JUNE 15, 1999

CIRCULAR NO. 7/99

TO MEMBERS OF THE ASSOCIATION

Dear Member:

BOARD APPOINTMENTS

The Club is pleased to announce the following appointments to the Board which were made at the Annual Meeting of the Members which took place in New York on June 10, 1999.

Mr. Bruce D. Benn of Alaska Tanker Company, LLC of Portland, Oregon was appointed a Director of the Club as was Mr. Rogelio D. Salinas Garcia of Grupo Protexa, Monterrey, Mexico.

At the same meeting, Mr. Paul Sa of Standard Shipping Inc. and Mr. Richard F. Gronda of Farrell Lines Incorporated were elected for a further twelve months as the Club's Chairman and Deputy Chairman, respectively.

Please mark your records accordingly.

Yours faithfully,

Joseph E.M. Hughes, Chairman & CEO
Shipowners Claims Bureau, Inc., Managers for
THE AMERICAN CLUB

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