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. 15 February 2022 TO ALL MUTUAL MEMBERS AND FIXED PREMIUM ASSUREDS Dear Sir or Madam 2022/2023 - Policy Year arrangements This Circular provides a summary of the following arrangements for the 2022/23 Policy Year. (1) Mutual Members (i) Rules As previously notified, a Meeting of the Members of Class 5 (P&I) was held on 26 January 2022. The proposed amendments to the Rules of the Class were approved and will take effect from noon G.M.T. on 20 February 2022. The Club’s Rules for 2022/23 are available on our website and can be accessed here: P&I, FD&D and War Risks. (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 2022/23 can be accessed here. In the two years since inception of the IG General Excess Loss Contract expiring on 20 February 2022, reinsurers have introduced market-wide coverage restrictions in respect of malicious Cyber, Covid-19 and other new Pandemics. For these risks in 2022/23 there is free and unlimited cover for claims up to US$450 million excess of US$100 million. Excess of US$550 million there is up to US$2.15 billion of annual aggregated cover. Excess of that the IG has decided to pool between IG Clubs the unreinsured risks, resulting in no change to Members’ cover. - 2 (iv) Excess War Risks P&I Cover Excess war risks P&I cover will be provided to mutual Members in 2022/23, pursuant to Rule 15.3. Details of the cover including the excess and limit to which it is subject are contained in the excess war risks P&I clause (20 February 2020) which can be accessed here. (v) Bio-Chem Claims The excess war risks P&I cover for mutual Members referred to above is subject to the exclusion of bio-chem risks. However, some limited cover in respect of such risks will, once again, be provided by the Club and pooled with the other IG Clubs in excess of the 2022/23 Club retention of US$10 million. Full details can be accessed here. (vi) Terrorism Insurance for US ships Any Members entering ships in the Club that qualify for