A merican Club Circular No . 1 9 / 26 1 SEPTEMBER 21, 2026 CIRCULAR NO. 19/26 TO MEMBERS OF THE ASSOCIATION Dear Member: PROGRESS UPDATE. SUPPLEMENTARY CALL FOR THE 2024 POLICY YEAR. The Board of Directors met last week for its September 2026 Committee and Board meetings to conduct its periodic review of the Club’s financial performance. Progress Update As of August 20, 2026, the Club has recorded premium growth across all lines of business, with total gross estimated written premium increasing by 10% since the policy year inception. Measures taken in recent years have consistently reduced the Club’s direct claims exposure with the loss ratio of the renewed sailing fleet following the 2026 renewal reflecting an improving trend by more than 15%, year-on-year. While the 2026 policy year remains at an early stage, performance is currently tracking in line with budget, with the half year results reflecting a modest surplus. 2024 Policy Year As reported in Circular No. 26/25 of November 21, 2025, the 2024 policy year experienced significant claims severity, both on direct exposure and with respect to contributions to the Pool. The year marks the highest level of pool claims in the history of the International Group. These developments, together with increased reinsurance costs and a dip in premium volume, resulted in a deficit requiring the release call margin to be increased to 35%. While subsequent claims development has been positive in certain respects, the 2024 policy year has remained in deficit within the existing release call margin. Following a comprehensive review of the policy year’s expected ultimate outcome, and the impact on the overall financial position of the Club, the Board has resolved to levy a supplementary call of 35%, being the current release call margin. Following this levy, the release call margin for the 2024 policy year will be reduced to 2.5%, with expected closure of the year in 2027. The supplementary call will apply to all 2024 assessable policies remaining open for assessment as of June 30, 2026, and will be due for payment in two equal installments, on or before January 20, 2027 and April 20, 2027. The Board would like the membership to know that this decision has not been taken lightly and that it recognizes that this call will not be a welcome development. The Board, however, is committed to its mission of ensuring the Club’s long-term financial resilience. This call, combined with the positive A merican Club Circular No. 1 9 / 26 2 results of the 2023 policy year, which closed earlier in the year with an $8 million surplus, and the encouraging development of the current policy year, will contribute to a stable and resilient capital position. The Club’s Board and Managers are grateful for the continued support of the membership and remain focused on ensuring the Club is well positioned to meet its obligations to Members, both now and well into the future. Yours faithfully, Dorothea Ioannou, CEO Shipowners Claims Bureau, Inc., Managers for THE AMERICAN CLUB