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 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) Aquatical House, 39 Bell Lane, London, E1 7LU Tel + 44 20 7247 5490 Financial Update and 2025 Renewal October 2024 Dear Member, At the Board Meeting held in Miami on 22 October 2024, the following developments were reported: Highlights  There will be a capital distribution to Members of approximately US$42 million allocated as 12.5% of the 2024/25 mutual P&I premium for vessels renewing on 20th February 2025 (subject to regulatory approval).  At the 2025/26 renewal there will be a 5% general increase applied to premium on all classes of business.  At 20 September an investment return of US$77 million was achieved.  At 20 September owned tonnage is up 5.8% to 131.2 million GT.  The Club’s S&P Global (S&P) rating is ‘A’ with a stable outlook. Underwriting Results 2024/25 Policy Year At the half year point the Club’s own incurred claims of US$45.3 million are up from recent years at the same point, but projected claims remain within budget expectations. Seven claims have been reported on the IG Pool that exceed Club retention, including one from Steamship. Three other Pool claims have been reported on a precautionary basis, which may develop into claims on the Pool. At six months, the incurred cost of these claims is slightly higher than budget. The forecast for the current policy year’s underwriting result reflects a modest deficit. 2023/24 and Prior Years At six months the overall development of the Club’s prior year claims, and its contributions to other Clubs’ Pool claims, was favourable with a reserve release of US$8.7 million. Investments Total assets amount to approximately US$1.5 billion. In the seven months ending September 2024, the Club recorded a return of 5.5%, excluding currency movements, amounting to US$77 million. 2025/26 Premium Ratings Premium levels are under pressure due to the increasing cost of claims and premium churn. Considering these and other factors, the Board decided that there should be a general increase of 5% in premium ratings for all classes of business. Board Meeting Report 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 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) Aquatical House, 39 Bell Lane, London, E1 7LU Tel + 44 20 7247 5490 2 As usual the Managers have been instructed to correct individual Member premium ratings where necessary and to pass on to Members any adjustments in the costs of the IG reinsurance program. Capital Management The Board noted the Club