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 CLASS 7 (WAR RISKS) MEMBERS Dear Sir or Madam WAR RISKS RENEWALS – POLICY YEAR 2023/24 Advance Contribution Rates Advance Contribution rates were set with effect from 20 February 2023 and have been notified to Members individually. A 50% reduction in rates will be granted for Entered Ships trading exclusively in one of the following areas: (i) Europe (but including the Mediterranean and Black Sea); (ii) USA and Canada (excluding Panama Canal transits); (iii) Australasia. Extensions to trading outside of any of these areas will be covered on the basis of a minimum period of three months. Nuclear and Cyber Risks – limited reinstatement Members will be aware that the current Terms of Entry contain an exclusion of Nuclear and Bio Chem risks, Rule 4.D.3, and Computer Virus (or Cyber) risks, Rule 4.D.7. Members have no cover for the risks excluded by Rules 4.D.3.1 to 4.D.3.5 (other than in Rule 4.D.3.6), or Rule 4.D.7. The Association arranges reinsurance of this War Risks Class through The Combined Group of War Risks Associations (the Group) and is pleased to advise that also for the 2023/24 Policy Year the Group's reinsurers have agreed to provide limited cover for claims which would otherwise have been excluded by each of these Rules 4.D.3 and 4.D.7 subject to a limit of USD50,000,000 any one event and in the aggregate of all claims by Members of all Associations within the Group occurring during the Policy Year. The USD50,000,000 aggregate limit will apply separately to claims under 4.D.3 and 4.D.7. - 2 In order to allow for calculation of aggregated claims, it is necessary to limit the time for such claims to be presented – all claims must therefore be notified within 30 days of the end of the Policy Year and, as a consequence, it will only be possible to settle claims after this time. The Member's Terms of Entry continue to include the following additional terms: Nuclear and Bio Chem Risks (i) Rule 4.D.3 shall not apply unless and until claims which would otherwise have been excluded by this Rule have exceeded USD50,000,000 in the aggregate as below. (ii) Subject to (iii) below, the Association's liability for claims recoverable by virtue of (i) above arising under any one Entry and under all Entries in Class 7 of the Association during the Policy Year shall not exceed USD50,000,000. (iii) In the event that there is more than one such claim under an Entry in this Association or in any other Association which participates in The Combined Group of War Risks Associations, the aggregate recovery from all Associations shall not exceed USD50,000,000 and the Insured Owner shall be entitled to recover only such proportion as the amount of the claim or claims under his Entry bears to the aggregate of all such claims recoverable pursuant to paragraph (i) above under Entries in this Association and any other Association which participates in The Combined Group of War Risks Associations during the Policy Year. (