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The of the Association was held in Arendal on 14th August 1998

ANNUAL REPORT AND ACCOUNTS AND MANAGEMENT REPORT
The Meeting was presented with a Management Report which combined the results of the Association with those of its sister association Gard P&I (Bermuda) Limited and the Assuranceforeningen Gard Annual Report and Accounts prepared in Norwegian kroner and in both the Norwegian and English languages. The latter document had the status of the Association’s Report and Accounts for statutory purposes.

FUNDS
The Meeting noted that the total funds of Assuranceforeningen Gard and Gard P&I (Bermuda) Limited as at 20th February 1998 amounted to
USD 654 million with investment stated at valuation. This compared with USD 603 million as at 20th February 1997.

CLAIMS
Whilst there was a slight increase in number of reported claims over the 1997 policy year, Members noted a decrease in the value of claims over the same period.

POLICY YEARS
It was noted that no further contributions were expected for any open policy years.

TONNAGE
It was noted that as at 20th February 1998 owners’ entries were 53 million gt. Total tonnage entered including both owners’ and charterers’ entries and mobile offshore units amounted to 86.3 million gt.

ELECTION OF MEMBERS TO THE COMMITTEE
The elected new members to the the following Committees:

Committee
Erik Lee Johnsen, Central Gulf Lines Inc., New Orleans
Tom Erik Klaveness, Torvald Klaveness & Co. A/S, Oslo
James Stove Lorentzen, Belships Co. Limited Skibs-A/S, Oslo

Executive Committee
Jane Hinkley, Navion AS, Stavanger

Supervisory Committee
Skule Adolfsen, Høegh Fleet Services AS, Oslo

The Meeting noted that the following persons were retiring from the Committee and Supervisory Committee at the Meeting and did not offer themselves for re-election:

Committee
Erik F. Johnsen, Central Gulf Lines Inc., New Orleans
Kaare E. Borch, Torvald Klaveness & Co. A/S, Oslo
Erkki Grönqvist, Neste OY, Espoo

Christian Rytter jr., Oslo

The Committee and Supervisory Committee members were thanked for the valuable contributions they had given to the Association.