STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registered in England and Wales – Registration number 105461. PRA and FCA registration number 202548) MANAGERS: STEAMSHIP P&I MANAGEMENT LLP SPIM is an appointed representative of Steamship Insurance Management Services Limited which is authorised and regulated by the Financial Conduct Authority (Registered in England and Wales – Registration Number OC376859. FCA registration number 597046) 155 Bishopsgate, Floor 6, London, EC2M 3TQ Tel + 44 20 7247 5490 Club Circular Year End Results and Renewal Report 2024/25 Financial Year Highlights May 2025 To the Members At the Board meetings, held in London on 20 May 2025, the following developments were reported. 2024/25 Financial Year Highlights:  Financial year surplus of US$39.5 million, before adjustment for capital returns  US$42.8 million of capital distributed to renewing Members taking total funds returned to Members in the last 9 years to US$156 million  Free Reserves stable at US$537 million.  The Club’s own claims experience for the 2024/25 policy year above budget due to an unusually high number of large losses.  International Group Pool claims at record levels for the 2024/25 policy year.  2024/25 financial year combined ratio of 112.8%.  Owned tonnage increased to 134 million GT at year end, an increase of 10 million GT over the previous year.  Total entered tonnage at year end, including chartered, increased to 277 million GT from 244 million GT in 2023/24  Investments recorded a gain of US$94.6 million (a 6.6% return). Financial Results The Annual Report and Accounts of Steamship Mutual Underwriting Association Limited, Steamship Mutual Underwriting Association (Europe) Limited, The Steamship Mutual Underwriting Association (Bermuda) Limited, and The Steamship Mutual Trust were approved by their respective Directors at their Board Meetings. The Directors noted the impact on the underwriting performance of increased large claims activity over the year particularly in the IG Pool. It was noted that despite this development, and the capital distribution to Members of US$ 42.8 million, the financial position remains exceptionally strong. STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registered in England and Wales – Registration number 105461. PRA and FCA registration number 202548) MANAGERS: STEAMSHIP P&I MANAGEMENT LLP SPIM is an appointed representative of Steamship Insurance Management Services Limited which is authorised and regulated by the Financial Conduct Authority (Registered in England and Wales – Registration Number OC376859. FCA registration number 597046) 155 Bishopsgate, Floor 6, London, EC2M 3TQ Tel + 44 20 7247 5490 Investments in the 2024/25 financial year recorded a gain of US$94.6 million, 6.6%. The combined assets of the Club amount to US$1.44 billion and the regulatory capital ratio stands at 205%. Further information concerning the financial position, and a review of the year may be found in the 2025 Management Highlights which will be issued shortly. 2025/26 Renewal In October 2024, the Board decided upon a 5% general increase alongside a capital distribution of 12.5% for all renewing mutual Members. The Club achieved an increase e