North Members Vote in Favour of Proposed Merger with Sunderland Marine Insurance Mutual Company Limited (SMMI)

CIRCULAR REF: 2014/002

CIRCULATED TO ALL MEMBERS, BROKERS AND DIRECTORS

Further to Circular number 2013/041 of 12 December 2013, we are pleased to announce that North’s Members voted unanimously in favour of the proposed merger with SMMI at the General Meeting held on 16 January 2014.

The vote follows North and SMMI entering into a Framework Agreement during December 2013 and represents the satisfaction of a key condition for the merger to be finalised.

We anticipate that further announcements will be made following a General Meeting of SMMI’s Members which is due to be held on 28 January 2014, at which the proposed merger will also be submitted to SMMI Members for approval in accordance with the Framework Agreement.

AA WILSON and PA JENNINGS

JOINT MANAGING DIRECTORS – North Insurance Management Limited

As Managers on behalf of the North of England P&I Association Limited