A merican Club Circular No . 11/26 1 MAY 12, 2026 CIRCULAR NO. 11/26 TO MEMBERS OF THE ASSOCIATION Dear Member: AM BEST ASSIGNS INVESTMENT GRADE CREDIT RATINGS TO THE AMERICAN P&I CLUB The Managers are pleased to advise that AM Best, the internationally recognized insurance rating agency, has assigned to the American P&I Club a Financial Strength Rating of B+ (Good) and a Long-Term Issuer Credit Rating of "bbb-" (Good), with a stable outlook on both ratings. These ratings fall within AM Best's investment grade range and reflect the agency's assessment of the Club as a financially sound institution with appropriate capital strength, sound liquidity and prudent reserving practices. In its rating rationale, AM Best noted that the Club's balance sheet strength is underpinned by riskadjusted capitalization at the strong level at year-end 2025, as measured by Best's Capital Adequacy Ratio (BCAR). The assignment of these ratings represents a significant milestone in the Club's ongoing development. The AM Best press release, issued on May 1, 2026, has full details of the rationale supporting the rating. The Managers and the Club’s Board of Directors wish to express their gratitude to the Club's Members for their loyalty and support, without which this achievement would not have been possible. Yours faithfully, Dorothea Ioannou, CEO Shipowners Claims Bureau, Inc., Managers for THE AMERICAN CLUB