest to any amount payable or claim under this policy, know or unknown, without written consent of the Swedish Club. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

N 1 - BERING SEA TRANSIT CLAUSE - 1991 - 01 - 01 Notwithstanding anything contained in this insurance to the contrary, it is hereby agreed that when on through voyage to or form the Far East, the insured vessel may navigate in the Bering Sea provided that 1) The vessel has on board the appropriate hydrographic charts corrected up to date. 2) Entry is made through the Unimak Pass and exit west of Buldir Island or vice versa and 3) The vessel is equipped and properly fitted with Marine radar, a satellite navigator or Loran, sonic depth sounding apparatus, radio direction finder and gyro compass, all fully operational and manned by qualified personnel. Alternatively the vessel may enter or leave through the Amchitka or Amukta Passes or west of Attu Island, but only when equipped and properly fitted with appropriate hydrographic chart corrected up to date for the relevant areas, marine radar, Loran, a satellite navigator, sonic depth sounding apparatus, radio direction finder, gyro compass and a weather facsimile recorder, all fully operational and manned by qualified personnel. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

C.5.1 - CHANGE OF CONDITIONS CLAUSE 1991 - 01 - 01 Applicable to Hull Insurance on General Swedish Hull Insurance Conditions of 1987 : To paragraph 35 of the conditions : For any vessel insured hereunder, which was insured on Institute Time Clauses Hulls or American Institute Hull Clauses under the preceding hull insurance policies, this policy on Swedish conditions shall, notwithstanding the provisions of paragraph 35 of the Conditions, cover any damage or loss occurring during the period of this policy resulting from a cause which first operated by a peril insured against having struck before the inception of this policy - provided the Assured substantiates that such damage or loss is not recoverable under the preceding policies. ••••• A 2 - CLASSIFICATION CLAUSE - 1993 - 10 - 01 The Assured authorizes The Swedish Club (“The Club”) access to all information held by Classification Societies (‘Class”) relating to the vessel, and agrees to authorize such Class to disclose information to The Club. The Club may instruct the Assured to request the Classification Societies (“The Society”) to survey the ship should The Club consider that the safety of the ship is endangered. The vessel shall at all times be classed with a Society approved by the Club. The insurance shall terminate automatically if the vessel is transferred to another Society, without the consent of the Club, or if the vessel loses its class. If the vessel losses its class while at sea, the insurance shall not terminate until the vessel has reached the nearest safe port. The vessel’s class shall be regarded as lost if : 1. the Assured or any person on his behalf requests that the vessel’s class be canceled. 2. the class is suspended, canceled, interrupted or withdrawn. If periodic surveys are not carried out within the time limits fixed by the Class, the Club shall only be liable if the Assured establishes (to the satisfaction of the Club) that the damage giving rise to the claim against the Club would have occurred even if such surveys had been properly carried out to Class satisfaction. If the Class has expressly extended the time limit for completion of a survey and the Assured has complied with the conditions that may be given for the extension, the class is not deemed as lost until the extended time limit has expired. If the assured fails to comply timeously with any recommendation made by the Class or any extension thereof, The Club shall not be liable for any damage or loss whatsoever unless the assured establishes (to the extension of the Club) that the failure was not material to the damage or loss claimed. ••••• A 7 - CONDITION SURVEY CLAUSE - 1992 - 01 - 01 The Swedish Club (“Club”) has the right to carry out any surveys without notice at all times. The Assured shall notify the Club at least 14 days in advance or at the time of decision, whichever is the late, of any dry-docking, lay-up or yard visits with a minimum duration of 3 days, whether repairs claimable under the policy will be effected or not.

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com Failure to notify as above shall give the Club an option to cancel the insurance, such cancellation shall take effect 14 days after notice of the exercise of the option has been given by the Club to the Assured. All recommendations as specified by the Club to be complied with falling which the Club shall exempted from any liability for any damage or loss whatsoever unless the Assured establishes to the satisfaction of the Club that the failure was not material to the damage or loss claimed. ••••• A 10 - CONTINUOUS COVER CLAUSE - 1995 - 11 - 01 It is further agreed that the Policy will be extended for twelve months at expiry of the Policy period unless a written notice has been given by either party latest 60 calendar days prior to the expiry date of the Policy. Notwithstanding the aforesaid, the Club retains its right to issue circulars to the Members implementing general changes in cover afforded at any time. However, this right does not entitle the Club to change premium and/or deductible(s) without prior notice of cancellation. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

A 12 - DATE COMPLIANCE CLAUSE - 1998 - 10 - 02 This insurance excludes from cover any loss, damage, liability or expense directly or indirectly incurred or as a result of the failure of any computer system, electronic equipment or electronic component including any embedded microchip on board the vessel relating to date-cased functionality and performance for dates prior to, during and after the year 2000 but without prejudice to the generality, specifically : 1• 2• 3• 4•

The Millennium Date Change 9 September 1999 Date change 21/22 August 1999 GPS Date Change Year 2000 Leapyear Date Change

unless the assured demonstrates that the loss, damage, liability, or expense would otherwise be recoverable under policy but for the above. and the loss has not resulted from want of due diligence on the part of the assured, owner, or manager to make the vessel and its electronic equipment date compliant by means of testing or assurances from manufacturers of such compliance and year 2000 conformity. Notwithstanding the above, this insurance shall in no circumstances cover any loss, damage, liability or expense in respect of the failed or any other failed computer system, electronic equipment or electronic component including embedded chips on board the vessel. ••••• H 14 - DEDUCTIBLE CLAUSE - 1992 - 01 - 01 1•

One deductible to be applied to all damage sustained as a result of grounding or touching bottom during one voyage, inward and outward, river or inland waterway.

2•

One deductible to be applied to all damage sustained by contacts with lockwall in the St. Lawrence Seaway and Great Lakes, Panama Canal or Kiel Canal during one voyage inward and outward (Panama and Kiel Canals : one passage) and during berthing/unberthing operations.

3•

Agreed that “two successive ports” in the Hull condition’s Deductible Clause shall be deemed not to include calls at ports solely for bunkering or for refuge or canal transits. ••••• H 8 - DISBURSEMENT CLAUSE - 1991 - 01 - 01

The warranty in this policy with respect of other insurance, commonly referred to as the “Disbursement Warranty” is modified in the following respect, namely any insurance which the Assured and/or their managers are permitted to place on Disbursements, Freight, Chartered Freight, Anticipated Freight, Earnings, Hire profits on Time Charter or Charter for a series of voyages may be placed on any one or more of the said interests interchangeably, so long as the total amount of insurance so placed does not exceed the amount permitted by the said warranty to be placed on all of such interest in the Aggregate. Notwithstanding the provision of the so-called Disbursements Warranty privilege is granted to insure excess General Average, Salvage and Collision liabilities in any amount, also Protection & Indemnity (Marine and War), furthermore, it is understood “gross freight or hire” shall include uncollected freight even though agreed prepaid or to be paid, ship or goods lost or not lost. Notwithstanding anything to the contrary herein, privilege is hereby granted to insure “interest and/or Loss of Earnings and/or Loss of Hire”, Policy Proof of Interest - Full interest Admitted but no claim to attach to such

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com insurance if the accident in respect of which such claim arises is the cause of the vessel becoming a Total and/or Constructive Total Loss. ••••• H 10 - DIVERS FEES ETC. CLAUSE - 1991 - 01 - 01 Divers fees and survey fees to be paid by Underwriters irrespective of whether or not claim exceeds deductible provided such fees are incurred with consent of Underwriters. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

A 1 -FLEET CLAUSE - 1991 - 01 - 01 It is understood and agreed that this vessel forms part of the fleet ............. entered in this Association. It is rated as a member of that fleet and the Assured and Co-assured shall be jointly and severally liable with all the other Assured and C-assured in the fleet for premiums, calls and other sums whatsoever due in respect of all vessels in the fleet. Accordingly, any failure by an Assured and Co-assured of any vessel in that fleet to pay his premiums, calls or any sums whatsoever due from him to the Association shall be deemed to be a failure also of the Assured and Co-assured of this vessel to pay such premiums, calls or other sum whatsoever and shall entitle the Association to give him notice under the applicable insurance conditions and to offset any amount due to him under this insurance against any such unpaid premiums, calls and other sums. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

H 16 - GENERAL AVERAGE - 1992 - 01 - 01 General Average, Salvage and Salvage Charges as per York-Antwerpen Rules 1974, as amended 1990. Agreed that “San Francisco” may be substitutes fro “New York” in General Average Clause at the Assured’s option, if applicable. ••••• H 18 - GENERAL AVERAGE ABSORPTION CLAUSE - 1991 - 01 - 01 It is further agreed that General Average (to include sacrifices and expenses, but to exclude interest and commissions) and salvage not exceeding USD .............. shall be payable in full (subject always to applicable policy deductible), provided claims for contribution from cargo and other interests has been waived by the Assured. ••••• H 18 - GENERAL AVERAGE ABSORPTION CLAUSE - 1991 - 01 - 01 - FGU It is further agreed that General Average (to include sacrifices and expenses, but to exclude interest and commissions) and salvage not exceeding USD .............. shall be payable in, provided claims for contribution from cargo and other interests has been waived by the Assured. (No deductible to be applied). ••••• H 17 - GENERAL AVERAGE - CONTRIBUTING VALUE CLAUSE - 1992 - 01 - 01 It is further agreed that the vessel is deemed to be fully insured in respect to contribution to General Average, Salvage or Sue and Labour Expenses. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

H 4 - HELICOPTER PERMISSION CLAUSE - 1991 - 01 - 01 The Assured shall have permission to enter into any contract concerning the use of helicopters and this insurance shall not be prejudiced when the terms thereof limit or exempt the liability of helicopters and/or their owners and/or operators, subject to the recommendations and procedures contained in the International Chamber of Shipping report entitled “Guide to Helicopter/Ship Operation” being carried out. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

H 6 - LEASED EQUIPMENT CLAUSE - 1991 - 01 - 01 This insurance is extended to cover equipment (including bunkers and/or spare bunkers furnished by the Charterers or others) and apparatus, not owned by the assured but installed for use on the insured vessel and for which the assured has assumed liability, whether such equipement or apparatus be in the nature of aids to navigation or communication, subject to all other terms and conditions of this policy. But in no event shall the liability of underwriters exceed the contractual liability of the assured for such equipment or apparatus. All such equipment or apparatus on the vessel but not owned by the Assured shall be included in the agreed valuation of the hull, etc.. ••••• H 15 - LIGHTERING CLAUSE - 1991 - 01 - 01 Notwithstanding anything contained in this Policy to the contrary it is agreed to allow the vessel to engage in lightering operation and/or cargo loading or discharging from or into another vessel or vessels at sea. Subject always that the operation are carried out in a seamanlike manner, including but not limited to adequate fendering, at conditions that ensure the safety of the insured vessel and the other vessel to the satisfaction of the Master. The policy deductible shall be applicable in respect of the aggregate of all claims arising out of said operation during the period of each operation where operation is interpreted to mean the time from mooring until unmooring of each single vessel. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

H 9 - NEGLIGENCE OF CHARTERERS AND REPAIRERS CLAUSE - 1992 - 01 - 01 It is hereby agreed that the conditions are amended to include negligence of Charterers and Repairers (following is deleted in ITC-Hulls 1.10.83, line 67 “provided such repairers or charterers are not an Assured hereunder”). However, the Insurer is not liable for loss in consequence of bunkers becoming contaminated or which do not meet prescribed quality requirements, unless such measures have been undertaken which with regard to the circumstances may be required to avoid, prevent or reduce the damage. ••••• H 2 - NEW MANAGEMENT CLAUSE - 1991 - 01 - 01 It is hereby understood and agreed that the term “New management” in the Termination Clause refers only to the transfer of management of the vessel insured from one firm or corporation who have been managing the vessel to another and has no reference to any internal changes in the offices of the Assured. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

H 3 - PILOT’s NON-LIABILITY CLAUSE - 1991 - 01 - 01 This insurance shall not be prejudiced by reason of any agreement limiting or exempting the liability of pilots and/or tugs and/or tug boats and/or their owners when the Assured, the Charterer or the Agents of the Assured accept such contract in accordance with established local practice or are compelled to accept such contracts. ••••• A 5 - PREMIUM PAYMENT AND CANCELLATION CLAUSE - 1991 - 01 - 01 The premium payable for this insurance shall be received by THE SWEDISH CLUB (“CLUB”) bankers on the relevant due date as stated in the CLUB ‘s debit notes or duly advised by other means to the Assured or his Broker. If the said premium has not been received on these due dates, the Club reserves the right to cancel this insurance. Should the Club exercise its right of cancellation, immediate written notice shall be given to the Assured or his Broker and take effect 14 days after such written notice has been received by the Assured of his Broker, unless otherwise agreed. In the event of the vessel being deemed an Actual Total Loss and/or Constructive Total Loss and/or Arranged Total Loss and/or Compromised Total Loss covered under the terms and conditions of this policy, the full annual premium will be considered earned and payable to the Club and subsequently deducted from the agreed settlement to the Assured. The expression “Assured” referred to in this clause is deemed to include the Assured, his Agent, Managers or any other company or person(s) who are acting on behalf of the Assured, and/or any Co-Assured(s) and/or Mortgagees as agreed by the Club, if and as applicable. This clause shall override any other clause(s) in this Policy unless otherwise specifically stated and agreed. ••••• A 5 - PREMIUM PAYMENT AND CANCELLATION CLAUSE - 1996 - 10 - 11 The premium payable for this insurance shall be received by THE SWEDISH CLUB (“CLUB”) bankers on the relevant due date as stated in the CLUB ‘s debit notes or duly advised by other means to the Assured or his Broker. In the event premiums are not received by the Club on the due date, interest calculated at 2% percent per month (or at such lower rate as The Club may at its discretion otherwise decide) will be levied from the day after the due date on the whole amount due. Any interest accrued will be debited per calendar quarters. The Club, however, reserves the right to waive any interest accrued and/or debited at its own discretion. If the said premium has not been received on these due dates, the Club reserves the right to cancel this insurance. Should the Club exercise its right of cancellation, immediate written notice shall be given to the Assured or his Broker and take effect 14 days after such written notice has been received by the Assured of his Broker, unless otherwise agreed. Where the period of insurance been terminated as a result of non payment of premiums at a time when premiums or any other sums due to The Club are outstanding, it is agreed that The Club is entitled to a lien over previously entered ship for all premiums and others sums outstanding. In the event of the vessel being deemed an Actual Total Loss and/or Constructive Total Loss and/or Arranged Total Loss and/or Compromised Total Loss covered under the terms and conditions of this policy, the full annual premium will be considered earned and payable to the Club and subsequently deducted from the agreed settlement to the Assured.

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

The expression “Assured” referred to in this clause is deemed to include the Assured, his Agent, Managers or any other company or person(s) who are acting on behalf of the Assured, and/or any Co-Assured(s) and/or Mortgagees as agreed by the Club, if and as applicable. This clause shall override any other clause(s) in this Policy unless otherwise specifically stated and agreed. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

H 5 - RADIO AND AIDS TO NAVIGATION CLAUSE - 1991 - 01 - 01 Radio apparatus and equipment, echo sounder, navigation equipment and other apparatus or equipment used for the purpose of communication or as aids to navigation or safety devices, portable cargo containers (such as refrigerated boxes etc.) when permanently installed in the insured vessel, tanks cleaning equipment, also equipment consisting of projection machines, sound apparatus and motion picture film should be covered by this policy and included within the agreed valuation of the Hull, even when not owned by the Assured, provided the Assured has assumed liability therefore. But the liability of underwriters (either as to amount or as to the risks covered) shall not exceed the Assured’s liability which underwriters would be subject of the property were fully owned by the Assured whichever shall be least. ••••• C 1 - RADIOACTIVE CONTAMINATION EXCLUSION CLAUSE - 1991 - 01 - 01 This clause shall be paramount and shall override anything contained in this insurance inconsistent therewith. 1 • In no case shall this insurance cover loss damage liability or expense directly or indirectly caused by or contributed to by or arising from : 1 - 1 • ionising radiations from or contamination by radio activity from any nuclear fuel or from any nuclear waste or from the combustion of nuclear fuel. 1 - 2 • the radioactive, toxic, explosive or other hazardous or contaminating properties of any nuclear installation, reactor or other nuclear assembly or nuclear component thereof. 1 - 3 • any weapon of war employing atomic or nuclear fission and/or fusion or other like reaction or radioactive force or matter. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

A 4 - SWEDISH CLUB CLAIMS LEAD CLAUSE - 1998 - 10 - 02 The Swedish Club (“The Club”) shall have claims lead. The Club as leading underwriter has the right, in all respects, to decide any matter relating to any claim made under this Policy, including but not limited to any decisions, agreements, payments, settlements, claims, surveys, guarantees, towage, salvage, payment on account and claim settlement. Further, The Club shall at all times have the right to appoint and employ their choice of experts including but not limited to surveyors, lawyers etc. on behalf of the Assured to deal with any matters involving third parties (including investigating or advising and taking or defending legal or other proceeding) that any give rise to a claim by the Assured on The Club. The Club has the right to set off against any sums due to the Assured, unpaid Co-insurers’ or other underwriters’ share or shares of sum advanced and any all sums incurred for provision of both claims and general technical services including entry and conditions surveys, if any, to the Assured by The Club. Alternatively, The Club has the right to charge participating Co-insurers directly any and all such sums mentioned in this paragraph. Should The Club in its own discretion decide to make ex-gratia payments to the Assured, the Club may limit such payment to its share of the risk written under this policy and such payment should in no respect be binding for any other Co-insurers or underwriters participating in this risk. Notwithstanding any of the above, or any condition in this Policy to the contrary, the liability of all underwriters to the Assured shall remain several and nothing shall affect The Club’s right to limit its liability to the Assured to the proportion of the risk which it has written and the Club shall in no way be liable to the Assured for any amounts due or agreed to be due but not recovered or recoverable from other underwriters or Co-insurers. ••••• A 4 - SWEDISH CLUB CLAIMS LEAD CLAUSE - 1996 - 10 - 11 The Swedish Club (“The Club”) shall have claims lead. The Club as leading underwriter has the right, in all respects, to decide any matter relating to any claim made under this Policy, including but not limited to any decisions, agreements, payments, settlements, claims, surveys, guarantees, towage, salvage, payment on account and claim settlement. Further, The Club shall at all times have the right to appoint and employ their choice of experts including but not limited to surveyors, lawyers etc. on behalf of the Assured to deal with any matters involving third parties (including investigating or advising and taking or defending legal or other proceeding) that any give rise to a claim by the Assured on The Club. The Club has the right to set off against any sums due to the Assured, unpaid Co-insurers’ or other underwriters’ share or shares of sum advanced and any all sums incurred for provision of claims services, if any, to the Assured by The Club. Should The Club in its own discretion decide to make ex-gratia payments to the Assured, the Club may limit such payment to its share of the risk written under this policy and such payment should in no respect be binding for any other Co-insurers or underwriters participating in this risk. Notwithstanding any of the above, or any condition in this Policy to the contrary, the liability of all underwriters to the Assured shall remain several and nothing shall affect The Club’s right to limit its liability to the Assured to the proportion of the risk which it has written and the Club shall in no way be liable to the Assured for any amounts due or agreed to be due but not recovered or recoverable from other underwriters or Co-insurers.

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

••••• A 4 - SWEDISH CLUB CLAIMS LEAD CLAUSE - 1992 - 01 - 01 The Swedish Club shall have claims lead. The Swedish Club as leading underwriter have the right, in all respects, to decide in any respect of any claim made under this Policy, including but not limited to any decisions, agreements, payments, settlements, claims, surveys, guarantees, towage, salvage, payment on account and claim settlement. The Swedish Club has the right to set off against any sums due to the Assured, unpaid co-insurers’ or other underwriters’ share or shares of sum advanced, if any, to the Assured by The Club. Should The Club in its own discretion decide to make ex-gratia payments to the Assured, the Club may limit such payment to its share of the risk written under this policy and such payment should in no respect be binding for any other Co-insurers or underwriters participating in this risk. Notwithstanding any of the above, or any condition in this Policy to the contrary, nothing shall affect The Swedish Club’s right to limit its liability to the Assured to the proportion of the risk which it has written and the Swedish Club shall in no way be liable to the Assured for any amounts due or agreed to be due but not recovered or recoverable from other underwriters or Co-insurers. ••••• A 3 - SWEDISH CLUB FOLLOW LEADER CLAUSE - 1991 - 01 01 Claim Leader Clause It is a condition to the Swedish Club’s participation in underwriting any risk or risks hereunder, that the insured procures the incorporation of the “Swedish Club Follow Leader Clause” into the policy of insurance including Hull and Machinery cover for this vessel. In the event of the insured failing to comply with this undertaking or any co-insurer or other underwriter refusing to accept the “Swedish Club Follow Leader Clause” in any policy of or including Hull and Machinery cover of this vessel, the participation of The Swedish Club shall be treated as being cancelled ab initio with no liability whatsoever. Swedish Club Follow Leader Clause In consideration of The Swedish Club participating in the Hull and Machinery risk for the vessel named herein, as leading underwriters, each of the undersigned by the signature agree with the insured and The Swedish Club separately to be bound by the terms of the Swedish Club Follow Leader Clause. It is hereby agreed that : 1 • This policy is to follow The Swedish Club as leading underwriter in all respect including but not limited to any decisions, agreements, payments, settlements, claims, surveys, guarantees, towage, salvage, payments on account and claim settlements. 2 • The Swedish Club will keep the insured and co-insured advised promptly of all significant developments on claims. 3 • To reimburse The Swedish Club on demand any sum or sums advanced in excess of their share in respect of the risks covered hereunder with interest payable thereon at 13 per cent per annum from 30 days from the date such amount is advanced.

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com 4 • Notwithstanding any of the above, or any condition in this policy to the contrary, the liability of all underwriters to the insured shall remain several and nothing shall affect The Swedish Club’s right to limit its liability to the insured to the proportion of the risk which it has written and The Swedish Club shall in no way be liable to the insured for any amounts due or agreed to be due but not recovered or recoverable from other underwriters or co-insurers. 5 • The Swedish Club has the right to set off against any sums due by it to be insured, unpaid coinsurers or other underwriters[‘ share or shares of sum advanced to the insured by The Swedish Club. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

A 6 -TENDER CLAUSE - 1992 - 01 - 01 Before the Assured arranges for repairs of damage for which the Swedish Club (“Club”) is liable, he must, whenever possible, consult with the Club with regard to time and place of repairs and the methods to be applied. The Club may request tenders to be invited from those repairyards that the Club considers suitable. Compensation for time lost solely as a consequence of the taking of tenders will be made in accordance with the Hull Insurance Conditions applicable to this Policy. Non-compliance with the stipulations in this clause entitles the Club to reduce the ascertained recoverable claim by 15 % prior to applying any stipulated deductible(s) or any other deductions as per Policy Conditions. ••••• W.7.2 - THE SWEDISH CLUB OUTBREAK OF WAR CLAUSE (HULLS, etc.) 1982 - 01 -01 The following Clause is deemed to form part of any Policy in repsect of Hull, Interest, War and War Interest covers relating to a Swedish flagged vessel. Should normal communications between Sweden and other countries be interrupted subsequent to the outbreak of a war which will greatly affect Swedish trade, commerce and industry, an organisation in the name of Svenska Transportförsäkringspoolen (hereinafter referred to as the Pool), formed by all the Swedish Marine Insurance Companies, will commence operations on a date to be decided upon by the Government War Risks Insurance Office. Should this occur during the duration of this policy, the liability of the Association according to this policy will be transferred to the Pool as from the date upon which The Pool commences operations. the policy will then remain in force and subject to the same terms until 12 o’clock midnight on the thirtieth day of acceptance of liability by the Pool, unless it has been agreed to terminate the validity of the policy at an earlier date. IN the event of the liability terminating prior to the date indicated in the policy, the Assured is entitled to a refund from the Association of the excess premium paid. If on the other hand, the validity of the policy is to be maintained during a period for which no premium was paid, the Assured shall pay premium pro rata parte fro this period. When the above mentioned contingencies arise, it will be incumbent upon the Insured to notify the Association or The Pool without delay of the position and the voyage of the vessel. The Association takes over that portion of the ship’s hull insurance which is not covered by the Association at the time when the own liability of the Association according to this policy is being transferred to the Pool, after which the risk thus taken over is immediately transferred to the Pool. The Assured will then have to pay premium pro rata parte to the Association at a rate calculated according to the period during which the insurance is valid according to the above ; the insurance also applying in the other respects to what, in pertinent parts, has been agreed upon through this clause. ••••• H 19 - THIRD PARTY LIABILITY DEDUCTIBLE CLAUSE - 1994 - 01 - 01 Notwithstanding the general deductible clause in the policy conditions applicable to the aggregate of all claims arising out of each separate accident or occurrence, the agreed third party liability deductible shall apply exclusively to claims under the collision liability clause and to claims following liability for damage to “fixed and floating objects” provided cover is afforded to the latter in the policy.

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com However, in no event shall the deductibles applied exceed the agreed deductible pursuant to the general deductible clause for each accident or occurrence. ••••• A 8 - TIME BAR OF CLAIM CLAUSE - 1992 - 01 - 01 The Assured or his agent should inform the Swedish Club (“ The Club”) immediately following an accident or occurrence that will result in a claim that will be made on the Policy. To avoid losing his right, an Assured, who intends to claim compensation, must notify The Club of his claim in writing latest within six months after becoming aware that there is a claim for compensation. All rights to compensation become void after 10 years from the date when the claim arose, whether or not the Assured had by then become aware of his claim. ••••• A 8 - TIME BAR OF CLAIMS CLAUSE - 1995 - 09 - 01 The Assured shall immediately inform the Swedish Club (“ The Club”) of any incident, occurrence or circumstance giving rise to a claim under the policy. The Club must be notified in writing within a period of six months from the date on which the assured first received notification of the incident, occurrence or circumstance failing which the claim is extinguished and The Club shall have no liability to pay compensation to the Assured. All claims will become time-barred in accordance with the relevant limitation and/or prescription provisions of the chosen system of law governing the policy. •••••

Ce document a été fabriqué par PDFmail (Copyright RTE Multimedia) http://www.pdfmail.com

A 11 - UNIFORM INTEREST RATE CLAUSE - 1996 - 10 - 11 In the event that the Swedish Interest Act of 1975 (SFS 1975:625 as amended) (“Interest Act”) or any other national legislation providing for a rate of interest on late payments is applicable to a payment between the Club and the Assured, it is agreed that, notwithstanding anything to the contrary in the Interest Act, or any other national legislation, the relevant interest rate shall be calculated by reference to the ruling LIBOR rate plus 1.5 percentage points for the currency stated in the policy. LIBOR shall mean the interest rate appearing at 11.00 a.m. London time on Telerate on the day that the payment falls due or the first day thereafter when such rate is offered for three months’ deposits in the currency of the insurance policy. If no such rate appears on Telerate, LIBOR shall be the equivalent interest rate offered by Barclay’s Bank, London, at 11.00 a.m. London Time, for three months’ deposits in that currency or, if no such rate is offered, the three months’ LIBOR Interbank Fixing Rate (USD). ••••• H 7 - UNREPAIRED DAMAGE CLAUSE - 1991 - 01 - 01 Any increase in cost or repairs by deferment deemed to be part of the reasonable cost of repairs providing the repairs are carried out by the next special survey. Underwriter’s liability in respect of unrepaired damage is limited to such repairs that are deemed necessary and recommended by the Classification Society, will be the estimated cost of repairs at the first reasonable opportunity including estimated drydock dues and services, tanks cleaning, superintendence and removal, if necessary. ••••• H 7 - UNREPAIRED DAMAGE CLAUSE - 1995 - 09 - 01 Any increase in the cost of effecting repairs to the vessel caused by a decision to defer these repairs to a later date is deemed to be part of the reasonable cost of effecting the repairs providing that the repairs are acrried out not later than the next classification society special survey. The Swedish Club’s liability in respect of the unrepaired damage is limited to those repairs which the relevant classification society considers necessary and shall not exceed the vessel’s depreciation in value attributable to the deferment of repairs at the time of the termination of the insurance policy, which in turn shall not exceed what the repairs would reasonably have cost had these repairs been effected at the first available opportunity.