Circular 09/26: Update from the Board The UK P&I Club’s Board of Directors concluded its annual spring meetings in Rapallo, Italy, culminating in a full Members’ Committee meeting on 18 May 2026. The Board reviewed the Club’s performance for the year ended 20 February 2026 and considered progress on a number of strategic and operational matters, including the proposed merger with the TT Club. Proposed merger with TT Club Much discussion over the weekend centered on the Club’s upcoming merger with the TT Club and the proposed purchase of Thomas Miller Holdings (TMH). Directors were pleased to hear that the merger is on track and proceeding well. The intention is for both Clubs to sign a framework agreement in early June which will formally commit both Clubs to the merger. The merger is expected to conclude on 20 February 2027 in line with the original plan. At a workshop over the weekend Members discussed the benefits of the merger in detail. The two Clubs are excited to be working together to create a more resilient platform for growth, improve capital strength, and enhance both Clubs’ ability to deliver sustainable, high-quality service.  The merged Club will enjoy a stronger and more diversified capital base delivering more resilience against volatility, and the resource to invest in and keep pace with a changing world. The merger will also deliver significant cost savings to both Clubs, improving future financial performance. The combined expertise across both Clubs will deliver unparalleled insight into the risks and opportunities shaping our Members’ future. The Clubs have together made a proposal to purchase the remaining shares of TMH.  The TMH Board have accepted this proposal and will recommend the offer to its shareholders. If the shareholders accept the offer, the acquisition of TMH is expected to conclude in Q3 2026 upon receipt of regulatory approval. Financial performance The Board approved the financial statements for