Update 9 March 2026 (buy-back available) The buy-back option for the war risk covers in the areas defined above is now available. Please contact your underwriter in Skuld for further details. Update 1 March 2026 To all fixed premium assureds (including Fixed P&I, Charterers, Offshore, Yachts, Yacht Crew Liability, and Optional covers) where cover is extended to include War Risks. Assuranceforeningen Skuld (Gjensidig) (the “Association”) is following closely the concerning developments in Iran and the wider Arabian/Persian Gulf, which have resulted in a materially heightened level of geopolitical and operational uncertainty. It is already evident that reinsurers’ appetite for war‑risk exposure is tightening, and in practical terms, it will result in reinsurers withdrawing capacity at short notice. Against this backdrop, the Association has therefore decided to issue the Assureds with a notice of cancellation of the War Risk Cover. This Circular constitutes such Notice of Cancellation to the War Risk Cover in accordance with the following clauses in our Terms & Conditions: Owners’ Fixed P&I Terms & Conditions:  Cancellation clause to the Cover Extension for War (Primary / Excess Hull Value) Risks in the Certificate of (Re)insurance Charterers’ Cover Terms & Conditions:  Clause 26.4.3. Offshore Terms & Conditions  Appendix 3, Termination clause, paragraph 1 Yachts Terms & Conditions Clause 58.3 Yacht Crew Liability Terms & Conditions Clause 40.3 Optional Covers Terms & Conditions : Clause 4.1.1 Notice of Cancellation is hereby given effective from today and will take effect 72 hours after 00:00 hrs GMT (Midnight) on the day Notice is given: 5 March 2026. Upon expiry of the notice at 00:00 hrs GMT (Midnight), 5 March 2026, the War Risk cover for Assured(s) entered for risks under the above-referenced Terms & Conditions will be terminated automatically for the Assured(s) trading or being within the territorial w