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. 18 February 2026 TO ALL MEMBERS AND ASSUREDS Dear Sir or Madam 2026/27 - Policy Year arrangements This Circular provides a summary of the following arrangements for the 2026/27 Policy Year. (1) Members (i) Rules As previously notified, a meeting of the Members of Class 5 (P&I) was held on 28 January 2026. The Rules changes approved for the 2026/27 Policy Year can be found here: P&I changes. The Club’s Rules for 2026/2 7, incorporating these changes, are available on our website and can be also 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$2.25 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$3.35 billion. For oil pollution claims, the limit of the Club’s aggregate liability will continue to be US$1 billion for any one occurrence. For Passenger/Seafarer claims, despite the changes to the GXL and Overspill Limits, the limit of the Club’s aggregate liability will continue to be limited to US$2 billion in respect of Passenger claims for any one occurrence and to US$3 billion in respect of Passenger and Seafarer claims both arising out of any one occurrence. For consortium claims covered under Rule 11.7, claims covered under Rule 10 on a charterers’ entry and claims covered under Rule 9 in respect of a charterer Co-assured on an owners’ entry, the limit of the Club’s aggregate liability will continue to be US$500 million for any one occurrence. - 2 (iii) International Group (IG) - Pooling and Reinsurance Arrangements Full details of the IG’s summary of pooling and reinsurance arrangements for 2026/2 7 can be found here. (iv) Excess War Risks P&I Cover The Excess War P&I cover has been renewed with effect from 20 February 2026, with shipowner rates included within the overall reinsurance rates charged for 2026/27. The cover afforded is set out in the Excess War Risks P&I Clause (20 February 2023) as incorporated in the individual Certificates of Entry and as set out in the Annex to the P&I Rules. The cover is maintained with a limit of USD$500 million in excess of i) the proper value of the Ship as defined in Rule 12, or ii) the amounts recoverable under other insurances, whichever shall be the greater. The sub-limit for claims arising in the areas of Russia, Ukraine and Belarus as defined in the Clause has been increased from US$100 million to US$125 million per event. (v) Excess War Risks P&I cover - Bio-Chem Claims exclusion - limited reinstatement The excess war risks P&I cover for Members referred to above is subject to an exclusion for