The London P&I Club is the trading name of The London Steam-Ship Owners' Mutual Insurance Association Limited and its subsidiary The London P&I Insurance Company (Europe) Limited. The London Steam-Ship Owners' Mutual Insurance Association Limited. Registered in England No 10341. Registered Office: 50 Leman Street, London, E1 8HQ. The London P&I Insurance Company (Europe) Limited, a private limited liability company registered in Cyprus, No HE410091. Registered Office: Esperidon 5, 4th Floor, Strovolos, 2001, Nicosia. 17 February 2023 TO ALL MUTUAL MEMBERS AND FIXED PREMIUM ASSUREDS Dear Sir or Madam 2023/2024 - Policy Year arrangements This Circular provides a summary of the following arrangements for the 2023/24 Policy Year. (1) Mutual Members (i) Rules As previously notified, a Meeting of the Members of Class 5 (P&I), Class 7 (War Risks) and Class 8 (FD&D) were held on 1 February 2023. Details of the Rules changes approved for the 2023/24 Policy Year can be seen here: P&I changes, War Risks changes and FD&D changes. The Club’s Rules for 2023/24 incorporating these changes are available on our website and can be accessed here: P&I Rules, War Risks Rules and FD&D Rules. (ii) Mutual P&I Cover – Limits and Overspill Full details are set out in the Class 5 (P&I) Rules including Rules 11 and 33, and as may appear in individual Certificates of Entry. The Group Reinsurance Limit is US$2 billion (in excess of US$100 million) and the International Group has once again purchased reinsurance for claims up to US$1 billion in excess of that limit, to protect Mutual Members against the risk of an Overspill Call pursuant to Rule 33.5 for the purpose of providing funds to pay part of an Overspill Claim of up to US$3.1 billion. For all liabilities in respect of oil pollution, the limit of the Club’s aggregate liability will continue to be US$1 billion for any one occurrence. For Passenger/Seamen claims, its aggregate liability for any one occurrence will continue to be limited to US$2 billion in respect of liability to Passengers; and to US$3 billion in respect of liability to Passengers and Seamen. (iii) International Group (IG) - Pooling and Reinsurance Arrangements Full details on the IG’s pooling and reinsurance arrangements for 2023/24 can be accessed here. For Malicious Cyber, Covid and Pandemic risks there is now free and unlimited cover for claims up to US$650 million excess of US$100 million. Excess of US$750 million there is up to US$1.35 billion of annual aggregated cover in respect of these three risks. Excess of that the IG continues to pool between IG Clubs the unreinsured risks, resulting in no change to Members’ cover. - 2 (iv) Excess War Risks P&I Cover The Excess War P&I cover has been renewed with effect from 20 th February 2023, with shipowner rates included within the overall rates published on 16 January 2023. However, as a consequence of a contraction of cover available from Reinsurers, there is an amendment to the level of cover available for vessels operating in Russian and certain other Belarusian and Ukrainian waters due to the current conflict. We can confirm that for vessels transiting and/or calling within all Russian waters including their coastal waters up to 12 nautical miles offshore, and certain European waters as defined below, cover is sub-limited to USD80m any one event, each vessel. The limitation in respect to certain European waters is as follows: 1) Sea of Azov and Black Sea waters plus inland waters enclosed b