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) 155 Bishopsgate, London EC2M 3TQ - Tel + 44 20 7247 5490 Club Circular Financial Update and 2026 Renewal Board Meeting Report October 2025 Dear Members At the Board Meeting held in Seattle on 21 October 2025, the following developments were reported: Highlights  The Club’s own claims for the 2025/26 policy year at six months are higher than budget expectations.  At six months, five International Group (IG) Pool claims have been reported by Clubs for the 2025/26 policy year.  Prior year own claims and contributions to other Clubs pool claims are developing worse than budget.  At 20 September the investment return amounts to US$65 million.  At 20 October owned tonnage is up 3.3% to 139 million GT.  At the 2026/27 renewal there will be an 8% general increase applied to premium on all classes of business  At the 2026/7 renewal general deductible increases will be applied for all Members. Underwriting Results 2025/26 Policy Year The Club’s estimated retained claims for the 2025/26 policy year at the six month point (20 August 2025) were significantly higher than expected, driven by the number of large claims reported. Attritional claims (those reserved at US$250,000 or less) are similar to last year and show only a modest increase over time. 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) 155 Bishopsgate, London EC2M 3TQ - Tel + 44 20 7247 5490 Five claims have been reported to the IG Pool that exceed Club retention (US$10 million), including one from Steamship (and another where the Club has a quota share with other Clubs). At the same point last year, seven claims exceeding Club retention had been notified of significantly higher value than this year. 2024/25 and Prior Years At six months the overall development of the Club’s prior year claims was worse than budgeted notably for the 2024/25 policy year. There was a general deterioration in all business classes (except FD&D) and in IG Pool claims provisions. There were an additional eight 2024/25 Pool claims reported by all Clubs, alongside deterioration in existing claims (bringing the total to 23 Pool claims in that year). Tonnage The Directors were pleased to note the continued growth in the Club’s owned entry by 5.4 million GT in the period 20 February to 20 October 2025, increasing the owned entry to 139 million GT. The Managers are most grateful for the support given to the Club from the Members a