With reference to the announcement made September 24 last year regarding the Stock Indexed Total Return Swap Programme, commonly known as the Equity Swap Line,
the Company wants to confirm that the Programme is in the process of being extended from September 2002 until June 2004. A formal agreement is expected to be concluded within short.
The extension is expected to be made on unchanged terms.
As per today’s date the amount of shares outstanding under the programme is 2,695,000 shares.
Hamilton, Bermuda
27 September, 2002