International Group of P&I Clubs Rotterdam Rules

2 Current principal underwriting Group members American Steamship Owners Mutual Protection and Indemnity Association, Inc Gard P&I (Bermuda) Ltd. Assuranceforeningen Skuld The Britannia Steam Ship Insurance Association Limited The Japan Ship Owners' Mutual Protection & Indemnity Association The London Steam-Ship Owners’ Mutual Insurance Association Limited The North of England Protection and Indemnity Association Limited The Shipowners' Mutual Protection and Indemnity Association (Luxembourg) The Standard Steamship Owners’ Protection and Indemnity Association (Bermuda) Limited The Steamship Mutual Underwriting Association (Bermuda) Limited The Swedish Club United Kingdom Mutual Steam Ship Assurance Association (Bermuda) Limited The West of England Ship Owners Mutual Insurance Association (Luxembourg)

3 The Group comprises 13 non-profit-making mutual insurance associations (“Clubs”) which insure third party liabilities relating to the use and operation of ships e.g. loss of life/injury, pollution, wreck removal, collision, damage to fixed/floating objects and cargo loss/damage and insure over 90% of world ocean-going tonnage and insure over 95% of ocean-going tankers

4 Chartered EntriesOwned Entries Protection and Indemnity US$ 1,000m Collective Overspill Protection One Reinstatement First General Excess Unlimited Reinstatements First General Excess Unlimited Reinstatements US$ 20m US$ 22m US$ 8m Upper Pool – Reinsured by Hydra Third General Excess Unlimited Reinstatements Oil Pollution Second General Excess Unlimited Reinstatements Lower Pool US$ 35mPrimary Charterers RI US$ 300m Protection and Indemnity and Oil Pollution 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, 2010 Lower Pool First General Excess Unlimited Reinstatements First General Excess Unlimited Reinstatements Coinsurance 25% Reinsured by Hydra Coinsurance 25% Reinsured by Hydra Second General Excess Unlimited Reinstatements Coinsurance 25% Reinsured by Hydra Individual Club Retention Lower Pool Individual Club Retention First General Excess Unlimited Reinstatements Pool Pool – Reinsured by Hydra Pool US$ 3,050m US$ 2,050m US$ 1,050m US$ 550m US$ 8m US$ 30 m US$ 50 m US$ 1,000m US$ 500m US$ 7m US$ 8m US$ 15m US$ 50m US$ 350m

5 Signatories to the Rotterdam Rules AFRICA: Congo (Brazzaville), Gabon, Ghana, Guinea, Nigeria, Senegal, Togo, Democratic Republic of the Congo, Cameroon, Madagascar, Mali, Niger EUROPE: EU – Denmark, France, Greece, Netherlands, Poland, Spain, Luxembourg – EEA – Norway – OTHER – Switzerland, Armenia AMERICA: USA ASIA: No State

6 Scope of Application H / H-VRR Contracts of Carriage (CoC) Covered B/L or other documents of title Does not extend to C/Ps CoC providing for sea carriage which may include carriage by other modes of transport C/Ps expressly excluded Voyages Covered B/L issued in a contracting state; or Carriage is from a port in a contracting state; or Incorporation into a CoC If under CoC: a)Place of receipt; or b)Place of delivery; or c)Port of loading; or d)Port of discharge is located in a contracting state and (a)/(b) and (c)/(d) are in a different state Period Covered Generally tackle-to-tackle or port-to-portTackle-to-tackle; or Port-to-port; or Place of receipt to place of delivery

7 Carrier’s Obligations H-VRR Period of responsibility From the time of loading to the time of discharge From the time of receipt to the time of delivery Obligations Properly and carefully load, handle, stow, carry, keep, care for, discharge the goods As under H-V but also to properly and carefully receive and deliver the goods Exercise due diligence to make the ship: (a) seaworthy (b) properly man, equip and supply the ship (c) make holds fit for cargo before and at beginning of voyage Exercise due diligence as under H-V but throughout the voyage

8 Carrier’s Liabilities and Defences H-VRR LiabilityFault basedFault based as per H-V Defences List of ExonerationsList of presumptions of absence of fault but more extensive than H-V Include act, neglect or default of the master, mariner, pilot or servant of the carrier in navigation or management of the vessel Excluded

9 Convention Limits (SDR unless indicated to the contrary); and Time Limits Hague-VisbyHamburgCMR COTIF-CIM MontrealUS CogsaRotterdam (Road)(Rail)(Air)1936Rules Package Limit USD$500 per875 customary freight unit Weight Limit Time Limits1 year2 years 1 year or 3 years in cases of wilful misconduct 3 years death / injury to Passengers 1 year for other types of claims 1 year2 years

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