Hamilton, Bermuda: 5 September 2002 - Following the announcement dated 27 August 2002 and in accordance with the Alternative Proposal as detailed in the Circular to shareholders dated 27 March 2002, the Board of Directors wish to clarify that the interim distribution made to ordinary shareholders on 30 August 2002 represented a payment of approximately 55% of net assets attributable to shareholders, and a redemption of shares on the same basis. This proposal was approved by shareholders at the General Meeting held on 6 May 2002.