Press Release: Steamship Mutual Financial Update and 2022/23 Renewal Publications London, 30 May 2022 At their Board Meeting held on 23 May 2022, the Directors of Steamship Mutual approved the Clubs’ Report and Accounts for the 2021/22 policy year and authorised publication of the following key points in advance of the release of detailed results. 2021/22 Financial Year Highlights • All figures in this report reflect Steamship’s combined position. • Owned tonnage at 20 February 2022 was 110 million GT, a 14.8% increase over the previous year. • Total entered tonnage, including chartered, was 195 million GT as at 20 February 2022. • As at 20 February 2022, Free Reserves stood at US$ 473 million, from US$ 511 million the previous year, and in excess of the S&P AAA rating level. • An overall 11.76% increase was achieved on renewing owned business. • International Group Pool and Covid claims adversely impacted the combined ratio of 112.7%; the average combined ratio for the last six years is 105.3%. • Investments recorded a loss of US$ 2.8 million. Financial Results The combined financial position of the Steamship Mutual Group will be published in June but the Directors noted an improvement in underwriting performance, even though premium income was insufficient to meet higher than projected Pool claims. Covid related claims, and premium reductions as a result of reduced activity, also affected the underwriting outcome. 2022/23 Renewal The Board decided upon a 12.5% general increase. Mutual premium, including the value of adjusted terms, increased by 11.6%. At renewal, approximately 9.5 million GT of new mutual business was entered and after adjusting for tonnage which did not renew, the net increase was 5 million GT. This new tonnage was drawn from a wide range of areas including China, Greece, Japan, Norway, Denmark, Cyprus, USA and Hong Kong. The Managers are very grateful for the confidence in Steamship, which these entries reflect.  The Club Chairman, Mr A