＜Press Release＞ Summary of Financial Statements for the 2025 Business Year To the Members We are pleased to announce our summary of financial statements for the 2025 business year, which covers 1 April 2025 to 31 March 2026.   In the 2025 business year, the Japan P&I Club strategically focused on three key priorities based on our newly formulated medium-term management plan. These priorities were: 1) strengthening our financial base, 2) stabilising the balance of income and expenditure in our insurance business, and 3) enhancing our business competitiveness. These areas were prioritised to meet the objective of obtaining an S&P rating of A- or higher whilst continuing to provide high-quality insurance services to our Members, underpinned by a strong financial foundation and stable operations.   During this business year (“this year under review”), the international economic environment continued to experience high uncertainty due to the worsening situation in Iran and subsequent closure of the Strait of Hormuz, tariff issues initiated by the Trump administration in the United States and various policies significantly affecting marine transportation and supply chains.   In terms of the shipping market, different trends were observed depending on the vessel type. Tanker rates surged in response to the worsening situation in Iran, resulting in a highly volatile and unstable environment. However, for container ships, despite disruptions caused by US tariff policies and the impact of the deteriorating situation in the Middle East, the supply and demand balance was generally maintained.   In these circumstances, thanks to the high-quality ship management of our Members, the Japan P&I Club had no claims exceeding the International Group of P&I Clubs (‘IG’) retention of USD10 million for ocean-going Owners’ entries (‘pool claims’), and no claims exceeding the JPY300 million reinsurance threshold that would be subject to reinsurance for Na