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: Victory House, Office 321, 205 Archbishop Makarios Avenue, 3030 Limassol. 14 February 2024 TO ALL MEMBERS AND FIXED PREMIUM ASSUREDS Dear Sir or Madam 2024/2025 - Policy Year arrangements This Circular provides a summary of the following arrangements for the 2024/25 Policy Year. (1) Members (i) Rules As previously notified, Meetings of the Members of Class 5 (P&I) and Class 8 (FD&D) were held on 31 January 2024. Details of the Rules changes approved for the 2024/25 Policy Year can be seen here: P&I changes, and FD&D changes. The Club’s Rules for 2024/25, 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 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 2024/25 can be accessed here. For Malicious Cyber & Covid-19/ Pandemic risks there is now free and unlimited cover for claims up to US$650 million excess of US$100 million. Excess of US$750m there is up to US$1.35billion of annual aggregated cover in respect of Malicious Cyber cover and separate annual aggregated cover of USD 1.35billion in respect of COVID19/Pandemic risks. Excess of that the IG continues to pool the un-reinsured risks, resulting in no change to Members’ cover. (iv) Sub limits for Consortium and Charterers’ cover (on a mutual entry) The previous sublimit of US$350 million in the aggregate per occurrence has increased to US$500 million in respect of consortium claims covered under Rule 11.7, claims covered under - 2 Rule 10 on a charterers’ entry and claims covered under Rule 9 in respect of a charterer co-assured on an owners’ entry. (v) Excess War Risks P&I Cover The Excess War P&I cover has been renewed with effect from 20 th February 2024, with shipowner rates included within the overall reinsurance rates charged for 2024/25. The sub-limit of US$80 million introduced by the Reinsurers for the last policy year remains in place. As a consequence, for vessels transiting and/or calling within all Russian waters including their coastal waters