The London P&I Club is the trading name of The London Steam-Ship Owners' Mutual Insurance Association Limited and its subsidiary The London P&I Insurance Company (Europe) Limited. The London Steam-Ship Owners' Mutual Insurance Association Limited. Registered in England No 10341. Registered Office: 50 Leman Street, London, E1 8HQ. The London P&I Insurance Company (Europe) Limited, a private limited liability company registered in Cyprus, No HE410091. Registered Office: Esperidon 5, 4th Floor, Strovolos, 2001, Nicosia. 17 May 2023 TO ALL MEMBERS Dear Sir or Madam Electronic Paperless Trading – Approval of the Secro system & Update to the Secro Terms and Conditions Secro Customer and User Agreement dated 6 th October 2022 and the Secro e-bill dated 29 th September 2022 (‘Secro Standard e-bill of lading’) - previously approved. The International Group has previously approved the Secro Customer and User Agreement dated 6 th October 2022 and the Secro Standard e-bill of lading. Secro is a software-as-a-service platform enabling real-time, secure collaboration between commodity traders, shipowners, agents and financial service providers. Customers digitally create, e-sign, and exchange the most common trade documents, including negotiable and nonnegotiable ocean bills of lading. Secro also provides contract performance tools. The Secro platform uses data encryption and it is built on private blockchain technology. Secro Inc. is an independent US-based, privately owned company, backed by venture capital investors. Further details can be found at https://secro.io/. The legal documentation and terms of use associated with the use and operation of Secro is in the Secro Customer and User Agreement dated 6 October 2022. This documentation, as well as the Secro e-bill dated 29 th September 2022, has been reviewed and approved by the Group. Both documents are governed by Singapore law, including the Singapore Electronic Transactions (Amendments) Act 2021 which came into force on 19 March 2021 and which recognises electronic bills of lading under Singapore law. Secro Customer and User Agreement dated 16 th March 2023 and use of alternative e-bills as may be provided by Secro’s customers (‘Customer e-bills of lading’) – approved. This circular also confirms approval by the International Group of an updated version of the Secro Customer and User Agreement dated 16 th March 2023 as well as use of Secro Customer e-bills of lading in conjunction with the said User Agreement. The Secro Customer and User Agreement dated 16 th March 2023 supersedes the Secro Customer and User Agreement dated - 2 6 th October 2022, which remains approved for the purposes of Club cover, as does the Secro Standard e-bill of lading. Changes in Secro Customer and User Agreement dated 16 th March 2023 This circular notifies Members of the following changes in the Secro Customer and User Agreement: 1. An amendment to recognise that in addition to the Secro Standard e-bill of lading, Secro allow the use of Customer e-bills of lading. 2. A clause providing that the Secro system mandates, immutably, the incorporation into any Customer e-bill for use in the Secro system: i. incorporation of the Charterparty, dated as overleaf, including the law and arbitration clause; ii. the same Singapore law and jurisdiction clause as applies to the Secro Standard e-bill of lading; and iii. the potential for a change of medium from electronic from to a paper bill. Other exclusions of cover under Group