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To: MEMBERS OF THE ASSOCIATIONOctober 7, 1997

Dear Member:Circular No. 11/97

RENEWAL OF THE INTERNATIONAL GROUP AGREEMENT: THE

INTERNATIONAL GROUP'S RESPONSE TO THE EUROPEAN

COMMISSION'S STATEMENT OF OBJECTIONS - SEPTEMBER 16, 1997

As you are probably aware, International Group Clubs have now formally replied to the European Commission's Statement of Objections in a Response delivered to the European Commission on September 16, 1997.

Enclosed with this Circular is a note summarizing the position and setting out the arguments presented by the Group in reply to the Statement of Objections.

The Managers will be pleased to provide a full copy of the Response to any Member who might like to review the details more fully.

Yours faithfully,

Shipowners Claims Bureau, Inc., Manager

for THE AMERICAN CLUB

Joseph E.M. Hughes

Chairman & CEO

Enclosure

VAPS IGA\CIRCULR1.197