＜Press Release＞ Summary of Financial Statements for the 2023 Business Year 24 July 2024 Tweet To the Members We are pleased to announce our summary of financial statements for the 2023 business year. The business year from 1 April 2023 to 31 March 2024 (“this year”) was marked by increased global instability despite the end of the COVID-19 pandemic. This instability stemmed from Russia's invasion of Ukraine, the Israel-Hamas war, and the attacks on commercial ships by the Houthi armed group which led to ships avoiding navigating through the Red Sea. The Japan P&I Club successfully improved its insurance business balance of income and expenditure through the measures we have taken to date. To continue providing stable insurance, we raised the overall level of insurance premiums and strengthened our financial base. As a result, our ordinary surplus increased by JPY5.82 billion from the previous year to JPY9.36 billion, and the surplus after income taxes was JPY6.86 billion. The details are as follows. Insurance Premiums In terms of premium income, we have applied a general increase of 7.5% for ocean-going owners’ entries and 10% for Charterers’ entries for the policy year 2024, as well as a general increase of 10% for Naiko Class entries. Additionally, as originally planned, we have collected supplementary calls of 40% for the policy year 2022. This was necessary to continue building a stronger financial foundation amid an uncertain business environment due to ongoing global inflation, increased reinsurance costs, and heightened war risks, notably the Russia-Ukraine conflict. Net insurance income, the amount remaining after deducting reinsurance premium from incoming premium, or “insurance income”, decreased by JPY5.47 billion to JPY24.84 billion. This decrease is mainly due to two factors: a decrease in insurance income to JPY33.43 billion, down by JPY4.89 billion from the previous year when unbudgeted supplementary calls were collected, and reinsurance premiums