STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registered in England and Wales – Registration number 105461. PRA and FCA registration number 202548) MANAGERS: STEAMSHIP P&I MANAGEMENT LLP SPIM is an appointed representative of Steamship Insurance Management Services Limited which is authorised and regulated by the Financial Conduct Authority (Registered in England and Wales – Registration Number OC376859. FCA registration number 597046) Oil and Gas Operations in Venezuela May 2024 Dear Members This Circular provides an update to the information in our previous Circular L.429 dated December 2023 regarding temporary authorisation of certain transactions involving oil, gas and gold in Venezuela. Transactions involving oil and gas General License 44, authorising transactions relating to oil and gas sector operations in Venezuela expired at 12:01am eastern daylight time on 18 April 2024. It has not been renewed. General License 44 has now been replaced and superseded by General License 44A, authorising through 31 May 2024 the wind down of transactions previously permitted under the General License 44, including but not limited to:  the production, lifting, sale, and exportation of oil or gas from Venezuela, and provision of related goods and services;  the payment of invoices for goods or services related to oil or gas sector operations in Venezuela;  the delivery of oil and gas from Venezuela to creditors of the government of Venezuela, including creditors of entities in which PDVSA owns, directly or indirectly, a 50 percent or greater interest, for the purpose of debt repayment. OFAC also issued an updated list of Frequently Asked Questions (the “FAQs”), where it makes clear that entering into new business, including new investment, that was previously authorized under GL 44 will not be considered wind-down activity under General License 44A. This means that all activities conducted during the wind-down period must be performed pursuant to business entered into prior to April 17, 2024. FAQs further clarify that U.S. and non-U.S. persons may continue to rely on other authorizations related to Venezuela’s oil or gas sector operations in Venezuela, including General License 8M, “Authorizing Transactions Involving Petróleos de Venezuela, S.A. (PdVSA) Necessary for the Limited Maintenance of Essential Operations in Venezuela or the Wind Down of Operations in Venezuela for Certain Entities” and General License 41, “Authorizing Certain Transactions Related to Chevron Corporation’s Joint Ventures in Venezuela.” Members are therefore strongly advised to conclude all carriage of Venezuelan oil cargoes by 31 May 2024. US authorises winding down of oil and gas operations in Venezuela through May 31, 2024 STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Registered in England and Wales – Registration number 105461. PRA and FCA registration number 202548) MANAGERS: STEAMSHIP P&I MANAGEMENT LLP SPIM is an appointed representative of Steamship Insurance Management Services Limited which is authorised and regulated by the Financial Conduct Authority (Registered in England and Wales – Registration Number OC376859. FCA registration number 597046) 2 Transactions involving Minerven We al