To: MEMBERS OF THE ASSOCIATION

June 16, 1997

Dear Member:

Circular No. 7/97

Closing of the 1993 Policy Year

At its regular meeting in New York City on June 12, 1997, your Board of Directors determined to close the 1993 Policy Year without further call. Please mark your records accordingly.

Yours faithfully,

Shipowners Claims Bureau, Inc., Manager

for THE AMERICAN CLUB

Joseph E.M. Hughes

Chairman & CEO

VAPS IGA\CIRCULR7.97