USA

AMS update:International Sureties,Ltd request for Fines and Penalties Deductible to be revised to US$10,000 from US$25,000.

We have received information on 16th,March,2004 from one of the ICB bond provider,namely International Sureties,Ltd who advise us that the bonding company has changed a requirement under the ICB Program. Everything remains the same with the exception of the deductible on the Club Certificate: The deductible cannot be greater than $10,000 now in lieu of the original $25,000.

We checked this new request for the change in the deductible with a P & I Club and they approached the International Sureties,Ltd and discussed further on this point.We are pleased to advise that upon their discussion with the Surety,the Surety has agreed as of 19th,March,2004 to revert back to the original US$25,000 deductible limit for Fines and Penalties.