9 June 2008

The US insurance rating organisation has once more underlined the mutual insurer TT Club's financial strength and issuer credit by maintaining both these ratings at A- (Excellent) 9th June, 2008 In addition to re-affirming the current A- (Excellent) rating AM Best has set the outlook for TT Club as 'stable'. According to the rating organisation combined ratios between 105% and 110% are anticipated in 2008/09 which is line with that achieved in 2007 of 108%. Despite some weakening last year of risk-adjusted capitalisation noted by AM Best, the rating decision reflects the opinion that TT Club will maintain a strong capital position both this year and next. The Club has a comprehensive catastrophe reinsurance programme with extensive vertical and horizontal protection. Commenting on the rating announcement, Paul Neagle, Chief Executive of TT said, "We are delighted that in a highly competitive market our financial strength continues to meet the needs of Members, brokers and outside authorities alike. On investments Neagle noted, "While TT Club's investment portfolio is not directly exposed to losses arising from sub-prime debt, our conservative investment strategy has been and remains sensitive to further changes in the interest rate environment." Evidence of the success of the investment strategy was presented at TT's 2007 financial results press conference, which showed an investment return last year of USD 23.1 million, a result that only just fell short of the record high USD 25.2 million returned in 2006. The Club is also taking steps to improve its underwriting performance including a focus on higher deductibles, tight cost management and increased use of its loss prevention programme. Addressing this issue Neagle said, "Concerns remain high over the rising claims in sectors such as bodily injury and handling equipment. Although the surge in claims experienced in 2006 has not re-occurred, we remain vigilant in taking action on loss prevention and deductibles to ensure that the Club's operating performance is maintained." Once more the rating agency underlined TT Club's strong business profile in its niche market and acknowledged its superior service provision that resulted in a high level of policyholder retention at 96% during 2007. Note to Editors: A copy of the AM Best press release is attached. The TT Club is the international transport and logistics industry's leading provider of insurance and related risk management services. Established in 1968, the Club's membership comprises ship operators, ports and terminals, road, rail and airfreight operators, logistics companies and container lessors. As a mutual insurer, the Club exists to provide its policyholders with benefits, which include specialist underwriting expertise, a world-wide office network providing claims management services, and first class risk management and loss prevention advice. For further information please contact: Ian Lush, Marketing Director, TT Club Tel: +44 (0)20 7204 2642 E-mail: ian.lush@thomasmiller.com www.ttclub.com Media contact: Peter Owen, ISIS Communications Tel: +44 (0)1737 248300 E-mail: info@isiscomms.com www.isiscomms.com

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