2025 Renewal and Open Policy Years At their meeting held in Tokyo on 6 December 2024, the Association’s Board of Directors reviewed open policy years and decided on the 2025 renewal. 1. Introduction The Association achieved a combined ratio of 91.2% for the 2023 business year, which reflected disciplined underwriting and effective claims management. This outstanding performance underscores the Association's ability to deliver exceptional value to its Members whilst ensuring its financial security. In addition, the Association significantly increased its reserves, which grew by approximately 29% year-on-year at the end of March 2024. This further strengthens the Association’s financial stability and positions it well to meet the future needs of its Members. Thanks to the continued support of the Members of the Association, as of 31 October 2024, the total number of vessels entered with the Association has been maintained at 3,603, across 87.7 million gross tons in the aggregate of owners’ entries and Naiko Class (Japanese coastal vessels) entries. Whilst the Association has not yet received a large claim (exceeding USD 10m) for the 2024 policy year, we expect to pay a high level of claims resulting from the poor claims record of the policy years 2019 – 2021. In addition, the number and amounts of pool claims in the first half of the 2024 policy year at The International Group of P&I Clubs have increased and deteriorated in comparison with the 2022 and 2023 policy years. In view of the upward trend of global inflation and insurance claims, it is important to continue to improve the balance between premium and claims. It is also necessary to maintain a robust, stable and sustainable P&I business in the face of elements of uncertainty, such as natural disasters and geopolitical risks. Taking these circumstances into consideration, our Club Board has made the following decisions, for which we would be grateful for the Members’ understanding and support. 2. Owners