Press Release: Steamship Mutual Financial Update and 2021/2022 Renewal Publications London, 27 May 2021 At their Board Meeting held on 25 May 2021, the Directors of Steamship Mutual approved the Clubs’ Report and Accounts for the 2020/21 policy year and authorised publication of the following key points in advance of the release of detailed results. Highlights Free Reserves remain in excess of US$ 511 million despite the challenges presented in 2020 At renewal approximately 5.7 million GT of new tonnage entered the Club from both existing and new Members 2021 opening entered tonnage stood at 177 million GT The Club achieved a 4.5% increase on renewing owned business International Group Pool and Covid claims raised the combined ratio higher than expected to 125.4% with the average combined ratio for last six years at 99.2% Investment return of US$ 54.2 million (4.8%) The Club’s capital remains comfortably in excess of the S&P AAA rating level Release call levels were unchanged 2018 policy year closed Financial Results The Directors noted the pressure on the underwriting performance from higher than expected Pool claims, both in the 2020 policy year and in prior years, and Covid related claims. These two aspects apart, all other claims for the 2020 policy year were broadly in line with, or better than, budget. Gross investment income in the 2020/21 financial year was US$ 54.2 million (4.8%). The portfolio recorded positive gains across all asset classes. Over the year, free reserves decreased only moderately from US$ 515.3 million to US$ 511.1 million, still maintaining an amount comfortably in excess of S&P’s AAA rating level and ensuring the Club has one of the strongest solvency capital ratios in the International Group. 2021/22 Renewal The Board decided upon a 5% general increase. At renewal, owners’ premium, including the value of adjusted terms, increased by 4.5%. Approximately 5.7 million GT of new owned mutual business was entered at renewal. This new